it is 5:00 a.m. here at cnbc here is the top "five@5. we begin with stocks and kicking off the trading week with a strong note. the second straight day of gains. this as the outcome of the mid-term elections as democrats and republicans fight for control of congress. washington looking at the key races. sticking to the plan of curbing inflation. comments from one fed head on the central bank's efforts to tamp down high prices.

and lordstown motors getting investment from foxconn as they look to team up in the ev space. the powerball drawing delayed over security concerns it is tuesday, november 8th, 2022 you are watching "worldwide exchange" here on cnbc good morning happy election day in the u.s. i'm frank holland in for brian sullivan let's kickoff the hour with the check on the markets and money futures are fractionally higher. dow could open 50 points higher. s&p and nasdaq flat. checking the bond market yields right now are elevated right now. we are seeing the 10-year treasury at 4.20% this is a big issue. rising cost. 2-year treasury started off 4% lower than what we see right now.

10-year treasury at 2.5% lower something to watch also turning to energy oil above $90 a barrel wti at $91 brent crude at $97 both lower this morning. in crypto, cryptocurrency under pressure this morning ahead of the midterms that is a hot button issue if the gop takes control and what it means. bitcoin down 5%. ethereum down 7% as well as xrp. overseas a mixed session overnight as investors await the results of the u.s. mid-term elections. nikkei and kospi with 1% gains and shanghai is lower. and in europe, a bit of a mixed picture. french cac is down as well as the ftse 100. turning back to the u.s.

as polling stations prepare to open, americans cast ballots to decide the fate of congress and other races. candidates spending the last mores ahead of the contest to look in the votes. we have brie jackson joining us from washington with more on these midterms good morning, brie >> reporter: good morning, frank. we have been talking about this for some time. it is finally here election day control of congress and the president's agenda on the line as voters head to the polls. >> it is any choice. >> reporter: a fight to the finish in one of the most consequential mid-term elections. and the 11th hour, president biden campaigned for wes moore warning democracy is at stake and echoing a plea for voters to ride the blue wave president biden's approval rating at 44% could weigh down

democrats. rally be for republicans, former president trump at the stage >> we will take back the white house. >> reporter: while looking to give j.d. vance and his party a boost. republicans need to gain five seats in the house and flip one seat in the senate to grab a hold of congressional power. nine snenate races are compe competitive. including pennsylvania, nevada and arizona. tensions are high among threats and voter intimidation officials are prepared to keep polls safe >> we are monitoring polling locations for any discord. >> reporter: there is enthusiasm among voters to weigh in on the economy, abortion and crime. >> get out and vote. do your civic duty >> reporter: americans are turning out in historic numbers.

more than 42 million votes have been cast already and millions more expected in person today. the justice department announced it will monitor polls in 24 states to ensure no one interfere was the voting process. frank. >> brie, what about the race in georgia and the deadline extended >> reporter: frank, a judge had extended the deadline to november 14th. now this after more than 1,000 people who requested a mail-in ballot did not receive one it is a close u.s. senate race in georgia this means that election day could extend to election week and possibly longer. >> nbc's brie jackson. it will be a busy day. thank you. tune in to our election night special. "business on the ballot" at 7:00 the business topics and the results can impact your money. time to get a check on the

top stories with bertha coombs good morning, bertha >> good morning, frank foxconn is expanding investment in lordstown motors. announcing foxconn plans to spend $170 million to buy common stock and preferred shares in the ev maker the investment provides fresh capital for lordstown as it works to increase production of the truck model. foxconn and lordstown announcing they will develop their first electric vehicle together, but did not elaborate further. shares of lordstown surging in the pre-market virgin orbit getting a cash injection from richard branson's group. orbit revealing the third quarter results that branson's company and existing shareholder made a $25 million investment last week.

lowering the forecast for orbit from 4% to 6% now. shares of nintendo rising in overseas trading after the video game maker raised full year guidance the company reporting the first half net profit rose 34% from a year ago thanks in part to stronger sales of software and switch console and a weaker yen. nintendo calling on a short year with the supply chain issues. i don't know when the jackpot is going off, but i'm here. >> speaking of cash reserves i'll be here for a week to get my stuff set up and i'll quietly walk away. bertha coombs. >> it only takes a week? >> we'll see you later on in the show you didn't win yet see you in a half hour. turning attention back to

the markets. investors gear up for the cpi this week. thomas barkin saying yesterday the central bank will persist in inflation and not halt rate hikes prematurely. this ahead of the federal reserve december meeting with the fifth straight irate hike. we have three big popension market mover thes this week. cpi and which one has the biggest impact on the week >> i think it is the cpi report. a big reason for the decline in the markets has to do with the fed. the last two times it was on, i mentioned we are unlikely to see a sustained up trend until the

fed pauses the rate hiking cycle. i sitick to that when the fed is raising rates and taking liquidity out of the system, the markets seem to struggle the with any sustained upside fed chair powell made it perfectly clear that his priority is to fight inflation that cpi report is going to be important. he is okay or seems to be okay with the markets going into recession. he certainly doesn't want the markets going higher proof of that is when the markets started to rally in july and august, he was very hawkish with the tone at jackson hole. last week, he repeated priority to fight inflation >> you know, we also heard from thomas barkin using the "p" word not pause or pivot my question is how does this shape your investing thesis

hearing the hawkish tones from fed officials? what sectors are you bullish on and which are you pivoting away from >> the take away is for investors to remain patient and defensive. to your point in last week's press conference, jay powell used a lot of terms of we have a way to go and it is too premature to talk about a pause. there is a reason the expression don't fight the fed is out there. as far as growth stocks, investors will have to be patient until we get a little bit more clarity from the fed. it might take two or three months of inflation data specifically the inflation data to come down before we get any hint of any pause from the fed >> so you hit on something i want to talk tech. tech stocks have been hit by

rising rates and recession especially the mega cap names. they have growth in key areas like the cloud is this the time to buy the dip? >> that's a great point. it depends on your timeframe or trader if you have done due diligence on the companies where bad news is priced in with big tech if you are looking to scale into them, i would start small. number two is accept you may need to add if things get worse. number three is because of overhead resistance, people purchased at a higher price, you have to accept and be patient that it will take time for these stocks to come back. it really just depends on your timeframe. >> certainly to watch. a lot of people taking an

opportunity to buy you say if you do buy, stay patient. joe fahmy, thank you. when we return, residents clash with authorities with covid restrictions we are live in beijing with the latest. the big money movers shares of lyft diving ahead of the open investors are hitting sell. the boom of the bottom line for oil companies. looking to crackdown on billions in profits we dive into how the companies are spending that moy idneam increasing scrutiny. we will have that and more when "worldwide exchange" returns stay with us

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welcome back turning attention to china and clashes with residents and authorities trying to enforce the zero covid policies. police arresting people over the violence as leaders face growing backlash over the policies we have eunice yoon with more on the story from beijing good morning, eunice >> reporter: frank, police confirmed they arrested 7 people after the video online showed haz-mat workers meeting up to residences that video has been censored online the tensions of the zero covid policy remain. including the foxconn factory.

china appears to be moving into hyper drive to try to get the iphone city back up and running. official media reporting that the search for workers to supply the plant has gone beyond the city and to the province officials have now been enlisted to track down experienced workers mainly from the foxconn plant and convince them to go back with special bonuses to reach as high as $420 and 20% wage increases this shows the intensifying conflict with the government's priorities of zero covid and economic growth. for the most part, zero covid has been winning out it is not clear how the foxconn situation is going to play out a seven-day lockdown of the industrial zone that houses that foxconn facility is set to lift

on wednesday the case count, the daily case count has doubled from yesterday to 733 we don't know, frank, whether or not that lockdown is going to lift if it doesn't, it will be another delay for the foxconn workers to enter the plant. >> eunice, what is the issue with guangzhou and testing >> reporter: guangzhou expanded testing to nine districts and extended the lockdown of one area people are nervous because they are worried about the spread again, the numbers are jumping they are in the thousands. from a global standard, that is not a lot. from chinese standard, it is enough to get people wondering

if guangzhou could be the next shanghai that is something nobody wants to see another lockdown. >> eunice yoon in beijing. thank you. still on deck, gauging the market impact with the midt-ter e elections. ed mills lays out the outcoming and what it means for your money. "worldwide exchange" is back in a moment ♪♪

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time for the big money movers four stock stories of the morning. lyft with record third quarter revenue. shares are down double digits down 18% as the company attracted fewer customers in the quarter and fourth quarter revenue guidance is low. john zimmer will be on "squawk box" at 8:00 and take-two swung to a third quarter loss with the revenue miss forecast. it is expecting weaker spending this quarter

strauss zelnick is on "squawk box" after 7:00 a.m. and the online travel company impacting revenue by $30 million. demand continues for travel and dining and finally, the maker of the software with the earnings beating estimates. revenue rose 30% the fourth quarter and full year is short of expectation. the stock is down this morning 13%. oil and gas companies in hot water with washington. president biden has called it war profiteering pippa stevens is looking at this >> reporter: >> good morning, frank chief in focus is looking at how much they are returning to shareholders data shows 50% of oil companies

cash goes to capex which is down from 2014. you see companies have reduced spending prior to the pandemic at the same time, capital return with dividends and buybacks a pri priority 30% of cash goes to shareholders which is up from 15% in 2013 volatile prices calls for peak oil demand and shareholders looking for return as you can see, it is down across the board this year, exxon plans to spend $22.5 billion in total on capital and exploration with chevron at $15 billion to put those numbers in context during the third quarter, exxon posted record net income of $19.7 billion. chevron reported $11.2 billion

in total earnings in q3. the second highest ever. these follow record losses during the pandemic. the white house is look at the buybacks exxon repurchase of $10.5 billion of shares this year. chevron with $7.5 billion on buybacks through the end of september. wall street seems to like what it is hearing, frank both stocks hitting record highs yesterday. >> pippa, what do the oil and gas companies say with the response from the administration are they growing production? >> they are highlighting production in the permean basin. they say this is a cyclical industry so they say they are investing today, but we are not going to see the impact of that until further down the line. they are also facing the same inflationary pressures across the economy with labor

finally, a common talking point here is the administration's flip president biden ran on the green energy agenda and now calling for more oil production. executives from oil and gas companies say with the flip flopping policy, it is really hard to focus on the long-term decisions with everyone calling for peak oil >> pippa, thank you. still on deck here on "worldwide exchange. the surge of layoffs in silicon valley we lay out what the jobs cut signal for the road ahead. and check us out on apple or spotify and other podcast apps for "worldwide exchange. we'll be right back.

stocks looking to extend win streak to three in a row after solid gains yesterday. americans set to head to the polls in the midt-term election. no winner. no drawing security issues forced powerball officials to stop the drawing. i just bought any ticket it is tuesday, november 8th. election day here in the u.s you are watching "worldwide exchange" here on cnbc welcome back i'm frank holland in for brian sullivan let's get to the markets on this election day

futures right now in the green you see the dow could open up 25 30r 30 points higher s s&p and nasdaq slightly higher the bond market is a hot button issue. we are seeing the inverted yield curve with the 2-year treasury about 4% higher. 10-year treasury at 4.201% also in energy, the rising cost of heating oil and gasoline. we are seeing wti above $90. this is well off the highs of the year the highs for wti were $120 a barrel both down this morning let's get a check of trade in europe with arabile gumede in the london newsroom. a switch here, arabile

all eyes on politics in the u.s. instead of the uk. >> a mixed picture from the market asian trading higher off today a little bit of issue from the bank of japan from the meeting the monetary policy committee meeting deciding to keep rates on hold the last time out. the european front started off mixed with more negative sentiment. things have gone positive. it is a cautious optimism as we head to the mid-term elections investors are worried about which direction things will go economy and inflation key elements focused on in this election if the democrats lose the house and senate as well, that will be different. we heard from elon musk weighing in on the election saying a republican congress would really help the tech

sector that is the sense we are getting from his tweet as he said many should be voting republican. although he has voted democrat in the past. really interesting market picture. mixed for now. it points to positivity. the midterms are the key focus area >> arabile gumede live in our london newsroom. thank you. let's stick with the midterms as americans are preparing to head to the polls and cast their ballots both sides fight for control of congress and what is expected to be a close contest for more on what to expect, let's bring in ed mills, raymond james policy analyst >> great to be here. >> markets are moving higher ahead of midterms what is the likely outcome >> at raymond james, we p published a republican sweep

that is based on the republicans well positioned in the house of representatives. they need to flip five seats an average midterm, that is 23 seats. even an average midterm should have republicans doing well in the house. in the senate, it is closer, frank. we give a slight edge to republicans based upon the momentum we have seen. it really is a debate in terms of is it a red wave or are we going to see a blue wall of support from democrats the senate is much less certain. closer to that toss up we will look back and say hindsight is 20/20 there is a descent amount of uncertainty and the makeup we could see this break one way or the other >> as you mentioned uncertainty, it is uncertainty of the key issue for the midterm election roe v. wade is one hot button

issue. a lot of economic concerns rising cost of inflation and middle class having a hard time of making ends meet. >> frank, we have pollsters at raymond james. we see that over the course of the last month or two, the economic indicators have really been the top concern of voters that is part of our analysis we will seekind of what that actually translates into we do have a lot of democrats who are out performing the approval rating of joe biden in the election it is a number of x-factors. you mentioned the supreme court ruling on abortion that certainly is going to make up a key part of the outcome of this election as well. those uncertainties, frank, are part of the reason why the vote today is going to be higher than

average midterm election i think the debate is normally high turnout has been viewed as favorable to democrats when we look back at the last couple elections, we have had tie turnouts good for republicans and democrats. a lot of unconventional wisdom of elections have been up ended the last two or three cycles >> you took a phrase out of my mouth. conventional wisdom. gridlock in washington is good for the markets. your scenario would be technically gridlock republicans control of both houses and democratic president. do you see the gridlock as positive >> i think the missost importan thing, frank, is the midterms are over we look back the s&p 500 in the last 30 years has been weak in midterm years it starts rallying the first week of october through the end

of the year. we look back in six months after the election and every midterm since 1950, s&p has been up. we have so many different potential outcomes that we shutdown and the market doesn't like that uncertainty. once we have an outcome, we can book end that risk and look at the real issues and have a lot of those play out in the lame duck there is still plenty of things that can get done in the divided congress we have a debt limit which is the big market focus mid-year next year. from a market perspective, we want this to be over so we can focus on other things. >> ed, while you are talking, we show the chart with the s&p flat since joe biden took office. we will have all eyes on the midterms thanks for getting up early. we appreciate the insight. >> thank you

>> tune in to cnbc's election night special. "business on the ballot" at 7:00 eastern. we will have the results impacting your money. the check on the top stories with bertha coombs who is back with those the powerball drawing did not happen you have to stick with us for a little while >> frank, let's start off with nvidia rolling out a new chip to china to get around new rules. the semiconductor marks the first ever by u.s. chip company to create an advance process to bypass the regulations nvidia declined comment on whether it con p sultedconsulte commerce department. and the bid for a new trial

has been denied forl elizabeth holmes a new trial was unlikely to result in acquittal. she is sentcheduled to be sented next friday. her partner was granted a three-week delay in his sentencing. and last night's drawing for the record $1.9 billion powerball jackpot delayed. officials say the move was made because one state had issues processing sales the lottery association declined to say which state was impacted. the winning numbers and recorded video of the drawing are expected to be posted to the powerball web site and youtube channel later today. you know it will come out. won't you hate to be that state? it shows the numbers this big and it is hard to keep track. >> i didn't believe. it seems silly the odds are against you i had to buy a ticket.

$1.9 billion i don't think you would quit what would you do? >> i would talk to jim cramer about setting up a charitable trust. how fantastic would that be to give money to your causes. i would set up family trusts as well and i would travel. for sure >> all right all solid plans. i think have you seen "duck tales" with scrooge mcduck bertha coombs, you are stuck with us for now. until the youtube link goes live. the morning rbi coming up and how it can wipe out trillions from the housing market that is next when "worldwide exchange" returns. that ur value omise our relationship

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welcome back to "worldwide exchange." time for something random but interesting. for that, we go to brian sullivan >> happy tuesday election day let's do an rbi for you this morning. something we found random but interesting tparticularly with money and is fascinating and scy

it is something bigger than the stock market real estate. really big zillow estimated the american housing market is worth $40 trillion combined. at least it was. that's the problem with the interest rate spike. it is likely going to do damage to housing maybe wipe out trillions of total value. look at the chart from deutsche bank this is what they calculated that you could afford to pay for a home if you had 20% down and a $2500 month budget as recently as over a year ago, that amount of money, 20% down and $2500 a month would get you a house worth $725,000 low rates make that payment go a lot further. now look what is happening higher rates are crushing afford able deutsche bank notes with the same amount down, 20%, the $2500 payment would now get you a

house worth $450,000 nearly $300,000 drop in what you could afford after adjusting for inflation and time, deutsche bank also found in some respects, affordability is lower than it was than in 1980 when mortgage rates were 12% and 14% because home prices have not fallen that much yet yet, of course, is the key if that chart is accurate, unless you are an all cash buyer, it is hard to see prices may be coming down and coming down a lot unless the amount of money you are willing to spend goes up, real estate could have a tough road random but interesting several big tech companies with layoffs and freezes now meta platforms set to join that list with job cuts announced tomorrow

that follows twitter which slashed half of the work force a lot of week. tech companies are forced to rein costs to prepare for a possible recession at the end of october, more than 45,000 workers in the tech sector have been laid off. that includes microsoft, inn the t intel an and snap. let's talk more with stephanie mehta. >> good morning, frank >> you are of the mind that meta is a special case. you are looking at microsoft and lyft you said the leaders there were getting high on their supply what does that mean in this context? >> well, throughout the pandemic, we saw a lot of

technology companies not un unjustifiable sing the praises for enterprise technology space. the need for more spending and seeing customers really invest in technology. i think there was a sense this kind of growth would go on in p perpetuity look at ecommerce. shopify and amazon reflect the slowdown in ecommerce activity in part because people are returning to stores and diversify spending so the growth we saw during the pandemic which was the silver lining for much of the economy and stock market, that growth was not sustainable. i think the technology sector invested and planned for that kind of growth and we are seeing that slowdown. >> absolutely a slowdown

i cover the tech sector. when you see the earnings report, a lot of companies are not profitable how much of a factor is that in all of this? >> i think it is a factor. i think it is surprising the number of -- and these are not the big companies. enterprise technology which is a couple of layers below amazon and microsoft. octa and twilio. these became household names these companies have been around for decades in cases and have yet to show profits. they are public companies and investors are saying it is time to show growth >> you are coining a lot of phrases. you side it said it was a vibe economy. what characteristics do they

share? >> i think there were the companies that went public and many went public in the pandemic these companies that are household names. sweetgreen oatly. they went public without profits. it ha it is hard to see the path to profit ability unless we see the cuts take place in the tech sector it was like these companies went public on the hopes and vibe they would eventually find their way to growth. you know, if you are a company that has been around for a decade, you are not achieving the economies of scale that come from growing at a rapid rate you are not able to show profit ability. for a reporter, when will you show profits >> i'm a big fan of the vibe economy.

i didn't realize it. one last question. ecommerce. that is seeing layoffs and some of the companies struggled in general, a sticky trend going forward. should we expect more layoffs with other companies >> you know, with a lot of the big companies, what you will see is layoffs in areas where they see the growth slowing or where they can create more efficiencies you look at amazon and clearly wherever they can find ways to automate instead of manual labor, they will find efficiencies there i don't count them out amazon will find a new area of growth and they will need to hire in the same way meta is going through some layoffs, but they are going through the business

process transformation while they tre may abe layoffs mature businesses, but mark zuckerberg will continue to make human capital investment in the areas he believes in. >> a lot of investors not feeling the meta vibe. stephanie, thank you on deck here on "worldwide exchange." vance howard lays out the election day trading session ahead and the stocks on his shopping list. follow the podcast if you miss "worldwide exchange" or brian sullivan check us out on podcast apps "worldwide exchange" will be right back ♪♪ be ready for any market with a liquid etf. get in and out with dia.

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welcome back to "worldwide exchange." here is the agenda for wall street and main street as both gear up for election day we get the small business survey at 6:00 a.m. eastern

earnings from norwegian and disney and dupont. futures right now in the green. dow could open up 40 points higher nasdaq is the best so far. up .30%. joining me now is vance howard at howard capital management >> good morning. >> vance, midterms are expected to have an impact on the mas markets. a guest earlier says republicans win both houses. how do you see it? >> it is an interesting call you get burned out on listening to them, you are glad they are over i think the republicans have a strong chance to take the house. we will see what happens with the senate will it impact the market? probably will. let's face it, the past two years have not been great for investors or anybody as a whole.

th there will be opportunity. the trend is negative and a lot of headwinds ahead of us cautious is the word. >> varnce, 2021 was a pretty goo year >> that is correct the last year has been tough it has been hard on folks. it created a lot of opportunity. our buy line is down until that changes, the word of the day is caution i was looking at the 1 to 3 month treasury they had flows with billions into the etf there is a tremendous amount of cash to present themselves we get the election out the way and see what the changes are for the economy and headwinds we're facing right now we will see what happens it is an interesting horse race.

>> interesting is a euphamism for today. i want to talk about the portfolio and how the midterms might change it. you are a 60/40 portfolio. you are 40% cash >> we are. we are heavy in cash the buy line is negative which is the trend indicator i would be cautious. don't fight the trend. the trend is down. don't fight that i would be cautious of being dogmatic of reentering the market the trend will change. that will be a big indicator of taking trades. whether it is microsoft or apple or big stocks like that or roll back into tech i'm cautious be cautious on big banks big banks have come out with a number where the market will go. they don't know. nobody knows the answer to that. the trend is critical to this. the trend is down. be cautious. a tremendous amount of opportunity. some stocks have been truly beaten up.

if you invested in them this morning, we sit on the cash until the trend changes. if you bought them this morning, you would be happy >> vance, the company's quantitative indicator to determine when you should be in or out of the market you are like a registered trademark. i wanted to explain to the audience get out of the market this morning? >> you need to reduce exposure to equities. you are fighting the trend the trend is negative. all three are negative when you fight the trend, you are fighting headwinds and odds are not in your favor to win you have to take the emotion out of investing when the trend is negative, take money off the table. cash is not a bad thing in the bear market. it is wonderful. some of the stocks likes meta, you can pick them up pennies on the dollar they may change the business model, but it won't go out of

business >> vance, one last word. what is the one sector that you think people should invest in from now before the midterms through the end of the year? >> i would play with an etf like dvy. high value and high deividend paying stocks. >> vance howard. thank you for the insight and time and waking up with us this election day. >> thank you the future is flat dow is flat. opening up 40 points higher. nasdaq up .30% joe, becky and andrew take it from here. thanks a lot for watching. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums]

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good morning overall averages calm after the big jump for the dow we will tell you about the movers shedding value. several polls are opening as voters are determined to change the balance of power in congress. and you have to wait longer to find out if you won $1.9 billion in last night's powerball drawing which was delayed. details straight ahead it's tuesday, november 8th, 2022 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square.

i'm rebecca quick along with joe kernen and andrew ross sorkin. if you want to look at what is happening on this election day, check out the equities you will see there are green arrows these are modest advances. in the green dow up 16 points s&p up 2 points. nasdaq up by 25. by the way, this comes after gains yesterday. the dow up 424 points. we saw gains ofnearly 1% for the s&p and nasdaq this morning, treasury yields have been higher some calm there yesterday. this morning, look at the 10-year treasury just above 4.2%. 2-year treasury is above 4.7%. thomas barkin said yesterday the central bank will persist in the efforts to tame inflation and not halt rate hikes prematurely. no matter what disruption occur, that sounds like come hell or high