god willing. i think whatever is gonna happen is gonna be what's best. see you on season three. it is 5:00 a.m. at cnbc global headquarters. here are the top "five@5." stocks trying to reverse the week's losses after the performance we haven't seen since september. elon musk polls twitter followers asking if he should step down as ceo back to the u.s. sam bankman-fried waiving his rights to be extradited from the bahamas. and medical suppliers and hospitals stretched to the limit in china

and y later it is merger monday this is monday, december 19th, 2022 you are watching "worldwide exchange" on cnbc. good morning i'm contessa brewer in for brian sullivan this morning. let's kickoff this hour with the stock futures after a mostly lower session on friday. the major averages post the first back-to-back losing week since september. futures are green across the board. s&p indicated to open up 8 points and dow jones industrial average for 63 implied open higher nasdaq implied higher 28 points. the ten-year yield is well off the highs that it hit back in october.

right now the two-year note up 2% in energy, oil coming off the worst day since december 7th wti up .80%. brent up .80%. and in cryptocurrency, sam bankman-fried and bitcoin flat right now, but in the red. let's get a check on action in asia and the early trade in europe arabile gumede is standing by in the london newsroom. arabile. >> contessa, good morning to you. markets have been digesting the news from last week's interest rate decision from the european central bank and bank of england and first national bank which all decided to hike interest rates 50 basis points. markets are still trying to mull that and get a sense of where

things may be going. we get a sense of positivity trying to rebound off the negativity we saw last week. perhaps positioning. we are january, february and march will be critical with the interest rate decisions and all the central banks noted they will do more to fight inflation. the fight against inflation is not over even though the market has tilted lower you see the sense all of the counters have moved in positive territory. that is moving outside of just of media down .10% across the board, moving higher. travel and leisure going u up .90%. oil and gas was a big loser last week managing to go up .20%. a slight rebound with that picture. for now, markets on the up whether that continues to be the

c case across the weakened trading picture will be interested to kn note back to you, contessa. thank you. let's get to the top stories with silvana henao good morning, silvana. >> contessa, good morning. it has been a roller coaster ride elon musk tweeting last night asking if he should step down as head of twitter. with 14 million votes cast, results say yes. musk adding he has no successor in mind if he steps down saying no one wants the job who can actually keep twitter alive. china caught in the grip of the covid outbreak one leading to shortages of medical supplies and exposing what some are describing as beijing's lack of preparation following the rollback residents from shanghai to

shenzhen reporting pharmacies are sold out of fever medicine and covid tests. photos and videos of lines outside covid clinic and empty streets. and l3 harris is buying aerojet for $4.7 billion this is the last independentmaker of jet propulsion systems after lockheed martin pulled out of the bid after anti-trust regulators sued in january to block it contessa >> thank you, silvana. the major averages posting back-to-back weekly losses for the first time since late september. investors heard more hawkish talk from the fed and interest rates to remain higher for longer taking a look again at the -- i want to look at the ten-year yield which now sits at 3.524%

let's bring in rick picarin, the chief financial officer at picarin. rick, can you tell us what the markets are expecting heading into this slower week before christmas, but a few years ago, we saw a christmas eve plummet where do we stand in the last few trading days of the year >> good morning, contessa. the markets were looking for a christmas rally. jay powell brought them a goal last week of the i don't think the market will move a lot in the next two weeks the voinvestors need to focus on the economy and rates and what this means as we roll into 2023. >> and p with right now the expectation or the amount of attention we arepaying to and is this a harder landing and are

companies pulling back on scenarios for 2023 are we bracing for belt tightening for some time to come how is that influencing advice you are giving to investors? >> i don't think we know how the market will play out of the we pushed a lot of money into the economy. we had the inflation it has been clear that the powell fed will err on the side of caution they will stay tighter for longer and look at the data. the data could be more def deflationary and they may pivot. they really showed no signs of doing that you know, our investors for the most part, are strategic and mu multigen families. we need to understand how the market will be different than it

was three years ago when we come out of this in late 2023 >> you know, yit is interesting that the wall street journal was saying you have individual investors piling into the market inflows have been higher than a long time from individual investors and we're seeing hedge funds and mutual funds trimming positions a bit. when you have individual investors saying this is a great buying opportunity and where are you telling them to focus their money? >> i think our individual investors are a little more institution like you do see a lot of the retail investors flow that is acting like this will be quickly over and the faang days of 2018 will be back with us. we are advising that will not happen we think we had a great ten years for risk markets and

equity markets and that big tech trade. when we come out of this, we don't buy into the disaster scenario that everything will be terrible it will be a different market. it will be a more value-oriented market and diverse portfolios and asset classes doing well our investors are following the credit advice. >> you recommend health care staples and energy rick, thank you for your time. >> thank you, contessa when we come back, more on elon musk's possible resignation as chief twit? all of the implications surrounding it. and sam bankman-fried waiving his right to fight extradition from his adopted bahamian home. and james cameron's epic sequel "avatar: way of water" falls short.

more coming up when "worldwide exchange" returns. creating a world where healthcare has no limits. 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.

welcome back major development in the bahamas around former ftx ceo sam bankman-fried following the arrest last week we have mackenzie sigalos. >> we are expecting to see sam bankman-fried at 9:00 back in the court in the bahamas where he is due to wave extradition rights paving the way for federal

authorities to return to the u.s. that is according to spokes people i spoke to this weekend this process can take months if not years to complete because the person who is accused of the crime has a chance to appeal this can expedite next steps and moving up the timeline for the federal trial. >> why has he done this total about-face on not fighting extradition? >> one former prosecutor atells me there wasn't much of a point in fighting it sam bankman-fried tried last week to get out on bail of that was not working he would have to wait it out in the correctional facility in the bahamas. the other question is did he cut a deal with the feds that is probably something unlikely unless it was early

releasor bond. the more likely scenario spis h is looking for a speedy trial. >> are the bahamians going to let him go to the united states without putting up their own fight? >> the bahamians have been angling control of the bankruptcy proceedings and the real estate owned by ftx in the bahamas. having sam bankman-fried in the bahamas presents the illusion of leverage it is unlikely the government will block the extradition the lawyer familiar with these types of cases is the doj would not likely charge him unless they had conversations with the bahamian government. the u.s. will likely take the lead and not overplay their hand here a source tells me everything is

moving quickly for sam bankman-fried and things are subject to change. we will see how it plays out >> i wonder if there is a diplomatic problem here where it has been reported the bahamian officials have been able to access some of the money for creditors ahead of u.s. officials and there is the -- if you've got the current ceo looking for assets to pay creditors and the bahamians have taken control of it, is there a diplomatic problem >> i think there is a question as to some of the transfers of crypto tokens that happened at the beginning of the bankruptcy process. initially it was the bahamians who advanced access to withdrawal funds and questions of hundreds of millions of dollars of crypto seized in the early days those are the things the u.s. bankruptcy court will pay

attention as they sort through the finances and where the money went especially the $5 billion of withdrawals that happened before the platform closed. questions of clawbacks as they look to restore the bankruptcy estate and piece this together >> thank you for the good reporting. >> thank you, contessa. still on deck, polls are open as elon musk asks his twts followers should we step down as head of twitter? you see the countdown. we now have 3:47 we will bring you the results when "worldwide exchange" returns. >> announcer: today's big number, 95%. that's the drop in money raised that's the drop in money raised throupuicbl

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19 minutes past the hour we have developing news from canada overnight let's get to nbc's phillip mena for more on that phillip, good morning. >> contessa, good morning. breaking overnight in canada of t the province in ontario city

among the dead is the gunman as police get the report of active shooter at the condo building. the broadcaster cbc that a s seventh victim is in the hospital those who vaevacuated from the building have been allowed to return. north korea says the test for the spy satellite was a top pri priority for kim jong un. and argentina held a 2-0 lead until deep into the game until mbappe scored two goals of the game >> can win the world cup for argentina with this kick

yes! >> that's what he did. argentina sinks the defending champs to win on penalties 4-2 it is the third world cup title for argentina. their first since maradona in 19 1986 it was quite a game. >> i enjoyed it. phillip, i went to times square at the holidays and ran into the big argentina celebration at the cr crossroads of the world of the i square >> that's the place to be. >> phillip mena, i appreciate that thank you. the january 6 committee is set to release the first part of the report on the capitol insurrection today that could lead to referrals against former president trump we have brie jackson with more

now. brie >> reporter: the january 6 committee will refer criminal charges for former president trump and several republican members of congress. >> i think there is sufficient evidence to charge the president. this is someone who tried to interfere with a joint session and inciting a mob to attack the capitol. if that is not criminal, then i don't know what is >> reporter: the referrals carry no legal weight, but ask the justice department for charges and obstructing official proceeding and conspiracy to defraud the government and inciting or assisting in an insurrection >> they have to prove these beyond a reasonable doubt. >> reporter: the committee plans to refer four republican members of congress who defied congressional subpoenas. the committee finalized the plans during the closed-door

meeting on sunday and will layout details to the public this afternoon >> we will have a vote on referrals as well as approving our overall report >> reporter: former president trump blasted the committee on social media over the weekend calls them quote thugs and scoundrels the campaign will have more to say after referrals are made public on wednesday, the january 6 committee plans to release its final report a lengthy eight chapter report contessa >> we are hearing the january 6 committee may preview those today? >> reporter: according to an executive aide, the summary of the report is expected to be released and more details on the referrals. details of witnesses is expected >> brie jackson. thank you for that.

straight ahead, banking on a santa rally. our next guest says ho ho hold on to your money for now. and if you missed us, follow us on your podcast apps normally with brian sullivan at the helm. ♪ ♪ a cyber-attack can grind everything to a halt. cisco security keeps your company moving forward. because if it's connected, it's protected.

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well, it looks like stocks are looking for holiday cheer

after a second straight week of losses futures are heading higher toward the open. covid surge intensifying as they warn of infection the way forward for beijing as they look to find a way around the virus. and should he stay or go elon musk stepping down on twitter? the poll on the matter closes. and it's monday, december 19th you are watching "worldwide exchange" on cnbc. welcome back, everybody. i'm contessa brewer in for brian sullivan let's get to the markets the stocks coming off a lower session on friday. major averages posting the first back-to-back losing weeks since late september futures green across the board

s&p 500 up in the teens. dow jones industrial average looking for implied opening 100 points higher. nasdaq opening up 43 points. the ten-year yield looking 3.522% the two-year note at 4.2%. in energy, oil coming off the worst day since december 7th wti is higher by almost a percentage point look at nat gas. off 6.3%. to the developing story. the elon musk twitter poll, by the way, he was at the world cup in qatar he is now asking should i step down as the head of twitter? i will abide by the results of the poll

the poll closed shortly. 57% say he should step aside let's bring in steve kovach. steve, he is not winning rave reviews of how he is handling twitter. what do you think of the poll? >> just this weekend, he made this decision to ban people who were putting links out to rival social networks. within several hours, he reversed that decision this poll, he has done before, making decisions via twitter polls. banning former president trump and now allowed back on. he likes to tweet day by day maybe he does. we know elon is really good at saying one thing andi doing the opposite >> my reaction when i see this

news is this is exactly what a lot of investors say in tesla or maybe employees at the boring company want to see the focus on the real business at hand and not this pet project however, asking whether you should step aside from leading your $44 billion investment based on a social media poll seems crazy. >> i'm sure his lending partners are happy about this idea because he was the singularly the only person to make twitter better and super app to your point about tesla, look at tesla shares since he first got involved in twitter in april. it is down over 50%. since he took over at the end of october, it is down 30%. tesla shareholders >> look at early trading tesla shares up 4.6%

>> maybe that is related to the poll it appears he will step down >> to this point about whether someone else -- he says no one else wants to come in and reform twitter. is that accurate >> from the beginning when he was somewhat serious and tried to back out, he said i'm not the permanent ceo of twitter the idea is do it a little bit and find someone to run it while he focuses on other companies. >> 12 hours ago, the story came out that alternate social media platforms and any tweets that happen to mention facebook, meta -- >> mastodon, whatever >> this seems like a bad way to lead a company. >> what everyone is learning, contessa, these are editorial decisions. he took over the company as a

free speech elitist. we learned that was never the intention. >> does his own brand and criticism he's publicly suffered now, does it harm him moving forward for other projects if he is leading boring into a way to sell a mass transit system that las vegas embraced like other municipalities, does that harm him in doing that job? >> there is no such thing as bad attention with him look at what we are talking about now. tesla shares going up on the idea or notion he is done being distracted at twitter and tofoc more on tesla. that is where people want to see his focus. >> boring is the company i'm following in vegas the other thing about tesla in this particular era where we have seen tech under pressure and you pointed out the pressure

on tesla shares. investorsin tesla want to see return on that investment. what happens now >> it is all about him that's what happens next if he really does step down, maybe shares go higher this is 4.5% on tesla just on the idea he is maybe serious about the poll that tells you all you need to know how that stock is valued. >> i missed saying what the shares of twitter are doing. >> zero visibility in what is going. >> steve, thank you for joining us we will watch that throughout the day. coming up, continuing to feel the sting over sky high prices new numbers on how big a bite americans expect inflation to take out of their finaesnc in 2023 "worldwide exchange" will be back in just a moment.

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all right. futures are higher across the board. time for the big money movers. shares of sinclair are falling in trade after the bankruptcy is possible for the diamond sports group. you can see sinclair is off 3.5% in early trade and tusimple shares are falling this morning the selfing driving truck start-up had 134,000 employees

as of june it is off by 5%. and mesa air group shares are higher phone the following tlins announcement it is ending the partnership with american airlines. this has been a rough year for americans finances with the inflation at a our-decade high and the fed raises rates most people don't expect things to get better in the new year. about 2/3 of americans don't see their personal finances improving in 2023 according to a new survey from bankrate let's talk about that with greg mcbride, the chief financial analyst at bankrate. greg, why are people pessimistic about what is p ccoming down th pike >> it is inflation it has extended people here in

2022 we have seen debt going down and savings going up and that has reversed that overhang is really bleeding into how people feel about 2023. inflation is the number one reason more than anything else why people say their finances won't improve. they will stay the same or get worse. inflation is the reason. >> they are blaming inflation. 63% of people say that's the reason they don't think their finances will get better ahead of the failures of the elected representatives or stagnant wages. what is the impact we were looking at gas prices that have come down and eased since june when we saw them at their highs. isn't that the thing for most americans matters when it comes to the pocketbooks did you get into specifics about what is making americans feel poor >> we didn't get into the

specifics of this the poll we have seen gas prices smack us in the face driving us down the road every day that is pervasive. even a little bit of letting up of gas prices, it doesn't ease the feelings of concerns of finances and looking forward because you are not feeling that relief at the grocery store or your lease or rent went up in a significant way. there are other pressures which are present at the household level. >> given what you are learning from the survey, greg, how do you anticipate this breaking down across sectors in 2023? if you look at the third quarter earnings report from retailers versus travel companies -- the companies i follow in vegas and record results quarter after quarter after quarter as retailers say we are starting to see pull back.

how do you think that translates into the first quarter or first half of 2023 >> there has been the well publicized shift from goods to services when the retailers fall short of expectation and see consumers pull back, that is a little bit of a different tune. whether it is a heads up demanded or people doing the things they haven't been able to do in holiday seasons past we are not seeing that pull back on the services side you have the economy with the fortunes of some have continued to improve and for others deteriorating. you have spending income levels changing if the economy does soften, that the services side will have pull backs. >> if inflation is such a problem for people who answered your survey for american

consumers in general then how do you come down on whether the fed is too hawkish or too aggressive and keeping on hiking rates and getting a handle on inflation when so many are saying we are already seeing deep inflationary signs popping up >> a year ago at this time, the consumer price index was 7.1%. last week, the november cpi was 7.1% we have not made traction. we have seen a pull back from what had been the peak of 9% there is a more positive trajectory now there are encouraging signs and the fed painted themselves in the corner they got a late start with transp transitory they had to make the supersized rate hikes throughout the last

several months dialing back that pace now is a reflection they have interest rates to a point to be a headwind on the economy. they can't move to the sidelines because inflation is still running high. >> story out on nbc that car repoerepos are up you may be paying more for what you pay to heat your home. i'm curious. are you more concerned with americans and their credit or are you more concerned about housing? which yeaarea of the consumer ae you focused on >> the strain is on credit because of the budget pressure employment market is still very, very strong. income is coming in. those that are working are good about paying their bills

if the economy is softened, you will see the credit concerns spread you will see more delinquencies. in the auto sector with the t$80 payment is a harbinger >> greg mcbride, thank you for joining us >> thank you, contessa before we wrap up "worldwide exchange," upgrades and downgrades stifel is lowering the rating and cutting the waste management target to $171 from $185 the free cash flow growth outlook over sustainable investment you see waste management year to date down 3% goldman sachs naming solaredge

tech as the top pick for 2023. it is well below levels hit back in 2021. you are seeing it now flat in ext extended trading. on deck, stocks looking for a santa rally. our panel plays out if there should be cheer in the new year ahead. and if you haven't already, follow the podcast on "worldwide exchange." a oape or spotify or other podcast apps we'll be right back. the rent-a-car industry is the definition of boring. and the reason can be found in the name itself. rent - a - car? you don't want a friend. you want the friend. you don't want a job. you want the job. the is always over a. that's why we don't offer a car. we offer the car. ( ♪♪ )

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time for the "wex wrap up. six stories you may have missed as we close in on 6:00 hour. sam bankman-fried is due in court. he will waive his right to extradition to secure his ruetur to the united states and l3 harris tech is buying aerojet. you are seeing it up in extended trading. toyota's president casting doubt on evs he is among the silent majority and if evs should be pursued exclusively. china caught in the covid

outbreak and leading to shortages in supplies and the lack of preparation following the zero covid policy rollback we are watching this as it develops. a prominent group is all on exxonmobil, chef vron and bp to cut emissions in convert with the paris accord goals. the sequel to 2009's "a "avatar" fell short that analysts expected. james cameron said he needs to make $2 billion to break even. i saw it count my $100 in gearing up for the week ahead. we get the latest look at the housing sector with the read on

home builder sentiment we get results from general mills and nike we get a monetary policy decision from japan's central bank more earnings from micron and rite aid thursday is a double dose of data with the weekly initial jobless claims and gdp figures we wrap it up on friday with durable goods and new home sales and an consumer sentiment before we head to the christmas weekend. congress has until the end of the week to fund the federal government we will watch for that as well a lot to digest as the markets look to shake off the losses last week s&p will open up by 15 points and dow jones industrial average up by 100.

the nasdaq up 54 points higher the major indices with the second straight week of losses with tech leading the drop down 2.7% for more on the trading week ahead, let's bring in ivory johnston and member of the financial council and james cecmak at clockwise capital. ivory, let's start with you. where do you see how we start 2023 >> i'm looking at the high cost of capital and high cost of living and liquidity which is an important one defined which is coll collapsing a data point is the wages. the employee cost index is up 5.6% year over year. all of this is bad for corporate profits going p foforward.

those are data points i look for as i get the outlook for 2023. >> james, the comments from the companies is circumstapect do you know if companies are in the wait-and-see mode? >> this is the mother of all issues covid caused this and to get back to pre-covid, growth rates have to fall what the fed has done has lowered that trough of how low those growth rates will go right now, there is dislocation in the market and dislocation in the fact that many investors and media as well talking about how much of the pressure we are seeing is secular to the tech companies versus cyclical ones we think it is cyclical because

of the fed induced recession happening right now. if you can still be surgical about how you pick the companies, the best and brightest owner operated and cash flow companies, this is generational opportunities to invest unfortunately, the volatility won't stop until the fed lets up >> ivory, the wall street journal points the u.s. equity has inflows of $100 billion this year at the time when mutual funds are increasing class positions and cutting equity positions. we see the retail investors thinking this may be a good time we might go ahead and have a generational opportunity to buy into an amazon or meta >> i think investors have been

conditioned to think always buy the dip. it has been there with the fed put with lower interest rates. they are assuming cpi will go from 1.2% all the way up to 8.1% and the fed gets it back to let's say 6%, that the fed will cut interest rates and pivot i think that outlook is probably unlikely i would lean toward the hedge funds by having more cash. i don't see the fed pivot and cut interest rates the way they have the better part of the last three decades. >> on the week as we head to christmas, james, are there certain sectors we will see as movement as people position portfolios before year end is there a particular area where you are looking? >> honestly, not so much we are playing defense now heading into the new year.

you know, even the best names are being brought out. the issue is how much volatility are you willing to withstand if you are willing to withstand it, you should be willing to go in if you are not, and i agree with your other guest, it is tough out there because the fed will not let up they are focused on the unemployment rate. the only way to bring the unemployment rate down is to break the economy. if you believe jay powell's words, that appears to what they will do. if you believe the long term view, we love amazon and meta has opportunities here we also like nowflake and crowdstrike. these have multibaggers over the long term. the next six months will be choppy likely. >> when you talk about unemployment right now and labor costs are a concern from the

companies we hear from, james, do you think there is a jeopardy by trying to move the unemployment rate higher a bit, that there is a real danger to the american economy in the short-term and we head into a more severe recession than what experts are prepared for >> we are naturally going to go back to 2020 levels if the fed does nothing now the fed pushes back to 2019. which fed president do you believe? do we go to 9% i have no idea at the end of the day, the fed might also say, look, we can fix the economy. we have tools to fix it. jay powell says if we break it, we'll fix it no problem >> i'vory, i'll leave the last word for you you are in a defensive position.

> >> 70% of the economy is consumer spending. it is pre-pandemic lows right now. the consumer is tapped out we have not seen layoffs yet once the layoffs come, that accelerates the consumer slow down don't forget, earnings growth is now at 3.7%. that is before the layoffs happen >> ivory, great to talk to you james, thank you for joining me. have a great monday. >> thank you >> thank you we are watching breaking news european union is accusing meta of breaking anti-trust rules saying the ad business disports c -- distorts competition not much of a reaction to this

out of europe. a story you can be sure we will follow trhroughout the day here on cnbc. that does it for us on "worldwidexcng ehae. i'll be back tomorrow. "squawk box" is next o. this is ge healthcare, creating a world where healthcare has no limits. 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. pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! -yes you can! i can do better, too!

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good morning stock futures slightly higher after the second straight down week for major indices we will show you what is moving and sam bankman-fried changes strategy over the weekend. cnbc gets the report he will no longer fight extradition details ahead. elon musk is putting his future as twitter krsceo in the hands of users that poll ends in 20 minutes it is monday, december 19th,

2022 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we're live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen andrew is off today. let's look at what is happening with the u.s. equities at this hour last week was a down week for the markets. down on friday for the week. dow down 1.6%. nasdaq off 2%. the dow futures up 83. s&p up 12 and nasdaq up 46 here we go we're headed into the end of the year >> we were with that cooler than expected cpi number. s&we