something wrong, that she's not invincible, that there are consequences to what she does. i feel good about the fact that, at the end, she was held accountable for something. it is 5:00 a.m. at cnbc global headquarters. here is your top "five@5." a stock bounce under way as investors wake up with new hope of a santa claus rally before year end sam bankman-fried back on u.s. soil as two others plead guilty to fraud. in his first comments delivered outside of the country's borders, ukrainian president volodymyr zelenskyy giving a passionate speech to

members of congress last night calling for continued support from washington, d.c. disaster averted at micron as the ceo looks to rebound in the second half of next year the look at the stock and the semiconductor industry coming up. more trouble for tesla the company announcing more discounts. this time in north america as one top analyst turns sour on that stock it is thursday, december 22nd, 2022 you are watching "worldwide exchange" here on cnbc good morning i'm dominic chu in for brian sullivan today let's kickoff the hour with the u.s. stock futures the dow implied lower by 3 points

drifting around. stocks are coming off the best day in nearly a month. st still on track for the worst year in 2008 yields for the benchmark 2-year treasury moving a little lower generally speaking moving to the upside 3.64% the last trade the 2-year treasury yield 4.195% in energy, oil pricesment basede expectations for a possible recession. in today's session, we see green on the screen. wti crude is $79.50. up 1.5%. ice brent crude is $83.35. up 1.5% as well. in cryptocurrencies, we are seeing bitcoin and ethereum prices bitcoin in the $16,000 range

$16,851. ethereum up to $1,218. now if you take a look at the -- take a look at what is happening in asia overnight with the early trade in europe. a good amount moving there we have arabile gumede in the london newsroom with the latest. >> dominic, good morning to you. you see the asian market particularly shanghai being the only one moving in red territory. the rest of asia was in positive territory taking its impetus from the moves yesterday on wall street positivity coming through from that that movement generally across the board has been positive with the hang seng and hong kong at 2% to the good we are getting rumors there may be a decrease as well in the quarantine time for international visitors into china. when that news is, perhaps, confirmed, we may begin to see the shanghai composite and

market in asia react to that early tomorrow morning we will wait to see the co confi confirmation positivity when it comes to asia positivity in europe for the most part despite the ftse mib and dax in germany being weaker at this point in time. as you noted earlier, stable is the word interesting to note with the ftse 100,the uk has come out with a senses on its gdp numbers. revising the decline of 0.2% fo the third quarter and further decline of 0.3%. another fall this that economic picture. recession is still key to worry about. we will see if that is the case. many are worrying that the bank of england noted we are expected to see the longest recession on record for the uk for the next

coming months. for now, stable market picture a lot of green still across the board. dom. >> arabile gumede, thank you now to the latest top stories. silvana henao has more micron is cutting into the capital spending plans through 2024 this amid high inventory levels and weak demand. the ceo, however, remains optimistic beyond the current quarter saying by the middle of next year, inventory will be so low and demand and sales should rebound. tesla offering discounts on the model 3 and y considers in the u.s. and canada. it is giving a $7,500 credit on cars delivered for the end of the year this is the latest in the series

of global price cuts issued by tesla amid concerns of falling demand and senate majority leader chuck schumer signaling a possible omnibus bill. speaking before 2:00 a.m. eastern time, schumer says the chamber will be able to lock in agreement today, but the work is not doneyet. the senate plans to hold a rare vote at 8:00 a.m. eastern to get the vote rolling on the deal one that could still fall apapa. >> silvana henao, thank you very much. to the developing story overnight. two former kexecutives at the sa bankman-fried crypto empire pleading guilty to the criminal fraud charges. this is as the embattled ceo finds himself back on u.s. soil today. mackenzie sigalos joins me

two lieutenants are cooperating with the government in a case against him. what is going on >> dom, caroline ellison, his one-time girlfriend, and the chief of alameda research and gary wang pleaded guilty to criminal charges that they helped orchestrate the scheme to defraud invest ors of feetx the charges were released last night. the same night that sam bankman-fried was on the way to new york he faces eight charges from the same prosecutors who accepted plea deals from ellison and wang s.e.c. complaint alleges wang created a back door in the software to divert customer

funds for their own trades ellison and wang signed a consent order with the s.e.c >> mac, this is interesting for the u.s. attorney for the southern district of new york. issuing a warning for anyone else involved in the scheme. do we know who could be the next person in the line of fire in the sights of the u.s. attorney for the southern district? >> damian williams says he doubled down on the comments from last week his office will work around the clock on the prosecution adding they were far from done. he specifically said those involved should voluntarily come forward. now is the time to get ahead of it he emphasized they were moving quickly and patience was not eternal. he notes that ftx leaders were

made conspicuous from the absence of filings you have one who went to m.i.t. with sam bankman-fried and just resigned in august he was not mentioned and you have nishad singh. he was not named >> sam bankman-fried potentially in court later on today. what exactly should we look out for? >> sam bankman-fried's arraignment will happen today or tomorrow it has to be within 48 hours of him landing in the united states which happened last night. if he heads to the manhattan courtroom today, the initial hearing is when the ftx founder will enter a guilty or not guilty plea to the charges against him. >> quickly, i can't imagine if there is any word on bail. >> this hearing is when the judge will make a call on bail there are multiple reports that

sam bankman-fried's legal team had been discussing a deal with prosecutors involved with arrangement for bail once he got back to new york typically, they are granted release on bond. this is not the typical case he faces decades in prison his ties to a foreign jurisdiction, not new york, and the billions of dollars of missing money. the judge has the issue unless the defendant posts property or significant cash bond or agrees to house arrest. it is difficult to determine the assets he controls right now or is allowed to pledge >> it is a complicated short story for sure, mac, thank you very much. we will talk to you soon ukraine's president volodymyr zelenskyy capping off a busy day in washington with the plea to members of congress and american people urging them to maintain support

in ukraine's war against russia. his first such trip since the invasion began this year we have brie jackson with more >> reporter: the billions of dollars that the u.s. provided to ukraine is not charity, but investment in global security. historic moment on capitol hill. ukrainian president volodymyr zelenskyy leaving his war-torn country and addressing a joint meeting of congress. >> against all odds and doom and gloom scenarios, ukraine didn't fall ukraine is alive >> reporter: dressed in his signature fatigues and giving thanks to the u.s. for support and presenting this flag to lawmakers. >> this flag is our symbol of victory in this war.

we stand we fight we will win. >> reporter: volodymyr zelenskyy tweeted a behind the scenes visit to the white house where president biden is pledging aid for as long as it takes. >> we are staying with ukraine >> reporter: the president announcing the u.s. will provide ukraine with a patriot missile defense system >> it is defensive >> reporter: the war-time trip comes ahead of transition of power in washington, d.c republicans take control of th house next month and gop leader kevin mccarthy said his party will not write a blank check for ukraine. others say defeating russian be aggression is a top priority. >> your money is not charity it's an investment in the global security and democracy >> reporter: volodymyr zelenskyy se sending a message to americans

wishing them peace as they prepare for a winter of war. ukraine could get another $45 billion of aid from congress if lawmakers pass the omnibus spending bill this week. dom. >> brie jackson in washington, d.c. thank you very much. when we come back on the show, why our next guest says he is not holding his breath for a year end santa claus rally. and later on, winter weather watch as millions prepare to hit the road for the long holiday weekend. storms are coming. a very busy ho sllurti ahead when "worldwide exchange" returns after this commercial break. i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell.

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welcome back to "worldwide exchange." breaking news. china reportedly planning to cut quarantine requirements for travelers next month according to a report from bloomberg, no more hotel kw quarantines and three days of monitoring oversea visits are required to isolate for eight days alibaba and jd.com all popping in the pre-market trade. we will continue to monitor the headlines this morning that's the reason why you are seeing some optimism in u.s. and

chinese listed and linked type stocks as you see there. stock futures are losing steam over the course of the morning. checking the s&p futures the last six hours we now dipped slightly into the red. some negativity there. marginally so. wall street is trying to keep the renewed momentum going into the holiday weekend if it can. all three major indices up two days in a row, but with six trading sessions left in this month and the year, a lot of red to overcome. the dow, s&p and nasdaq all down between 3.5% and 6.5% just for the month of december alone. kevin simpson is the founder and chief investment officer at capital wealth planning. he manages money for clients kevin, we talk about this time being seasonally strong. should we be worried that december is shaping up to be as negatively right now

>> it is a shame we were optimistic for a santa c claus rally. we all hoped the terminal rate when we were look at the dot plots would remain below 5%. in the moment re-released it at 5.1% terminal expectation, it took the wind out of the sails and killed the santa claus rally. >> if that is the case, does it have a carryover effect into next year and how long does it last if it really is the fed, do we wait until the fed finishes the tightening cycle >> i think that is the exciting thing about 2023 we can get the fed chatter out of the way and not hang on every single word. we will see that fed tightening program end. whether it is february, more or

april, that's it we get the pause we are hoping for. not the pivot. that is further down the road. the idea they stop raising rates and focus on raw data and actual earnings for me, as an active manager and stock picker, i want to focus on what matters and not every single thought the fed has we are not out of the woods in january. they will continue to raise rates. hopefully it will push the upper limits inflation will play a huge part in how high they go. i would expect at the beginning of 2023, dom, to look a lot like 2 2022 >> kevin, you are a stock picker we like having you on because you manage that money for clients. if you are a stock picker, what stocks are you picking with the markets as negative as they could be, not dire, in the coming months. >> the broader markets have

negative around them the important lesson is is stay defensive. we go into the 2023 calendar year, it is not an all-clear signal of o signal the probability of recession remains high energy has come down a lot there is an opportunity there. you can look at consumer stabpls and you can look at utilities. these have high multiples relatively speaking because people have gone into the trades to hide a little bit on pullback and weakness, there is an opportunity there. we have dry powder healthcare, utilities and consumer staples and energy. we will dollar cost average into them we will see that continued volatility for the next six-to-nine months then we can look ahead to 2024 and next year, i would bet for sure that santa claus is coming to town. >> kevin simpson, thank you very

much see you soon. still on deck for the show, a rough session for micron why cautious optimism from the ceo is not doing much to sway the bearish outlook from our next guest af. >> announcer: today's big number is $160.5 billion. that is how much the net farm income is expected to reach this year the highest level since 1973 on an finflation adjusted basis don't settle for silver. harness the power of 7 moisturizers & 3 vitamins to smooth, heal, and moisturize your dry skin. gold bond. champion your skin.

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keep you both comfortable all night. the queen sleep number 360 c2 smart bed is only $899 - save $200. only for a limited time. okay it is a live shot of rockefeller center and the christmas tree. one of the most iconic in the world. right now, midtown manhattan and it's 37 degrees. not freezing, but we expect things to warm up. you think that's not bad things could get worse in the coming days for the holiday weekend. we'll keep a close eye on that speaking of -- let's check the headlines. nbc's phillip mena is in new york >> dom, the winter storm is arriving in time for christmas it could be the worst in

decades. 110 million people expected to be impacted by high winds and snow and bitter cold it is wallopingi the midwest hunter biden is lawyering up the move in anticipation for what could be several republican probes once the republican party takes over the house next month. lowe has represented a number of figures, including bill clinton and jared kushner and ivanka trump. federal investigators have been investigating him while on the board of the ukraine gas company. last month, republicans revealed plans to investigate hunter, including alleged illegal business dealings from possible evidence found on a laptop finally, eastern illinois

university played their way into the college history books. they capitalized on the 55-point second half to stun 92-83. the panthers were 31.5 point underdogs heading into the game. this was the largest upset in college hoops in 30 years. the panthers after the game celebrating their big win with the coach in the locker room getting showered and jumping around this is the program's first win over a big team in 35 years. this is a win that will propel a team into the imagmagical seaso >> it is prime for march madness. anything can happen. >> that is exciting b last night, david prevailed.

>> thank you very much phillip mena as we thhead to break, shar of verizon on track to the worst year for the stock a move made more shocking with at&t and t-mobile. according to market data going back to 1983, there have been three it times with the spread of verizon and at&t shares was at least 25% in favor of at&t. the stock is hovering around that level this morning right now. aquick programming note, tune in to "squawk box" for the conversation with david teper. his take on the new year and navigating headwinds keep it tuned at 8:00 a.m. on

"squawk box. we'll be back after this break

the winning streaks for stocks looking in question after notching solid gains on wednesday. futures right now losing steam. shares of micron under pressure it is slashing jobs and spending on weakening demand. we dig into the chipmakers results. more bumps in the road for tesla amid the turbulent 2022.

it further slashes prices on the vehicles it is thursday, december 22nd, 2022 you are watching "worldwide exchange" here on cnbc welcome back to the show i'm dominic chu in for brian sullivan it is 5:31 a.m. eastern time in new york city. we are losing steam, but it is marginal for now dow implied lower 33 s&p down by 31 let's check oil prices they are now drifting lower. they were up 1.5% at the start of the hour. now u.s. benchmark prices are higher by 1% $79.50 ice brent crude is $83.50. we are holding on to gains there. to this morning's big money

mover. micron reporting a wider than expected first quarter loss. revenues dropping by half to under $4.1 billion that missed forecast as did the guidance for the company quarter amid the falling prices and demand for memory chips. micron expects to cut capital spending and 10% of the work force as well. something the ceo an addrn dres in the earnings call >> my icron is expecting cuts. we are taking measure to cut costs across the company >> let's talk more about the micron story with joseph moore

at morgan stanley. this micron report is getting attention because we look at the chipmakers as leading indicators for technology overall how concerned should investors be about the micron results? could there be themes that spread to other chipmakers as well >> good morning. i think it is a signal there's too much inventory of everything in semiconductors. there are idiosyncratic issues which are worse than others. i agree with the company that the supply demand imbalance is the widest we have seen in time. the losses of this magnitude are a reflection of that of i don't see it getting better in

the next 12 months. >> if they are not getting that much better in the next 12 months in your mind, what does it mean for micron or other chipmakers involved in memory chips and should we worry about the other bigger players because of these types of tea leaves >> i think it is challenging for the whole group. there's been too much inventory in a lot of the markets. we will get past the biggest inventory correction and see a snap back to higher demand we are not snapping back to the first half of 2022inventory. the excess is substantial. you will see it and you will not see these types of losses in semiconductors a lot of earnings will hold up up better. we have a challenging environment particularly across the virtual markets like pcs and

smartphones and cloud. those are over-inventory and memory is the most high amplitude ramifications of that. >> joe, if you take a look at the end uses we have, especially for things like memory chips you mentioned pcs and smartphones and other devices like that. how much of the analysis you do goes into what you think demand will be like for some of the consumer goods and how much of that is built toward the consumer side of spending versus the enterprise or business spending can we see those work out if demand improves for the products >> demand is certainly part of it we will see over the next 12 months weaker demand in the u.s. and stronger demand into areas like china

it is a mixed picture from the demand perspective weakness is prevalent in consumer if you look at the broader issue is we have been dealing with the supply chain crisis for the last two years in semiconductor that is the incentive to build inventory. now we see the over supply, i would argue a year and a half ago. customers did not react like they normally do they were worried about their ability to procure stuff you saw companies build significant inventory. in some cases, they still are. you will see areas like cloud and enterprise that have held upper obetter over the course o 2022 you will see this more significantly in areas of memory than proprietary products. the inventory is different

it is a phenomena that has hit everywhere >> joe, before we let you go, i'm just curious if it is not micron, are there top picks? where are investors putting money chips? >> areas like memory like research into the memory space the equipment companies have better cash flow during periods of weakness. we saw micron cut capital spending that is the area i would sit out. micron is doing a great job of executing through this actions they are taking are an indication they do see this level of supply demand imbalk serious. they will react to it and they will get through okay. i think it will be difficult for the stock over the next two or three quarters. >> i enjoy talking about

conductors with the guy named moore. joseph moore, thank you very much. coming up, the latest on the ones -- once in a generation storm. causing dangerous travel conditions we will keep an eye on that when "worldwide exchange" is back in a moment

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exchange." the hits keep coming for tesla and not in a good way. the latest, the company offering discounts on the model 3 and model y cars in the u.s. and canada tesla is giving customers between $7,500 and $5,000 credit on cars delivered before the end of the year. latest in the series of global price cuts and issues happening for tesla over falling demand. just yesterday, a new note from morgan stanley casting doubt on tesla's entire business model raising the question if battery electric vehicles are the only path to decarbonizing the transportation industry of stories like porsche investing in e-fuels as a dual path.

now tesla shares are on track for the worst month and quarter ever joining me now is jo gordon johnson. you have been negative on this for years. some believe the negativity is priced in the staock since the value? >> thanks for having me. i think that viewpoint is dead wrong. let me explain that tesla is valued at more than the three automakers combined. tesla should be seeing tremendous growth. what are we seeing here is the problem. tesla now has engaged in two margin slashing price cuts in

q4 five cuts in china in q4 one price cut in europe in q4. despite that fact, they will produce more cars than they sold producing more than they sold. they are not selling everything they're making the lead times collapsed they have two plants at 20% capacity, one in texas and one at 93% capacity. this is a company. it is a car company. 5% from the energy division that loses money. they are a car company that built too much capacity that they can't sell. that is a big problem. >> gordon, the valuations, of course, are obviously an issue and they have been for a while for tesla bears out there. earlier last year, this was a stock that was valued at almost 230 times forward anticipated earnings it has come down to 24 to 25

times forward earnings, which, by the way, doesn't make it that much more expensive than some parts of the s&p 500 if you look at companies and legacy automakers are trading at 4 to 7 times earnings. >> it is not growing one more thing on valuation. typically in a luxury market, you reach 15% of the market, your growth stops. look at mercedes-benz. they sell 2.3. both companies have great margins than tesla if you apply the valuations to tesla, you are talk between 18 to 20 in stock

with respect to growth, dom, if your backlog is collapsing in china. that means their orders are less than deliveries. that means their orders are less than that. they are not growing you are talking a company with two facilities operating at 20% capacity they can't sell out existing capacity and they are at 1.6 million of car sales that is a big red flag or headwind for an automaker. technology there is a ton of competitors out there and better interior and faster charging and a network and service that is actually there versus tesla of

the industry tesla with the conspiracies with to elon musk. there are so many headwinds. if you slash the valuation, you are talking 80% downside we would be selling. >> gordon johnson. the debate rages on right now. thank you very much for your thoughts we appreciate it happy holidays to that developing story around the major winter storm called a once in a generation system set to impact nearly every state in america creating all headaches in the christmas holiday weekend. nbc meteorologist angie lasman is joining us. some say bomb cyclone. we know a lot of people are impacted just how bad could it get? >> i don't want people to get

lost in the details, dom impactful conditions from now through saturday you see how the system has developed bringing the great lakes snowshowers. we had rain working in to the mid-atlantic area and moving into the northeast later today when it comes to the rain, this could be flooding rain later today in new york city, the rain will pick up. with anywhere from 3 to 4 inches likely for a wide portion of the northeast and mid-atlantic we will deal with coastal flooding with the strong winds as the system nears. not to mention, if you live in the midwest, you are dealing with blizzard conditions 3 to 6 feet for chicago and detroit. on the east side of lake michigan, maybe up to a foot of snow you add in the winds and snow and it is fluffy, then we are

talking about reduced visibility when we deal with the winds, notice 48-mile-an-hour peak wind gusts in detroit 40 for washington, d.c it will cause problems with power outages as you plan to spend time with loved ones for the holiday, dom >> angie, many arm-chair meteorologists are seeing the blue on the screen all of the cold air will move in we have the cold air moving in on the east coast. what happens when the rain and moisture starts to freeze over because of the cold air pushing in behind it >> when you have rain and a quick rush of cold air means you have flash freezing.

this ice on the roadways and that means black ice which is common it will cause problems i-90 is a main place with icing and power outages you may have to deal with when we talk about the power outages with the cold air, 49 deg deg deg deg degrees below zero in pierre in places in montana, dom, they dropped 26 degrees in three minutes. that should tell you what you need to know about how strong this storm is. >> angie lassman, thank you very much stay safe. still on deck for the show, stocks looking to keep renewed momentum into the holiday weekend. the look at the day ahead and moves to make with your money coming up. a programming note tune in to "squawk box" for a conversation with appaloosa's

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welcome back to the show time for the "wex wrap-up. six stories as we close in on the 6:00 hour. china cutting traveling quarantine requirements for travelers next month. and two of sam bankman-fried's colleagues pleadi pleading guilty and agreeing to cooperate. ukrainian president volodymyr zelenskyy wrapping up the visit to washington, d.c. with the plea to congress to continue supporting his country's fight against russia. sticking with congress

chuck schumer says agreement on the $1.7 trillion spending bill could be reached this morning ahead of the midnight deadline and under armour taps marriotti as the next ceo. and netflix will build a production facility in new jersey the facility needs approvals from local and state officials there are u.s. six trading days left for the worst year for the dow and s&p and nasdaq since 2008 let's see what 2023 is going to bring for investors. tim courtney is with us. tim, this is the time we look ahead to next year can 2023 be better than 2022 >> i sure hope so. i think it will be for a couple

of reasons one, we have gone through the worst of the adjustment that we needed to make this year in terms of interest rates and the inflation management you know, there still will be more of the markets pricing in more interest rate increases to come i think we have gone through most of the pain and the second reason is i think markets are priced for bad news already. we went into 2022 really priced for close to perfection. priced for great news. we didn't get that in any form with inflation coming and a war and obviously interest rate increases. when we look at valuations coming in to 2023, they look like they're priced for at least a slight down turn in earnings if we look at valuations on the value side and growth side of the market

i think we're still headed for some increase volatility as we had this year. that's probably going to be the norm for the next several quarters, but also potential good returns for bonds and stocks >> so if it is bonds and stocks, tim, that leads me to the next question should investors and traders be positions right now along the way for eventual recovery possibly in the second half of next year and if so could those returns be significant given the downdraft we have seen the last 12 months in. >> they could be very good if we don't have the downturn that the market has been talked about the last several weeks you know our, we had a huge ears record in 2021 a lot of that was fueled by low rates and spending that is the outlier.

this year, we come in lower than that, but still very good considering how strong that 2021 was. i think $208 on the s&p. we may come in at $203 on the s&p. next year, if we come in close to the $200 level, markets won' be ex-static, but be happy we didn't have a big down turn. if we have a growth in earnings next year, if it comes down from the estimates, which is right now $225 on the s&p, i think markets would cheer that if it does come down, i think we have an okay yooer and still grow off that 2021 earnings spike. >> tim courtney, thank you very much >> thanks. that does it for us here on "worldwide exchange. futures right now lost steam

we are seeing right now dow implied lower 30 points. it is in the red s&p implied lower 2 points nasdaq down 5. we are watching yields as well keep it here "squawk box" picks up coverage next we will see you tomorrow the final trading day of the week before christmas. you want to see something cool? xfinity rewards is how we go beyond saying thanks. so we're going to spread the joy this holiday season, the xfinity way. take your trusty sidekick to see puss in boots: the last wish what's a puss in boots?

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good morning stocks claw back the december losses in yesterday's session. six trading days remain in the year then we will see what happens next year. what is happening right now. including shares of micron bigger loss than expected and announced a 10% head count reduction. sam bankman-fried is back on

u.s. soil. after u.s. authorities transported him on the flight from the bahamas last night. now two of his former associates that we thought might have flipped pleaded guilty to fraud charges and cooperating with prosecutors. it's thursday, december 22nd, 2022 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen andrew is off this week. we have been watching the markets. joe mentioned we looked at strong moves yesterday we saw the best days for the market this month.