>> the houses are mostly teardowns. most of them will never be lived in by anyone. it has destroyed a really pristine piece of land. >> narrator: it's a painful and constant reminder of the time when a greedy wise guy came to constant reminder of the time when a greedy wise guy came to town. -- captions by vitac -- it's 5:00 a.m. at cnbc global headquarters. here's your top "five@5. investors on edge with the year-end santa rally unlikely. breaking overnight the bank of japan sending shockwaves to overseas markets the latest in a moment courtroom chaos to report in the bahamas. sam bankman-fried's first extradition hearing does not go as planned he'll try again today. will he or won't he? elon musk still in charge of

twitter after more than 16 million twitter users voted he should step down a policy change could render the votes moot. and a live report from beijing ahead as some towns look like ghost towns it's tuesday, december 20th, 2022 and you are watching "worldwide exchange" here on cnbc good morning i'm contessa brewer in for brian sullivan this morning. let's kickoff the hour with the check on u.s. stock futures after the rough session for the markets yesterday. the dow, s&p and nasdaq extending the losing streak to four sessions. the s&p 500 is down a bit. essentially flat dow jones industrial average implied opening up 22 points nasdaq implied open ing down 20.

and you have the 2-year treasury at 4.276% and the 10-year treasury at 3.662% in energy, oil is lower after snapping a two-session win streak yesterday wti is up a full percent right now. bitcoin is sitting below $17,000. up 1.3%. let's get a check on the overnight action in asia and europe julianna tatelbaum is standing by in the london newsroom. julianna, big news from the bank of japan >> contessa, good morning. that is right. we did see equity markets move lower overnight and that action came on the back of what is happening in japan nikkei 225 ending 2.5% lower the big news bank of japan adjusting the

yield curve control policy why is that so important we will give you a look at japanese assets. why is this so important it is widely seen by the market as the beginning of the po potential end of the loose policy bank of japan is an outliar compared to the fed and bank of england in terms of tightening policy bank of japan now going down that same path nikkei 225 ending 2.5% lower important to note within the nikkei 225, the japanese banks saw a strong bid investors putting money in the japanese banks because the expectation is bond yields move higher and that is positive for the banking sector the dollar weakens against the japanese yen yields moving higher across the board. a lot of trends are filtering through to europe. we are seeing european equities sell off in large part as european bond yields move higher

that is the story across the globe this morning equities lower banks out performing and bond yields higher as that anchor, the bank of japankept costs lo may be no more contessa >> julianna, thank you for taking us through that markets in the united states bracing for a rocky tuesday session. dampening hopes for a santa rally. with me now is phil palumbo of palumbo wealth management. phil, can i get your reaction with the china covid infections soaring as china tries to reverse the zero covid infection policy you have the news from the bank of japan this morning. how do you feel we are focused

on the domestic economy versus internationally? >> i have been in a camp where you sell the rips in the market. now it is time to buy on the dips you have to be patient there is a lot of pain the pain will come from situations like you see in japan with the yield curve control and reducing that which is creating tighter monetary policy. why do i use buy and pain? the pain is from the tightness with the monetary policy around the world just like right now with japan the fed here will continue to keep his foot on the gas and raise interest rates until he gets what he gets. markets are not buying into that the second thing is we will have an erarnings recession. you get an earnings recession which is not built into the market the buy side of the equation comes from the job market. the jolts number is over 10 million. wages are increasing and

consumers are flush with cash. for those reasons, you get another down move in the market which you have to step in as a long-term investor >> we seem to be debating every day here at cnbc whether we have a window for a soft recession landing -- is this an easy flow in and flow out and 2023 is looking like, okay, we escaped with our skin or do you think our window for a soft landing is narrowing? >> the window for the soft landing is anarrowing. you have to recognize the job market is tight. as long as the job market is tight and consumers have cash from covid and the jolts number is over 10 million, it is hard to have a hard landing with the economy. that is the cushion below what is going on. what icontinue to tell investors is this playbook is different. you can't go by the old playbook

because the imbalance covid created. because of that, we have to be nimble i look at the barbell approach. the earnings and fed and tightening and the buy side is consumers have money to spend. you can argue we'll have a mild recession and not really a hard recession as others have forecast >> you, i know, look at the volatility as the area for traders and you are focused on investors. where do you think investors should look for opportunity heading into 2023? >> a couple of things. from the asset allocation standpoint, rebalance and i love that trade going into 2023 we saw peak inflation equal peak interest rates and equals peak dollar dollar accelerating. gold should rise volatility in the first and second quarter is severe with that, you will see a flight

to gold. >> okay. i wanted to give you gold is up a full percent at 18.16. phil, thank you. >> thank you to the nation's capitol. historic day after the house committee investigating the insurrection made the final public presentation yesterday. it recommended the justice department take action against former president trump and several key allies brie jackson has more. >> reporter: good morning, contes contessa former president trump was the first president to be impeached twice. now also the first american president that congress referred for potential criminal charges nearly two years after former president trump's supporters stormed the u.s. capitol, the house committee investigating the attack made an historic call for accountability referring mr. trump to the department of justice for

criminal prosecution >> we never had a president of the united states to stir up the attempt to block the transfer of power. >> failure and clear dereliction of duty. >> reporter: urging for criminal charges for obstruction and conspiracy to defraud the united states and conspiracy to make a false statement or inciting or assisting in insurrection. >> with the evidence, he should be prosecuted. >> reporter: the panel unveiling new evidence, including an interview with hope hicks. >> he said something along the lines of -- um, you know, nobody will care about my legacy if i lose so that won't matter the only thing that matters is winning. >> reporter: former president

trump who already announced plans to run for president again in 2024 slamming the committee during the radio interview >> we have all democrats and republicans in very poor standing two of them. the whole thing. it's a kangaroo court of the wha proceeding >> reporter: looking at the partisan attempt to sideline him and the republican party the committee released a 155-page summary of the findings and plans to release a full are report on wednesday which will include legislative recommendations. contes contessa >> brie, thank you when we come back, courtroom chaos in the bahamas as sam bankman-fried tries again to waive his rights to fight extradition to the united states we layout what's next. and major cities in china look like ghost towns as the covid crisis shows no sign of abating. rough day for disney the stock does something for the

first time in 12 months. a very busy hour here ahead on "worldwide exchange. are in short supply. [clap] now, as businesses we can blame and shame. or [whistles]... we can make a change. [clap] we can make work, work for our communities. create more equal opportunities. [clap] maybe, just maybe, get a bit more unity. ♪ let's have less cancellation and more conversation. prioritize conservation. and... empower future generations! [clap] [chuckles] let's question again what we think we know. use our power and our people... to pay back what we owe! [clap] ♪ it's time for business to show its true worth. because it's not goodbye, world. it's hello, team earth. [clap] now, let's get down to business.

we are watching a developing story out of china where authorities are scrambling to add hospital beds and screening

clinics as a new wave of covid sweeps through the country the government dismantled the policies after public protests the first fatalities officially reported in weeks this morning let's get more on what is happening on the ground and bring in jonathan chang at the wall street journal. when your reporters are out on the ground, are they getting a sense the death toll is greater than what the government is reporting? >> reporter: yes, that is the case i actually went with one of my colleagues on friday to a crematorium in beijing we talked to people who worked there and we talked to a family whose mother just died that morning. just within a few minutes, we learned of three covid deaths that day of course, at that point, they

hadn't reported any deaths now two and then five. total of seven >> this appears, to me, to be shaping what the united states saw in the first year of the pandemic when we had first reopened from lockdowns. china has never had this sort of official big broad re-opening. what do you expect to happen in china with the global economy? we know the airline policies jumped as the policies reversed in china do you think that is still the case as the infection is spreading and people are dying >> reporter: the main thing with the u.s. in 2020 and china now is a different variant china talked how scary covid is the last few years they turned on a dpime and said omicron is not like delta or the original coronavirus we met three yearsing ago

this is a different beast. this one is not as bad i think it is being worn out here we know omicron tends to be mors i don't want to under-play it. if you are younger and health year, it is a few days and painful for some people. you get through it you know, i think the deaths we saw, every one of the three deaths we saw the other day were 80 and above it is winter and to have this environment, you will have deaths that are higher than the official numbers say we just learned today from the national health commission of china that their definition of a covid death is narrow. of course, you have that on top of the fact that this is not a government that is necessarily incentivized to broadcast all of the covid deaths you have that dynamic. you also have the fact that this is a milder variant than ones before both are at play here.

>> i cover casinos and i said and reported yesterday about the concession renewals for the casinos in macau the quarantine requirements eased. the air travel and ferry service is resuming. tailwinds for the casinos, jonathan, do you think if the government is opening borders and lifting restrictions that people are ready in china to resume business as usual >> reporter: there's definitely pent-up demand people here have not had any break for three years. covid lockdowns have been a fact of life. there's pent-up demand, unde undeniable there is the psychological shift that needs to happen the government wants this to shift because the economy has taken a beating the last three years. i don't think people can take it anymore. you saw the protests and you saw people raring to go. they have to balance that against the fear of getting covid.

i think that one case at a time and people are learning. maybe omicron is not that bad. maybe covid has changed. you know, that fear is still there anning mong a lot of people i think you see people will go and some people will have the fear. >> jonathan chang, thank you for talking to us today. still on deck, areforget abt the surging cost of the gallon of gas, but why the economy could be on the precipice of th new price crisis

the first half of the year saw traffic fatalities on the rise above the 15-year high. aaa blames more speeding and aggressive and distracted driving and more drinking and driving. all of the crashes led to higher costs for auto insurers and nationwide is raising rates. in november, car insurance was up 13% over last year according to the bureau of labor stats that is more than the sector in the cpi. the insurance industry says california is on the precipice of a car insurance crisis. 2022 has been a horrific year on the highway and insurers are

paying for it. more crashes and more inflation and highest claims costs in years. prices have soared. >> cost to rent a car or buy a new car or used car. all of those are up 20% to 40% >> auto insurers have applied to raise rates to compensate. the trade group that represents the companies says the nation's largest state, california, stands out, for the unwillingness to tackle increased premiums this is an all-take state. instead, the biggest are trying to fly under the radar >> it is not just about savings. it is about the friends we make along the way. >> progressive pulled back on marketing. geico closed dozens of offices and allstate started requiring customers to pay half the annual premium up front and stopped

allowing independent agents to sell policies. >> my agents are ticked off. at the same time, they totally understand why when insurance companies are forced into a position where they cannot cover costs whether forced in a place where they cannot earn a fair return, they stop writing >> only the insurance commissioner who is elected can approve a rate hike. the industry says he is dragging his feet his office disputes that and says it is watching out for consumers. >> part of protecting consumers is inensuring you have a competitive marketplace. >> the california department of insurance approved claims for a rate hike in california of 6.9% allstate says that is the first in five years. it needs to be a 16% hike to

make the math work according to an analyst you see allstate up 11% and progressive up 24% outline out performing the market. investors are waiting for the rate hikes to go into teffect look at root down 91% it has cut 20% of the work force and closed offices. ahead, how apple is looking to shield itself from future supply chain crises stemming from china a rough session for disney as that stock does something for the first time in a year "worldwide exchange" is back right after this ♪♪

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investors finding little holiday cheer as a potential santa rally falls flat stelon musk looking to clamp down on twitter polling after the users vote for a new leader at the top and chaos in the courtroom sam bankman-fried's extradition hearing reveals, how should i put this, confusion? among his legal team keeping him off u.s. osoil for now it is tuesday, december 20th and this is "worldwide exchange" on cnbc

welcome back i'm shaquillbre contessa brewern brian sullivan's shoes five straight losing sessions. the s&p down 3 points for implied open and dow jones industrial average implied opening up 23. i want to point to bond yields they are all positive. what we saw is a jolt to the system when the bank of japan announced a change to the monetary policy. it has bucked the trend of tightening from the central banks and announcing a change to the policy we will watch that throughout the day here on cnbc here is the action in the japanese benchmark that yield is up for japan

let's get the latest on elon musk his future at twitter with users saying he should step down as ceo. musk now may call for a major policy shift he responded to a tweet suggesting that only premium blue subscribers should be the ones voting on major policy related polls due to them having skin in the game musk said good point twitter will make that change. unclear if that shift will have a retroactive affect arjun, there has been so much attention paid to this did we get any news about a timeline he said he would stick to the results of the poll. is he stepping down? when will it happen? >> reporter: these are questions only elon musk can answer at this point, contessa he did say he would stick by the

results. 57.5% of those who voted agreed that he should step down there are a lot of suggestions after that from a lot of his supporters that perhaps those results were skewed because of fake accounts and bots one suggestion that only those who subscribe to the twitter blue service should have any say in the policy. elon musk thinks that's a good idea we have not heard anything from him yet. all eyes on what elon musk will do next. it is interesting with the initial poll and majority saying he should step down. you saw tesla shares surge a lot of investors feel elon musk is getting distracted with the twitter endeavor and they need him to get focus back to tesla. so there is a lot of implications here if elon musk does step down as the head of twitter. for now, unclear when he may do

so >> a lot of opportunities for watercooler chat arjun, let's talk about the movies first of all, we saw disney shares set to open in a fresh 52-week low. fell more than 4% yesterday because we got weaker than expected opening weekend numbers for the new "avatar" film. this was supposed to be a big exclamation mark for disney. what is going on for the blockbuster movies >> this was a huge pressure on the film to perform in the u.s $134 million opening box office weekend. analysts expected $176 million well short one thing i will say, however, to add context, internationally

it did over $300 million all together that was over $400 million. the original "avatar" in 2009 brought in $76 million in the opening weekend. then became the highest grossing film of all time there is still time left the very quiet start to the film is cause for concern disney has a number of issues right now. it is streaming service. there is so much more competition in the market now. disney plus is one player among the myriad of other players vying for users dollars and eyes that is one challenge. of course, theme parks as well they had disruption in places like china with the shanghai disneyland resort. other theme parks have not fully recovered and movie theaters have not fully recovered at this point. lots of headwinds for disney and then bob iger at the helm.

investors hope to get a turn around story there are big headwinds for disney. >> i add espn and whether it will indeed partner up with a sports betting platform in the united states to take a piece of that action. it is rather late to the party the gold rush has begun. people are staking out claims. the other story that, arjun, i wanted to ask, apple is planning to move production for macbooks to vietnam that would be next year. we got a report from nikkei that the move could start as early as may. really, this is part of what the tech giant is doing to diveverif production away from china at this point apple shares in extended trade down .20%. talk a little about diversifying where you produce your products.

>> reporter: i think for apple, really, this year has been an eye opening of what happened in china. the country's continued zero covid policy and relies so heavily on one factory in the city called guangzhou. we saw covid outbreaks and disruption and protests in how the company handled the protests that could have big implication for the apple iphone in the fourth quarter of the year i think that has accelerated the plans for apple to diversify out of china where it relied heavily. macbooks next moving to vietnam. you have seen other products produced elsewhere apple is now beginning to make iphones in india which is seen as a crucial growth market you have macbooks in vietnam and

other products that process will continue as apple diversifies to make sure it can hedge against risks in china. >> arjun, nice to talk to you today. thank you for joining us here we are again. sam bankman-fried expected in court in the bahamas later this morning to surrender himself to u.s. feds. it was total chaos in the courtroom yesterday. mackenzie sigalos joins us with more >> reporter: sam bankman-fried's legal team fumbled the largest criminal prosecution of the decade on monday, his lawyer was miss -- misaligned with the american lawyers. he said he was shocked that sam bankman-fried was in court and wanted to see the indictment before being extradited. that is the opposite of what was

expected, including the prosecutor contessa, a source familiar said sam bankman-fried who spent the night in the fox hill nassau prison is expected to appear in court at 10:00 a.m. where he is supposed to forfeit his rights the wall street journal saying his local laura wyer agreed to t the paper work it is not clear what his u.s. attorneys have had so far. we tried multiple times to get in touch with them we are not hearing back. until i see sam bankman-fried on a tarmac in new york, i will remain skeptical that extradition is happening >> what is interesting is experienced high level attorneys tend to avoid reporters and talking to them. maybe those less experienced who would be engaging with global journalists at this point. if your sources are to be

believed and sam bankman-fried will be able to hand himself over or plans to hand himself over, what is the next step? >> reporter: if he goes through and waives extradition, it will take time, but significantly quicker than if he fought the order. there is a push to get him back on u.s. soil once he arrives in the u.s., a former senior government lawyer tells me that he will likely be held, temporarily, at the metro detention center in new york his first hearing should be held within 24 to 72 hours of arrival. that is when he enters the plea of guilty or not guilty to the criminal charges we will also see a bail hearing. >> and action outside of the courtroom. the press scrums outside of that place can be incredible. we are getting reports, maybe, sam bankman-fried negotiated for

certain bail conditions in exchange for surrendering to u.s. feds. the bahamians are rejecting requests at granting bail. i know people who have spent time in bahamian jails, separate story, they said conditions were abysmal. what is he up against? >> reporter: i'm hearing from legal experts they anticipate sam bankman-fried will likely pleading not guilty and push for release pending trial. that being said, he he faces th same battle in the bahamas where he was denied bail and in the process of appealing that decision when we received word that he was going to degree agr extradition. he is a flight risk with the billions of missing ftx customer money. whether they waived extradition in agreeing to bond conditions in advance, his camp would not weigh in on the record

i spoke to a former cyber crime prosecutor, he believes they will cite a prior case for the record they have to secure millions of dollars and brproperty and agree to house arrest and electronic moni monitoring that is complicated because that is quite difficult to determine what assets the defendant controls and is allowed to pledge as his own. >> you have to wonder whether the folks who are currently in charge of trying to figure out what assets are used to secure bail conditions. thank you for the reporting. i appreciate it. coming up, the big comeback for workers returning to the office falling flat. creating new problems for new york's economy robert frank dives into zombie buildings when "worldwide exchange" returns. taking millions of trips every year?

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welcome back expectations for the new york city office buildings to come back to life and fill with people turns out it is not happening like that. in many cases, offices are less than 50% occupied and it is creating a crisis of zombie buildings. robert frank is joining us it sounds like the start of the horror film. it is scary for the economy?

>> if you look at the reit stocks, it is a horror film. over 1 million square feet of leasable space that is equal to 40 empty empir state buildings. that number basically has not moved since september. the big worry right now is layoffs. especially in tech the meta and amazon and google and twitter among the leasers of space during the pandemic. meta is laying off 800 employees in new york and it is vacating 250,000 square feet of new space. and twitter is laying off and unclear what it will do with the space in chelsea amazon is cutting space in hudson yards as well

the class of buildings are fine, but analysts saythe older buildings, the class b and c buildings are headed with tougher times. they are looking at soaring costs to keep tenants and rising borrowing costs and tenants are leaving in record numbers. the concern is the older zombie towers are left empty until the workers return or the owners ren renovate contes contessa >> are tenants leaves for out of state or other buildings in manhattan? are they leaving to negotiate cheaper rent elsewhere >> it's a little bit of both, contessa you have some people simply downsizing less space in the existing class

b and c buildsings some upgrading to the building with new leasing options some are not having offices in new york city. maybe a satellite office in connecticut or new jersey. they are not taking space in manhattan. it is a mix. if you listen to the governor and mayor of new york city, a crisis in the business district to figure out what to do in the space. can you convert enough into residential to fill them up? it takes a long time this is a big problem that shows no signs of easing >> robert frank, thanks. on deck, is a potential santa claus rally on hold? we have our next guests weighing in on where to make money for the final weeks of 2022. two weeks. if you haven't already, follow our podcast if you miss "worldwide

exchange," check us out on your favorite podcast apps. we will be right back. ♪ ♪ a cyber-attack can grind everything to a halt. cisco security keeps your company moving forward. because if it's connected, it's protected. cisco.

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welcome back time for the "wex wrap-up" as we close in on the 6:00 hour. markets in asia closing lower after the bank of japan surprise policy shift congress revealing the spending package days ahead of the deadline to reach a deal to avoid a shutdown. lucid is raising $1.5 billion from a private sale of 86 million shares to the affiliate saudi public investment fund.

it is up 4.3% in the early trade. u.s. navy awarding aws a five-year license contract $760 million and boeing 737 max expected to receive exemption from congress the rules would enforce a redesign and long certification delays for boeing. boeing is unchanged in extended trading. despite worries in the economy, americans are not scrimping on christmas trees the prices can be shocking the national christmas tree association expects 21 million people are buying live trees on par with last ear as i said, i got sticker shock.

gearing up for the trading day ahead. we have housing starts, building permits and philadelphia fed and non manufacturing figures out at 8:30 a.m. eastern time a few high profile earnings today with results from general mills and fedex and nike you should get a sense of the domestic economy we are keeping an eye on the ftx bankruptcy hearing at 10:00 a.m. sam bankman-fried due in court today. we will be hearing his lawyers tackle the issue of extradition to the united states. let's get a look at the trading day is shaping up after stocks extend the losing streak yesterday. futures are mixed. s&p in the red it looks like implied open down five points. dow jones industrial average is

up 8 you have the nasdaq down 26 points joining me now is john stoltzfus and jenny gilman john, we got the breaking news from the bank of japan that will tweak the cap on its yields for the 10-year. can you explain why we were seeing global bond yields spike after that announcement? >> hi, contessa. thanks for having me on the show this morning i have to say what you have seen around the world is central banks tightening and the outliar is the bank of japan the process of moving with the others really simply means that it is now all the majors in the process of hiking rates. ulti ultimately, it is a positive

thing because it is the end of free money free money raises speculation. high leverage. momentum trading this could take us back to a fundamental rate interest rates are not that high i have been in the business 39 years. i remember stocks moving higher with yields a lot higher than today. we look at it and we think it is a positive, but, of course, it creates volatility as we have seen this morning. >> we did see the u.s. treasury yields spiking 6 points on that news let me ask you, jenny. we we are looking at inflation, it is a problem in japan and in europe and globally. we see a fed intent on tackling it we had a guest this morning making sure that unemployment is not so low that we don't have so

many an job openings that the wage inflation factor has to be tackled. where do we head from here into 2023 >> well f, from the market perspective, i agree it is healthier to have higher interest rates we are in the really messy and difficult time to get through because i look at it like the fed is delivering medicine we have been raging at the party for too long and the party is out of control and they are delivering the medicine. they said we are past 75 and now we have 50 and 25 coming where we stand is in the digestion period you know as an investor that the numbers don't matter as much as knowing what the numbers are going to be. give us 50 fine give us a few 25s. let's get through it we are getting closer to

understanding where inflation will end up and how long it will last and at what level i see interesting charts that strategists think inflationary environment is this and comes back down and plateaus in past inflationary attempts, it spikes and takes a very long time to plateau out and reach a steady state to get back to 2% or 2.5%. i think we are in the adjustment period of understanding that and work that into the portfolio manager and work it into the valuation models i really do think that as a money manager whether bonds or stocks and having a functional risk rate return is useful of the situation. it is not bad for the long run >> john, lhow are you looking at the risk opportunities for 2023?

>> once we return for bond buyers back with the yield and bond issues have to pay for the privilege of borrowing money which is healthier right now, what we see is many yields below the ninflation rate you have real negative rates in effect as inflation comes down, that is likely, you know, move to a normalized position. we keep sticking to shorter durations. sh short end of the curve is signals to the fed the long positions on the yield curve suggest the fed is successful based on yields we are seeing with the 10-year treasury is off its highs. we have to say this says you will get success here. that points to things orking the main point and i agree with your other guest is what we are

seeing here is action is being taken against inflation with commitment and not brutal at that it is adequate >> john, you have nominal exposure to gold jenny, some ideas are other metals namely aluminum. >> right the company you are referring to, contessa, they make aluminum cans that is not a play on aluminum it is can making and play on stocks that have been thrown out. this is an aluminum can maker with a 9% dividend yield everybody hates spacs and turned on them. this got thrown out and treated as nothing >> you also like uber and palo alto >> right not metals the reason i gave you the list is i was thinking this is a tough environment. we are waiting to see how things flush out.

where are places you can invest where there is certainty of cash flow and certainty of return and a lot of clarity uber turns enormously free cash flow positive next year. palo alto at 6% free cash flow yield. these are growth strategy. when the cios of different companies are being pinched, they can't do customer relations -- >> jenny, we have to leave it here thank you for the great ideas. thank you for joining me that does it for "worldwide exchange." "squawk box" is next

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good morning the bank of japan sending shockwaves to bond yields. even japan might see rates rise. chaos in the bahamas sam bankman-fried's legal team out of sync and the ftx returned to jail. sources tell cnbc they will make another run at extradition today. lawmakers revealing a spending bill to avert a

government shutdown if congress can pass it before funding expires on friday. it's december 20th, 2022 friday is christmas eve eve, i think. "squawk box" begins right now. welcome to "squawk box" here on cnbc. live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen andrew is off. let's look at the dow in positive territory it is up 25 points s&p is down by over 3 points nasdaq down close to 20 points this comes after losses for all three major averages s&p is getting closer and closer to the