it is 5:00 a.m. at cnbc global headquarters. here is the top "five@5. a santa rally after all. stocks snap a two-day losing streak, but futures are under pressure. the latest federal reserve minutes. committed to keeping rates higher longer. and tech layoffs gaining steam. amazon's latest head count slash was not aggressive enough. 18,000 workers in the latest cuts. drama in d.c

kevin mccarthy fails six times to become speaker of the house now a stalemate. and the consumer electric show the latest and greatest in everything from cars to gadgadg. it is thursday, january 5th. you are watching "worldwide exc exchange" on cnbc. i'm frank holland in for brian sullivan u.s. stock futures are under pressure after yesterday with the major averages stop two sessions of losses dow down slightly. s&p is the same story. check the bond market. the 10-year treasury is right now at 3.711 dipped slightly. 8 or 9 basis points after the fed reserve minutes were

released yesterday crude working to rebound after opening the new year with losses right now up 2.5%. same for brent crude wti is lower than it started the week and new year. the price of bitcoin is $16,800. down when you talk bitcoin and ethereum which wrrisen slightly let's get a look at trading in europe with arabile gumede in the london newsroom. >> good morning, frank the market across asia was positive doing away with the fears coming through from the hawkish stance from the fed minutes where we saw they were going to look to the fight for inflation and continue to fight against it general trend across the asian market was positive. this wasn't the start that followed through to europe a mixed picture if you look at

that ftse 100 mainly going higher with the ibex in spain following through. that was going higher. the focus on the adp number from the u.s. when it comes with employment it will be significant italian inflation numbers coming to the floor and the job numbers from the u.s. coming tomorrow. that is the focus for the market inflation pressure as well as recession fears. moving the ftse 100 has been the uk fashion retailer next it has said it will see profits gain 20 million pounds in the year to january of 2023. that is a positive pilot for them really doing better than expected for the months toward the end of last year mixed picture for today. it gives a sense of negativity as you see in the u.s. market. frank. >> thank you very much

arabile gumede let's get to the job cuts in tech with pippa stevens. >> good morning, frank that is more tech job cuts amazon is raising the number of employees it plans to let go to just over 18,000 according to ceo andy jassy the layoffs will be in the ecommerce and human resources and technology the 18,000 figure is higher than estimates given by amazon last year amazon was targeting 10,000 layoffs. some have taken place. amazon moves belt tightening from other companies in recent months including meta and snap. this move comes from salesforce yesterday is planning to cut 10% of the 80,000 work force shares ended higher on the day frank, in the move, amazon add mili

might -- admits it added worker to quickly amazon shifted 1.54 million people at the end of the quarter. you wonder what companies will announce layoffs next. >> similar to marc and his statement to employees he hired too quickly a lot of people are losing jobs. best wishes to all of them pippa, see you later on. turning attention to the developing story in washington d.c. and kevin mccarthy will try to secure enough votes to become speaker of the house for the third straight day lawmakers reconvene at noon after hard line republicans refuse to back mccarthy in the fourth, fifth and sixth arrounds of voting yesterday. we have brie jackson with more >> reporter: maybe seven is the lucky number today

nbc news learned mccarthy put a new number on the table. any one member of the house to remove speaker at any time day two of the new congress resembling day one >> a speaker has not been elected. >> a speaker has not been elected. >> reporter: republican mccarthy failing to secure the house speaker position for the sixth time >> that's all. we talk until we get this done >> reporter: mccarthy putting new offers on the table. replacing caucus members on key committees some doubt the concessions are enough to win over the republicans standing against him. >> he is a desperate guy whose vote share is dropping with every vote i'm ready to vote all night, all week, all month. >> reporter: and former president trump calls for gop members to support mccarthy have fallen on deaf ears.

>> if we continue down this path, this hurts the republican party. >> reporter: without a speaker in place, work on capitol hill is at a standstill members cannot be sworn in san comm -- and committees cannot be formed the speaker standoff shows low level sign of ending >> we have not heard one thing from mccarthy or enemies in the gop about what they will do to make the lives of americans better >> reporter: president biden is weighing in calling it an embarrassment tarnishing the image of america. >> it is not a good look it is the united states of america. i hope they get their act together >> reporter: many wonder if the third day will be the charm. voting for house speaker continues at noon eastern time today. frank. >> brie, this is about political jockeying with republicans does this raise issues for

citizens to not have a speaker in place >> reporter: several red flags several are national security implications some republicans urged col colleagues to move forward and end the stalemate because they want to move forward with briefings not just for here, but abroad >> i think we are seeing the last time it took this long was 100 years ago. history in the making. brie jackson in d.c. thank you. when we come back, much more on the amazon layoff plans and uncertain outlook forego big te in 2023. the top financial adviser will layout one idea for your portfolio. later on in the show, chinese tech in the driver's seat as investors look past a choppy year. a look at what's on deck and what is investable in the year ahead. a very busy hour when "worldwide exchange" returns.

stay with us

welcome back to "worldwide exchange." checking stock futures right now in the red for the s&p and dow and nasdaq investors locked in the santa rally and looking past the latest federal reserve meeting minutes showing the aggressive policy to tame inflation joining me is kalei cadinha-pua.

kalei, great to have you here. aloha. >> aloha great to be here. >> we are seeing the past two days they have been higher in the pre-market and a roller coaster ride for the year. what are you seeing in the early market action for 2023 and how are you telling your clients to balance the portfolios >> what we are seeing is a lot of fed watching. the release of the fed minutes yesterday. we saw the markets up and selloff at the release of the minutes and rally toward the end of the session i think that is contributing to today's future market opening down i believe it is just a lot of concern about where inflation is going to be and how tight and hawkish the federal reserve will be i believe in the release of the minutes and they gave away some really key indicators about the strategy for the rest of the

year hinting at needing to raise rates above 5% the market was a little early in thinking the fed would pause earlier than later there is a little bit of scare. >> investors a bit spooked in the fed minutes, we saw commitment for higher rates for some time. does that change the strategy for bonds and equities >> we have been in the camp. they thought the market was premature in pricing the fed slowing down we do believe that there is a couple of factors at play right now. one is certainly the excess reserve that one time peaked at $5 trillion. the second is how the price of oil effects inflation. the biden administration came out and used our nation's reserves to try to help cut some of the costs and provide some relief to consumers.

now they are in the position where they will have to reposition themselves and purchase i think there will be a net increase in inflation based on energy costs as well the real key right now is that employment and wage prices are still sticky and high. the fed actually spoke about that as long as wage remains higher than p where the rates are, i think the fed will continue to tighten. >> you mentioned inflation we see oil prices drop in the new year we see the dollar pressure ease. the dollar pressure eased since then i know you are a big fan of companies reopening with china you get a sense of sectors you are bullish on and what you would sell your clients? >> the economic data tells us the areas where there are opportunities are actually in

the service area as well as consumer staples we like the opening idea global markets opening a little bit more we also like to see some pull back in the dollar after a strong dollar for some time now. we think there is an opportunity relative value compared to the domestic companies in the multinational area primarily in staples and commodities. very select commodities. we are forecasting slowdown. not recession. >> you say commodities tied to the electric vehicles. can you give us an example it is a wide range >> we're bullish copper. we have been for a long time rather than figure out the underlying technology of the evs, we are looking at the components looking to create the charging stations and

significant player we have been bullish on copper >> kalei, thank you. joining us from hawaii and it's midnight sdpl >> it is an honor to see you happy new year watching shares of apple financial times reporting that apple is expected to sign a new contract to produce the most high-end iphone models this would snap foxconn as the biggest production company in china. this is something to watch "wex" is back after this ♪ ♪ a cyber-attack can grind everything to a halt. cisco security keeps your company moving forward.

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and free home delivery when you add an adjustable base.ends monday welcome back to "worldwide exchange." chinese markets off to the races in the new year. the hong kong and hang seng up 6% this week led by gains in chinese tech stocks alibaba rising 3% today after jumping 9% yesterday in hong kong regulators releasing a new roun of funding for the payment company owned by alibaba that could signal the crackdown on tech and other sectors in may nearing an end let's talk about this with brendan ahern at crane shares.

good morning, brendan. >> good morning, frank. >> brendan, we are looking at the k-web. we really follow this year at cnbc with the chinese internet complex. this week up about 14% basically starting the new year and some on reopening hopes with china. the other on hopes again that the crackdown on tech with gaming and educational stocks nearing the end. what is the reality on those hopes? >> it is certainly on covid, frank. you see a pivot in policy following the national party congress at the end of october where you really saw the zero covid policy cast aside. that exacerbated by the protests in china china going through a reopening pro process. that means covid is running wild throughout china it is a big country geographically different regions are in

different stages two very important cities being post-covid peak where another important city like shanghai is still in the thick of things one on covid is a dramatic change on policy and reopening of china being a big, big play and the domestic consumption play, internet ecommerce play is a great way to play that that is why you see the strong reaction in kweb >> for last couple years, we had fears of the chinese stocks de-listed. regulators reached a deal in august it is a danger as we go forward in 2023? >> frank, the danger of it d de-listing kept people out of stocks you will not buy it. you will avoid it by all means

a lot of professional investors have been out of the china adr space for almost two years in december, we had the pcob public oversight board meeting with the auditors in december saying they cleared the first step we will have another round in march. it is a very, very significant impediment removed on the adr de- de-listing a lot of hard work >> let's talk about the capital raise by the ant group how big of a deal is this as they look at the chinese stocks and region and focus on the crackdown by state regulators? >> frank, the regulatory crackdown in 2021 was another significant factor that weighed on investors sentiment

we did not know what was the next shoe to drop. we have seen a huge backing away on this regulatory front and i think ant group being allowed to raise assets really shows this is in the rear-view mirror the rally we saw showed the skepticism for many foreign investors may maybe don't track china as much as crane shares. it is a signal that the chinese regulation is likely over. it is not meaning individual companies can get in trouble it is another big sign that the regulatoryimpediment is removed. you have a lot of investors skeptical about china and staying on the sidelines that's why the pain trade in kweb is higher >> we talk about the kweb on

internet stocks. you have other etfs. let's talk chinese real estate stocks we saw a surge last year how investment are sthose? >> the distressed property sectors receiving a lot of attention from chinese regulators they are worried about the first domino the stressed developer going bankrupt to lead to a financial crisis the risk for equity investors in the real estate stocks is as part of bolstering the balance sheets they are allowing the companies to issue stock what we like is actually the bonds that the asia high yield bond market which trades in u.s. dollars has been left for dead because of the significant amount of chinese real estate developments the key is they will not allow the developers to default. we think there is a lot of value

in the bonds we have khyb yielding 10%. it is potentially not just that really nice yield, but potentially capital appreciation as they get re-weighted. we are worried about the stocks because of delusion to bolster the balance sheet which favors the bonds over stocks. >> a lot to watch with the chinese stocks kweb finished up 9% yesterday. brendan ahern, thank you >> thank you, frank. let's check on the other headlines with nbc's frances rivera in new york happy new year >> frank, good morning we start with the funeral mass for pope benedict xvi. the 95-year-old died on new year's eve after years of declining health presiding over his mass this morning is pope francis.

just days after california was drenched by at the mospheri river, another one as a bomb cyclone threatens the west 33 million are under floor flood watches and 39 million with wind alerts the governor declared a state of emergency. the buffalo bills say damar hamlin has shown quote signs of improvement, but remains in critical condition the team added hamlin is expected to stay in intensive care as he continues to be treated. hamlin went into cardiac arrest and had his heart beat restored on the field monday night. the nfl has not decided to reschedule the game as bengals and bills resumed practices on wednesday. cincinnati's paycor stadium was lit in blue and fans in cincinnati and buffalo gathered for vigils

hearts still heavy across the board and nfl and teams. whether you are an nfl fan or not, your heart goes out to him and his loved ones frank, back to you >> prayers to him and his family university of pittsburgh a alumnist frances, thank you ahead here on "worldwide exchange," amazon confirming it will plan to cut 18,000 jobs jim cramer says this is a tailwind for a stock that lost 50% of the value in last year. >> a year ago, amazon had 1.1 million employees in the u.s that is about as many as in the armed forces how many of the people does it need now the same amount? do you think amazon needs the same as we wait on amazon deliveries it is not just retail amazon

it is web services business slowing. again, if there are too many people, they need to let some people go! even if sales stay the same, earnings cannot grow as long as they find ways to cut costs. that would be enough tmao ke the market happy and stock would fly. if your company actually practices the values that it posts about, then, yeah... you're on team earth.

stocks shaking off the fed commitment to raising rates. snapping the two-day losing streak the markets may face for

pressure at open. big barrage of job cuts with amazon announcing slashing 18,000 jobs with growing concern of the economy. and will the seventh time be the charm? mccarthy is looking to get critical votes for speaker. it is thursday, january 5th, 2023 you are watching "worldwide exchange" here on cnbc welcome back i'm frank holland in for brian sullivan let's get a check of the trading day right now. futures are basically flat up and down. lower this morning we want to get a check of the s energy crude opening the new year with losses crude opened up the week at $80 a barrel we have the tangible tech

rally. logitech shares surged 30% sinc q4 it has gained momentum for the year it includes cisco falling 18%. and snpr surging 30% compared to mega cap tech and the wcld etf is down during that time period. the hybrid work is part of the reason for the surge for the networking and router names like cisco and the shift to cloud and majority of tech infrastructure is on premise and spending for on-prem is robust. estimates have that continuing into the new year. companies that provide both think s&p and ibm has jumped

with tech spending slowing down and has i.t. makers considering recession concerns now as investors focus on stable cash flow, the boring tech names are now looking attractive something to continue to watch. turning attention to the developing story in washington, d.c. republican congress member mccarthy trying to secure enough votes to become speaker of the house. lawmakers will reconvene at noon after republicans refused to back mccarthy in the fourth, fifth and sixth rounds of votes. now he looking to get all 20 republicans who are refusing to back his bid let's bring in brian gardner from stifel.

we have to talk about something serious right now. kevin mccarthy trying to become speaker of the house it is a lot of political jockeying and democrats are having fun with it does it have real world consequences for all of us who are citizens and wall street >> good morning, frank down the line, in the third quarter, congress is sending clear signals that we're in for a bumpy ride two things have to happen in the third quarter. a second part of the year. the debt ceiling will have to be raised the other is congress will have to approve next year's fiscal spending plans so, we are looking at a repeat of 2011. standoff over the debt ceiling republicans are clearly signaling through the chaos that is ongoing in the house right now that it will be a tough vote

and there is still a lot of raw feelings of the omnibus bill was handled. getting the spending bills across the line by september 30th, when fiscal year ends, is unclear. we have a double whammy coming up in the latter part of the year the standoff and potential for government shutdown. >> two serious issues there. let's get back to the race for speaker of the house hakee hakeem jeffries will not be speaker of the house what does this mean for congress in the next session? >> it is a great question. i suspect the next nominee is the majority leader-elect sateve scalise from louisiana i don't think they will support

him for a couple of reasons. a couple holdouts against mccarthy could holdout against scalise. i think there is a group of mccarthy supporters that are so frustrated by the process and holdouts that they may withhold votes from scalise for the time being. then you move on to jim jordan who can get enough votes from moderate republicans we could go down beyond those two names to a couple others incoming chairman of the house financial services committee patrick mchenry from north carolina if it gets beyond mccarthy, it gets unpredictable as the process has been unpredictable there is no clear frontrunner after mccarthy >> it creates an issue when you have a leader of the congress and succession to the presidency i used to be a big "house of cards" fan

i'll layout something that is fantasy. is there any possibility for a bipartisan speaker of the house? some compromise? >> no. >> that was quick. >> yeah. this is hollywood stuff. this is hollywood and dorm room debate stuff if i was back in college or law school, i would be sitting around talk about this probably over a beer or two it doesn't work that way it did work in pennsylvania. i will acknowledge that the pennsylvania legislature came up with a compromise candidate. i think the parties are so far apart. it is tough to see realistically how you get 218 votes cobbled together there are not enough moderates to come up with the fantasy. >> it is too early for a few

beers, brian before i let you go, the markets have shaken off the political drama in washington, d.c is there a point where the markets react? >> i think over the summer as the debt ceiling debate starts to clarify you go back to 2011, the best comp 20 2 2 2011 with investors paying attention to the cliff of the debt ceiling in july we don't have a date for that yet. it is a cash flow issue, not date certain bipartisan policy center and others who track this have the x date the date that treasury will exhaust extraordinary measures to extend the debt ceiling that is probably in the third quarter. i think it is the summer

maybe we're going to get to sell in may and go away that will be good advice as we go into a potentially rocky summer. >> brian gardner of stifel great to see you >> thank you, frank. turning attention to another top story this morning and watching shares of amazon. raising the number of employees it plans to fire is 18,000 it focused on e commerce and technology this figure is higher than estimates given by amazon last year some of which topped off at 10,000 the cost cutting measures are not one-off. and yesterday, salesforce will cut 10% of the work force. joining me now is richard kramer research analyst

richard, great to have you here. >> thank you >> first, give us a sense of what you think about the amazon job cuts our jim cramer believes it is a tailwind for the stock what does this signal for the tech sector? >> so, i want look at job cuts as anything more than a rewind to where the p comcompanies wer the middle of last year. if you look at the example of salesforce and take them back to the job level and staff levels from 2020 before the pandemic, you have to take another 15% or 20% out of the work force. i think we are real just seeing the first round of cuts which typically come in threethrees. the first is look at everything non-essential and cut that then look at productivity. i think amazon announcement highlighted they were cutting internal recruiting.

the third round of job cuts we have are a way away from now and big tech is not facing the existential questions and that's when the wolf is at the door and you need to survive and putting everything that is non-essential. >> you published a piece this morning calling for an activist to get involved with spotify staff increased 50% since 2020 they have done a billion dollars of acquisition with spotify and salesforce, they had pressure as well. how big of a factor is it with the investor layoffs in tech >> i don't want to oversell what activists tend to add to the fundamental operation side of companies because they are coming in from a financial perspective solely they are going to be the ones doing the coding or marketing plans or what have you

i think there is a clear need for discipline in many of the companies that a year or 18 months ago were looking at everything going up into the market and money was effectively free and they were being rewarded for extending their business into every other area that might widen their total addressable market now, i think, in a new environment with consumer recession and real cost of money, they have to look at all those new plans and say, well, which of those will pan out and which do we need to cut bait and sharpen our capital allegation again, this should be something that every large institutional asset manager is discussing with companies. are you going to do a better job of preserving capital and generating cash versus chasing the next idea that many

competitors are also chasing as well >> richard, one last question. you wrote about zombie equities. 80% off their high can you give us an example of a zombie equity and the traits they have in common? >> look, there were the sikophant congratulating on great quarters and having buys in the market. they and the banks brought in dozens of ecommerce and digital services and consumer internet ipos to the market in 2020 and 2021 those stocks wefell 70% to 80% last year. they are running out of cash and they aren't going to survive we saw this in 2000 through 2000 when we founded arete. we saw this in the mid cycle correction that you had in 2018.

you really need to flush out all of these leftover companies in the market whether it is a lift where it doesn't generate cash. instead have $700 million cash flow in 2024 all of the companies aren't delivering and stocks have been crushed. they need to find a new path out. >> roku down 78% last year richard kramer, thank you. coming up on "worldwide exchange," the biggest tech show is set to kickoff and worry of thpue ll back could cause problems with the demand for products more on "worldwide exchange" coming up. maybe healthier is auto refills and delivery made easy. you're a lifesaver. have a nice day.

welcome back biggest tech show of the year is opening in las vegas with the innovators gather to launch products and discuss the state of the committee for more on the convention, let's bring in matt binder he is in vegas for "the show." you are there for the show, matt >> right. >> thanks for being here give us a sense of the flavor. is it personal electronics or evs? give us a sense. >> i think the trending tech is vying for that a lot of metaverse based

companies and companies with vr headsets and wearable tech is a big thing. the other night, everyone was trying out the electronic roller blades i think the products that are sort of going to connect with consumers, after all, the consumer electronic show, is the basic computer accessories and the gaming mouse i saw which had a joystick for the thumb on the side $40. very affordable. another device i saw is a device that turned your ipad or iphone into an external monitor for the camera you have a big visual for shooting video and you don't have to look at the little l.c.d. screen on the camera. these are things that will not get the sort of attention at the show, but this is the sort of thing that you will see people purchase and actually have in

homes as opposed to the big vr headsets >> right now, ces is coming into the shadow of the economic slowdown in 2023 and following a chip shortage. i haven't heard anything mind blowing coming out have the issues with the possible recession and chip shortage impact the ces? >> if it did, they are not letting on to it here. also remember the mind-blowing tech you would see here is obviously prototypes things coming down the line or years away from going into production for consumers or maybe never get to the stage at all. for example, probably the big story coming out of the show today is sony announcing their ev car that comes out of the partnership with honda even that is not going to sort

of come out until 2026 pre-orders in 2025 any sort of immediate ramification due to consumers not having the money or, you know, not looking to spend their money is way down the line and not coming into fruition here. >> matt binder, enjoy vegas. i know it is not all work. >> thanks for having me. >> cnbc will be live in vegas with the lineup of guests from amd and qualcomm and roku. i don't think they are out there just working as we head to break, a market flash on dell nikkei reports that they will stop using chips made in china next year. dell told suppliers to reduce the made in china products as it diversifies products

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welcome back to "worldwide exchange." time for the wex wrap up as we close in on the 6:00 hour. reviving talks of a merger to unite western digital and kioxia shares up 6% on that news. data from twitter has been leaked and posted in forums for online hackers. and walgreens will allow retail pharmacies to do so for abortion p pills. lux shares is a p competitor to foxconn and shares moving on that report.

and china confirming it iwil reopen the border which has been closed for three years a 48-hour negative covid test will be required markets looking to reverse the gains from the fresh economic data and fed speak. joining me now is bill stone at the glenview trust company great to have you, bill. >> thank you >> what are you seeing in the markets in the beginning of 2023 we have seen a lot of the volatility stocks moved lower on the fed minutes. what do you see coming in the day ahead? >> although we turned the calendar, the theme or problems or challenges remain, which is how much will the fed tighten in order to get inflation to

continue to get under control? that is why you saw the market selloff with the fed minutes they clearly talked about financial conditions they were worried financial conditions would ease too much in advance of inflation getting under control. i think that's why, you know, you probably see the market in a bit of a wait-and-see mode today as we wait for payroll tomorrow. we are in a place where you talked about the high profile layoffs, but the labor market continues to be very robust. friday will be a big day in terms of payroll it sounds bad, but certainly the markets on the margin will be happy with a softer payrolls number it means the fed doesn't need to continue to hike quite as hard in order to continue to get inflation down >> bill, did we see a bit of a santa rally? i know one day doesn't make a trend. what are you forecasting for

today? i already asked this is that the start of something or a blip in the volatile time >> you are right we officially did have a santa rally this year. it took yesterday to get it, really i don't read too much into whether that will carry over i am optimistic here for the year because i think eventually we will get through recession at some point and the market tends to move in advance of recession ending you rarely have two down years in a row whether it starts yesterday, i don't know in fact, i doubt it. i suspect you should look to buy, but the fact is human reaction is typically run p the other way. >> bill stone. thank you. we are looking at futures moving higher bill, thanks for being here.

i appreciate it. that does it for us on "worldwide exchange. before we go, happy anniversary to the kappa si incorporated yo to the newbies. "squawk box" is up next. yo u need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform. now data is available anywhere, securely. and your digital transformation is helping find new ways to unlock energy around the world. as a business owner, your bottom line is always top of mind. and your digital transformation is helping so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year.

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good morning fed warning that rates will stay higher longer. deja vu oveall over again we dig into the fed minutes ahead of the interview with fed president esther george. the house adjourned for the second day with no house speaker. now we learn of the concessions from kevin mccarthy. what is wrong with popcorn and

alcohol? i have had that. alcohol, popcorn and something else >> the booze and laughing. >> can you blame them? why not? put your feet up settle in. amazon set to layoff far an m -- far more workers than initially thought. it is thursday, january 5th, 2023 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick with joe kernen andrew is on assignment. you will see modes