it is 5:00 a.m. at cnbc global headquarters. here is your top "five@5." buyers in the driver's seat as stocks look to extend yesterday's gains. futures are sharply higher right now. also higher, oil and opec and allies go to vienna to discuss a massive output cut big tech biting fingernails as the supreme court takes up the liability issue. section 230.

plus, meta platforms cutting back on the apple footprint. insider buy at berkshire hathaway who is making a buy at the tune of $70 million. it is tuesday, october 4th, 2022 you are watching "worldwide exchange" here on cnbc good morning i'm dominic chu in for brian sullivan let's kickoff tuesday morning with the u.s. equities sharply higher they are big you see the dow implied higher by 382 points. the s&p higher by 56 that nasdaq trade, epicenter, technology volatility, that nasdaq implied higher by 217 points we are trying to kick off the month and quarter in the positive the dow closed up 760 points.

it was positive all day long nearly 2.7% on the upside. back above the 29,000 mark s&p surging 2.6% after falling friday to the lowest level since november of 2020 both indices coming off the best single sessions since the summer falling yields looking to ease investor nerves. the 10-year treasury -- remember we touched above 4% there. it is now down to 3.85%. the 30-year long bond bethlow 3.65%. you see oil here wti is $84.24. 61 cents to the upside similar more to the upside for world ice brent crude at $89.58.

this is all happening before the opec plus meeting in vienna. we will have much more on this later on in the hour cryptocurrency bitcoin and ethereum finding support. bitcoin higher today below 20,000 $19,912 for bitcoin. $1,349 for ethereum. markets in china are still closed for the week long holiday. green arrows for the rest of the averages in asia japan jumping 2% the reserve bank of australia slowing the pace of rate hikes to just 25 basis points. europe's trading day getting under way right now.

you see green across the screen and very much so the cac in france up 3%. ftse 100 up .75% 2.5% for dax the eurozone august producer index up for the year. a massive move higher in the inflationary picture let's stick with europe and the fallout from the policy about-face in the uk and if liz truss's public opinion and confidence back on their side. we have geoff cutmore from birmingham, england. the reason this is important is that is where the conservative party conference is taking place right now. what's the buzz? >> reporter: absolutely, do dominic. the conservative party in government for the last 12 years. the liz truss team with the

latest incarnation of leadership ten days ago, they announced a mini budget which upset the markets which had tens of billions of unfunded tax cuts. that u-turn was to cut the top rate tax cut from 45% to 40% ultimately that decision has been reversed. it would only save the government about 2 billion pounds which is a drop in the ocean when it comes to the other unfunded tax cuts that were part of the package what we also think is going to happen now is they are going to bring forward the date when they communicate with the markets how that package is going to be funded there is also the fiscal regulator here, the obr. office of budget responsibility, which will release the

assessment of the costings that will look like it will come forward many weeks just to give the markets a bit more confidence that this government is not fatally damaged and the chancellor has credibility with markets and they will come up with the financial plan that works for markets and for the economy and for the british people back to you. >> geoff, we made a big deal of the about-face because it is an about-face the top end tax rate they were talking about is not like it was going to raise a lot of money. it is not like it is going to be a massive impact to the overall budget put forward it was more about whether or not it was an indication of the strength and like you point out, credibility of the truss government that's the reason why people are talking about it so much not necessarily the dollar impact of the tax cut. do you feel as though the truss team have that influence within

the party to push through the agenda >> reporter: i think the jury is still out on that question we spoke to a grandeer of the conservative party a little bit earlier. he says he doesn't think there will be an immediate challenge to the prime minister and to the chancellor from within the party, but there is a lot of unhappiness. you can see when the chancellor gave that speech yesterday where he talked about some of the changes and there were a lot of stoney faces in the room the party faithful have had their confidence shaken. they need to step in a shore way from here on in and i think they've had a chastening lesson. it is upon them to maintain the confidence the markets refound in the pound sterling and sterling-based assets.

it is down to the chancellor and prime minister to show more shore footedness from here on in otherwise, the party faithful here who are ultimately responsible for the destiny, could decide it is a sh short tenureship back to you. >> we are show that sterling which is where it was before thank you very much, geoff let's get to the other top stories with silvana henao good morning >> dom, good morning facebook and instagram parent meta platforms is planning to close the new york city office as it looks for new ways to cut costs of the according to bloomberg, the company will terminate at 225 park avenue and consolidate at hudson yards and penn station this follows theplan to freeze hiring and restructure teams

they are off 60% from the recent 52-week high. the white house is preparing export controls on semiconductors and machines used to make them according to the wall street journal, this is the latest push by the biden administration to deny china the ability to make faster and more cutting edge computer chips if confirmed, it will add to restrictions for exports when it comes to chips used for a.i. officials are weighing more chinese technology companies to the commerce department black list. and shares of credit suisse bouncing back in a very big way after falling 12% yesterday on fears over its long-term financial viability. despite the bounce back, shares are just a hair over the all-time low and down more than 50% this year. also of note, dom, five-year credit default for credit suisse

are up more than 40% over the past month >> that bond insurance falling near the highest level since the financial crisis silvana henao, thank you. back to the futures. stocks look to point to a higher open does the rally really have legs or is it another bear market bounce we have ross mayfield at baird ross, what is the feeling? bear market bounce or a beginning of the rip your face off rally? >> so far, it feels like a bit of relief rally. very sharp sentiment was dower and more broadly nothing at the big picture level changed. things driving the market, inflation, fed, geopolitical p uncertainty. those are all still there. this feels more like a relief rally until we get a bigger

picture that something shifted we are in for a volatile chop. >> the burden of proof is on the bulls, but the argument why the market rallied with the strength yesterday was in the face of lower interest rates maybe the fed doesn't have to be so aggressive. certain signs of the inflationary picture are showing signs of not cooling off, but leveling off 10-year treasury is drifting back to 3.5% on the long-term side is that good enough for the markets to get more positive >> sure. i think it is great for the short-term ultimately the fed pivot and path of interest rates will determine where the equity market goes over the next year this was the same reason the market rallied mid summer. relief on rates. talk of the fed pivot and some of the inflation indicators and gas prices coming down

august cpi is hot. ppi is bigger than expected. the fed is forced to regain the hawkish attitude i think they are starting to get comfortable with the fed fund rate price the market expectation that they will do what is needed to get inflation in check that means more pain and higher rates and quantitative tightening the market has come around, but there is a long way to go in the labor market and the housing market to get inflation where they need to be to actually pivot and the question is can they get there before recession hits or before the economy slows to the point of no return for the cycle. >> it is splitting hairs, ross yesterday's rally was broad based and across the board 2% gains for the major indices splitting hairs. nasdaq under performed up 2.25%. what is the prospect for the big

tech trade >> look, they lagged for the better part of the last two years. interest rates are a headwind of the sector valuation is a major headwind of the sector they are not acting like partners we called out the top of the market and big tech names as some of the weaker trends in the entire market. when you see a day like yesterday and see them lag on rate reprieve with a broad rally. that is a consideration that they will not work in the longer term i guess it depends company to company. the big tech, they have a lot of cash they are pretty dead-light in the near term, that is not a trade that does work and will work in the near future. at the very least until rates officially meaningfully pivot. that is not a 2022 story >> ross mayfield thank you very much. we appreciate it.

when we come back on the show, we speak with one former opec insider on what is to expect for the meeting in vienna and the alleged 1 million barrel a day cut could be reality. no profits, no problem rivian shares up and selling at a discount as online fashion retailer poshmark goes private for less than half of its ipo price we have a very busy hour still ahead when "wodwe chge returns after this break ♪♪ ♪♪

♪♪ be ready for any market with a liquid etf. get in and out with dia.

welcome back to "worldwide exchange." oil prices edging up on the day on the expectation that opec plus may agree to a cut tomorrow brent climbing 4% and wti climbing 5%. traders expect opec and allies which includes russia will reduce output by more than 1 million barrels a day. some cuts could come on top of that per day making it the largest cut since the pandemic let's get more from jorge leon who is a former analyst for opec he knows what he is talking about with the cartel and partner countries.

jorge, let's talk about the opec plus possible 1 million barrel per day cut will do anything to get prices jump started to the upside >> dom, thank you. great to be here thank you for the invite the first thing is the cut, whether it is 1 million -- we don't know so far. we hear 1 million barrels per d day. we hear voluntary cuts from saudi for another 500,000. no one knows the position. one thing to keep in mind is whether the cuts are implemented. only part of the cuts will actually be delivered. most of the opec plus member countries are under producing anyway so the market is already pricing in part of the reduction, but we probably will not see the full reduction of the cuts in the coming months. >> let's talk about why, jorge, they are contemplating the cuts.

we know prices are down. is it because they could fall further given what is happening with the macro economy >> i think it is that. i think we shouldn't forget prices were $130 per barrel early summer they declined. we are at $84 a barrel wti there is a big concern of economic growth globally inflation around the world is kicking in rising interest rates is putting a hold on economic growth. i think there is massive concern about how the demand of oil will do and perform in the next few months we see an oversupply market in the next few months. down side pressure on prices and opec wants to limit that pressure and they can start implementing cuts for the first time since may of 2020 >> since folks like you, jorge,

are paid to predict or analyst what could happen. where is the thought where should benchmark wti prices be given the demand and con susumption prices? >> if nothing happens, brent should average in the fourth quarter somewhere around low 80s. sorry. low 90s. if there is a cut of more than 1 million barrels per day, that cut should prompt prices to increase to $95 per barrel in the fourth quarter if the cut is higher with voluntary cuts from saudi, let's say 1.5 million barrels per day, prices could spark to $100 a barrel still to be decided. we heard the meeting is taking place tomorrow there is a lot of decisions going on at the moment we don't know.

that is the expectation of the market >> still a lot of decision making to be had a cartel they all have to agree jorge leon, thank you very much. >> thank you still on deck, insider buy alert as a berkshire execuve ts big on his own stock. we'll tell you who we're back after this. if you really wanna find out what you're made of, you can forget the personality tests and social media quizzes. because the only way you're ever gonna know is by heading into the big, wild, raging so-damned-beautiful- it-hurts world and finding out for yourself. were you born to follow a path? or were you born free? these are the things we thought about when we made the new grand cherokee. made for what you're made of. ♪ ♪

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the company announcing a deal to buy the fashion re-sale platform for $1.2 million naver will pay $17.90 a share. that is less than poshmark's ipo price. poshmark has 80 million registered users stock two is rivian. it produced more than 7,300 vehicles in the quarter and delivered 6,500 vehicles that is in line with the forecast rivian is saying it is on track to produce 25,000 vehicles this full year despite earlier production setbacks. shares up 7.5% stock number three is insider buy alert at berkshire greg able who is in line to

succeed warren buffett bought $70 million. he bought class a shares the big number shares this summer he sold stake in the utility division he used to lead berkshire. after the purchase, he has a smaller overall investment in the company than he used to, but the a shares don't trade a lot in the pre-market. let's get another check of the headlines with phillip mena in new york. >> dom, we start with the recovery efforts down in florida. so far, 1600 people have been rescued. hundreds of firefighters are on the ground actively searching through piles of debris for signs of life. across the state of florida, 450,000 don't have electricity the death toll now stands at 106. in fort myers beach, it could take up to a month to restore

power. a major escalation in north korea. fired a ballistic missile for the first time in five years japanese officials believe it landed in the pacific ocean. authorities issued evacuation alerts in the northeast region and suspended trains the biden administration strongly condemned what they called a reckless and dangerous launch. over to the sports world the 49ers and rams finished week four in the bay area that is jeff wilson breaking through the defense for the game's first touchdown it was all about san francisco's defense that kept l.a. out of the end zone late pick six seals the deal for the niners 24-9. before halftime, bobby wagner tackled a protester who ran on the field the game was delayed as security took him off the field so the protester probably waking

up in the can with probably a major headache after clocked by a lineman. >> phillip, i'm in a fog i needed extra coffee. as a born and raised northern california native, i stayed up all night to watch the entire game i'm a little worse for the wear. happy for the niners >> worth it for you. >> thank you, phillip mena straight ahead making sense of the mayhem and stock picks to help you. jenny harrington is coming up later in the show. and actor will smith on the big screen for the first time since the infamous chris rock oscar slap first, cnbc's american greed is back. yes, it is for alalall-new season

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a solid start to the new trading month and quarter could be set to roll on. futures pointing to more gains sharp gains on tap. supreme court set to take on big tech as a key law over user content. and elon musk facing severe scrutiny over his take on russia's invasion of ukraine he weighed in and what he says are the options to end that deadly conflict. it's tuesday, october 4th. you are watching "worldwide exchange" here on cnbc

welcome back to "worldwide exchange." i'm dominic chu in for brian sullivan the dow industrial implied higher by 1% the 1.5% for the s&p is solid here the nasdaq up 2% at opening bell all of that amid the rally yields falling to the 10-year treasury to the down side. in the energy market, oil is coming off a 4% gain yesterday it is again higher benchmark is up .75% ice brent crude is $89.61. let's get into the options market with najon najarian dr. j., there is a lot of activity and not unexpected with

the market volatility. where is the options trades coming with the most heat? >> dom, most of the active are fading over the last 24 hours in the market so, for instance, you mentioned interest rates back down to 3.58% on the 10-year treasury. a lot of us feeling a sigh of relief there some bets are the market keeps going back the way it was going in the previous four week rather than the respite we've got there's a lot of bets with tlt this is an etf that tracks the bonds and the 20-year bond, dom. right now, they are betting it goes back down between now and basically friday where we might see a swoon. in other words, a very short move to the down side for rates

because as the tlt moves down, rates move up. that's one of the big bets we see on the table right now. >> that's on the -- it's a tale of the economy and tale of what is happening from the big picture standpoint if you are a trader, you can't help but watch crude oil prices. long-term trend here for the brent crude. are people getting bearish or bullish? >> bullish there for instance, you can track it across the entire secretor from the oih to the xle dom, we had activity in the mro basically this one buying the october 26th calls that expired this friday. those calls were bought with the

stock between 24.5 and 25. just out of the money. look at the pop to come our way tomorrow with exactly what you describe the meeting in vienna is the catalyst for buying. >> jon, we are showing listeners on sirius that is marathon is $26 being the figure it is thinner market trading in the s&p. we will keep an eye on marathon oil as well. i wonder if there are any other plays in the stocks that have been very beaten up ora rally tremendously or continuing or reversing course >> carvana, the real estate -- i'm sorry, the car vending machine, dom, or delivered to you.

that one really captivated a lot of people and did exceedingly well during the shutdown and pandemic it has been slammed. the most recent earnings report didn't help with the outlook right now, they are buying next week expiring calls. that's october 14th expiring calls. they are buying those at the 23 strike withthe stock at 21.76. it has come down from 54 on august 16th down to $20. to see a bit of a pop would not surprise anybody they are betting it happens in the next ten days or so. a significant move to the upside that could make people a lot of money if that plays out that way. >> we're showing, jon, up 5% carvana shares up to 22.57 one week expiring.

23 strike call option drifting up to the $23 level pre-market jon najarian, thank you very much we appreciate it, sir. >> thank you, dom. let's get a check of the top stories with silvana henao >> dom, elizabeth holmes landing a victory in the bid for the new trial. granting the theranos founder a new trial beginning on october 17th the manipulated testimony from the former lab director may have influenced the jury's decision nvidia is closing offices in russia the chipmaker making the move saying it could no longer operate effectively in the country because of the events related to the invasion of ukraine and previously suspended shipments to the country, but maintained a presence to support workers. now sticking with the inn

investigation of ukraine and elon musk facing backlash over the proposed solution to the conflict musk posting a twitter poll for suggestions of ending the invasion including ukraine ceding territory to russia. receiving backlash including volodymyr zelenskyy asking users if they liked musk more when they supported ukraine or russia it is a change for musk who had a following. >> silvana henao, thank you. to washington, d.c., where the supreme court is set to take up a key case taking on big tech social media companies in particular in focus and whether they could be held libel for content posted by users.

eamon javers joins us with more on that story. eamon, what are the justices looking for in this case with the so-called section 230? >> that's right, dom it starts with 23-year-old emmy gonzalez her family is arguing in court that youtube helped to spread isis message there is one thing that could be standing in the way here that is section 230 of the communications act of 1996 which says internet companies are not libel for content posted on the platforms by third party users the same law has gotten into the political fray here and come under fire from conservative from liberals who say social media companies

the case started as a lawsuit in 2016 alleging youtube violated the anti-terrorism act the circuit of appeals revived in in 2021 the supreme court justice clarence thomas is criticizing the act. it is not clear, dom, how the 6 6-3 super majority is going to handle the case. this could call into question the user content which is why this case is intently watched in silicon valley the court is not expected to decide the case. they are taking it up now. there is a long way to go. dom. >> we don't exactly know what will happen here we know this idea of regulating

technology and specifically social media companies because of the broadcast reach is not a new story. that section 230 has been a lightning rod for years now at this point do we think any supreme court action would then change the overall narrative for a lot of folks and how they view social media in legislative circles would they look to draft new legislation given the supreme court potential hypothetical ruling >> that's going to depend on the election in november, dom. you can't see any major social media legislation getting through this congress. certainly not this year. given we're just a month away from the election at this point. depending on the results next year, if you get a big majority one way or the other, maybe you could see action on section 230. it seems like a big stretch, though, for any congress just

given the verocity of opinion. this demonstrated that it is not afraid to make sweeping changes to the way things have been. look at roe v. wade this year. this court is looking at its fundamental values and interpretation of the constitution and saying, you know, we're going to clear away the stuff that existed before. you wonder what social media would look like in a world where you couldn't post third party content without being libel for it that would be a different world than right now, dom. >> a multi, multi, multi, multimillion dollar lobbying machine behind silicon valley. eamon javers, thank you very much. demand on the decline. diana olick lays out the signals in that push to get workers back into the office, but that push may be stalling out. first as we head to break.

top trending stories new york city real estate comeback hitting a rough patch in the third quarter apartment sales in manhattan falling 18%. ma mastercard launching a tool to fight crypto fraud the risks associated with crypto her merchants on the card network. and will smith is back on apple tv the film will debut on the platform and theaters in december "worldwide exchange" is back in just a moment. science proves your best sleep is vital to your mental, emotional, and physical health.

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let's get a check on futures right now. indicated fairly sharply higher right now. s&p in the last few minutes or so has spiked up to session highs. now implied higher 1.5% following big gains yesterday. the dow implied higher by 1.25%. nearly 2% advance for the nasdaq session highs right now for the futures market. the push to get workers back to the office is facing renewed challenges new data revealing demand for office space is below pre-pandemic levels. diana olick has more on the data and the trends that could be

showing. diana, will people return to the office more full-time? >> reporter: dom, that remains to be seen new demand for office space, dom, fell for the third straight month in august according to the report from ets. it was down 11.5% from july and below half of the pre-pandemic pace this despite an uptick last spring when some companies ordered employees back to work this tracks in-person and virtually. this is an indication of future leasing. vac one in seven saw a decline in august demand in the cities. the markets with the biggest drops, new york and seattle and los angeles. down 23% and 14% and 15% boston and chicago and san

francisco with modest declines researchers say economic concerns around inflation and rising interest rates are fueling uncertainty which may be inhibiting potential tenants from embarking on search for office space until the picture is clearer a report from fitch showed a slight improvement of employees back in the office an improvement in new york with 49% of manhattan office workers are in the workplace in the week dom. >> okay. the data suggests and this is maybe a leading indicator of the return to office how do -- these are the major markets. is there a sense right now that in some of the more middle markets, bigger cities, but not new york or l.a. across the

united states outside of chicago. kansas city or salt lake city? can we extrapolate the trends or is this just about larger coastal citiesiies have had lar footprints >> it looks at the seven major cities and extrapolates it out nationally this is likely the trend in other cities as well it doesn't cover those cities. this is the expectation. that is why it looks at the big markets. you would expect more office workers exist in those cities and it might be less in some of the inner or smaller city markets. >> certainly something to keep an eye on if people are getting back to the office diana olick, thank you. as we head to break. throughout hispanic heritage month, cnbc is celebrating our colleagues here is kraft-heinz north

american president carlos rivera. >> we are a passionate people who care deeply and celebrate loudly i think when you are with us, you get to see the world with a new tapestry of color that you have never seen before the reality is we entrenched in the fabric of america. you may know the sounds of bad bunny and jlo and the food of mexico and puerto rico and brazil and all that. we are also in congress in supreme court and noble laureates. when you talk about the story of america, many of the voices will have a spanish accent.

welcome back to "worldwide exchange." you see the session highs down a bit. let's bring in jenny harrington at gilman hill asset management

and cnbc contributor featured on the halftime report. jenny, let's talk about the price action and today's pre-market action makes you feel good or is it just a bear market rally situation in your mind >> this is where head and heart divide dom, it makes me feel good it makes me feel great i was so happy yesterday i was thrilled when i saw futures up so much this morning. that is whereas portfolio manager, you check your human side and bring out your cold hearted capitalist side and do the math my gut says maybe we have seen the worst and i can make arguments we have seen the worst, but i can make arguments there is pain ahead. i have a real struggle i can walk you through >> yes that struggle, if it is equal, it means you are doing nothing

if one is winning out, that means you are thinking about opportunities one way or the other. which way are utiliyou tilting? >> there is a macro side the valuations which are reasonable believe it or not, assuming s&p earnings are holding up, we are 15 times we got to 14.5 in 2020 we have the fed. it is probably not going to get worse. we have seen -- we have seen a lot of action from the fed we probably have a couple of rate hikes left. i don't know how bad they'll be. the work done has made a big impact that reduced interest rates. 10-year treasury at 4% last week interest rates are key right now. that is what all the valuation models work off. we see things like inflation inflation is genuinely starting to get under control

we saw in manufacturing pmi yesterday start to come down huge signs with lumber prices come down and housing prices come down. things are getting better there. then the big existential geopolitical things that scare the heck out of me what is china going to do with housing? how crazy is putin and what will he do next what is going with the midterms? i have a battle going on for me, it is so complex it is almost impossible. no one forecasts well. i don't forecast well. the best strategists don't forecast well. what you can do is control what you can control and analyze what you can analyze. you look at your portfolio and you look at what is out there. yeah >> with all that, then, if you are a portfolio manager looking at these things, you have to be

looking at it through the lens of something you have to find picks or opportunities. where do they lie and what makes them your picks? >> right this is where individual stocks don't always move in line with the market i actually emailed my analyst and said there is capitulation pricing in individual stocks you don't need to wait for the market to bottom you can look at individual stocks for me, and i do this half because it is my job and half to bring myself emotional comfort i look at lamar advertising. if you see that, you will see the big billboards largest billboard owner in america. trade 13.5 ffo you can look back to the history of '08 and '09 and look at 2020 and see how the revenue and earnings held up and say they're safe i'll get my dividend yield when the market recovers, this

week or six months or a year from now, i'll be fine if i can be patient and calm and grind me teeth and get through it jorge leon was on earlier. he says they expect oil to be 90 to 95. stocks like devon and pioneer are $60 a barrel that is crazy. we know oil is going higher. it is trading nine times earnings and 9.5 there is huge value to be found. put your head down and ignore the broader news there are great companies to invest >> lamar and devon thank you, jenny that is it for "worldwide exchan."ge "squawk box" is coming up next we'll see you tomorrow ♪♪

♪♪ be ready for any market with a liquid etf. get in and out with dia.

good morning relief rally set to continue with futures jumping again after yesterday's gain of 750 points for the dow. up more than 800 for a while we'll show you what is moving rights now in pre-market social media company on edge supreme court will decide if the

platforms can be held libel for the content uploaded from users. and the sentencing for elizabeth holmes being delayed because the judge is deciding if there should be a new trial. it is tuesday, october 4th maybe a bit of a relief rally. "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. as joe mentioned, let's look at the equities at this hour. there are very strong gains building up.