it is 5:00 a.m. at cnbc global headquarters. no tuesday turn around on tap. stocks kicking off the trading week in the red with the nasdaq at a two-year low. dimon's dire outlook ceo sitting down with cnbc saying more steep pull backs may be ahead for the market. we've got his full comments coming up. breaking news. the bank of england intervening in the bond market again as it

warns against the pension system. and catie wood's ark continuing the recent buying spree. it is tuesday, october 11th. you are watching "worldwide exchange" here on cnbc good morning i'm dominic chu in for brian sullivan today let's kickoff the our with the check on the market and u.s. stock futures. pointing to loses at opening bell the dow is implied lower by 230. the nasdaq down 93 s&p off 32 if these futures move hold into cash equities trading. wall street kicking off in the red and nasdaq at the lowest level in two years let's check on the bond market 10-year treasury moving higher checking in at 3.59%

in the oil market today, crude prices taking a hit as well. given the bearish economic comments floating around wti is down $2.25. ice brent crude is down $2.21. $93.98 is the last trade looking at cryptocurrency. bitcoin prices still watching that $20,000 level. the over/under for the market. bitcoin prices under that at $19,112. that is down .50%. ethereum prices off 1.75%. let's go worldwide and markets in asia. japan and south korea returning from holiday shedding 2% taiwan falling 4% in its

post-holiday trade investors weigh the impact of new rules on computer chips. looking at the trade in europe what is happening there? it is certainly to the down side right now, the german dax off 1% the cac in france down .75%. the bank of england is announcing an expansion of the emergency bond buying operation as it looks to restore calm in the bond market. jpmorgan chase ceo jamie dimon is warning the economy will fall into recession in the next few months all due to inflation and quantitative tightening by the fed. speaking to julianna tatelbaum in england, he says this could be more to the down side for the

s&p. >> where do you see the s&p? >> i don't know. it may have a way to go. it really depends on the soft landing or hard landing. it is hard to answer that. it could easily be another 20% the next 20% will be more painful than the first rates going up 100 basis points. people aren't used to it i think negative rates all of a sudden will be a complete failure. >> it could be an easy 20% drop says dimon we will have more from julianna's interview with jamie dimon later on this hour let's bring in chief investment officer and josh wein at the hennessey funds. peter, we will start with you. we know the bank of england has intervened to stabilize the bond market there we see some of the effects play

out right now. do you believe this is an environment where we can see another in jamie dimon's words, easy 20% drop at current leavleavin levels >> i do believe so the average market peak to trough is 35%. that is the average. obviously some down more some down less that takes you down to 3100 on the s&p. that would be shy of what jamie said the issue with the market is yes. on one hand we have the monetary tightening and the news continuing to close. at the same time, we have earnings risk and we will see that beginning in a couple of days all throughout the next couple months. i think that is the next hurdle that the markets need to clear >> if that is the case, peter, if i can follow-up, there are actions that government or large financial entities are taking.

the bank of england is intervening in marketplace again right now. it seems the central banks and governments can be stabilizing factors in the environment is it really the inflationary environment, the threat, that is keeping them on the sidelines? >> you can argue what the bank of england is doing is destabilizing. it is proving it can't get out of the easing and qe they have gotten into. just in the month they were supposed to start selling gilt, they find themselves buying them a couple of days before the end of the emergency bond buying program, they are back in. that's the problem this is actually destabilizing the market is not able to find its right level and price discovery. i'm afraid this is not just

going to be a bank of england and this will spread to other bond markets >> josh, peter makes interesting points with regard to the bigger picture environment. we are entering earnings season which puts focus not on the big picture, but company specific picture as well. the expectations you very, very the markets already in essence, priced in the negativity that peter is returfers to right now? >> peter pointed out earnings season which is coming up. i say we don't have a lot farther to go. i say it is all about earnings i would point out right now that this is kind of lagging data we have an s&p that looks quite healthy. at the end of '08, net debt to e

evida, it is now .75%. we are less than one-third of that i would say we're in good shape and we have farther to go. certainly it is the earnings that are top of mind and we're only as good as our denominator here i don't know i'm a little more more sanguin on the market. the bank of england putting band-aids on open wounds is concerning >> josh, let's put emphasize on the numerator on the denominator. the stock market price this is a situation where the down side has been attributed to rising interest rates and compressing valuations the price on the price to earnings ratio if earnings are an issue, price is a question and do you feel the multiple in the market right now is adequate? how far could it go to the down

side in the coming weeks >> i think certainly rates are the back drop. we're trading under 15 times forward earnings on the face, it seems compelling in the world with the u.s. is 3.8% or 3.9% i don't think it is impossible to see a 13 multiple or lower on the market i feel like we're getting to the point and the market wants it bad news is good news. the market definitely sees the wealth effect and we see this slowdown coming, it is very clear that the fed pulled a muscle the and insists on continuing the race and finishing it that scares the market there will not be a warning when it bottoms i think we're pretty close to done here. >> if bad news is good news,

peter, good news certainly is bad news in that environment we saw that play out on friday with the jobs numbers and unemployment figures that came out. if we look at the possibility of recession that's coming up, jamie dimon is not the first to come out and say there's the likelihood of something happening down the line. he put a timeline on six-to-nine months during delivering alpha, we heard comments from stanley dru druckenmiller. if we are not in recession now, is there a possibility we can achieve this unicorn of soft landing in economic turmoil? >> when we eventually see q3 gd and combine with the second and third quarter, you will see no growth while we may see recession or not, to me, it is semantics.

parts of the economy is in recession. housing is in recession. autos because of the rise in funding costs with the record high prices on the cusp of one the consumer is in recession europe is in recession china is in recession. what it means for other economies for asia focus on trajectory of growth rather than the situation of we're in a recession or not. of course, we get to whether it is a mild or not i think it remacins to be seen how much further interest rates rise and what that will mean i'm more afraid of a higher level of interest rate environment for a longer period of time which means that if the recession is mild, it may drag on longer than what people are used to. >> josh, we have a minute or so left here. you are the stock picker you know what to do in this va environment?

where are you putting money to work >> sure. at a time like this, we don't know the trajectory of anything that well. companies with stability and strength of business model in our midcap 30 fund, i would point out names with rising earnings and compelling valuation. clean harbors, industrial waste management and strong free cash flow generation. a name like that we can sleep at night with a name like that you don't have to worry about product cycles and trends coming and going. also a name like graphic packaging which provides packaging materials for beverage and consumer products. frozen foods and names like that in the case of graphic p packaging, ten times nothing is baked into that

number that is an off the run name that does well during times like this. >> momentum as well. showing both charts. they are positive on year to date basis in a down market. peter and josh, thank you. we appreciate the thoughts when we come back on the show, much more on the cnbc exclusive conversation with jamie dimon. our julianna tatelbaum reveals what else the jpmorgan chase ceo told her about the outlook for the economy. and elon musk reportedly launching allegations on twitter regarding the whistleblower. and meta set to reveal new offerings in the metaverse a very busy hour still ahead when "worldwide exchange" returns after this break and buying your starter home. or whatever this is. but the things that last a lifetime like happiness,

love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence. ♪♪ ♪♪ ♪♪ be ready for any market with a liquid etf. get in and out with dia.

just look around... be r this digital ageet w we're living in, it's pretty unbelievable. problem is, not everyone's fully living in it. nobody should have to take a class or fill out a medical form on public wifi with a screen the size of your hand. home internet shouldn't be a luxury. everyone should have it. and now a lot more people can. so let's go. the digital age is waiting.

welcome back to "worldwide exchange." let's check on the top stories with silvana henao hi, silvana. >> dom, let's start with c coinbase it has the green light it will allow the crypto exchange to offer digital payment token products in singapore. coinbase calls the approval a milestone saying singapore is a strategic market and hub for web 3 innovation cathie wood's ark snapping

up adobe wood's next generation internet etf is buying more than 23,000 shares of adobe yesterday. the same fund buying 23,000 shares on september 19th before the recent purchase, ark was holding less than 12,000 shares of adobe since the middle of last year. elon musk accusing twitter of ordering the whistleblower to destroy evidence musk claimed the social platform told the head of security to get r rid of the information the report says musk's claims came before he revived the deal to buy twitter >> silvana henao with the latest thank you very much. still on deck for the show the latest on the escalating situation in ukraine as the u.s. vows new support in that country's fight with russia.

>> announcer: today'si big number $43 billion. that was with the total amount invested through vc deals durin the third quarter. according to data by pitch book. that's a nine quarter low.

what if you were a gigantic snack food maker? and you had to wrestle a massively complex supply chain to satisfy cravings from tokyo to toledo? so you partner with ibm consulting to bring together data and workflows so that every driver and merchandiser can serve up jalapeño, sesame, and chocolate-covered goodness with real-time, data-driven precision. let's create supply chains that have an appetite for performance. ibm. let's create.

science proves quality sleep is vital to your mental, emotional, and physical health. the sleep number 360 smart bed is temperature balancing, so you stay cool. it senses your movements and automatically adjusts to help keep you both comfortable all night. our smart sleepers get 28 minutes more restful sleep per night. so, you're at your best for yourself and those you care about most. and now, the queen sleep number 360 c2 smart bed is only $999. plus, 0% interest for 24 months on all smart beds. only for a limited time. welcome back to "worldwide exchange." let's get a market check

futures pointing to a lower open things have gotten better over course of the last 20 minutes. at the top of the hour, implied lower by 200 points. now implied lower by 170 now 185 points s&p by 26. nasdaq down by 77. if you take a look at one key part of the market that many traders and investors are watching closely is the semiconductors computer chip stocks that industry is a focus for tech investors this etf attracts them the vaneck semiconductor down 1.5% of the market. yesterday, it was down 3%. the third negative session in a row. it is the lowest level we have seen going all the way back to november of 2020 you have down side laggards. land research. marvel technology. kla corporation. applied materials which makes

the stuff that makes computer chips. keep an eye on the computer stocks one place to watch as we talk about the recession narrative building in the marketplace. if you take a look at the waitrw waitrw waiw ww way treasuries are taking shape. those that are highly rated in some way on a year to date basis. the treasury etf down .30% of value. the investment grade down 23%. high yield held up well down 18%. the issue is if a recession really does come into play, how much more stress will it put on some of the lower rated companies? the ones with balance sheets which are not strong

one thing to keep an eye on is whether or not we see more stress on high yield one way or the other, it could tell us where the market thinks recession will be going or how severe it will be. still on deck for the show, potentially crippling rail strike in the united states looking more likely as a union representing thousands of rail workers dismisses the biden backed deal to keep goods moving. follow our podcast if you miss "worldwide exchange" check us out on apple or spotify or other podcast apps. "worldwide exchange" in audio format we'll be right back. hey dad, i'm almost out. i got you. any questions, chris? all good, thanks maura! there you go, one new inhaler! nice did you get my refill too? maybe [door bell] here you go, sir. you're a lifesaver. have a nice day. healthier is managing

all your family's prescriptions in one app. cvs pharmacy. healthier happens together

welcome back to "worldwide exchange." let's check on the other top headlines with frances rivera in new york >> dom, good morning we start with an act of revenge. that is what vladimir putin is calling the brutal attacks on a dozen ukrainian cities he blames ukraine for the crimea bridge explosion more than 84 missiles and drones hitting the capital for the first time in months ukraine shutdown half of the missiles using air defenses. ukrainian president says they will provide defense systems. and uvalde school district

superintendent is retiring hall harrell announced retirement after three decades with the district. families praised the decision after the school board meeting last night saying it should have come sooner. >> where were you when we heard the news about my sister being massacred? your board members hired you do to do a job and you failed tremendously causing a lifetime of pain and anguish. >> on friday, the district police department was suspended for the response to the massacre which left 19 students and 2 teachers dead. mahomes with another touchdown. >> travis kelce proved to be the head chief on monday night football raiders got on to a lead until kelce found the end zone his personal best as kansas city

comes from behind to win 30-29 dom, those are the headlines back to you. >> four touchdowns on just about 25 yards of receiving. that's a lot of productivity frances rivera, thank you. coming up, more on the interview with jamie dimon and his outlook for the markets and potential for a u.s. recession and more including musk and twitter that's coming up next. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones

more pain on tap for markets after the nasdaq closes at the lowest level in two years. that pull back the tip of the iceberg according to jamie dimon. julianna tatelbaum is standing by with the exclusive sit down with the jpmorgan chase ceo on how much more the markets may fall and his prediction for a u.s. recession and the threat of a potential economically crippling rail strike is back on the table as one union balks at agreement by the biden administration and another key union. it is tuesday, october 11th. you are watching "worldwide exchange" here on cnbc

welcome back to the show i'm dominic chu in for brian sullivan let's get to the markets and how things are shaping up as we are halfway through the 5:00 a.m. hour a quick check on futures implied lower by 207 points for the dow. the s&p implied lower by 30 points nasdaq down 88 to 90 points. the bond market. 10-year treasury is ticking slightly higher. heading back to the 4% level right now, 3.95% looking at the early trade in europe we are seeing fairly red arrows across the board dax off 1% ftse 100 down over 1%. ftse mib is down 1%. all this with the bank of england looking to restore calm to the country's bond market and beyond

looking at the british gilt on the back of the move those moves ticking to the down side 10-year gilt is 4.6% let's get to our exclusive sit down with jamie dimon. weighing in on everything from the war with ukraine and the issues with twitter and potential of recession we have julianna tatelbaum with us now julianna, i was fascinatined by it great interview. take us through what we have seen and what you think will happen next. >> dom, good morning thank you for having me. it was indeed a wide ranging conversation we covered a lot of ground listen for yourself. we have the exclusive interview with jamie dimon chairman and ceo of jpmorgan chase. i asked for his read on the

health of the u.s. economy >> what is your read on the u.s. economy based on what you aring seeing at jpmorgan chase >> i think you have two things in mind. currently the u.s. economy is doing well consumers have money fiscal stimulus. they have more than they had before spending 10% more than last year 35% more than pre-covid. balance sheets are in great shape. debts have gone up even in recession, they will be in better shape than 2008 and 2009 you can't talk about the economy without talking about stuff in the future this is serious stuff. this is inflation which is changing the effect of the numbers. it is rates going up more than people expected already and probably more from here. it is qt which we never had before you see the bond markets around

the world and sovereign markets and people selling u.s. treasury debt and the war these are serious things that will likely push the u.s. and the world -- europe is already in recession likely of putting u.s. in some kind of recession six or nine months from now. >> if we see the u.s. go into recession, how severe do you expect it to be and how long do you expect it to last? >> this is the thing no one really knows you have a strong consumer going into it. businesses are in good shape they were resilient during covid. even ones with no government support. governments did do a hell of a job with the recovery. you never know you have to look at the range of out outcomes a lot will depend on what happens in the war the one guarantee which we have been consistent is volatile markets. you have already seen markets

down quite a bit bridge loans being hung. that is typical. that is still orderly. i think you could see disorderly in some time in the not too distant future. >> how do you think the fed is doing managing this situation? >> give them credit for covid. i hate to second guess people. it is easy for everyone to do. you know, in hindsight, they waited too long and did too little qt should have started that. they are catching up from here, we see success and keep our fingers crossed and manage the economy to cause whatever it is is mild the serious thing is the war far more serious than the economy and things like that >> what is so serious about this war? >> it is a, you know, it is a day that will live in infamy

it is pearl harbor and czech republic with the nuclear threat umbrella the devastating war. we don't know the outcome. of course, it is roiling oil markets and food markets and changing our minds about food, energy, technology it is the chance for the western world to get its act together. this is the chance to get our act together and solidify the western free democratic capitalist free people and free moment for the next century. if we don't get this one right, that chaos you will see around the world for the next 50 years. >> there have been a lot of lehman comparisons made in the

recent weeks and months with the fallout from the energy crisis you are the only wall street ceo who is around to navigate the global financial crisis. how worried are you about europe this winter given all going on with ukraine and the energy supply >> i think ever since the war started, you knew europe would have a problem and it was predictable putin would cut off gas and oil and oil prices would go up. for the climate folks here, it made the climate worse high gas prices reduce consumption. no poor nations, india, china, philippines, are turning back on coal plants as germany, netherlands and france we have it backwards america should have pumped more on gas and should have been supported. we are trying to have our cake and eat it, too. you have the problem of winter it sounds like they have enough supply to get through the

winter we have a longer term problem now. the world is not propducing enough oil and gas to create security for people. i would put it in a critical category this would be treated as an issue of war nothing short of that. people, don't be surprised that nord stream 1 being blown up i would not be surprised if a tanker is in the wrong place people need to be prepared america needs to play a leadership role. america is the swing producer. not saudi arabia we should have gotten that right in march it is almost too late to get it right. >> speaking of getting it right with regards to saudi arabia president biden was heavily criticized for his efforts in the middle east. opec going ahead with their production cuts despite president biden pushing against that how would you say the biden administration has handled

things and has biden with been strong enough? >> i think they have done a good job. obviously everything the administration has done. all of us need to focus on more growth agenda which we don't do very much of i think they have done a very good job of coalescing around the war in ukraine this could be sustained and go on for years i think we should have done more in oil and gas i think if you are an american leader, obviously, you will deal with people you may not want to deal with. i'm not talking saudi arabia fdr and winston churchill doubled down i think people made a mistake of butterflies and roses. that's not what this is. saudi arabia has been a long-time ally they are a producer of oil and gas. i don't know what the private conversations are. i think in the long run, they are better off aligned with

america than with some of the other folks. i think they probably know that. i assume that was part of the president's conversation >> let's take it back -- >> it is still the american military that protects that oil flow around the world. including the oil going to china. >> i want to come on to china in a moment first, turn back to markets. what are you seeing in terms of credit markets are you seeing signs of distress particularly concerning? >> you see early signs of distress this this is typical markets go down. people forecast the economy, et cetera the ipo market closes first. high yield closes second stru structure credit has happened. things get done. it starts to affect the other markets. gilt markets here. liquidity in the markets intermediates because of regulations. it is going to happen. i think the likely place you will see a crack or more of a

panic is the credit markets. it may be etfs or a country or something you don't suspect. if you make a list of the prior crises, you can't predict where it will happen this time you can predict. be cautious. >> what about stock markets? where do you see the trough for the s&p? >> it may have a way to go it depends on the soft landing or hard landing. it is hard for me to answer that it could be another easy 20% you know, i think the next 20% is more painful than the first rates going up another 100 basis points and it will be more painful than the first 100 because people are not used to it i think negative rates when all is said and done will be a complete failure >> do you see the fed having to cut rates next year? >> maybe you know, if there is a recession, it gets really bad, and inflation is coming down, they will cut rates.

we don't know the outcome. >> let's talk about the uk it has been a shocking few weeks. you talked about the volatility in the gilt markets. jpmorgan chase has been in contact with the chancellor here in the uk. what's gone wrong? did the uk government mismanage the communication around the new policies is there a problem with the economic policies or did the market misjudge and get it wrong? >> you have to separate the market from other things most of the world doesn't watch the markets like we do the markets move up or down and the economy doesn't change i think the economy is far more important for the average person out there. i have deep respect for that i like the new governments having issues. i like the fact that the focus is rough we have grown 1% a year from 2020 and america gdp per person

is $120,000 more i think the focus is good. it will take time to execute the policies regarding the marktets, there ae technical things that take place with the ldi swaps and larger requirements we used to finance margin requirements we don't do it more because the regulations are counter cyclical you will see people pulling back when they need safe margin financing. i expect to see more of that i think central banks have to jump in. i don't think we should have put the central banks in position every time is a fluctuate in the market to do something to make people feel good >> is that what happened in the uk >> my view is they had little choice they have did the right thing. to see the risk in the bond market is not someone got hurt on the bond side, but it hurts the economy.

you don't want to see people moving through the economy with a really bad market. that doesn't happen a lot. it happened in 2008 and 2009 the bad market started to affect the overall economy. a lot of times you have these things and the economy didn't wince wince. >> we are here in london jpmorgan chase invested in chase uk speaking of tech more broadly, what do you think of tech valuations right now >> first, brag about chase uk. i met with the team and the people working there now over 1 million accounts. i was going through the issues we have a long-term plan to build. i'm excited. they have done a great job tech always changes the world. it is the thing that changed just about everything. i'm talking about over 2,000 years. tech valuations will come down when rates go up, the present

value of the first ten years is a lot higher than before anything where the payout is way out there, automatically list va value. values may go up and down. some succeed and some will fail. i put that in the typical category. >> will we see valuations return to where with we were a couple of years ago or earlier this year >> not quite like. t that it may take another 15 or 20 years. you will have bubbles. >> where will the bubbles be >> i don't know. >> i look forward to further conversation elon musk twitter deal jamie dimon absent from the deal here there are other banks on the line for $12.5 billion is elon musk overpaying twitter? >> i have not studied twitter. i hope he does a good job with it >> do you think the banks could

be on the line >> they are big boys they can deal with it. it is a minor issue. i hope elon cleans up twitter. for example, why can't twitter know who you are so they can eliminate the people in the public square who are robots and emails and gives them liability? why can't they give you a choice of algorithm as opposed to the one that jazzes you up i hope he does a good job. >> the 20th national congress of the chinese communist party opens october 16th everyone is watching out for soft signals of what xi's next term will look like. i'm curious about your take. what is in store for china and how might xi's third term differ from the prior ruling? >> honestly, i have no idea. i read the same things you do. you have a big job to do

i hope the americans engage deeply, directly and strongly and forthrightly with china. that is the most important thing. that relationship. including trade. i think it is silly to act like you have a relationship and not talk about trade the strategic economic dialogue needs to start and america has to do what is in america's interest china will do what is in china's interest i hope there is more after the election there or whenever the congress ends. >> we have negative signals on that front over the weekend. washington unveiling export controls that essentially restrict sales of semiconductors made with u.s. technology. chinese chipmakers losing $9 billion of value in the last 24 hours. how worrying is that escalation in tension >> every nation goes with the national secure.

it could be energy or food or technology transfer or unfair trade. that could be a difficult thing. you know, every nation could take unilateral action china takes actions and does things differently than meameri. it should be done thoughtfully and clearly and respectfully we need to focus on issues >> what is it like as a lender in terms of this issue and this decoupling with the u.s. and china? you are caught in the middle >> not really. i think it is a restructuring. it will take a long time companies are doing it regardless of government actions. governments are taking actions over time, there will be a restructure. obviously, when it comes to government matters, we follow the united states government or british government they set certain rules and

guidelines not jpmorgan chase it may cause consternation issues we have to deal with that. >> i want to circle back to the initial comments with russia and ukraine. you seem particularly concerned about the war and its impact do you see putin using tactical north caro nuclear weapons? >> nuclear proliferation is the greatest threat to mankind if we are not sitting here in 200 years. it is because of nuclear proliferation. this is how important it is and i think putin taught the world that having a nuclear weapon gives you the ability to bully any nation you want. >> talking about the issues and task for central banks, do you see us getting back to the 2% level for inflation that central

banks are targeting or are we poised to live in the elevated inflation world? if so, what does it mean for business >> eventually, yes i don't think it will happen in 18 months. if you look at history, it takes three or four years. if you make solid progress, people pefeel good about it you care about the health of the economy and jobs available we need to take care of our lower income citizens and things like that. it will be on the pathway back one way or another there was a huge amount and people are studying this for 30 years. there was a huge amount of fiscal stimulus and quantitative easing going into this amounts i have never seen before other than world war ii. you have to figure out what does that actually mean and a lot has not been spent it is sitting in pocketbooks or the governments.

we will see. a lot of lessons for the future generations to manage the economy. >> if central banks end up having to cut rates in the event that they push the economy into recession, what tools do they have at their disposal >> i don't think they should have to fix every problem out there. i think there is too much reliance on the central banks to save the day every time something goes wrong what they did in covid was exactly right. i think early on in the great financial crisis was right there was constant intervention. that is not exactly right. there is a thought that negative rates will save the world. when people study this 30 years from now, they will look at the adverse consequences let's get back to growth and the other thing is the central banks can't make up for government policy all the time. remember, they can look at fiscal policy and react to it.

they don't set fiscal policy sometimes those things should b. they have a little bit of that today. government deficits are coali coming down, but they are extraordinarily high >> lastly, do you believe in the uk's fiscal policies >> i give the new government the benefit of the doubt i would like to see the prime minister and chancellor be successful like i said, i applaud the focus on growth. growth comes from proper tax policies and consistency of law that people can rely on and attractive to foreign investment and attractive to other companies and financial services they want to keep the financial services interests here. bio-services and technology. there are a lot of things that uk has going for it. they can accomplish other objectives it wants to accomplish, too. every government should focus on

growth i would like to hear that the next time the prime minister speaks >> that was the jpmorgan chase chairman and ceo jamie dimon speaking to us exclusively dom, quite a far ranging conversation as you heard. i think the standouts for markets and you saw reaction yesterday when with the initial headlines broke were certainly his comments around the market and where we could see the s&p 500 trough i think many investors are trying to determine where the bottom is. he caveated his answer saying he doesn't know anything can happen. there is a guarantee and that is that volatility is here to stay and he doesn't see it as out of the realm of possibility of a further 20% pull back in the s&p 500. dom, he warned if we do see a further 20% drop, it will be more painful than the first 20% pull back given interest rates

are going to rise from here. >> julianna, outstanding interview. anytime you spend that much time talking to a titan of wall street with his insight into the market, it is an enlightening conversation i wonder when you sat down and asked him all of the questions you did, what was the most surprising part of the interview to you what sptood out to you that you didn't expect jamie dimon to come out and say >> dom, that is such a great question i say the firmness with which he talked about the war in ukraine. he said what was more serious than fed policy and where rates go from here, even for markets, is the war in ukraine. he did not mince his words how europe handled the energy situation. he said europe had been all wrong on energy. he was strong in saying that america needs to step up and america needs to take on a leadership role here saying that they made a mistake

effectively. not only has europe made a mistake in the energy policy so far, but the u.s. has made a mistake in not pumping more oil and gas and not acting more swiftly back in march in the immediate wake of russia invading ukraine in his view, the u.s. needs to do more. that is interesting with the conversation in europe with the energy security being a huge topic. you hear european leaders call on the u.s. to do more and ramp up the role they are playing and helping europe secure energy supplies and wean off russia in the years to come. >> i could not agree with you more julianna, it is interesting you say as the interviewer, i thought the most interesting comment from jamie dimon with regard to energy policy. poorer countries had to turn to less clean fuel like coal

because of the high prices of oil and gas. julianna, by the way, the rest of the interview in the uncut format for cnbc pro subscribers. check it out there thank you. it does it for us here the plarkmarkets are set for a open "squawk box" picks it up here. see you tomorrow ice works fast... to freeze your pain and your doubt. ♪ heat makes it last. so you'll never sit this one out. icy hot pro with 2 max-strength pain relievers. go. go scientist. go software. go cure. go production. go faster and safer. emerson automation software helps breakthrough medicines get to market at warp speed. go human go. go boldly. emerson. so, you're 45. that's the perfect age to see some old friends, explore new worlds, and to start screening for colon cancer. yep. with colon cancer rising in adults under 50, the american cancer society recommends

starting to screen earlier, at age 45. i'm cologuard, a noninvasive way to screen at home, on your schedule. and i find 92% of colon cancers. i'm for people 45+ at average risk for colon cancer, not high risk. false positive and negative results may occur. ask your provider if cologuard is right for you. - [narrator] if your business kept on employees through the false pospandemic, negative results may occur. getrefunds.com can qualify you for a payroll tax refund of up to $26,000 per employee, even if you got ppp. and all it takes is eight minutes to find out. then we'll work with you to fill out your forms and submit the application. that easy. getrefunds.com has helped businesses like yours claim over $1 billion in payroll tax refunds. but it's only available for a limited time. go to getrefunds.com powered by innovation refunds.

good morning breaking overnight bank of england intervening in the bond market for the second time in two days. dire warning from the ceo of jpmorgan chase jamie dimon saying recession is likely in six-to-nine months and stocks could drop another 20%. more lockdowns in china as that country grapples with more covid outbreaks ahead of the national congress. it is tuesday, october 11th, 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. right now, the u.s. equities futures are not painting a pretty picture this is additional losses. add that to yesterday and what we saw at the end of last week dow futures off 233 points s&p down 32. nasdaq off by 98 points. that comes after stocks slid in yesterday's session. dow down 94 yesterday. s&p off .75% nasdaq down 1% it closed at the lowest level in over two years july of 2020 is the last time we have