that's all for this edition of "dateline." i'm craig melvin. thank you for watching. good morning welcome to "street signs." i'm joumanna bercetche and these are your headlines europe's stoxx 600 touching a six month high and a 50 basis point move at the fed meeting. >> there will be sufficient to bring inflation down the time for moderating the pace of rate increases may come as soon as the december meeting

china reportedly prepares to update the covid rules in the coming days and speculation it will loosen restrictions and allow positive cases to quarantine at home sam bankman-fried breaks silence saying he had a bad month, but denying he committed fraud at his now bankrupt crypto exchange ftx >> i didn't ever try to commit fraud on anyone. i was shocked at what happened this month and reconstructing it where there were things i wished i had don't differently. and emmanuel macron meets with president biden to talk about the super inflation reduction bill all right. welcome to the show. we are getting some final pmi

numbers out of the eurozone. coming in at 47.1 for the month of november. shorter than 47.3. worth mentioning this is signaling the down turn is easing in november and inflationary pressures are beginning to moderate. that is interesting. the final number is coming in a tad lower than the estimate. in terms of the breakdown that geoff and steve were talking about and the german numbers at 46.2 for the manufacturing numbers. lower than the flashes estimate of 46.7. in france, the final number of 48.3 that was a little bit higher than the estimate. there you go the overall mixed bag. in general, it does show while the numbers are still below 50

in that contractary territory, it is not worse. one of the top stories we have focused on is jay powell says the central bank could be in the position to reduce the size of interest rate hikes as soon as month as he fights inflation. he says monetary policy will remain restrictive until real signs of progress emerge on inflation. speaking at the brookings institution, powell echoed on statements from central bank officials and comments from the november fed meeting >> and inflation on certain lags and the full effects of the rapid tightening are yet to be felt it makes sense to moderate the pace of rate increase as we approval the level of restranint it may come as soon as the december meeting >> powell said the labor market

remains lopsided >> as we look at the labor market and the jolts data, there is a balance with supply and demand everyone looking for a job the so-called jobs workers gap is 4 million if you look at all of the available jobs, including people who are working and people in the labor force looking for a job. there's a 4 million shortfall. it feels investors have been waiting for the fed pivot and maybe that came yesterday. you look at the reaction what a rally nasdaq and tech index up 4.4%. the breakdown amid microsoft and apple are very positive. s&p 500 at 122 points higher 3 points firmer on the day

the s&p now breaking through the 200-day moving average to the upside you can see that some momentum is building up the bellwether index up 2.1% a lot of positivity priced into the stock market on powell comments that perhaps they won't have to go as aggressive with the rate hikes in the coming meetin meetings it remains to be seen with the 50 basis point hike priced in the december meeting let's see how the reaction was in fixed income after the comments we saw a mighty rally and the interesting thing is the front end rallied more the curve ststeepened back up. the 2-year note is 4.35% the 10-year treasury is down to

3.64 we rallied 14 basis points yesterday. quite a significant move in fixed income it is continuing this morning. we are seeing it in the european fixed income with the bund down seven basis points and this is the picture for the u.s. futures breaking the positive story overnight. futures are opening up in negative territory, although mild switching to europe. it wasn't just powell's comments investors were focused on we are watching china. there are some reports coming out from reuters suggesting that authorities may be looking to ease some of the covid restrictions in coming days. this would be a major, major development for markets. yet to be confirmed. it shows there has been some movement on part of the chinese authorities to reconsider the very strong covid stance if that is the case, that could

lead to a low reopening of the chinese economy. obviously bullish as well for the global economy this is where we are in europe most of the heat map is trading in the green stoxx 600 up .80 back up to a six-month high. we have come back again for the stoxx 600. in terms of the breakdown for europe indices the ftse 100 up .25% we have been following the commodities closely in the uk index. one name is doing quite well today and has been battered of late today is one of the out per perf performers cac 40 is up .14% as well as dax. the comments from powell yesterday in the context of the slightly more hawkish ecb as of late that is another very big meeting to watch as far as the eurozone

and if the ecb will go for 75 or 50 at the next meeting in terms of how the markets have done for november, this is the picture. i said stoxx 600 is back up to where it was six months ago. november was a pretty good month. dax up .60%. remember, italy managed to get their budget through without any surprises or meltdowns from the market that was well received you can see that indicated the ftse 100 is 1.6% higher. we had a lot happening in the uk some stability has been restored turning back to today. tech taking the cue from the nasdaq a boost for the chipmakers real estate with a rally back up

2% working inversely with yields. autos are down .6 prz. oil and gas is down .81% all eyes coming up on the opec meeting. maybe cartel looking to cut production for european yields, we are rallying today the 10-year bund is 7 to 8 basi points lower we have come quite a long way for fixed income this is how the dollar is faring the dollar is trading weaker versus many of the currencies. the euro is about .30% firmer today. you can also see the pound is about .50% firmer. 121 is where with we are and sterling has come a long way since the lows post the mini

budget the dollar index for the month as a whole is actually weaker. down .40%. that has just continued after powell's comments yesterday. now investors have been riding a tidal wave since 2020. according to the next guest, maybe could 2023 bring calmer waters we have kevin from ubs with us good morning >> good morning. >> i want to start off with the here and how and what we got from powell yesterday. the markets interpreted this as perhaps the beginning of the pivot the last couple months we have been waiting for. did you see anything new from yesterday that he hadn't said before >> i think he is confirming what investors have been expecting. i think if you go for what he said, almost perfect that is quite unusual. >> right

in terms of what the market is expecting out of the next meeting, now it seems like people are really centered on 50 basis point hike is that fair >> i think it is certainty 100% >> what does that do to the dollar we have seen a pull back in the dollar >> the dollar has been pushed up with two major factors the fed hiking cycle and the russian invasion of ukraine. of course, which is bad for currency now the fed is getting closer to the peak rate. so markets like us are anticipating that change. >> yeah. what do you think is more important for the trajectory of the dollar is it what the fed does at the next meeting 50 or 75 or is it the destination with the terminal rate >> the terminal rate is important, but more importantly is what they do afterwards

regardless what the fed is saying, once they reach the peak rate, you should look for rate h cut. even though central bank may pro protest. that is not the case >> before we talk about rate cuts, talk me through how you think about the various rates with the u.s. and europe it seems to me a big driver of the euro today is a function of interest rate expectations if in the near term, the ecb comes out a bit more hawkish with 75 in december and the fed goes for 50, is that bullish >> for the near term i think mainly because every investor is long dollar over the past ten minutes so euro rise and a lot of stop loss trigger i think if you look at interest rate differential, year to date

is not a driver. the euro is going down in a straight line. it is mainly because of the war in europe. >> kevin, can i switch and talk about china? that has also been a major focus of the international community, not least from the economic perspective, but politically now. what is your expectation about the possibility for a covid reopening at some point? >> it is interesting that you ask me this question we have a meeting on tuesday and i mentioned the government has no choice but to reopen. >> right >> for example, the government is likely setting a gross target of 5%. this year is likely to be 3% in this year 3%, 1% of contribution from net export next year, western economy go to recession or slowdown. next they turn into the negative

contribution to have a 5% growth target, they have demand to go. i think we have reached the point of low return. >> that is really interesting. also, i'll not put this question to you because you are not a political analyst, but they will juggle reopening with cases rising that will be a challenge for china. i do want to ask about the remenbi. it has been a third of the overall growth of the year one reason is because of the remembi has been so cheap. that is is due to the trade surplus. >> that is weak with demand because of the lockdowns it is still reasonable global growth next year, the balance will change if you look at the exchange

rate, i note that because the depression against the dollar and yuan and japanese euro i have been looking at china since 1986 i participate in the first industrial policy in 1986 and 1988 in that report, i focused china gdp would surpass u.s. at the time, my colleague thought i was crazy. it has changed the chinese exchange rate is on an upward trajectory if you look at the cycle, it is always back to the average of the long term. the chinese currency over the last 30 years is on an upward trend. >> very interesting. to round up our discussion because we want to talk about the outlook for next year, what are your recommendations

>> i think you will see divergence wit performance. the economy in the u.s. and europe got into recession or major slowdown, but major market performance will be better than this year. this year, almost everything going down >> yeah. >> i think macro outlook as the professional investor, i say do the homework. stay three months ahead of the market >> if only we all had a crystal ball and perfect track record, kevin. thank you for joining me kevin zhao from g overnight. shanai is up .50%. hang seng is up .7.75% they are getting a boost from the tech sector in the u.s the nikkei in japan up .9%

the aussie index up 1% how did they fare in november as a whole? there you have it. the hang seng up 26 percentage points that is something note worthy and another big story we have been talking about in china is the easing of the regulation of equity financing for property companies. we have seen a bounce in the property names in china as well. that is the picture. the nikkei is the under performer. up 1.4%. now china will reportedly allow positive covid cases to quarantine at home with conditions that is according to reuters citing sources with knowledge of the matter and representing major shift in strategy. close contacts are also reportedly set to quarantine at

home and reduce the frequency of mask testing and stepping up an anti-gen tests this feels like big news tell us more, evelyn >> reporter: we don't have any clarity on the report yet. we see a trickle of changes on the local level. we talked to the community and they said if you test positive for covid, you have the choice to go to a central fa st.cility quarantine at home keep in mind beijing is cold now. it is 0 degrees celsius or negative 10 degrees. they said they launched 23 makeshift hospitals operating at

80% capacity there is a question if they can really handle the more and more infections at the facilities when we have daily cases going up certainly, these reports and indications that some people perhaps the elderly and pregnant women will be able to quarantine at home if necessary in guangzhou possibly reopening. some restaurants allowing customers to dine inside although we have an increase in infections in the city as well we may see exchachanges of how covid is implemented this is broader context where china has not shifted away from z z zero covid and emphasized it needs to be targeted and more specific there are cases still going up. >> all right it seems like we lost evelyn

she is running us through what could be a big change. if they do introduce some covid changes with respect to the restrictions, it would be targeted and specific. evelyn chang our correspondent from beijing. coming up on "street signs." sam bankman-fried claims he did not commit fraud we will have more coming up next science proves your best sleep is vital to your mental, emotional, and physical health.

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welcome back to the show former ftx ceo sam bankman-fried denied fraud at the crypto exchange telling cnbc's andrew ross sorkin he had a bad month. ftx filed for bankruptcy amid the irrelegularities on the balance sheets. he said he denied mixing funds with ftx and alameda research. sam bankman-fried told the summit that ftx and alameda were

more closely integrated than he wanted >> as i was looking at the relationship and this is a pretty big mistake of mine, i viewed it from the trading volume perspective that is what drives our revenue. so when i was looking at how intertwined ftx and alameda, i was looking at the fraction of liquidity, it had fallen to 2% this year. in terms of positioning and balancing, it was a larger fraction i hadn't been looking at that. >> the question is if you were supposed to have access to the accounts to begin with if i worked at a bank and was a bank teller and decided to leave the bank at the end of the evening and taken the money i had access to and intended to

bring it back with more money, i still stole the money. >> look, i wasn't running alameda. i didn't know exactly what was going on i didn't know the size of their position a lot of these are things i learned over the last month that i learned as i frantically was digging into this on november 6th, 7th and 8th obviously that is a pretty big oversight. i wasn't more aware. i think i was, you know, scared of -- nervous because of the conflict of interest about being too involved obviously that shouldn't have meant that i didn't have real oversight or that really should have meant that i failed anyone to be in charge of that over sight of that relationship

i hadn't been running alameda. i hadn't been thinking about its finances i hadn't been making those decisions. you know, as cfo of ftx. >> you owned it. >> i was a large owner of it, that is true i had a lot of exposure on that side. >> first of all, argun, thank you for joining us it is interesting to hear from the person right at the center of the storm here. the fact he sat down for the interview was interesting. mea culpa. my fault i wasn't aware of the proceedings. at some point, you have to raise the question of why -- why there were so many failings and not good enough corporate governance and why this was allowed to happen finally, whether he actually

intentionally was committing fraud. he says no >> it very much read to me as a sorry, but i wasn't involved and in charge. he tried to come across as apologetic for what happened and distance himself from alameda. we know he was a significant shareholder. we know the connections with ftx and alameda. you ask why there wasn't more oversight. we know there is a huge gap with crypto regulations a lot of the businesses have been able to run this wild west business model we have seen that throughout the crash after crash and collapse after collapse with companies using client money to make very risky trades and lend that money out. this is what it has come to. this is -- >> you know what is interesting about all of this? i follow a lot of crypto supporters on twitter. they have been much less vocal as of late, obviously in 2021

where they were very loud. now less so. the investors who believe in bitcoin or the bitcoin maximalists say this would not have happened if people stuck to investing in bitcoin yesterday after powell's comments, i saw a tweet from a well known crypto investor or bitcoin investor saying this is dovish powell. it should be positive for bitcoin. i wasn't sure if he was being ironic he wasn't. >> deadly serious. we talk to analysts about bitcoin, they cite powell and the movements in the fed that is because of the relationship with bitcoin and u.s. equities. we know u.s. equities and nasdaq and growth stocks benefit from the dovish fed nasdaq in particular will benefit. if that goes up, bitcoin will go up it is lumped in that category.

dovish fed for many believe that will equal better bitcoin performance over the coming months >> i thought it was supposed to be an inflation hedge. here we are are coming off the biggest spike in inflation in 40 years and bitcoin did not perform. >> there is still a bit of risk. not a little bit, but a lot of risk in the market contagion story is not over yet. we see daily issues with the crypto companies kraken laid off 30% of work force. over 1,000 people. that is huge you will continue to see more and more layoffs as the crypto winter continues it will get deeper a lot of analysts are looking at the down side level of the. >> i have spoken to a lot of people retail investors who did not

know a lot about crypto, but it was exciting and put a big chunk of savings and a lot of people lost a substantial portion of their money. for people sitting on losses, it is difficult to see where the next leg up is going to come from tension fupension funds. >> they're angry sam bankman-fried can apologize as much as he wants. it will get down if he can get that money back or not >> stay with me a second we are getting uk pmi data we broke the eurozone half an hour ago 46.5 in november that is actually higher than the flashes estimate of 46.2 again, we are seeing slightly better number here than what we had on the flash side. still below the 50 mark which is a contractary level. you see a bit of a bounce in the

pound. perhaps some signs that we are beginning to reach a bottom or perhaps already at the bottom in terms of the economic data arjun, let's go back to crypto and bitcoin to rally, et cetera, et cetera. how much of a negative catalyst was the fall and collapse of ftx for the crypto communicty as a whole? >> it was huge we saw the terra stable coin in may with contagion it was contained ftx touched so many parts of the crypto world and retail investors. it was mammoth $32 billion empire any leg up for bitcoin, we need to see that shake out and

investor confidence return the question is how much damage has ftx collapse done? >> arjun, thank you. i was lonely today because julianna is not here she is in netherlands. tell us why you are there, julianna joumanna, by european tour of the energy crisis continues we are in the north of the country. when we come back, we will talk how the netherlands is dealing with the energy crisis stay with us

welcome back to "street signs. i'm joumanna bercetche and these are your headlines europe's stoxx 600 touches a six-month high led by tech stocks as jay powell signals a rate hike with a 50 basis point move at this next meeting. >> the rate increase as we approach the level of restraint to be sufficient to bring inflation down the time to moderate may come as soon as the december meeting china reportedly prepares to

update covid rules in the coming days amid speculation it will loosen restrictions and allow positive cases to quarantine at home. sam bankman-fried breaks his silence saying he had a bad month and denies yies fraud at bankrupt crypto exchange ftx >> i was shocked reconstructing it and there were things i wished i had done differently. emmanuel macron meets with president biden with the french president expected to push back against the washington super aggressive inflation reduction bill u.s. energy official says he is confident the eu will come to agreement on the price cap on russian crude.

eu nations have until monday's deadline to agree on the cap meanwhile, the block has scrambled after russia's decision to close the nord stream pipeline. those efforts have seen lng sky rocket hitting $30 billion in the first nine months. that is a 400% increase on the year so the eu continues to buy russian lng. a topic that is very much under appreciated by the market. a quick look at dutch ttf futures are trading. europe wholesale gas prices down 154 per megawatt hour. we are below where we were at the peak, but multiples from a year ago we are still in the situation where european countries are still bidding for european gas with that, let's get to julianna who is in the netherlands. julianna, we have been talking

about the energy crisis and europe's situation vis-a-vis this winter and coming winters it feels like european countries are ready to take on this coming winter what about preparations for years ahead? >> reporter: i think that's the right question to be asking, joumanna european countries had done a really good job of securing enough gas supplies with this winter we are looking at gas storage sites at 100% full you were in italy in september looking at the work they were doing to shore up the lng supply heading into the winter. every country in europe has been working hard next winter is a big question mark we are seeing a lot of emphasis on lng here in the netherlands just behind me, you see two floating storage re-gas units. these are moveable import facilities they offer a temporary solution

for the countries which need more infrastructure to take on the lng. they were not expecting this scenario netherlands, just like so many european countries, were reliant on russian pipeline gas. now they are pivoting to lng this is where the price cap conversation comes in. european countries desperate for lng and suppliers like u.s. and qatar and algeria knows europe is a big buyer they want the price cap to leverage strength as a block and say we are not going to buy gas if it is above a certain level some countries, like the netherlands, have been skeptical of the concept take a listen to what the dutch energy minister had to say >> i'm confident we will deliver. i have been climate and energy minister since january

i have discussied this more tha my colleagues. i'm keen on agreement on more energy efficiency. i'm sure we will be able to create a compromise that is beneficial for all eu member states on the price cap. we will go to brussels, but i'm on the phone on a daily basis with colleagues around europe to make sure we come to a mechanism that benefits all eu member states >> just to be clear, would you support a price cap at a lower level than the one currently proposed >> for me, the main issue is, is the price cap managing high energy prices, but taking care of the supply chain and making sure the gas we so desperately need keeps flowing to europe if we find that balance with those two elements, i can support a price mechanism. >> reporter: as you heard there from the dutch energy minister,

for them, the key issue is the s supply itself. not so much the price. they are not willing to agree to a price cap that could potentially jeopardize the critical supplies. we heard similar lines from germany. one thing to point out, both netherlands and germany are in a strong fiscal position they can afford to pay higher prices for lng than other countries within europe. now i also asked the energy minister about the u.s. role here the u.s. has become the number one supplier of lng into europe this year. those two vessels behind me have taken in 100% u.s. lng the ten cargos since september have all been u.s. lng i asked if the u.s. has been playing its part or if it could be doing more. >> i think the u.s. has been doing a lot. first of all, this war is a wake-up call for the eu. we have been over dependent on

cheap fossil fuels and fossil fuels from russia. it is a pity we have to change and switch to the huge energy import from the usa and different countries around the world because we have been lacking on climate policies for the last five to ten years we cannot switch to wind, solar and green hydrogen within a few years time we are dependant on america which has shown the friendship to make sure europe gets enough deliveries to keep our economy running which is also something that is beneficial for the american economy >> reporter: when you look across europe right now, whether you are in the netherlands or greece like last week or italy where joumanna, you were this year, every country is facing the same challenge how do you pivot away from russian gas which has been the

critical energy source to the continent for years. how do you do that quickly and how do you do it in a way that doesn't jeopardize the long-term goes it is interesting to see every country transition to this countries have to reassess the sdra strategies in place. in germany, they had a chance to nuclear. keeping those going longer than planned. other countries turning to coal in netherlands, they are turning to lng there is a question whether they should reconsider the 2018 decision to end production at the largest gas field in europe. at the moment, they say that is a last resort. that could come back into the spotlight should the situation deteriorate here joumanna >> interesting how you break it down country by country. to your point, netherlands are

sitting on a huge reserve for gas. they can't use it because of potential social implications. julianna, thank you for your coverage looking forward to hearing more tomorrow out of the netherlands. also coming up on the show, french president emmanuel macron had harsh words for u.s. lawmakers for his state visit to washington over the inflation reduction act. more on that coming up next. vital to your mental, emotional, and physical health. the sleep number 360 smart bed. it's temperature balancing, so you stay cool. it senses your movements and automatically adjusts to help keep you both comfortable all night. our smart sleepers get 28 minutes more restful sleep per night. so you're at your best for yourself and those you care about most. and now, save $1,000 on select sleep number 360 smart beds and adjustable bases. ends monday. to learn more, go to sleepnumber.com. hi. i'm wolfgang puck when i started my online store wolfgang puck home

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welcome back to "street signs. we have been talking about the massive rally in the u.s. stock market yesterday after powell spoke indicating the possibility of the smaller rate hikes at the december meeting that led to a rally in the tech stocks right over here in europe, you can see the picture is more mixed with the indices trading on the flat line cac below and dax is slightly

moving up. the picture for u.s. futures today is actually tilting toward negative we have the s&p opening slightly negative down 10 points. dow 70 points lower it was a strong month for of the market as a whole. the nasdaq up 3% s&p up 5.4% and dow up 7% on expectation that the fed is looking to turn less hawkish in the upcoming meeting we got that yesterday. as for u.s. tech, this is how it fared in november. mixed pbag. meta bounced hard givena coupl of months ago people were down beat on the company. we bounced 27 points up from $100 the major under performers were

apple. supply chains with china and the app store in the u.s amazon down 5.8% the ceo of amazon defended his plans to reduce the work force >> we went through our plans and you started seeing over the months a similar trend where the economy was more uncertain we have seen things different from before. we felt like we needed to streamline our costs one of the reasons were grew quickly is we doubled down on things working knowing some of the unusual circumstances that have arisen over the last year and a half were hard to know. you know, i don't necessarily think it was the wrong thing to double down because we were growing so well. >> well, that was andy jassy

speaking at the dealbook summit. you can see walt disney was down for the month of november after warning of the joutlook an the change of ceo bob iger coming back. a lot of questions of the future profitability of the streaming service given how much the company is spending in operating expenses to get the service up and running. bob iger should have one eye on the white house according to one sdplchlt >> i was ready to be a fund-raiser for him. he would be an amazing leader for the country. i think highly of him. the other was darn chapek was very good and disciplined. 25-year disney guy it is not like we saw any

cracks speaking of the white house. emmanuel macron reportedly described the inflation reduction act as super aggressive telling u.s. lawmakers the subsidies would have negative repercussions with europe. macron is expected to have more harsh words when he meets president biden. charlotte joins us with more tell busus about the state visit >> it is the first dinner by the biden administration they know emmanuel macron is a strong man of europe and uk is in the post-brexit trouble macron over there was a set of reset. especially after the august issue. a frozen relationship with the two countries. this was meant to be how they are friends and new relationship this comes at a time of new tensions with europe and the

u.s. on the back of inflation and the reduction act of a $370 billion package that ministers in europe are worried about the impact on the industry the industry commissioner is talking about this as a threat to the european industry it is expected to be a key message that macron is bringing to biden of course, in the background how europe is being hammered by the war in ukraine with inflation and the price with the cost of energy they want to see from the u.s. being more supportive to a certain extent they said this kind of package and subsidy is not helping they needed to be more on the same page. that was his message yesterday the u.s. and europe need to coordinate policy agenda that will be the key message today. >> i'm trying to understand what

macron will get out of this. the inflation reduction act has already passed it is a serious piece of legislation. it was a signature piece passed by the biden administration. extremely effective also in terms of providing for the transition and setting aside money and tax breaks and subsidies to encourage people and companies to focus on that transition as far as the u.s. is concerned, this was a major piece of legislation for the administration why would they want to change or backtrack or water anything down because one european leader is coming over and grumbling about it >> it is the message from the u.s. administration. give more subsidy as well. europe is saying this would be a race to the bottom it is the size of the subsidy. the u.s. is behaving like china. being a competitor because of the war in ukraine in the back

ground what europe can hope to get with macron is concession maybe have eu countries part of the list of exceptions especially the auto sector the state dinner is today. we will have a press conference to get indication. >> i was speaking to the cfo of rwe, the germany energy power company. i asked a question why they were investing in the u.s. and a sustainable company in the u.s he said the inflation reduction act. there is something to be said for what president macron is saying >> we heard speaking and doubling investment on the back of the companies and french companies and they are reviewing the investment it would be up to 10,000 jobs lost on the back of the act. they have real concerns. >> what is the issue with the europeans not going down this route of subsidies and tax

breaks because it has to be done at an eu level >> and that becomes a trade warmewar. they want the u.s. and europe to coordinate and have concessions because otherwise that is the territory they will enter. the first state dinner of the trump administration was emmanuel macron as well. a lot of handshakes and grand gestures of this event it did end up in a trade war they want to avoid that this time around. as you say, it is difficult to say how far the u.s. wants to go and considering how hard it was to pass the package in the first place. >> let's talk about baguette why did the french baguette get the honor on the world heritage

stat snus. >> status? >> it is not the first street food is also there. look for the baguette. it it is a hard job you have to get up early you have to give it protection >> nothing like a warm baguette with warm butter >> it is difficult to make. >> sometimes they get too crunchy and you are jeopardizing your teeth charlotte, thank you before we head out, let's look at u.s. futures. they are not continuing on from yesterday. dow and nasdaq all seeing opening up weaker on the day that is it for the show. i'm joumanna bercetche "worldwide exchange" is coming up next. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or

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5:00 a.m. here at cnbc here is the top "five@5. we begin with the markets and making it a month to remember. futures in a bit of a holding pattern after the rally. the surge fueled by jay powell signaling the fed may pull back on the rate hike strategy as soon as this month. this is a bombshell. sam bankman-fried speaks and talking to our own andrew ross sorkin on the collapse of his crypto