>> he turned around and sued the jail for allowing him to escape, that they didn't do a good enough job protecting him from himself and the possibility he might commit other crimes. a judge very quickly threw that might commit other crimes. a judge very quickly threw that out. -- captions by vitac -- it is 5:00 a.m. at cnbc global headquarters. here is your top "five@5." stocks trying to climb back into the black for the week after the wild ride for wall street yesterday that saw the dow close well off a nearly 800-point loss at the lows. sam bankman-fried is out on a $250 million bail while awaiting trial for fraud and other criminal charges. tesla catching a bid on the promise from ceo elon musk over

the recent share sales. much of the country experiencing or bracing for what is called a once in a generation winter storm just in time for the holidays thousands of flights canceled in the last 24 hours. we will track the latest ahead. and facebook owner meta platforms settling a class action lawsuit tied to the scandal. it is friday, december 23rd, 20 on -- 2022. christmas eve eve. you are watching "worldwide exchange" on cnbc. good morning i'm dominic chu in for brian sullivan futures are steady after yesterday. you see the dow implied higher 53 points. s&p higher by 2. the nasdaq down by 9 that is stable compared to what

we saw yesterday all of this is coming after a wild session for stocks in the previous session that saw the dow plunge at one point 790 points before ending the day lower. still the major averages remain in the red for the month and just one week away from snapping two-month winning streaks. you can see the dow down 4.5%. s&p down 6%. nasdaq down 9% in the bond market, yields have been a huge focus and moving to the upside recently and they continue that trend today. the 10-year treasury is 3.70%. 2-year treasury is 4.28% pretty much the yield curve moving up in rates in the energy market, moving to the upside wti crude prices are $79.17.

similar move for ice brent is $82.71 in crypto, eyes that $16,000 for bitco bitcoin. we are above it. up 1.5%. similar gain for ethereum prices $1,219 let's get a check on the overnight action in asia and trade in europe. arabile gumede is standing by in london >> good morning, dominic merry christmas to you as we head to the festive season no festive cheer with the market trading out in asia. it did trade lower today taking its lead from wall street yesterday. some consumer data coming out of japan. core consumer prices rising

3.7% that makes that number for november on the annual basis the fastest pace of consumer prices since december of 1981 a negative tote in that picture. european markets did manage to open slightly higher ending in the red after yesterday's session and coming off that negativity trading today is expected to be light before the christmas holiday. london exchange on a half day today. that trading is expected to be light. a number of global markets have faded when it comes to the santa rally. not as we have seen in previous times. a bit of a fade. as you noted the markets in the u.s. feeling a pinch and today is stable. we will see how things move in the coming weeks for now, pretty much in the red. >> london.

have a good holiday. let's get to pippa stevens with the latest >> good morning, dom meta platforms settling a lawsuit to access user data. lawyers are calling the proposed settlement the largest ever to be reached in the privacy data class action the most meta has paid to resolve a class action lawsuit shares of tesla catching a bid in the pre-market after elon musk said he would refrain from selling more tesla stock until 2025 or something. adding his vote would be a share buyback when the company is able to calibrate the scale of the recession. shares of tesla are down more than 44% since musk agreed to buy twitter. nasdaq is down just 2% during

the same period. china's covid infection wave is overwhelming hospitals in beijing. comments shared with the financial times, workers say they have no beds or oxygen and rooms full of waiting sick people it is the largest outbreak since the pandemic began >> it is a huge story in china thank you, pippa. it is down to the wire in d.c. as lawmakers look to pass the massive spending bill before the midnight deadline. one that cleared the senate hours ago. nbc's brie jackson joins us with the state of play now. >> good morning, dom down to the wire senators passed the legislation last night and it turns to the house. all of this comes as the january 6 committee releases its final report >> reporter: in an eight chapter report, the house committee

investigating the january 6 attack reveals details of the findings laying out proof that former president trump urged people to march to the capitol and outlining a scheme and saying it was all part of the multi-step effort devised by trump to overturn the 2020 election the former president took to social media blasting the report as a witch hunt. nancy pelosi praising the work >> we have a vital road map ensuring justice will be done and this won't happen again. >> reporter: the report lays out recommendations, including overhauling election laws. that is a step congress is taking as part of its massive spending package the bill includes $45 billion this aid for ukraine and funds federal agencies through september. >> number four amendment is

agreed >> reporter: senators passed the measure on thursday. a house vote today prevents a shutdown before christmas. >> i sincerely hope this holiday season will drain the poison of politics >> reporter: the new year brings a new congress republicans will control the house and democrats will hold the majority in the senate when it comes to the january 6 committee report, the committee recommends barring former president trump from holding office again dom. >> nbc's brie jackson. thank you very much. have a great holiday weekend. when we come back on the show, more on the market action from yesterday and more on the economic calendar today. sam bankman-fried is out on $250 million bail bond as he awaits one of the high profile

criminal trials we haven't seen in decades. and the country bracing for the winter blast thousands of flights canceled or delayed. we have more when "worldwide exchange" returns after this commercial break ugh, this rental car is so boring to drive. let's be honest. 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.

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okay so what you're seeing right now is a live shot from minneapolis/st. paul checking in on your friends in the twin cities right now where the weather is currently minus

11 degrees s farn farhenheit. the first two trading days of the new year. santa does bring good tidings with the s&p up 1.3% with all these armies hanging around wall street this year, he may decide to take his business elsewhere. santa that is. let's get the latest from bill stone. i love the festivities and hat i'm wearing my holiday tie and sweater. bill, how cold is it >> it is negative 3 which for

louisville, is cold. >> louisville, kentucky is minus 3. we will get cold bill, with your santa hat on, is this the year we will see a santa claus rally or will we get coal >> this is fun, but also really holds up quite well. as you mentioned, up 1.3%. to put it in perspective, the market is up .20% during any seven-day period also, up 77% of the time normally up 57% of the time. again, significant differences the other thing i looked at which is december, in general, is a good month. it usually is impacted by what happened the year to date before that usually if you have a bad year before, which we have, december

is not as good which we experienced. when you look at the santa claus rally, 69% of the time stocks rally during the santa claus rally. santa may come again this year. >> if santa were to make an appearance for the santa claus rally, which would do well >> i think it is a generally me, personally, if i was looking at my shopping list for christmas, i would continue to look for the high quality, you know, stocks particularly deep in valuation the issue is i'm very festive about this, i do think we have more challenges ahead which is

what you talked about earlier which is the recession coming up next year and how much more we hike interest rates, et cetera you have to be positioned and ready to get through that. all being a positive run for the short-term >> we heard so much about the recession talk whether it is shallow or deeper. we had noted hedge fund manager david tepper on yesterday. he was leaning being short right now. the markets followed through on that yesterday is there a sense of the consensus? are we due for a market down turn in the first half of next year >> i think it would be odd not to struggle the a bit if we finally see the economy faltering. you know, right now, you just look and the economy is actually

holding up better. that is part of the issue. the worry that the fed may have to hike harder -- it is not like they are trying to hurt the economy. that is the secondary effect that is getting inflation under control. it would not surprise me to see more, you know, struggles as you actually see some weakening economy in the latter half of the year i think slowing into it. >> all right the thoughts from bill stone in the santa hat. merry christmas, sir >> thank you still on deck for the show, the one faang stock about to do something for the first time since the dot-com bust down more than 50% so far year to date. this is your mystery chart revealed when "worldwide exchange" returns after this

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okay here is your next live shot. this is our friends in kansas city, missouri where it is minus 6 degrees fahrenheit going up to a balmy plus 9 degrees. we have much more on the wild winter weather ahead our friends in the midwest very chilly welcome back sam bankman-fried is heading home on bail as he awaits on

trial. we have mackenzie sigalos is following this story >> reporter: good morning, dom the former ceo of ftx is out on $250 million bond. largest ever in pre-trial bail history. bernie madoff was secured by his mansions for his bail. recently theranos founder elizabeth holmes had to fork over $500,000. this includes electronic monitoring and restrictions on mobility passport has been confiscated and living with his parents in northern california. his parents co-signed the bond and put up equity in the house as collateral. as for that $250 million bond, that number is actually less

impressive when you consider the fact that sam bankman-fried's parents had to guarantee his faefr and put -- behavior and ey in the home. the former federal prosecutor said this is an unsecured bond an empty promise only backed by his parents interest in their home which is what they will lose if he flees >> any word on how he pled to those eight criminal charges that are on the record >> reporter: there was no arraignment because the presiding judge was out. sam bankman-fried has not entered a plea for the charges that should happen the next court hearing on january 3rd in the meantime, he is headed to california it is unclear if he is flying commercial or paying to fly private. a source close to the team says

sam bankman-fried is wheels down flying commercial. we are awaiting guidance >> we know two of sam bankman-fried's associates, gary wang and caroline ellison, are now cooperating with federal prosecutors after pleading guilty to felonies what about some of sbf's other lieutenants? will we see indictments for his associates within ftx? >> reporter: you have three other players in the empire to look out for ryan salame. he went to regulators two days before the bankruptcy. he said that the only three people who had the authority to sign off on possible fraud lend transfers from ftx to the hedge fund at alameda. sam trabucco had been leading

alameda before resigning in august he has been quiet on twitter last time we saw a post was november 8th as the empire was unwinding saying the past few days had been dark it is unclear if any back channelling is happening >> then finally, mac, does sam bankman-fried have room to cooperate with prosecutors >> reporter: now sam bankman-fried is back on u.s. soil, he doesn't have leverage unless he has intel on other bad actors in the industry former federal prosecutor said sam bankman-fried will likely be trying to gain cooperation credit by providing information that may be useful in other investigations that being said, it not ais not easy as it sounds. he has to provide information to lead to successful prosecution of others.

>> thank you very much let's get a check of the headlines with phillip mena in new york phillip, good morning. >> dom, good morning millions under a weather alert as heavy snow and strong winds and record-breaking cold are creating dangerous conditions across the u.s in texas, more than 74,000 are without power. other states like georgia, tennessee and missouri are facing outages. the nhl postponed the ottawa game today and authorities in minnesota and iowa reported to crashes after ice and blizzard conditions wrecked havoc on both states. the cdc is issuing a warning of the increase in cases of strep a in children. in denver, 11 cases of children

infected and 2 died. overseas in the uk, it claimed the lives of 20 children the increase in strep is on the rise with covid and flu. and the jacksonville jaguars with trevor lawrence using his frame to stretch over the goal line jacksonville grounding the jets on the home turf picking off zach wilson and keeping new york out of the end zone. jags win it 19-3 dom, this was the worst team in football last year and now may be headed to the playoffs. >> if they win out, they could be playoff bound phillip mena, thank you very much have a great holiday weekend. still on deck, microsoft firing back over the agency's push to block the deal to buy

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stocks trying to head into the holiday weekend with some

cheer as the choppy trading continues. futures are muted heading into the open bell. tech very bad. 2022 rolling on. some sectors shedding trillions in value the losses not stopping some on betting on the brightest stars in 2023. and congress signing off on the massive spending package and the house racing to sign the deal before the deadline it is friday, december 23rd. christmas eve eve. you are watching "worldwide exchange" here on cnbc welcome back to the show i'm dominic chu in for brian sullivan what you see behind me is across the river in new york city from here at cnbc global headquarters it is 55 degrees

very balmy compared to kansas city and minneapolis where it is minus 9 to minus 11 right now. that 55 degrees is going to get scary. we will go down to 11 degrees later on tonight a lot of the rain in the area could freeze over if we don't get some of the wind to blow and dry things out the tree in rockefeller center is beautiful and bright. let's get to the markets on the final trading day of the week futures are muted. dow implied higher by97. the nasdaq up by 19. s&p up by 9. that is decent after the wild section for stocks yesterday the dow plunged almost 800 points at one point before ending the day lower the major averages in the red for the month and one week away from snapping a two-month winning streak the dow and s&p and nasdaq down

anywhere from 4.5% to t8.5% in the bond market, the 10-year treasury is a hair below 3.7%. 2-year treasury at 4.281%. the 30-year treasury is 3.86%. and u.s. benchmark wti prices 79$7 $79.17 similar for ice brent crude. $82.66 up $1.68. let's check on the top stories. we have pippa stevens with those. >> dom, more than $1.6 trillion bill to fund the federal government clearing the senate lawmakers in the chamber voting 69-29 to approve the package yesterday. it heads to the house which is expected to vote and pass on the

measure today before the midnight deadline. tesla is being investigated over crashes with the vehicles the national highway traffic safety administration is looking at the driver assistant systems and how it played a role in the crashes. according to the data obtained by cnbc. it is looking into 41 crashes where auto features were involved. and microsoft responding to the ftc over the bid to block the deal to buy activision-blizzard. $69 billion deal would not harm compet competition. it is a third place manufacturer of gaming consoles with the xbox behind sony and nintendo dom, it has been a year since this proposed acquisition. >> pippa stevens, thank you. sticking with technology and

nasdaq off the 2% loss yesterday and on pace for the third down week in a row. the index is the worst performing u.s.average of the group down more than 8% this month and down 32% so far in 2022 that would make it its worst year on record going back to the 32% loss in 2008 you remember what happened then. joining me now is cnbc contributor alex cantrowitz. this has been a down year. is that similar story going to be something we have to look for in 2023 as well? >> absolutely. the fed is showing no sign of slowing down which means the new math for tech companies will not be valued as much as profits that will persist in 2023.

there will be more trouble ahead. more struggles more apprpressure to cut. it is not getting better for tech >> this is a story we talked about valuations and the affect of higher rates making it more competitive. what about the earnings story? there's been optimism that the earnings for technology companies are not as bad is that something to look forward to in 2023 >> i don't know, dom this seems to be a damned if you do and damned if you don't market if the earnings data is good, then they will say okay, the fed will raise rates more. let's pull back a little more. if they miss earnings reports, then investors will flee the stocks if you are investing in tech, i would say the long term is your friend

you have to think about the fundamentals of the companies. you can't think about it in the quarter to quarter basis the fed will pull off the rises. any news in any direction, you can find a negative story there. if you think a come ofuple of y ahead, that's great. >> alex, we want to call attention to amazon.com. that was the mystery chart one of the big cap tech stocks that's been around since the bubble it is trading at the lowest level since 2019 having lost half of its value this year. this year would be worst, compared to the dot-com bubble amazon still trades 62% forward

earnings what do you think? >> i had a feeling this is the mystery stock. amazon is the poster child for the problems that have emerged for tech especially the fed has spent many years in the zero interest rate policy and now is climbing back what the incentives were previously was spend on infrastructure and spend on growth now it is control costs. you had that in combination with the amazon need to scale infrastructure in the middle of the pandemic the costs went out of control. earnings expectations were measured up on years that were difficult to match you end up having the company as the coyote with the road runner off the cliff. running, running, running and no more ground to run on. it is basically gone from the darling to a company in free fall those facts will not change a

any time soon unless andy jassy can change things. it is not just you can cut a bunch of employees and your numbers look different there are facts on the ground that amazon has to deal with that will be a struggle >> speaking of the down draft we have seen, one of the victims in the year in valuations has been cathie wood and ark invest many have seen tremendous losses over the course of the year as some of the big disruptive stocks have fallen out of favor. do you think those will become story lines to the up side in the coming year or is the headlines still there? >> that is what cathie has been saying there is logic to it when the fed moderates its stance, you have the companies that suffered the most the tech companies, especially

the high growth tech companies they stand in line to gain from the benefits of the switch the question is, again, when does that switch happen? does it happen next yquarter? deep into next year? we don't know. the fed is determined to get the inflation story under control. so far, all of the data we see is that is not happening fast enough for its liking. as long as that is the case, the high growth stocks are the ones that suffer the most when it flips, cathie wood's funds will go high areer than t past we can expect damage for those stocks and other big tech stocks. >> alex, we have a few moments left here. what do you think will be the biggest tech story of 2023 >> i have been watching this stuff happening in the ai space.

i think there is a productivity boom in the world when companie and individuals understand how to harness now we are getting it in our hands. that will make a big difference as people find uses for the technology and put it into action i think that is the number one story to watch as we move into next year. >> alex kantrowitz, thank you very much. have a great holiday weekend, sir. >> thank you, dom. coming up on the show, the latest on the massive winter storm that is creating conditions that are hazardous across much of the u.s. and harming travel for those trying to get home for the weenekd. "worldwide exchange" is back after this

♪♪ for skin as alive as you are... 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. welcome back to "worldwide exchange." to the latest on the massive winter storm wrecking havoc and creates dangerous conditions for the holiday weekend. bringing heavy snow and rain and cold conditions across a large part of america. it is creating headaches for people trying to travel with airlines delaying or cans celli thousands of flights we have angie lassman with the

latest on the storm. >> we will see blizzard conditions in some areas with up to 3 feet of snow and an overall mess, dom. 60% of the population in the united states is under some winter weather alert or watch or warning or advisory. especially east of the rockies. 168 million people impacted by the cold conditions with the alerts up as we speak. you can see why. it is not hard to tell where the cold air is. bismarck at minus 37 for the windchill. minus 24 in kansas city. cincinnati, you are 26 degrees below what it feels like now the air continues to move south as we get into tomorrow morning. the deep south could be seeing temperatures feeling like the teens. houston is 10 degrees tomorrow morning. if you are waking up in new orleans, 13 degrees for what it feels like as far as orlando, temperatures

will be below freezing that is one facet of the system. we will see the snow, rain be impactful and winds an issue here is the satellite-radar. on one half of this, we are seeing mostly rain that's what we are looking at in pittsburgh and washington and new york and boston. on the back half, we see snow working through detroit where that will be a major travel to trouble destination in the next couple days. as we look at temperatures in the next 12 hours, they will come crashing down washington, d.c. is now 45 degrees. there will be a 35 degrees temperature difference and with rain on the roadways, that could be an issue causing black ice. >> angie, slick conditions we talked about yesterday i wonder what you can tell us

about the longer-term outlook. what about the next 24 to 36 hours? do things get better >> things do get better. we have been dealing a lot with ite temperatures in the central plains with 60 below in some spots. if you are in western new york, sunday will be a day of clean up buffalo could see 30 hours of whiteout conditions and the heavy snow falling will create a mess for them as they gear up for christmas. beyond that, we quickly see temperatures rising. we could see a temperature jump of 30 to 40 degrees by the middle of next week. >> angie lassman, happy and safe holiday weekend. see you soon on deck for the show, stocks fighting for momentum to cap off the week in trading.

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well come back to "worldwid exchange." now is the time for our "wex wrap up. meta settling a class action lawsuit from the 2018 facebook case to allow cambridge to access data from 87 million users. elon musk will not sell more tesla stock until 2025 musk added tesla board is added to a share buyback. sam bankman-fried is out on a $250 million bond.

sam bankman-fried being ordered to stay with his parents awaiting trial his next year is scheduled for january 3rd. taiwan semi conductor in talks for a plant in europe. the company is sending executives to germany to discuss a site near dresden. and apple store workers are planning to stay away through the christmas eve portion of the holiday. and china's wave of covid infections is overwhelming hospitals. health care workers have no bed, oxygen and waiting rooms full of sick people. we get several pieces of data before heading out the door before the long weekend. 8:30 a.m. eastern time, look for durable goods for november and personal informcome and spendin.

then we also get the pce index and looking at the core numbers as well. at 10:00 a.m., the con soumer sentiment for december and november new home sales. for more on this final trading day of the week and choppy week we had, let's bring in jeff kilburg and chris. gentlemen, thank you jeff kilburg, i cannot help but notice your outfit this is no-knock on you, chris jeff in the bright red, take us through the trading week we had and do you feel bearish? >> dom, the song goes the weather was frightful. here in chicago, the weather is frightful and the market by and

large this week is a whipsaw thin volume. expectations and it is interesting to see the market has moved to and advticipatory market we are trusting and hoping that the fed is going to continue to stay committed to what they say. let's rewind a year ago, dom they talked about the transitory component. they were dead wrong the market is ahead of itself. the vix is elevated. where we are in the s&p 500 is a thin trading day going into the long weekend and we are at the lower end of the range i have cautious optimism i'm wearing the red coat a small sliver of hope for a santa claus rally. >> it is not possible by any

measure and we have seen a dismal december so far we refer to the santa claus rally and people say it is the final five trading days of the year generally speaking, is the sentiment in your mind one that can turn around or will we be like this for the first half of next year? >> it has been a negative year the santa claus hasn't happened. there is still time for it to happen sentiment is negative. it has been a difficult year there is not a lot of change that will happen between now and the first quarter. we are still feeling negative in the short run. we are looking for three things next year. unemployment to go up to 5%. fed funds over 5%. we expect earnings to go down 10% or more. in the beginning, it looks negative we think there is a lot you can do to protect your portfolio whether inflation hedges or

going to defensive sectors like% heth health care. we will see what happens the last week of the year. there is a possibility things go higher i hope we get the santa claus. if it is, it will be short lived. >> chris is bringing the coal for investors stockings. you mentioned defensive parts of the market things you like in health care can you take us through the shopping list hypothetically given the dire outlook >> on the healthcare side, amgen or johnson & johnson those companies should persist with a shallow recess or avoid and get the soft landing on the other side, there is energy names occidental or chevron. those are great inflation hedges if the economy goes down and it

suffers, this seems from the oil and natural gas. point of view, we may see a different tact in the energysector with a recession. that is different from what we have seen the last 30 or 40 years. >> jeff, what do you think are you getting defensive? what is on your shopping list? >> dom, we transitioned from growth to value. i agree with chris on energy we want that sector to persist we like united healthcare and johnson & johnson. industrial shift is appropriate. i'll push back on chris is two of the three things he talked about is earnings expectation. prices have come down. valuations one thing that is under appreciated is the lag effect. i go back to all of the years i traded u.s. treasuries and look at the lag we saw the 10-year treasury pop from 1.5% to 4.5%. what happened a month later is

equities crater. to chris' point, down 10%. where i think he is too defensive and too bearish is the market has the ability to move higher now the dollar has cooled and the vix has come down. we see treasuries tethered i think that puts us in a place where we see pessimism and we look at the moving average in the s&p 500 at 4,023 we tested there and that will catch people offsides. this is critical volatility takes markets up in the same way it takes markets down >> chris, that is an interesting point about the dollar the fed has been ahead of the curve with raising rates and fighting inflation is the dollar story fact it rose so much and not rolling over, but come off significantly is that a story for the early

part of 2023 >> it may be one thing i would say is while we are negative in the market on the short run, i agree if earnings coming down be, but we're finding a bottom, the market can rally what the market does is separate i don't disagree with jeff as far as the dollar story, for now, the dollar is stronger both because there it is a flight to safety and well as the fact the u.s. economy is out performing europe and china has been shutdown for the most part it is helpful for the s&p 500. 6% of the s&p 500 revenue is happening around the world i agree. if the dollar gets weaker, that is helpful for the s&p 500 that makes our goods more competitive around the world that could be a bright spot for 2023 that people are talking about. it is something that could be a big story for 2023 >> chris, i like to jump in and

say that could be the bright spot for rest of 2022. what i'm trying to say is everything is reactionary to the fed. we see a lag effect. we have a little bit movement higher we are testing the moving average. people are caught offsides that is the volatility that moves marketis higher. >> jeff and chris, thank you for being here i wish you a happy holiday weekend. that is it for "worldwide exchange." happy holidays and merry christmas and happy hanukkah "squawk box" picks up coverage next we'll see you back here on tuesday morning. so, you can both stay comfortable all night. the queen sleep number 360 c2 smart bed is only $899. save $200. only for a limited time.

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good morning futures pointing to a rebound after the dow fell by 1% in yesterday's session. that was about half. it came back from lows down more than 700 we will talk about the odds of a santa claus straight ahead. sam bankman-fried freed on $250 million bond as he awaits trial on fraud charges. elon musk is not selling tesla stock after two years after a rough week. it is friday, december 23rd. christmas eve eve. "squawk box" begins right now. good