it is 5:00 a.m. at cnbc global headquarters. here is your top "five@5." the bulls trying to hold on after a wild week of trading that saw the dow do something for the first time since late june investors bracing for the second busiest week of earnings season as 152 s&p companies and is dow get set to report you have the likes of apple the, microsoft and boeing in the uk, former prime minister boris johnson takes his hat out of the running to take

10 downing street. looking at a closely watched head-to-head coming up. and markets growing concerned as china's xi jinping consolidates power and celebrates the start of the unprecedented third term. a new nbc news poll revealing escalating voter concerns of the economy with the midterms two weeks away. this is monday, october 24th, 2022 you are watching "worldwide exchange" here on cnbc good morning i'm dominic chu in for brian sullivan let's kick off with equities showing red right now. the dow is implied lower 113 points s&p down 15. nasdaq down 61 points. modest losses. this is after a wild week of

trading that saw snap with losses on friday the dow fell 2.5%. nasdaq and s&p with gains. every major average off the best week since june 24th a descent more for the dow. bond market trading at the highest levels in rate rise since 2007 10-year treasury backing off slightly to 4.2% the 2-year treasury ticking higher to 4.49%. 30-year treasury higher at 4.32%. in energy, oil is in focus as talks of more economic down turn especially in europe which permeates through the market narrative. west texas intermediate down

$1.85. brent crude is down to $91.75. cryptocurrency is a mixed trade. the biggest ones out there bitcoin down .75%. $19,334 the last trade ethereum prices up .50%. $1,336.98. a mixed picture in asia overnight that saw south korea and japan higher a very different story for china and hong kong. latter closing down more than 6% nearly 6.5% for hang seng and hong kong. tencent and alibaba and baidu and meituan down anywhere from 11% to 15% we have more on the big moves in

chinese tech coming up later in the show a quick check in europe as we spin to european trade mostly green there the notable exception is the ftse 100 in the uk which is down .50%. the dax and cac in france up 1.1% let's stick with europe as former prime minister boris johnson takes his name out of the running to retake the office at 10 downing street our arabile gumede is joining us with the latest there. what, arabile, can you tell us now that boris johnson, former prime minister, is no longer going to be the next prime minister >> reporter: dominic, a day in politics is a long time. it all started with boris johnson returning from holiday from the caribbean and cutting

it short and returning on saturday looking to drum up support to become the next prime minister again, i posuppose, following the resignment from liz truss. he looked to drum up support he came out with a note saying although he managed to drum up support, you need to get 100 votes to stabbend as nominee, h would still not be standing for two reasons. one, he said the time is not right. second, he believes that the party is divided the conservativeparty is divided and it would be unable to govern when the party is not united in parliament he steps away and he seemed like the only person who would be able to perhaps run up against the former chancellor and former finance minister rishi sunak now, it seems like it would be a clear path for rishi sunak at this time.

here is the ainteresting elemen. the person challenging and still in the race is the leader in the house of commons penny mordaunt mordaunt has not disqualified h herself. putting out a poll new polling shows i'm the one who can deliver a fresh start for the party. this poll is from the delta poll by the looks of it dated yesterday. saying penny is the most trusted for the fresh start leading that 57% to 44% for rishi sunak rishi sunak's party saying they don't take anything for granted and will continue to be speaking to some members of the party we are supposed to find out at 2:00 p.m. local time if we have nominations in the race or if it is all roads to rishi sunak. >> arabile, take us through the

context. penny mordaunt calls herself that fresh start liz truss was supposed to be that fresh start for the k conservative party rishi sunak was the chancellor of the excheqer. is this where they go back to boris johnson without boris johnson or looking for the fresh start that penny mordaunt is referencing in her tweets? >> reporter: it is a bit of a weird one. a weird conundrum in that regard some measures put in place on the economic front are some of the measures that rishi sunak has said should be put in place. liz truss put in measures that even rishi sunak would have probably said i told you so. he should not have put in place. those economic measures done away with and does point toward a rishi sunak kind of party and

leadership on the other side, do you have the penny mordaunt stance where it is a firm and fresh start, if you want to call it that, as well on the economic front, it does look to be pointing to rishi sunak. penny mordaunt has not written herself off and not conceded anything yet the fight still goes on. >> arabile gumede in london with the latest thank you very much. to another developing story this morning with china. finally releasing the third quarter growth data. numbers short of the estimates published one day after xi jinping wrapped up the national congress solidifying his authority at the top. eunice yoon is joining us from beijing with the latest there. eunice >> reporter: thanks, dom president xi is the most powerful ruler of china since chairman mao at the congress, president xi revealed he secured a third five-year term

he broke other norms including not naming a successor as for his seven-man leadership team investors need to know loyalists are in reformers are out. xi's number two, the man now on track to become premier is the overseer of the brutal lockdown. the lockdowns have had a tough impact on the economy. the economic data suddenly reappeared that had been de delayed. q3 gdp picked up due to exports. september figures indicated that domestic demand is down because consumers are holding back on spending or buying new homes unemployment ticked higher for september as well. president xi's dominance seemed to include a flex move on one of his predecessors ex-president tao who was escorted out of the congress

toward the close there has been no official explanation. one state media reporter on twitter said to a foreign audience in english that perhaps he was feeling unwell. to many, this is being interpreted as a signal that president xi has been able to defeat all his political rivals and, dom, he has total control over the government. >> now, eunice, it was optically jarring for us who saw that play out without the context. so this is is going to be a big deal in many ways for the future of the economy which president xi says he wants to open up and create more opportunities for. we want to get your take on the market action as well, eunice.

we have, as i pointed out, hong kong shares falling 6.5% to start the week on the heels of the congress alibaba and tencent closing down 11 of 15 losses for the most known names to global investors in chinese technology. is this the market maybe perhaps giving some verdict on what a third term for president xi is going to look like >> reporter: yeah, exactly i think president xi, as you said, verbally mentioned that china is open to the world however, a lot of investors and people who live here are concerned that his elevated status and consolidated grip will amplify his current policies that is zero covid, the state influences of private i

enterprise, the beijing concern of wealth accumulation all of that is not very positive for investors. it doesn't look as though there is really anybody to push back on xi's agenda in fact, state media today said for the first time that president xi personally vetted the top leadership team. so this is very different from what we have seen in the past with the previous administration where collective rule was the norm >> con doll consolidation for sure eunice yoon, thank you. and we look to brush off a mixed week of results. and the shift for wall street after the midterms on november 8th later on, a cnbc collision s exclusive investigation into the ai and possible lack of key

government oversight a very busy hour when "worldwide exchange" returns after this break.

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welcome back to "worldwide exchange." we have a busy week ahead on wall street with the biggest companies set to report third quarter and financial results. among the roughly 152 s&p 500 companies and 12 blue chip dow set to report this week, you

have tech heavyweight like alphabet, microsoft, meta, apple, amazon. as you see, all due out later on this week. thursday is going to be huge for some of those. as we get set for the second busiest week of the season by just a hair next week has four more than this week. here is where we stand earnings per share through this earnings season with 1/5 reporting of the s&p is up 3% cer certify versus a year ago. on the other side of things, revenue side, we are just about shy of 10% higher on a year ago expectations it is still positive it is not earnings armageddon, but not as robust witas people

like joining us is eric beiley and dr degas wright eric and degas, thank you for joining us eric, we will start with you oiyou. i went through the stats with you. it doesn't look terrible, but it doesn't lookeither does this mean the market has priced in an earnings slowdown with the s&p down 20% and nasdaq off 30% from the highs the record levels we have seen >> good morning. i think the markets had dropped quite a bit. we have seen, as your stats indicated, better than expected so far earnings. i think this week will show that more i think it is the credit markets that are really driving where equity prices are going. we saw that friday with the

rally. it started with the drop in rates. interest rates and fed policy have taken the lead with where the stock market is going. even if we get better than expected earnings, it will come back to the fed and fed policy on what happens there. that's going to move stocks going forward. >> so there's a fundamental case that we know, degas, to eric's point, that interest rates are driving the conversation that the fed is in control of what is happening with the markets with regard to policy and the down moves we have seen. this is a time for a lot of micro economic company specific catalysts. i showed you the stats it is generally positive why isn't the market acting more forcefully to the upside is interest rate policy still overriding more than corporate results? >> what we look at is the fed is still going to be a really leading this market.

so we're seeing the fed will continue to be aggressively rate hiking because of the growth in the service demand what we are seeing is that service demand is increased over the last eight quarters whereas good demand has slowed in the last three quarters. we are still seeing the fed in charge of the market the good thing about this, as you mentioned, corporate earnings is still coming in better than expected that is going to help the market also the labor market is still strong those two things are positive for the market >> degas, if i could foolllow-u. if things are constructive, are you out buying right now is this the time to bargain shop for bigger snnames? >> it depends on the client time horizon. if you have a three-year horizon, this is a good time to buy.

we had a client who needed money each month we went to short-term duration bonds. we have another client who will retire next year and we moved that client into dividend stocks it depends on the investigor and time horizon >> eric, if it is up to the investor and time horizon, everybody is different with the risk tolerance what is the opportunity now? you mentioned credit there are very attractive yields right now in high yield or junction creditor or investment grade. is this the time to go into bonds or stocks? >> we had a decline in bond prices this year if you look at the brand aggregate index. it is down high yield is down a lot more. for individuals in high tax brackets or high levels of state

income states, we like the municipal market these are high credit bonds. you can find yields in the mid 4% range now when you look at after tax returns, it is much higher with clients, like high yield and preferred stocks for people who don't have a lot of risk even in short-term treasury, are you are a above 4d you don't pay state income tax >> eric likes the credit markets. degas, what are your favorite stocks out there >> so we like companies in health care. regeneron. it invests 18% of research and development of revenue they are doing an outstanding job of building that portfolio of drugs the eye treatment and the asthma

treatment. we see companies like regeneron doing well we see companies such as ieven per prize partners that is a pipeline company they have 80% of long-term contracts. we will escalate their prices as not tied to commodities. lastly, companies on the global basis also >> okay. degas and eric, thank you for the thoughts we appreciate it. still on deck for the show why the nasdaq is putting the squeeze on soon to be public companies micong from chwhchina. "worldwide exchange" is back after this break

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welcome back to "worldwide exchange." i'm frances rivera with the headlines. tensions flared in north korea overnight with south korea the south korea navy fired warnings shots after the boundary lines dispute north korea fired a warning shot this comes amid tension with north korea launching missiles at an unprecedented pace this year. after a years long investigation, the criminal trial will begin for the trump organization

his company is accused of a 15-year long tax skcheme. jury selection gets under way this morning and the trial is expected to last a month at the center is the witness allan weiselberg after a rain delay in the bronx, the yankees were fighting for the playoff lives in the alcs they lived up to their name, but the astros played small ball and driving in the go-ahead run and not looking back houston advances to the third world series in four years 6-5. they already know their opponents. >> on the pitch. harper hits one in the air to left center field. back it goes

harper the swing with ofhis life >> phillies take game five and head to the first world series since 2009 both teams have time to rest before the classic game one of the world series is in houston on friday dom, back to you >> that's what happens when you win efficiently. frances rivera, thank you. as we head to break here if you haven't done so, follow our podcast. if you miss "worldwide exchange" check us out on apple or spotify or your podcast platform of choice we'll be right back. i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support

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stocks looking to keep up momentum after notching their best week since june futures right now pointing to pressure at the opening bell. big tech on the docket this week along with several be bellwether names. the economy in the voting booth in a couple weeks. new figures on americans saying it is the key issue for them with two weeks until the mi mid-term elections. it is monday, october 24th, 2022 you are watching "worldwide

exchange" on cnbc. welcome back to "worldwide exchange." i'm dominic chu in for brian sullivan let's get to stocks on this monday morning futures now showing modest losses at the opening bell dow implied lower 150 points the s&p down 19 to 20 points nasdaq lower by 75 we also want to get a check on what is happening with chinese tech stocks. getting crushed in overseas trading. this is on the heels of president xi jinping's move to stack his rangks with loyalists. you have tencent and baidu and meituan down 14% to 15%. chinese tech stocks getting hammered in a big way.

let's get a check of the top stories outside of that. bertha coombs is here with that. >> hi, dom let's continue on the theme of chinese tech and chinese stocks. nasdaq halting the ipo of four small chinese companies as it probes rallies in similar firms following the public market debut. that according to the report citing lawyers and bankers who work on ipos this is amid shares of chinese companies that raise $15 billion or less. shares have spiked 2,000% on the first day. only to collapse in the days following. it is unclear whether the exchange will let the halted ipos proceed republican national committee is suing google claiming it's emails are sent to users spam folders the suit filed in california on

friday night accuses the tech giant of discriminating against the rnc the rnc alleges the action has been going for ten months. google denies the charges saying g-mail spam filters are set by users. and tesla cuts the model 3 and model y prices up to 9% in china. this is the first by the company this year. last month, tesla started offering limited incentives to chinese buyers who chose its car insurance plan tesla ceo elon musk said recession of sorts was under way in china and europe. the company would miss delivery targets this year. dom, i saw a report yesterday where someone was comparing china perhaps to japan back in the '90s where they haven't recovered. >> not just that, but the tesla

shares down 3.5% in the pre-market trade right now a lot of market aissues bertha coombs, thank you. to washington, d.c. with two weeks to go until the midterms a new poll shows the economy is front and center for many americans when it comes to deciding how they will vote in the upcoming elections ylan mui is joining us with that story. ylan, when did the polling and what did it reveal with regard to how americans plan to cast their votes? >> reporter: dom, voters made one thing clear in the latest nbc survey they are angry about the state of the country and especially the economy. the poll shows half of americans exactly 50% believe the economy is going to get worse. that is a record high for nbc survey that financial anxiety appears to be eroding momentum the democrats enjoyed.

republicans and democrats are still neck and neck in the poll. 46% versus 47% democrats are losing ground among black voters and women especially white college educated women president biden's approval rating on the economy is just 38%. significantly lower than his overall rating of 45%. voters of both parties signaling they want change in fact, they are less likely to support a candidate who wants to continue biden or trump policies what do voters want to see instead? a whopping 84% said they would get behind someone who supports lowering health care costs and prescription drug prices 67% want to see washington fight inflation by cutting government spending only 55% would support a candidate who wants to combat rising prices by increasing taxing on corporations voters are incredibly engaged in this election. nbc survey soufound 70% very

interested that is the highest level reported at this point in the cycle. dom, we will see how it shifts the election >> ylan, this story shifted from three or four months ago, right, when there was a lot of energizing of the democratic base with the inflation reduction act and also roe v. wade and abortion rights in the country. so is one party more engaged than the other because of this or are they drawing more independent or centrist voters one way or the other left or right? is there enthusiasm on both sides of the aisle who are they going for in terms of who will swing the election >> reporter: really interesting, dom. there is enthusiasm on both sides of the aisle the republicans have taken advantage. 78%, which is 9% higher than

democrats. democrats has closed the enthusiasm gap during the end of the summer and early fall as you were referring to. republicans had pull ed ahead the last time we saw that 9% difference, it was for the democrats and back in 2018 at that time, democrats picked up 40 seats in the midterms. republicans only need to win five to get control of the speaker's gavel. right now, we are seeing republicans have the edge with the energy and enthusiasm. we will see if it translates to turn route out. >> thank you, ylan mui joining us for the conversation is stifel strategist brian gardner. brian, i'll ask you the same thing. why? why this huge shift in story with the momentum that was going

toward the democrats just a few weeks and months ago to now swinging back to republicans as we head toward the elections >> i think there are a couple of reasons, dom go back to the summer. former president trump was in the headlines a lot and focus of the attention of the search of mar-a-lago that diverts attention away from incumbent to the former president and republicans. that is bad for republicans. you had a couple political wins. i.r.a. and chips act democrats felt better. that fuels democratic enthusiasm then the case that reversed roe v. wade at the end of june that fueled democratic enthusiasm and intensity during the summer as we get past labor day, economic issues start to reassert themselves along with crime and border security and

along with that economic refocusing you had a pair of negative cpi reports in september for august and in october for september. i think that is fueling voters anxiety about the economy and ultimately that is what typically drives elections and we're going back into a normal election cycle where economic anxiety, especially in this economy, with price hikes the way they have been over the last year or so has really been fueling a republican resurgence at the perfect time for republicans going into the election >> brian, does this mean, then, based upon the analysis you have gone through and some of the polling numbers we saw from nbc that americans will vote more on the economic front than they will on social or health issues for things like abortion rights or anything else that means that the economy is the most important thing right

now? >> yeah, absolutely. i would include crime as a social issue and that polls very high on voter priority check lists. economy, price hikes, inflation, crime rate there other social issues like abortion and even health care are further down the list. when you look at how voters prioritize issues as they head to the ballot boxes, that is the issue that will fuel a republican win at the top of the list >> brian, before we let you go, there are a couple of weeks until the midterms, what messages will you see from the democrats and the gop as they make their final push to election day >> two things. one, the election has already started. we have early voting in some states it is going on as we speak as far as messaging, the

democrats have it wrong. the president has leaned too much into the social issues which fueled that resurgence for democrats over the summer, but it is falling on deaf ears right now. it is clear voters want to hear about the economy. i think both parties will try to run on the economy, but democrats have a really tough job ahead of them. how do you deliver a message on the economy when voters are blaming you for the mess that they see the economy being in right now? >> brian gardner with the thoughts on the midterms from stifel financial coming up on the show, the cnbc investigation found chairing a federal commission on ai and raising are concerns among other things about ethics and conflict of interest and erghe a lack of government ovsit.

we have a that report coming up. "worldwide exchange" is back in a moment

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the wall street journal revealed the executive branch members owned or traded stocks that could be impacted by the agencies where they worked now a new cnbc investigation finds the former head of google, made investments in ai companies while he was chairing the ai commission raising concerns among ethics experts about a conflict of interest situation here is eamon javers with more >> eric schmidt. >> reporter: now a shaper of government policy. in 2019, congress tasked him with chairing the committee on ai that federal commission produced this 700 page report advising the government on how to spend money on ai. >> the nation needs to be ai

ready. >> reporter: a cnbc investigators found at the same time schmidt was investing in the future, he was investing in ai companies which stood to generate profits for himself there is no indication he did anything unlawful. records show he made five direct investments in ai companies during the time and more than 50 through others he invests in or controls the amount is not publicly available. >> it is absolutely a conflict >> reporter: walter is a senior ethics fellow on government oversight and former director of government ethics. >> his side will say he is a patriotic american why shouldn't he serve >> he may be the greatest person in the world and the right to be in the commission. he shouldn't be in the commission while investing which is the subject of the

commission's focus >> reporter: he filed a private disclosure form. that form is not a public record the media and the public don't get to see it. a spokesperson for schmidt said he revealed ai investment on the document his private disclosure is not enough >> he could have personally released his confidential dl disclosure report. he could have made the decision not to invest in ai. >> reporter: but the situation is not unusual the capitol hill lobbyist said the lack of government over sight allows this to happen. >> the enforcement is broken it does not work >> reporter: the staffers who are supposed to review forms have a poor track record of enforcing the rules. often times they don't have the

training to do so. >> if you say the ethics process in washington is broken. who broke it >> it was designed broken. what do you think washington doesn't understand >> he spent years learning how washington works here is what he said a decade ago. >> it is shocking spending a fair amount of time inside the system and how the system works. it is obvious that if the system is organized around incumbencies writing the laws, they will ben benefit. >> google is one of the greatest companies in america. >> perhaps we don't write the laws. >> not only should we write down what we thought, which we did, but have 100 pages of legislation. >> reporter: we found full par

gr paragraphs from the report and that bill budgeted $75 million for the committee of the ai recommendations. >> the impact is we allow the wealthy special interests and business interests to dominate policy the public interest tends to get drowned out in this type of broken process >> reporter: dom, to give you a feel of the scale, the federal government accounts for 57 active advisory commissions with members offering input from nuclear safeguards to clean air. dom, back to you. >> eamon, has anyone tried to change the rules in washington on this kind of activity or this behavior this construct by which you can embark on hypothetical conflict

of interest situations >> reformers have tried to change the rules, but there is not enough critical mass to get it done. what you see is the ethics experts believe the system is broken from the start. it is intentionally broken by the people who designed the system you have the scatter shot approach with the ethics officers and they don't report up to the same central chain of command. they tend to work for the people who run the agencies and do what the agencies want. experts would like to see change here, but it doesn't look like it is anytime coming >> you can see the latest on cnbc.com thank you very much. "worldwide exchange" will be back after this break. in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges

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you see from the calendar. for more on what to watch this week, let's bring in jeff kilburg. he is a cnbc contributor and head of kkm. jeff, a lot of huge results about what the economy looks like and will look like. what is top of mind this week besides large cap tech >> dom, you are right. this is a super bowl week. next week we have the fed meeting. this is an important week to get the understanding of what we are seeing certainly the bar has been lowered for q3 earnings. we are expecting to get a better global insight look at caterpillar and boeing we want to get a better understanding. we have a lot of headwinds a lot of news from china with new additional lockdowns earnings give us a better understanding of what the forward guidance and the strike of the dollar has done and

realize the damage it has done to our economy >> okay. if that is the case, there are a number of reports that could tell us something about what it will be like bellwether type names. what is the most important report that is coming out? >> i think it is caterpillar and boeing those two i want to identify there have been themes all year in 2022. boeing has been a name with the ebbs and flows and fits and starts of the global reopening boeing gives us a great insight of what we see from the business travel perspective and global economy demand that is something we will look at if you think of the other names. apple and the other tech da darlings and the 14 phones selling. i want to look at the other names outside of mega cap. we have seen a revaluation and reset in the tech names. >> so how much -- we know interest rates are framing the

discussion and fed policy framing the discussion here. is it stand to reason the corporate earnings don't mean as much given the fact we have fed meeting and interest rate decision coming up >> dom, look at the 4 of 11 s&p sectors. earnings growth year over year positive led by energy and industrials. i get so focused on sector dislocation. in 2022, it was the year amplified. you have an opportunity to see what has come to life recently last week the beat up technology sector we saw a move last week. you have to walk through financials and health care and bio-tech bio-tech ibb has been a name that has fallen out of favor. we bought ibb and own the amgen and different names in the wake of covid-19. now you see bio-tech come back

to life. all of the sector dislocation that provides opportunity, dom people are pessimistic about the sectors. >> news of the day right now is the absolute hammering that has happened to chinese technology stocks, right? is this the scenario given what we know about the national party congress in china kwl where thes a oppo an opportunity or will the government crackdown harder? >> you see markets spooked jack ma had it right few had good endings look at pgj. it has a lot of names from alibaba and baidu. you see that back to 2023 lows you see a lot of companies now they are down 50% year to

date this is an overreaction and consolidation of power if you are a business owner, you are fearful. we have seen additional lockdowns. we see shenzhen again locked down that supply chain is under scored here today with the leadership change. this wasn't done in a subtle way, dom this was announced >> jeff kilburg at kkm thank you very much. we appreciate it see you soon. that does it for us here on "worldwide exchange. futures are marginally lower "squawk box" has the coverage coming up next we'll see you tomorrow

good morning stocks in china plunging overnight as the communist party

concludes it's five-year congress with xi jinping taking power again. a new frontrunner for prime minister as boris johnson drops out of the race. and names like the biggest in tech reporting this week. double whammy. higher earnings and slower growth it's monday, october 24th, 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. on this monday morning, let'