it is 5:00 a.m. here at cnbc global headquarters. here is the top "five@5. wall street looking to close the week in the green. futures are looking mixed right now. investors attention on the labor market and the hiring nu numbers which continues to defy inflation. the december jobs report out in three hours. tesla closing out another rough week the company is slashing prices in china again. back to washington, d.c. the house speaker vote dragging on for a third straight day. this is the longest impasse

since the civil war. kevin mccarthy remains committed to the fight. samsung is out with an early look as it hits the bouttom lin. it is january 6th, 2023. you are watching "worldwide exchange" here on cnbc good morning happy friday i'm frank holland in for brian sullivan let's kick off the futures stocks failed to build on wednesday's move higher. we are seeing a mixed look at futures right now. dow looking to open slightly lower. same for the s&p and nasdaq. the sap a&p and nasdaq on pace five weeks of losing let's check the bond markets 10-year treasury at 3.74 this is down about 10 or 15 basis points from the start of the week and year.

inverted yield curve and we aly being a recession indicator. and we are seeing natural gas down about 1.5%. wti and brent crude up .50%. wti is down $5 a barrel from the start of the week. wti crude right now at $5 a barrel lower in bitcoin it is below the 17,000 mark. let's get a check on the trade in europe with julianna tatelbaum. >> frank, good morning interesting action here in the overnight session. china holding firm we have property shares in china

getting a boost from the news of the chinese authority likely to provide more support to the sector hang seng in hong kong pulling back slightly. green on the board for nikkei. samsung says the quarterly profit fell to an eight-year low. it has seen lower than expected demand for memory chips in the fourth quarter moving to europe, three minutes ago, we got fresh data a new inflation print for the eurozone for december. here is the kicker it is surprise to the down side. 9.2% versus 9.76% expected that is elevated versus levels not as high as feared. this is in line with the individual country prints we got earlier in the week. germany and france delivering down side surprise the question for europe is will the down side inflation

surprises change the policy path for the european central bank. that is the question question and the jury is still out. as nfor the european markets, it is fairly muted. shell expects to pay $2 billion in eu and uk windfall tax notice fo -- taxes in the fourth quarter. shell shares are trading higher this morning by 1.6% frank. >> julianna, thank you let's get a look at the corporate stories with pippa stevens. >> tesla is taking the sticker price on cars made and sold in china, frank, to the lowest price yet as deliveries continue to lag other markets tesla says prices for model 3

and model y cars built at shanghai will be reduced 7% and 13%. model 3 prices start at $32,700 that is cheaper than the model 3 on the u.s. tesla web site shares of bed bath & beyond lower on reports the company is planning to file for bankruptcy protection within a matter of weeks. according to the wall street journal, the retailer is in the early stages of readying for chapter 11 shares of world wrestling entertainment jumping in pre-market on news that former ceo vince mcmahon is returning as ceo the journal reporting early in the day yesterday that mcmahon believes the company should sell

itself shares are set to open at an all-time high. >> i'm a big wrestling fan mystery man and the biggest shareholder of wwe interesting to see thanks, pippa. turning attention back to washington, d.c. the capitol and house of representatives is leaderless after mccarthy failed the third straight day to get enough votes. this impasse lasting longer than any speaker vote since before the civil war. brie jackson is joining us >> reporter: frank, you know if you first don't succeed, try and try again. they huddled behind closed doors again and sources tell nbc news a promising deal is close.

vote after vote, after vote and still no house speaker kevin mccarthy, the leading republican vote getter, failed to reach the number of 218 for the 11th time thursday still he says he will try and try again. >> all you want. who else can get to 200? >> reporter: roughly 90% support mccarthy's bid to become speaker, but rebel republicans say they never will. even voting for former president trump instead. >> if it takes until the fourth of july, it will be the fourth of july. >> reporter: despite concessions and a rule that a single house member can force a vote to remove the speaker, some holdouts >> politics is entertainment and sport.

>> reporter: the house can't function amid the fighting as frustrated democrats can only sit by and watch >> offline and waiting for this to resolve >> this is only an example of what we will see never the next couple years >> the house stands adjourned. >> reporter: after days of chaos, lawmakers hope to bring this process to an end it is now the longest contest for the gavel since before the civil war. the longest vote for house speaker lasted in history lasted two months and 133 ballots back in 1855. the house will give another shot today when they reconvene at noon frank. >> a lot of drama in d.c thank you. when we come back on "worldwide exchange," it is opportunity friday with dan veru he has his topi picks to close t

the week. what the congressional inaction means for investors and then the ceo of sunrun aft aer slow year for solar. a you a very busy hour when "worldwide exchange" returns. bloo [office sounds] ♪upbeat music♪ ♪♪ ♪when the day that lies ahead of me♪ ♪♪ ♪seems impossible to face♪ ♪a lovely day (lovely day)♪

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welcome back to "worldwide exchange." stock futures mixed as investors wait for the jobs report after the adp payroll data

esther george telling steve liesman yesterday says the battle requires more action. >> we understand that high inflation is going to require our action we have been moving our forecast up to higher levels. you saw that in the dot plot in december i think holding that until we get confidence that inflation is actually coming down is really the message we're putting out there. >> joining me now to discuss is dan veru at palisade capital management >> thank you, frank. >> we are seeing futures choppy right now. what contributed to the choppy choppiness how do you see the market day ahead? >> it is just going to be more confirmation that the federal reserve is on the right path that keeping interest rates

higher for longer as esther george stated yesterday with her interview with steve liesman it took a while for of the market to recognize that really since the fed raised interest rates and the fed commentary when chair powell said our target will be 5% to 5.25%. i don't think the market realized they were starting to price in a pivot i think for us, the pivot is just holding rates at a high level and not continuing to increase them. instead of lower for longer, we are higher for longer until they break the back of inflation which will take time >> the pause and pivot talk has people hoping and wishing. we keep hearing over and over this is a stock pickers market you can't put your money in one

sector or tech you have stock picks for us. let's start with a pick in the green year to date week to date you know what i mean a multinational that is dollar sensitive. why is this one of your picks? >> it is multiindustry it has a lot of exposure in key areas like aerospace my colleague will potter met with the conference this last fall and laid out a plan how they are seeing better acquisition opportunities today in some time that is a key thing. this is a company with free cash flow and balance sheet to grow the business if the macro landscape slows. acquisitions at more attractive valuations to add to earnings and possibly grow through the weakening cycle. the last three deals from congress have been stimulus

deals and those are going to go into the more industrial parts of the market. whether it is infrastructure or building out semiconductor or building out electric vehicle. ametek and other companies in the multi-industry space play into that and deliver high financial returns on acquisitions >> a theme to your picks you are bullish on industrials let's talk another one roper technology why so bullish on this company >> this is more of an m model it went public in the '90s as industrial maker of pumps. they made themselves in the software and healthcare end markets as well as industrial. they made an acquisition of a

company in the education software space at probably a 20% or 25% discount over what they paid a year ago. they bought from a private equity firm. that is part of our theme here these companies have had under leveraged balance sheets for some time waiting for the opportunities to come on acquisitions >> the other pick is a spinoff from dan a couple of years ago why bullish? >> you know, daniher is the ultimate of companies with a long track record and pedigree of delivering huge returns on invested capital they are the best allocators of capital. the dna of daniher is e involve.

this is the time you get paid for companies with those financial metrics that can actually grow through an economic climate by seizing opportunity whether it is acquisition or stock at a discount >> free cash flow. the word or phrase of 2023 dan veru, thank you still on deck, why inflation is good news for multimillion dollar estate planners all that when we return. ♪ ♪

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welcome back to "worldwide exchange." it has been a rocky year for solar stocks that is not the case for one of the biggest components in the etf. sunrun is down 30% in the last year due to debt and supply chain and the future may be brighter in 2023 let's go to brian sullivan with the "worldwide exchange" exclusive. >> we are pleased to be here at the goldman sachs energy and clean tech conference with the ceo and board member of sunrun great to be here this was an oil and gas conference now it is going clean tech solar business renewables shows importance of the energy transition and how serious wall street is taking

it let's get into your business p cali california made changes on tax credits on homes explain how that will impact sunrun >> change is happening in california sunrun is well positioned. the latest changes that the decision that now is implemented in april is all about embracing a lot more storage on the system with solar sunrun pis not just the delivery of solar, but we believe in the need for storage and tied to solar to create a much more resilient energy experience for customers and leverage resources for the grid the most important thing is it

dropped the tax on solar that was proposed a year ago that was one of the most regressive policy recommendations i have seen in my 20 years in energy. that was huge that was dropped this new iteration is all about pushing for solar. >> correct me if i'm wrong, mary, net metering california is reducing -- if i put solar panels on my home and i have excess, i can sell it back to the grid they are reducing the amount i'm able to sell >> they are reducing the amount you get come penpensated for who sell back to the grid. there are so many reasons customers are going solar. yes, the economics are important. guess what the economics will work for the customers we are selling to in

california the reality is what really matters is with customers we are finding over and over is really that sense of energy independence and control and resilience look what is happening in california right now customers are again having power cut off because of high winds. it is more for them going solar and more of an experience of also just getting that stability of pricing energy independence is so important to americans that is another reason p we actually -- we've always been on the front end of getting storage out to customers because it takes energy independence to that next click. >> you said the sun does not increase its price well said. the federal reserve does raising rates. a lot of customers borrow money to buy your systems. >> the reality is the environment we're in is an environment where the prices

around us are going up faster than the price increases we had to pass on to consumers. the short version is yes, it means that the price has gone up particularly if customers want to go through the lone model we pioneered energy as affordable service we have a way in most jurisdictions to go solar through a third-party ownership mo model. >> effectively a lease >> yeah. or energy as a subscription service. having done it myself. >> if i put solar and i'm asking for a friend -- if i put solar on my home and i move in five years, but i have a 20-year loan on solar system. how does that work >> i can tell you how it works with energy as a subscription service as i did i went through the same thing. i found it actually increased the value of my home to the next person they were excited to get not just solar, but storage. >> with the battery pack

>> exactly and integrated system through the technology we deploy they got this cool, clean energy technology for one easy monthly payment that they adopted. it transitioned with the house. >> like a car lease, you assume my car lease >> exactly exactly. >> mary powell, ceo of sunrun from the goldman sachs clean energy conference. cool technology. thank you for joining us >> thank you >> thanks to brian sullivan for that be sure to catch more of brian's interview with the ceo of sunrun head to cnbc.com. straight ahead on "worldwide exchange," how the fed will have more runway with the fight against inflation. if you haven't already, follow the podcast. if you missed brian sullivan, follow us on your podcast apps "wex" will be right back

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stockings looking to find momentum for the first week of the year. the key driver of the market action today the monthly jobs report. investors bracing for a strong reading of the labor market and more fed tightening in response. and kevin mccarthy's fight for the house speakership is dragging into another day. it is friday, january 6th.

you are watching "worldwide exchange" here on cnbc welcome back i'm frank holland in for brian sullivan let's get to the trading day a mixed picture when it comes to futures. s&p and down opening slightly higher it is early. we will get a look at energy prices oil snapping the two-day losing streak on thursday wti and brent down 8%. wti up 1%, but $5 lower than it started the week it is jobs friday. jobs report is out at 8:30 a.m. eastern time it is expected to slow solid growth, but rising momentum calling for an increase of 200,000 jobs of non-farm payroll versus 263,000 in november unemployment expected to hold at

3.7% sectors sensitive on higher rates and housing have been cutting jobs other industries are still desperate for workers. let's talk about this with rucha vankudre rucha, we had the jolts report come out and layoffs with tech companies. what are you expecting from the jobs report? >> the job market has proved surprisingly resilient i would say in the past few months in spite of the interest rate hikes. we sfexpect that to continue. the report that came out this week when we heard about the large layoffs, that was not reflective in the economy as a hole or larger information

sectors or business services which is where the companies really are given that, i think, it is important to keep in mind that we keep hearing about layoffs coming out, but they seem to be from the small sector of the economy. i think we do expect that job growth is going to continue and given that openings are still high and quits were actually up in the month of november and layoffs down overall, i think we are expecting to see unemployment to keep holding steady and labor market to stay as tight as it has been. >> i want to be clear. separate the economy tech is a huge part of the stock market when it comes to the economy, as far as the job market -- >> the numbers of people who work there compared to the total number of the labor force. it is a small percentage of the overall labor market

you are right. it makes up a large part of the attention or stock market, but it is not necessarily, you know, a huge part of every day people's jobs. >> understand. we had a lot of people on air saying good news is bad news as far as the fed is concerned because we see good news in the job reports in the economic reports and that keeps the fed on this path to a higher rate to tamp down inflation. is there anything, i'm trying to throw a bone to people, is there anything in the jobs report that the fed can say we should pause? >> i think we saw from the minutes that were released that the fed has no intention of pausing. they announced that through 2023 they expect to see the rates rising we saw if this jobs report number is somewhere in the 200,000 range again, there is a reasonable chance they won't go higher back to the .75 we have

seen previously. at the same time, you know, given how strong the labor market is, the only way for inflation to come down is rates to keep coming up and ticking up a little bit it is hard to expect anything different from what we have seen from the fed thus far. >> a lot of the job gains from the leisure and hospitality sector that economy is softening with that sector still hiring do you see a report with softness in that area or job losses in that area potentially? >> i think it is possible. if you look at finance, specifically, from the report released this week they did have actually a losses in openings. they had an increase in layoffs. we saw some major announcements from that sector we saw a softening in that area. it is the other sector of the economy that continues to grow.

>> rucha, thank you. happy friday >> thank you turning attention back to that developing story out of washington the ongoing standoff with the republican party over the bid to become speaker of the house for kevin mccarthy lawmakers are set to convene at noon again today the california republican trying for the fourth day to become speaker after 11 failed votes. mccarthy saying progress is being made to lock in support. ylan mui joins us with the latest ylan, the house remains non functions without a speaker. how much of an impact is this having on the federal government >> reporter: frank, this has put the republican agenda on hold and speared an unlikely agency the irs. the first bill the gop would take up would slash funding by $72 billion. that is most of the money the irs got through the inflation

reduction act the democrats passed last year they want to leave $8 billion for customer service and i.t one sponsor of the bill was adrian smith and the office said it will remain a top priority when the congress kicks off. the hardliners are backing a bill that goes farther they asked mccarthy to guarantee it will get a vote in exchange for support. the fair tax act would get rid of the federal income tax and replace with a sales tax mccarthy's opponents brought up the government funding bill that passed at the end of last year as another sore spot they want new rules to ensure that bill can't happen again >> we are committed to make change to the institution that has lost its way

it is epitomized in the $1.7 trillion omnibus that was rammed through two weeks ago. you see, ladies and gentlemen, i came to fix this broken system >> reporter: of course, nothing can happen while the fight over speaker drags on frank, right now, we are at a political and policy stalemate >> a lot of drama here assuming the votes fail today and it looks like that could be likely are there plans they can work this weekend what are the next steps to get the house functioning? >> reporter: at a practical level, frank, they have to keep voting they have taken 11 rounds of votes so far they have to take a 12th to elect a speaker. one of the top allies of mccarthy said if this takes until fourth of july, so be it i think the bigger question this

brings up is what does it mean for the republican agenda? the concessions that mccarthy made to the conservatives will make it more difficult for anyone to govern because it weakens the power of the speaker. that means good luck getting a deal on another government funding bill good luck getting a deal on the debt limit this group has shown if they can't get everything they want effective of blocking congress that could mean more drama this year >> busy day for you, ylan. action at noon thank you. ylan mui in d.c. for more on the leadership limbo in the house, let's bring in ed mills at raymond james ed, we heard ylan breakdown the issues here. break it down for us let's hope this doesn't drag on until the fourth of july

how does it impact the market? >> frank, this will be resolved well before fourth of july we have been telling clients this is a lot of d.c. drama. not a huge market impact of the as stock market we are focused on a couple of things first, the biggest issue is the debt limit, frank. if a group of individuals are able to hold the speakership hostage, if they hold that hostage, by july 4th, that is when we question the entire united states government i think the middle holds, but not a lot of brinksmanship we thought congress could work on extending out the research and development tax credit that wasn't done in the $1.7 trillion bill. that is important for healthcare

companies and industrial companies. we look at who gets speakerships down the line. if mccarthy doesn't get the speakership, that is another californian removed from leadership what does it do to the anti-trust leadership? it is no secret the democrats stopped a lot of that previously no one in leadership from california exposes the tech industry even more lots of implications >> let's follow-up with the threat with the tech industry and no california representatives in leadership. that includes nancy pelosi you say that impacts anti-trust regulation what is the risk for companies without a california representative in leadership >> frank, i look to the senate and we have seen a lot of activity led by senator amy klobuchar as the chair of the anti-trust sub committee we are looking at the way in

which app stores operate and looking at competition and some of the overall social media conversation as to their legal protections. if we were to see something emerge from the senate, that has a higher probability of being signed into law because there would be no one stopping it from getting a vote especially what we saw last year with the california delegation led by nancy pelosi often times stopped that momentum. that is where we have more exposure in the congress once they do pick a speaker. >> we have a graphic with the house republicans to watch that we will show everybody one name on the list is jim jordan he already wants to bring in big tech to talk about censorship on platforms. i know he is a dark horse candidate, but if he somehow becomes speaker, does that add to the tech stocks >> i would say yes

what the group of 20 who are the never kevins want is they want a speaker in name only a spino. we talk about the rino in d.c. they want a completely emasculated speakership here if a jim jordan were to get that, that is one of their own he would have more power he would direct in the way in which this happens because that is one of his priorities, you have to elevate that risk. >> i have to ask one more question of how this impacts the fed potential. you hear the fed non-partisan and political. could this fighting impact their policy >> frank, what i always was focused on from the great financial crisis in their aftermath and fed policies is the dysfunction on the fiscal side drove the fed we have been in an unusual

situation where the fiscal side started to support some of the monetary policy decisions. both went way too far. if we have a return of fiscal dysfunction, the fed is going to have to recalibrate what they do they are trying to get as many rate increases as much as possible to have as much dry powder for the fiscal dysfunction. they are likely to hold for a good portion of the year after they get to the terminal rate. if we are in the fight over the debt limit, you know, markets could be right the reason why we could see the first fed cut is out of fear that the dysfunction on the hill could infiltrate the economy in a greater way than what was anticipated. i would watch how much the fed can go in the house and senate are paralyzed with the leadership dynamics playing out in the house. >> ed mills from raymond joames thank you. eranarming up on "wex," how some

amics e encouraged to give their wealth away. the full story when "worldwide exchange" returns.

welcome back elevate the inflation offers americans to capitalize on gift taxes. the recent boost irs boostsxempn

we have robert frank with the story. how big a jump >> reporter: every year, the irs adjusts the gifts for inflation. this is the biggest adjustment it will rise from $12 million for individuals. for couples it goes to $26 million. it means estates under $26 million will not owe any estate taxes. it means couples can give away up to $26 million in lifetime without owing any tax. a dozen states impose estate tax. those exemptions going up. new york goes from $6.1 million to $6.6 million. all of this means fewer americans will pay the estate tax which has been declining for decades. 20 years ago, 52,000 estates paid this tax. in 2020, it was 1,300. revenue was down

in 2000, it was $24 billion. by 2020, it was $9 billion the top wealth of the 1% has quadrupled the rising exemption means less than .04% of the population actually pays. the tax law changes doubled the exemption from 5.5 to 11.76 million. advising clients to make full use of the $26 million exclusion in the coming years. it is scheduled to fall again by half at the end of 2025 as those individual provisions of the 2017 tax law expire. frank, accountants are telling clients give it away >> so, robert, this is an interesting situation with a benefit to giving away more of the wealth any chance that congress changes the estate tax

>> the challenge with the estate tax is it is dying and no one pays with the trusts to avoid it and the higher exemption democrats are taxing unrealized gains. now we have the divided congress and unlikely we will get any change any time soon. >> robert, i thought you werie going to go red hot chili peppers. give it away give it away. >> give it to your daughter. >> robert, very interesting. on deck, investors gearing up with the jobs report. patrick fruzzetti lays out what itea mns for the fed policy and your money "worldwide exchange" is coming right back

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welcome back time for the wex wrap up we begin with samsung fourth quarter operating outlook. citing a slowdown in the chip demand. and wwe shareses surging w vince mcmahon returning after the rumors of the possible acquisition. it could be a wrestling story line. costco shares higher on the 7% increase in december sales. sales sliding 6% in ecommerce. tesla slashing prices in china after deliveries plunged

in december. southwest airlines preparing to offer updated fourth quarter earnings after the holiday schedule meltdown. the nfl scrapping the buffalo bills and cincinnati bengals game that was canceled after damar hamlin suffered cardiac arrest doctors say he has made strong improvement. and the jobs report is due out at 8:30 a.m. eastern and we get non-farm payroll numbers and the fed officials speaking with raphael bostic after that, he will speak to cnbc at s10:00 a.m. we will hear from tom barkin and esther george. let's get a check of the markets. we have seen movement in the

futures. it remains mixed right now the dow gained a bit of strength in the early trade joining me now is patrick fruzzetti at hightower great to have you on >> good morning, frank >> patrick, we have been talking about it all morning drama in d.c. and the fed minutes out raising rates for some time. no real sign of the pivot. the jobs report which means good news could be bad news what are you expecting for the markets today? >> frank, entering 2023, we are hoping for new beginnings. it feels more of the same. we have a strong and tight labor market we saw it with the adp numbers yesterday. today, unemployment is expected to remain unchanged. non-farm payroll around 200,000

means the fed will be higher for longer i think the fed has been firm and very consistent in the message. that will continue certainly through the first half of the year >> one of the big stories of 2022 was the rising dollar in q4, it fizzled a bit. are we looking at another rally for the dollar that impacted a lot of tech companies and multinationals >> it is very important when i head into 2023, i think investors are looking at three questions. what will happen to the u.s. dollar what will happen with interest rates and what will happen with the cost of energy you know, all of the questions are intertwined. u.s. dollar would be down. i think because the fed's response and tight policy, they are not alone in tightening. the fact that other central

banks are following suit is important. that is why the dollar has peaked in terms of interest rates, the only way rates can come down if inflation craters. i don't see that happening inflation is much too sticky because of the strong labor market the cost of energy and demand i expect to be very strong as china reopens and traffic jams are beginning again in the big cities in whinchina. you will see chinese tourists in europe frankly, i think china quote reopens, as they battle through covid and it will be very important and that will be inflationary with the look at energy prices. >> speaking of energy. how much are you investing in energy with portfolios

>> i'll get right to it. when we look at, you know, positioning coming into the year, obviously having short-term liquidity is important. i like precious metals and railroads. when i look at energy, you have to have some energy at a minimum for a hedge. i think it is important to be positioned in the energy sector. i look at something like eog resources with a great balance sheet. obviously the fact that energy dipped down a bit. i think it's a company that we have in our sights and if there continues to be a correction, it is a good company with good cash flow it is something that should be in portfolios as you look at it long term and the year. >> eog is up in the pre-market energy is the big winner of 2022 patrick, thank you that does it for us on

"worldwide exchange. "squawk box" is coming up next

good morning once again, stocks relatively calm that could change later with the december employment report we'll tell you what to expect after the strong adp report. house adjourned again without electing a speaker voting process lasting longer than any speaker vote since before the civil war we'll tell you where negotiations stand and maybe some movement. tesla shares falling following news the company is slashing prices of its cars in china. it is friday, january 6th, 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 along with joe kernen and andrew ross sorkin. welcome back >> thank you >> it is friday. let's look at u.s. equity futures. things are barely moving dow up 8 points. s&p futures up 2 nasdaq down 28 we have the jobs report coming up that's what traders are waiting to see if you have been watching treasury yields, you will see it looks like the 10-year treasury is at 3.733% 2-year treasury at 4.4%. yesterday was a down day down by more than 1% across the board. in