breaking news. authorities in the bahamas arresting disgraced ftx founder sam bankman-fried. he now faces a possible fight in extradition in what could be the most important financial crime trial in years. and we get the latest on the inflation and gas prices down with other prices still high jpmorgan chase lays out what the stock market is likely to do. and the fed reserve kicks off the final meeting and

signals what could be the end of the giant hiking cycle or not it is tuesday, december 13th this is "worldwide exchange. >> good morning, good afternoon, good evening welcome from wherever in the world you may be watching. i'm brian sullivan good tuesday morning let's jump in. we will get more on the sam bankman-fried arrest in just a moment before that, let's get a check of the tuesday markets stock futures are higher dow futures up 70. markets are coming off a big start to the week. all major averages rallied more than 1% on monday. maybe hoping for softer inflation data this morning. by the way, we will have more on that data and the market scenarios in a moment. in the bond market, we are not seeing a big move in yields. that is expected ahead of the fed and cpi. 10-year treasury at 3.60%. the bond market could shift if

we get a shift in inflation data 10-year treasury, by the way, sitting where they were in mid-september. haven't moved up in the last couple months. oil and gas has been moving mostly down. yesterday was a rare up day. oil, of course, losing steam for months now real concerns about a huge potential recession for europe or other parts of the world. that would impact demanded the price of crude oil popped yesterday. it is up a little today to $73.81 we will talk crypto in a second. let's show you the prices. bitcoin and ethereum and others are moving higher. bitcoin back above $17,000 around the world, it was a mixed day of trading we had a bit in the hong kong market hong kong announcing another change in the reopening plan hong kong authorities are now cancelling the three-day contact tracing requirement for new

arrivals into hong kong. you used to have do an app and three-day contact tracing. that is ending europe's trading day is good evening get -- getting under way. all right. to the top story and breaking news. ftx founder and former ceo sam bankman-fried was arrested in the bahamas late yesterday this after the u.s. attorney for the southern district of new york shared a sealed indictment with the bahamas authorities this setting a stage for the u.s. trial and extradition we have kenzie with us now she writes about crypto. what do we know about the arrest of sam bankman-fried >> good morning, brian this arrest is the first concrete move to hold someone

accountable for the implosion of ftx. we know sbf was taken into custody after criminal charges were filed against sam bankman-fried. the charges are under seal the u.s. attorney for the southern district of new york will unseal that indictment thi morning. several outlets are reporting the charges including among other things, wire fraud, securities fraud and money laundering separately, the s.e.c. says it has initiated another set of civil charges against sam bankman-fried relating to securities laws. the s.e.c. says that those charges will also be filed publicly today in the southern district of new york before all of this, we had been expecting testimony from sam bankman-fried at 10:00 a.m. today. that is no longer happening. the bahamas police force says sam bankman-fried will appear in

court in nassau. brian, that is where we stand right now. >> it could be good timing for mr. sam bankman-fried. i'll explain why in a few minutes. any word on when we could have an extradition and when sam bankman-fried could be back on american soil? >> a lot of the timing depends on the u.s. and bahamas coordinate on this so far, all signs point to the fact that the bahamian government is cooperating. sam bankman-fried hasn't been convicted in the bahamas yet or charged in the bahamas the prosecutors had to provide an arrest warrant and provide information to the bahamas that sam bankman-fried committed a crime. the attorney general in the bahamas said last night that once a formal request for extradition is made by the u.s., they have every intention of promptly moving the process along. that extradition process when everyone is in agreement doesn't move quickly i spoke with a former federal prosecutor who says this can take weeks to complete and in

part because we don't know if sbf will fight extradition the justice department would not have charged this case unless they were confident they could extradite him. thing are moving along here. >> all right he will eventually get to the united states soil they have deals to make out. whatever it may be once he is back in the united states, kenzie, how soon could we look at a trial are there other legal blowbacks? what about one caroline ellison? the runner of the hedge fund she is not out of the woods? >> to your first point, ex extradition is the first step in the process. given the magnitude of the crimes, regulators will pursue cases around the world i spoke to one lawyer who said a trial in the u.s. may not occur

for years because the more they charge, the bigger the case and the more time they need to get it in motion one person thought late 2023 was the earliest a trial would occur. in the meantime, sam bankman-fried is facing civil action which could be brought by the s.e.c., commodities futures trading commission and state banking regulators and class action suits that have been filed. it is a long and convoluted road for sam bankman-fried and to your point about caroline ellison. we have not heard a lot from her on that front as to her involvement in ftx she has been silent. there are reports she has tired a top s.e.c. counsel we have to wait and see what she has to say. >> the reports are she hired wilmer hale. one of the top law firms in the

world and well known for making deals. that is the reputation in the legal community. one heck of a story. kenzie, thank you very much. we appreciate it sticking with crypto and other developing stories this morning. binance, which is the world's largest and only now crypto exchange in size, says it has quote temporarily paused withdrawals of the major stable coi coin, usdc, while it carries out a swap chengpeng zhao says the exchange is seeing an increase of withdrawal of the token usdc all of this comes as investors concerns grow as binance ability following the collapse of ftx which you might have heard about on networks such as our's just now and criminal investigation

more as this story develops. more rumbling on the edges we will get more on the sam bankman-fried story through the day and hour here on cnbc. right now, a lot of other stuff is going on. let's check on those headlines with silvana henao good morning, silvana. >> good morning, brian we have other headlines to cover. we start with covid zero rollbacks in asia. hong kong is cancelling the incoming travelers and now they b will be allowed to visit within the first three days of arrival. twitter is disbanding the volunteer trust and safety council. this is days after three members of the group resigned over concerns around elon musk leadership according to the page on

twitter, the page has been deleted now, they were meant to tackle the suicide exploitation on the platform. shares of first solar is joining the s&p next week replacing home security which will move to the s&p midcap 400 index following a business spinoff and rebranding shares of first solar have been on a run in had recent months. up 138% mid-june, brian. >> they got to join the big-boy index. the other is smaller and moved to the peter brady index or jan or jan it's fine. thank you, silvana. we are just getting going on tuesday morning. we will take a short break when we come back, more on the arrest of sam bankman-fried. we will speak with one former federal prosecutor now on what happens next and what's at

stake. call it a cpi playbook what jpmorgan chase's trader says stocks are likely to do in every inflation data scenario. you will want to hear that later on, the morning rbi. we are going to look into the $130 billion to quote reopen schools. how much of that money has actually been spent and where it's going you want to hear this. stk ourely if you are a pant icarnd with gold bond... you can age on your own terms. new retinol overnight means the smoothing benefits of retinol are now for your whole body. plus, fast-working crepe corrector diminishes wrinkled skin in just two days. gold bond. champion your skin.

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welcome back today and the rest of the year for stocks is going to be all about the fed and inflation data the consumer price index coming out at 8:30 this morning and the fed will make its call on interest rates tomorrow at 2:00 p.m. in the meantime, jpmorgan chase's trading team has a number of scenarios and outcomes based on the cpi number. are you ready? here we go all right. according to jpmorgan chase, if the cpi is above 7.t8%, the s&p is crushed it could fall 4% to 5% hot number bad for stocks if it is 7.5 and 7.7, still bad. s&p could fall 2.5% to 3.5%. the two bad scenarios. to the good laid out by jpm.

if the cpi is 7.2 and 7.4, the s&p could actually gain 2% to 3% look at that leaving no margin of error .10%, the market is moving 2% to 4% if the market falls 7%, it is move higher 4% to 5% if the market moves cold, under 6.9% jp thinks the s&p could rally 8% to 10% wow. jpmorgan chase notes the last scenario would likely be the end to the bear market a huge number of possible market moves based on a tenth of a percent difference truly remarkable the number out at 8:30

let's welcome in anna han of wells fargo. anna, how much does what happens today with the inflation data and the fed tomorrow impact you and your team's market thinking? >> i think it certainly is an important data point as you laid out before, quite a few scenarios which we could see cpi print could come in today. keep in mind, this is a big economic headline data number. to see such wide variance is unlikely we are always prepared for any case right now, consensus is around 7.3% anywhere around that, the market will be relieved that can be seen in the brief market rally. as long as we get in the bal

ballpark, the market will take that as a reaffirmation of what they hope to see equities, we like certainly certainty. we like that mid range and the santa claus rally. >> speaking of mid range i saw the surprise target for the end of next year you are forecasting a gain actually many now have a decline for the year up mid single thedigits you see the market ending higher you also believe in the first part of the year we could drop how come >> i think a big part of the drop from the beginning of next year is we think yields have come down a little too much here particularly nominal yields. they retreated from where they were from 4% to now and like 3.6% on the 10-year. we think that can drift back up to 4% at the beginning or start

of next year as we get that in the first quarter or second quarter, that yield would lay on equities due to the fundamentals over future earnings get discounted. especially with the s&p 500 being a growth oriented index, for example, the weight of the tech sector is 40% and communications 50% that can still have headwind we think about the downside with yields and credit spreads could see widening that could weigh on the markets. you can see volatility there and the s&p could go down 10%. >> i love your referencing the sectors. we call it market structure. we talk about it being important for so long. anna han from wells fargo, thank you. have a good tollholiday season coming up on "worldwide

exch exchange," the new price tag attached to elon musk's companies that is not named twitter or tesla "wex" is back after this ♪ ...i'm over 45. ♪ ♪ i realize i'm no spring chicken. ♪ ♪ i know what's right for me. ♪ ♪ i've got a plan to which i'm sticking. ♪

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march of last year of the $130 billion to quote reopen schools. you probably heard it every day. multiple times and assumed like many would that $130 billion of your tax dollars was urgently spent to get your kids back into the classroom. much like washington, that is not the case here are some things you may not have known about the money to reopen schools first, there are five categories that districts are allowed under the plan s3 academic intervention, physical and mental health and staffing and retention. facilities and operation and technology also in the groups. many of those are important, but where might the money be spent a great job tracking this data and here is what has happened.

the spending plan for schools is like this. 27% for academics among schools they surveyed. less money for staffing and same for facilities and operations. the rest is divided up here is what parents need to know these categories are very broad with lots of room for school district interpretation. for example, they looked through school spending plans and found a few things that stuck out around america a school district in illinois spent money to reopen a swimming pool and changed their minds and decided to spend more money to then turn it back into a locker room on long island, a district bought security cameras and outdoor refrigeration unit with their money and wone district i connecticut cut employee salaries, but spending more on outside consulting services.

again, just a few examples is this where you think the money to reopen schools would have been spent? it should go to more teachers, higher pay, making sure millions of kids who lost a year or two of learning are able to make that up so they are not left behind here is the most random but important thing of all notice we said planned spending by the districts that is because most of the money to reopen schools has not been spent and may not be spent for years. about 70% of the money has yet to be spent. schools have until september of 2024 to use it -- excuse me -- or allocate it you heard that right not next year. 2024 some may extend past that. this is your taxpayer money and your kids' schools

keep an eye on that money in your district. nobody else might. ahead, former fed governor robert heller is here on the cpi ketst and if the fed is ready to ta i foot off the gas pedal. we will be right back. has already been born. it could be you! wow. really? of course, you'll have to eat your greens, watch your stress, wear sunscreen... but to live to 150, we're developing solutions that help doctors listen to your heartbeat while they're miles away, or ai that knows what your body will do before you do. cool. introducing elevance health. where health can go. from one company committed to building a world that works, to three that will focus on a future that does too. this is ge healthcare, creating a world where healthcare has no limits. this is ge vernova,

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sam bankman-fried is now in custody. he has been arrested in the bahamas. american authorities working on extradition. we are going to layo out the nex

moves in the most important crime investigation ever. it is inflation tuesday with the latest read coming in three hours. they could move stocks in a big way either way that critical inflation read as the federal reserve is kicking off the final policy meeting of the year former fed governor robert heller is here all of this on tuesday, december 13th you are watching "worldwide exchange." welcome or welcome back. good tuesday morning i'm brian sullivan thank you for joining us let's get to your money. things are looking good. stock futures in the green nice rally across the board. all averages up more than 1% dow futures with a the follow through on that with the s&p and nasdaq and dow futures all higher let's get started with the

headlines happening now including the breaking news with the arrest of sam bankman-fried. silvana henao is here with that and more >> brian, i'm back ftx founder and former ceo sam bankman-fried has been raiarresd in the bahamas the arrest coming one day before he was scheduled to testify before the house financial services committee the indictment will remain sealed until later this morning, the charges could include wire fraud and wire fraud conspiracy and securities fraud conspiracy and money laundering they plan to file more change against today as well from the s.e.c. spacex is offering to sell shares to raise the company valuation to $140 billion. according to bloomberg, elon musk's company is offering the

shares for $77 the report says spacex is not aiming to raise capital funding at that valuation. and shares of oracle beating on the top and bottom lines with the ceo citing strength in cloud infrastructure and cloud based applications oracle's guidance coming in slightly lower than estimates, brian. >> the stock is up 2%. silvana, thank you have a great day outside of earnings, the federal reserve beginning the final policy meeting of the year today. the decision comes tomorrow afternoon with updated economic projections out to 2025. the so-called dot plots. then all followed by the conference by jay powell the cme watch tool putting the

level of the hike at 50 basis points at 77%. the fed will have one final piece of economic data in hand before they begin their debate it's a it's a big one the consumer price index is for a 7.3% jump for the year the core rate is 6.1%. when we get a rate hike tomorrow, does that mean the rate hike beiing cycle the is o? morgan stanley says the fed fund rate peaked when the central bank raises above the gauge. the core pce that number is still running at over 5%. morgan stanley says the 50 bps this week suggests the fed has more work to do. let's get more insight from someone in the trenches with

robert heller. he is a former fed governor and cnbc contributor robert, thank you forg getting u early. your expectations for the federal reserve tomorrow >> i would expect the fed will raise also at 50 basis points unless the consumer price index will be really surprising as you said if the consumer price index is 7.5% or more, the fed will have to continue p to tighten very quickly, so another 75 basis points should on the table% as i said, 50 should be the likely outcome >> if the cpi number comes in hot, robert, i imagine the january and february rate hikes are on the table >> absolutely. there will be more rate hikes. the fed fund rate is still below the inflation rate

as you said earlier, you have to get above the inflation rate so the fed is really stepping on the brakes by having a tight monetary policy. >> if we get a super soft cpi, and i say super soft with air quotes, robert, it shows a disconttinctive cooling trend if we come in under 7%, what then >> well, the fed will still raise by 50 basis points, i would expect then the future rate increases would be either postponed or will be smaller ones 25 basis points or thereabout. they are already talking about next year. >> we like to think of the fed as one single unit, obviously headed by the chair jay powell looking at the speeches like we

do, it does seem like there's maybe more dissent in the room than we think or know? how would you read this fed? >> i think you are right, brian. in the federal reserve fmoc committee, there are diverse few po -- viewpoints you have one group that is hawkish around jay powell at the present time maybe one-third of the fmoc members are part of the hawkish group. you have the group around lael brainard and some biden appointees they are more soft iishsoftish what you call -- not hawks, but call them -- call them --

>> pigeons >> pigeons of the right. probably pigeon. >> i'm going through every small bird of prey >> you got a bunch of people who can't decide who are still open minded, maybe. another third of the fmoc. together, powell has done an excellent job the last couple years to bring these diverse viewpoints together. hopefully unanimous opinion to show the federal reserve is of one mind pursuing its policy >> do you think, robert, behind closed doors in that room or virtually, however they do it, somebody says, jay, i get your point on inflation, but should reworr we worry about the crash in the american economy do they discuss the overall

economy and day-to-day workers might fare there will be a lot of job losses >> absolutely. i think a lot of that is already happening at the present time. just a few days ago with the headlines showed the tech industry has already laid off 140,000 people most of them fairly high paid people that are leaders in their field. the big tech companies, amazon and others, are already laying off people you see the foreboding of the coming recession i would expect this slowdown will hit in full force probably early somewhere next year. april, may, june that time period we will see another recession coming >> okay. april, may, june we will keep our eye on that robert heller, we appreciate it.

thank you forg getting up early. >> good to see you, brian. good to see you as well. coming up, more on the breaking news of the arrest of sam bankman-fried and the next steps to what arguably could be the ia e aigh profile dramasnd trlsver. stick around

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news ftx founder sam bankman-fried arrested in the bahamas yesterday possibly facing extradition to the united states the attorney general's office of the southern district of new york will unseal the charges against sam bankman-fried later this morning as the s.e.c. says it will announce its own civil charges today as well. a lot of unanswered questions. let's bring if n former federal prosecutor renado mariota. what would you expect the charges against sam bankman-fried? >> you will see a wire fraud charges if you see the reporting. you see, for example, ftx customers were promised money was held at ftx. of course, that wasn't the case. i expect securities fraud violations related to the artificial inflation of the price of ftt, the ftx token

i expect to see money laundering charges as well. >> the s.e.c., we're talking civil charges. again, you think, by the way, the southern district or u.s. attorney's office or s.e.c. are working together will they conduct two completely separate attempted prosecutions? >> that's right. what generally happens, these cases occur in parallel. i expect to happen is the s.e.c. filed the lawsuit. the doj has an indictment. what will happen is the s.e.c. lawsuit will be put on hold during the criminal case and mr. ban ban ban ban bankman-fried has to fight the criminal case and then he has to litigate the s.e.c

if he is likely found guilty, it is easier for the s.e.c. to prove its case >> i don't want to make core legis - correlations, because mr. sam bankman-fried is innocent until found guilty or confesses. i bring that last part up because of the bernie madoff trial and i am only bringing that up because it was a high profile financial crimes trial that moved quickly because we often forget that madoff wasn't caught he confessed his sons turned him in he confessed it was cut and dry assuming mr. sam bankman-fried, renato, i have a degree, but i'm not a lawyer setting up a dumb businessman defense. i'm just bad at business i'm not a crook. assuming he goes down that path, how long could this take years? >> it could take years if he wants to stretch it out.

in other words, most defendants don't want to rush to get the speedy trial that the constitution gives them. they want to take their time they want to delay they want to prepare a defense this is a complicated case a lot of discovery and documents produced to his lawyers whoever they end up being. i suspect this to take time. i would not expect a trial until 2024 or early 2024 i doubt that will happen that's the defense he is trying to set up. i was incompetent. i was inattentive. i'm not a fraudster. i'm just very inattentive and incompetent. i don't think it is very compelling it is a defense we have seen before the problem for sam bankman-fried is he talked to every tom, dick and harry he could and confessed his views and locked himself into a story which will make his lawyers life

very difficult >> you know, it was a thinking yesterday, renato, when i saw the news he was supposed to testify before the house congressional hearing today. that would likely be under oath. so i was thinking and this will sound weird. in the grand scheme of being arrested, being arrested the day before you go to testify before congress may not be the worst timing for sam bankman-fried it will prevent him from testifying under oath where if he slips up, he may percenjure himself. he was going to be arrested anyway to be arrested yesterday before appearing before congress. >> i think that's a fair point you know, i don't know why the

justice department didn't wait until after that testimony i will say that sam bankman-fried was answering very tough questions on a daily basis. i would go on twitter spaces every singlethe day, it seemed like, and see that mr. sam bankman-fried was conducting an interview and answering incredibly decisive difficult questions and stumbling all over himself. here is the thing, whether under oath or not, every word that sam bankman-fried said is going to be admissible in trial all of the recordings and video. >> renato, sorry to jump in. we are getting cut off does that mumbling statement go to his advantage i'm an awkward, young adult. i'm just not good at business.

i'm smart, but not smart at business gosh, i didn't mean to do anything you know where i'm going >> 100 %. any statement that is helpful to him, it is not used for him. the government can pick and choose the statements that are the most damaging to him and only play those. really what i think the problem is is he will hear the greatest statements and then they will play that in contrast to the persona that he tried to portray before this collapse which was different. >> renato mariotti i have a feeling we will talk again. this will go for years have a great day. on deck, investors bracing

for possibly the double whammy of the cpi and federal reserve we have two guests he erto lal lay out the next couple days stick around

welcome back time for the "wex wrap up. six stories you might have missed when we close in on the 6:00 a.m. hour twitter disbanding the trust and safety council days after they members of the group resigned over concerns of elon musk's leadership goldman sachs considering cutting hundreds of jobs in the consumer business. reports say the move comes as goldman plans to scale back the main street banking ambition. wall street reporting that three vm executives are leaving.

chuck schumer is extending the government shutdown by one week lawmakers are expected to pass an extension to give them more time to fund a deal. and amazon delaying the start date for college graduates set to join the company next year it is part of the cost cutting efforts. finally, ticketmaster will give taylor swift fans a chance for tickets to the upcoming eras tour after the glitch last month. parents are pulling their hair out spending tens of thousands of dollars on concert tickets. let's talk more about trading and the markets ahead and get ideas for the year erin gibbs and malcolm ethridge.

welcome. malcolm, i'll begin with you your take on the fed and cpi and basically the next couple weeks and where we go. >> good morning, brian i'm not sure just how much today's cpi is actually going to have a bearing on what powell says tomorrow. i have to imagine they already had -- by they, i mean powell and governors -- they had extensive conversation in public and behind the scenes and late at night when folks are texting and calling him to have the last word in the room when all is said and done. i think the markets feel fragile right now. so much hinges on what powell has to say on wednesday. so far, the data is showing signs that inflation is cooling which investors are reading as an indication the fed will hease up on rate hikes it seems we are hanging on a thread waiting on what powell

says and we're not really going to have any idea what direction the market will move until we get this behind us >> you know, erin, excuse me i was in europe last week where i came back sensing the people were in rough shape. nobody was optimistic. a lot of giant recession fears there given what they are facing we are so obsessed with inflation. i get it should the fed be focused on the possible recession in europe or here isn't that the point >> i think that is becoming more the forefront than in the past five to eight trading days where you see people being more reflective with the recession possibility versus inflation you showed the cpi chart we had five months coming down slowly i know it is not slow enough for

some people. it is on the down trend. the real fear is can the fed navigate this and are we able to come out of this without a severe recession i think some of the news around companies either in the hiring freeze and also stopping and letting go of people, particularly in the tech sector, is a real concern. seeing weakness in growth and jobs that will be key in 2023 versus concerned about every detail within the cpi report. >> that's it, malcolm. if we have a slowdown next year, which is likely, maybe we have a technical recession next year. we can debate that all day long. we have to wait and find out what does that do to the equity market or is that recession and/or significant slowdown,

whatever you want to call it, already priced in? is that lousy year for stocks the result people are looking at 9to 12 months from now >> i get where you are going, brian. i think we are closer to the end of this than the beginning i know that is kind of the obvious. the sentiment out there is so negative, it bears repeating once we get to the capitulation and everybody is negative on the markets, that is a good indication and rear looking spot where we look at the graph and say that was the point we turned the corner i feel we are already there. what we know to be true is the s&p tends to turn positive four or five months before the broader economy starts to show signs it is improving. this could be the inflection point we're talking about where the markets have already started to turn and all of the bad news we could get related to the

economy has already been wrung out of the rag, if you will, and now we need to suddenly see ourselves turn more positive on the markets and start to buy back turning into the first quarter of next year i do think is likely. >> let's talk about another c word consumer erin, let's end on the optimistic note. you guys travel a lot. i have been living at the airport lately there is a lot of concern of slowdown in spending on amazon and airports i get that maybe not travel and experience. maybe people are not buying stuff because they want to go places, erin the number of people going through the pre-check a couple of days ago was the same level pre-pandemic in other words, it is all packed planes are packed. hotels are packed. i assume you think booking holdings may be a good bet for our audience >> when you look at expectations

for 2023, obviously, we are getting close now. right now across the s&p 500, it is almost all negative revisions where most sectors and industries are coming down and s&p 500 has come down 5% to 4.5% on profit growth expectation really contracting one area, one industry where we are seeing revisions upward and very stable is hotels and resorts for next year. looking at 138% profit growth. that sounds amazing. obviously it is coming off the lows more importantly, the fact it is being able to hold that expectation out of the other 90% of companies out there i think is something that is said for going forward into next year even though we may be in a macro environment for some time and we are worried about what the fed says and lots of macro indicators, looking back to

fundamentals and this is one area you can feel very safe in going into next year >> all right malcolm, apologize we don't have time to get into microsoft. we will see you soon we appreciate it to both of you. malcolm ethridge and erin gibbs. thank you. all right. that does it for us on "worldwide exchange. we have more on the developing sam bankman-fried arrest story stock futures are up oil is up. we are glad you are up with us we'll see you cotomorrow "squawk box" is up next.

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good morning stock futures pointing to more gains, at least right now, as investors await key inflation data this morning. we get you ready for the cpi are

report. sam bankman-fried arrested in the bahamas after the collapse of ftx. we will tell you what happens next and what we know so far. and taylor swift spfans are getting a second shot at ti tickets. it is tuesday, december 13th, 2022 and "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site on times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. we have a big day. the futures ahead of the cpi number sharp numbers. dow indicated up by 150 points nasdaq up 65 the s&p up 20.