carried the space of the falcon nine falcon heavy currently the most powerful in operation, that is poised to change in the coming weeks when and if the mega moon rocket lifts off for the artemis 1 mission. that is expected to happen as of right now november 14th. remember, when it comes to these major milestones, tune into manifest space in the meantime, this is the end of "squawk on the street." going over to tech check now good tuesday morning i'm carl quintanilla and today markets are lower with a slew of data including pmi, jolts, construction spending did send us toward session lows. but not stopping uber as demand holds up against the macro worries. investors want to get betting on that name. and you'll hear what dara khosrowshahi told us earlier

this morning and we'll look ahead to results from airbnb tonight. dash of course, lyft and more. and sofi getting a boost after reporting. anthony noto will join us in about 15 minutes >> and uber shares surging despite mixed guidance the company's revenue forecast for the current quarter falls short, adjusted ebitda beat expectations free cash flow down 23% year over year. delivery growth is softening, but remember it has ride sharing, that continues to ramp up and here is dara khosrowshahi on "squawk box" this morning. >> we are are operating on a cautious basis even if the world was just an uber world, we'd be celebrated because the whichbusiness is incredibly strong. >> and i like to look at net losses $1.2 billion in losses for q3, this is a company that has

burned through $8.7 billion so far this year. those losses, yes, mostly driven by equity stakes and the likes of didi, grab and aurora you can see there. but it does raise the question how and when does uber ever get there. that is what investors are looking at adjusted ebitda for now. eventually they will want to see net income, still a long ways from that. but if you want to be an economy company that is not losing money, we can talk airbnb, $1 billion expected this quarter and pure gaap profitability. shows you the different dynamics at play in these companies uber is better on an unit economic basis but airbnb proves that you can get to that free cash flow and net income profitability. >> yeah, the sharing economy is one way of looking at it when i look at earnings particular will he ly today, i' at it outside versus inside. uber primarily a company that

you use when you are going outside. they have that delivery business which is suffering, but it is the ride hailing that is doing well and airbnb certainly outside, part of the continuing travel surge story. i was just talking yesterday to the ceo of vera mental health part of my fort knox 101 conversations. what they do is keep track of things like tolls, red-light cameras, parking tracking for governments. he says people continue to travel and get out there they see that in their business. but at the same time, we have inside stocks reporting including match and electronic arts i'd put cheg in that category in a way. the online dating folks have been struggling a bit as people move back toward seeing people in real life, which puts a little less stress on their platforms. we'll see how ea does. kids going back to school affected their business. we'll see if ea with a few more

grownups playing those games is faring better. >> and you know, interesting on uber, some of the delivery gross bookings deal cell rating in the u.s. and canada, but reaccelerating in the rest of the world. >> you want to know what helps that didi didi has been one of their biggest competitorses and the chinese government has clamped down and so that has crippled that company. so uber may be benefiting with that ask compete with the delivery guys like doordash but despite price and cost pressures, our next guest rates the stock with a buy implying a roughly 70% up side. and joining us know, bernie mcternen you value at three times, doordash 3.7 times

why the premium on doordash. >> yeah, well, doordash we think could be a higher growth business the ebitda is shifting our valuation methodology from revenue to adjusted ebitda and the reason why uber is our top pick right now in the space is because of the focus on profitable growth. today was a great example of that they beat on adjusted ebitda. and still getting back to those levels that it was back when the department of labor came out potentially negatively against them the company saying that it won't impact them. but we still think that there is a long way to go we think likely that they will hit their 2024 tar g2kge hit their 2024 tar g2ks of $5 billion ebitda >> so there is still noise here because that takes out stock based compensation which is

almost as much as adjusted ebitda how do you square that >> tait is a good question and focus of investors we also look at free cash flow something that we incorporate into our vlaaluation and invests are really caring on the increment too is what matters. and i think a lot of companies are tightening their belts more in terms of stock based compensation so i think as we look at the next two or three years where we think something would get better, but it is something that we're monitoring >> driver availability, they seem to be relatively upbeat about that do you think it lasts? >> we do and our data shows that the past two weeks pricing and wait times declining in our data check -- sorry, demand checks show that demand continues to increase really towards record levels that is looking at tsa

check-ins, open table reservations, looking at new york city subway data. so when jon mentioned people wanting to get out, we're seeing that on the demand side and prices are coming down, so that tells us that supply is increasing dara was talking about record levels of engagement from drivers. so we expect that to continue happening in the future and the potential for uber spry upply t countercyclical, it could help their supply constraints >> becoming. as you alluded to, uber is just one stock. what are the read-throughs toward this sort of bend toward outside happening? you mentioned open table, we're about to get airbnb later today. who is benefiting from this sort of not even just revenge travel, but just sort of revenge getting out that people are doing and which business models are best positioned to take advantage of

that, retain that traffic in the form of loyalty and use it to fuel growth? >> yeah, so first off, we're talking uber, the read across you have to think about what is going on with lyft we think increasingly because the businesses should diverge i think in terms of we're not just going to be trading on ride sharing inventives and if the market is coming back or not it seems like improvements are more video syncretic we think scale really does hear. and doordash leader in the u.s. in terms of u.s. delivery. the bookings that uber guided shows that there could be maybe up side to our estimates there we'll hear from them later next week but then also chipotle numbers are pretty good on the digital side and also grubhub is improving off a very low base. so delivery is proving to be a bit more sticky than i think

investors feared and this is now four straight quarters of delivering profitability. and so showing that the businesses can make money. as you talked about airbnb, there was a key debate in terms of delivery if the operators could make money and uber and doordash is showing the ability to do so and as we talk about the inside, just have to mention rail box. earnings should be a nonevent, but september earnings was up 19%. and so fears are certainly lower there than before that >> and just to clarify, adjusted ebitda profitability on that food delivery side i read in your note you said that uber subscriptions would benefit from a more aggressive pursuit of acquisitions. the company has already diluted

shareholders have the previous ones been successful >> that is one of the problems that we face with recommending uber is that there is some investor fatigue anyone who has owned the company over the past year or two hasn't made money so that is why when we made uber our top pick in the beginning of the year, get was why will the stock work now and we thought calling a bottom on shares when you are talking about revenue multiples, which is really hard do, six times revenue to four times revenue doesn't mean much in terms of floor value. and so at least ebitda is further down the income statement. so being able to value the company off that is one of the reasons why it is our top pick because most of the companies that we cover in the consumer tech space don't make any money. >> fair enough well, great to get your insights thanks for being with us turning to the broader market, nasdaq nearly 4% gain

for october and that did break a two month losing streak, but seeing divergence in big tech. 9 question is how investors can identify the winners joining us this morning, michael yoshikani. and we have macro data, but in general it sounds like you are fairly selective at least in tech >> yeah, i think your previous guest had it right when he said that you really need to take it out of the ebitda language you really need to be focusing on companies that make profit, not just revenue and i think what is really key for investors if you want to reduce your risk in investing in tech, and i think a lot of investors do now, is to find the companies that are profitable and not going through some sort of business transition there are obvious names that are going through that kind of transition that is uncertainty. opportunity? i suppose. but it depends on your risk profile. for us, we'd rather have tech

than lower risk. tech has enough risk in itself as opposed to just tech with transition >> and when i hear transition, you can obviously -- meta and maybe netflix are obvious, but how broad could that universe be >> it could be pretty broad. you just heard someone talking about what is happening with uber in terms of their transitions. certainly the obvious one is meta with what has been happening with that company and where they are investing and getting away from core business. i think that business leaders oftentimes in tech companies are always trying to have the next home run and i understand, but obviously a lot of singles win games too and so i think taking less risk in tech primarily in transition tech i think makes more sense than putting money in risk >> and jon fortt, good to see you. what about young tech?

there are some software companies out there with good net revenue retention, significant growth not profitable yet, but it is the kind of company that ten years ago people were complaining that this kind of company is not going public until it is already mature but some have sort of gone public now but with the economic conditions, some investors might be spooked about putting any money into them. not profitable yet, but does that mean that you should avoid them all together? >> well, if you have $100 and you are going to put $10 in ten companies and you hope one or two hit. if you are that kind of investor, then you put in young tech nonprofitable some revenue retention or consistency, sure, you can put that in your portfolio strategy but you still have to understand what you are signing up for. i think this is a lot like biotech. biotech really is kind of a hit or miss thing. you hit the right one, you will make a killing

if you don't, then you will be stuck in water and so if your risk profile is you want to get the next ten times stock, those are the ones that you want to look at you won't see that pop in other names that are the more conservative names but again, we're talking singles and home run and the question is how many strikeouts you would take >> fair amount of chop out there today. appreciate it very much. we'll talk next time and sofi ooofi ceo is on the side of this break tech check just getting stard. te you ok, man? the internet is telling me a million different ways i should be trading. look! what's up my trade dogs? you should be listening to me. you want to be rich like me? you want to trust me on this one. [inaudible]

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shares of sofi popping this morning. smaller than expected quarterly loss and the company lifting its outlook for the year after adding nearly 424,000 new members. you can see the stock there up more than 13.5%. here to break it down, sofi's ceo anthony noto got to start with personal loans and deposits i mean, deposits up big. what is the big shift this quarter? >> thanks for having me. this is our sixth consecutive quarter record revenue, about $419 million up 51% year over

year and what is driving it is the diversification of our business we built a platform that allows us to be a one stop shop for financial service products for our members, trying to help them save better, invest and protect better and you are seeing strong growth in personal loans up over 70% year over year with great credit quality. and in addition to that, we're seeing an acceleration in the growth of our direct k30s members because we're offering a really high interest rate in checking on 2.5% and 3% on savings later this week that high interest rate is driving high quality account openings, 50% of our new funded accounts are direct deposit and that results in more spending by them annualized spending is up over 2 x over a year ago. and invest business continues to see strong year over year growth as well as credit card and relay. so the real story is it has

taken us a while to build out each element, it is playing itself out over the last six quarters driving record revenue overcoming the market volatility and backdrop of the economy. >> and you still seem to be pushing on student loans though. i saw a commercial i think yesterday from you guys, i think it was about student loan refinancing but relative weakness in that area versus others but are you pursuing market share gain there >> our student loan refinancing business has been depressed since the federal student loan moratorium was put in place back in march of 2020. so quite remarkable that business is operating at about 25% of what it used to do prior to the federal student loan market and diversification has allowed us to overcome that. but we're still paddling as hard as we can to gain market share with those that are refinancing. and down 75% from where it was

on a normalized basis but still gaining share. >> and like jon, i also found that the deposit number one of the most interesting from are the report, growing 86%. how much of that is because you are paying 2.5%? my chase is paying 0.01. that is a huge gap big banks are not budging. are customers switching over to in you. >> we're absolutely winning market share in checkings and shavings it is the complete value props we make it quite easy do checking and savings on your phone. you can sign up in minutes within the app you can pay via your phone or debit card or a person to person pavements we give you reward points for paying bills which you also can do via the phone so it has all theity that you'dt and we're giving a high interest rate of 2.5% on checking and 3% on savings and no fees

so 85% of our deposits are coming from direct deposit customers and median fico score is quite hyatt high at 750. >> i should notice goldman has a higher api but i see your point. are you also taking customers from crypto platforms? a lot of these users were able to use yield on their coins but that is not so easy anymore. have you seen people come own from coinbase and others >> within checking and savings we see the most transfers, money transfers, coming from the large banks. within our invest product, we do offer single sho becks, robo advisors and we saw new trends in the third quarter for cryptocurrency compared to the second quarter >> i know the quarter is the most important thing, but i couldn't help notice your back

and forth with elon musk on twitter about pricing for verification a and you know the business bem do you mind just a boneoff question about how you think that pricing will work out >> i don't know how it will work out. i was having fun with it i think that i have unique insights into a number of different opportunities to create huge value for twitter users via a variety of different services, some of which are free, some are pay so i was trying to provoke a bit of a debate there. so twitter is a great platform i love the platform and i still have a belief that it can be hundreds of billions of dollars of value and billions of users it has the best content in the world largely for free it is really a product challenged i think having one leader in charge of the entire company controlling shareholder is a big difference maker i don't know elon. obviously he's incredibly successful but i think they have a

governance structure for the first time where there is a decisive leader that can it erat incredibly fast. i think the problem is solvable and i think that they will have billions of users, just a question of execution. >> let me finish up back on sofi now that you are diversified an growing share in some areas that have been weaker, what do you do or do you do anything to turbo charge growth? is it m&a to gain more users to plug into the model that you now have >> we want to drive organic growth that compounds for decades. we have such low market share in each one of our businesses we're on track do over $1.5 billion of revenue our maybe base is growing quite conservatively and we're on our way to high single digits of millions of members in the next year and double digits after that we want to consistently drive

that compounding growth with the right quality. the quality of our checking and saving account members really compliment our underwriting member i mentioned the 750 fico score and so the strategy of bringing consumers into be members at sofi through one product and then them using other products because of the reliability that we deliver just keeps driving hire lifetime values so the biggest challenge for us is becoming a household brand new, continuing to build awareness and driving trust. products are superior. when people use them, the feedback is positive, the cross-buying is there. so just a matter of when not if and we'll be methodical about it to keep the high growth rates for decades. >> all right stock up more than 13.5% anthony noto, thank you. let's get to disney. disney plus testing out a new feature today.

julia boorstin has a look at it and what it might mean going forward. this was interesting >> very interesting. disney is testing a week-long initiative to give disney plus subscribers early access to buying certain merchandise this is to see how it can make disney plus the center of its direct rul relationship with consumers.t watch content. and we could see it connect its streaming subscription to how people buy tickets to its parks. is t this is a limited test subscribers can scan a qr code or visit shop disney special access website for subscribers and then they can buy advanced products like a black panther mask or dark saber legacy set. building on the value of that subscription service and helping to remove some friction between watching content and buying disney branded products. all of this is after disney

consumer products did lag other divisions growing just 2% last quarter. and also as disney continues to invest in disney plus which ended last quarter with 93.6 million subs to the koer service excludeing the lower value hot stars subscribers. and they are projecting the addition of between 40 million to 70 million more within the next two years so disney earnings, analysts are largely bullish. we see no sells. >> interesting and meantime we've been showing some video of shanghai disney overnight. and the pressure that they are under working under these chinese restrictions any thoughts on how that is affecting the parks business >> well, look, it is the zero tolerance policy in china certainly adding pressure. the company tells us that the control measures, they followed

these control measures, they temporarily closed and that everyone was tested before they were allowed to leave the park but this is not the first time we've seen closures. obviously last year the park was closed for two days last november with more than 30,000 people stuck inside having to test to get out. so i think that this is going to be a real challenge as long as china maintains these policies and i think that the company has gotten used to this kind of volatility in terms of the china numbers. but here in the u.s. and elsewhere, we have seen a surge of demand for the parks. it will be really interesting to see what kind of numbers we see a week from today. but certainly we have seen very strong and some of it probably pent up demand >> very strong demand because i'm always checking but i haven't made that call yet to go we'll see. julia, thank you after the break, we'll have a lot more on uber and plus we'll look at airbnb and amd and ea

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welcome back to tech check we continue to watch the markets on the first trading day of the month. dow has narrowed some earlier losses now down about 150. in a moment we'll like at airbnb, dash, and first a news update new indications today that the u.s. labor market remains strong labor department's monthly jolts report showed 10.7 million open jobs at the end of the september. economists had only expected 9.8 million. treasury's popular i bonds will pair 6.89% interest rate the next six months. treasury resets the rate every

april 1 and november 1 the rate which rises and falls fending on inflation had paid 9.62% for the past six months. sales of iflt bonds hit a recors people rushed to get the higher rate and new car prices are finally falling after rising steady through the pandemic. according to figures from jd power, the average new vehicle price hit a record high of $46,173 in july, but it has fallen since then and was $45,600 last month and nobody won last night's powerball lottery drawing meanings top prize is now $1.2 billion. next drawing is on wednesday night and your odds of winning, 1 million in about 2 -- or one, rather, in about 292 million good luck on that.

>> so you're saying there's a chance thank you. >> there's a chance. let's dive back into uber and the rest of the sharing economy. our next guest joins with a buy rating and target of 45 highlighting improving profitability and demand what do uber's numbers mean for other companies yet to report? eric sheridan is joining us. sometimes i need to be reminded of just how coverage universe is you've got ecommerce, digital media, mobility, china tech, gaming i guess uber to start with your reflections on the quarter. >> yeah, it was a very different narrative than what a we heard from companies under my coverage last week where there was a lot of softening demand. still revenue trajectories not moving in the right direction and a lot of opex and capex that left investors scratching their heads.

complete opposite this morning good selling forward commentary on trends moving out when given the chance on the earnings call, no red flags being thrown by the management team with respect to the macro impact on the top line and outsize beats on profitability. this has been a third quarter in a row that dara khosrowshahi and the team at uber have produced a linear narrative around a profits against a broader goal of doing 5 billion plus of adjusted ebitda in 2024 that they first laid out at the analyst day in february earlier this year. >> so is it an illustration of what we might hear from other travel i guess mobility-related names this week? >> i think what you will hear on the travel side will be strong trends in the september quarter, pretty good visibility into strong trends into december as we've gone out and done industry checks and i'm sure all of you and folks that are listening have felt this pinch of trying to go in and book a hotel room or an air ticket into the end of

this year. it is not a particularly pleasant experience because of where pricing is right now so travel trends remain good into the end of this year. the problem for travel stocks is as you go into next year, there is a lot of fear among investors that you will have a weakening consumer into tougher against the elements of the summer travel season we just came out of and you could see deceleration next year. so travel stocks are unlikely going to be trading as much on this quarter's narratives as it will against fears or abatement of those fears as we move into the first part of next year. >> this is deidre. if you are looking at the gig economy, why would you want to invest in uber versus doordash or airbnb which are a lot more straightforward? i know what you are saying in terms of the improvement from uber, but there is so much noise. nearly $9 billion in losses because of the equity investments. airbnb on the other hand is

profitable doordash is a little to understand too in terms of the unit economics >> i'd say a couple things there. rate of improvement on profitability is what vins tors want and we think that uber is delivering on that and number two, we like the div diversification of a lot of prod mix. having just one product in a market where there could be more than what we're used to and where you have to be positioned easy comps versus tough comps or rate of change and consumer behavior, we like the product diversification or portfolio strategy that uber has right now to give a little bit better risk management around some of the nuance you might see in changed consumer behavior going forward rather than just betting on travel or food delivery. so those two elements for us leave us with uber being our top pick in that grouping. >> check my thesis here. this is jon.

so outside stocks versus inside stocks, uber qualifies as a little bit more outside along with the travel names. and it is kind of the services versus products thing that we've also been talking about. entering into q4 which kind of needs to be big for products how are you factoring in not only the current environment, some of the revenge travel and getting out, but then as you mentioned, looking into next year, there are some worries that the consumer might not continue to spend on those kinds of services. what about the products and the ecommerce side, will they continue to spend or slow down spending on that >> i think on product side we'll have to track the holiday. a couple weeks time we'll be talking about cyber 5 and the way the holiday shopping period is evolving. and in the u.s. i would say we're not necessarily seeing any worrying signs on the consumer amazon caused some worry and concern about european

consumption trends on their call last thursday night and we'll continue to monitor that that is something we've been calling out in terms of weakness since june but on the u.s. consumer, we're feeling okay about the product side going into it out of holiday. i do think on the services side i'd separate it. taking a car to and from, would, mobility getting to and from an airport, especially business travel starting to return, those are elements that are very idiosyncratic where consumer travel will just run into much tougher comps and there is more discretion around consumer travel than necessarily mobility tied to employment so i'd draw a bit of a distinction line there on the services side between consumer discretionary spend and some elements of return to work and return to normalcy on the employment side. >> and finally, i won't ask you to tell us what china is going to do on a reopening, but how do you process some of these unfounded rumors we've gotten about committees in china starting to look at that >> reporter: yeah, we don't have

a view on that within the sector that i cover our economists' view i think is out there. but i still think that there is low visibility into that, so i wouldn't want to comment too much on that >> that has been a tough one to read eric, appreciate the time as always >> thank you after the break what we learned from nxp and a look at amd, how you might want to play those names.

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nxp out with results and more color from amd after the markets close. ad christina has more on what investors should be watching >> and what we're seeing is the weakness is spreading. nxp the latest to guide lower because its consumer exposed internet of things revenues are slowing down the guide down echoing peers like sk that saw a 67% drop year over year for its third quarter. so i guess you could say the semis correction has arrived on the conference call this morning, nxpi management warned that they are slowing the rate of hiring. but highlighted resilience in demand for auto as well as industrials. after the bell likely we talked about we'll get amd earnings,

they cut revenue outlook to $5.6 billion back in october. which still means a 29% growth year over year but that is almost entirely due to resilience. and amd warns about deteriorating demand, changing invent inventory dynamics and they expect pc chips to crash by 40% in the third quarter. and an aggressive price cut mostly from intel. but they did say data center sales would be in line with expect tagss for the third quarter. we'll see if weakness is showing in the current quarter or if they are successfully stealing market share away from intel which could be plausible given that intel posted a 27% data center and ai revenues

so all those things we'll look for after the bell >>. still to come, supply chain challenges exist and xp off the spinning off part of its logistics business rxo beginning to trade on its ow n.

share s of

fox gaining over 5 % of a ter the company dr driven. stronger than expected results come after fox and news corp announced that they are in discussions to potentially recombine. fox ceo saying on the earnings call the special committee has not made any determination at this time and there can be no certainty that the company will engage in such a transaction worth noting that since those talks were announced, news corp gained about 6% and fox has lost about 6% tech check will be right back. which saved investors over $1.5 billion last year.

that's decision tech. only from fidelity.

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welcome back rxo completing its spin-off from xpo logistics. >> i'm here joined by a special guest, the ceo of rxo. thank you so much for being here >> thank you for having me it's great to be here. it's been a fabulous day for all our rxo team

>> shares down about 2% right now, something we're obviously watching but just in general your chairman mentioned the spin-off as a way to balance the truck brokerage business >> when shareholders buy rxo they're getting the best in class tech enabled truck brokerage in the market today. the truck brokerage industry has grown by a 9% over the last eight years. our team has grown over 20%. we've got long-term relationships with our top customers. our top ten customers have been with us 16 years on average. >> some of your top customers are ford, gm and lowes, in addition to dow, the dow call ponent of course when xpo reported its earnings your truck brokerage business

saw a 15% decline in revenues and today we saw uber, a big jump in revenues, more than 300% growth in their revenues where do you see your growth going forward? you have very strong valued players. and ups has about the same amount of market share you do. >> so one the 15% down also includes european transportation, which will not come with us to rxo as we spin-off our truck brokerage revenue was down just over 2%, and we actually grew volume by 9%, which is well ahead of what we've seen anywhereen else in te industry today our path for growth is organic if you look over the last three years 100% of our growth has been organic growth. >> this is tech check. we want to talk about the tech part of all this for the most part a majority of the truck brokerage business is

still analog, a lot of mom and pops doing it with pen and paper, picking up the phone. what does tech do for the business >> when you look at how we build our technology we build it for customers, we build it for carriers and we build it for employees. so for customers we're giving them data that helps them make decisions on what day of the week they should ship something, what mode of transportation they should use for carers they get to come on our platform and operate with a lot of volume. we're the fourth largest truck brokerage today so it allows them to not have to look for their next load on another platform, and then they're able to look at it and say we've got discounts on fuel, tires, roadside maintenance, all these things that continue to pull them back to our technology. what you're looking for is

something that helps you do more per day. if you look at how we ended last year and look back over previous years we grew volume at nearly three times the rate of what we grew head count. we're creating more productivity with our employees >> a lot of competition out there. we just showed it's a $62 billion market here in north america where you have most of your business. we've seen volatility when it comes to trucking rates. the american trucking association saying we have a shortage of 78,000 truckers just off the all-time high of 81,000. what does that mean for your business does that volatility hurt your business or help >> volatility is a good thing for our business if the market is tightening or loosening there's always a play book for us. when you look at the market loosening we're pulling down purchase transportation than what our customer rates fall which is why we had such strong gross profit percentage, 14% in

the first quarter. we'll hold on our contractual volume and as you start to see asset based carriers and other brokers we'll pick up more on the spot so we'll grow gross profit dollars and volume. volatility is a great thing for the brokerage business in general. >> something to watch shares of rxo down more than 2%. this is the first day of the spin thank you for being with us. >> frank holland, thank you for bringing that to us. a quick programming note as we head to break, in just about four minutes cnbc your money kicks off and talk about way to maximize your finances head over to cnbc events.com/your money to join. well worth it. tech check is ckn montba ia me , and i'm going to tell you , about exciting medicare advantage plans that can provide broad coverage and still may save you money on monthly premiums and

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such a visionary. game plan... you go. no, you go! and call audibles... double our investment in omaha! omaha! omaha! omaha! or you could use workday. omaha. the finance, hr and planning system used by over half of the fortune 500. for a be-agile-like-an-mvp world. workday. for a changing world. one more thing today yesterday we covered that footage showing the workers fleeing covid lock downs at that fox con plant in china now speculation may be looking to gradually exit at zero covid

policy with this unverified document saying the country assessing whether to open borders in march the chinese foreign ministry saying it's, quote, unaware of those plans. we've always known china headline risk is difficult for investors, and this one's going to be tough to suss out until we start getting more clarity >> it seems like a new signal every week are they opening, are they not opening? how are things going to shift now that xi has solidified power for another several years at least? i don't know >> and that's why every little detail is speculated upon. talking about the involvement perhaps of xi jinping's propaganda minister. that would be interesting because to implement that policy in the first place you need a massive propaganda campaign. if you're going to loosen it or eventually get out it you think

you need that propaganda on the other side as well there is value to be had, it's just hard to find it >> exactly right they don't make it easy. meantime yields have been back and forth. you've got about half the curve higher this morning and the ten-year still around 404. this morning it was around 394 as we await the fed. it's going to be a big day let's get to dom chu for the half stocks giving up big gains as we kick off a new trading month. two day fed policy meeting on rates beginning today, so is that so-called pivot coming, and how you should position your portfolio on the back of october's big gains and another fed rate hike coming this week we'll debate that and more with our investment committee today it's brin talkington, also joining me on set -- i love seeing this, by the way, three people on set, liz young, stephani