it's 5:00 a.m. at cnbc headquarters here are the top "five@5." stocks off the best week since june it is a different story for bitcoin and more amid the downfall for ftxand sam bankman-fried. more outflows and investigation keeping pressure on the sector. also, breaking this morning, president biden and xi jinping holding the first face-to-face meeting since biden took office.

a live report from bali. a victory for democrats over the weekend as the party han ta maintains control of the senate. it sis a different story for the house. and a multimillion dollar gift from jeff bezos to dolly parton it is monday, november 14th, 2022 and you are watching "worldwide exchange. good morning i'm contessa brewer in for brian sullivan let's kickoff this hour with the check of u.s. futures. s&p implied opening down the dow off 100. nasdaq almost that much. s&p posting its best weekly gain since june nasdaq with the best week since march. on a sector basis, tech led that

charge up more than 10% for the week its best week since april of 202. you can see energy right now is up 3% in early trading let's check the bond market now where we are seeing yields on the 10-year treasury up. t in energy right now, let's look at oil and you can see wti is off by .75%. brent is down .50% we are seeing bitcoin and ethereum on the move after that rough ride in crypto you can see bitcoin up more than 1% now ethereum up 2.3% perhaps you have investors getting in when the chips are down any gains are modest compared to last week with bitcoin and ethereum posting their worst

weeks since june more on that in a moment. let's get a check on the trade in asia and europe with julianna tatelbaum in our london newsroom julianna, what is happening? >> contessa, good morning. as for trade in asia, it was a mixed picture. investors looking at bali. hong kong gaining 1.7% muted in china with the shanghai down 13 basis points the other note is nikkei trading 1% lower and that weakness came from softbank. shares plunged overnight after the tech focus vision fund reported a quarterly loss of 1.4 billion yen. that is almost $10 billion the third consecutive quarterly loss softbank shares gained since

october driven by hopes of buybacks which they field to announce today that is the reason we see the pull back today. moving on to europe markets. a rally driven by the inflation report stateside and what it means for fed policy european equities continuing to put money into the market. dax up .20%. cac 40 up .20% as well ftse 100 is up here as well. in the uk, the event to watch is the budget due on thursday autumn statement where jeremy hunt will deliver on fiscal policy contessa >> thank you, julianna a wide look at the market. let's get to the top story. president biden with the bilateral meeting with chinese

president xi jinping ahead of the summit of the g20 summit in bali they have spoken five times by video conference over the presidency, but this is the first time in person they have spoken about trade and taiwan we will have more coming up. democrats have control of the senate with wins in arizona and nevada in the house, republicans are in the lead, but the final jut come j joum outcome hinges on more. we have drew petrimoulx with more >> reporter: republicans are hopeful to control the house once the votes are tallied, but the poor showing leaves the

party with questions moving forward. democrats are celebrating today. over the weekend, senate races were called for democratic candidates meaning their party controls the agenda in the senate for the next two yooears the tipping point came in nevada with the batch of mail-in ballots. >> far right republicans said they knew better, i knew we would prove them wrong today, we did. the victory is for nevada and all of us. >> reporter: cortez masto beat a republican candidate backed by trump. and mark kelly striking a tone of byipartbipartisanship >> i was looking for common ground and deliver results to move arizona forward >> reporter: some republicans now questioning the party's future as trump appears to gear up for another presidential run. >> those closely aligned with

the former president did under perform. those talking about the future and managed the states well, they overperformed the american people wants ideas and a future >> reporter: con trotrol of the house is uncertain with two dozen races still to be called >> we will see >> reporter: the strong showing by democrats is giving a boost to president biden as he is meeting with xi jinping today. the first face-to-face meeting of the biden presidency. on the agenda for the high stakes meeting with the leaders of the u.s. and china, threats against taiwan and the north korea missile launches and the war in ukraine i'm drew petrimoulx. back to you. >> do you hear anything about the announcement >> reporter: there will be a big announcement at the mar-a-lago resort there are some people in the

republican party urging the former president to delay any decision about his intentions to run until after the key senate runoff in georgia. those are making it clear he intends to announce his candidacy tomorrow >> we will keep our eye on that. thank you, drew. back on wall street. stocks coming off the best week since june we're getting word from the international monetary fund. the global economic outlook is gloomier than projected last month because of high and broad ba ba based inflation. weak growth and supply disruption the report highlights ppi data that indicates readings for a growing share of g20 countries have fallen from expansionary territory earlier this year to

levels of contraction. we have john with us for more. maybe this will be a soft landing, but you still have to keep an eye on what is happening around the globe where are you looking for opportunities as we head into the fresh week >> thanks for having me on the show i do think that the u.s. relative to the rest of the world is in a stronger position. obviously, we got the cpi numbers and they were better than expected as the markets rallied in a big way i think this is one data point the market is looking at where we are with labor. we do know that commodity prices have helped lower goods prices, but the labor market is something which is sticky. the fed will have to see more data points before they change course we do think that they could decelerate, but they will not

stop at this point until they have inflation under control one data point is not going to make them change their decision. that being said, we think there is more strength in the u.s. relative to the rest of the world. you are seeing that with the strong dollar in the u.s that leads us to believe there are certain areas where we should focus on tailwinds. >> like what >> some of the tailwinds we believe are going to drive performance over the next several quarters are in the ev space and ecosystem around electric vehicles. lithium used in batteries to create evs is in short demand. we think that is a great km commodity to own at this point every market, whether in the

u.s., china, or the nordic countries, are increasing sales of evs that will continue going forward. there are other areas related to climate that we think make sense. solar and wind it is all buttressed by ev spending >> given the softer cpi and frankly, we got the warning from fed governor waller saying there is a long row to hoe does that change the way you see the assets management? >> when i think of managing portfolios, i think of risk assets like exposure to themes like electric vehicles and cyber security to be included as a portion of the overall portfolio. you have to manage risk. certain areas are more volatile.

we do think if you look at the latest earnings reports and tech companies are impacted by higher interest rates you have to use it in moderated amounts in the overall portfolio. so it really depends on the type of client. over a long period of time, exposures like lithium and solar and wind will play out there are certainties. you may not get that in market return, but over a long period of time, you do. we operate in the etf space. you are not buying one company, but several. that gives you an opportunity not to be slotted into picking one or two winners or losers >> jon maier, it is good to talk to you thank you very much. when we come back, the latest on ftx and sam bankman-fried and the

cryptocurrency reckoning that show knows sign of easing up. and more on the face-to-face esening with xi jinping and pridt biden. that is coming up when "worldwide exchange" returns i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones with gold bond... you can age on your own terms. new retinol overnight means the smoothing benefits of retinol are

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quarter past the hour. welcome back a developing story as we monitor the collapse and fallout of sam bankman-fried and his now bankrupt cryptocurrency exchange ftx. this morning, other digital

asset managers from binance to crypto.com are racing to assure clients their coins are safe look, we are coming off one of the worst weeks in months for bitcoin and ethereum cnbc tech reporter kenzie sigalos is joining us. it looks like there is another nail in the coffin for ftx >> reporter: good morning, contessa a rough weekend for ftx. within hours of filing for bankruptcy on friday, there was a hack of the exchange blockchain firm analytic found $663 million were drained from the wallets. of that amount, $477 million taken in the suspected theft remainder has been believed to be moved in storage by ftx

they are coordinating with law enforcement. because of the breach, the exchange is removing trading and withdrawals on the platform and going offline and won't be accessible the wall street journal and reuters reporting that $10 billion of customer money sent to alameda capital of that $10 billion, somewhere between $1 billion and $2 billion of customer money is missing. a lot of people are concerned about whether they will see their money again. contessa >> a lot to be concerned about and not if you are a summer, but sam bankman-fried is now out as ceo. there are reports he is speaking to police in bahamas what legal trouble could he face >> reporter: sam bankman-fried, as you said, is under a lot of

scrutiny bloomberg is reporting he was speaking with police in the bahamas. that said, it doesn't translate to charges or an arrest. here in the u.s., s.e.c. is reportedly looking if sam bankman-fried broke securities rules. sources speaking to cnbc, the department of justice is probing whether customer funds were miss appropriated the biden administration and two committee chairs have criticized ftx. this is a huge fall from grace for sam bankman-fried who was a big guest on capitol hill and a donor to biden's campaign and put more than $30 million to the midterms >> a significant philanthropy as

well we hear from the heads of the other crypto exchanges this morning trying to shore up their exchange >> reporter: crypto.com ceo addressed the concerns of the transfer that it accidentally made to another exchange a lot of concern was circulating over the weekend that the ceo said that they took no risk. maintained one-to-one reserves and added an audited proof of the reserves would be published within weeks this comes after withdrawals rose over the weekend and the token is down 40% in the last week there is a crisis of confidence there. the ceo of binance told a gathering of g20 leaders that the industry needed new regulations because of cutting corners. binance is setting up a recovery fund to rebuild the sector he opened up to other investors.

they are trying to reassure investors everything is okay. >> he is setting up a recovery fund he sparked this crisis for crypto >> reporter: over a week ago, it was the binance ceo saying he would liquidate the token native to the ftx exchange. that setoff the panic. that's why people began to withdraw what they held on ftx that led to the contagion effect >> ethereum up 3%. we have bitcoin up as well it appears that there is some optimism among investors about the future of the cryptocurrencies i appreciate it. still on deck, call it an in-house ad bailout. how elon musk is helping himself when it comes to the advertiser exodus on twitter.

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dow futures are lower. let's get a check on the news with nbc's phillip men thea. >> thank you students were told to shelter in police after a shooting on the waw virginia campus. police are looking for christopher darnell jones in connection to the shooting they are urging anyone who sees him to call 911. ukrainians were treated to scenes few and far between joy of liberation. back in march, kherson was occupied by russia ukraine soldiers moved in and celebrated with their country men. ukraine is setting the stage for

future battles still, it is one of vladimir putin's biggest setbacks on the battle field. now a fierce week 10 in the nfl out west in california between the 49ers and chargers bolts struck first l.a. would hold on to the lead until that point where mccaffery held on. and in green bay, cee dee struck early for a pair of touchdowns aaron rodgers willed green bay back in the fourth dallas had the ball first in o.t. they could not score green bay had the chance and across crosby did not miss the game winner. and fourth and 18. jefferson leaps and gets the

catch of the year to keep minnesota alive in buffalo look at that they needed it this one had a bizarre set of circumstances. it went to overtime. josh allen's third turnover of the game sealed it just a wild sunday in the nfl. contessa >> a lot of great football phillip, thank you. fresh comments from the fed head to throw cold water on the rate hikes ending soon. and if you haven't already, follow our podcast if you miss "worldwide exchange" check us out on apple or other podcast apps or you want a repeat we'll be right back. the on ht 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. ♪

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stocks look to keep the rebound rolling with the s&p coming off the best week since june on cooling inflation data futures pointing to pressure to start the trading week. the fallout over ftx collapse continues with fresh questions of billions of missing money and a new hack hitting the crypto platform. and president biden and china's xi jinping holding the first face-to-face meeting ahead of the g20 summit and amid growing tension. this is monday, november 14th. you are watching "worldwide exchange" on cnbc.

good morning welcome back to "worldwide exchange." i'm contessa brewer in for brian sullivan let's get to the futures s&p 500 and dow implied open up. stocks with a strong week and the s&p with the best weekly gain since june. nasdaq's best week since march among the names, docusign and meta and asml holdings up 20%. on the sector basis, chips are seeing a huge pop. smh etf is up this morning the best week since 2001

in the bond market, yields going up 3.7% on the 10-year treasury. let's talk about energy and oil markets. wti is off 1%. brent is off 1%. let's get a check of the top stories with silvana henao >> comments out from the fed head suggesting that the central bank is far from done to combat high inflation speaking yesterday, governor christopher waller says they may slow at the next meeting, but it is not seen as softening waller said the markets should pay attention to the end point of increases, not the pace of each move. the end point is likely still a

way off. re apple shet shedding light on the mixed reality head set the listings suggest the company is looking to build a service for 3d content played in virtual reality. apple is working on its own world similar to the metaverse and spacex buying a advertising campaign on the newest member of the portfolio spacex ordering an ad package on twitter to promote the starlink service in australia and spain that type of package which puts a brand on the very top of the main twitter timeline runs upwards of $250,000. >> silvana henao, thank you. let's get back to the breaking news. president biden and xi jinping

holding the first face-to-face meeting since president biden took office in 2021. the meeting coming ahead of the g20 submimmit in bali kayla tausche is joining me with more >> reporter: the white house has said it is expecting to set red lines for the relationship where two leaders of the world's largest economies are meeting for the first time they have done so in five years. the first time since president biden's term it is a candid exchange of views. it began last hour and president biden saying he wanted the countries to manage their differences and avoid conflict and keep the lines of communication open president xi spoke of the responsibility of the two countries to quote properly handle their relationship and

said a statesman snow knows how lead the meeting comes against the domestic strengths for both leaders. senior u.s. officials acknowledges that beijing has a level of discomfort about the russia's reckless pursuit of ukraine. there will be no joint statement, but the communication is a critical purpose as beijing severed other negotiations with pelosi's visit in august today's meeting is expected to last a couple hours. we will see what it entails. con ttes contessa >> if they are not expecting any deliverables, is this more about establishing a personal relationship when you can look across the room and feel the other person and have those conversations? they hope the deliverables come

down the road? >> reporter: if not later down the road, but averting a worst-case scenario setting a floor under the relationship the last time these two leaders met in person was in 2017. a lot has transpired since then. global pandemic, a war on europe's door step certainly a lot of things to discuss. a trade war to boot. there hasn't been a step change by the biden administration in shifting the u.s. posture toward china, but behaviors by china in the indo-pacific region that the u.s. takes a signal of aggressive action later on that the u.s. wants to avoid. that is what the president wants to talk about here and he wants to assure any of the possible scenarios could be avoided >> kayla tausche, thank you for that for more on this meeting between presidents biden and xi, let's

bring in anna ashton anna, thank you for joining us from oyour perspective, what could be accomplished to boost american businesses? >> thank, contessa you know, i think we have to face reality that there is nothing that will be accomplished in this meeting in terms of deliverables that will immediately help american businesses, but the point of the meeting is really as we were talking about to set a floor under the relationship that indicates the relationship is in a bad place. it has been in a really bad place. setting a floor under the relationship is a good start for american businesses because we certainly can't improve the operating environment or the business climate or ability to project five or ten years out in the future and make business plans without having more stability here

>> are there risks to the meeting? >> there are risks to the meeting. the fact we are having the meeting is really important. i don't want to overstate the significance of what it might accomplish this really is about focusing on red lines and make sure we don't end up in conflict however, the two presidents have not met in person at all since president biden took office. there hasn't been a meeting with a u.s. president and xi jinping since the beginning of the pandemic other leaders have met with xi jinping this year. the fact we are having an in-person meeting is very important for the bilateral relationship moreover, if they have gone to the g20 and not met or one decided not to go to avoid a meeting, that would have signalled we are on a worse track. >> taiwan is a very touchy subject and one that is likely to be handled with kid gloves.

i'm curious, there are other issues that i know were top of mind for the ceos who manage multinational companies. tariffs, zero covid infection policy crushing business in china and leading to more supply chain issues you have issues about chinese access to u.s. technology. do you think there's going to be movement on any of those issues if not now following the bilateral meeting, in the near future >> the near future probably not i think the fact that there is this conversation indicates we may be in a moment where both leaders feel confident in their shoring up of their domestic support and turned the page and starting the process of getting back to the table on these issues i would not expect the trade

issues to come first the tariffs are not going anywhere in the medium term. the technology issues are sensitive ones that certainly china is anxious to see not escalate i expect they probably will escalate we have gotten signals from the biden administration that there will be executive orders how the executive orders are couched and what it means for businesses that want to be able to continue to trade with china and sell to china and aren't making goods that have an access with national security or help china modernize military is important. we want to keep trade open or every lane possible. >> i'm curious that xi has cemented his power and control over the party and nation, do you anticipate a rolling back of the zero covid infection policy?

we are seeing so much back and forth in the headlines >> we are. i think the short answer is that beijing realizes it is not a sustainable policy at the same time, there is not an off-ramp impofor beijing. we are seeing them set a stage for a gradual rollback it is not all at once. it is not immediate. we will probably see this take place over the coming months and it will be rocky as it does take place. as people get exposed, there will be spread of infection. >> we are seeing that now. the covid outbreak worsening anna ashton, thank you for your conversation >> thank you coming up, the latest on the collapse of ftx and the growing fears of contagion within the

crypto system. and as we head to break, elon musk says he has too much work on his plate since his $44 billion takeover of twitter. musk told the summit in indonesia, he is working morning to night running his multiple companies. it is fueling investor concerns that his twitter occupation will cost tesla to suffer. dolly parton receiving the bezos award from jeff bezos. she will get to use the $100 million prize to put toward the organizations or charities of her choice bezos applauding her for all she has done for kids and literacy and all the other things. and "black panther" hauling in $180 million in the domestic debut. this is a bright spot for disney which saw shares tumble last week on the fourth quarter

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solar and t rowe price and dish and invesco. look at solar edge up 32% last week to the latest on the collapse of crypto ftx which filed for bankruptcy friday. reuters reports that founder sam bankman-fried secretly transferred $10 billion in customer funds to his company alameda research the portion of the money, $1 billion and $2 billion has disappeared. reuters said it was revealed in the records that sam bankman-fried shared with executives last sunday sources say ftx's legal team earned that sam bankman-fried used a back door in the company's books allowing him to alter records without alerting other people outsiders even sam bankman-fried denied this in a text to reuters. ftx is probing a potential hack on friday.

more than $400 million in funds appears to be missing. speaking today at the g20 summit in bali is the ceo of binance is calling for a clear regulation in light of the ftx collapse and companies sucutting corners. let's discuss this with the managing editor at coindesk. give me a sense of how much worst news can get for not only ftx, but customers >> the customers of ftx are having problems getting money out. they will be in the back of the line when it comes to getting their funds back ultimately when ftx finishes the bankruptcy. this could be a long time before any of the customers get what they put in. >> apparently ftx was on the heels of the headlines of the

potential hack ftx was encouraging customers not to get on the platform given what we saw last week with bitcoin and ethereum and this morning with a bit of reversal with investors starting to dip their toes back in the water it collapsed last week talk about the contagion >> the contagion is very real. we are seeing other platforms and there are questions of other platforms which have nothing to do with the ftx collapse we had a situation with crypto.com where there was a fat finger mistake, allegedly, a few hundred million from one account to another and some of it is missing. this has been a continual problem in crypto. you have these mistakes and these black swan events. after a while, crypto is a flock of black swans

the white swan is a rarity, it feels. >> you cover the industry with a microscope do you anticipate there will be a real freeze in the enthusiasm for cryptocurrency >> there was a lot of smart money, supposedly smart money that went into ftx ftx was the exception to the rule finally a smart guy amassing billions in assets and was trading things above and beyond what everyone else knew. ultimately it showed the smart money wasn't as smart as we thought. they did not do due diligence or corporate governance or management they trusted too much. the funny thing of crypto, of course, don't trust. a trustless system here we are in a situation now where smart money and wall street and retail investors who look at this and hounded with

bad headline after headline for years. we will not see a crypto winter, but a crypto ice age. >> crypto.com and binance are among the companies trying their best to reassure customers that they have the liquidity to back up liability that they are okay fat finger mistakes aside. i use air quotes around that if you are listening on the radio at the same time, the guy who is sort of starting this drama with ftx, the ceo of binance, is now saying he is supportive of stable regulation. isn't that a bit of a turnabout for him? >> you know, he wasn't a big fan of some legislation that sam bankman-fried was proposing or supporting because it's regulation of defi for instance. ultimately what we will see is

not -- first of all, a lot of centralized exchanges do like regulation we saw that with coinbase and ftx before the collapse. >> will regulation be on an accelerator now because of the meltdown >> it depends how congress shapes we have questions who will control congress the interesting thing is sam bankman-fried was a big donor to democrats. he educated a lot of the senators about crypto. they say we learned more from sam bankman-fried than other people oops. >> now look. lawrence, thank you so much for joining us i appreciate that. on deck, pivotal advisers tiffany mcghee lays out the trading moves for the day ahead. we'll be right back. lad we did . life is for living. let's partner for all of it. i'm so glad we did this. edward jones

eight minutes until the top of the hour. welcome back to "worldwide

exchange." a busy week ahead with several retail earnings on deck. we kickoff with the bilateral meeting with president biden and xi jinping we will have earnings from walmart and home depot and then on wednesday, lowe's and nvidia and cisco will report. then we get macy's and kohl's and gap and alibaba. numbers aon housing starts. on friday, we close out with reports from jd.com and foot locker and elizabeth holmes will be sentenced and more on the busy trading week ahead, let's bring in tiffany mcghee she is a cnbc contributor. great to see you, tiffany. we are starting this monday with

futures in the red off the softer than anticipated cpi report talk about how you are looking at the portfolio going into the week of november 14th. >> yes, listen, clearly it has been a really crazy year we have the crazy market down turn and everybody is feeling it across the board paying attention to portfolio positioning going forward, we will be in the situation although we had softer than anticipated inflation reads. we will be in the situation for a while, cpi and ppi is a lagging indicator. it will take a while for things to catch up and for them to see that trend one of the things i'm looking at is investors early in the year is buy the dip that will not get through the next 4 to 6 months and into a

next year. the question is how do you make money right now? everybody looks at dive diversi diversification. that is not throwing assets in the pot and seeing what hits it is focusing on correlation and not the number of holdings for right now, there are a couple of things that are making money and clearly selective equities and throwing a different asset class into the mix will serve investors well. >> what kind of commodities? where are you advising clients >> keeping in line with the idea of uncorrelated assets, commodities bring down the risk in the portfolio on their own, they are more volatile when you introduce them into the 60/40 portfolio, they have the ability to de-risk that portfolio a bit.

one of the things i'm looking at is commodities futures through etfs this is a simple thing to purchase low cost you can look at one of the current etfs which is up over 20% year to date bci if you want a broader commodities index. that is up over 18%. weat w-e-a-t. that is up 40% you don't have to spend time learning the futures sdp >> you mentioned the 60/40 portfolio. is that under pressure >> it is under so much pressure. when you think about it prior to really this year, we were in the longest bull market of all time. taking into consideration the pandemic the 60/40 portfolio will work, but it is under pressure right now. when you look at the 60/40

traditional portfolio, last month, it is down 40% for the year that hasn't happened since 2008. buy the dip is not a strategy. >> tiffany mcghee, thank you for joining us on this monday. that does it for our "worldwide exan." "sawbo is next xfinity rewards is a program whose sole purpose is to say "thank you" with experiences big, small and once-in-a-lifetime. sometimes it's about cheering hard enough to shake the stadium!

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good morning stocks back up this morning after the s&p's best week since june breaking news. president biden meeting face-to-face with chinese president xi jinping in bali. a developing story crypto chaos ftx bankruptcy and investigations and potential hacks and ripple effects in the

industry it is monday, november 14th, 2022 and "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 the u.s. equities at this hour, you will see after a strong week for the markets, red arrows. dow is down 90 s&p down 15. nasdaq down 77 this comes after an incredibly strong week last week where the s&p rallied nearly 6%. dow up 4.2%. the nasdaq was the big winner up by more than 8%. all of that happened on thursday things took off.