it is 5:00 a.m. at cnbc. here is the top "five@5. recent rally takes a pause. investigators gearing up for the september jobs report. we weigh what it could mean for the fed and interest rates ahead of the policy decision. call it a win for team musk as the judge overseeing his trial against twitter issues a temporary stay so both sides can get a deal done. twitter is not taking the news well plus, shares of amd sinking as headwinds for the sector

continue to grow pot stocks surging on policy moves from president biden it is friday, october 7th, 2022. you are watching "worldwide exchange" here on cnbc good morning i'm seema mody in for brian sullivan at this hour. let's kick off with a check of stock futures after the dow and s&p and nasdaq turned in a second straight day of losses. volatility is the name of the game dow jones industrial average indicating higher move. we are seeing weakness in semiconductors stocks on the best move since june 24th. the bond market is driving the equity market. we have seen coolo off

10-year treasury is th3.8% opec news now. wti crude is holding at $88. in crypto, we are seeing bitcoin and either m ethereum. we are down across the board bitcoin below 20,000 ethereum at 1,356. around the world in asia india, thailand and malaysia trading lower and weaker for the week as well taking a look at early trade in europe a quick check on europe slightly higher for the uk and france and lower in germany. flat on the day.

let's turn to the top story and the judge overseeing the legal battle with elon musk and twitter. silvana henao is here with more on that story. >> lots going on listen to this in a surprise move, a delaware judge ordering a temporary halt to the lawsuit against elon musk postponing the trial in what is seen as a victory for team musk. the ruling comes with strings attached in the order, the judge says musk must close the deal by october 28th at 5:00 p.m. eastern time or face a november trial. earlier in the day, musk's legal team had asked twitter to end all litigation to close the deal a request twitter refused to accept from team musk, twitter will not take yes for an answer astonishingly, they persist this reckless deal. in response, twitter says in

part, on the eve of trial, defendants declare the intent to close after all. trust us, they say we mean it this time musk's proposal is an invitation to mischief and delay. >> a stock to watch. we'll see you soon. to another developing story and a big money mover is credit suisse making more moves to reassure shareholders and clients. julianna tatelbaum has more from london >> seema, good morning the twists continue this morning. stoxx 600 is up 5.5% moody's now expects credit suisse to suffer a total loss of $3 billion by the end of the year the analyst says this could bring the capital below the 13% level. credit suisse will buy back 3 billion swiss francs saying it

was taken advantage of market conditions shares have slumped amid concerns of the capital position here is the longer term chart here for credit suisse it has come a long way and volatility continues >> this is one of the biggest banks in europe. what is next for credit suisse beyond the buy back? >> credit suisse has been embarking on the strategic review they faced scandal after scandal over the years a number of changes at the top and now the lender has come out and said we're going to give you all the details around the review and what we plan to do with the investment banking unit that update is due on october 27th when the earnings are due out there. has been pressure for them to come out with something sooner, but if you put one date in the calendar, it is october 27th >> i just added it

julianna, thank you. back to the broader markets as wall street awaits the september jobs report at 8:30a.m. eastern this after a volatile week for stocks and onslaught of hawkish comments from fed officials. let's talk with rick pitcairn. rick, what are you expecting in the jobs report today? >> i know -- good morning, how are you? it is great to be here i know the fed wants to see slack in the labor market. it is a weird time whether bad news for economy is good news for the fed. they are trying to drain the heat out of the market and heat out of inflation >> what do you make of the big moves? nasdaq with 2% to 3% gains on monday and tuesday last two days, we have been losing stream. is this a trepidation ahead of

the reports? >> we are lucky at pitcairn, we serve families with a long-term view the only good news is long term. we see bounce in the market when you get to extremes like last week you see it bounce back what we don't see is that big ripping v-shape recovery that we're used to over the last five or ten years it will take longer this time. >> you say october could be the month we start to see downward corporate revisions. explain where you are expecting to see that. >> if you look at july and we're looking about a 7% year over year earnings growth for the market we are possibly rolling into recession. those things don't meet up that well the rally that we had in the middle of july was the street looking for the earnings to come down off the second quarter reports. that didn't happen we believe that october will show that weakness and we'll see

that coming through this month >> rick, couldn't you argue we are already starting to see revisions? last night, amd revising down its third quarter sales outlook. companies are saying we cannot meet expectations that we put out three months ago >> exactly i think that's the canary in the coal mine. we will see more this month. as earnings expectations line up with the rest of the economic expectations that doesn't set the foundation for a ripping bull market. >> would you sell or hold and wait out the volatility? what is the advice >> it say is a tough year. we are dealing with inflation for the first time since the '70s we don't think the fed will pivot anytime soon if jay powell said we have done

enough, the market will rip up i don't think it is a time to take extreme moves stick with your plan and make sure you have risk profile that fits with your longer term goals and go through the volatility that doesn't take risk against trying to time it day-to-day it is too volatile >> i didn't hear you mention bonds. you are getting yeields on the short-term bonds. >> we are seeing investors that want to take advantage of the 3.5% or 3.9% treasury. we have not seen that in the marketplace in a while there will continue to be upward pressure on rates. i think we are sitting here at really 20% down in the bond markets on a year to date basis. that rarely happens. i wouldn't be trying to time the market with the volatility we have in high yield i do think for short-term money, there is attractive rates. >> we'll leave it there. rick, great to see you

rick pitcairn. when we come back, more on the jobs report. what a beat match or miss could mean for fed chair jay powell's next move. and china ev giant looking to move to the west and the next stop is europe this is a potential competitor to tesla and why shares of amd are taking a hit on the chin down 5% in pre-market. "worldwide exchange" is back in two.

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time for the big money movers shares of amd under pressure ahead of the open. the chipmaker issuing preliminary reports. amd expects sales of $5.6 billion. amd says the shortfall is due to weaker than expected market demand and inventory correction actions. shares down 4.76%. the news hit hard by nvidia and intel which is all trading lower in the pre-market action. shares of draft kings popping on a report it is close to signing a partnership w with espn. espn is seeking $3 billion over

a set time period to lead to a sports book rebranding itself with the espn name however, our contessa brewer says the source says there is no truth to the report. stock up 8% in pre-market. retail shares of levi is falling short of estimates the company reducing annual forecast for revenue due to what it calls significant incremental headwinds from stronger u.s. dollar as well as macroeconomics conditions and supply chain disruption it could be a trend over the coming weeks. still on deck. talk about lighting up a sector. what president biden just said that is sending pot stocks surging. >> announcer: today's big number $81 billion.

that was the total u.s. mutual fund and etf outflows in september according to data by ici fund flows that's the second highest month of the year behind april

companies like tesla and ford bet big on china, their ev rivals are looking west with companies like nio and byd and

xpeng looking to emerge into new markets. we have eunice yoon with more from beijing >> reporter: thank you, seema. today is all about nio several hours in berlin, they will announce a deeper push in europe the executives are expected to unveil pricing and leasing terms for models like the et 7 the competitor for tesla's model s. this is for germany, netherlands and sweden and denmark the founder told me why at the first european market. >> translator: china is the largest car market accounting for 40%. europe and the u.s. combine for another 50%. for us, we like to be competitive globally we want to enter the markets >> reporter: china came to dominate the ev market with the jump start from the government

back in 2015 when beijing unveiled the made in china 2025 strategy which was meant to pump up the ev market as well as other high tech industries by 2025 so they directed tens of billions in subsidies and the first few years were slow going. not a lot of sales a lot of waste in 2020, ev adoption really ramped up. this came also with the entry of tesla's shanghai production. a lot of people say this is the tesla effect where there is a switch in the consumer mindset and evs became cool and now forecast to reach 6 million this year the chinese government continues to try to encourage ev adoption in china for people to switch extending the subsidies program. demanding one standard for charging and mandating chargers at residential buildings as well as other infrastructure.

last month, in fact, evs account the for 1 out of every 3 passenger vehicle sales in china. a very sound footing, seema, for companies like nio to look overseas >> pretty incredible li did say they are looking at the u.s. any plans to expand here will they be allowed in? >> reporter: you know, it is interesting because a lot of other chinese e vv makers seem o shy away from talking about the u.s. this is going to be a much more longer-term project. li said he has been having more frequent conversations with his u.s. team. he said they are talking on a weekly basis that with the inflation reduction act, he said that was a game changer and now they are looking at longer term strategy based on the contents. >> nio is down 17% in the last

month. the stock price. watching for innovation there and overseas eunice yoon, great to see you today. let's get a check on the morning's other headlines with phillip mena in new york >> seema, good morning stark warning from the president of the united states when it comes to the threat of nuclear war. speaking in new york city last night, president biden said the risk of nuclear armageddon is highest in 60 years since the nuclear crisis in the kennedy administration there is widespread concern that vladimir putin could use a weapons of mass destruction to regain footing in the war. and the stabbing spree that left two dead and six others injured. the 22-year-old was booked on open murder with a deadly weapon and six counts of attempted murder the rampage happened in front of

the wynn casino on the vegas strip. the broncos and colts kicked off week five in the nfl not a lot of offense neither team found the end zone. the colts with the field goals to take the lead one last shot for denver russell wilson cannot thread the pass indy wins 12-9 seema, back to you. >> great to see you, phillip. straight ahead on the show five years later, elon musk says tesla's full electric semi truck is finally ready for delivery. we have the full story ahead. if you haven't already, follow or podcast. if you miss "worldwide exchange" check us out on podcast apps we will be right back. our concerns are all in our head. here, we don't think we should pay more than men for the same thing. or pay taxes for period products. here, we can ask tough questions, day...

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stocks looking to wrap up the best week in three months and with plenty of whipsaw trading. futures are flat, but gaining momentum at this hour. the lack of movement comes as investors brace for the monthly jobs report. what that number to mean for the path forward and another twist in the elon musk and twitter takeover saga. accusing the ceo of mischief and delays in the $44 billion bid. it is friday, october 7th, 2022

and you are watching "worldwide exchange" on cnbc. welcome back i'm mseema mody in for brian sullivan let's get a look at the markets. futures are building momentum here we started the day up four points you see the dow up 55. nasdaq also now down 26 points s&p 500 flat a lot of volatility over the last two days. part of it has to do with the direction of yields. look at the bond market. 10-year treasury still at 3.84%. 2-year treasury above 4% at 4.26%. yields are moving higher let's look at oil. a lot of moving with the opec decision $88.89 for wti

brent crude at $94 the sector is the only one that ended yesterday in positive territory and on pace for the best weekly gains since november of 2020. look at that some of the biggest gainers are marathon and har bliburton and devon. big moves in energy. exxon is not up as much as the broader market it is up 17% this week opec decision clearly fueling markets. let's get a check of the top stories with silvana henao good morning >> good morning, seema the cannabis industry and investors applauding president biden's decision to pardon thousands of people convicted of marijuana possession

canopy growth says this is an acknowledgment that cannabis prohibition has failed and too many lives impacted as a result. shares of the cannabis company surging 22% following the announcement climbing further in extended trading, similar story for other pot stocks the world's largest cryptocurrency exchange hit with a hack $100 million was likely stolen as a result of the breach of smartchain network the network temporarily suspending transactions and transfers after the exploit was detected binance ceo said the issue is contained and funds are safe. and tesla moving forward with the first all electric semi trailer truck. elon musk revealing the company plans to deliver the vehicle to pepsi in december.

five years after he unveiled the truck which was set to be released in 2019 musk reiterated the truck would travel 500 miles on a single charge as was initially touted no word on how many trucks tesla plans to deliver to pepsi, seema. i'm excited to see these on the road >> i am, too to our top story and highly anticipated jobs report out later this morning economists expecting employers to add 275,000 jobs last month and the rate to hold steady at 3.7% joining me now is amy glaser at adeko. the latest data shows that hiring has slowed down we have seen jobless claims tick up data is pointing to a labor market slowing the question is to what extent >> good morning, seema it is still a candidate driven market we have seen a reduction in job

openings there is still 1.6 jobs out there for every unemployed person we are still seeing it this take the lead. >> when i look at jobs report and the sectors hiring the most, it was retail and hospitality. technology with big losses there. >> you know, despite a lot of recent large announcements of layoffs, we're not seeing it in the day-to-day on the ground with clients what we are really seeing is a rebalance. the labor market has been white hot for the past few years we are just seeing it stabilize and return to a sustainable normal hiring pace >> the great resignation that took hold during the height of the pandemic, has that slowed down are people thinking twice of resigning given the true recession? >> i think we're seeing maybe a bit of concern we published a 2022 global work

force survey at adecco a majority of consumers are concerned. one of the interesting trends is the openness to a second job opportunity. in fact, we're seeing 3 of 5 non desk workers are actively seeking a second job we approve the hiring frenzy going into quarter four, it may be positive news for employers. >> a second job. what does that tell you? are people worried about inflation and budgets going into this period in the economy or are they finding more opportunities? >> a little bit of both. i think there is obviously still concern about wages keeping up with the pace of inflation and i'm seeing that in the market today >> wage growth is an area of concern. what are you expectin >> i see $15 an hour in non desk

growth an employer anticipated $30 an hour for an hourly worker. in the past, wages have started with one and the sweet spot is starting with a number two >> in the survey, you talk about quit influencers threatening a mass exit c contagion. they are seeing colleagues resign we got to this a little bit. can this trend continue? >> you know, it probably will continue it is very important for employers right now to really focus on the overall well being of employees we are seeing those that are highly engaged are more likely to stick with their employers. the focus continues to be on the worker >> great stuff amy glaser, thank you for joining us >> thank you the jobs report set to be one of the major economic data points ahead of the federal

reserve policy point decision set for the first week of november this as we continue to track the benchmark 10-year treasury coming off a wild few days of trading where it crossed above 4% 3.84% currently. joining me now is priya misra. could they change the rate >> i think actually the report is less important for that november meeting perhaps the december meeting the fed is on a mission. they have to get ngsinflation bk down we get the cpi report next week. i think that is important. i don't think the fed is going to take one week number and start to slowdown the pace of hikes. they want to get into restrictive territory. they want to keep expectations anchored we think they are going 75

the end point is what they have been communicating i think that is fair i think the market will get nervous if there is a weakening today. that means we're still responding to rate hikes six months ago there is a lag in terms of interest rates impacting the economy. the market may be concerned of future growth prospects. for the fed, whatever is the number today, i think they are going 75 and communicating they have a long way to go before they slow that ninflation number down >> they expect to hold steady at 3.7% if that number is higher, you are saying the fed will overlook that >> i think they will, but it is important to see why it is going up the last report where it went up as you said was largely to reenter the labor force. that is great news for the fed that keeps inflation expectation

anchored and wages lower if people reenter, that is a risk positive outcome. if it rises because the pace of job growth has slowed down, i think the markets will get concerned. we should get more inversion in the curve. that means the economy slows down more next year as the rate hikes impact i think for the fed, even if it a rise in the inflation rate, the consequence of tighter policies to slow down as we are coming off red hot levels. they will look at it and say this is what we want a slowing in the labor market. >> powell alluded to that before not just jackson hole, but other speeches priya, what does this tell us about the cpi? >> i will watch for how wide spread are the job gains it if it is across the board, it

tells us the labor market is still strong people can afford to pay for these high prices. the other thing is participation rate if more people are entering the labor force, that relieves pressure on the fed. i'll watch that wages number is that rising i think any sign that wage pressure is rising will be very concerning for the fed they have to go more than 4% to 5% that they are indicating. there is still a lot for the fed to see which is high prices that we see in cpi. is that showing up in wages? any sign of a wage price that will concern the fed. they are doing qt and raising rates. we don't know how much they have to raise rates to get inflation down the '70s is a poor example they have to raise rates more. that is the potential for the fed. how much do they have to

tighten. >> it doesn't help that oil is spiking back above $90 a barrel for brent crude. that certainly makes it harder to say that inflation has peaked >> exactly oil prices moving. the fact that rents. the high frequency for rents is slowing. it is a lagging caindicatindica. we know the housing market was very strong last year. that is a big chunk of inflation. we think housing inflation continues to move higher cpi in general is an indicator lagging which the fed is focused on it. we are not seeing signs of slowing down they have to inflict as chair powell said being on the economy and financial conditions before they can control inflation >> like owning bonds for liquidity and 10-year treasury what is the trade?

>> i like this approach. i think we are seeing liquidity in the market impaired, i worry about financial accidents. look at the uk we are getting large moves there. i would say having liquid assets so you don't sell assets or have a bit of staying power cash is giving you good yield at this point it is less than inflation, but you are getting 3% or 4% in cash i think owning less on paper owning the long end. as we priced in a fed that's on a mission here to keep raising rates, the long end has risen. we know the economy will slow down next year i think when they start to cut rates and perhaps a 20 this issue or 2025, they have to cut rates more owning the long end for recession protection in treasuries. i think credit spreads are

vulnerable treasury market is giving value as a hedge for risk assets. >> great stuff priya, thank you coming up, much more on the developing story around elon musk to renew the bid to take twitter private and the push to get that deal done. first, as we head to break, some of the top trending stories. amazon pulling the plug on live tests of the scout delivery ro robot. the giant making the move after the program did not meet the customer needs amazon started testing the robot in 2019 before expanding to southern california and georgia and tennessee. netflix planning to release the sequel to "knives out" on the big screen it will host a mystery in theaters around thanksgiving one before hitting the streaming

platform. and belarus taking a bite out of inflation t from today, any price increase is prohibited by the bariaelusn president. see if that happens here we're back in a few.

welcome back drawing your attention to cvs

health shares are falling after the company said the 2024 revenue is likely to take a hit after one of its aetna health plans in the u.s. was downgraded. the main driver of the downgrade was a drop in the rating the company says it plans to mitigate some of the hit through its ongoing contract efforts stock is down 4.7% in pre-market to a developing story. the judge overseeing the legal battle with elon musk and twitter and the postponing the trial to allow a deal to get done arjun kharpal joins us from london >> reporter: seem mara, the dea needs to be done by october 27th this is after the deal was a war of words ensuing between the sides. twitter saying quitit is questin

the financing from musk's side he has yet to tell the banks he wishes to proceed. musk is refusing the contract obligations. this trial puts the deal at risk they claim the lenders which signed up for the deal are prepared to honor the obligations and accuse twitter of baseless speculation over the finances a lot of war of words here financing really is central to this where is the money coming from does elon musk have the money from the banks are the backers who backed him at the start all those months ago in it for the long run >> i believe morgan stanley among others are agreeing to the debt for elon musk what are the other banks involved in the deal, arjun? >> reporter: when elon musk pledged the deal months ago, you heard binance and larry ellison

all involved saying we're going to pledge money to the deal. they have been quiet since then. of course, the market environment has changed so much. we have seen a plunge in tech stocks and interest rates on the rise what does that mean for some of the debt financing in particular and whether there will be investor appetite from the more risky debt coming on to the sn market will the banks shift to the insti institutions there is a deal with citrix taken private. banks involved in that and still holding on to that debt. it is difficult to shift this in the market the environment has changed so much there are questions over the debt financing over the original backers. the last piece is will elon musk has to sell more tesla shares to finance the deal if so, that could weigh on tesla

stock. will he put that up as collateral lots of questions on the financing side to be resolved by the two parties which understandably have very little trust in each other. >> as we await for the final outcome, blue subscribers can now edit their tweets. what do you make of that >> reporter: that's a huge feature. that issing something that twitter users have been calling for for some time. it is all part of the plan to figure out really how twitter will use the use base and grow the user base. that is part of the twitter story. twitter struggled to grow the user base and figure out how to diversify revenue streams beyond advertising. we heard elon musk talk about what he might do with twitter. he said ambitions are to grow this into a company with a

billion users. i was talking how he mentioned he wants twitter to be the everything app of course, details are scarce on that we know elon musk is an admirer of the app wechat with over 1 billion users. you can do everything in it. payments and book flights and hail taxis and order food. when you think about what elon musk wants to do, he wants to make it an app that is used for everything garner 1 billion users that is a significant challenge particularly in a different market to the one we see in china as well. obviously twitter experimenting with the feature users have been asking for and figuring out how to monetize that if musk goes ahead with the deal, he has a big task. >> stock now trading at $50 a share. still 12% this week. arjun kharpal in london following technology.

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welcome back wall street closing out the first week of the quarter. here is what is ahead. we will get the september employment report and consumer credit we are watching earnings from tilray out before the bell and iphone 14 plus hitting store shelves today. another busy day for the fed. a slew of speeches from officials including neel kashkari who has been vocal in recent days and raf bostic and new york fed president john williams the monthly job report is key to the market right now let's get a check on futures higher by 69 points for the dow jones industrial average s&p is higher by 2 nasdaq is down 22 points now in pre-market our next guest saying growing

c chatter of the fed pivot is too early. let's bring in greg branch from veritas financial. >> good morning. >> the s&p 500 this week, greg, gained 4.4%. what is behind the rebound of stocks is this a potential fed pivot? >> it is similar to july the market following the narrative it wants instead of the narrative the data is laying out. yes, there has been increasing talk of the fed pivot like we saw in the summer. of course, at some point they will between here and there, there is a lot of pain and a lot of work they will do they are all now on the same page you will hear from neel again today. inflation is the priority. they will see a necessary 4.5

funds rate which implies more hikes this year. the market is now starting to digest that. that will get one in november and one in december. i don't think we have seen the bottom for 2022 yet. particularly as we are in the early stages of quantitative tightening particularly as fourth quarter earnings and 2023 earnings were too high we need the revision cycle all of that, i think, will provide headwinds. >> s&p is trading at 3,744 what will the bottom look for you? how much lower do we need to go? >> i forecast 3,800 in january i revised to 3,600 in march. i think it is less than that at the end of the day, i started the year think going 220 on the s&p earnings it is possible depending on what we see from the third quarter

and companies depending on the narrative. a lot of people continue to complain about wage growth a lot of people complain of the strength in the dollar and that will be a drag for the multinationals i have to see how low earnings will go in the fourth yoquarter. it is not $58. >> how do you expect to see investors to react to the jobs report today bad news/good news this report shows hiring slows down significantly and unemployment ticking up? >> topsy-turvy world consensus is 2.2.765. that is not solving the problem. that is still not enough to

reverse the strong wage growth we have seen so the fed will stay the course even if we get a disappointing number i think the number is likely with adp that came above consensus, this is likely to be above and the market will strayetrade down. >> i want to bring your attention to japan falling a record $54 billion last month the reserve stood at 1.2 trillion at the end of september. lowest amount of march 2017. japan, of course, we know is the second largest holder of u.s. debt and foreign reserves. china being number one i'm curious as the dollar strengthens, all of the central banks intervening. is that a concern? >> it is a concern in parts of the world. it solves a problem for the u.s. so part of this is macro

part of the reason why we're seeing these foreign reserves decline is the fed action that pushed rate hiking program which is decreasing the market value of fixed u.s. industruments on book already part of this is the dollar because that is decreasing the market value of the euro assets on the balance sheet part of it is policy the bank of japan has steadfastly refused to participate in the global rate hiking program as a result, it has declined 20% this year which is what triggered their need to support the yen and triggered the largest buy yen sell adollar program. part of this is the policy they have to choose. will they continue to keep a low rate environment to support

economic recovery because at the end of the day, that risks capital flight from a crisis in confidence and they risk wealth fleeing the country for dollar denominated assets. >> greg, thank you for the lead up here as we await the jobs report that does it for us here on "worldwide exchange. "squawk box" is next millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now,

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good morning welcome to wild card friday. it is wild card friday it is also jobs friday that is more important we will tell you what to expect from the september employment data what it could mean for the fed. new deadline for elon musk a judge says he has until october 28th to close the twitter deal if he wants to avoid a trial.

pot stocks soaring after president biden announced a pardon for federal offenses of simple marijuana possession. will the states follow just the blue states all of them? it is friday, october 7th, 2022 and "squawk box" begins right now. welcome to "squawk box" here on cnbc. we're live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. let's look at the equities it has been an up and down week for the markets. all of the averages are up for the week the gains offsetting the losses the last couple days the picture is mixed thi