it is 5:00 a.m. at cnbc global headquarters. here is your top "five@5." stocks snapping a losing streak. investors gear up for the fed's next decision day. also, crude is lower doing something for the first time since last december concerns that prices could spike again. and a wild week for tesla as concerns of musk splitting time with the ev maker and twitter. and the power house producer

falls short and flexing the anti-trust measure with the ftc putting the kibosh on microsoft. it is friday, december 9th, 2022 you are watching "worldwide exchange" here on cnbc good morning happy friday i'm frank holland in for brian sullivan let's look at the snap of the losing streak. futures are flat nasdaq doing the best. up very slightly right now, as we always say at this hour, it is pretty early. we want to check the bond market something to watch with the fed meeting next week. we are seeing the 10-year treasury at 3.48 that inversion still going on. the gap not closing.

a lot of people consider that a recession indicator. oil off the lowest close of the year it is higher right know. wti up 1.5% higher both about $10 a barrel lower than they were to start the week cryptocurrency we are seeing movement bitcoin now is higher. back above the $17,000 mark. different story for ethereum lower for the week let's check on the action in asia and europe. we have a special guest appearance julianna tatelbaum back from great reporting in the netherlands on the energy situation. she is now in the london newsroom good morning, julianna >> frank, good morning thank you for the warm welcome back it is not so warm in the studio. it feels chilly in london. let's take you to the action in asia overnight it has been another strong session. hang seng in hong kong leading the gains up 2.3%.

nikkei in japan catching a bid up 1.2%. we ended in positive territory green for australia as well. this is reflective of the overall trade we have seen in asia let me take you to the hang seng week to date chart strong gains in the region hang seng up 6.6% over the course of the week all of that on the back of the positive reopening narrative that is really taken shape in not only the mainland, but hong kong has the region looks to a move of living with covid. to europe. the trade is muted so far. the positive momentum building the last half hour dax you have .25%. ftse 100 up .20% for the week overall, we have seen strong trade in asia and weak trade in europe here is the picture week to

date the stoxx 600 was down 1.8%. we are clawing back the losses clearly firmly in the red this week as investors brace for the bumper week with the fed, ecb and bank of england and more frank. >> julianna, thank you. turning attention to the top stories in the u.s. is silvana henao on friday morning. happy friday good morning >> happy friday, frank the u.s. ftc is suing to block microsoft's $69 billion acquisition of activision-blizzard claiming it would stifle competition this would be microsoft's largest acquisition and make it the third biggest gaming company in terms of sales. the deal is being reviewed overseas by the uk comepetition and market authority twitter is introducing a new set of controls to allow

companies to prevent ads from appearing above or below tweets containing key words according to reuters, this is a move to woo advertisers back to the platform without fear their messages is referred to offensive commentary. and the u.s. economy is heading to a short recession next year. they expect the federal reserve to hike rates by smaller 50 basis points next week with one more medium size hike next year, frank. >> one of the few times in life short and shallow is good. silvana, thank you see you later on. turning attention back to the markets with the s&p snapping the losing streak investors really gear up for the release and inflation with the producer price index report

later this morning for more on this, let's bring in vance howard at howard capital management vance, great to see you. >> good morning, frank how are you? >> vance, i'm doing good markets are breaking a losing streak give us a sense how you see the markets today after the positive day yesterday? >> i think we will start to move higher you know the short-term buy line is positive. we started taking trades two weeks ago. caution is very much out there and needs to be adhered to our optimism is growing day by day. i think on the short-term basis, we get a rally who knows? maybe this is the set up of the turn >> i don't think anybody knows last time you were on, you set up a 60/40 portfolio are you still there? if so, why >> frank, we have been adding to our positions.

it was moved up to 65 or 70% cash depending on the different portfolio. we haven't started to buy the bonds. the bonds have gotten to the point they oversold and reached the down side. the 20-year treasury has had a nice run which is positive i think someattractive the emerging market bonds is a place to invest. you can play that by the bonds or good etf. >> really interesting. emerging market i want to start with the stock pick which is interesting because of the energy market chevron. why is that a pick for you >> i to think the energy as a whole will do very well in 2023. i have been looking at this and you talked about it as well. with asia opening up and china opening up, that is really critical what will happen with the energy and infrastructure. if they open in a faster pace

than over the last two or three weeks, you will see energy climb no matter what energy stock. especially exxon and chevron it will not matter you may want to play this through an etf energy in 2023 is much higher. a barrel of oil will go over $100 a barrel. >> you are forecasting $100 for wti? >> west texas crude is where i look for $100 a barrel you will have more demand if china opens back up. >> vance, i want to get to the other picks. give pme the elevator pitch. >> i like amgen. it has a good technical trade for a nice 4 or 5% pop you look at crown castle i like the real estate stock $1.20 a share on dividend. they have 40,000 cell towers in

the u.s. it is another one we are looking at with the shot to the down side >> don't hear that often vance, great to see you. when we come back on "worldwide exchange. the covid policy dealing another blow to china despite the easing more details ahead. it is not just a fabric shrinking demand at lululemon. the stock down sharply ahead at the open. veora tough week for tesla as insts grow impatient with elon musk. a very busy hour when "worldwide exchange" returns.

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welcome back chinese inflation slowed in november as consumer prices rising 1.6% and 2% increase in october as food prices ease sharply. producer prices falling for the second straight month in november on the year over year basis. this data coming in for the week when china eased restrictions and the zero covid policy over the years. the anxiety by the measures could hamper a quick return for the world's second largest economy. let's talk about this with the director of the chinese beige book >> thanks for having me on. >> china is the big if in the

economy. if it reopens, this could happen you say china is in a catch-22 a catch-2022, your turn of phrase please explain. >> you are looking at a complicated picture where restrictions have been lifted and pared back the obvious one is you get a china which faces a fast rise in cases and vaccinations and restraints on the healthcare system create a very serious health care crisis facing the country. on the other hand, what you could get in the coming months, not in the coming weeks, as the markets seem to believe, but coming months, is increasingly consumer activity does pick up then you start to look at reacceleration of price pressure and so forth

you know, you have to have -- it is difficult to navigate those two policies at that present moment. >> i want to push back on one thing. china has a vaccine. they don't have an mrna vaccine. you say that mrna is a game changer? >> i think that is going to be one of the most critical components that is needed in order to have a reopening that can be sustained without that, there is still a serious risk, of course, of certain cities and neighborhoods having to reimpose lockdowns especially as we get into the winter period where outbreaks could be very large. of course, as you get toward the chinese new year and so forth. an mrna vaccine, i do believe, is ultimately the game changer in the picture as it has been for us. >> you are mentioning lunar new

year which is generally the first weekis generally a time of easing production in china and other countries as well. it is a big ramp up before then. every sector in china is declining right now. will we see the same ramp up heading into lunar new year? >> the chinese economic picture is weak. especially year over year comparisons. things are looking pretty bleak. the fact is this all year long, once it has been cleared, companies don't want to invest or hire until there is more are stability and certainty out there. that isn't going to change right away that will take a while for consumers to regain confidence to spend and businesses to get confidence to start investing again. that means the economic recovery will take a while to be seen in the data and on the ground. >> a lot of optimism here in the united states when it comes to

chinese internet stocks. jd.com rally in the last few days my question to you and if china doesn't reopen fully, what will it mean for the economy that depends on the chinese manufacturing center >> we are looking at a picture where china is not running at full pace and it has been great for global inflation pressure. it is something the fed is watching closely now has to obviously take into account. you know, china not opening is certainly going to be a big positive from the inflation angle. it keeps commodity prices down that is probably the only optimistic take otherwise which is a negative when it comes to global growth. you are talking about slowing down the global economy next year if china doesn't fully reopen,

china is not pushing back on the trend. >> a lot of optimism in the markets by china reopening you say it is a maybe and it is a big if thank you for the insight. thank you. still on deck on "worldwide exchange." today's big money movers and a stock making a comeback with the shares down 70% this year. the name to watch and reveal when we return stay with us >> announcer: today's big number 15.6%. that's how much used car prices have dropped since the record highs in january according to the manheim used vehicle index hitting the lowest level in more than a year. prices fell for the sih rahton inovember

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this is ge vernova, helping generate and move the energy that our world needs. this is ge aerospace, advancing flight for future generations. this is the next generation of ge. it's that time big money movers chewy swung to a profit in the third quarter on improved margins on the supply chain. the company is raising sales forecast for the year. people are still spending money on pets, but demand geared toward foot, treats and healthcare versus pet carriers and beds and costumes. broadcom with better than expected fourth quarter results. topping estimates. the company not giving an

outlook for the year citing limited visibility as it works through backlog of orders. docusign's third quarter results beat forecast. billings up 13%. the stock is down 70% this year. another beaten up cloud name let's get a check on the headlines with phillip mena in new york >> good morning. after ten minonths in russian custody. brittney griner is home. she is expected to land in san antonio to go through a medical evaluation she spoke to president biden after being freed for a russian arms dealer viktor bout. they hoped to negotiate a deal for paul whelan who is being

held on spying allegations. the documents seized from the former president's home is finally over the doj will have access from the search. week 14 in the nfl started with a fourth quarter comeback baker mayfield finding van jefferson in the end zone with ten seconds left the los angeles rams snap the six-game losing streak they stun the raiders 17-16. frank, back to you >> are you a rams fan? i thought you were a texas guy >> i'm from texas. oilers they are no longer around.

there is no other underdog than being unemployed at the start of the weekend. >> he was in every commercial. he doesn't play that great i wish him luck. what a roller coaster ride. >> my fantasy team knows how short he came up in carolina good for him >> phillip mena, thank you good luck with your fantasy weekend. and still ahead, see if elon musk can bring investor confidence back with the stock down 40%. if you miss brian sullivan or "worldwide exchange" you can find us on all the podcast apps. "worldwide exchange" will be right back

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stocks looking to end the week on a positive note after the s&p snaps the losing streak. futures pointing to a lightly higher open. the biden administration looking to put a top to microsoft's activision merger. and is it over the latest quarterly results for lululemon. it is friday, december 9th, 2022 you are watching "worldwide exchange" here on cnbc happy friday

i'm frank hole land in for bria sullivan futures are kind of muted. ticking higher this morning. all of the indices higher right now. nasdaq doing the best of all of them we want to do the best on the bond market. 10-year treasury at 3.476. the 10-year treasury and 2-year treasury are 10 basis points lower than the start of the week another tough week for crude wti and brent. both up off their highs of earlier. up over 1% earlier now wti up 1%. brent crude up over .50% i'm skipping ahead i apologize. to the developing story. the ftc filing to block the merger of the $68 billion bid to

acquire the video game publisher. adding another hurdle. microsoft is down this morning joining us with a bitter fight in the deal and answering the call of duty is steve kovach >> let's talk about why they are suing to block the deal. the main reason is the history of microsoft's gaming acquisitions it is using those to put exclusive titles on the platforms. the example is $7.5 billion acquisition a couple years ago titles from that studio are exclusive to microsoft platforms. the same will happen, according to the ftc, if microsoft buys activision call of duty from activision is the key issue. sony claims microsoft will take it away from the rivals.

microsoft has already offered to put call of duty on rival platforms for ten years and is willing to have that enforced by the courts activision ceo firing back saying we believe these arguments will win despite a regulatory environment focused on ideology and misconceptions about the tech industry. and then brad smith saying they will fight in court. microsoft tried to quote give peace a chance by offering concessions to the ftc the question now, frank, what additional concessions did microsoft float to the ftc it sounds like there is no more peace and microsoft is going to war. >> they are offering peace with

a shooting game? i was trying to turn my wheels on that. i'm a video game player. i think you are as well. does microsoft have incentive to limit people licensing call of duty wouldn't that bring in more revenue? >> that's right, frank when i talked to the microsoft side, they said we would be crazy to remove call of duty from other platforms most of the money it makes or a huge percent comes from playstation or platforms outside the microsoft ecosystem. they would make it less valuable if they just blocked it from other platforms. >> very interesting. has the biden administration had a lot of luck winning anti-trust battles? >> not really. kayla tausche put this together out of the five major cases or four major cases

they only blocked one deal that simon & schuester deal. this is the biggest one yet. >> as long as it doesn't mess up my ability to play madden. whether or not this will go forward, an issue. steve, thank you. let's get to the other top stories with silvana henao do you play call of duty >> no way. i like fifa. let's get to the other top stories. the chair of the house financial services committee looking to clarify plans at taking a closer look at sam bankman-fried and ftx collapse maxine waters is prepared to subpoena sam bankman-fried if he does not agree to appear next

week the comments come after a cnbc report that she informed a group of democrats she doesn't plan to subpoena the former ceo. sam bankman-fried missed a deadline last night to respond to a senate banking committee request to testify before a hearing. and companies must disclose exposure and risk to cryptocurrency united airline is set to announce a major order with boeing the deal will involve the 787 dreamliner reuters reporting apple is bracing for a strike by workers in australia saying hundreds of employees are preparing to walk off the job ahead of christmas union leaders say employer emple

demanding better wages. the portion of the keystone pipeline has been shutdown after 14,000 barrels of oil spilled into the waterway in kansas. the cause of the leak is unknown at this point. it marks one of the largest oil spills in the u.s. in nearly a decade frank, it is unclear how long that portion of the pipeline will be shutdown >> certainly something to watch. energy is such a big issue for the market silvana, thank you very much have a great friday. turning back to the big money movers and shares of lululemon under pressure ahead of the open after holiday quarter guidance below expectations the giant now expecting q4 sale up to $2.65 billion. joining me now is stacey wi widlitz. good morning great to have you here we have to dig into the lululemon. what is going on are people not wearing athleisure the way they did?

why the issue with the fourth quarter numbers and people are going back to gyms and yoga classes? >> frank, it has become the new work wardrobe. lululemon accounts for 25% there is nothing wrong with demand if you think about it, the traffic in stores was up 25% this quarter those are crazy numbers considering the rest of retail is doing i think what happened here is the stock had a huge rally and the guidance to where the street was. the fact they have been blowing away expectations every quarter, a few comments about we have most of the quarter ahead and lowering expectation and the stock is ticking back a bit this morning. if you look at the business, i'm in stores all the time traffic is just incredible there's very few promotions. little bit of clearance.

if you think about it, athleta had a 35% off during black friday lululemon stores were packed they are not giving away product like everybody else in the market >> stacy, stocks down 7.5%. you were hanging on the things i was going to ask i went to lululemon and nothing was on sale. i went to nike and everything was on sale. you see lululemon giving guidance below expectation what does it mean for the holiday season and what is this an indication of >> i think there is a sense of a lot of conservativism in the environment. the consumer is pulling back we are going into holiday. i think black friday for most retailers was someone disappointing. no for lulu, they were saying it

was their best day ever. no disappointment there. there is a sentiment of let's re-set the bar it is not -- it's a smart thing to do going into such an uncertain holiday season you know, so far, i think in terms of business and price points and no markdown clearance that we are seeing red signals i think the story is very much in tact. i would be concerned about athleta based on the traffic that is owned by gap >> very interesting. i don't know if there is a yoga pants indicator. i want to get your take on the slice of consumer spending costco out with results. falling short on the top and bottom lines comes after the chain reported slowing november sales that is despite black friday bump costco deals in essentials and

grocery. what does it mean we are seeing a slowdown for costco? >> costco is having a monster comps for the past few years what we have seen in november when they reportedlast week wa big ticket items decelerated that is what we hear in the industry weakness in consumer electronic. anything big ticket. luxury at the high end costco is feeling that there is a sense of reinvesting in price somewhat. that's where we fell short and again, the read for the consumer is a lot of conservatism nothing is immune to this. >> we know these are questions about where people are spending. people seem to still be spending numbers on cyber monday were better than expected what stocks do you expect to do

well during the holiday season and next quarter with the slowdown in areas? >> i'm looking at truly great brands that have gone through a period of over-inventory situation. we have seen so much with supply chain disruption things are starting to nor normalize. you look at nike way over inventory margins came down. they are clearing through that we saw the peak of the inconinventor in august. that is normalizing. that is my top pick going into 2023. >> any other picks nike is one of your picks with softness in athleisure is that nike's business? >> it does i think athleisure is holding up fairly well. if you looked at lulu's numbers.

it is more of an inventory problem. think about nike being 30% exposed to china that is a pressure point as that opens up again, you will see 20% of the business come back nicely. you still have to take a look at the luxury brands. those have not seen any weakness >> we have a bit of breaking news we have to cut this short. to breaking news we have live pictures. we are looking at a plane in san antonio that we believe -- a shot in san antonio that we believe is brittney griner heading to get medical care. brittney griner was released from the russian prison that the biden administration was agebleo pull off she was detained for having cartridges for vaping. we believe brittney griner just got off the plane.

this is the vehicle taking her to get medical attention we believe she is inside that van right now. this is a developing story brittney griner, wnba star, released from prison back in the united states in san antonio, texas headed to get medical care this is the shot of her in the orwigetting off the plane. "wldde exchange" will be right back if we have anymore on the story, we will bring it to you.

it's been a tough week for tesla with shares down 10% since monday mixed signals with the company and ceo elon musk. the company is dropping joutput over slowing demand. on thursday, bloomberg out with a cloud over chinese demand and elon musk bankers are weighing margin loans backed by tesla stock taken on during the twitter deal despite that, a ceo splitting time with the companies and the stock down 50% this year wall street remains positive on this stock you see it is up .30%. joining me now is tech communist

columnist tim higgins. >> results are inspiring and fuelling enthusiasm that growth is a huge potential in the years to come. we have seen investors willing to overlook the fact he split through so many ventures it is the really for elon and tesla about delivering results we will see the results in the next few weeks as we get to year end. delivery results and the color and early january about the expectation of growth going forward. remember, this is a company that has talked about 50% growth for years to come. that is part of why there is the exuberance in the stock. >> here is the question. that is a stock that traded on enthusiasm elon musk having a cult of investors and people who believed in his vision why is this impacting the stock? >> you hit on the point that

this has been hope baked in the future in some ways, reality is hitting the market here in part because the biggest potential for tesla has been in the chinese market lots of concerns there the idea that inn sendti -- incentives were on the hood here and in china this would suggest that maybe demand is not as robust as had been in the past there is always this concern that demand is going to start to wane and what you have is a growth stock story if demand is pulled forward with classic car. >> how serious is this for the tesla staock? >> the concern is a bit of a twitter hangover on the tesla

stock. the risk is if elon is taking out personal loans based on shares and stock decreases, he has it put up more stock or sell stock into the market which would hurt the stock price because he is flooding the market it adds an element of uncertainty and greater risk into the situation full of risk already at twitter taking his time and putting risk into thatesla as well. >> tesla stock is down last earnings call, elon musk said there may be a stock buyback. up to $10 billion up to the board. would the board want to launch the stock buyback and at a discount once elon musk is stopped being distracted by twitter and the stock price will go up >> it has excited investors in the recent months with the idea this would occur

you are right. it was a period of time where there was concern how elon would structure the deal and use loans based on the stock or sell more into the market. it is one of the levers that seemed to be out there to be pulled to excite investors in tesla. >> what would you say the outlook is for thaesla and the kwirs first quarter? >> one of the things i'm hear is price will be adjusted in 2023 for vehicles the question is if they can keep demand going, will it be as profitable will the average price come down if the company can continue to keep the factories humming and vehicles get into consumers hands, you will see investors

relatively happy compared to the overall market. >> tim, i appreciate the in insight. on deck here on "worldwide exchange." stocks looking to limp to the finish line. we tee up the final trading day ahead. first, top terending storie. janet yellen marking the very first time a female treasury secretary's signature appears on the currency appearing alongside the first native american to serve in that role bids are rolling in to have lunch with bill ackman 29 offers have been made for the sit-down with the bid at $41,000. the inside look at the bedrooms set up in the twitter san francisco headquarters they may be short lived of

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coming off the live look at the capitol. a live look at the day ahead 8:30, we get the read on infl inflation producer price index the court hearing to the bid to buy meta's vr app developer. and stocks will close out a losing week with the next guest

who says many investors he is talking to, they are waiting for the new year before putting moneyback in the markets back to work. zachary hills is with us >> great to be with you, frank >> let's start off the day ahead. we have numbers that speak to inflation with the producer price index. is that as meaningful as the pe or cpi >> for a few months, the cpi was all that mattered. jay powell introduced a new thing at the brookings institute. we are watching the ppi more than six months ago. the main event is next week with cpi and fed following. >> we have something that could move the market. how big are macro factors weighing on the market we are on pace for a down bweek

this week. >> this year has been driven by macro. that is something people want to get past we have not been able to do it inflation at 40-year highs inflation in the driver seat we don't see that changing the one thing that i would say as we look forward, we have seen a lot of systematic buying a lot of price flows as trends shifted. that dominated price action in the last few weeks we may do so for the end of the year. >> we are looking at bond yields down 80 basis points from the high we got up to 4.2%. does that signal time to get to growth stocks or is it still about the value trade or cyclicals? if the macro pressures are weighing on the market, where is the smart place to put money

>> this is the debate we have on our team it is time to stick with the value trade. rates have fallen a lot and quickly. that could very well reverse here and next week depending on the cpi. overall, we look at the growth trade and one big idea behind that which propelled that stocks in the u.s. the last ten years is it did not matter the macro environment or economic growth environment is doing they werie going to earn money. we have seen with the layoffs and worries of advertising spending and that sort of thing is big tech in the u.s. is not immune to economic conditions. i think that is a major shift that investors are having trouble intern eizing. >> you mentioned the tech layoffs. we covered them closely on cnbc. in general, the sentiment is the labor market is generally tight. how does that impact the

markets? the markets go down with a good jobs report. >> that good news is bad news thing. that is the way we think about it the fed does want to weaken the labor market they need to slowdown wage inflation. it is nowhere compatible with the 2% inflation target. as we look at the labor market on balance, we see it as quite strong there have been a lot of headlines around the types of things you know, we look at it and we still have a shortage of workers. is forming our view our view around growth we we are not willing to bet begins t o -- against the consumer. >> ahead of the big inflation report, what sector is the most

investable >> energy. it has gotten beaten down. we have seen a lot of liquidation in oil markets generally talk of things like that and rebounds toward the end of the year. that is still something we see especially with all of the news around china it hasn't gotten that pop. that is something we are looking at >> zachary hill, thank you. bilefore we go, netflix stok with a $400 price target from $300 shares up 3% in pre-market up 30% in the past three months. futures right now flat that will do it for us on "worldwide exchange. "squawk box" is coming up next power e*trade's easy-to-use tools like dynamic charting and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment

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good morning stock futures climbing after the s&p broke a five-day losing streak in yesterday's session. the braigiden administratio looking to put a stop for the microsoft bid for activision is it game over? we dive into it. it is crunch time for retailers. we look at five movers to watch this session it is friday, december 9th, 2022 "squawk box" begins right now. good morning welcome to "squawk box" here on

cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with andrew ross sorkin joe is out today the dow futures indicated up over 90 points s&p futures up 15. this comes after the day of gains in yesterday's session yesterday, you saw the dow up 11 184 points the s&p was up .75% to break a five-day losing streak if you are looking at the week, you are looking down across the board. dow down 2% for the week s&p off 2.7% the nasdaq off 3.3%. treasury yields is what we are watching closely people are keeping a close eye 10-year treasury is back