it is 5:00 a.m. at cnbc. here is the top "five@5. we begin with stocks snapping the two-day rally. futures are trying to find their way this morning another high profile exit from the administration of uk prime minister liz truss as she fights for her political livfe we are outside 10 downing street. and some stocks lose the charge as elon musk sounds off on the risk of potential recession and what it could mean for the ev maker a different story for ibm.

a strong road ahead for big blue a and we are pulling back the suv of the year. it is thursday, october 20th, 2022 you are watching "worldwide exchange" here on cnbc good morning i'm frank holland in for brian sullivan let's kick off with the check of stock futures. pretty much down across the board. dow jones industrial average can open up 50 points down the s&p and nasdaq down .50% all three indices are lower. the dow up 2.5% and s&p and nasdaq up over 3% for the month. we have to check the bond market 10-year treasury above the 4%

threshold. currently at the high we have not seen since middle the 2008 the 2-year treasury with the inversion. this is something to watch this morning. we are looking at the oil market on the back of the white house spr announcement wti up $1.36 getting a check on cryptocurrency bitcoin. we are seeing it down lower. still below the $20,000 mark the key level for bitcoin. ethereum and erp are lower this morning. a look at the markets around the world. a lower session in asia with the hang seng down 1.7%. hitting a 13-year low. in japan, they are holding emergency bond buying operations the yen merged on breaking through $1.50 to the dollar.

that has been seen as a key level for the markets. we are looking at the trade in europe german producer prices with a 45% surge annually last month was the biggest increase ever. inflation all around the world stocks lower across the board. the cac is down fractionally and in uk, the prime minister is putting more pressure on her job six weeks as prime minister we have arabile gumede outside 10 downing street with more. good morning, arabile. >> reporter: good morning. a recap on how things proceeded in last 24 hours we saw the prime minister liz truss head over to parliament yesterday to answer questions

from the prime ministers giving a sense of fighting and not quitting as words she put out yesterday. as she answered questions, stepping away from notions that she might step away from the prime minister role. what you later saw was a situation where you see a fight between the home secretary suella braverman and the prime minister culminating in the home office secretary stepping away from her role and resigning. saying in some of her sentiments she has made a mistake that mistake was sending official documents using her private email. she made a mistake and owned up to it and because of that mistake, she will step away. she offered a scathing report in the letter it is obvious we are going through a tumultuous time with

the government we have broken key pledges and i have serious concerns about the government's commitment to honoring commitment. a struggle for leadership. pointing out to the leaders that she is struggling to see how she can stay in power. we saw a fracking vote happen inside the house with confusion put out it may be a vote of no confidence against truss those questions still lingering in the house and difficult to ascertain where they go from here >> arabile, a lot of questions a reversal on the mini budget. questions in the uk. just six weeks in and what are the prospects of liz truss staying on as prime minister >> reporter: it does seem we have a number of members of parliament requesting that she may need to step down.

even the business secretary said he wasn't sure what was happening. a lack of communication on misled communication is the element put forward to a lot of the media. key questions as you said around the leadership it doesn't look like it will necessarily be heading in the way of resignation soon. who knows what could happen? a lot happens in 24 hours in uk politics those reversals and appointment of the new home secretary and jeremy hunt stepping in as the new finance minister last week and key reversals happening too quickly and losing a lead in her leadership tenure here >> arabile gumede, outside 10 downing street, thank you. tesla shares on the move our silvana henao is here with details. good morning >> good morning, frank shares of tesla falling on the

back of the mixed report earnings of 1$1.05 a share. tesla with the guidance and expecting to achieve 50% annual growth in vehicle deliveries the company is growing increased cost of raw materials and strengthening dollar impacting sales abroad that is cutting into profits musk said there is excellent demand for the fourth quarter. the company is pushing forward despite recession fears. >> we are not reducing our production in a meaning thful w. recession or not recession i would say it is recession resilient because basically the

people have made their decision to move from gas cars to electric cars. >> tmusk touching on the deal to take twitter private saying he was excited about the pending agreement all they he and other investors are overpaying for it as he describes it, frank. a lot going on in elon's world >> thank you for highlights. thank you. turning attention back to the market chicago fed president charles evans offering up hawkish talk on rate hikes. speaking yesterday evans stressed inflation is too high and the fed must contain it prices continue to pspike and central bank needs to do more. let's bring in kevin simpson

founder of capital wealth planning >> good morning, frank. >> we are hearing more hawkish comments from fed officials. the markets have been looking for a pivot or pause officials have not changed their tone how much is that impacting the markets with the reversal today after the two-day rally? >> frank, i think any rallies we see will be temporary. we cannot have a sustainable rally until we see a fed pivot we cannot see a fed pivot until inflation kocomes down in a meaning way. they will continue to keep the pedal to the metal they will keep rates to where they hold inflation. it takes time. generally speaking, it causes a recession. recession can have a further effect on helping inflation, but it is a self fulfilling prophecy that is no fun

>> a recession would have an impact on inflation and driving it downward. i want to touch on the news. 2-year treasury and 10-year treasury high. how do you see that impacting the markets today? >> we look at the inversion and yield curve as precursor to recession. it is like we're seeing the writing on the wall and we need to prepare for that. all of us want to see the all clear. we want to call a market bottom and ring the bell. there are too many headwinds right now. too many challenges. from the investor perspective, we have pull backs as opportunities to build positions over time. things will get better if we use pull backs with an opportunity to invest in a company with great cash flow and return the cash flow with dividends, we don't have to search for the hysteria of the bottom we can invest and be forward

thinking that is the message that investors can take away. >> let's get away from the fear and panic. let's focus on your stock picks. you have two picks that you believe are good picks now for the current environment, right >> frank, i bought merck and united health care today these are some we have had for some time. no matter what is happening in the market, you can still have stocks doing well. merck is 2% off the high these are companies that are dividend focus if you own merck, you are getting paid for owning a fantastic company. unitedhe unite unitedhealthcare lower yield than merck unitedhealthcare for the past five years increased dividend by

18% per year that is powerful merck is lower dividend growth you are still getting 7.5% average dividend growth for the past five years. that's how you invest. we look at the landscape and 2022 has been challenging, but every environment has opportunities. >> that is true. kevin simpson, we appreciate you being here by the way, red october. phi phillies >> we split. >> thanks. when we come back on "worldwide exchange. more on what has been a solid week so far for the markets. gilman hill's jenny harrington talks about the bottoming process. and high profile exit for meta. and shares of one metalmaker tumbling that is the mystery chart. a busy hour still ahead.

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welcome back to "worldwide exchange." chinese stocks in multiyear lows amid the chinese outlook the golden dragon etf fella mid the china congress and xi jinping and signs he may be further strengthening power there. eunice yoon is here with the latest from the party congress good morning, eunice

>> reporter: good morning, frank. china defended president xi jinping to assert stance on foreign policy diplomacy under xi jinping is to dare to fight. this comes as chinese diplomats in the uk are under fire after it appeared that some of the consulate staff in manchester had dragged and assaulted a hong kong protester on consulate grounds. uk authorities have condemned the incident they say they are investigating the matter the counsel general responded saying he had been abusing my country, my leader president xi is referred to at the congress as the people's leader this is an elevated title. it suggests that president xi is on track to break with recent norms and take a third five-year

term his recent comment that his stated goal to help the people and potentially regulator has been unnerving investors there is a lot of discussion of taxes and real estate and incomes and if the private sector is more of a target a lot of that, then, frank, as you imagine, is creating uncertainty in the market. >> i would imagine eunice, what is the investor sentiment in the congress and president xi jinping trying to slip by his power and possibly going for an unprecedented third five-year term >> reporter: there was hope we could see some signs to help signal a recovery in the stock market as you said earlier that the stock markets had beeni having

rough time we have seen a bit of a lift in the airline stocks that is because of the report that said the authorities were considering a possible shortening quarantine from 10 days to 76 days. the overall sentiment is pessimism with the surge of covid cases. there were not many covid cases here in beijing with 18. the covid curbs are tight >> eunice yoon with the latest in beijing thank you. still on deck here on "worldwide exchange. crowning the suv of the year "motor trend" states which took top honors and why this is the first of its kind. stay with us. >> announcer: today's big number $445 that's how much more the typical u.s. household per month to buy

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led by a 15% rise of the infrastructure business. ibm also offering a more upbeat forecast for full year sales lam research warns of $2 billion hit from u.s. exports from shipments to china for 2023 lam research gets 30% of business from china. alcoa is sliding after the third quarter loss analysts had expected a profit lower shipments and falling prices and pension restructuring charge weighing on the company. also shares of allstate down 9% as the insurance company expects a third quarter loss due to catastrophic losses related to hurricane ian losses continue to rise for

injury and physical damage allstate will release full results in early november. when it comes to electric vehicles, we spend a lot of time talking tesla. with more carmakers putting more cash to work, the competition is as fierce as ever. one of the newest evs on the market is making history joining me now on cnbc is "motor trend" editor miguel cortina we have been talking about electric vehicles and suvs first to win the suv of the year explain what the vehicle is and why you picked it. >> the suv of the year is the hyundai ionic 5. this is the first time it wins suv of the year. it is a the cool vehicle one that pretty much checked all of the boxes in our criteria

from the value and safety perspective and really the ionic 5 checked all the boxes. it is a cool vehicle to drive and comfortable vehicle to spend time in. >> we are looking at video of it now. a futuristic design. aerodynamic. what features make it the suv of the year gas vehicles, you can go to a pump you need a charge for electric vehicles those stations can be harder to find >> that's correct. infrastructure is not set up as broadly in the country with the ionic 5, what is cool about it, it can charge from 10% to 80% in 18 minutes which is pretty much average fuel stop in road trip. that is very cool technology and fast charging technology the cheapest and most affordable vehicle in that technology today. >> msrp of $41,500

cheaper than the mustang mach-e and kia. >> value is part of our criteria we look at the segment and we also analyze what you get. >> how does it compare to other suvs you tested? >> by being electric, it is fun to drive it is power assiassistant. you get a good range in its model lineup you can have 168 horsepower or go to 320 horsepower that is a big range. we are talking about a v-8 engine you are getting it in a compact

suv or sub-compact suv the way it handles on the road and also with the off-road test and ionic 5 with the capabilities make it our suv of the year >> we are getting shots of it right now. if you may not see it as you listen on the radio. it is a beautiful vehicle. do you expect evs to be the suv of the year going forward? is that the direction going for performance and value with this one? >> we are in a transition in the auto industry. electric vehicles are coming and rising a lot i can tell you moving forward our vehicles will be electric. a lot of internal combustion cars are great out there, however, evs are taking note and. as more and more hit the market, we will see it

>> miguel cortina, charged up for the ionic 5. still to come on "worldwide exchange." the biden administration making en new steps for evs. of. if you missed us here at 5:00, check us out on spotify or other podcast yapps "worldwide exchange" will be right back

futures pointing lower as investors gear up for earnings reports. tesla shares falling on back of the quarterly report as elon musk shares off recession fears. another black eye for meta you are watching "worldwide exchange" here on cnbc well mcccome back. i'm frank holland in for brian sullivan let's get to the markets futures in the red the dow looks like it will happen lower basically flat s&p and nasdaq down fractionally as well. the 10-year treasury holding above the 4% threshold 4.1% on the 10-year treasury 2-year treasury at 4.58%.

look at the oil market on the back of the spr announcement brent crude is up $93. let's get a check on the top stories with silvana henao who is back with those >> good morning, frank meta facing departure of the high profile executive within the company. announcing on his facebook page he was taking a break after more than a decade with the company writing in part strategic technology deal work is intense. he played a key role in the acquisition of instagram and whatsapp and oculus.

the biden administration announcing nearly $3 billion of grants to help produce batteries for electric vehicles in the u.s. the money is coming from the infrastructure bill. it will go to 20 companies and focus on battery grade materials, including lithium and graphite and nickel. the act allocates $135 million and waymo will begin operating in los angeles it is not clear when that will start. waymo only operates in phoenix currently. the company has faced criticism for the slow progress and offering the public access to its autonomous vehicles, frank. >> thank you very much i appreciate the headlines. let's stick with cars and turn attention to tesla. shares sinking in the pre-market on the back of the third quarter

results. topping expectation, but revenue was amiss. elon musk still sees a strong quarter ahead and days beyond that >> i cannot emphasize enough we have excellent demand for q4 we expect to sell every car we make as far as the future as we can see. i'm of the opinion that we can far exceed apple's current market cap i see a potential path for tesla to be worth more than apple and saudi aramco combined. >> bold forecast from elon musk. for more, let's bring in craig irwin from roth capital. big talk from elon musk. that's high hopes there.

i want to talk about something else that is not as high as it could be delivery what do you think of the momentum and direction of dridr delivery >> 344 was known as they announce deliveries at the end of the quarter they did miss by under 20,000 units. i remember the days where the dream was 20,000 units a year for tesla. let's not dismiss the 344 is a fantastic number delivery rates are falling they didn't have to walk back the 50% growth guidance. they will not do 500,000 cars in the fourth quarter they will run for that in the year something 450-ish is fair. flagging deliveries, no matter what you blame it on, it still

flagging deliveries. we have not seen a recessionary burden on sales that could materialize in the next few months >> even elon musk had to address recessionary calls on the call last night we saw tech stocks suffer after the pandemic do you see tesla as a stock that will lose luster in the po post-pandemic era? >> tesla, no question, a large cap growth stockrevenue. there was pricing in the second quarter that would follow through and give them revenue in line or a tad better they did have a material miss. you know, i think tesla faces a lot of questions intensifying scrutiny over the next few

months until we see how this is going to shape out with the intensifying competition lots of credible cars coming out. you had a beautiful one on thing segment before this. tesla faces a number of headwinds and growing pains are showing up investors could easily look elsewhere for things that what i would consider superior valuation. >> the 10-year treasury trading at the highest level since 2008. financing costs have increased how much of that impacts tesla >> the cost of money is a big deal cost of money will drive up the cost of financing vehicles customers are price sensitive. we have seen the break points in the past work negatively for tesla. there is the i.r.a. and the impact in the first quarter.

they still need to work through price given battery costs and other materials costs issues they are dealing with. remember, 53 fell from 56 the prior quarter. there is a lot of crosswinds h here it does not make an easy investment right now they missed. >> that is why elon musk will have to sell tesla to finance twitter. how does that impact the stock long term? >> the debate is how much does he have to sell? we don't know if it is bitcoin or gold. hit opposite ends of the spectrum i don't know which one is working better today you know, a lot of volatility in the market $15 billion roughly sold might be less than that. it could be more than that he needs somewhere between $5

million and $10 million in equity to close this it doesn't have to come from sales of tesla stock that is the most logical place that will weigh on expectation that will have to come in the next number of weeks and months. 2023 buyback is nice, but i think people would like to see him invest in cash and come out with amazing vehicles and pull forward the mini car and other things i think they have more compelling business cases than things like the semi or cyber truck. >> i don't know what it says when the richest man in the world has quote/unquote cash problems craig, thank you for being here. still to come on "worldwide exchange." we're digging into the exchange of the crude prices and where it is headed and what it means for your energy bills. we dig into the markets. crude is up and rates are up on

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s>> thanks. it is time for the morning rbi today, let's talk about oil and energy i know we talk about it a lot. how can we not it is not only critical to the economy, but the biggest political issue right now. president biden reiterating the administration's plan to release petroleum from the reserve these are not new barrels, but final batch from the announcement back in spring. sliding the time line to december the sale will start on december 1st and run through the month. that is where things get random but interesting. the first week of december could be wild for oil and energy here's why december 1st, we mentioned, the u.s. starts selling the last batch from the spr on december 5th, the eu sanctions against russian oil kick in fully. some think that would take 1

million barrels off the market per day. there is the opec meeting one day earlier. opec plus includes russia, meets on december 4th. all of those things happening in the same five-day stretch. wow. what is going to happen in the price of oil i have no idea most on wall street think prices are going up they are often wrong we want to use the wisdom of crowds we polled you on the twitter we asked where do you see the price of a barrel of oil by year's end the answer is in it is clear. majority of you see prices holding around the levels or going higher a bunch of you are super bullish. over 100 dollars a barrel. the smaller group seeing prices falling slightly or a lot. time will temperature. it is easy to make a case either way. right now, the oil markets are

in a giant tug-of-war with white house selling oil and opec cutting proproduction. it could be a wild november and december brian sullivan with our rbi. we stick with oil prices and china may ease covid measures to 7 days from 10 days for quar quarantines. president biden announced $ 15 million barrels per day as he tries to reduce the gas prices ahead of the midmidterms for more insight, let's bring in francisco blanch with boa. >> good morning, frank.

>> brian said this is not new barrels, but releasing tbarrels that were already set to be released does this change the price target you have? >> it doesn't. the one thing it does which i think is interesting is for the first time, we're seeing the white house talk about refilling the reserves that is important. now the u.s. government in a way is coming up with measures to support the oil price. a month ago, we put out a piece entitled 80 is the new 60 for oil. the argument is you have opec set up to cut production aggressively on the back of weakness in prices also, the u.s. government arguing if prices drop to the $70 range, we will see purchasing to refill the strategic reserve.

you have two very strong puts, if you like, that have not kicked in the market at a higher rate than in the past. i think that is important for investors. i think it will help the energy sector advance in the investment plan in a weird kind of way, the u.s. government has aligned itself with the opec policy of trying to keep higher prices for investment purposes. >> oil prices are up today wti up 2%. brent up 1.5%. i want to ask about other news china. we are seeing over there moves to potentially reopen, but at the same time, delays of economic data and concerns of slowdown in china. china obviously a very big oil consumer how does china play aprices forr

>> it is critical. the biggest one is russia and opec at year end china is the second biggest and it could be a swing of 00,000 to 1 million barrels a day the chinese oil demand picture is poor. we had contraction in oil demand in china that is important what happens next to china. we expect demand to grow next year we covered both last year's levels again, a big swing factor. one thing i'll say if you listen to xi jinping's speech last weekend, he did not say he was going to maintain zero covid policy he did say he was proud of it

and was proud of the way china has handled the pandemic he did not say he was going to maintain it. that is why the market is getting excited about the china comeback remember, we had 1.4 billion people in a three-year lockdown. it could be a big, big swing for global demand for transportation if china reopens here. >> last question natural gas up 1.5% this morning. where is the outlook >> natural gas is purely a weather play weather forecasts are good for two weeks. that's how much we can forecast. now the market is looking at early november in europe, we have seen warmer weather. we had ttf prices and u.s. with the same thing we initially had warmer weather forecast and things are getting

colder we had a snap here the weather is looking at november to price itself over the course of the next couple weeks for oil. >> a big story francisco blanch, thank you. still on deck, jenny harrington is standing by laying out the stocks that are high on her shopping list. including one beaten up tech name join us for the disrupter 50 summit we look at the trends that empower growth and produce amazing growth for the next ten years and beyond to register, scan the qr code or to register, scan the qr code or go to and businesses have a responsibility to support that village. cnbcevents.com/d5events.♪ and businesses have a responsibility "worldwide exchange" will be right back i am peter akwaboah,

chief operating officer for technology, operations and firm resilience. when you think about diversity, the employee network group is fundamental to any organization to provide a community and a belonging environment for the employees. they provide an avenue to support employees and ultimately it leads to retention of the best and brightest. the employee network represents the community at large, and it provides a good feedback loop to senior management to make the appropriate decisions, which ultimately contributes towards the bottom line. if you're thinking about growing your business, if you're thinking about driving the business forward, inclusion is a strong part of this. i am peter akwaboah and we are morgan stanley.

welcome back to "worldwide exchange." a busy day on the investor

front. jobless claims at 8:30 this morning and the philadelphia fed manufacturing for october. at 10:00 a.m., home sales figures. we have results from at&t and american airlines and blackstone and csx and union pacific and snap and more. we have philadelphia fed president patrick harker and lisa cook and philip jefferson and michelle bowman speaking today. and the dow is trying to tip into the green however, the s&p is down .25%. nasdaq down .50% bonds are hitting multiyear highs. our next guest thinks we are in a bottoming process and the worst may be all behind us jenny harrington is the portfolio manager at gilman hill asset management we started on the first day together, jenny. >> that's right. >> good to see you. >> good to see you

>> you are my first day buddy. you know i love you. you have to give us data points. what do you see that you are ready to call the bottom >> i think that's the problem. i am not -- i am specifically not calling the bottom i think it is a disservice to try to call the bottom when i say we are in a bottoming process, think about where we have been since june we have been down 24% since the middle of june we touched that level. when we look back in a couple of years from now, we will have seen this long stretch over which the market bottomed. i think that we're seeing it slowly play out. we are used to ricochet recoveries frank, availability that all humans use and investors use it where you relate the recent experience to the experience you are having now if you think about the declines in 2018 and 2020 everything happened and the market pulled back hard and

ricochetted off. we are accustomed to calling the bottom and everything will be okay that is not how this is playing out. we are in the bottoming process that is healthy and constructive that process involvolves things recalibrating. we see change, but more extreme since june we see risk apparetites and valuations recalibrating this is functional and hetalthy. because it is not happening in a v-shape doesn't mean it is not bad. i look at this and say as an investor, this is great. i know that sounds callus in the market where people are hurting and things down. i'll tell you why it is great. for the past ten years, as we had to research stocks, everything moved quickly every stock you research when the market pulls back is a fire drill. right now, there is time you can breathe.

you can actually read an annual report and listen to investor day webcast not at light speed there is time to breathe and work i think the market is consolidating excess that happened over ten years. if we get away with the s&p down 24% or 26% at the worst and longer to consolidate that, i think we are going to come out not so bad that's where i think we are. i do not expect a ricochet recovery i do not expect a rally to previous highs when i say we're in the bottoming process. >> trust the process i'm from philadelphia. that's a sticky subject. let's go through the picks two-day rally. it could come to an end today. what are your picks today? >> all right we have two from growth portfolio. uber and united rentals. i think when we talk about bottoming process, i want to

highlight uber you have 6% yield. yield 12 times uber is generating $2 billion of cash you have great companies if you look at uber and you think about what is going on in the bottoming process, the words are asymmetric not everything is moving at the same time. i want people to be careful about not waiting for the bottom if you wait and wait and wait, you are going to let perfect be the enemy of good nenough if you buy uber down 50% from the high and about to break 5% free cash flow and on the cusp of becoming profitable, don't wait for the bottom. buy what makes sense lamar was the same thing i sold well over $100 last year

and it came back down in the mid-80s with the 5.5% yield. they do billboards up and down the turnpike s they have 159,000 billboards but buy in the bottom process. >> not calling the bottom, but bottoming process. trust the process. jenny harrington, thanks for being here. that does itor f us on "worldwide exchange. "squawk box" is coming up next we got this. we got this. life is for living. we got this. let's partner for all of it. edward jones

good morning the japanese yen hit the weakest level against the dollar since 1990 the boj announced unscheduled bond buying to keep yields in check. details straight ahead.

tesla shares are falling third quarter revenue missed estimates. elon musk sounded bullish. and it is another busy day for earnings we hear from at&t and american airlines we have ceos of both of the companies. it is thursday, october 20th, 2022 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we're live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. let's look at the equities yesterday was a down day for the markets. for the week, we are looking at strong numbers dow up 2.6% for the week s&p and nasdaq are each up