it is 5:00 a.m. at cnbc global headquarters and here's your top five at 5:00. stocks searching for some direction as investors await minutes from the latest federal reserve meeting and more insight into its latest three-quarters of a percent rate hike. talk about shedding light. lawyers and executives overseeing the bankruptcy for ftx opening the firm's books for all to see, highlighting a massive misuse of customer funds. big tech's hiring head winds, not over for now, as yet another tech giant says it's going to trim head count. plus, unrest in china's

iphone city as thousands of workers reportedly clash with securities as covid-induced tensions have come to a head there. and then later on, chapek never had a chance that's the takeaway from a new report detailing the former ceo's short stint at the helm of disney it is wednesday, november 23rd, 2022 the day before thanksgiving. you are watching "worldwide exchange" right here on cnbc good morning i'm dominic chu in for brian sullivan today let's kick off this hour with a check on u.s. equity futures ahead of the thanksgiving holiday. as you can see, we are poised for some marginal slight moves to the upside at the opening bell currently the futures are indicating a -- just about 46, 47-point increase for the dow jones industrial average the s&p 500 implied higher by

seven to eight points and the nasdaq higher by 14. green is a good sign, but not markedly so. checking on the bond market, we're still seeing yields hovering just around that call it 3.75 mark the benchmark two-year note yield, 4.53% currently and 30-year long bond, 3.82% in energy, oil prices are starting to see a little bit of a near term recovery still kind of down over the long and medium term. on the day, the benchmark prices back above the $80 mark, $81.52, up 56 cents, up just about three quarters of 1% ice brent crude futures, $89.03, up three-quarters of 1% as well. in cryptocurrency prices, we're watching bitcoin very closely. back above the 16,000 mark for

bitcoin. 16,542 and change, north of 3% gains for ethereum, $165 and change there let gaetz a quick check on the early action in europe we have the latest trades. i see green, joe mauna. >> there is green on the board, leaning slightly green the pmi numbers came in slightly better than expectations, pointing to perhaps some moderation in terms of the declines we have seen over the last couple of months. that's quite positive. 5100 over here in the uk we're seeing a rebound in the mining commodity names there is one stock in particular that we have been very much focused on today, and that is credit suisse. you see the bank shares behind me are down 5% in the last couple of minutes, we have got wind that the credit suisse share holders have

unanimously approved the company's 4 billion swiss bank capital rate, 92% and 98% of shareholders at an extraordinary general meeting egms supporting the two share capital increases which were first proposed last month under the bank's restructuring plan according to the bank, the final terms of the offering are expected to be announced on november 24th. remember, this is part and parcel of a major restructuring plan that credit suisse unveiled including a spin-off of the major divisions and refocus on its wealth management division the stock is down, though, almost 5 percentage points, they have warned about more than 1 billion swiss frank loss in the fourth quarter >> swiss banking in focus there. joumanna, thank you very much. to some of this morning's top corporate stories with silvana henao. >> former ftx ceo sam bankman-fried is telling his former employees his own mismanagement of company assets and risk position is what led to

its sudden and spectacular collapse in a letter seen by the financial times and bloomberg, bankman-fried says he, quote, did not realize the full extent of the margin position, nor did i realize the magnitude of the risk posed by a hypercorrelated crash, adding, quote, i deeply regret my oversight failure. the letter comes after lawyers for ftx blasted sam bankman-fried's management in u.s. bankruptcy court yesterday, saying the former billionaire ran his company as a, quote, personal fifedom and spent money on items unrelated to the business like vacation homes in the bahamas. unrest in china's iphone city overnight reports of hundreds of employees clashing with security personnel over ongoing contract disputes, strict anticovid controls and poor living conditions an unverified social media post, workers can be seen pulling down fences and arguing with

personnel. they have been living and working inside the compound for weeks without any outside contact. new details about bob chapek's tenure at disney and his downfall according to "the wall street journal," ongoing tensions between chapek and then executive chairman bob iger over decisions from staff cuts to operations continuously eroded confidence in chapek, even from his first days in the top job. over the past two years, the journal said iger made it clear to friends and colleagues of his disapproval of chapek's leadership, setting off a whisper campaign across hollywood, one that chapek would never escape from, dom >> high drama there still at disney thank you very much, silvana henao for that. on wall street, on this holiday-shortened trading week, futures are slightly bid deere out later on this morning with its earnings. a fed releases minutes from the latest policy meeting at 2:00 eastern time later on this

afternoon. so joining me now is annika treeon annika, this is a scenario now where the economy is a huge focus because we're wondering if the slowdown that we're seeing in europe, the slowdown that we are seeing somewhat less to a degree here in the u.s. will ultimately lead to a market downturn even greater than what we have already seen your thoughts right now on whether or not that soft landing can be achieved both here and in europe >> hi, dom, good morning thus far, markets have been having a pretty good time in the last few weeks and i think, you know, obviously helped by the fact there was very negative sentiment, very negative positioning, markets are always driven by what's happening at the increments. it has been a real glass half full period to incremental positives happening at the margin first one is, yes, interest rates are continuing to go up, yes, central banks are still

hawkish, but the rates at which increases are taking place, that will slow down we surpassed the peak. it is not possible that we see, you know, events such as a 16-fold increase in rates in the last nine months in the u.s., for example. that's an incremental positive the other incremental positive is, again, a slowdown in the rates of increase in prices, slowing inflationary pressure. and to your point, about economic data, what is happening in the real economy, especially in europe, but also the u.s., those are the next two incremental factors which markets are going to be forced to look at, and those are serious risks when it comes to markets, risk assets, equities, et cetera. >> do you feel, annika, central banks around the world, the fed, the ecb, boe, others, are in tune currently to a satisfactory degree with the markets and what they're telling them and vice versa? are markets interpreting the

fed? are they on the same page right now? >> well, i think the fed, you know, the other central banks as well, probably predominantly the fed, their number one mission, besides the mandate they have for pricing pressure, their number one mission is to restore credibility, to keep those long-term inflation expectations anchored if they pivot too soon, if they try too hard to listen to cracks into the markets, they risk having a much more severe economic impact later because they would be forced to react even more aggressively than they have done thus far so, in that sense, you know, there is a mismatch and there is a lack of tuning in between what the fed is having to do versus what the market is doing but i think more importantly than that, the fed knows exactly what it had to do, right, raising rates. let's talk about the housing market we're all alarmed by u.s. mortgage rates of 7% let's not be naive, let's not underestimate the negative wealth effect that comes from

the fact that more than half of u.s. households are homeowners and the household sector is about 20% of the entire economy. and if the fed official, you know, himself is saying that home prices could go down by 15% to 20%, that's an enormous drag on the economy and that's what i mean by the increments from an economic data perspective from a company earnings perspective which are clear risks. >> all right annika treeon, thank you very much for the thoughts. we appreciate it have a nice week when we come back on the show, much more on the ftx saga. and as we track the crypto contagion, we got new insight from investopedia on sentiment the latest company trimming head count. that's coming up ahead in the mystery chart. later on, europe's energy troubles are far from over we're live in greece with a look at the state of liquefied natural gas, lng, and what's ahead for a continent in crisis.

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always dialled in on these kinds of matters and situations. what are some of the key topics around this ftx collapse they're looking for more information on what are they searching on, searching for, where is the heat right now? >> good to be with you, dom. the ftx collapse will make for some very interesting thanksgiving table conversations this year, very different this year than over the past couple of years we're fascinating to see what they're looking for. they're looking for the obvious, what is the ftx exchange they're asking questions about cold storage everyone was wondering, should you have your bitcoin or cryptocurrency in cold storage cold storage was the way to go if you were an ftx account holder they're looking for historical comparisons, they're asking about the enron collapse, the lehman brothers collapse fascinating to see those that are not that deeply invested in cryptocurrency wondering if this

is a similar scenario to what played out in 2008 and 2002 and '03. >> can you give us some context about the level of interest, the intensity of these searches, the numbers around it? are we seeing more or less because of ftx than we saw, say, at the height of bitcoin prices when they were pushing 60 plus, you know, dollars per token. >> yeah. well, i would tell you about half of the top ten searches on investopedia have been around ftx and cryptocurrency nothing compared to when bitcoin was 64,000 and everybody had fomo but now that there are collapses under way with ftx and potentially some other crypto exchanges, and we have seen some currencies really plummet in value, people are definitely searching around just not at that volume because now they're wondering how far down can this go they're looking at all kinds of things about what happens in terms of arbitrage, if you want

to sell your coins now at a loss people are asking a lot of questions as tax season approaches too, if they're looking at losses in their cryptocurrency. >> if that's the case, is there any indication, have you seen some -- speaking of historical comparisons, you mentioned searches for things like lehman brothers and enron is there any kind of a -- at least historical precedent you've seen for assets that have gone up very much in price for a short amount of time, that have collapsed, is there any indication of where you could think a bottom might be happening short-term i'm not asking you to call a price on bitcoin or ether. i'm just wondering whether or not there is significant downside left or if there is a bounce sometime soon. >> you're asking the right question the question circles around trust because the collapse of an exchange like ftx and some others is making people ask themselves do i even trust the cryptocurrency market, do i even trust this new quote, unquote asset class. if you look at the mean stocks,

there are a lot of people asking on the way up and on the way down, what this looks like and what could play out here there is a lot of contagion left in this story. you've done some great reporting at cnbc, "the wall street journal" is all over this as well, everyone is wondering who is still exposed, how much money is at risk here, if i had money in the exchange, will i ever get it back, what happens in a bankruptcy proceeding around cryptocurrencies, people are really curious about that because we haven't seen anything like this of this magnitude yet. i think a lot of our readers and a lot of your viewers think that this is not even close to being over >> all right caleb silver, thank you very much we appreciate it still on deck for the show, why higher prices for tomorrow's turkey dinner could be a bump for another sector as consumers look for alternative options that storyhe aad as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values.

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eggs, butter, canned fruits and vegetables, all sharply higher compared to last year. turkey prices jumping more than 20%. this is prompting some consumers to simply eat out instead. and it is actually part of a wider trend we're seeing prices for food at home are rising much faster than prices for food away from home, meaning consumers see better value at restaurants. last month restaurants market share relative to grocery spending hit a record 55.2%. still, we could see diverging trends as consumers opt for cheaper options when eating out. m mcdonald's held up well, given their lower price point, it is seen as a beneficiary if consumers start cutting back analysts note that chipotle and starbucks also look attractive due to their exposure to higher income consumers on the flip side, shares of blooming brands and cheesecake

factory are up sharply over the last six months. but their higher price points do make them vulnerable, dom, to consumers if they do start trading down >> so, pippa,what have we hear from restaurants in these chains about what they have seen so far in terms of consumers making that tradedown, going to a lower price point. >> so far, spending has really held up across restaurants, though we did see some concepts warning of a slightly lower traffic. some looked back to 2007 and 2010 to glean in insight into how the companies might perform. mcdonald's was a big winner, posting same store sales growth every single quarter then again, things are different this time around we're still working through some of the aftermath of the pandemic, meaning there are fewer restaurants out there, and wage growth is also steady so right now at least, dom, consumers continue to spend despite concepts raising their prices. >> pippa stevens with the latest on america's dining room table thank you very much. let's get a check on this

morning's other headlines to frances rivera in new york with the latest happy day before thanksgiving, frances. >> dom, thank you very much. i wish it were, especially for people in virginia there has been a mass shooting at a walmart in chesapeake, virginia, there. this is what is happening. police say seven people are dead, including the shooter. at least five people are injured. the suspect was found dead at the scene. it is believed that this person acted alone. city officials will hold a press conference at 8:00 a.m. eastern this morning meanwhile in colorado springs, the suspect in the club q mass shooting is expected to appear virtually in court today. defense attorneys revealed that 22-year-old anderson aldrich is nonbinary and uses they/them pronouns senator lindsey graham testified before a grand jury in trump's 2020 election probe. 24 they're looking at efforts of trump and allies to overturn the legitimate 2020 election in that

state. back to you. >> frances rivera, thank you for that. straight ahead, just in time for the holidays, could black friday give a bump to the beaten down retail sector gerald storch is here to weigh in, a retail expert. first, why europe's energy troubles may be far from over as we get a closer look at a continent in crisis. our julianna tattlebalm is in greece with large tankers behind her. >> that's right. we're live in greece europe is racing to fill its gas storage facilities ahead of the winter and as you can see this lng tanker has just rid arvefrom algeria. we'll have more next

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investors gearing up for the central bank's latest meeting minutes and fresh clues about its pace of upcoming interest rate hikes futures right now in a holding pattern. more job cuts in technology as hp becomes the latest company in the industry to announce it is slashing jobs. and europe's energy crisis potentially being averted. we're live on the ground with how critical steps by leaders there could help bypass the impact of russia's war in ukraine. it is wednesday, november 23rd, the day before thanksgiving. you're watching "worldwide exchange" here on cnbc

welcome back to the show i'm dominic chu in for brian sullivan let's kick off this wednesday morning. just around 5:28 a.m. eastern time with a check on u.s. equity futures that are green right now. but modestly so. the dow implied higher by 25 points the s&p higher by just around 3 to 4 points and the nasdaq just about flat on the session. that holding pattern we referred to checking on the bond market right now, yields are holding steady relatively there as well. the bench mark treasury note yield on a ten-year basis is a hair above 3.7, now 3.76%. two-year note yields, 4.53%. and the 30-year long bond ticking slightly lower to just a hair above 3.82% in energy, oil prices are bid, but modestly so. now turning negative, of course. wti crude above 80 bucks a barrel

$80.47, down 22 cents per barrel a similar percentage decline for ice brent crude futures, down 32 cents, $88.05 the last trade there. we also want to get a check on what's happening with markets in europe now they were earlier this half hour in the green they are still there so the german dax flat on the session. the ftse 100 in the uk, up one half of 1% we'll stick with europe and the region's ongoing energy crisis the u.s. and its allies are set it reach an agreement as soon as today on the level for a price cap on russian oil according to reports, that cap could be set somewhere between 60 to $70 per barrel though sanctions are set to take hold in just under two weeks the development coming as europe approaches its first winter since moscow launched the war in ukraine. the looming energy crisis predicted months before, not

taking shape just yet as countries shore up their supplies of critical fuel including lng. liquefied natural gas. our julianna tatelbaum is on the island in greece looking at that country's only, only lng terminal julianna >> dom, good morning europe has been racing to shore up its energy supplies in the wake of russia's invasion of ukraine and the cutoff of russian gas flows into europe. and thanks in large part to lng, europe has been able to, as you said, avert a worst case scenario thus far. storage levels of the gas storage units across europe are now over 95% so europe succeeded its goal of shoring up its natural gas supply heading into winter i am standing in the only lng term untinal in greece as you sd there are 29 operational lng

terminals. they are extremely costly and take a long time to build. when it comes to lng there are two main constraints for europe. one, import capacity, essentially the ability of europe to take on lng supply regas phi it and store it for use. and here in greece, it is just an example of what we're seeing across europe. major efforts to ramp up their import capacity. and just behind me, as you saw before the break, we're looking at a tanker of lng that just arrived from algeria here at this terminal. normally they would pay on four to five tankers of lng per month. right now, they're looking at eight to ten gives you a sense of just how in demand lng is in europe right now. overall, lng imports into europe are up 60% on the year and then secondly, when it comes to supply, that's the other major concern here europe is competing against other countries, in particular,

in asia, china, for these critical lng supplies. the majority coming from the u.s., australia and qatar. and europe has been paying up. so price is another major concern for europe in the months ahead, dom >> julianna, i mentioned before, in my introduction to you, this idea of price caps being in play here one of the ways that you stifle competition or throw away monkey wrench into it is to put price caps on things if they're agreed upon that's the whole point of sanctions. and if we do have price caps on russian oil and other fuel types, that could be a huge impact on the way that these things are trafficked a ked aroe world. what is the state of those price cap talks right now and will they end up working at all >> so the big story, dom, right now in europe with regards to price caps is the gas price caps that was proposed by the european commission yesterday. effectively states -- member states within the eu are looking

to pull together and leverage their might as a union, and agree that they will not pay above a certain amount for gas the idea being it will contain the prices that european countries are paying for gas so, yesterday, the european commission proposed amechanism whereby countries would be constrained in terms of how high they're able to pay for gas. it is a really controversial mechanism, though, because if you control or put a cap on how much you're willing to pay, there is a risk you lose out to other potential buyers of lng and germany and the netherlands are two countries within europe who have been very skeptical of putting a cap on gas because they don't want to lose out these critical supplies to countries like china who may be willing to pay more for it this is something to watch and right now european energy ministers are heading to brussels to discuss this proposal >> julianna tatelbaum, thank you very much for that

let's get a check on the morning's top stories as well. silvana henao has those. >> hp is becoming the latest company in the tech sector to announce it is cutting jobs. the computermaker announcing amidst the fourth quarter results it will slash up to 6,000 jobs over next three years. hp has about 61,000 employees. the company making the move in response in part to shrinking computer sales on the quarterly results front, both earnings and revenue topped wall street's expectations shareholders of the spac set to take president trump's technology company public voted to push the deadline for a merger between the two to next year digital world acquisition holding the shareholder vote tuesday, moving the union into next september the pair had first announced plans to combine in october of last year. the merger is also facing investigations by the s.e.c. and doj according to a recent filing. goldman sachs agreeing to pay $4 million to settle an

s.e.c. probe into its esg fund according to reports, the investigation was focused on how goldman's asset management arm managed mutual funds and other products that picked stocks based on the esg criteria. the agency reportedly claimed goldman marketed the fund and similar investment strategies without constantly following a consistent framework that had laid out a compliance plan the report adds that goldman neither admitted nor denied the allegations, dom >> thank you very much retailers are rallying into the key holiday shopping season after beating earnings expectations yesterday best boy, american eagle outfitters and abercrombie and fitch posting betterex expected numbers for the third quarter. shares of all three companies were up between 10 and 20% all of this as investors gear up for the critical black friday

and cyber monday holidays with the national retail federation estimating a record 166 million people are planning to shop this shopping holiday weekend and increase of almost 8 million people compared to last year but will it be enough to save retailers from continued pressures from inflation bloated inventories and potential consumer slowdown. joining me now is gerald storch, the ceo of storch advisers, the former chairman and ceo of toys "r" us and former vice chairman of target. you could say that gerald knows a thing or two about the retail landscape, which is the reason why you're joining us. thank you very much for being here on this day before thanksgiving, gerald i wonder, just an open ended question for you right now is retail in a good >> unfortunately, i don't think so you have seen consumers badly stretched by inflation the spending is focused on

necessities as opposed to discretionary items. there is a lot of talk last month, consume irr sales was supposed to be great you look at what categories grew, it was the things that they would have to buy with a double digit increase in food and gasoline still so the consumer is very, very stretched, savings is running out. generally, very optimistic and huge fan of the american consumer i think this will be a so-so christmas at best. >> so, we have seen a number of these earnings reports over the last couple of weeks i know you followed them as well it has been a mixed picture. but many analysts are saying that this -- these are company specifics sometimes, execution problems, as opposed to broader issues, say, like, inflation or the health of the consumer i wonder what stood out to you over the course of the last couple of weeks with regard to some of the highlights or low lights, if you will, of these earnings stories

>> look, dom, as someone who has run many, many retailers, i've never given myself an old college cheer, but expectations are so low from many retailers that their stocks increased by as much as double digits based on what would be viewed as very poor earnings reports. what they're doing is beating low expectations we saw best buy this week, way to go. but they had a negative 10.4% same store sales and the stock soared because it wasn't the negative 13% that was expected look at most of these stocks that have gone up this week, they are posting negative sales year over year in the past, we would be apoplectic about that, what's going on, the market is shrinking. you are seeing a few retailers doing better but most are struggling, even to hit last year's numbers. look at nordstrom, they had a very bad record. they're down almost 10%. 9% in the free market. so, certainly the consumer has

got to spend money on necessities. you see people beat from time to time that's beating lower expectations those aren't good numbers by any historical construct. >> you mentioned this idea of nordstrom. it is down about 9% in the premarket now on the heels of the earnings headlines coming out. it begs the question a little p bit about whether or not the higher end spectrum for retail will do better or worse on a relative basis than the value side of things or is everybody under pressure right now nordstrom, by the way, earlier this week, we saw analysts at barclays downgrade rh and williams sonoma because of some of the head winds that they're facing on a more macro basis is it the high end that is going to outperform or the value side of things in the coming months >> yeah, i think value is still where you want to make your bets i said for many, many, many months that despite a tough start to the year walmart was

the place to be. that's where consumers go when times are tough. the dollar stores, the off price retailers. that's where the real gains you might see would be costco, perennial favorite, still the lowest price on anything you want to buy amazon has a chance for some comeback here, they're the place to go on e-commerce. luxury held up really well, surprisingly well in this environment. you see the stock market, we have tanken a hit, the stock market is still okay the highest correlation of luxury sales at the stock market as long as it hangs in there, luxury sales will be okay. that's what i hear from most people i wouldn't view nordstrom as indicative of the entire luxury segment. department stores as a whole have lost massive market share during the pandemic and before and they're bragging, look, our sales are almost the same as they were in 2019. they're all up 40%, 50% in the

market during that period, it has been a number of years to go back to 2019 losing massive market share including nordstrom, the class act of the industry. it is just not where people are shopping anymore, even for luxury. >> jerry, before we let you go, we have a few moments left here. you're not an economist, you've been around the block a few times in business. do you feel as though the inflation story in america has peaked >> whether it peaked at a high level and isn't coming down very rapidly, whether there is still a ways to go, i can't answer that question. there is no way we're done with it it is built into everything. with a low jobs number still low unemployment numbers it is impossible to find people to work you have to keep raising the wages. we're stuck in a wage price inflation cycle for some time to come based on my experience, this is going to go for quite some time. >> gerald storch with the latest on the retail business thank you very much. happy thanksgiving, sir. >> you too. coming up on the show, deere on deck. what to expect from the ag

manufacturing giant's quarterly results and what they may signal about the health of the broader u.s. and even global economy it is considered a bellwether. big money movers, nordstrom as we just pointed out swung to a third quarter loss, adjusted earnings did beat analyst forecasts. revenues fell more than 2%, still topped estimates however, the department store is trimming its profit outlook for the year, hence the pressure there. it also says sales slowed in the past few months and some customers are waiting until closer to christmas to shop for deals. shares of manchester united are surging right now. the u.s. owners of the premier league football club say they're exploring strategic options including a possible sale. the glazer family who own the tampa bay buccaneers bought man u for $940 million in 2005 earlier this year, chelsea was sold for $3 billion. shares up 10% premarket.

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welcome back to "worldwide exchange." former ftx ceo and founder sam bankman-fried telling his former employees in his own mismanagement of the company assets and risk positions is what ultimately led to its sudden and spectacular collapse. now, in a letter seen by the financial times and bloomberg and others as well, bankman-fried says he, quote, did not realize the full extent of the margin position, nor did i realize the magnitude of the risk posed by a hypercorrelated crash. adding, quote, i deeply regret my oversight failure i lost track of the most important things in the commotion of company growth. the letter comes after lawyers for ftx blasted sam bankman-fried's management in u.s. bankruptcy court yesterday saying the former billionaire ran his company as a, quote,

personal fiefdom and used money on vacation homes in the bahamas shares of deere are marginally lower today. you know that sound and music, we have an earnings report they're sharply higher over the past three months. the farm and constructionmaker is seen as an economic bellwether for wall street and the economy, benefitting from record high equipment and crop prices this year due to supply chain shortages. the company has topped expectations in 11 of the past 12 quarters. for more on what to expect, let's bring in rob worthhimer, director of research deere, we often look to as a global bellwether because they sell their stuff just about everywhere that you need heavy ag equipment what are you looking for in this particular upcoming report >> the story of this quarter for industrials has been generally pretty good demand, and deere should have lots of demand farmers are buying as much

equipment as they can get. the trick has been supply chain management, trying to get margins back into shape after difficult supply chain what we're looking for, roughly 100 subseequential margin gain. >> how exactly, how much more in your mind is deere -- is deere more or less of an economic indicator in the current environment that we're in, given supply chain issues, given some of the strange external factors being brought on things like crop prices outside of weather or anything else, how much has that impacted deere and can we still count on them as that kind of bellwether, that indicator of the global economy >> for sure, for supply chain we're looking for that exact thing. for the ag space, it is a little bit less correlated in some ways supply chain has shown up and inflation and everything else.

it will be a good look as to whether the world is slowly, i think, getting out of the whole that we have dug on the supply chain. >> when it comes to deere, it is part of this industrial complex that is viewed as the indicator for the economy. i wonder in your mind, is deere the best place to be right now as we head into earnings in this industrial kind of equipment machinery side of things, i think of other companies like caterpillar, other companies on europe that are doing the same kind of thing. is deere the place you want to be >> so, we do have a buy rating on deere there are other good things happening in the industrial economy. when you look at the flood of money in spending coming into the u.s., as reshoring happens, as semiconductor chip plants are built, as battery chains are built, there is a lot of beneficiaries to the industrial world and my world that includes caterpillar, united rentals, would be a pure play we think there is a lot of room

in the industrial space as the consumer economy cools off and spending comes back. >> rob, currently right now at price target of $463 on deere and buy rating as well thank you very much. we'll talk to you later on. on deck, investors gearing up for latest look at the fed's rate hike path going forward what to watch for on a very busy pre-thanksgiving trading day ahead. "worldwide exchange" is back after this is it possible the only thought that comes to mind is... ♪ finally? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪

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the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com what if “just an idea” could become a family tradition? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪ today is the busiest day of the holiday shortened trading week for economic data, being crammed in before everyone heads out for thanksgiving at 8:30, look for weekly jobless claims and october durable goods. at 9:45 a.m., we get flash manufacturing and services pmi for november and at 10:00 a.m. eastern time, october new home sales and the final read on november consumer sentiment.

deere reports before the opening bell today this afternoon, the minutes from this month's fed meeting are released at 2:00 p.m. eastern time pretty heavy docket the day before thanksgiving. ahead of the trading day on this thanksgiving eve, a check on futures now, which lost a little bit of steam just in the last half hour or so dow implied higher by 9 points now. s&p up by 1 point. joining me is ross mayfield at baird. ross, this is a scenario where a lot of folks are saying volumes are drying up here, should i be doing anything on this holiday-shortened trading week is the market now in a stable and balanced position in your mind >> i think for now, right? as you mentioned, a lot of data yet to come. that could have a big effect on where we go from here. it has been as calm a period in the market as we have seen this year a lot of days over the last ten days with less than 1% range a calm period in the market.

i think investors have gotten comfortable with where we are, inflation high, but decelerating, the fed aggressive but potentially slowing. and earnings, you know, rapid earnings season that was uninspiring, but not fall out of the bed bad. i think the market is comfortable with the position we're in now but in this kind of volatile environment, that can change day to day we'll watch the day to day, we'll watch the inflation data over the next month before the fed meeting and get a better handle on where we are in the year end. >> comfort and volatility are interesting words to use now i'm looking at the volatility index, the vix, we don't talk about it, but right now it is hovering around 20, 21, 22 points the reason why that is important is month and a half ago was up at 33. that means volatility is pretty much collapsed in just the last four or five weeks does that signal anything to you about whether or not we could be due for another bout of downside volatility >> so, this is actually something interesting all year

the vix, you're right it got up above 30 and it reflected some of the fear and anxiety in the investor days. it never spiked above 40 above 50 which is something we have seen in past periods of selling that we saw this year 2020, 2008, you saw massive spikes in the vix. you haven't seen that yet this year on one hand, it does reflect a bit of investor complacency or at least a bit of that idea that capitulation hasn't fully happened yet on the other hand, if you look at the same indexes for bonds, and for currencies, they spiked off the charts i do think there is a piece of this where the volatility is being reflected, other asset classes and not necessarily that investor anxiety being reflected in stocks. even though we were down 20, 25% at different points this year. >> ross, are there any key sectors or industries that you're looking at right now given the fact that interest rates are still higher than they were a year ago, but certainly much lower than they were at the peaks earlier this year?

are valuations still a concern given those rates? >> i think they probably are and past market bottoms, you did see valuation quite a bit lower than we're at right now. the can couple of sectors we're watching, consumer discretionary, comp services and tech to get a better sense of how is that past leadership doing, how are the big behemoths of the past decade holding up in the new world we're in on the other hand, i want to watch energy closely head nothing 2023 energy is supposed to represent a big portion of earnings and growth for the index next year to the extent that exist at all. and oil continues to act poorly, moving lower, it is kind of waffling around, but not heading in the direction you want if you're an energy company watching that closely. they're making a lot of money right now. tremendous spread. i think there is still optimism, but we're watching energy closely to make sure that the positive side of the story in

2023 can hold up. >> all right ross mayfield, thank you very much have a happy thanksgiving. >> you as well. right now, futures are up modestly the dow up by 14 points. that does it for us here on "worldwide exchange. "squawk box" up next have a great thanksgiving. we'll see you back here on black friday

good morning happy thanksgiving eve investors in wait and see mode on today's agenda. we have minutes from the last fed meeting, that could offer hint hints on the central bank's next move it is almost here, maybe the most wonderful time of the year at least for retail. it is black friday but will consumers actually show

up we'll talk all things holiday retail on this wednesday, november 23rd as "squawk box" begins right now all right, good wednesday morning, everybody welcome to "squawk box" here on cnbc live from the nasdaq market site in times square i am not joe nor am i becky i am brian sullivan. i'm along with andrew ross sorkin good morning. >> how are you doing, my friend? >> i'm doing well. i'm just -- i just want to get in early line for black friday deals. i decided to show up here. i'll sleep under the desk and friday -- ready to go? >> a lot going on. >> yeah. we do. all right, andrew, good to be with you let's talk about the markets here probably not a huge market move today. u.s. equity fu