it is 5:00 a.m. at cnbc global headquarters, and here's your top "five@5." futures are pointing to a possible rebound today. and souring sentiment. look no further than apple closing at a $2 trillion market cap for the very first time since 2021 what that means for the broader market ahead. watching shares of tesla, down again this morning after posting its worst single-day drop in more than two years. plus, kevin mccarthy failing

three times over to be the next speak over the house voting resumes today. and later new york real estate doing something for the first first time since the pandemic why some are calling it the big apple read january 4th, 2023. and you're watching "worldwide exchange" right here on cnbc good morning i'm frank holland in for briel sullivan let's check on stock futures after stocks closed mostly lower yesterday. right now they're in the green we could see the dow open up at 90 points higher the s&p and nasdaq opening up higher as well yesterday we saw the markets plummet as the day went on taking a look at the benchmark 10-year yield we're at 10.69 energy, oil coming off its worst

session since mid-november, settling down more than 4% we're also seeing oil down wti crude down 2% today. brent crude down 2% as well. we're also taking a look at crypto the price of bitcoin right now, it remains below that 17,000 mark, up a percent right now ether up 3%, solana up 5%. it took zeep declines in december after the whole sam bankman-fried controversy. he was a big proponent of that coin. let's get a look at asia our arabile gumede is standing by with much more in our newsroom good morning, arabile. >> it's pretty much been a fairly mixed one with a mostly positive to the picture actually in fact, you'll find that the nikkei is the only one that's gone down. the pmi numbers, very

interesting facet has been around that news data, those numbers not necessarily helping the manufacturing front there, particularly for the asian counters on the european front if we focus more on that, we have seen an uptick. they saw their inflation number 9.6% we saw today a bit of inflation data coming out of the united kingdom. not particularly the headline number but food inflation dropping off 0.2 percentage points for 14.4% so still very high as one can tell meaning inflationary pressures are going to be the key metric to focus on and how quickly that can roll off. for now you're seeing the market really move for the ftse 100 with one and a third haier.

more than 1% gain for the ftse in italy a general sense of positivity. inflation data france coming out with their inflation data today, italy, tomorrow more. frank. >> good morning, pippa. >> good morning, frank shares of apple set to open this morning with a market cap below $2 trillion for the first time since march 2021, ruling out any premarket movement, its value now stands at $1.99 trillion it was one year ago yesterday that apple's market cap briefly topped $3 trillion on an intraday basis before closing at just $2.9 trillion in all, that means apple has lost more than $966 billion in market value over the past year, second only to amazon, which has lost $1 trillion in market value

from its peak. shares of tesla set to extend yesterday's losses, this morning the stock closing sharply lower yesterday for its worst single session performance in more than two years, the stock now sitting at its lowest level since 2020 it's coming after tesla reported weaker than expected sales numbers for 2022 and the forth quarterer. tesla has lost $950 billion in market value since hitting its peak in november 2021. china is reportedly pausing an investment plan to build up its ship industry to better to compete with the u.s according to officials in beijing, they're looking for alternative measures that support it frank, i still can't get over those numbers on the apple market cap, really quite something. >> yeah, absolutely. the slide of that stock right now especially in the last month of the year, something to watch

as we go forward investors turning their noses up to big tech. turning our attention to washington now and house republicans facing another day of potential drama after a keshern mccarthy failed three times over to win enough votes to become speaker of the house brie jackson joins us from washington good morning and happy new year, brie. >> happy new year, frank kevin mccarthy does have overwhelmingly majority of support from the republicans but there's a fax of right wing members that are blocking him from the speakership a chaotic kickoff to the new congress. >> a speaker has not been elected. >> reporter: kevin mccarthy failing to receive enough votes on the first day to become house speaker, marking the first time that's happened in 100 years >> this is a healthy debate. it may not happen on the day we want, but it's going to happen.

>> i think it's a sad day. >> reporter: divisions in the republican party. >> this is not perchlt it's not. this is about the future of the country. >> at this point it seems to be pure obstructionism, and what's so frustrating is the goalpost seems to keep moving. >> reporter: mccarthy offering concessions from prime committee seats to rule changers, but it may not be enough to convince the naysayers. >> i don't see that kevin has at the moment. >> reporter: republicans hold the majority, but it was hakim jeffries receiving more votes than mccarthy for much of the day. >> we're looking for a willing partner to solve the problems, not save the republicans from their dysfunction. >> mccarthy remains determined to take over the speaker gavel. >> at the end of the day, all of this will make us stronger in the long run on the senate side there was far

less drama tuesday as new members were sworn in and today's senate minority leader mitch mcconnell will hold a bipartisan event with president biden in kentucky. >> hakeem jeffries getting more votes. probably a bruise to kevin mccarthy's ego if for some reason kevin mccarthy decides to bow out of this speaker race, who are some of the other likely candidates >> being that the republicans have the majority, it would likely be some names that would be thrown around like steve scalise or jim jordan. make patrick mchenry or elise stefanik. hopes of a santa claus rally kind of fizzling out in a very

big way. that doesn't mean that w.e.x. isn't bringing you somebig winners. plus much more on apple and its market cap meltdown, closing in on $2 trillion for the first time in years. our robert frank is here with the chilling report. a very busy hour still ahead when "worldwide exchange" returns. stay with us passengers taking millions of trips every year? you aren't about to let any cyberattacks slow you down. so you partner with ibm to build a security architecture to keep your data, network, and applications protected. now you can tackle threats so they don't bring you to a grinding halt. and everyone's going places, including you. let's create cybersecurity that keeps your business on track. ibm. let's create

welcome back to "worldwide exchange." yesterday's losses appearing to match expectations from main street to wall street. joining me now is vance howard, ceo and portfolio manager. good to have you here. >> good morning. we saw energy as the laggard. yesterday was the big winner 2022 communications services, the big winner with the sector of all stocks, meta, pushing it up higher what do you make of the first day of trading >> you know, frank, it's weird it's usually pretty bizarre, all over the map we're holding a lot of cash like you and i talked a couple of weeks ago. i don't think 2023 is going to be a bad year. i think we're going to end up. the first quarter will be pretty rocky and volatile and we're pretty stressed about that

going into the latter part of the year, we're pretty optimistic. >> give me your portfolio right now, how much equities, how much bond, how much cash? >> we're 50% in equities do have a few one-month treasuries, and that's about it. we're sitting at about 50% cash. i have to tell you, frank, i see a lot of opportunity when this thing turns. their free cash flow is great. we're not going to buck the trend, but when the trend changes, there are great opportunities out there. maybe once-in-a-lifetime buys. >> et's talk about some of you picks. one is in in the energy sector, chevron. give us your thesis when it comes for picks. >> i like chevron and the energy sector i think it's going to go higher in 2023.

let me give you a real-life example on inflation, frank. i'm opening up a building that i'm turning into a museum. it's taking me three times as long to rebuild. that's where the inflation is at it's got to do with the supply if the supply chain opens up, things will unravel. it's taken almost nine months to get ac units in. i don't think if feds need to race rates so rapidly. i think it will correct itself >> what are your feelings on crown castle >> it's a real estate name if you're looking more for a safer play, they're paying a buck in the share dividend, i think it's going to be more than 200 a share by the end of 2023

it's almost a utility because of the cell towers they have wrapped in a real estate wrapper. i think crown castle is an easy trade, an easy way to make money. >> i was thinking about that we have one other pick from you, bcc. i haven't seen this one. >> boise cascade they're going to sell more and manufacture product because people are going to be able to construct things at a quicker pace than they have been we're pretty bullish on the construction side of things. rehabbing this building, i've gotten to see first hand how the supply chain issues are truly impacting the inflationary period it's having on all of us. >> you mentioned you're not really in bonds right now.

people like jeffery gundlach believes in the generation of bonds. why are they down? >> it's a trend. let it work itself out we're getting pretty bullish on emerging market bonds. i'd play it with etf it's starting to turn. the trend's going to change on the bonds, and i think bonds are going to be a great buy in 2023. they're not there yet. >> i've got to know what kind of museum you bought -- or you're opening. we don't have time to talk about it now vance howard, always great to have you on. talk to you soon. microsoft reportedly readying a resurge rebd.an that story and much more when w.e.x. returns stay with us

welcome back to "worldwide exchange." shares of general electric is slightly lower the spin-off begins trading today under the ticker gehc. the industrial giant will result in three generating companies. executives are telling shareholders that ge's health care investor day will be doubling down on research, development, acquisitions, and the company's platform, all

making spin-offs of $31 billion. joining me now is nicholas hayman nicholas, great to have you here. >> good morning, frank. >> first off, are you concerning that ge was trading at a discount and this spin-off is going to create value for shareholders >> i think there's definitely upside i think today large is not necessarily good it's complexity that's hard to manage in a global extended supply chain yes, i do think value is being locked here. i think people remember united technologies before they merged their space business with raytheon there was upside with the spin-off carrier in otis i think clearly people think there's upside at health care

and at ge aerospace. they're cautious about the v venova i think it will be revitalized so it's at least not a drag. >> i want to go back when i said ge was trading slightly lower down is that a bad omen for this spin-off >> no. you've got to remember you're taking and removing a part of what was moving yesterday for what amounted to three businesses you move over to take care of it it's not like the world is ending for ge today. >> what is the outlook for this spin-off >> ge health care is one of two

leaders in the spachlts it helps prio prioritize they look at the scans, which are most important to review first and which can wait part of the clinician's job is now being done by artificial intelligence that also is being used to enhance throughput and utilization of the equipment in the field. i think this business is very well positioned for steady growth with well above average profitability. >> what about the original ge ticker or general electric obviously more spin adjusters planned. what about the outlook as it exists today, especially with some potential tail winds, the inflation reduction act putting more money into the electrical

grid and infrastructure. >> today is probably the best time to be invested in focused industrials. we have $1.2 trillion of u.s. government stimulus that's specifically focused on industrial and markets and ge is a beneficiary at vinova. you also have extended tailwinds for the rest of the day. for commercial aviation. and you've got an immense amount of change in the global economy. we're changing how we're powering it. a lot of grid upgrade software and hardware and i think the company is, you know, ultimately going to prove to be even on the vin oh va side better than people might have feared. >> you were kind of leading into the other question i was going to ask you about, ge aerospace what is the outlook for that

you mentioned more defense spending is that also a tailwind for that segment? >> yes, it is. dw e has been in a position prior to this escalated global defense spending that emerged since the russian invasion of ukraine. but you've got an extended period here where ge will be developing both new and replacement and upgraded engines for both helicopters and fighter equipment, fighter aircraft. then on the commercial side, they hold 55% of the global market, which is about $85 billion for jet engines. so they have a very strong position withthe narrow body and their partner in cfn and savt saffron. the aerospace, the company has never been more prevalent than

today in the jet engine business. >> shares are down big nicholas, thank you for being here appreciate the insight. for all of our viewers out there, be sure to catch the president and ceo of health care in a first cnbc interview coming up this morning. >> it's not just tesla kicking off. 23 in the red. another ev maker facing a bit of trouble on its own if you haven't already, follow the podcast. check us out on apple, spotify, our other apps "worldwide exchange" will be right back causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. healthier brain. better life.

stocks are going up in 2023. futures pointing to slight gains. apple shares taking it on the chin the check giant market cap once again below $2 trillion amid fresh demand concerns. >> and tesla shares continuing their tumble as that disappointing deliveries report races new questions on the road ahead for elon musk and company this wednesday, january 4th. you're watching "worldwide exchange" right here on cnbc all right. welcome back to "worldwide exchange." i'm frank holland in for brian sullivan it's right around 5:30 a.m. on the east coast the futures are ho opening up a9

points higher. remember, it is early. time now for your big money movers we're starting off with shares of apple set to open up this morning with a market cap below $2 trillion for the very first time since march of 2021 its valuation now stands at $1.99 trillion it was one year ago yesterday apple's market cap top third degree trillion before closing at over $2.9 trillion in all that means apple has lost more than $966 billion last year, slightly over amazon joininging me is sophie. great to have you here. >> good morning. great to be back. >> let's start out with apple. they caught up with that broader tech selloff what are the other concerns that leave people thinking apple's not for them, at least in the

start of the year. >> absolutely. there's no nice way to put it. apping has had a bad start to the year the interest rate concerns and inflation concerns are rumbling on the way that they are what i would point out is at the same time i don't think demand concerns are prapz as worrying as they are for some of apple's peers. looking back at the last quarter, this is still a $19 billion quarter a business it's posted 14 consecutive quarters of growth currently that could change. i do expect that to change but i don't think we're looking at a total collapse of demand for apple. certainly for me, the biggest challenge alongside those well publicized production problems for china that na is the

profile. that's where we're seeing so many nevs injected into the sale price. >> obviously the u.s. consumer specifically are spending a bit less right now but apple has a sticky business when it comes to services. i need to upgrade my storage once you get into this at atmo atmosphere, it's hard to get out. why aren't investors basically valuing that, just that recurring income that comes from become in the apple ee kos fear? >> there are a couple of reasons for that i'd point out i'm also stuck in the ecosystem. it's a phenomenal business model and i do think investors in the markets are in a way avoiding that yes, apple shares are down 30% year over year, but that's still less than the composite as a whole. so it's still showing more resilience as a whole on certain

metrics. in terms of why i think there's jit ters, nervousness, if you look back at last quarter, services revenue was actually slightly lower than the markets we were expecting. what we're seeing is a little bit of a question mark around just how sticky subscription-based revenues are. netflix is a subsidiary of that. you look at the economic conditions, the wider environment is so dramatically difficult. so really the services are a great business model, absolutely really important growth leader for the business, but we are seeing potentially a bit of a slowdown there, the market -- the key word again is quite nervous because it doesn't know how to map that demand just yet. >> apple up a percent, but closed down 3.5% yesterday. one for you.

the stocks closing sharply lower yesterday for its worst single performance in more than two years. this is coming after tesla reported weaker than expected-sales numbers tesla has now lost more than $950 billion in market value since hitting its peak back in november of 2021 what do you make of tesla's slide? a lot of times we're talking about elon musk. tesla, of course, spacex is also another factor what do you see being the biggest issue with tesla is it just the miss on delivery numbers because they did rise by about 40%. >> yes i think you've hit it there really if you look at the gap between production and deliveries, you're looking at around 34,000 vehicles around that's really what spooked the market today. yes, there have been concerns about musk and his twitter involvement and whether that meant he was distracted. but, really, when you get down

to it, when you look at the level, it comes down to the that delivery prophi. you have traditional carmakers and then you have the electrical vehicles there's a bit of competition and, again, production in china. china is a really, really important growth market for tesla in particular. really we're seeing quite a sharp economic slowdown there in spending as well and tesla's more so than an iphone it's exactly the kind of thing if you're feeling nervous about the economy, maybe it's something you're not going to buy yet and wait and see what happens. mostly it's that big gap between delivery and production. that number spooked the market. >> when it comes to tesla, buy,

sell, hold, when it comes to apple, buy, sell, hold. >> it comes down to your risk appetite apple remains to have one of the strongest brands on the planet, and i think that potentially the selloff that we've seen has been more linked to a wider tech issue. tesla, there's potentially a bit more risk there. >> appreciate the insight as always. time now for a check on some of the morning's top stories our pippa stevens is here with those. > . >> rivian missing its target for 2022 by a few hundred trucks rivian's ceo said more than 700 vehicles were awaiting parts or other work to be completed at the end of the year. he blamed ongoing global supply chain problems for that missed

production target. rivian shares down p more than 80% on last year officials are telling financial firms that dealing with digital assets supposes them to an array of risks including scams and fraud, regulators adding how can banks adopt crypto while adhering to their various mandates for consumer protection and anti-money laundering. and microsoft is working on its search engine that will use artificial intelligence. it's looking to launch a version of bing using the ai behind opening ai that could come by the end of march there's the latest bid to challenge google's search engine frank? >> this chat, gpt, is pretty

interesting. i still don't quite get it because it's crowd sourced, right? >> yeah. growing, but it's on my instagram feed >> i don't think i'm a first mover. i've got to see it work and then i'll jump on. president biden, he's heading to kentucky today to promote the economy and his infrastructure law the president will be joined by the governors of kentucky and ohio, as well as senate majority leader mitch mcconnell and money for the repair of a bridge that connects cincinnati to kentucky. let's talk about what companies and stocks may benefit great to see you happy new year. >> happy new year. great to see you too. >> the president's going there to talk about the bridge 1rks.6

billion or trillion in money to be spend in general, is there a tailwind for infrastructure stoocs, and if so, what are they >> yeah. you've got two different funding sizes to think about one thing the congress will not obfuscate about is the ijj which is $110 million for roads and bridges. the other side is the state's department of transportation really remediating or really being so reliant on the fed, it's not just gas tax increases. it could be taxes on billboards, other really creative funding meas mea

measures so in short you're going to see an availability of funding, of dollars floating through, that are just now starting to root. and next year and really this year, fiscal 2023 and into 2024, you're starting to see the outlays flowing out. that's part of what you're seeing today with kentucky. >> kathryn, you also have some great picks. give us some of your picks. >> i'm going to start with two, and then i'll clean it up on the materials and services side. from a -- it's a little bit newer name in terms of the public the ticker symbol is cmm this is a water play great cash flow. 60% to 70% cash flow through and it's really cheap.

it's trading where it should be. that's on the infrastructure side then on the material side they have something called summit materials. the ticker is s.u.m. it was a rollup in the wake of a great recession. they have a new ceo in the last year and a half. and they're really cling up their portfolio, and that one is also cheap and you've got a really good cleanup story on that one. >> so kathconkathc so kathryn, about the infrastructure place as well. >> it's a sure play aggregate company. other good place would be volcan materials and others.

>> always great to see you coming up on "worldwide exchange," new york city's real estate market feeling a bit of a deep freeze on actually one day here in january, in the city robert frank is here to pick up on the big drop in apple and concerns stay with us ♪ imagine something of your very own. ♪ ♪ something you can have and hold. ♪ ♪ i'd build a road in gold just to have some dreaming, ♪ ♪ dreaming is free. ♪ accenture, let there be change.

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center generally that's going to come down in the first week of january, so you may have just a few more days to see that site. winter coming a little early for new york's real estate market they've seen one of their biggest drops on record during the period our robert frank joins us now with a lot more. how concerns is this for the city's real estate market. >> this is the biggest real estate market in the country, and apartment sales fell 29% in the fourth quarter that's the biggest decline since the start of the pandemic in 2020 prices also falling for the first time in two years with the median price down 5.5% the average price for a manhattan apartment just over $1.9 million a bargain, but prices are not falling enough to bring in buyers brokers now worry that the nation's biggest real estate market could be entering a deep freeze where sellers don't list because prices are soft and buyers are holding off until

prices decline even further. inventory is also holding down sales. it rose 5% on the quarter, but it's still we below the normal levels more than 55% of the deals were all cash that's an all-time record. luxury holding up a little better with prices rising. while the rest saw price declines the price suggests a very weak start to the year. sales contract prices fell 42% that is the worst quarter for new contracted signed in over a decade but, brokers, if you talk to them, they're eternally positive along with their luxury shopping, they also did some apartment shopping they said it was a very good end of the year. we'll see whether that carries through this month. >> if you're buying an apartment, that's luxury

shopping unto itself, robert median price came down and also these oversees investors and buyers are congress back. the dollar is stronger, but we did see some weakness in the dollar, that along with the fact that they're not as rate-sensitive helped. manhattan has always been around half the market. much more cash-intensive than the rest of the country. real estate no matter where you are is an interest rate-sensitive sset. there's a question whether they fall enough to bring in the buyers that's going to be the question, frank. >> this is one of the few cities in america where 1.9 is a bash gatt great to see you as always happy new year

i'm telling you, his podcast is a hit. on deck on "worldwide exchange," stocks look to hit the button why stocks are very high on her radar. if you haven't ready, follow us ecouodcast chk t apple, spotify, and other apps "worldwide exchange" will be right back

welcome back time for your w.e.x. wrap-up six stories that you may have missed we begin with republican kevin mccarthy falling short of three votes on his bid to become the speaker of the house the vote progress says will resume at noon. southwest airlines is offering 25,000 frequent flyer points to those affected by the flight cancellations over the holidays that's on top of the reimbursements and expenses already offered by the airline.

twitter is going to reverse the 2019 political advertising ban. >> and microsoft has recognized its first union of employees it's a rare move for a large tech company. and the goldman sachs upper unit head steps down. and a new forecast by the consumer tech phenomenalgy association says spending on technology will fall over 2% this year as a looming recession and inflation weigh on demand. gearing up for the trading day ahead, several pieces of data on tap at 7:00 a.m. it's the monthly j.o.l.t.s. report ahead of the fed report at 2:00 p.m., we get the latest from the fed's policy maker. and stocks looking to hit the reset button after starting

off the new year futures in the green, however, off their highs of earlier today. the dow looked like it could open 80 to 90 points higher. let's bring in victoria greene at g squared private wealth and cnbc contributor good morning, happy new year always good to see you. >> good morning, frank >> what are you expecting for today's trading day? >> i think dow is going to move. it beans this trend where futures overnight have been very positive and they faded premarket or in early morning trading. i'm not too optimistic we'll hold onto these by now we're starting to get back into the rhythm of the economic and indication data that's come through.

>> i think we kind of ruled out any sort of santa claus rally happening. what do the technicals tell us about the market right now. >> right now it's intact we've had two lower highs, which typically lead us to two lower lows if you look at the trends, you hit the resistances we didn't expect to get. everybody got super excited about it and it came right back down if you look at the technicals t bear markets are going to push lower before we find this floor. it's hard to get excited when you're fighting some very, very strong technical resistances that have held multiple times in this downtrend which we're entering a year of this bear market. coming up we i have what we this will be a fed minute. what will they say despite what

you're saying are very bearish signals? >> we were all about transitory. now we're all about pivot. the word of the year where does this take us? powell is pounding on the table. if you see some lag or dissension or new verbiage put in there, i think people are going to cling onto any new verbiage and they'll think this is good, dovish, maybe they're going to slow down we're not expecting it to go down so i think people tend to get very excite about anything if there that's perceived as dovish right now it's hard because powell is trying to tell the market we're not going to lower the rates. we're going to stay higher for longer

with the 10-year's doing, we've come back 25 basis points, so the market is hiking in how things are going to get orse powell and his disconnection is what we're watching on the markets. right now there is a disconnect through year end. >> capitulate. that might be the word of 2023 give us your take on apple really quick and then you can go into your picks. >> apple for us is the best of the breed, the mega kap, it's expected to contract over the next two years it ice headwinds while i think apple is the best of breed, it's too early to own am i'm not quite ready to own it

yet. if you had to put a faang or whatever the acron name is now, it's fighting too much. >> what about your picks >> we still like energy, schlumberger i know oil prices came off yesterday and a little on the things reopening we have more companies coming from russia and partners that we trust. i see that as a huge boon for american producers when you look at where cheniere exported to, they exported 90% to europe and they now have asian market coming on leechbl

we like to services companies, we like cheniere for the natural gas skpofrmt they're a really, really well run company. and zoetis has done well we think they're going to go up. we love our pets like family my pet is definitely very high on my list of family members that we like. >> same for my dog i agree with you expanding is ready going up. rbc cited fourth quarter misses for tesla could cytolow markets for the maker.

ubs citing increasing difficulties around the klaus sector and potential impact on amazon's aws division for that move also union grading provide as your cloud and office services. futures in the genre right now. "squawk box" is going to take it from here. thanks for watching.

good morning stock futures pointing in the red. we saw names like apple and tesla. we're going to show you what's moving right now. the house of representatives adjourning without a speak e

after kevin maccarthy failed to win enough support with three votes. and southwest airlines is hoping $300 worth of frequent flyer points will make up for 16,000 canceled flights over the holidays i heard 25,000 i thought that was a mistake go ahead and keep it it's wednesday, january 4th 20rks 23 and "squawk box" begins right now. good morning, everybody. welcome to wks on cnbc we're live from the nasdaq market site in times square. i'm becky quick along with andrew ross sorkin and joe kernen this morning we're looking at the u.s. equities. dow futures up by about 61 points, th