it is 5:00 a.m. here at cnbc here is the top "five@5. stocks snapping the three-day winning streak as the investors turn to the report on inflation. ftx is still the big story on the brink of collapse after binance walked away to rescue the platform the latest on the developing story. control of congress still up in the air as several key races remain undecided president biden looking ahead to 2024 wall street hit with more layoffs as two more firms cut

head counts with the deal making and the economy and president biden raising potential for the elon musk businesses and connections to other countries it is thursday, november 10th. you are watching "worldwide exchange" here on cnbc good morning i'm seema mody in for brian sullivan let's check on the markets and your money right now stock futures are higher dow jones industrial average indicated higher by 76 points. s&p 500 up 9 points. stocks snapping the three-day winning streak with all three indices falling. checking the bond market with the 10-year treasury trading at 4% here we have 4.11% for the

10-year treasury a look at energy wti crude and brent crude which had been nearing $100 a barrel and now at $92 wti down to $85. and binance abandoning the rescue of ftx. it is higher by 1% at $16,667. the ftx token of the trading platform is down roughly 90% in the past week. you can see down 9% at hthis hour we have more on the developing story coming up. first, let's get a look at the overnight action in asia and the trade in europe with joumanna bercetche in london hi, joumanna >> good morning, seema risk off tone prevailing the indices are trading in the

red and wallnd wall street is n as well. looking at the resurgence of covid in the southern part of china which is having an impact of the manufacturing names and commodities. that is why it is down shanghai is down .40%. hang seng down 1.7%. tech names taking the cue from nasdaq yesterday in south korea, kospi is down as well and in europe, ftse mib is down and ftse 100 is down as well .20%. and we have a bunch of utilities report today the likes of the german company rwe posted better than expected profits. similar for francis well despite everything you hear in the energy crisis, the power

provider, any electric provider pricing off the price of gas is posting good results and they are coming in and they have come in the last couple days. the picture overall is negative. like other markets, all investors are focused on the u.s. cpi >> joumanna, thank you let's get a check on some of the morning top stories. silvana henao is here with those. good morning, silvana. >> seema, good morning president biden confirming the face-to-face meeting with president xi jinping the president said he plans to meet with the chinese counterpart on the sidelines of the g20 summit in indonesia. he plans to bring up how the u.s. and china can avoid conflict he added he won't make concessions on critical issues if it takes place, the meeting with biden and xi would be the first face-to-face between the two leaders since biden took

office. and hasbro cfo will retire once a successor has been found. deborah thomas has been at hasbro for 24 years. 13 of which in the cfo role. this comes after chris cox took over at ceo. and twitter's pay for verification system facing a wave of fake accounts. elon musk's social platform rolling out $8 a month for blue service yesterday and so far spoof accounts of lebron james and aroldis chapman and connor davis have been ususpended. a spokesperson for twitter did not immediately respond for a request to comment from cnbc.

>> changes are happening thank you. let's turn to politics and the latest on the midterms officials in arizona and nevada continuing to count votes there. both contests are too close to call meanwhile, president biden celebrating as democrats hold off an expected red wave by republicans. we have brie jackson from washington with more we're still waiting. >> reporter: seema, votes are still rolling in and president biden is calling this a win for democracy. >> the american people have spoken >> reporter: the defiant president biden claiming vindication after the midterm. >> the press and pundits are expecting a giant red wave, it didn't happen. >> reporter: despite the low approval rating, democrats avoided taking a major hit control of congress is still up for grabs. >> we have a chance. we will win nevada and i think

arizona. >> reporter: and mark kelly holds a lead over blake masters. georgia's senate contest is head the for a runoff in december the results from the nevada senate race will take a while. mall-in ballots are pouring in >> the mail can tomorrow through until saturday as long as it is postmarked by november 88th >> reporter: in the house, they are confident they have a gop takeover and kevin mccarthy leadership even with 2022 races still too close to call, there are talks of 2024 presidential runs. including governor ron desantis who had a victory tuesday. >> we will never, ever surrender to the woke mob. >> reporter: former president trump hinted he will announce another white house run as soon as next week >> we will take back our magnificent white house. >> reporter: president biden was

asked about his political future. >> our intention is to run again. >> reporter: mr. biden said he will firm up a decision early next year. for now, president biden's focus is on moving his agenda forward no matter who takes control of congress the president did call house minority leader kevin mccarthy last night and pledging to work across the aisle seema. >> i have seen comments overnight. what is latest with the house republicans for leadership positions? >> reporter: kevin mccarthy announced his bid to be house speaker if republicans take control of the house steve scalise announced he would run for my majority leader if republicans take control of the house or the senate, it could be a challenging two years for president biden as he tries to move his agenda forward >> brie jackson in washington. thank you. let's turn to markets and now that we largely moved past

the midterms, the next focal point is likely the october cpi report out at 8:30 a.m the figures could spur the fed to keep raising rates or take a pause in the coming months forecasts calling for headline cpi to rise by 0.6% from the previous month or 7.9% from a year ago let's bring in cate faddis this morning. >> thank you, seema. >> there were comments from jim cramer last night who said he is warning investors to keep an eye on growth stocks and be cautious going into the cpi data. what are your thoughts there >> i agree with him entirely i think the fed has been very clear. we should expect more rate hikes. we should not expect anything

from the fed i'm bearish on growth stocks i agree with him i look for places to hide, seema. >> where would you hide? we have seen a mini rally in the industrial sector. one of my beats. energy is out performing with brent crude in the $90 range what has piqued your interests >> i have been looking in the retail sector. i have been saying energy is long in the tooth. energy is working. it is one of the best sectors. i think food, clothing and shelter. i'm looking at tjx which we own. i think they will have a good quarter. not a cheap stock. yield 1.7% walmart approaching 5% and 7%. target has been walloped

target cut inventory and the stock took a beating it is quite cheap. target is one. it is one we are pushing >> for retail, i remember back in the summer, it was target that spooked the market with the idea it is sitting on too much inventory. you are saying the ceo has made the changes needed to cut costs and where the stock is trading right now you think is a good buy? >> i think target is a good buy here i have a couple others >> you talked about tjx. what about dollar general? >> they increased outlook from fiscal 2022. they did acknowledge uncertainties with respect to cost inflation and supply chain dynamics and customer spending ha habits they are stexpecting double digt sales growth >> cate, futures are indicating higher it was a tough day for wall

street 2% loss for all indices. there was talk in the 3:00 p.m. hour as we counted down the close of the binance and ftx story. what are your thoughts is there an implication there? >> yes, there is an implication there. it was a shock to everyone bankman-fried was supposed to be a billionaire. i think it is going to spook retail investors we will find how many investors were also invested in this sector with crypto i think it is huge i think it generally speaks negative things about the whole growth sector. meme stocks. i think we are back to fundamentals >> back to fundamentals. i did notice the dollar was up a lot yesterday. do you think that played a role and why stocks sold off? >> that is a good question i think the dollar is strong

because all of the other currencies are so weak where are you going to take or move your money? the fed is raising rates the euro is in trouble look at the pound. they are really struggling with what happened with truss economics. that will be a trend that will continue it will not go on forever. the dollar has had periods of great strength i would be 50-year high against the pound. people are looking for places to hide. >> hard to play down the dollar. we will await the cpi umber. cate faddis, thank you. when we come back here on the show, more on binance backing out of the deal for the deal to buy ftx. the later on the brink of collapse. and foxconn laying out plans to expand operations in china. the company continues to deal with covid outbreaks at the plants. and day one of the new

verified twitter facing a hit of fake accounts. we have a very busy hour still ahead here on "worldwide exchange." to support that village. ♪ ♪ i am peter akwaboah, chief operating officer for technology, operations and firm resilience. when you think about diversity, the employee network group is fundamental to any organization to provide a community and a belonging environment for the employees. they provide an avenue to support employees and ultimately it leads to retention of the best and brightest. the employee network represents the community at large, and it provides a good feedback loop to senior management to make the appropriate decisions, which ultimately contributes towards the bottom line. if you're thinking about growing your business, if you're thinking about driving the business forward, inclusion is a strong part of this.

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cryptocurrency is looking to recover from the crush yesterday. bitcoin and ethereum down 10%. touching multiyear lows after the trade. all of this as sam bankman-frie looking for finance as binance backs out of the deal. >> seema, the rapid demise in the last 24 hours. sam bankman-fried looking for funding and now everybody getting a sense of how bad things are the company is facing a liquidity shortfall of $8 billion. now the founder of the cryptocurrency tweeted late wednesday he and his team were putting together a solution with ftx hours after the binance deal went south he did say his team is working

around the clock to avoid the collapse there is still questions around the business practices bankman-fried used $4 billion of funds to prop of the trading fund the portion of the funds were customer deposits. no word back from ftx. bloomberg is saying he said without more capital, a bankruptcy is likely there are not a lot of backers left who are willing to buy ftx or can buy ftx. the justice department and s.e.c. are investigating ftx >> we try to understand the wider implications we saw a selloff in bitcoin. those watching who own bitcoin are trying to understand if this

will affect the broader cryptocurrency landscape >> investors and retail traders are shaken when binance pulled out of the deal, they blamed the due diligence. they wanted to walk away after they looked at the books and mishandled customer funds was another reason to pull the plug that scared people ftx halted withdraws and if history is any indication, celsius and voyager digital, once you do that, it is over and sam bankman-fried was the white knight if someone needed a bailout. ftx was keeping the industry afloat during the wave of bankruptcy that wiped out investors. now trust is lost as more details are revealed how ftx was keeping it going >> it is not just ftx. there are larger well respected firms. softbank with exposure to ftx.

what is the collateral damage? >> ftx last raised $32 billion valuation early this year from major players. blackrock and tiger global and softbank over $200 million in ftx that investment is worth nothing. others are writing off the loss. things are moving fast here. seema. >> we will see if another buyer comes in thank you. still on deck, your money morning's biggest movers including one dating app not feeling the love from investors following the earnings story we have that coming up >> announcer: today's big number $15.17 billion that's how much u.s. commercial gaming revenue reached in the third quarter of the year. according to the american gaming

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but it's only available for a limited time. go to getrefunds.com powered by innovation refunds. time now for some of your big money movers three stocks making the biggest moves in early trade first up is rivian shares of the vehicle maker getting a boost after the smaller per share loss than expected revenue falling short

of expectations. the company affirmed the full year guidance of 25,000 vehicles the stock is up 6% right now stock number two zipre ziprecruiter popping on beats the job marketplace company raising guidance and authorizing the $2 million increase in the share repurchase program stock up 12.5% pre-market. bumble shares taking a nose div after the expectations were below that with the weak guidance forecast for the fourth quarter. it is down more than 12.5% here. match group also sliding by 1.5% let's get a check on the other headlines. we have frances rivera in new york with the latest >> good morning, seema

president biden said he intends to get brittney griner home amid reports she is transferred to a penal colony in russia it may not be known until next week where the location of the facility is revealed. and going through the bahamas, tropical storm nicole hit florida of the the first hurricane in 40 years. many were experiencing flooding. heavy rains and storm surge and damaging 75-mile-an-hour winds expected in central and northern florida throughout the day new this morning, the man suspected of assaulting paul pelosi has been indicted authorities say david depape attacked nancy pelosi's husband. a grand jury indicted the

42-year-old canadian citizen for the assault on paul pelosi depape faces a series of state charges. he could face decades in prison. paul pelosi is recovering at home after the skull fracture and serious injuries to the arm and both hands. shifting gears bad bunny smashed another record named apple music artist of the year the latest album is the most streamed album of the year seema, those are the headlines for thursday morning back to you. frances rivera, thank you. still on deck, wall street grappling with the layoffs at two of the biggest banks details on how steep those job cuts will be. if you haven't already, follow our podcast if you missed "worldwide exchange" check us out on apple or other podcast apps. we wilbeig bk.l rhtac

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investors gearing up for the latest read on inflation and if record high prices peaked. futures are higher ahead of cpi. ftx is looking to survive after binance drops the deal to purchase it. and control of congress waiting to be decided as president biden looks for bipartisanship amid the

legislative branch it is thursday, november 10th and you are watching "worldwide exchange" on cnbc welcome back i'm seema mody let's check on markets and your money. stock futures indicated higher and holding on to gains. the dow indicated higher by 30 points nasdaq up by 24. keep in mind, stocks snapped the three-day winning streak yesterday with all three major indices falling roughly 2% or more the rough day on wall street take a check on the bond market with 10-year treasury relatively trading in the narrow range in the past couple days right now at 4.11% yields are lower with the exception of the 2-year treasury at 4.6%.

and bitcoin was down sharply yesterday. right now, trying to claw back it is below $17,000. here we are down fractionally with bitcoin look at stocks like riot blockchain and microstrategy and robinhood and block. microstrategy up 5%. all of these names were down double digit yesterday let's get a check of the top stories with silvana henao. >> more wall street firms are joining those cutting jobs barclays is eliminating positions across its investment banking group. it says 200 jobs will be cut an reductions started this week this comes after citigroup let go of 50 traders this week the firm cutting dozens of

banking roles amid slumping deal making activity. apple hiring a former facebook executive to lead the information systems group. according to bloomberg, timothy campos will lead the group which leads the infrastructure on the online services and customer support. campos co-founded a calendar startup which was purchased by slack and salesforce. and president biden questioning the relationship between elon musk and other countries. he asked if musk is a threat to security biden says the tesla ceo and twitter owners cooperation and relationship with other countries is worthy of being looked at adding he was not suggesting musk was doing anything inappropriate, but musk has international business ties with tesla and twitter and

sp spacex thank you. let's turn to foxconn. they will continue expansion in china amid the latest quarter results. the figures show the impact of the strict covid control measures eunice yoon is joining us from beijing with the latest on the story. >> reporter: seema, good morning. the apple supplier posted a 5% rise in profit, but missed expectations and sees a flat fourth quarter with the covid situation with the facility in china. the company wants to very quickly shore up so it can have that facility back up and running and officials say the evident which has been province wide to restaff the facility has made progress. quoting authorities saying they believe they will be able to lure back the 100,000 or so people needed to get the factory fully online toward the end of

the month. the situation with foxconn is part of the what seems to be the experiment by beijing to maintain zero covid and mitigate the social as well as economic fallout. the state media has been praising the city of guangzhou as they described targeted measures the official news agency said that the authorities should be stripping away extra unnecessary layers of covid curbs which would suggest that maybe they are looking for some way to make things easier for people at the same time, seema, i don't know if you can see behind me. this line for the covid test is really long and the stations have been extending the hours here in beijing because just as of the past day or so, most places are now requiring we show a negative 24-hour covid test

instead of 72. we had only 90 cases here in the capital. >> so face natuscinating. foxconn said iphone shipments would be delayed what is happened going forward for foxconn and the city of guangzhou specifically >> reporter: it will probably be the same zero covid leading to zero certainty. guangzhou in particular, we are seeing interesting and some ways scary ex-perm ex-experimentatio. the city is in partial lockdown and conducting mass testing. it is closing some schools, but

unlike other big cities which would be triggering lockdowns more quickly, guangzhou is staying open the path forward is who knows? maybe guangzhou is trying to find to balance things or in s z zhenzhen, we could havesee zero growth officials in nevada continue to count results as well as both nevada and arizona are too close to call. democrats hold on and expected red wave by republicans. the president vowing to work with republicans and suggesting he plans to run for re-election in 2024.

for more, let's bring in andy blocker. global head of u.s. government affairs at invesco what do you make of the shows by democrats in states like new hampshire and new york and colorado what does that tell you about investors expect gridlock? >> it was a really good night for president biden and the democrats. it beat expectations at the end of the day, we will have a divided government. whether you talk year three of the presidency or year three of the government you have a narrow spread on what can get done you reduce what i call political volatility with less uncertainty, there is more the markets can do. we will not see big tax increases or fiscal packages

>> markets historically perform best when there is division in the midterms >> that's correct. i think partly because of the uncertainty it brings. you will not have one swing too far to the right or left they can measure up where things will go. as you heard president biden yesterday, he made clear lines he will not deal with social security nothing that comes there nothing against climate. he will use the veto pen he is looking for opportunities with agreement >> he made the point in the speech yesterday he will work with folks across the aisle. what did you make of the speech? >> what i made from it is he looked confident i think he felt relief by the fact that he did not get a s shellacking as we heard.

as he goes to cop27 and g20, he will talk to world leaders the second thing i got from it is he feels emboldened to work with republicans on those things they agree on. there are areas with respect to being tough on china they can agree on and a few others as well >> biden said he plans to meet with china's leader xi jinping during the upcoming trip to asia what can we expect from that meeting? >> this meeting is a long-time coming xi has not been traveling. the fact they are getting together is good in the lower level meetings they have had, there hasn't been ability to make progress because as xi has consolidated power, we are finding more and more -- if you want to know where china is headed, you have to talk to xi this is an opportunity for biden to talk to him face-to-face and get a sense of xi and where he wants to take china vis-a-vis

the u.s. and express the concerns for the u.s. on the other side >> and you watch politics closely back to what we are watching in the midterms when do he expect the final results on the house and senate? >> that is a tough one because of nevada and arizona and some of their laws over there and how long it takes, i think probably by next week we'll know for certain, i think. we may find out as ballots come in, we may predict one of those if not both. >> that underscores how tight the race is andy, thank you. coming up, the growing fallout of ftx and brink of collapse the latest on where the embattled platform stands and ype growing effects of crtocurrency in the world. "worldwide exchange" is back in a moment

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he did not master plan the collapse of ftx which he says is not good for anyone in the industry the wall street journal reporting sam bankman-fried it needs $8 billion in emergency funding to cover withdrawal resp requests the justice department is also looking into the matter as well as the s.e.c investors are writing off funds. sequioia capital wrote down $150 million exposure to zero let's take about this with tracey wang at coindesk. the last time you were on, we talked about how ftx would b buybuy robinhood and a stunning fall from the executive in the cryptocurrency world what do you make of it >> it is really funny that last time we were talking about

rumors of sam bankman-fried bu bu buying robinhood and now ftx is insolvent. now founders with the cult personality ends badly we have seen this previously this year in crypto with the collapse of the luna/terra ecosystem and we have seen it with the crypto hedge fund that blew up. i think there is a lesson to be learned there. sometimes when founders are too good to be true, they end up hurting a lot of investors, but also customers and industry. >> if not binance, do you think there will be another buyer or existing backers of ftx of larger capital

tiger or softbank could step in? >> i think at this point, the chances of the alternative deal are slim we heard that sequia and other venture capital firnlsms will announce the value of ftx equity is basically zero. customers can't get back deposits i think sequoia mentioned their primary responsibility is the fiduciary responsibility to the limited partners that means maximizing shareholder value. at this point, if ftx were to receive $8 billion that it needs, most of the assets would likely go to customers >> now we try to understand the wider implications investors who have exposure to bitcoin or owners of the crypto

stocks like coinbase which fell 10% yesterday. >> i think it's a little bit of an understatement to say that the industry is shocked at the events of the past week. in the sense, it feels like the worst day in crypto in a while we are seeing that reflected in the markets and cryptocurrency stocks likes you mentioned, seema. i think there is a bit of an identity crisis in the industry because ftx and sam ban bankman-fried as a face of the industry he was in washington and lobbying for the industry and not only do companies have to deal with the fact that ftx was a top three exchange has collapsed, but the crypto community will have to figure out who will be the new face of crypto and who will represent

the industry in washington, d.c. >> a great point he ran commercials during the super bowl buying the rights to the basketball arena he was the name and to your point, we have to see who can fill that void tracy, we appreciate it. tracy wang of coindesk. bracing for the cpi report in a few hours jenny harrington is standing by to give us the latest read. and coming up on "squawk box. our conversation with nike co-founder phil knight discussing the involvement in the mid-term elections we will be right back. dad, we got this. we got this. we got this. we got this. we got this. yay! we got this.

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he plans to bring up how the u.s. and china can avoid conflict added he won't make concessions on critical issues. twitter pay for verification system facing a wave of fake accounts for high profile people and brands lebron james and nintendo of america among those with spoof accounts a spokesperson for twitter did not respond for requests to comment by nbc news. the private art collection of paul allen breaking records day one of the two-day auction fetching a record $1.5 billion the estimate was a combined $1 billion. another busy day on wall street as investors gear up for the october cpi print along with weekly jobless claims. we are watching for earnings from ralph lauren and warby

parker and poshmark. we have fed speakers on deck today with patrick harker and lorie logan and mary daly. they are ready to talk let's kickoff the trading day with the inflation data. our next guest welcomes higher interest rates here is a look at futures. dow jones industrial average indicated higher by 16 points after losing 2% yesterday. nasdaq is higher by 27 points. joining me now is jenny harrington she is a cnbc contributor. jenny, good morning. >> good morning. good morning from charm city. >> i love it one of the headlines from the notes here is you welcome higher interest rates tell us what you mean.

>> what i mean is for the past decade with the almost zero interest rates, it messed up risk return equations. you have not been able to value investments. when you run the cash flow model, you need a risk rate of return when it is zero, the math doesn't work we are at 4% and change for 10-year treasury they will stay higher for a longer time. now the math on valuation models starts to work not just that, it is healthy and painful. it is healthier for investors. now you can actually invest in bonds. that's important now when you make risk return decisions, you might actually get real turn for taking risk. when people invest in bonds, they are lending money for 3, 4 or 10 years.

in the last decade, with interest rates low, the market said give us money, but we will not pay you anything or pay you almost nothing in return that is now changing and that will force much, much healthier behavior i thought cate was spot on this morning. you don't need me. everything she said. what you see is valuation matters again. back to fundamentals when you have functional interest rates, you actually can get back to fundamentals you are not just telling a story and hoping for a pie in the sky story to play out. you can say here are the cash flows and here is what they are worth. as we reflect in five years, we will see a much more functional investment environment >> if cpi reports at 8:30 shows inflation is high, what would you do with your money right now? >> so, i would not just invest

in the market. i would pick things off. that gets back to what cate was saying there are individual stocks. the reason i'm in baltimore today is because i was at the terrific conference last night where a bunch of portfolio managers come and pitch ideas and it is a fund-raiser. one of the portfolio managers said we have gone from tina to tera i don't know what cpi will come out at it is fair to say inflation is sticky you can buy bonds now. you haven't been able to buy bonds for a long time. two ideas were bond ideas. i have been here for years i never heard bond ideas pitched the stock conference you can buy individual stocks. in our portfolio, you can buy at&t which trades at 7 times at 6% yield you can buy lamar advertising.

you can buy companies and this is getting dicey you can buy jetblue. that's trading at $7 a share it will produce $1.35 in earnings next year what she said before back to funda fundamentals you need to pay attention to the valuation and you need to pay attention to the fact that there has to be real earnings growth not just oh, let's hope one day they capture x percent of tam. they need to show real earnings growth pay attention. i would not just buy spiders i would pick off individual companies with a fair valuation and real earnings ahead. those earnings are growing then you run the valuation model and say this is what the stock is worth if i hold it for two or three years, i'm likinely to have a

return. >> we are out of time. jenny, i appreciate your s perspective. that does it for us on "worldwide exchange. "squawk box" is next with the futures pointing higher. personalized financial advice from ameriprise can do more than help you reach your goals. i can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about. if you run a small business, are likely to recommend us. you need the most from every investment. that's why comcast business gives you more. more innovation... with our new gig-speed wi-fi, plus unlimited data. more speed... from the largest, fastest, reliable network... and more savings- up to 60% a year with comcast business mobile. all from the company that powers more businesses

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good morning futures are little changed ahead of inflation data. we are getting back to business, but we will tell you what to expect control of congress is still undecided. two key senate races are too close to call. one is head ed for a runoff. you know where it will be. georgia. a new report says elon musk e-mailed twitter staff for the first time warning them of tough

times ahead and ending remote work it is thursday, november 10th, 2022 "squawk box" starts 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. u.s. yequities are waiting to se what the cpi holds today s&p futures up 10. nasdaq up 45 that comes after stocks dropped in yesterday's session the dow off 650 points that was a decline of 2% s&p off 2% nasdaq off 2.5%.