to make money. the greed took over, and they decided to commit a massive fraud against the government. they played high-stakes poker, and they won a couple hands, but at the end, they lost everything. it is 5:00 a.m. at cnbc global headquarters. here is your top "five@5." stocks looking to regain some kind of footing as we enter the final trading days of 2022 elon musk out with his own market advice for tesla employees coming on the back of a steep drop of shares of the ev giant. the pain for southwest customers continuing as cancellations pile up for another day leaving travelers stranded again layoffs looming at goldman

sachs as the banking giant ceo warns job cuts are coming for the new year. and meta platforms looking forward to 2023 and hopefully better days ahead as the bubble in the metaverse continues to burst. it is thursday, december 29th, 2022 you are watching "worldwide exchange" here on cnbc good morning i'm dominic chu in for brian sullivan let's kickoff the hour with the trading day shaping up futures are slightly big moving to the up side. dow implied higher by 58 na s&p by 13 and nasdaq 74. this is after the wednesday broad based market selloff recession fears fueling another losing week, month and losing year overall let's get a check on the bond

market 10-year treasury moving slightly lower. 3.86%. 2-year treasury at 4.35% the 30-year treasury is below $ 3.96%. oil is being offered for wti at 7 $77.42 1.5% losses for ice brent crude. $ $82. all of this on concerns over covid outbreaks in china and what will happen to the world's biggest economy. let's get a check of crypto. bitcoin sitting at the $16,500 mark just about flat on the session .50% gains for ethereum. $1,198.60. we will have more on the crypto and the bad 2022 coming up in the show.

let's get a check of the headlines with silvana henao good morning, silvana. >> dom, good morning the pain from southwest cancellations is set to roll on for another day. the airline has scrubbed more than 2,300 flights set for today. according to flightaware, it tries to get its schedule back in order flightaware stated 86% of the flights in the u.s. were from southwest. it could take until next week before the schedule returns to normal. goldman sachs ceo is warning to brace for significant layoffs starting next month. according to reports citing david solomon's message to staff, he said the bank is conducting a careful review and expectations are for job cuts to begin in the first half of january. factors like tightening monetary conditions and slowing economy for the move.

twitter appears to be back up and running after outages reported yesterday the web site down detecter tracks users facing issues and error messages on the web site in the u.s., canada and uk and other parts of the world iphone and android twitter app users were largely unaffected. elon musk tweeted works for me, dom. >> silvana henao, thank you very much stocks are gearing up for a second to last trading day of the month and year penultimate trading day. december proving to be less than desirable for investors. dow and s&p down 5% and 7% the nasdaq is the biggest loser down nearly 11%. our next guest says the losses could provide a great opportunity to buy stocks at more desirable levels.

matt maley is here with us matt, this is an environment where it is easy to say buy stocks now because they were cheaper than five or six or nine months ago why can we expect this to be more of a bottom here and not retest the lows that we saw or test the new ones? >> i think it is a buying opportunity. the market is too expensive. it is one thing for the stock market to have sold off a lot. that's great the problem is that the market has become expensive 22 times earnings and it has to fall further for it to get back in line with the fairly value level. to actually price in the fed tightening already taken place i think the likely recession

that's coming. i think a great buying opportunity is coming, but after we reach new lows or trade below october lows. >> if we're not there yet, that implyies you can wait before getting in the trade what exactly is the place or where are the places you would invest in the lows do come to fruition in the next coming weeks or months? >> the places to hide right now are still in the defensive names. especially the high dividend payers ones not just paying high dividends, but record of increasing that dividend every year gold is starting to breakout on the technical basis. that is something to look at as well on a longer-term basis, the ones you want to look at are the great companies with great cash flow they are getting cheap google or alphabet this stock is getting cheap.

16 times earnings. could it get cheaper yes. you can nibble on that stock now and back up the truck later on and really come out well on that one. other stocks like microsoft are somewhat expensive on the historical basis. >> when we talk about alphabet or meta or microsoft, the interest rate discussion has to be part of it because of the valuation argument and be valuation decline with the higher interest rates from the fed. is there a fair value as a market strategist you can assess for the s&p 500 if you don't have a clear and really certain view on where the fed is going to be with regard to interest rate policy in the next 6-to-12 months >> history tells us if you don't have zero interest rates, you will not have 18 to 22 times valu valuations it will be more like 16 times

earnings that takes the s&p 500 below 3,500. especially if earnings come down the other thing, of course, we have to play -- or factor into the market here is what is the fed going to do with the interest rates even if they pause, will they pivot? i don't see that happening unless we have a breakdown in the marketplace. when you say fair value, you have to understand that stock markets when they swing from over value level like this time last year, they don't stop they swing to the other side there is a reason for this it doesn't happen by chance. so much leverage builds up that margin debt is strong, but it is still high we will probably have to get something down toward 15 times earnings before we -- that's what history tells us. every single bear market since world war ii has gotten to 15 times earnings before bottom >> that s&p 500 below 3,500.

matt maley happy new year >> you, too, dom when we come back, more on 2023 tiger 21founder michael sonnenfeldt and what his clients are telling him. and the new signs of american spending strength may be tapped out. that is a concerning one. and the signals from apple stock and the impact on the broader markets. we have a very busy hour when "worldwide exchange" returns after this commercial break.

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welcome back if you think the stock market has had a bad, bad year, it is worse for cryptocurrency tumbling from the $3 trillion back from november of 2021 bitcoin and ethereum are down 60% this year and solana has lost nearly all of its value the massive declines happening alongside the rout in the stock market with the rising interest rates and recession fears. cracks within the crypto market it sell from the meltdown of the terra stable coin and the collapse of ftx have some investors ditching the space outright let's talk about the next 12 months and what it could bring for cryptocurrency let's bring in jacquelyn

melinek. jacqui, thank you for being here let's start with the broad question do cryptocurrencies have a bright future in 2023? >> thank you, dom. hopefully it continues to exist. there is a high chance that retail investors will sit out of the crypto market next year. especially those who have been interested in the past, but seen interest rate changing events like you mentioned with the terra ecosystem and ftx collapsing in months there is a lot of shakeout of people who buy the hype. the believers are the ones who operate in the space we will continue to see those people in 2023 >> there are investors of all var varieties, we know this in cryptocurrency including large institutional investors that were public about the dabbing toes in the crypto

waters the last several years. who is the main investors or traders that will be trafficking in cryptocurrencies in 2023 if not retail >> i think as we see with crypto focus, we see funds. their vision and portfolios are surrounded by the space. they will not stop because of what happened with ftx they will be picky about the startups and why we are seeing big brand businesses like starbucks getting into the space and using it as an opportunity to build out a bigger relationship with the customers through things like digital collectibles, nfts, and beyond that we will see banks getting into the space as well >> it was a rough year for anybody who needs capital in

2022 venture capital activity has been fairly nonexistent this year private equity deals are not great. m&a has frozen up. no ipos out there. what needs to happen for the cryptocurrency ecosystem to get its mojo back? to become a viable business? >> trust needs to be rebuilt 100% regulators need to come in and new policies they will take a step back and reconsider the strategies in crypto and how they conduct due diligence. of course, everyone says they have done due diligence with ftx, but what does that look like what about those who did not invest in ftx? those are questions that investors should look at in the future. >> hard look for sure.

jacquelyn melinek, thank you very much. happy new year. still on deck, calling for calm details for elon musk to tesla employees as the ev kemar shares continue to tumble "worldwide exchange" is back in a moment e. your sleep number setting. to help relieve pressure points and keep you both comfortable all night. the queen sleep number 360 c2 smart bed is only $899 - save $200. ends monday

welcome back to "worldwide exchange." retailers finding post holiday cheer. figuress suggesting the holiday

season has been stronger and now the patience may be running out. we have retail reporter melissa repko with us. melissa, what do the numbers show us about the health of the consumer >> mastercard poll spending shows that numbers are up 7.6% for holiday sales. that is better than some feared. the question is how are consumers paying for the purchases? there are signs of strain and they are hidden in the same numbers that mastercard put out that the bigger ticket categories are showing softer sales. things like tvs or jewelry is actually declining that is an indication that consumers are thinking twice over those categories. >> it tends to be the discretion a adiscretionary items over food e

need to buy. you made mention of it, but are we seeing more signs of stress is there more credit card use? are we seeing more buy now pay later or lay away activity what do you look at as the retail reporter that the consumer is doing great versus not great at all >> two things are here savings rates are going down people are putting less in savings. you have to remember that people did sock away a bit of money with stimulus checks and money they saved >> drawing on savings. as you watch the overall consumer pie and balance sheet for the household, debt may be rising because they are using the funds because of the bridge to inflation >> there was information out this week from lending tree about the amount of holiday

debt it spiked 24%. it was the highest levels that lending tree has tracked this. it is concerning with consumers building credit card debt. as interest rates go up, credit card apr goes up as well if they are carrying balance from month to month which some said they plan to do, that will add up over time many of the consumers said it will take five months or more to pay down the holiday debt which spiked 24%. >> we talk about rising interest rates helped savings accounts and cds, but not the debt. before we let you go, we have a few moments left given the retail landscape as we know it now in the fourth quarter, we don't know it completely yet, what are the risks and opportunities for the retailers in the coming year >> the name of the game is across the board target, i spoke to about their

plan, for their spending in 2023 they spoke about affordability this will speak to visual clues in the store bigger price signs to highlight $5 or $10 or $15 to tell the consumer, who is feeling pinched, we can offer you something cheaper. walmart said the same thing. we may see a spike in traffic late december and january when there is price sensitive customers. some customers see opportunity to lean in and also retailers will show they have pricing power if they have the higher price points. >> it is crazy you think about walmart, it is a pioneer for the whole signage in the store. rollback campaign. they told consumers about lower prices melissa repko, thank you very much let's get a check of the top headlines with phillip mena in new york >> dom, good morning

western new york state, the death toll is still rising from the historic winter storm. in erie county, including the city of buffalo, three dozen fatalities have been reported there are fears that number will grow as the snow melts the travel ban was lifted at midnight, but the mayor is still advising people not to drive. now the scandal in the republican party george santos is now under investigation in new york after the lies came to light the da said no one is above the law and if a crime was committed in the county, we will prosecute it santos admitted to lying about his college degree and other issues one thing under the microscope is his finances. he loaned cash from his organization, but the question

is does it violate campaign finance laws the congress member-elect said he did lie, but did nothing wrong. finally, before the ball drops, times square is a place to say good-bye to the things you want to leave behind before the new year new yorkers have grievance day that's it from here, dom >> i keep thinking what i would toss in that bin >> maybe flu season. air travel troubles. >> rsv every other sickness >> all of that, my sweater brother. >> thank you very much still ahead on the show, gearing to kickoff the trading year we have tiger 21 founder michael sonnenfeldt standing by talking which areas of the market he is bullish on and what he is seeing fr h cen 'lbe right back. a global en?

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limping to the finish line stocks coming off the broad based selloff as investors face renewed recession worries. futures look muted ahead of opening bell. elon musk telling tesla employees to ignore the market volatility new note from the ev maker ceo over the latest thrashing of the stock. and the hype bubble around

the metaverse appearing to burst. how mark zuckerberg's bet on augmented reality has back fired so far it is thursday, december 29th, 2022 you are watching "worldwide exchange" here on cnbc welcome back to the show i'm dominic chu in for brian sullivan it is 5:28 here on the east coast. here is now u.s. equities are shaping up we are seeing green. it is modest the dow implied higher by 36 s&p by 11. the nasdaq up 72 all of this is coming after the selloff in yesterday's session i'll get more on that later on we want to dive into the shares of apple hitting a 52-week low for a second day in a row yesterday. technicians were looking for it to hold roughly the $129 mark this week. as you can see, it is now broken below that level at $126.72.

continuing the near-term down trend we have seen and over the year-to-date, the 29% decline in stock. some strategists are suggesting that apple is at a new low and a bad sign for the markets and s&p could now be on deck to break the october low in the not too distant future there is an argument why that is important because apple is the heavily weighed stock in the s&p. for more on the markets and what investors can expect in 2023, let's bring in michael sonnenfeldt. founder and chairman of tiger 21 global investment group for the ultra wealthy. combined assets of $140 billion. michael, i just referenced apple as a bellwether for the market is it fair to say that your clients and people you talk to are paying close attention to apple and that big technology

trade? >> yes, it is. good morning, dom. apple has traditionally been one of, if not the largest, holdings of the individual stocks of our members. you know, the biggest thing that happens in our groups when members get together say if the stock goes down, should you get rid of it or buy more? if you don't know, you should get rid of the stock for long-term investors, it has unique advantages as opposed to tesla right now which not only has problems with its ceo, but competition coming on strong with the likes of which it has never seen >> michael, what is the conversation like around tesla first of all, i should point out apple's market cap -- we shed north of $900 billion of market cap for apple. it has baeen a shaving for tesl

as well. what conversations have you had with members with regard to tesla? >> tesla did something absolutely remarkable. they took on the entire auto industry and in the early years beat them. eventually, the electric vehicles coming on strong by all of the other manufacturers and now you have this incredible instability. almost a death wish by its chairman who has taken on a political stance that is exactly the opposite of many tesla holders. the politics don't add up. all of a sudden, we are trying to say how do you balance the fact you have a ceo with a political philosophy that is different than the philosophy of many of the tesla buyers have and which is why they want electric vehicles? it is a real confusion when you have confusion at the top, it can't be good for the company. >> that is the tesla story we mentioned apple on the macro side of things,

there's no doubt even of the ultra wealthy side, interest rates have to be a focus not necessarily because a lot of people ultra wealthy buy things on borrowed money, but you pay attention to different aspects what is the feelings among your members about where interest rates could be and is it a pessimistic one? >> you know, when our members start looking for signals of the change in the market, they look at layoffs and bank pull backs and cap rates rising as your prior guest said consumer debt starting to grow one of the reasons the markets grew so nicely in the recent years was that the consumer balance sheet was very strong and now it is going the other way. our members are real entrepreneurs. most of our members built great businesses and sold them real estate has been one of the top areas.

obviously very sensitive to interest rates and private equity as well there are a lot of opportunities in real estate and a lot of beaten down companies. that is what our members are looking for now. with the falling market, certain opportunities come into light that would not be able there is a fair amount of measured excitement. it is a distressed opportunity set where our members made a lot of money over the years. >> there is the optimism especially in real estate. that has been a trend for wealthy investors and traders for a while. this idea of real estate when it is in distress and going after that what exactly are they scared of? what is the thing that they're most fearful of with regard to maybe prolong down turn in the market is? what could cause that? >> well, obviously you have this incredible global instability. we don't know how the war in ukraine will unravel

it has already had impact on energy prices. as an example, if you are in oil and gas, you had an amazing year our members in texas and northern canada had one of the best years ever and some of the members in silicon valley have had the really, really tough year so these changing political trends, macroeconomics trends, really have an impact. private equity is now king that's never happened before in the 15 years we've been surveying our members. private equity for the first time is 29% and public equities has fallen to 25%. most of the vfall in the relatie share of public equity is the fall in markets. it is a remarkable reversal. for 15 years, real estate was king and it is interesting with real estate only 23% of our members' portfolios and where

they were looking for opportunities next year then 70% of members said real estate was the number one area. real estate is not a monolith. you have a lot of work force and industrial and residential retail and office would give people really deep concerns. our members are sort of entrepreneurs who made their wealth working assets and that's why unusually the total exposure is over 50% just between private equity and real estate and public exposure half that. >> michael sonnenfeldt with the investment trends. real estate is a key part of that thank you very much. happy new year >> thank you let's get a check on the top stories. silvana henao is here with those. >> dom, elon musk is telling tesla employees to not be

bothered by the craziness in the stock market the email obtained by cnbc, he said you need to demonstrate continued excellent performance. long term, i believe very much that tesla will be the most valuable company on earth. going on to ask them to volunteer to help deliver cars to customers before midnight on december 31st in a push for a strong fourth quarter. musk's message coming after tesla shares shedding 10% on tuesday. extending the ev maker selloff the stock is down 42% this month and set to close its worst month, quarter and year on record new details emerging of the downfall of ftx and missing funds. the s.e.c. revealing that $200 million was used by the firm to fund investments into companies. the agency suggests it involved

fintech firm neither company has been alleged wrongdoing by ftx or sam bankman-fried. the top energy regulator is looking into a probe over blackouts that affected americans in the historic winter storm. according to reports, the regulatory commission and other authorities will look to identify performance issues and recommend solutions. meanwhile, texas governor is looking for an investigation into atmos energy after they were asked to curb natural gas usage during the deep freeze last week, dom >> silvana henao, thank you. meta is looking to cap a 2022 it is down 75% for the year. reality is setting in as

investors raise concerns the company's big bet on augmented reality is not paying off in the near term. steve kovach has more with the meta story >> dom, let's breakdown the year in the metaverse meta is the poster child just a year ago, mark zuckerberg bet the enter company on the con concept. today, shares are down 65% on the year and in part because investors are not happy with the tens of billions lost trying to build something that may not payoff for at least a decade if at all the summer has a chuckle over the vision for the metaverse remember the avatar selfie there are signs consumer interest is falling. cnbc finds spending on vr head sets fell this year. apple sells about $200 billion

of iphones each year this is despite meta launching a new $1,500 head set. that debuted to poor reviews we have to wait until earnings next month to get an idea how that sold. the industry is not giving up yet. sony will sell vr in february for the playstation. that will focus on gaming. apple is expected to enter the space with long awaited head set at the end of the year apple's challenge is showing a case for the technology that rivals have not been able to prove. if that doesn't happen, dom, the metaverse could end before it could take off >> steve, this is interesting. we have talked about things like snapchat with the glasses and google glass when you have this many large, and i mean massive companies

with massive balance sheets, deploying resources to augmented and virtual reality, doesn't that suggest it is a self fulfilling prophecy? they will make the ecosystem work with that much money thrown with apple and alphabet and meta >> and especially for meta they are trying to spend their way into this metaverse. dom, they admit it could be up to ten years before this investment pays off. that is not what investors want to see now not many people or a lot of investors probably don't have a 10-to-15 year horizon with meta shares they want to see the core business is doing okay what we have been seeing over time is the building blocks toward the vision of the metaverse. what apple has been doing on the iphone is enabling augmented reality on the phone to build the base level foundation for one day when the technology catches up to the vision and people can build on that.

>> it sounds like meta and mark zuckerberg and employees will need to wait steve, thank you. coming up on the show, is real estate facing a reckoning in 2023? we talked about it with michael sonnenfeldt. a shift in the sector following a relatively red hot year might be in play >> announcer: ring in the new year by joining cnbc pro invest like a pro in02wi a 23 th special year end offer go to cnbc.com/pronewyear. help relieve pressure points and keep you both comfortable all night. the queen sleep number 360 c2 smart bed is only $899 - save $200. ends monday

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go to getrefunds.com to learn more. all right. stocks not the only asset facing pressure from the rising interest rates and looming economic headwinds in 2023 housing is an issue with affordability concerns and keeping some would-be home buyers and sellers on the sidelines. pending home sales shows a decline in november. diving for the sixth straight month. existing home sales fell for a tenth straight month in november and investors with the spdr etf down 30% so far this year. let's discuss more about this with brad dillman. brad, thank you very much for being here this morning. maybe you can set us up from the

bigger picture macro standpoint to go from the housing boom we saw just in the wake of covid to where we are now in 2022 >> great to be with you, dom it was a sizable change. if i was to classify 2022 with one quote, quote dickens and say it was the best of times and the worst of times it was a strong housing market and very strong home price appreciation and rent kbrgrowth we saw the fed program which took the 10-year treasury higher and the significant slowdown the best metric to sum this up is existing home sales after falling for ten months straight, that's say month to month, and now seeing the worst declines year over year on record now 4.09 million and now similar to 2010 to 2011.

>> if that is the case, brad, the interest rates for the vast majority of americans borrow money to buy their home because for the vast majority of americans, a public rchase of t home is the biggest purchase they make in their lifetimes what does that mean for the 2023 real estate market if the forecast is for interest rates to continue to go higher >> so the question there is does one really believe interest rates will go higher we can see if they stay high and the fed expands the balance sheet program rather than ending it, if the program goes back into the fours again, what remains in the housing market may continue to disappear over the next six months. the decline we have seen in activity is substantial. >> okay. there's been a school of thought over the investing decades that

sometimes you need some of these corrections, resetting, to build a foundation for a new leg higher is this the situation that we're dealing with where real estate will have to see a notable or market pull back to get investors and home buyers back in to build the next leg higher for the next 5 to 10 years >> i would say yes or what we need to see is a return to are more accommodative credit conditions or something like a substantial increase in savings rates. we have low rates like in 2020 and 2021, that is the reason we saw strong home price appreciation we didn't see savings rates continue in line with that we haven't seen income growth continue in line with that income growth gets a lot of press. reality is, average hourly earnings have not seen gains in

years. we need something to give. pricing come down or fundamentals stronger. something will work itself out with the market process. right now, it appears with the slowdown and based on the disinflation that is occurring and to the degree we have lower inflation next year, we see why the fed should cut the balance sheet and see more accommodative rates and perhaps a mix of declining prices or flat prices. >> brad dillman over at cortland, thank you. >> thank you closing out a tough 2022 on a somewhat positive note we will preview the second to last trading day of the year ahead. if you haven't done so, follow our podcast if you miss "worldwide exchange" check us out on apple or is spotify or platform of choice. we'll be right back.

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welcome back time for the wex wrap up six stories that you missed as we close in on 6:00 a.m. the southwest flight cancellations rolling on for another day. elon musk telling employees at tesla not to be bothered by the craziness in the stock market in the email obtained by cnbc, musk said workers need to have excellent performance. david solomon at goldman sachs is warning of layoffs next month. citing monetary conditions and slowing economy for the move. lockheed martin is protesting the army decision to award an $80 billion report for

a fleet of helicopters. and shares of cal-maine foods stock falls on the increased production costs and finally, starbucks announcing the update to the loyalty program in february. changing how many stars are needed to redeem items for free. let's get a check of futures as we gear up for the second to last trading day right now, dow futures pointing to gains 45 points. s&p up 12. nasdaq up by 77 joining me now is scott ladner scott, this has been a rough 202. is there anything to look forward to in 2023 >> dom, thanks for having me as a matter of fact, we think there is it will not feel like it for the first couple months. we think by the time we get to the second quarter and second half especially, there will be a lot of tailwinds on the back of

the market most of the things are h headwinds. inflation and china and the russian invasion of ukraine. by the time we get to the summer, that should bring on a boost after a rocky first quarter. >> that is an ooptimistic viewpt scott. there are no signs that the russia and ukraine war is close to resolving itself. china now has another covid problem and now because they ditched zero covid policy, they are now seeing a surge that could slowdown the world's second biggest economy all of those things which may still be headwinds. >> they will for a little bit, at least it is always darkest before the light. we do think china has seen the light with the misguided zero covid policies it will be a painful reopening

it will be rocky and painful they will reopen because they have to. as far as the russian and ukraine war, there is a theory inside of that we think that will end up getting resolved that is anybody's guess. there is no guess with the path to inflation and what the fed will ultimately do we think two of the three things are significant by the time we get to summer. >> let's say the scenario plays out the way you laid it out and strategy you put in front of us here how do you position? do we wait for an opportunity? is now the time to start legging in dollar cost averaging we hear that term a lot these days is now the appropriate time or do we wait if so, what should people look for on their shopping lists? >> i think we need to wait a little bit we still have not seen earnings taken down for us to get bullish, we need

two things we need estimates to go down earnings need to come down some. the other thing we need to see is the interest rate volatility start to normalize one thing over the last six months is the interest rate option traders are pricing a 2-year treasury yield. that is insane for the world's risk-free assets earnings estimates taken down and interest rate voluatility normalize. those will be the signs for to us get bullish that will be some time late first quarter and second quarter. >> the time ging will suggest yu wait for the last data point on. >> it does there is still problem a little too much optimism and we will avoid a nominal gdp recession.

that is what we think is too glass half full. we think by the time we get to the spring, some of the things, fears, will be in the rear-view mirror it will be known by the time we get there, it will be too late you will have to start earlier than you think >> scott, we have a few moments left what is your favorite sector or stock to be in for 2023? >> first half energy and second half is tech >> energy and tech scott lays it out simply thank you very much. we appreciate it happy new year, scott. >> thanks, dom. let's check futures as we head to the 6:00 a.m. hour we have gains in the opening bell s&p higher by 12 nasdaq up by 76. all of this after a decent selloff yesterday. it is, of course, the second to last trading day of the year a lot of traders looking for

positioning before the close friday and tax selling still in atay th is it for "worldwide exchange." "squawk box" is up next. see you tomorrow i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity.

those smiles. that's why i do what i do. that and the paycheck.

good morning stock futures are pointing to a slight gain an headhead of the two trading days of the year. and southwest is cancelling more flights today we will have the latest. and elon musk's reaction to tesla's slide in stock prices. what he wrote to employees in the email. it is thursday, december 29th, 2022

"squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from nasdaq market site in times square i'm rebecca quick along with andrew ross sorkin and melissa lee. joe is off today the s&p is up by 15. the nasdaq up 85 this is welcome relief after yesterday's decline. yesterday, the dow was off 1.1%. s&p off 1.2% probably worth pointing out where we have come because if you have been in and out with the holiday and paying attention and not paying attention, for the week to date, you are down 1% and 1.6% and 2.7% when looking at the dow, nasdaq and