it is 5:00 a.m. here at cnbc here is the top "five@5. we begin with the skid in stock on the back of the fed signal that further rate hikes lay ahead. futures moving slightly higher ahead of the jobs report coming up later on this morning. investors bracing for the jobs report. we preview what to expect and what the data may mean for the central bank rate hike strategy for moving forward. and also slashing staff.

elon musk starts layoffs at twitter and hits the pause on the advertising on the social media platform. and doubling down on china and the chip space. and starbucks and bypass to report solid results it is friday here on "worldwide exchange" right here on cnbc good morning i'm frank holland in for brian sullivan hope your friday morning is getting off to a good start. let's kickoff with a check of the markets. stock futures ticking higher this morning right now, the dow could open as much as 100 points higher at the open nasdaq and s&p in the green ahead of the monthly jobs report let's get a check on the bond market 10-year treasury above the 4% level.

4.131. almost as important here with the 2-year treasury at 4.74. highest since july of 2007 we want to pay attention to energy which is moving higher. oil prices above $90 a barrel. wti above $90. up 2.5%. brent crude at $96 a barrel. and bitcoin above of $20,000 mark $20,600. up 1.5%. ethereum and xrp moving to the higher xrp moving as you see me circle it we will now go ahead to arabile gumede with the trade in the london newsroom. good morning arabile. >> good morning, frank mixed to begin the day we saw the hang seng gain a bit there. chinese rumors seem to be that

we may see an opening of that economy. that is boosting the markets out and particularly the chipmakers with positivity there. we are expecting the market to continue to move higher. some green is in the mix the european markets mostly higher this does follow from the bank of england decision yesterday with hiking interest rates 75 basis points you could see a recession according to the bank of england governor andrew bailey things are tight including the labor market which is tight and growth is still expected to drop off .75% this year alone with the longest recession for five quarters. you have the energy crisis the ftse 100 is higher up more than 1% today.

of course, it has been a busy week for central banks and it follows through the market picture from the fed plus we have the october jobs report expected later today. 205,000 jobs expected in the month of october unemployment 3.5% in the u.s >> arabile, thank you. a lot of anticipation. we appreciate that let's get a check of the top stories with pippa stevens >> good morning, frank elon musk kicking off the anticipated series of layoffs after the deal for the social media platform in an email obtained by nbc news, twitter employees were informed the job cuts would start today. the note told staff they would get emails bloomberg is reporting that twitter is facing a lawsuit over

the layoffs with the workers saying the company is doing without enough notice and violation of federal and california law tiger global management is hitting pause on the china investment the firm which has been a long-time investor in the country is reevaluating exposure in china with the xi jinping re-election. tiger executives have told others xi is cementing power further creating political tensions amid the zero covid policy continuing. and warner bros. is speaking on the company's earnings call and the ceo said the service would be available in the u.s. this spring. that is earlier than the original summer launch shares of warner bros. discovery has revenue missing the

expectations amid the restructuring costs and tougher advertising environment. >> i'm waiting for the next season of "succession. pippa, see you later on. back to the markets. stocks come off a fourth negligative session. you can see the chart here the dow down 2.5%. s&p down over 4.5% the nasdaq down 7% investors turning attention to the october jobs report and potential clues on the fed thinking on the rate hike strategy economists expect 205,000 jobs and unemployment holding steady at 3.5%. let's bring in robert teeter, head of investment policy at silver crest management. robert, great to have you here. >> good to be here >> i think everybody who sits in the position like yourself, jay powell, is this changing how you

change your portfolio? >> it is starting to make a change in the short-term outlook. the level of rates are starting to hit a danger zone you get the 10-year treasury over 4%, that puts pressure on the valuations when you get the periods where fed funds and 10-year treasury converge, that puts pressure on valuations in the short-term, we face a bit of a choppy market the potential good news is two cpi reports between now and the next fed meeting that appears to be what is needed for the fed to make a change in the communication of policy clear and substantial evidence of improvement in inflation. >> general wisdom here is the two inflation reports have an impact on the fed decision futures are higher this morning. we expect unemployment to stay the same and pretty good job gains. what is making the futures higher ahead of report which would be bad for anybody to see

a pause or pivot >> it has been confusing with conflicting messages one of the pieces of good news is good news on the job market in my opinion is that it buys the fed a bit more time to solve inflation before recession conditions emerge. you are seeing weakness in some parts of the economy overall, the economy continues to grow although at a slow rate. as you noted, the jobs market is very strong. that buys time for the inflation numbers to improve they are not helping the inflation conditions, it is buying time for the rate hikes to work their way through and for conditions to ease normally given some of the reasons behind inflation had perhaps been caused by the problems in the pandemic we think it is good news there is a strong jobs market for the fed to solve inflation. >> you think a strong job market buys time? the job market remains strong and that keeps the fed on course it wants to get inflation down to 2%.

last read was the 8% doesn't a strong jobs report make it more likely we see 75 basis point hike in december as opposed to 50? >> it does that is what the fed chair has been communicating in terms of what they are reacting to and they would like to see a softer economy. they probably would not say it this way, but softer job market as well. you are absolutely right in terms of that take and interpretation i think that's correct what i'm referencing is each and every cpi report is a chance for numbers to come down a bit some of the things below the surface in cpi have been im impr improving. two of the three reports were dese decent and one not so great. we will get through the progress on cpi and job market stable that is probably the way to thread the needle. >> it says a lot you are trying to get through the next two

inflation reports. wow. what an economy and stock market right now. when inflation reports have that big impact robert teeter, thank you when we come back, investors showing a real appetite for one food delivery company and shares of expedia with pop of the quarterly results. what the numbers signal for the travel sector and the stocks that have the potential to takeoff. restaurants resilient in the face of inflation. can the customers continue to keep up with the high prices ve busy hour still ahead when "worldwide exchange" returns.

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it's time for the big money movers first stock up is block. shares up 13% after the parent company of square reported results that topped forecast and profits look at the gauge of top line performance above expectations thanks to the strength of square and cash app businesses stock two is twilio. posted a smaller loss in the third quarter. revenue beat forecast. however, twilio reporting revenue below estimates. shares down 80% this year. stock three is doordash. beating forecast orders surging for the record high

doordash is seeing an impact of people buying fewer items because they worry about recession. shares up 11%. doordash ceo tony xu will be on "squawk box" at 8:15 a.m. eastern this morning and expedia beating forecast gross bookings fell short of estimate it was another period of robust demand despite uncertainty shares up 2.5% peter kern will be on "tech check" at 11:30 a.m. let's dive into the outlook for the travel space joining me now is richard clarke richard, good morning. >> let's talk about some of the results we have seen marriott, airbnb and booking what are these telling you about travel going forward what are we seeing in the keyhok key holiday quarter?

>> we are seeing a few of the companies looking at the festive period hyatt with the ledger demand is the best of the period up 30% on 2019 we got an early look into 2023 they are saying robust demand into 2023. right now, the most of the big stocks, we are not hearing any negative or trading down shorter trips going down they look robust at the moment >> robust is good in the travel sector we heard these results and calls and saw beats and raises really encouraging signs as we see rising rates and inflation continuing to be high, what is your outlook people are locked in for the holiday season they want stayto see their fami and friends. beyond that, what is the outlook look like? >> i think we've got a good confidence that we will see

strong demand for at least another 9 to 12 months still high savings rates employment levels are still high there is still a remix of spend away from goods and services consumers want to travel travel has been cyclical it is a discretionary item if the economy stays weak, inflation stays high, it will hit. if we have a stay of execution for 12 months, we have to see the macro environment for next summer and beyond. >> as you look at the companies that offer hospitality, airbnb a platform, and you have straight up hotel chains like marriott and hyatt, which one is best suited to overperform as we go forward with rising rates and inflation? >> i would say that what we have seen a trend you need to show momentum. it is not good enough to show

good results and good demand airbnb down 13% on the hint of deceleration if you are looking for a sign where youomentum, i would say business travel is a good thing. that will continue to recover for a longer time period exposure to asia is a good thing. if you look at booking were able to say october was better than september was because of ash ya asia that will give you ongoing most had m momentum >> for me, you think of it as i go somewhere and sleep and keep going. how much is this part of the narrative? >> you have the distribution technology and increasingly trying to persuade you to use

their platform over any other platform that is around ai and fintech. the products to predict what you will book and recommend things we see airbnb invest on the hotel side, we see the tech and consumers want mobile phone door entry and choose your own room and control the heating and lighting and tv from the mobile phone those hotels that haven't invested in that may lose out. >> i really like that check in with your phone. you don't have to go to the desk or wait for a key. that is a convenience. thank you for being here have a great friday. >> thank you still on deck. countdown to midterms. a preview of where the key races stand ahead of tuesday "worldwide exchange" back in a moment stay with us

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together. together. together. here, healthier happens together. cvs health. welcome back to "worldwide exchange." inflation hovering around the highest in decades and pinching consumers. when it comes to going out, there is no sign of spending slow down for now. pippa stevens has more >> frank, the bulk of restaurant

earnings is behind us. one key is resilience. yum brands and mcdonald's among the names beating estimates. this comes as companies raise menu prices to offset other expenses consumers are still eating away from home. there are some cracks beginning to emerge. mcdonald's ceo saying looking forward, the base case is a mild to moderate recession in the u.s. with the potentially deeper and longer one in europe executives from starbucks and papa johns and brinker have talked about a challenging macroeconomics environment consumers opt for cheaper restaurants and less expensive menu items chipotle sees reducing frequency. inflation remains a headwind for

consumers. particularly those making less than 50 thund$50,000 a year frank, a lot of questions if that will hold >> pippa, part the price hikes is the elevated commodity and price hikes. >> commodity and labor have been a headwind for restaurants we saw those start to ease on a year over year basis the narrative in q3 has shifted a bit. executives are warning the environment remains uncertain. particularly with commodities like beef prices those have come down, but there are signs those will be heading higher it seems executives are reluctant to give comments one area that is impacting restaurants is utility costs we heard this from cheesecake factory and mcdonald's and others with elevated energy costs are eating into margins.

with gas prices high over in europe, that is certainly something to watch for companies with exposure in europe like mcdonald's >> pippa stevens, thank you for that report. now turning attention to washington and the final push ahead of the mid-term elections. candidates and allies are set to spend the weekend hitting the trail to sway voters in the fight for the control of congress drew petrimoulx is joining us from washington. >> good morning, frank a flurry of activity on the campaign trail candidates crossing the states and big names sprinting from one rally to another former president trump back on the campaign trail >> you must vote republican in a giant red wave >> reporter: the former president falsely claiming he won the 20 election and teasing another bid in 2024. >> i ran twice i won twice.

i will very, very, very probably do it again. okay very, very probably. >> reporter: president biden in california warning that trump and his hand picked candidates are a threat to democracy. >> we are going into an election and you have all of these people saying they don't accept the jut com outcome of the last one. no guarantee they will accept this one >> reporter: it is the theme of the campaign along with abortion rights democratic candidates driving the message home >> i think doug mastiano is the most extreme candidate in the nation >> reporter: for republicans, crime and the economy. they think that message to lead to victory even in deep blue states >> here in new york, penople wan to feel safe on the streets and attacks on the wallet to end >> reporter: neck and neck battles across the country that is drawing out each party's

heavy hitters. in addition to biden and trump, obama is hitting the campaign trail for a final pitch to voters overnight, a high profile endorsement in pennsylvania. oprah winfrey throwing support behind john fetterman. back to you, frank. thank you. the tech giant pivoting as the sector is facing headwinds. if you miss "worldwide exchange" check us out on podcast apps "worldwide exchange" will be right back ♪♪ ♪♪

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stocks looking to lose the weak post fed selloff. futures are higher at the open. top of the radar the monthly jobs report and the insight it holds in the rate hike policy path going forward. companies hit pause on twitter over advertising it is friday, november 4th you are watching "worldwide exchange" here on cnbc good morning happy friday i'm frank holland in for brian sullivan let's get to the final trading day of the week. futures are slightly higher this week in the green. it looks like at this point and remember it is early

the dow could open up 150 points higher s&p and nasdaq higher as well. let's check the bond market. 10-year treasury above the 4% level that we're talking about that impacts stocks and tech 4.125% more importantly here, the 2-year treasury note at the high we have not seen since july of 2007 something to watch today we are taking a look at energy wti trading above $90 a barrel $90.50 more than 2% up. brent crude up 2.5%. let's get the top stories check with pippa stevens you are doing everything this morning, pippa kicking off here elon musk kicking off layoffs one week after the $44 billion deal for the social media platform in the email obtained by nbc, twitter pemployees were informe

today. and now facing a lawsuit over the layoffs. the wall street journal is reporting the companies to pause advertising on twitter in the wake of the takeover from musk. apple is pivoting hiring practices with slowdowns last month, apple paused hiring for jobs outside of research and development. last week, ceo tim cook told cnbc the company slowed pace of hiring with the focus on hiring deliberately and commerce secretary raimondo spoke with jim cramer last night and she stressed the move is all about american interests. >> we have to protect the american people against china. period full stop. china has become more aggressive in what they call the

military-civil fusion strategy fancy talk for buying our sophisticated chips which is for commercial purposes and putting them in military equipment to advance their military >> the secretary added the u.s. needs to double the amount of people working in the semi industry roughly 300,000 right now over the next 5 to 10 years frank. >> thank you, pippa. turning back to the top story and the countdown to the october jobs report. it comes two days after the fed boosted interest rates by 75 basis points noting the tightening cycle is far from over citing inflation and jobs market. employers hired 205,000 people last month compared with 263,000 in september this is likely held steady.

joining me this morning is sarah house. >> good morning, frank >> job growth and unemployment to stay at 3.5%. the usissue is wage growth what do you expect when it comes to wage growth >> we are looking for another gain of 0.3% in terms of average hourly earnings. that pushes the year over year rate down. you are looking at an annual rate of 3.6% that is starting to look for comfortable for the fed. still noticeably above what we saw in the last cycle and as we heard chair powell say he is not necessarily convinced we have seen a material slowdown especially with the overall tight status of the job market we still have. >> you mentioned the job market is tight the last estimate is 10 million openings right now

are we expecting to see the 10 million openings to stay the same we hear of layoffs twitter is one example that may be a case that is an out liar of the economy. other companies said they are slowing hiring and selective about hiring >> overall, we are still looking at a strong labor market in the absolute sense if you are thinking about the direction. it is clearly weaker you mentioned specific companies. we see this in the broader data. the small business hiring plans at the lowest levels since early 2021 you have job openings coming down from where they were in the spring and the employment sub components have weakened since earlier this year. i think the demand is weakening. we still haven't seen the increase in layoffs. i think that does suggest that the labor market is by no means

falling apart. we see growing trepidation on the part of businesses to hire new workers. expand the employment base and back fill positions. that points to a moderate trend in hiring since those new hires are half the equation as you see the layoffs hold steady. >> sarah, we see the futures tick higher. the general consensus was a good jobs report to potentially be bad for bpeople who want a paus or pivot the numbers we were just talking about and wage growth as well. what do you expect to see with the markets and general economy if this is a strong jobs report? how does everybody react to that >> i think it depends on the composition. if you are thinking about this from fear of the fed going another 75 in december or possibly sending the terminal

rate higher, you want to see moderation in wage growth. still strong job numbers showing that the supply side of the picture is getting better. that is the way out of the high inflation pressure we are seeing from the labor market. seeing that wage pressure tamped down because businesses have more selection in who they hire, but seeing workers add thed to payroll. >> are youyou are looking ahead jolts report what do you see? >> the trend is lower. this is this is a volatile measure year over year and month to month we see in the broad range the demand for new hires weakens we see this in job postings as well that is all consistent with moderation in job growth ahead.

>> sarah house, thank you for being here we appreciate it. coming up on "worldwide exchange." more of the big money movers shares of starbucks taking off on earnings. the giant continues to buck the headwinds of inflation can that continue? we are back in a moment. don't settle for silver. harness the power of 7 moisturizers & 3 vitamins to smooth, heal, and moisturize your dry skin. gold bond. champion your skin. is it possible the only thought that comes to mind is... ♪ finally? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪ ♪♪ i was having challenges with my old bank. lots of red flags. yellow ones, too. fees, penalties, unnecessary fees! playing dirty. so i broke up with bad banking and moved on with sofi checking and savings. now, i earn higher interest

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movers four stock stories of the morning. shares are tumbling after the revenue missed forecast. management is seeing weakness take hold. slower growth from paying customers. shares of atlassiatlassian is d% and shares of paypal are falling as the company cuts guidance for the year paypal is adding touch to payment technology to the apps shares are down 7% this morning. stock three is coinbase. sales missing forecasts. shares are rallying as coinbase shares up 8% and then starbucks. customers are paying more for iced drinks. the company says u.s. traffic has nearly bounced back to pre-pandemic levels outside of

the u.s. continue to weigh on international sales. the cfo will be on "squawk box" in the first on cnbc interview at 8:50 a.m. let's talk more about starbucks with sara senatore >> thanks for having me. >> let's start where we ended. you see the cfo on "squawk box" later today. what is your rating for starbucks? >> we have a buy onstar starbucs we think they have a lot of opportunities going forward. specifically within the u.s., you see the store sales is the best measure of health and demand one of the best numbers we have seen this quarter. 11% in the u.s they are just getting started with the opportunities whether it is on the demand side or customization and hold and loyalty initiatives or

production side where they are rolling out to help speed up the process of making some of these drinks and become more complex because customers have taken to the idea of customizing and making a drink their own. >> i actually think it is more expensive. they want to put this in there and that would be higher margin for starbucks. the real question is is starbucks inflation proof going forward as we see inflation and consumers wallets tightening >> i think a couple of things. in terms of starbucks and price and how much higher prices are this year versus last, they are actually relatively modest things are relative. we see 8% inflation in the restaurant cpi index the fact that starbucks price

increase is in the 5% to 6% range means it is a price lag to some extent. the other thing that we observed is customers are expressing real price resistance to starbucks. we have seen evidence of check management among other concepts. starbucks has continued to see adoption of customization and to your point, these do cost more to do, but they really make the drink very special and very specific to the customer that, you know, really means that customer cannot get the beverage any place else. we have not seen customers really back away from ordering not only same stores some of the best in the industry, but positive transaction growth which other restaurants are seeing right now and their transactions have nearly fully

recovered. transactions per store per day pre-covid levels despite not all of the our behaviors, with work from home is a testament. >> not fully, sarah. you mentioned a lot of companies are not seeing the ability for sales to increase right now. one exception is mcdonald's. double digit increase with orders i guess sales per customer i'm trying to think of the right ter term you know what i'm saying people are willing to pay for middle class luxury. a starbucks coffee or taking your kids to mcdonald's opposed to other high-end sit down restaurants? >> to your point, mcdonald's has double digit increase with same-store sales those are more outside the u.s mcdonald's in the u.s. with 6%

very respectable they do have about 10% price increase based on the menu as we talk about no business is immune to inflation and having to pass that on to customers i think to your point, what we are still seeing in the u.s. is the desire to enjoy going out to eat. this idea of spending more on services and less on goods and idea of reclaiming the occasions from what we saw during lockdown mcdonald's has seen a bit more check management than starbucks. there are some companies out there for whom especially lower income consumers are doing what they can to maybe still enjoy occasions, but lower cost than before because they are under pressure from inflationary pressure on some of the necessities like gas.

>> sara senatore, thank you. >> nthank you. time for the big insider buys with brian sullivan >> earnings season is almost over that means the friday insider buying segment is back we highlight the five stocks bought the most by company insiders these are executives with their own money buying their own stocks and the information comes as always from verity data we countdown five to one here we go stock five tenet healthcare cfo flips and buying $473,000. he was a seller in march and the number four is bancorp $585,000 buy by the board

member this is a 23-year veteran of the company. 16th insider buy it is bigger than the 15 combined that is a stock to watch number three allegion the ceo making the first insider buy since coming on in july. he picked up $1.3 million. the largest insider buy at the security products company. now to the top two of the week second biggest buy coca-cola. $1.99 million buy by board member herbert allen iii the same that helps run the allen company investment bank. and the top insider buy of the week mobileye kbloebl the $10 million buy. the chairman also bought in that

time five names this week tenet, bancorp and allegion and coca-cola and mobileye this is a segment you see on wex or cnbc pro. if you haven't signed up yet, wait what are you waiting for? still on deck, investors bracing for the jobs report and what it means for the rate hike path going forward the next guest says it will provide some relief for the selling. if you haven't already, check us out on apple for other podcast apps "worldwide exchange" will be right back

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welcome back to "worldwide exchange." the day ahead for wall street. the monthly jobs report before the tuesday mid-term elections and earnings are on tap. hershey and draft kings are reporting. and susan deccollins is set to speak today. and richard fed president is speaking to "squawk on the street" this morning then ron baron is speaking at 6:00 a.m ahead of the jobs report let's get a check of futures right now. solidly in the green the dow could open 50 points higher s&p and nasdaq higher. with the rates up, nasdaq up higher than the s&p. we have to watch that let's bring in simeon hyman at pro shares advisers

you are here in person talk about the in-person format. >> great to be here. >> the first question i have to ask after jay powell saying the ultimate level of rates will be higher than expected has that changed >> he didn't have a choice break even on the 2-year treasury came down they went up to 3 in october no choice there. i think the key is to look for companies that are growing margins. if you look at the s&p 500 in q3 earnings, the rally in october had a foundation of not disastrous results a 3% bottom line increase year over year. that was 11% top line. margins shrinking. to counter that, the s&p 500 dividend, growing dividends for 25 years at a minimum. they grew the top line 17% 26% bottom line. if you can figure out a way to

expand margins in the face of inflation, that's the safe haven. >> that's the key anytime. expand margins something i want to ask when you look at portfolio management right now, we see the 2-year treasury at high we have not seen since july of 2007. you are getting that return on a bond, does that change the way you balance? >> if you look at the yield curve, everybody is talking about the inversion. the inversion is less about a real bearish long-term view and the view the fed won't stay high that long. back to the break even inflation numbers. if 3% inflation persisted, you could see the 10-year treasury around 5%. the 4 and change we see right now is more reflection of the fed not hanging out at 5% fed fund rate. >> wow 10-year treasury at 5% yield what would that do if we see rates get that high on the

10-year treasury >> five is not that high historically >> but we're used to low rates. >> we have to get used to the new normal the long-term average for the 10-year treasury is 2 year real and 2 year inflation that is what youquantitative ea. that is the sign with the relatively shallow recession >> you are one of the people on the soap box of corporate credit a lot of people looking at the return of corporate credit opposed to the volatility of the equities are you focusing more on the corporate credit >> there is a miss conconceptio the market people assume there is leverage in the system. if you look at the s&p 500, the most common measure of leverage is less than one that is very low leverage.

if we look at what happened in the month of october, yes, high yield spreads came in. investment grade spreads did not much at all. you have decent spread there that is a real opportunity >> we have to continue to look ahead to the jobs report before we let you go. what is the most important metric job growth will be high. wage growth will be a factor unemployment give me a sense. everybody is thinking a good report is bad for the pause and pi pivot. >> it is the wage growth number fblnumber we had 5% wage growth. that is the sticky thing that stops inflation from coming down that's thave the swirl in the '70s that's the number we have to look for >> shelter inflation as we go past the jobs report quickly. what will yessee ahead?

how do you see the market reacting >> a modest update we will get a little bit of a tick down in the wage growth number to give people a little bit of comfort. >> simeon, you are optimistic. thank you for the early wake-up call talk about the in-person format. thank you. before we go, look at the futures. solidly in the green ahead of the october jobs report. we are seeing the dow could open 150 points higher. nasdaq in the green. even with the 10-year treasury above 4% something to watch as we continue high growth and mega cap tech stocks under pressure with the rate rising in recent days that's going to do it for us on "worldwide exchange. "squawk box" is coming up next

well, we fell in love through gaming. but now the internet lags and it throws the whole thing off. when did you first discover this lag? i signed us up for t-mobile home internet. ugh! but, we found other interests. i guess we have. [both] finch! let's go! oh yeah! it's not the same. what could you do to solve the problem? we could get xfinity? that's actually super adult of you to suggest. i can't wait to squad up. i love it when you talk nerdy to me. guy, guys, guys, we're still in session. and i don't know what the heck you're talking about.

good morning futures relatively calm, but that could change at 8:30 with the october jobs report with the lead story in the journal about amazon and lyft. i don't know we'll see. maybe it is starting to have an affect both freezing hiring or cutting jobs we get you ready for the data straight ahead. tigerwitter stafferer s are checking emails to see if they are getting fired. and others announcing layoffs too. and starbucks shares are the rise as higher prices did not scare away customers

kellogg's said the same thing. we have the first on cnbc interview with the cfo of starbucks. it's friday, november 4th, 2022. "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live at the nasdaq market site in times square i'm andrew ross sorkin along with joe kernen and rebecca quick is at the baron conference >> good morning. we are here this morning at lincoln center the 29th investment conference in new york city we have been here before it has been a few years because of covid everybody is back. it feels like here