it is 5:00 a.m. at cnbc. here is your top "five@5." a blockbuster day. s&p 500 with the biggest rally in more than two years. the stocks are not out of the woods yet. why carl icahn is remaining bearish despite the rally. easing covid curbs china scaling back the measures around the virus we are live in beijing. ftx is on the brink.

new details on how much cash it needs to stay afloat as r regulators are cracking down on the company. the biggest buys by c-suite leaders, including the biggest on record. it is friday and you are watching "worldwide exchange" here on cnbc good morning i'm seema mody in for brian sullivan let's kickoff with a look at markets shaping up following the mass sufficient day yesterday. futures are indicated higher dow up 162 points. nasdaq up 92 this comes after the dow surged more than 1200 points on the back of the softer than expected october inflation report s&p rising 5.5%. the biggest one-day rally since april of 2020. technology making a bigger

comeback nasdaq surging 7.5%. look at treasuries 10-year treasury posting the biggest one day decline since 2009 the bond market is closed for veterans day 10-year yielding 3.8%. the dollar playing a role tumbling as investors pulled out of the safety of the cpi report. the dollar index falling more than 2% and down by 1% at this hour also want to get a gut check on energy wti crude and brent crude did move higher as part of the big rally yesterday. and higher today brent crude up 2.6%. wti crude below $90 a barrel let's check on crypto with the fallout from ftx bitcoin down 1.2%. let's go worldwide with

arabile gumede in the london newsroom with the look at the overnight trade in asia and early europe >> good morning, seema things have tilted to positive trade. you have gotten a sense of positivity in the trade this morning which stems from the cpi number from the united states yesterday which was softer than expected if we kick things off in asia, you have a big boost there the hang seng index jumped 7%. that jump came through as you got hints from chinese regulations that perhaps the chinese economy may beginning to ease up with the covid-19 rules and reducing the number of covid-19 days you have to remain in quarantine. that easing has meant that the travel count stocks have moved higher that has filtered to the european market with the ftse 100 and ibex in spain sitting with some negative tilt. speaking of the ftse 100 in the

united kingdom, data out this morning. gdp for the third quarter is negative 0.2% which is the figure that has been put forward. that is better than expected than the 0.5% contraction. it is the question mark of the longest recession on record as tout by the central bank governor andrew bailey not so long ago and could this be the beginning of the recession and how long will it last? that is the data from europe. >> arabile, thank you for joining us today. let's turn attention to china. leaders there making a pivot on the country's strict covid policies eunice yoon is joining us now from beijing on the fast-moving developments eunice, what exactly has changed? >> reporter: seema, you or i might call this a pivot, but the

beijing leadership says they are sticking by zero covid, but optimizing control. still, the market is interpreting this as relaxation. for those who want to come to china, for example, if you are a foreign executive, there is good news for you here. the government says they will trim the centralized or government quarantine from 7 to 5 days still do 3 days at home here assuming you have a home here. there is a policy with airlines with a problem with china would suspend flights with cases on them that policy has now ended. finally, a requirement to have two 48-hour negative covid tests. that has been dropped to one the tweaks for zero covid are being applied to the country

they eliminate some of the more extreme measures for close contact for example, the quarantine in government isolation facilities have been cut from seven days to five. they are calling it high to low instead of medium to avoid lockdown for so many people and also trying to discourage citywide mass testing. seema, all in all, positive, but we will see what happens >> these changes are significant, eunice. how are people reacting on the ground there >> reporter: i think with a lot of caution on the one hand, the expectations that zero covid would stay for a really long time have been so beaten into the population here that people are excited by any idea that they there could be relaxation there is some good stuff

some extreme measures like rounding up close contacts will not supposedly happen anymore. at the same time, for example, they are discouraging citywide mass testing we are in beijing and nothing announced for the city effectively, we are in daily mass testing we keep getting alerts and told you have to show a negative 24-hour covid test to do anything schools are online parks are closed officially, this place hasn't been told there is mass testing. we are having mass testing it is likely because there is a lot of confusion over how to handle the policies. especially with winter coming and so many cases popping up in beijing, 118 of them. it is still a six-month high nationwide >> some big changes there. we appreciate your reporting

eunice yoon live in beijing. back to the market and one day of big gains what is in store for today that is what many people are trying to figure out here is where some of the smart voices have been saying. look at nasdaq 100 it jumped 7.5% yesterday jonathan kritzky says 16 happened between april of 2000 and may of 2002 and none marked the end of the bear markets. speaking to scott wapner on "closing bell" yesterday that this does taken change his negative view. >> i'm bearish on what is going to happen. a rally like this, of course, is very dramatic to say the least

you have them all the time in a bear market. i still think we're in a bear market >> so should you believe in the rally or is it a bounce? we have delano saporu joining me now. delano, this is a big question do you agree with carl icahn or can the rally be sustained >> good morning, seema i would tend to agree. if you look at it last quarter with earnings from every company and pretty much saying they have to do cost cutting measures and demand waningi the relief rally could be short lived. if you look at this and take a step back, the market needed good news and we got that with the cpi print looking like we may be peaking and showing trends positive on the inflation front. overall, companies are still in a situation where costs are high

and supply chains are limited and there is still a negative outlook on similar areas. >> what do you need to see in order for you to get more bullish on buying stocks >> i think i go back to the economic data. if you look at it, labor market still tight. that is the item that the fed is looking at that means the rates are raised. even though the market is anticipating 50 basis point hike in december. we have seen that starting to play out the last several months that usually doesn't happen, that pivot if you look at the data points and you want to look at companies getting better on the more margins. >> what did you make of the out performance in technology? i know you are an owner of a number of tech stocks. apple and alphabet and facebook

seeing 6% to 7% gains. ark innovation >> that is always good for long-term holders. if you are a long-term holder, you have to stand the volatility 2022 hasn't been a good year for tech and growth. for liquidity reasons, you can stay in and maybe the next couple quarters look for opportunities to buy look at meta so there are opportunities for long-term investment here. being cautious and careful and maybe add a staple apple is up compared to other big tech companies >> okay. delano, thank you for joining us delano saporu. when we come back, the

latest on the fast moving developments with ftx and where the embattled crypto lender stands as it races to drum up cash. and the tip of the hat to the fed. what goldman sachs's ceo is saying following the inflation data. and cautious approach for commercial real estate the one-two punch economic ttedies are having on the baer sector. a very busy hour ahead when "worldwide exchange" returns ga-a-a-ap! oh... hi. what's this, a hospital bill? mm-hmm. for 1,100 bucks? ga-a-a-ap! looks like your wallet may need a sling too. tell me about it. did that goat say "gap"? he's talking about expenses that health insurance doesn't cover. eh-ehh-eh! well i'm talking about the money aflac pays to help close that gap. aflac, huh? aflac! ga-a-a-ap!

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in the crypto market with bitcoin above $17,000. as major digital currencies digest the cpi report and shake off the sam bankman-fried issue. we have kenzie sigalos with the latest >> seema, assets have been frozen in the bahamas which is where sam bankman-fried exchange is based this applies to the local subsidiary the regulator says it is aware

of public statements suggesting that assets were mishandled and mismanaged and transferred which is the ftx sister trading firm headed by sam bankman-fried. he plans to close it down amid questions of the troubling ties between ftx and alameda. news moving overnight around access to customer kmufunds. we are seeing regional exchange resume service ftx japan said withdrawals are up and running customers can close positions. it is similar in turkey. on thursday, ftx started allowing reductions in the bahamas to comply with local law there. ftx got a credit facility from tron which is letting investors redeem smaller currency on the platform the ftx u.s. web site, separate from the global exchange, says

trading may be halted. withdrawals are still available. some customers getting money out and this as sam bankman-fried is still looking for cash to keep it afloat. sam bankman-fried warned of bankruptcy if he cannot secure the capital. f ftx has an $8 billion hole on the balance sheet. >> talk about seqouia writing down to zero what else are you seeing >> the contagion is in capital funds and startups across the sector blockfi which ftx agreed to bailout a few months ago is suspending withdrawals i saw a letter from multicoin capital and they say the fund has 10% of the assets under

management strand the on ftx genesis, a trading firm said it has $175 million in the trading account on ftx exposure has no impact on the ability to serve clients meanwhile, the web site of ftx ventures the $2 billion venture capital arm of the company went offline. no word back on what that means. >> what about the legal fallout? a lot of revelations in the last few days of sam bankman-fried's business ties. we heard from gary gensler on "squawk box" yesterday >> it is starting to receive questions from law enforcement to freeze ftx assets we are talking about tether that is held by ftx this is the dow jones industrial average that alameda research that sam bankman-fried said he would write down this is a dollar stable coin

this is raising questions of the close ties with alameda and ftx. the wall street journal reporting that the potential securities laws violations and ftx and ceo facing scrutiny from the department of justice. they are looking at if the company miss appropriated customer funds a lot of moving parts here, seema. >> fascinating to watch. excellent. kenzie, thank you. still on deck, gap is locking in a deal to get clothes to more consumers. ich retail giant it is teaming up with. for them s the biggest milestone, the biggest accomplishment, the sale of a business, or an important event for their family. for them, it's the first and only time. we have seen this literally thousands of times, in thousands of iterations.

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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. ♪ welcome back it has been a rough ride for real estate. weighing on buyers and sellers and the cost of capital and demand not back to pre-pandemic levels cincinnati and baltimore are suffering from high vacancy rates as fears of the global recession are causing people to adopt a wait-and-see approach. let's bring in hessam nadji with us. >> thank you for having me on the program. >> i have to get your take on the market huge performance in stocks and what we saw in the bond market

with rates falling dramatically. that has to have implications for real estate. >> it does it goes to show that even early signs of recession being delayed or going back to the soft landing scenario which people have given up hopes on because the fed has been aggressive on interest rate increases can make a difference in the psychology and confidence in the investment community. for us in commercial real estate, the success of interest rates have created a shock in the math in underwriting commercial real estate like apartment building or hotel makes a significant difference on the valuation buyers are looking for a certain return compound that with the messaging of job growth which they hope turns negative for unemployment to go up creates concerns of rent growth. the combination of the two has

disrupted the valuation and trading environment. yesterday was a great example of what happens when interest rates come in a little bit and the notion the fed has to stay aggressive eases a little bit. that is a foreteller of what happens in a few months when the inflation indicators start to really go down >> let's see. >> all of the capitalists in the market this is a liquid real estate recession, if you will people have plenty of capital and there is big demand for the sector unlike '08 with the ill-liquid environment >> you have a great lens in the retail sector with the real estate footprint what are you seeing? >> retail, which was left for dead a few years ago from the brick and mortar, has revived.

investors are coming in and reimagining and re-tenanting with the economy reopening, we see return to fitness, restaurants and bars and entertainment bringing consumers back in with foot traffic. foot traffic is at record levels many clients are reporting leases signed up and demand for leases by tenants unlike anything we have seen well before the pandemic. retailers really repositioning itself there is a rebirth of retail going on the other segment that is interesting is the single tenant long-term lease on drug stores or auto parts stores where there is a certain security of cash flow those have been in demand. >> cities with the most opportunity you are seeing strength >> in the western u.s. and we like seattle and denver that are dynamic. obviously texas, florida,

sunbelt, georgia, carolinas. all very, very strong demographic type of markets. don't leave the urban markets for dead >> new york is coming back >> if you look at the apartment vacancies in new york, they have gone down. office vacancy is a problem. >> not fully back yet. >> not yet that is the sector hurting the most not retail, ironically >> do you think office gets back to 100% at some point? >> i think it will in the next two-to-three years will be tough. after the recession concern and fed cycle, we will have another growth cycle behind it which should begin to create new demand for office space. >> hessam, great to have you on this morning still on deck, easing price pains. more on the softening inflation picture with the surprise cpi report and weather conditions will continue to improve as we head to break, a look at shares of marriott hotel

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crypt platform and how it got to the brink of collapse. exclusive look at the biggest buys by c-suite leaders. it is friday, november 11th. you are watching "worldwide exchange" on cnbc. welcome back i'm seema mody in for brian sullivan let's get right to the markets following that big session on wall street yesterday. futures pointing to higher moves. dow jones industrial average up 120 points nasdaq higher by 73. stocks getting a boost on the back of the october cpi report showing a smaller than expected increase in consumer prices. speaking to jim cramer last night, goldman sachs ceo david solomon sawing the fed's strategy is vindicated >> i think today's print

certainly is a positive sign and journey that the tightening is starting to have an impact i think one of the things that will be important to hear and start to get a sense of where are the declines >> for more, let's bring in aditya bhave aditya, good morning >> i'm great how are you? >> great these massive moves across the major averages and now the question is can it extend beyond one day and the idea the fed will slowdown the rate hikes do you think that's warranted? >> yes we see this cpi print as a step in the right direction it is a meaningful step with the details consistent with the story we've been telling core goods prices should continue to moderate and then

fall because they were dislocated from pre-pandemic trends for the fed, this means they can slow down to a 50 basis point hike in december that was our forecast anyway now that is our forecast after yesterday's print. >> what is your response to some saying inflation will go back up next month because not only did third quarter gdp come in higher than previous quarter, but gas prices are high month over month. >> so, third quarter gdp was driven by the trade balance that was a shift in net exports which supported a higher print if you look at final demand, it is decelerating steady over the last several quarters. setting aside trade and inventory, hyou have a soft

picture which supports the gas prices which will fluctuate here and there. the core is an easier measure to look at and again as i said earlier with the improvement in goods and services, you know, remaining sticky from where they were and coming down the next several months, we should see significant improvement next year >> how did so many people get this wrong you know, i look at a lot of experts who say it takes a long time for inflation to significantly move lower or downward trend to start. what do you think a lot of people missed? >> timing the peak is always difficult. in the last 20 months, inflation has beaten expectation to the upside 12 times. this was only the third miss i can understand why forecasts were higher. look, the trend suggests we're not getting back to 2% i think that's also important to remember amidst the relief over

the latest trend we are not getting back to 2%. we are probably getting back to 3% by the end of next year even the encouraging cpi of 27 basis points and that equals 3.3% we are still far away from target. >> beyond the next cpi report. what else is on the radar? pmi data and data from china which gives us a good lens into the global economy >> china is an interesting one for the u.s. right now a slightly weaker china, probably in the near term, is helpful for the u.s. it keeps commodities lower the other thing we are watching is retail sales, of course we are looking for a trend like number .60% on autos and .40% the story is the demarnd is

slowing down the two factors this month is additional prime day in october and the california government gave our stimulus checks last month. >> aditya bhave, thank you let's get a check of the stories of the day with silvana henao. >> good morning. softbank with quarterly profit the japanese company notching that profit after selling stake in alibaba vision fund totaling more than $7 billion with write downs in doordash s softbank expecting $1 million in losses on ftx. and gap is selling on amazon customers were able to buy gap

merchandise through third party sellers, this is the first time that gap itself is selling its products on amazon this comes amid a series of setbacks as it fights to boost sales. berkshire shedding stake in us bancorp it owned over 53 million shares as october 31st. that is down from 144 million shares at the start of the year. b it did not give a reason for the selling. and eli lilly is not offering free insulin. someone impersonated the brand on twitter eli lilly is in conversation with twitter on the matter. >> this needs to be fixed. >> it really does. another one with more issues

we had heard about lebron james. just lots to keep an eye on. >> silvana, thank you. coming up on "worldwide exchange." sam bankman-fried racing to drum up critical funds to keep ftx from collapse. what some of the biggest players are saying about the latest black eye for the space. "worldwide exchange" is back in a moment ♪ in any business, you ride the line between numbers and people.

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speaking for all the bitcoiners, we feel we're trapped in the dysfunctional relationship with crypto and we want out >> not all companies are like this just like the traditional financial system, a company goes bad and not representative of the whole. >> you give somebody your token and they go down, you will just stand in line at a bankruptcy court. >> if you are going to have the crypto asset, it needs to be nobody else's liability. that is what bitcoin is. that is what ftx was not. >> you know, we basically have a situation that looks like theranos >> some discussing the collapse of ftx on cnbc yesterday here is the latest headlines reports say ftx is looking for

$9 billion in rescue funds from okx and current investors and sequoia capital. security regulators in the bahamas are freezing the assets of the company's subsidiary. bloomberg reporting the fcc is investigating sam bankman-fried for securities laws violations crypto lender blockfi is halting withd withdrawals. citing issues that ftx and alameda. blackfi got a lifeline this summer from ftx. let's talk about this with jacque melinek what do you think is in store for sam bankman-fried? >> thank you for having me this is a tough moment for the

industry i don't think it will have forever lasting effects. in terms of sam bankman-fried, this will be ongoing investigation both in the u.s. and internationally. there are many factors about this and he has been involved in regulatory efforts in both d.c. and internationally. i remember back in april he joked about spending so much time in d.c. it is like a second home to him. with all of this going on, there is a lot of anger in d.c. who spent time with him and trusted him. now everything is unfolding. they will feel duped and stricter regulation coming down the pipeline for him and the industry >> without knowing the legal ramifications. the idea that some of his prominent backers will rush in and provide support. what do you think? >> i'm not sure. i really don't think that will happen

a lot of d.c. are feeling burned like sequoia a lot of the terms backing ftx, there will be hesitancy. >> freezing the assets of ftx digital markets in the bahamas do you think regulators could do something similar? >> the thing with the regulators, they will not move faster than the terra luna situation. what have we gotten? nothing really that is fair because these things do take time. i think until there is proper regulation in the industry, we might see other actors like ftx and voyager and so on happen history might repeat again. >> talk about the timeline the s.e.c. and doj is

investigating ftx. how long before decision making? >> i would give it six months to a year these things take time i don't think regulators will move faster toward guidelines. the best thing people can do an protect themselves and research. we hear this a lot within the industry it is a real saying for a reason i think if you think something is too good to be true, it is. >> right if you bought bitcoin on ftx, are you able to withdraw it right now? for average users who own bitcoin, what should they do >> so yesterday sam bankman-fried said that ftx u.s. is 100% liquid that is up for interpretation. everyone is advising people on ftx u.s. to remove their funds from the platform because it may be frozen. in general, my advice is put your stuff on your private keys

and i'm not going to state any company. there are some you can move. you hold in your own wallet and you don't risk the chance of not withdrawing it or the exchanges using your funds for something else >> jacque, thank you. time to look at the biggest insider buys with brian sullivan >> time for the weeklysegment. we highlight the c-suite level executives buys with their own money. as always, we are counting down five to one. this week is special all of the buys are over $1 million. there are big name stocks in here let's go

c cesears entertainment. national storage affiliate trust with the ticker of nsa the executive director with a $2 million buy this is a reversal of sentiment. stock down 30% of the past lthre months number three boeing david calhoun with the first insider buy at boeing. 25,000 shares worth $3.976 million. the biggest insider buy at boeing in 19 years the top two of the week. cme group. $8.2 million buy by a long time board member and largest on record at the cme. that wasn't the biggest. the biggest of the week. charter communications board member making his first

ever buy first buy is $10.1 million the board member is also the founder of media focus private equity firm search light capital. charter is down 50% for the year one may see value. caesars and national storage affiliate and boeing and cme and charter communications the seegment you will only see here on wex or cnbc pro. on deck, rally set to run. why scott minerd says the stocks may bounce in the final weeks of 2022. if you miss "worldwide exchange" check us out on all your podcast apps. we will be right back.

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welcome back let's get a check on futures on the back of the yesterday's rally. the dow jones industrial average indicated higher by 100 points s&p up 12. nasdaq which was the out performer yesterday up 52 points at this hour speaking to my colleague scott wapner, guggenheim partner's scott minerd says there is a chance this continues into the new year >> the seasonals are good. the comments i wrote on october 6th, encouraged people to stop market timing and get invested from the value standpoint, everything is looking cheap and

we're in a time of year where we should expect to see upside surprises. i do think we will continue to rally into the beginning of year then we get a chance to take a fresh look at things >> where does the market go from here joining me is david rea. a member of the 2022 cnbc financial advisory 100 list. also mark smith. senior vice president and portfolio manager at wells fargo advisors david, i'll start with you split opinion on wall street if the rally can continue you heard scott say he is becoming more bullish and we heard from carl icahn who is less positive. where do you stand >> after doing this for 40 years, i realize i'm not much of a good short-term guesser. i think we're going into a year end that is traditionally pretty good and we're starting into the

third year of the presidential cycle. we should be okay. we had quite a tough year starting out i think we should be okay. again, we always counsel people make sure asset allocations are good for you and be ready to weather the storms we should be setting up pretty well >> mark, the nasdaq up 7%. the best since april of 2020 are you evaluating your exposur to tech given what we saw in the cpi report >> seema, i have clients call me over the last month or two talking about how volatile the market has been and what they should do and it's stressing me out. they are asking you the same types of questions as well this is a time to possibly sell out of the portfolio

if you arewant to have cash on e sidelines, this is a great day to do it it's friday. take money out if the fed is continuing to be aggressive, you saw the numbers for inflation. they weren't down. they were siltill up. everyone wants to paint a rosy picture. we are still at 40-year high inflation. the fed will have to continue to act. if that is going to happen, it should affect real estate prices eventually that is what my clients are worried about with the 30-year fixed rate nearing 30-year highs. eventually chickens will come home to roost and effects the equity market. if you want dded to get out two weeks ago, now is the time >> david, it is still high if you look at the core cpi 6.3% for the month of october. >> all true. it is priced in. who really knows in the short

run. we are very long-term investors. we have owned stocks for decades. we are going to hang in there with our diverse stock portfolio. we will own some of the great tech stocks. we will own financials and healthcare we counsel people patience if you want to achieve the long-term returns of 10% on stocks, then you have to be willing to ride through periods like this. you know, trying to, i think, sell now and figure out when to get back in just -- i can't do it we buy good companies and hold on to them for the long run. >> it is tough to time the market, mark what is your take on real estate with the significant move in the 10-year treasury below 4% and the 30-year treasury back below 7% this is the sector you are more

bullish on >> listen, i think the sector i would be bullish on is the financials because we are in a rising rate environment. in a rising rate environment historically, financials have really led the way because of all of the ways it can make money in the rising rate environment. you have net interest margin you have credit cards and mortgages. you may have more m&a pick up. the large financial centers are solid and they will be here to stay in my mind this this environment, that's what we can take we don't have to forecast the short term or long term. interest rates are at 40-year highs. banks do well when interest rates are high because of the reasons i just said. >> mark, quickly, how important will earnings be next week for walmart? to give us a gauge on consumer

sentiment going into the holiday ce season. >> walmart is one of the largest employers in the country it gives you a good litmus test overall in the economy it is a really important stock to bawatch. we will see what happens going into the new year. there is more money in americans hands and they may want to spend something. this is one of the first seasons since the pandemic >> mark, quick word? >> sure. i would tell everyone as we talk about it and david mentioned, stay invested. for you retired, this is a good time to take heed of what is going on you had a great run yesterday. maybe you wouldnant to get more defensive. >> david >> be patient.

hang in there. i have been through four or five of these we will get through it and come out the other side look for bargains if you have cash maybe take some tax losses if you are an individual takes payer. hang in there. we will get through it we have been through a pandemic and war in a short amount of time we will come out >> dow up 122 points in pre-market david and mark, thank you. that will do it for us here on quk x"s xte.xchang "sawbo ine s, explore new worlds, and to start screening for colon cancer. yep. with colon cancer rising in adults under 50, the american cancer society recommends starting to screen earlier, at age 45. i'm cologuard, a noninvasive way to screen at home, on your schedule. and i find 92% of colon cancers. i'm for people 45+ at average risk for colon cancer, not high risk. false positive and negative results may occur. ask your provider if cologuard is right for you. as a business owner, your bottom line is always top of mind. false positive and negative results may occur.

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good morning futures actually pointing to more gains after yesterday's huge rally on cooling inflation data which spurred a continuation of what we have seen in october and now november we will show you what is moving.

airline and casino stocks in china surged after the government eased covid rules particularly around international travel we take you live to beijing. and elon musk's message to at whi twitter employees. if you don't come to the office, resignation accepted it is friday, november 11th, 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. as joe mentioned, it is up, up and away this morning again. green arrows across the board after the massive gains we saw yesterday. dow indicated up triple digits