it is 5:00 a.m. at cnbc global headquarters. here is your top "five@5." stocks looking to start the week in the red after the friday selloff. investors bracing for a possible one-two punch ahead of the thursday inflation report. the bank of england steps in again to soothe sinking sentiment in the region as the bond buying program gets set to end. china's chip sector hit hard overnight as the industry grapples with geopolitical risk. the names you need to watch

coming up. plus, a "worldwide exchange" exclusive conversation with saudi crown prince abdulaziz bin salman as he makes the opec plus oil cut. a developing story in ukraine as russia targets the capital city of kyiv in the apparent retaliation it is monday, october 10th, 2022 you are watching "worldwide exchange" here on cnbc good morning i'm dominic chu in for brian sullivan today let's kickoff monday morning with the equity futures in the red. modestly so. you see the dow implied lower 110. s&p lower 19 and nasdaq down 65. all of this after the friday broad based selloff that saw the

dow shed 600 points to close down 2% on the day you see in the time lapse here worse for the s&p 500 which ended the day down nearly 3% on the session and the nasdaq down nearly 4%. bond markets are closed for the federal holiday today. a quick check on the last trade that we saw over the course of friday's session the yield for the 10-year treasury is 3.89%. the 30-year treasury is 3.85%. energy prices. oil is above $90 a barrel. west texas intermediate is $92.02 that is down .20%. ice brent crude is off as well $97.25 let's go worldwide around the world china is back open for trading after a week long market holiday.

japan, south korea and taiwan closed today the red stells a partial story. if we spin the globe around to the early trade in europe. you see mostly red ftse 100 down .23% the cac in france down .30%. the german dax clinging on marginal gains to the upside let's stick with a trade with europe and developing story as the bank of england announces easing measures. we have joumanna bercetche with more joumanna, the bank of england is the epicenter of the market and economic volatility in the region what is now happening here with the bond buying program? >> that's right. the bank of england today said it stands ready to increase

purchasing in the emergency intervention launched on september 27th the central bank raised the max limit to the gilt to 10 billion pounds from 5 billion pounds previously they announced a facility to help lenders facing ldi funds which are the funds associated with the pension fund community. this is a segment of the uk market we have been watching closely. they own 1 trillion pounds of gilt and uk corporate bonds. the yield started rising and many received margin calls they were unable to sell the gilts quickly enough one thing i want to say when they announced the problem on september 28th, it was a 13-day program with the ability to buy 5 billion pounds a day they bought 3.7 billion the in five days total.

the bank of england had overestimated demand how much they were getting in the auctions they came up with further measures the reaction in gilts has been negative all trading at 5 to 10 basis points higher. 10-year is back at 4.3%. about 30 basis points higher from after the announcement of the intervention program as for the pound doing what it has been doing the last couple months the pound today about .10% weaker close to breaking through 1.10 on the down side clearly some of that is on the back of the strength in the u.s. dollar the outlook is still bumpy dom. >> joumanna bercetche live in london with the latest on the bank of england. thank you very much. leltst's get a check of thep stories iwith silvana henao >> the chinese semiconductor is

getting hit hard on the back of the announcement from the biden administration on the export rules on chips the move by the white house is aimed at slowing beijing technology and military advances following the friday announcement, you see steep drops with the ishares falling 6% speaking with china. tesla notching a new record for sales. selling 83,000 vehicles in september. 8% increase since august this comes amid easing supply chains in china following the lockdowns in shanghai. china's byd continues to lead the ev market with 200,000 vehicles sold last month shareholders of the spac looking to take former presiden

trump's social media platform public that vote will decide whether to push the deadline for digital media to september of next year. a similar vote last month failed to get 65% investor support to finalize the deal. dom. >> silvana henao, thank you. investors waking up with whiplash following the relief rally following three straight days of losses still the averages posting the first positive week in the past four it is a busy week ahead with two reports on inflation, consumer prices and production prices we may hear more about the rising interest rates and the dollar on corporate earnings results from pepsi and delta and

citigroup and wells fargo. the kick noveoff to earnings sen let's talk about this with kamal bhatia kamal, the big question right now is markets have seemingly tried to price in all of the negativity right now it doesn't seem to be stopping what will stop it? is it cpi or ppi or corporate earnings that come in, maybe, better than expected >> dominic, good to be with you. i think the biggest change is the issue of inflation it is stubborn and permeated the economy. until inflation gets to a manageable level, it will be an issue for the markets. they are looking for more down

side here with the cpi the last time until that adjusts, there will be pressure on market returns. we have seen the multiples adjusted this year we will await for the earnings given the pressure on the bond markets, it will be lower earnings than higher earnings going forward. >> this is the general consensus right now. it will be no price. surprise. it will be the only thing we have talked about for months the economic slowdown. interest rates rising. central banks doing it coordinated to bring down inflation. if all of this is known, when do we see a bottom for the market >> probably you look at recession kicking in second quarter of next year the markets are probably going to look at a six-month forward view not this year, but early next

year you should see q1 bottom for the marketplace. that will start the process of upward trend for a few years after that, dominic. >> i guess here is the question. if it is in the first part of next year, the bottoming process, what leads the way out? >> there are three areas in our view that lead out of it it will be driven by midcap equities which seem to have the best valuation framework right now. not large cap equities which got us the market returns so far that is one area to look closely at the second area which is a good place to be is real assets our view remains that inflation may stay high for a while and in such an environment, you want asset classes that probably adjust to inflation. it probably will be midcap

equities certain portions of the fixed income markets and fixed assets. and infrastructure is the most interesting area for the short-term and the long-term as well >> kamal bhatia, we appreciate it when we come back on the show, oil coming back on the biggest weekly begins in months. we'll see if the energy sector rally still has room to run. more on the chip sector massive dip and if china can overcome a growing u.s. black list and a live report from ukraine after russia takes aim at kyiv and the city center for the first time in months ve busy hour when "worldwide exchange" returns after this break.

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welcome back to "worldwide exchange." energy stocks surging on the heels of the opec plus decision to cut output by 2 million barrels a day. the s&p climbing 14% the best week since november of 2020 exxonmobil and chevron leading the charge with exxon being 15% higher since june of 2020. joining me now is stewart glickman with cfra stewart, oil and gas

i wonder if the consensus trade upside potential is now done was the big gainer over the course of 2021 into 2022 we have seen it come off steeply with energy prices overall are there buys now created by the dip in oil prices? >> good morning. thanks for having me i think you're right i think there is still opportunity to make purchases in the energy space from a valuation perspective. these names are trading at healthy discounts to forward average based on 2023 results. i think you look at wti probably in the $90 per barrel range next year and these stocks are not fully discounting yet. >> we are looking at charts. exxonmobil is massively up

60% gains over the course of the year to date period. i guess the consensus has been that oil and gas will do well given what oil prices have done since the lows of the pandemic in spring of 2020. if that is the case, you mentioned e & p and oil services which ones are the most leveraged to oil prices? which ones do we have to worry about with oil moving up and down >> e & p will have the most direct exposexposure keep in mind that yes, energy support a lot this year. energy as a whole has been systematically under invested in supply for the last seven years. i think we're on early innings of the new up cycle in energy. i think there is going to be a pretty significant opportunity for oil prices to stay elevated probably through the rest of the

decade the big wild card is on the demand side, not the supply. >> if that is the case, if your prediction is for oil prices to remain elevated to the medium to longer term and you told me that oil exploration and production companies are more levered to higher prices, that implies that's where i want to be. up stream, so to speak exploration and production where is the bargains given that thesis >> on that thesis, you want names with the exposure to the upside take a name like conoco phillips we have a four-star view on conoco they have a lot of oil that comes from europe and overseas markets. more brent linked than wti linked unlike a lot of the u.s. shale players which are 100% u.s.

focused, conoco has a lot of overseas exposure. brent prices probably hold upper t better than wti. take a name like eyg resources throws some of the bigger e & p names. other names with healthy dividends, conoco has a strong dividend mostly variable in 2022. a similar name is pioneer natural resources. also has very healthy dividend you can get yields in the 10% range which is significant >> massive yields in energy. looking at exploration and production names stewart glickman, thank you. still on deck for the show, exclusive interview with ab

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a little improvement there if you look at what is happening with the laggards in the pre-market for the dow p&g down 1%. nike, merck and home depot and cisco systems. we are breaking down the semiconductor selloff and what china can do to overcome the growing black list that conversation coming up. w keep it here we are right back after this break. ♪♪

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investors gearing up for what could be another training week that's busy as all heck on the back of friday's jobs report fueled selloff key inflation data and the kickoff to earnings season futures pointing to more pressure at the opening bell. fallout continues over opec's decision to slash oil production a key biden administration official speaking out against the move our brian sullivan is standing by with what saudi arabia is telling him about the backlash speaking of the biden administration, ramping up the crackdown on china targeting the semiconductor industry taking a big hit with the latest shot from washington, d.c. and beijing. it is monday, october 10th you are watching "worldwide exchange" on cnbc.

welcome back to "worldwide exchange." i'm dominic chu in for brian sullivan let's get to how the markets are shaping up on the back of friday's post jobs reports selloff. futures indicating a lower open, but not by much, at least for the time being stable compared to friday. dow implied lower by 58. s&p down 13. the nasdaq implied lower by 54 or 55 points joining me now is jason hunter managing director at jpmorgan chase securities he looks at the charts for a living jason, good morning. what are the charts saying about if a bottom is in sight? >> we saw how oversold the market had gotten during the timed weakness which is september through first week of october. our thinking is you saw initial bounce ahead of payroll report

the market was disappointed by the payroll report and the move in the fixed income market in terms of expectation of terminal fund rate and those things stocks are now pulling back for the levels the good news is after a two-day bounce, you don't alleviate. the markets should put in a bottom ahead of the fourth quarter rally. >> if that is the case, you look at the s&p 500 and the charts indicating there we mentioned the dow is now back to where it was pre-pandemic in february of 2020 the s&p would have to go lower by 100 points to get to the same level. are we talking about a market that is grappling with the idea that we're not maybe that much better or worse off than february of 2020 >> from our point of view, when you look at the supports on 3500, you hit the nail on the

head that is where the market gapped out in november of 2020. that is the period of time where what was growth type and quality earnings stories where you saw that transfer to more value in cyclicals. the market got excited about the economy. from our point of view, that is an important psychological level along with other levels that sit in that area on the chart. not to mention, we are watching a tight relationship that existed the past year. once inflation started to tick up in the fourth quarter of 2021, you saw the tight relationship form with the expected terminal rate for fed funds and s&p. if you look at that particular model and the tracking error of the s&p around it. 3500 or less is where you expect the market to go with the terminal rate. a lot of things are pricing in the same area and giving up the

covid recovery excitement and oversold conditions and things are lining up that suggest some sort of position squeeze and rebound in the fourth quarter. >> it is hard to debate, jason, that interest rates are driving the down side volatility you see it anytime there is an economic data point that implies more fed tightening. you see the markets sell off the way they do. it is the proximate cause of the down side right now. take us through what you are seeing in terms of where we could expect to see interest rates move you mentioned the term rate for fed funds. i'm looking at the 2-year treasury and 10-year treasury. how inverted does this get >> we start at the short end we heard a number of the perceived hawkish fed speakers in the last week at least two of them mentioned

4.50 as the landing spot the 2-year treasury note implies up to the 4.50% level. the front end, we are getting to peak hawkishness in a sense assuming the fed speakers do what they said the 10-year treasury is cheapened to the 4% area on the chart, a couple of technicals in the area and it is a psychological nice round number 4%. similarly to what we see in the equity market. the deep oversold conditions you get the same set up in fixed income not just the u.s., but developed markets as well. we think they are backing up to re-test the high yields put in a couple of weeks ago. it seemed like a blow off yield type you will not sustain much of a move through 4%. you will set up for a rebound as

we move to the fourth quarter. that is unique for our generation or generation before that you spexpect the inverse relationship if it is not the u.s. dollar, it is setting up for a fourth quarter rebound. the market rally at 3% which is as rich as the 10-year treasury for the next quarter >> 3% to 4% range. jason hunter, thank you. to a developing story this morning and several explosions rocking ukraine's capital city of kyiv for the first time in months shelling coming one day after moscow blamed ukraine for attack on the bridge that connects crimea and annexed region by russia from the ukraine, to russia itself. nbc's cal perry joins us now from ukraine's capital city of kyiv cal, what can you tell us about the latest in the development. >> reporter: dom, this was a massive volley of rocket fire

across the country 83 rockets or drones by ukrainian officials say shot out of the air the other half impacting the targets. some of the targets are residential targets. you see on the right side of the screen that is aftermath from the capital here this morning. at least eight people dead and two dozen wounded. there are still some people stuck under rubble rescue services trying to make their way to the scenes now. to the eastern part of the country in kharkiv the city in the center of the country with five dead there the death toll expected to rise and to the west of the country, the city of lviv, normally a calm city. strikes taking place there hitting infrastructure targets the power in that city at this hour, we understand, is out. right now, where i am in the capital, the streets are deserted people are huddled in the

subway the mayor expects more attacks to take place. these are the first strikes in and around the capital since june that is the last time we had these strikes. this follows the strike on the bridge in crimea this is a very, very large response indeed. >> cal, this is a good point what i was going to ask you and you answered it for us how much is in retaliation for moscow claiming to be the attack on the bridge to crimea? cal, the reports that ukraine made sizeable advances in taking back territory from russia in some of the eastern regions near kharkiv and elsewhere in the east >> reporter: if you talked to government officials, you just nailed it. they believe it is the combination of both those things attack on the bridge of crimea which is important to the russian president personally he helped open that bridge by driving a truck across it in

2018 the battle field gains huge gains made in the east and southern part of the country dom, one point last week in the four-hour period, that line moved 8 to 10 miles. that line of attack by ukrainian forces they are pushing hard and trying to take as much territory as they can get back before the winter months. the concern now is as the power starts going out in some of the ukrainian cities, at least two power sites hit here in kyiv the concern with the winter months coming, vladimir putin will target the infrastructure sites and make life miserable where war is raging, dom >> cal perry live in kyiv. stay safe, sir. to the fallout over the opec cut decision treasury secretary janet yellen criticizing the move calling it unhelpful and unwise for the global economy it is uncertain the impact the 2

million barrel per day cut will have, but it did not seem appropriate with the economic conditions we are seeing around the world. opec is facing backlash over the decision to cut that production with the wti and brent prices both back above $90 a barrel brian sullivan is joining us now with more on this price dynamic and story and his conversation with the energy minister amid opec's decision. brian. >> dom, good morning thank you very much. given all the headlines and all of the chaos that the decision has generated in the united states, we felt it was important for the global audience to hear from the source. that is energy minister abdulaziz bin salman he does not give very many interviews he did sit down with us at the opec meeting in vienna we met at 8:00 p.m. local time

that was well after the decision had been made and blowback begun. i began by asking a simple question how would he explain to our audience why they made thi decision listen >> i always talk about this building as a silo where all of the political packages are outside that building or diversity that we have and with all of the political issues that are not helpful if we kept it inside this building that is being kept that is carried forward with us with opec plus >> what is the market based decision for what happened today? >> honestly, it is what it has shown in the press conference.

first of all, we have testimony, not by ourselves, but by the market look what oil is doing over the last nine months i put that presentation to show what the average prices were you know, i remember i always say they are talking about prices for the sake of charity, we showed that january average prices and what september prices were look at the difference wti is 1%. brent is 6%. look at coal coal or gas. natural gas and lng. you name subsequently, look at electricity. there is a huge gap between the two. between oil and what is happening elsewhere in that energy complex

so, i believe strongly that it is all attributed to what opec plus had done. not only in 2022, but 2021 and 2020 had it not been for opec plus and the congregation with the g20 at that time and you were a witness to that work, where would we be today? we would be hurting and everybody would continue to hurt i assume by now without opec plus, if you think that we're running out of supply, i think the market will be running out of supply way before 2022 and somewhere mid 2021 and with oil, not only gas and coal, would have happened then this has been ignored. in today's environment, look at the uncertainties that are

hijacking the so-called expectation. too many things -- >> such as >> -- too many things happening. we see how things are trending the interest rates they are getting higher and higher and higher. gdp. growth is descending and descending foreign exchange dollar versus other currency there is a cascading trend when you see these things and the root cause which is a few things that are acting independent to each other and however, they are impacting on the market not today, but it is

something you can see what may come our way if things are kept unattended to. because of that, we had to decide to take a preemptive action i kept saying i would repeat it and i'm glad to have this opportunity again. opec plus had been successful, effective because we take matters and we are attentive how we are attentive because we take measures in a preemptive way and we make sure that in order to preempt, you have to be assertive we have to be assertive and preemptive and, of course, we have to be pro-active. if we continue with these four pillars as our operating model,

we have to -- with all of the nuance that you see and this cascading trends, you obviously would be much better taking this preemptive measure >> all right that was part of the interview, dom, with abdulaziz bin salman we did 17 minutes. it is available on cnbc.com. at the beginning, he is talking about the silo, dom, with the political things going on. they will not talk, other opec members, will not talk about the respective politics in their nation try to talk to the foreign minister of venezuela, they will defer to the government. we try to get to certain things and say this building is a silo and switzerland thing and we focus on energy policy a lot of push back on that you can go to the full interview and watch the full 17 minutes

from the opec meeting. >> brian, only because as an insider, i've been able to see some of the interview right now. it is far ranging like you said. the one thing i want to key in on so viewers have a better understanding of the conversation you talked about the economy and you and i both know there are few commodities or assets out there more closely tied to economic and growth contraction than oil can you tell us if he addressed a global recession at hand >> it sounded like that's what he thought was going to happen, dom. you are perceptive the reality is they talked a lot, opec did, remember, it is a group decision prince abdulaziz bin salman is not the secretary-general, but the biggest producer and biggest voice at opec. they talked about the federal reserve and central banks in the

united states and around world they talked about interest rates and talked about the impact of the u.s. dollar. there was a very real concern, at least from what they're saying, that inflation, rate moves and currency moves could send global markets down and send the price of oil down we think lower oil prices here in america filling up with gas we say good. lower oil prices is what we want that is obviously not what opec wants. they make no bones about that. what they do say because they don't like to talk about price, dom. they want stability. he actually chose natural gas and coal and lng up 60%. o oil is up 2% from the invasion of ukraine from russia they are looking at stability. we like to see lower prices. they want to see stable prices see for yourself >> big interview there

go to cnbc.com and check out the inte interview. brian, thank you see you later on. coming up on the show, biden administration taking steps to crackdown on china access to computer chips we dive into the investment risk tied to bay eijing we're back after this. you need a bed that's smart enough for both of you. the sleep number 360 smart bed senses your movements and automatically adjusts to help keep you both effortlessly comfortable. our smart sleepers get 28 minutes more restful sleep per night. don't miss our weekend special. the queen sleep number 360 c2 smart bed is only $999. ends monday.

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quwelcome back to "worldwide exchange." shares of china based chip

makers getting hit hard today on the back of the announcement by the biden administration on friday of export rules on the chips. biden administration expanding the list of technology to require a special license to be sold to china in a bid to curb military ambitions taiwan signaling the semi companies will follow the new u.s. rules chip stocks here in theu.s. facing steep osses the semiconductor etfs down big. fell 6% in trading on friday for more, let's bring in dewardric mcneal he is also a cnbc contributor. d dewardric, is this battle with the u.s. and china over technology, specifically chips, going to get worse

>> good morning, dom thanks for having me listen, i think what the administration did on friday was a significant strategic move on their part banning logic chips and memory chips and flash memory chips it shows me, dom, that the administration is serious about continuing to deliberately and methodically target the chip strategy i suspect that with many more tools in the tool kit, we are going to see the administration try to ensure that china is not able to acquire this technology on the open market and also, dom, not able to produce it domestically at home at least in the short term i think the administration is certainly going to continue to press forward with this. they have shown real concerns about china's military prowess and how that prowess is applied to military use.

i don't think this is done yet, dom. i think we're going to see particularly from the u.s. some more moves, but also, dom, we don't know how china will respond to this. we're waiting to see, but there is a lot of turbulence still left here in this sector >> we have near-term pressures with the conflict with beijing and washington i bring it up because there are policy under tones or policy overtones with the trump administration and biden administration in regard to the relationship between us and china it is not very good. it is certainly confrontational in the frenemy way we are the two biggest economies in the world if this gets worse, what does it mean for the industry if the u.s. the market value of the companies losing billions every

single day >> that's a good question, dom when you look at this particular role, the administration was concerned about some of the potential supply chain impact they put in place a temporary generally license for companies producing certain types of chips not destin ed for china dom, if you are in this space, you should start to look for alternative markets. i don't see how companies in the space with a robust presence in china will have any sort of long-term future here given the significance of semiconductor chips for the u.s. and china i would look at places in southeast itcasia i think they will find policy tailwinds and support for those moves. dom, to be honest, i don't see how the companies in the

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while an earnings tool helps you plan your trades and stay on top of the market. we've got breaking news right now. the nobel prize for economics in 2022 this year has gone to three people one of whom is ben bernancke they are being recognized, the committee says, for work that has been crucial to the research that is enhanced our understanding of banks, bank regulation, banking crises and how financial crises should be managed. they go on to say that bernancke andein analyzed the great

depression breaking news. bernancke, former federal reserve chairman in 2008 and 2009, now awarded the nobel prize in economics he and his colleagues for the work in banking and crises. the dow implied lower by about -- now it is higher by 8 points joining me now is tiffany mcghee what is your best single trade in this environment heading into this week? >> my best single trade. a couple of things, dom. number one is cpi on thursday. i think if core cpi declines, the market will react. for everyone looking to look at

what they may purchase this week or sell this week. that's going to be a major piece of data. the second is bank earnings. i love bank earnings they provide insight into the financial health of the consumers or consumers paying off credit card or paying off balances especially since consumer spending is 70% of gdp. i'll be looking to see if they have misses. these are core staple pieces in the portfolio. we will own them for the long term i'm paying attention to how the market reacts to earnings and see if there is an opportunity for a dip to buy i expect revenues to be down especially with regards to mortgages. by the way, the 30-year fixed mortgage rate is 6%, dom

i expect that to hit the revenues of some of the banks. if there was a single stock that i like right now, i sent you notes about how i think now is a compelling time to buy growth. salesforce is one for me that is a tech staple. we like to invest along teams. i think about salesforce and they dominate the salesforce automation space customer 360 platform is a competitive advantage going forward. for all of the talk that we and the attention that salesforce gets, they have 30% of the market share this market is expected to double in growth each year going forward. they have lots of runway. >> thanks, tiffany mcghee. thank you very much. that does it for us here on "worldwide ehae.xcng breaking news and "squawk box"

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good morning markets are flat that's better than earlier ahead of a busy week horrible friday action key inflation data and beginning of earnings season on the way. it happens every three months. new overnight. the bank of england ramping up

the emergency measures details ahead. china's chip sector getting rocked as they deal with surging geopolitical risk. the names you need to watch. it is monday, october 10th the themes of october are coming it's 2022. "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. if you want to look at the u.s. equities at this hour as joe mentioned, the picture has improved the dow in positive territory. up 6 points. s&p futures down 3 nasdaq down 16 it comes after a