it takes less than 5 minutes for me to get all of my labels and get beauty in the hands of women who are battling cancer so much quicker shipstation the #1 choice of online sellers go to shipstation.com/tv and get 2 months free it is 5:00 a.m. at cnbc global headquarters. here is the top "five@5. futures pointing to a bounce back as investors brace for a busy day more than 100 s&p 500 companies set to report. and meta mess. set to lose some $70 billion of market value at the open after another down quarter. breaking this morning. credit suisse unveiling a turn around plan as it hopes to get investors back on board.

and elon musk looks to make his deal for twitter official showing up at the headquarters yesterday. and kanye west walks into the offices of one major shoe ret retailer. that and more on this thursday, october 27th, 2022 you are watching "worldwide exchange" here on cnbc good morning i'm seema mody in for brian sullivan let's get straight to the u.s. stock futures and what is set up rough day for technology yesterday. snapping a three-day winning streak ending down on the weak results from alphabet and microsoft. this morning, nasdaq down in trade. dow jones industrial average indicated higher by 140 points look at the bond market. yields are higher.

10-year treasury yielding 4.06% at this hour let's look at energy where oil is trading and we're higher for brent crude. $95.72 cryptocurrency with action and bitcoin above $20,000. still down as is ethereum. let's go around the world and asia overnight hong kong and south korea bounce back bidding up the tech companies after the selloff in the week. alibaba and tencent and jd.com up sharply jd jd.com up 6% mostly lower session so far with ftse 100 slightly higher more on europe in a moment.

to the top story which is meta set to sincontinue the freefall. shares sinking 20% in pre-trade. set to lose $70 billion in value at open. this is after the unexpected fourth quarter forecast. we have arjun kharpal. investors with little patience of what mark zuckerberg said yesterday on the call out. >> reporter: absolutely, seema three things stood out first was we're seeing the impact of the weak ad market across alpha and snap and now meta the average user dropping per quarter. ad dropping 18%. there is no pricing power as they are cutting budgets the second for the investors is lack of cost control that meta

showed 28% increase of head count costs jumping 19% in the quarter at the time when other companies like microsoft and alphabet are trimming fat and being disciplined. thirdly, what you said, investors are losing patience. particularly for the vision of the metaverse and whatever it might be reality labs, the division that houses the vr head sets and metaverse future, revenue fell 50% in the quarter losses widened that reality labs lost $9.4 billion this year and this was the line that really got investors riled up meta saying reality losses are expected to grow significantly in 2023. at a time, as i mentioned, when other companies are disciplined with the costs clearly, investors not patient with the vision from zuckerberg about what the metaverse looks

like see h seema. >> and the issue is will microsoft or google follow or prevail in the environment >> reporter: it is extremely tough environment. here is what apple said last quarter. they said they are expecting some of the revenue to pick up reported 2% rise last time in revenue. analysts are looking for a 6% year over year rise of $89.9 billion in the quarter for apple. iphones will be in focus what is the reception there? what models are users buying the cheaper iphone 14 and 14 plus that is the key for the revenue mix and per user as well that app apple looks at as well the demand is robust, but a report today looking at the china smartphone market and the

demand is lackluster in the critical market for apple. investors are hoping to hear more color on demand for the iphone 14 going into the holiday season services in focus because this st. lo is part of the apple focus how do they continue to get revenue from the billion users we saw a slowdown in services. is that set to continue? that is the question for the market and a comment on supply chain. how is it looking? chip shortages and disruption in china and what does it mean for supply of iphones? >> stock trading at $148 arjun kharpal, thank you. to another top story this morning. credit suisse iunveiling the tun around plan to bring investors back on board. among the headlines? $4 billion cash raise bringing in a new and controversial

investor which will take a 10% stake in the bank geoff cutmore joins us from london where he spoke with the newly minted ceo today geoff, good morning. what are the highlights? >> reporter: good morning, seema. three key points that you mentioned. we will see a significant cash raising exercise 4 billion swiss francs that is pretty much $4 million that is in existing shareholders and qualified investor, the saudi national bank that they hope will pony up 1.5 billion swiss francs it has to go to a meeting of shareholders for approval on november 23rd. we will see how it plays elsewhere, significant cost reductions they want to shave 15% off the

cost base. that means cuts of 2.5 billion of swiss francs. apollo group picks up the business and they re-prize the first boston name. credit suisse first boston will become a new standalone business and they are hoping to attract third-party funding for that m&a and investment products will be inside that unit let's listen in to what the ceo of the business had to say about this restructuring of the operation in the u.s >>credit suisse first boston a we will put it to the market is very attractive and i think by putting that together in a

separate entity and opening it up, you know, for capitalists and positioning with the very strong brand and credit suisse first boston is an attractive thing for clients and also for people going forward >> reporter: so michael kline who is on the board at the moment, an american, will lead that new cs first boston business as far as the fund raising, as you pointed out, there may be some questions as to whether the saudi national bank is the right partner going forward for credit suisse i put that question to the ceo a couple of times. had the board considered maybe some of the reputational risk and shareholder push back? let's listen to what he had to

say. >> i would think one of the strongest growth regions in the next ten years we are in the region with our businesses like more than 60 years. you know, we felt very much supported by this new shareholder coming in and believing and supporting our transformation going forward >> reporter: so the share price reacting negatively through much of the european session this morning. obviously, there is a diluted effect from the right. at the moment, i think the bond investors having the better of it, it would appear they like the fact the additional capital coming on the balance sheet. the shareholders are still combing through the detail on this new restructuring program seema. >> clearly the stock is down 13% in response to the restructuring news how does the momentum look with the business of credit suisse and how does it long term lift

investor confidence, geoff >> reporter: that is another problem. they reported a big loss this morning for the third quarter. that is another quarterly miss as far as the bank is concerned and 4 billion swiss francs loss net attributable to shareholders it is moving in the wrong direction. rote was a negative 13%. 13 billion swiss francs asset outflow. all of the figures indicating the bank has been losing client business as a result perhaps of the reputational damage done over recent years from these various lawsuits that they had to face and the problematic investments they made. you know, ulrich has a reputation for being a restructuring expert i think this one will test him

back to you. >> stock at $4 and change. geoff cutmore, thank you when we come back, more on the meta meltdown as the stock gets absolutely crushed ahead of the open how mark zuckerberg hopes to right the ship ahead. plus, investors bracing for a flood of earnings today. matt maley is here with more. and ahead, elon musk's message to staffers. let this sink in a very busy hour ahead when "worldwide exchange" returns 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 the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. ™

welcome back straight to the markets. stocks coming off a mixed session on wednesday with the nasdaq shedding more than 2% futures indicating a lower open with the nasdaq set to op opopen . open .75%. earnings once again will be the main catalyst for wall street. today marks the busiest day of the week and overall earnings season with 30% of the s&p 500 and 40% of the dow including amazon, apple and caterpillar and intel and mcdonald's let's bring in matt maley with more matt, good morning >> good morning, seema >> what do you think the earnings today could tell us about the broader economy and

whether inflation has peaked >> it is interesting to see what happens with caterpillar on the one hand, we have the inflation bill, but it was the build back better bill with a different name on it we are getting a certain amount of fiscal spending to help caterpillar tractor. everybody is wondering what is happening with the recession next year and if earnings are disappointing, that will raise concerns the big one is amazon and apple tonight. you talked about the percentages of the s&p and dow jones industrial average those stocks are 20% of the nasdaq 100 if you get both become really good numbers, that can help the nasdaq which has been hit this week and of course both negative could have negative implications tonight's numbers are important. >> the response from analysts

with the response from alphabet and microsoft is they need to rein in costs and head count that is something the ceos are going to do. i'm curious of the broader take away of the health of the labor market as we assess if it will cool or not. >> yeah. you know, you mentioned we heard a lot of this already for several months you started over the summer with a few tech companies talking about hiring freezes we know what that is the prelude to layoffs a lot of people and a lot of jobs out there right now like anytime, you don't want to be the first one laid off because jobs are available suddenly that becomes less so. you know, as we go into next year, again, we all know that there's a lag with the fed tightening policy and impact it has on the economy we're just starting now to see

that come to fruition as we move into next year i think it raises the chances we get a recession which are very high. >> european central bank policy announcement coming out at 8:30 a.m. what should investors look for there? >> another 75 basis points hike. do they speak in a dovish way? you saw the bank of canada yesterday which kept the market from falling more than it did with the negative earnings from microsoft and google we will see if we get a dovish tone that is what a lot of people are hoping for a lot of the rally has been based on since late last week as well my concern is a pause or not a pause yet. it is a throttling back. we will still have rate hikes. bear markets tend to keep going until the fed stops tightening you know, i'm worried that pause

is not a pivot i'm worried that we still have more headwinds to work through >> matt maley, thank you >> thank you, seema. still on deck, how a hidden gem inside meta's mess is pushing one sector higher in the pre-market we're back with that story after this

♪♪ age before beauty? why not both? visibly diminish wrinkled skin in just two days. new crepe corrector lotion only from gold bond. champion your skin.

time now for the big money movers buried in meta's mess of a

report, the company says it plans to boost capital spending to $39 billion next year as it invests in infrastructure to support metaverse. the comments boosting data center tech products like amd and nvidia and marvel tech which counts meta as one of the biggest customers. shares of ford reporting a loss in the third quarter due to supply chain problems and costs over disbanding of the self driving vehicle unit the company beat estimates for the quarter and guided to the low end of the range. shares of sleep number cratering down 26% issuing weak guidance as it deals with slow in demanded and supply chain issues. the company topped estimates for the top and bottom line. the biden administration set to go on the offensive to try to

reframe the democrats economic message to voters with less than two weeks until the mid-term elections. the president and some of the top officials canvassing the country today to regain momentum for the party in a bid to hold on to power in congress. ylan mui joins us now on the white house strategy and if it will work. ylan, good morning >> reporter: good morning, seema. you are right. president biden will attempt to sharpen the economic message as the white house goes into full campaign mode with the mid determinmidterms around the corner. the plan is to build up from the bottom up and middle out what does that mean? senior white house officials say biden will highlight work to bring down costs on prescription drugs and health care and gas

prices he will start in syracuse with the $1 billion investment in chips to create 150,000 jobs the theme of lower prices and investment in manufacturing will be echoed by his top lieutenant today. treasury secretary yellen will be in ohio secretary raimondo in maryland and hhs secretary becerra in texas. they will push to extend tax cuts to the wealthy and threaten to cut social security and medicare polls show the economy is front and center for the voters and that tilted the playing field for republicans. the latest support is showing gop support at 43.5% compared to 44.9%. there is not much time left for democrats to get their message through to voters, but they are betting, seema, that the slightest move of the needle could make a difference.

>> the question is is it too little too late to switch messages on the economy? >> reporter: that is a great point. it is not the fact that the midterms are less than two weeks away, but early voting has started. if you look at the swing state of georgia, 1 million more people voted at this point than voted back in the 2018 nmidterms voters are engaged and listening to what lawmakers have to say. they are listening to what the biden administration has to say, but we will see if it is enough to change anyone's minds >> a tight race. ylan, thank you. as we head to break, a quick market flash of shares of mobileeye. making the public market debut on the nasdaq yesterday closing up 37% yesterday the company prices shares at $21 with the valuation of $17

billion. the stock to open 29at $ a share. we're back after this. and businesses have a responsibility to support that village. ♪ ♪ 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.

stocks looking to shake off a tough trading session as investors gear up for the busiest day of the earnings season futures pointing to a higher open. shares of meta in meltdown mode set to shed $70 billion of value. the pain may be far from over

after the miss. and elon musk looking to wrap up the deal for twitter and paying a visit to the social plaid form headquarters ahead of the deadline it is thursday, october 27th you are watching "worldwide exchange" on cnbc. welcome back i'm seema mody in for brian sullivan thank you for joining us let's get to how the trading day is shaping up. futures are mixed in pre-market trade with the nasdaq suggesting a lower open by 34 points based on the move we're seeing in meta dow jones industrial average up 120 points in pre-market s&p 500 up 6. let's look at the bond market. 10-year treasury at 4.06%. it has been trading in that range the last couple days a check on where oil is moving turning negative

brent crude at $95.60 let's go worldwide busy day in europe with the overhaul and key monetary policy decision on deck julianna tatelbaum has more on all that from the london newsroom julianna, good morning >> seema, good morning there certainly is a lot to play for in europe. overall markets are trading lower. the only bright spot is the ftse 100 which is up .20% you are seeing out performance in the oil and gas names in europe otherwise, it is a down beat start to trade investors are making their way through a slew of earnings let's get to it. let's run through the big ones to watch credit suisse as you said unveiled a radical overhaul as well as a 4 billion swiss franc capital increase the swiss lender is launching a rights issue of approximately

32% and it is bringing in a new shareholder, saudi national bank this after it posted a net loss of 4 billion swiss francs in quarter three. speaking with cnbc earlier today. the ceo detailed how the bank will conduct its overhaul. >> number one, kad radical restructuring, significant reduction of costs, number three, the significant reduction of the capital base. with all of those together, we will go where we want to go. s>> credit suisse shares down 1% on the back of the overhaul. big question mark around whether this is enough to turn the bank around and if they will execute on the plans announced today in the energy space, shell

posted a third quarter profit of $9.5 billion and hiking dividend by 15% it declared a buyback program. the latest figures mark a $2 billion decrease from last quarter's record profits along with a lower value of gas inventory. unilever expects growth of above 8% after the 10.6% guidance seema, the european central bank the ecb is expected to announce a 75 basis point hike. investors will be watching out for other tightening measures. tune in for the e vcb meeting later today. >> julianna, thank you let's get a check of the top stories.

silvana henao is here with those. silvana, good morning. >> good morning. elon musk's bid to buy twitter is in the home stretch banks have started sending musk the $13 billion they are providing to back his takeover late tuesday, the tesla ceo se a borrowing notice twitter employees have been told they will hear directly from musk tomorrow. the deadline to close the deal tomorrow further signs the deal is close to done, musk visited the office yesterday tweeting a video walking in carrying a sink in twitter hq saying let that sink in he changed his headline to chief twit and c-suite shuffle with

merck and new ceo with robert davis. skechers says it was forced to escort kanye west from the los angeles office the footwear maker said it made the move after the rapper and designer who now goes by ye showed up unannounced. skechers saying it is not considering and has no intention of working with west it condemns his recent remarks and does not tolerate anti-semitic speech. west faced continued fallout over the anti-semitic remarks with several companies condemning them or halting business with him, seema >> thank you, silvana. to the top stories this morning. meta is set to continue the 2022 meltdown shares are sinking in the pre-market trade the company is set to shed $70

billion at the open. this after a weaker than expected q4 forecast the tech giant citing a slowdown in online ad spending. challenging from the applearle update here is ceo and founder mark zuckerberg on the call last night trying to reassure investors. >> there are now more than 140 billion reels plays across facebook and instagram each day that is a six months increase. we are gaining time spent share on competitors like tiktok >> let's talk about this with cyrus mewawalla. good morning >> good morning, seema >> meta did say it would make significant changes to operate

more efficiently what do you think those entail >> i think the big message the market is sending meta is now is not the time to invest in moon shot ideas which will generate revenue in 10 or 20 years time things like meta and the virtual reality stuff that reality labs is doing now is the time to focus on declining revenue and rectify that that issue has been brought to the floor by sheryl sandberg leaving the company earlier this year that is what the market is telling meta, not just today, but over the last six months >> meta expects losses from the reality labs unit, which includes the metaverse investors don't take to that too lightly. >> yeah. i think the economic outlook is bleak and in what we saw from google's results and facebook number two

even tech, big tech, is not immune to a down turn with digital advertising. facebook, you know, digital advertising is the core business and it faces a number of risks the first is apple privacy settings in the price. apple is reforming the app store structure. that could hit facebook more of course, tiktok is just accelerating in terms of innovation and better algorithms and launching a gaming channel and regulatory issues for meta >> reading through the report, meta will boost capital spending about $39 billion to support the metaverse aspirations. that statement helped a number of chip players out perform. nvidia and marvel and arista networks one of meta's biggest customers. i'm curious of your thoughts. >> great for meta's supply

chain. especially chip makers not good for meta's future outlook. $39 billion of capital expense that is against operating expenses for the year of about $100 billion that is a high figure for a software company >> cyrus, let's turn to apple. it is anticipated fourth quarter results after the close today. wall street looking for signs of hope pamid a potential slowdown of sales ahead of the keyhole day key holiday season they face inflation and the stock trading at $148. it is down 5% in the past three months cyrus, what can we expect today? >> as we have seen from big tech earnings so far, the economic outlook is bleaker than what economists told us last week

rising costs are hurting consumers and businesses we may see upside in services business, but everything we heard about results so far says the economic outlook is going to be challenging even worse for apple is the geopolitical outlook i think of the five big tech, apple faces the highest risk of the china backlash two things are going on. the first is president biden looks set toescalate export controls aimed against china tech sector and at the same time, president xi in china reiterated the china policy of self reliance. also unification of taiwan that means on the supply side, tsmd, a critical supplier of iphones is in the cross-wire

>> cyrus, to the point that apple will try to indirectly address the concern by showing the amount of investment in other countries across latin america and india as well. >> i think apple has made it clear the management will diversify away from china. of course, chinese supply chain is incredibly efficient and there are bound to be logistical costs. you move from china to india, costs should fall. moving the entire supply chain could result in a rise in costs. that is another risk in the medium turn. >> we will wait. greater china sales expected to grow 3% of 15.1 billion. that is what wall street is anticipating for apple results cyrus, thanks for joining us

today. coming up, making an economic u-turn. what the rebound in the u.s. gdp number may mean for the potential recession and the fed's path forward we are back after this

science proves your best sleep is vital to your mental, emotional, and physical health. and we know 80% of couples sleep too hot or too cold. introducing the new sleep number climate360 smart bed. the only smart bed in the world that actively cools, warms and effortlessly responds to both of you. our smart sleepers get 28 minutes more restful sleep per night. proven quality sleep. only from sleep number.

dad, we got this. we got this. we got this. we got this. life is for living. we got this. let's partner for all of it. edward jones

welcome back the u.s. economy is expected to show growth in the third quarter gdp report despite consensus concerns of the economic downturn in 2023. expected to surge 2.3% versus the 0.6% drop. joining me now is tomas philipson. he is the chair of public policy do you think the gdp report will show the u.s. economy is not in recession? >> i don't think so. a lot of people are pessimistic of 2023. we will come in domestic growth

because of the drag of the first quarter two quarters for mainstreet, this is a horrible cost of living year they are not concerned with people like me calling this a recession or not because their real incomes have dramatically have gone down this last year. >> gdp increases, how can that impact the fed decision next year >> i don't think the fed is optimistic from the gdp, the third quarter gdp. we have a lot of troubles going on housing, which is a huge sector, is already in a pretty deep recession. we had demand induced cut in that sector. it is demand induced because of quality is falling that is an indication of demand. quality gone down.

home sales for the last eight months prices have gone down for the last three months. mortgages or loans were down 40% year to year that is looking very, very rough. that is effecting other industries tur furniture and appliances and construction we had a bunch of ceos are expecting a really bad year. we had a bunch of economists and bloomberg saying we will have a recession in 2023. >> any ceos saying inflation has peaked that is a concern, tomas >> it is a very big concern. we have to look at europe where they are coming out with the rate today we have more core inflation than european inflation which is more energy based essentially energy based is not fought well with rates, but core inflation is it is a big concern. >> when you zoom out and look at

mac monthly jobs reports and consumer confidence, tomas, what is your read >> i think people are bleak. most people are expecting a rough year ahead i think the central bank is as i tend to be in the camp that central banks can fine tune the economy. i think they have an impossible job of trying to do this or trying to cure it. they are operating with long lags typically we think of lags of six to nine months whatever rate hikes today come in winter or early spring of 2023 most people think we will be in a bad recession in that period it is not clear whether they are adding on or easing things at this point >> thoughts of how the q3 gdp could impact the midterms less than two weeks away and democrats to assure they don't

lose the senate? >> two things for the midterms are inflation and crime. democrats are trying to make it into an abortion decision from the supreme court. this is not a huge impact unless you have a negative gdp. if it comes in at 2%, it will not have an enormous impact. >> tomas philipson, thank you. on deck, investors gear up for the busiest day of the earnings season. we have malcolm ethridge up next and what he says the markets may and what he says the markets may have reached the peak ♪♪ "worldwide exchange" is back in a moment ♪♪

be ready for any market with a liquid etf. get in and out with dia. what if you were a major transit system with billions of passengers taking millions of trips every year? you aren't about to let any cyberattacks slow you down. so you partner with ibm to build a security architecture to keep your data, network, and applications protected. now you can tackle threats so they don't bring you to a grinding halt. and everyone's going places, including you. let's create cybersecurity that keeps your business on track. ibm. let's create - [narrator] if your business kept on employees through the pandemic, 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. welcome back time now for the executive recap. three stories you may have missed this morning.

credit suisse unveiling the highly anticipated turn around plan today announcing a $4 billion cash raise bringing in the saudi national bank with a 10% stake and laying out a restructuring of investment banking business. the stock down 11% similar story for shares of meta set to shed at the opening down 20% this is facebook's parent company issuing a weaker fourth quarter forecast citing a slowdown in online ad spending and challenges from the pr privacy settings from apple. and a railroad worker union shot down the labor agreement. that deal with unions and freight companies and biden administration is critical to avoid the nationwide rail

strike that strike could cost the u.s. economy $2 billion per day if it takes hold next month. another busy session shaping up for investors with the earnings 30% of the s&p 500 and 30% of the dow report today names of note? amazon, apple, intel, cnbc parent comcast, mcdonald's, merck and caterpillar. we will get the third quarter read on the gdp. on tap overseas, the policy decision due out at 8:30 a.m and president biden is in syracuse, new york today to talk about chips and micron. and nasdaq keeping an eye on pre-market action down 39 points dow jones industrial average up

1 109 points joining me now is cic wealth executive vice president malcolm ethridge malcolm, thank you for joining us. >> good morning, seema >> given what we heard from meta and the earnings miss, are you reevaluating >> i didn't really consider meta to be a bellwether in the tech sector the whole faang name went by the wayside as they shed market share with the commitment to metaverse. i had been surprised that the market shrugged off bad news overall. we got news from the banks and they reported misses on profits, i was certain the news from dimon and the hurricane coming would send the markets in the other direction. then especially when microsoft and google showed weakness in the tech sector, i thought it

would send ripples across other companies. we have seen the opposite which makes me wonder if we reached peak pessimism like you said earlier because of the market's willingness to shrug off all bad p news so far. >> two key reads today like caterpillar will be a reflection on china >> it is important for apple to see how china is doing i'm looking at apple and amazon. apple i own and amazon i don't i'm looking at those two because they will tell us a good bit about the consumer and the point of the tech sector, you announced amazon aws would reduce hiring and that would carry the water for amazon it allows the ecommerce section

to survive and keep going. if they say the dominant player in the cloud space is the market for that business is drying up or at least showing weakness, i think that will be very telling for the whole mega cap tech. you say the demand is now a durable good than luxury item. that will tell us more about the tech sector all together i don't think the market is going to be able to continue to shrug this off and we end the week the same way we started time will tell >> at the same time, we get u.s. gdp. mal malcolm, if that report suggests the u.s. economy is not in recession, how does the market respond? >> that will be encouraging to the markets as far as good news that tells us we have reached that bottom that we all have

been looking for i think finding out we're not in recession here, however, we had the recession we were looking for earlier this year, frankly, technically, i think will be a signal to the markets that although the doom and gloom is out there and the attitude is pessi pessimistic, it is darkest before the storm where we are turning the corner and can't feel it yet because the economy lags behind the store mck marke. >> have you been buying into the mini rally >> not yet i assume this was going to be the time to buy when q3 earnings came out and showed weakness i thought the markets for sure were coming into this week in the opposite direction i'm really surprised at the market durability or willingness to say i hear you, but i still think it is time to buy. that has been very surprising for me as an investor.

we have not been encouraging clients to make trades yet because we did not expect to see the markets respond. >> malcolm, thank you for joining us today pleasure to see you today. orwi ehae.at does it for us on "wlddexcng "squawk box" is next ea o-use s power e*trade makes complex trading easier react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity nurse mariyam sabo knows a moment this pure demands a lotion this pure. gold bond pure moisture lotion 24-hour hydration no parabens, dyes, or fragrances gold bond champion your skin pst. girl. you can do better. at least with your big-name wireless carrier. or fragrances with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon.

wow. i can do better! yes you can! i can do better, too! see how easy it is to save hundreds a year on your wireless bill over t-mobile, verizon, and at&t. talk to our switch squad at your local xfinity store today.

good morning it's a busy one for earnings we whill hear from caterpillar, con honeywell and merck. shares of meta platforms are plunging on the weak guidance and hit from advertising and no signs yet of the payoff from the big bet on the metaverse

elon musk walked into twitter headquarters yesterday carrying a sink as his deal to buy the company moves one step closer to being complete it is thursday, october 27th, 2022 and "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. this morning, it is an interesting story if you look at the u.s. equities. the dow futures are up better than 85 points nasdaq down 53 it is because of the concerns in technology again today yesterday, you saw the nasdaq down significantly it was the down turn that was because o