it is 5:00 a.m. at cnbc global headquarters. here is your top "five@5." investors brace for the latest read on inflation due out this week futures are higher. 15th time the charm. kevin mccarthy sworn in as next speaker of the house why concessions made could undermine his power. in brazil, thousands storming the country's congress building over the weekend demde demanding moving of da silva's

removing in office one week in office. and tesla customers are outrages over the decrease in price. and thousands flock to the airports in beijing as they release all of the covid controls it is monday, january 9th. you are watching "worldwide exchange" on cnbc. good morning i'm seema mody in for brian sullivan let's look at where the u.s. stock futures are trading after the nice rally on friday stocks right now in the pre-market trade indicated higher dow jones industrial average up80 points. nasdaq up 45 s&p gain of 14 points. this after the indexes saw the best single day gain on friday the dow surging 2% sort of a similar story with the

broader s&p 500 and nasdaq with both indexes gaining more than 2% on the day and snapping the four four four-week losing streak. right now, look at the 10-year treasury note. 3.0% in energy, wti and brent falling more than 8% last week you will see oil is trying to claw back the gains up 3.6%. holding on to the $76 mark let's check on cryptocurrency. above $17,000 for bitcoin. you see ethereum with a gain of 4% let's on the overnight action in asia with arabile gumede in london with the l latest arabile. >> seema, good morning the market has enjoyed the reopening of china and the asian

trading picture is looking more positive a lot of green across the board. .50% gained across the board at the hang seng with 2% to the good the key element is alibaba where you are seeing jack ma cede control of the ant group the reopening of the market is also helped the european index they moved slightly higher we are expecting retail trading users to come out more this week particularly today with the uk branch of the german retailer reporting that there was a 24.5% increase in their sales for the four weeks up to the end of december that's 1.3 million more people shopping at the discount retailer compared to 2021. showing again the cost offing li -- cost of living crisis is hurting and people are moving to

other retailers. above the flat line is the ftse 100 with the mixed trading board for europe >> arabile, great to see you let's stick with the latest overseas particularly in brazil where the protesters stormed the congress and palace on saturday insisting the presidential election was stolen. the scene similar to what happened at the capitol here two years ago. nbc's melissa para reports >> reporter: chaos in brazil as thousands stormed the capitol protesting the election results. supporters of jair bolsonaro unwilling to accept his defeat to da silva. otherwise known as lula. promising harsh consequences as bolsonaro's election deniers smashed windows, supreme court

and palace the u.s. secretary blinken tweeting using violence against democratic institutions is unacceptable it is all too familiar only this time brazilian lawmakers were not inside and the government is already in power. with lula's inauguration one week ago fears of insurrection never quelled. in the days that fold lowed bolsonaro's loss, vehicles set afire. >> was the writing on the wall this was coming? >> i would say these events were tragic and unsurprising. there is a climate of denial >> reporter: bringing calm to a country at a political boiling point is lula's first test of the presidency melissa para, nbc news

>> we have more on this coming up, but let's get to the morning's headlines with silvana henao. good morning goldman sachs is kicking off job cuts planning to eliminate 3,200 positions this week. more than one-third of the cuts will focus on the core trading and banking unit goldman planning to unveil financials tied to the credit card lending business which is likely to have recorded more than $2 billion in losses. hundreds of tesla owners are gathering over the weekend in china demanding rebates and credits after the automakers price cuts last week on the

model y and model 3 vehicles that marks tesla's second price cut in the last three months in that country shares of alibaba surging in overnight trading following news that jack ma is ceding control of ant group paving the way for a government-led ipo by the fintech giant after years of road blocks from the government. this comes hours after the photo of jack ma surfaced on instagram late yesterday showing him at a restaurant in bangkok and showing the caption that we are welcoming you. >> watching shares of alibaba. gain of 3% right now silvana, thank you after 15 rounds, congress member kevin mccarthy is now the house speaker. now, realizations over concessions made during the deal making process would undermine

his power as an effective party leader ali vitali of nbc is reporting now. >> reporter: kevin mccarthy celebrating a victory that almost didn't happen >> that was easy, huh? >> reporter: it all came down to six holdouts not to yes, but to present. mccarthy pleading can boebert and gaetz in front of the camera to get the gavel some phoned trump to help. one passing off the phone marked d.t. on the floor. mike rogers had to be restrained from lunging at matt gaetz a sign of anger over deals offered to holdouts. finally, just around midnight. >> gaetz boebert. rosendahl. present. >> reporter: at last, a mccarthy

victory. >> two months ago, you voted for a new direction for our country. you embraced our commitment to america and now we're going to keep our commitment to you >> reporter: inn p stalled officially in the speaker office, he ushered in a new era of government in washington and thanking trump for his help. >> he was with me from the beginning. he would call me and call others >> reporter: promising immediate votes on defunding the irs a focus on the border and curbing spending >> we must get america back on track. >> reporter: the business of governing is harder based on what he gave up to get the job one member can trigger the vote to oust the speaker. freedom caucus members with spots on key committees and promising border security would get votes. chuck schumer spiking e -- spea

saying the concessions will cause a government shutdown or a default on the nation's debt both battles looming in the m coming months. when we come back, comments from larry summers over the federal reserve. and what macy's is telling investors is putting pressure on the entire sector. and later, more on the china travel boom and what it means for investors. a very busy hour still ahead ren orwi ehe o"wlddexchange.

welcome back stocks are set to kickoff this week as investors await a slew of economic data in the coming days including the cpi on thursday and wall street looking for any sign of a pause or pivot in the rate hiking campaign to tame inflation and avoid recession. this may be a while before we hear good news former treasury secretary larry sm summers saying he suspects turmoil for markets in 2023. is he right? let's bring in jamie cox at harris financial jamie, the idea with the jobs report, maybe the fed will start to slow pace of rate increases, but you balance that with what

larry summers said over the weekend. is the market right or is summers right? >> you know, seema, good morning. last year, the market had to deal with the fed increase and now it is the economy's turn this year is rocky in the back half particularly of this year basically what will happen as the rate hikes start to take hold, you will see some of the problems that come along with it like job cuts. you are starting to see the beginning of those start now in tech it seems that is feeding in financials with goldman sachs. as we move through the first quarter, you will see that permeate into other industries that will be probably the beginning of the end of the growth cycle for the part of the economy. we will see that happen. i don't think the market is going to have as difficult a time this year as last year because it probably will mean that rate hikes will, you know, go away.

i don't know if it will be a pivot very soon, but a signal that the fed will back off rates closer to the march or april timeframe. that is what i'm expecting that will really help markets calm down. once markets get an idea that the rate hike regime is starting to rolling over, then the dollar will stop going up >> you like healthcare here. t tell us why. >> one reason why is the dollar has been strong and the european companies have large dollar based revenue. you have the reverse opportunity we saw in the last decade where you have a strong dollar, but -- excuse me. weak dollar and strong pound that reversed. you see that translate to large p pharma they will start doing m&a

you see that with astrazeneca. that will be poised for growth it is defensive in 2022. offensive in 2023 and 2024 you will hear an enormous amount of innovation that people have been ignoring and ignoring all of the good things in healthcare you will see those technologies be displayed and a lot of money to be made in bio-tech that is a good place for investors and any time you have a market turnover, there is a leadership change and technology is no longer in the lead. >> jamie, i want to get your thoughts on the reversreversal oil went down significantly in the last three months. now up 4% on the day where do you see prices headed this year? >> i think oil is a little higher you will not have such a large

release of spr you also have the bigger issue which is positive overall with the china reopening. that will create a larger surge for energy prices. you will see energy in the 80s and 90s this year because you have a very large faction of the population brought online and energy consumption unless there is an end to the russian and ukrainian crisis, that will happen be the case huge opportunity for dividend plays. >> wti at $76. natural resources at 10% dividend jamie cox. thank you. still on deck, u.s. investors probing hedge funds in the wake of the ftx collapse we have the full story here ahead on "wex.

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welcome back we go to phillip mena in new york with the latest on other headlines. >> seema, good morning president biden's policies are on the table as he meets with the mexican president and canadian president to talk trade. yesterday, the president visited the southern border for the

first time since taking office the trip comes days after the biden administration unveiled a new plan that includes tougher border restrictions and offering a legal pathway for 30,000 migrants a month. tens of thousands of californians without power as atmospheric river battles the state. forecasters warn of sigh loans -- cyclones are in the works for the coming days. and damar hamlin is on the road to recovery players warmed up in shirts with hamlin's number 3. the 3 on the 30 yard line painted in blue or red. the bills showed love to hamlin at the start of the game >> decided to defer after winning the toss

here is the return this is story book. >> it was three years and three months since the last kickoff run for a touchdown. that set the tone for the day. the bills sprint by the patriots 35-23. it was a storybook setting in buffalo. seema. >> great phillip, thank you. as we head to break, we are watching shares of macy's. trading lower by 5%. the company late friday warning the holiday quarter sales would come in lighter than expected at the low to midpoint of $8.16 billion range. macy's says the squeeze will likely continue into this year weakness spreading across the rest of the retail sector. kohl's and nordstrom flialng ahead of the open.

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stocks looking to keep the new year momentum rolling as inflation and data talk coming from the fed head this week. a violent scene in brazil as thousands storm the capitol demanding the newly seated president be removed from office the latest on the situation. and newly minted house

speaker kevin mccarthy set to face his first test in power it is monday, january 9th. you are watching "worldwide exchange" on cnbc. welcome back i'm seema mody in for brian sullivan let's see how your trading day is shaping up. futures are higher across the board. nasdaq with a gain of 61 points in pre-market. dow jones industrial average indicated higher by 122 points this comes after the major indexes saw the best single day gain since late november on friday all three major indices surging more than 2% following the jobs report if you look at the bond market, we were above 4% mid last year. now we're at 3.95% for the 10-year treasury and wti is up about 3.5%

it seems like the china reopening story is back in play. speaking of china, let's look at international markets. shanghai closing higher on china's reopening. brazil's ewz is lower after the protesters stormed the capitol we have more on that story coming up. let's get a check on the other top stories. silvana henao has those. silvana. >> good morning, seema elon musk is looking to move the trial over the lawsuit to texas from california. lawyers are arguing he won't get a fair trial in the golden state because negative local media coverage has bias potential jurors the trial stems from musk's tweets when he said he has sufficient financing to take tesla private and slated to begin next tuesday. apple appears to be starting the hiring process in india as

it prepares to open the first flagship store they are listing openings for various locations within india the news reported by the financial times which said applying of several locations suggests that apple is working on other stores beyond the one set to open in mumbai as early as march. u.s. investigators reportedly subpoenaed hedge fund managers other binance they are looking at the relationship between binance and ftx bypassing money laundering rules. the subpoenas do not mean it will bring charges against binance or the officials they are weighing to see if they have enough evidence to bring charges, seema >> silvana, thanks let's turn to washington

where kevin mccarthy is set to face his first test under his new role as house speaker. securing the position on friday after 15 rounds of votes concessions made by kevin mccarthy may rear its head ylan mui has more now. this could be a test for mccarthy he got the speakership what is next >> reporter: that's right. house republicans are hoping to present a united front today after the bitter in-fighting last week. the sign of speaker of the house has gone up in front of mccarthy's office this morning mike rogers and matt gaetz have apologized after nearly throwing punches during one late-night session. the task facing the gop is to adopt the rulingses over the 11

congress here is republican james comer >> you look at the republicans and we want to actually balance the budget which means we have to make spending cuts in every area of state government except social security and medicare that is a tough job. it is tougher for republicans to get to 18. i believe we will. >> reporter: among the steps the gop is proposing preventing bills increasing mandatory government spending from getting a vote. eliminating a mechanism that automatically raises the debt limit when a budget resolution is passed and requiring three fifth of lawmakers to pass bills that hike taxes instead of simple majority. republicans are serious of

reining in spending about codifying the spending procedures back to you. >> i was watching the drama on friday with my husband it was 1:00 a.m. with the vote how difficult is it now for mccarthy to move forward and govern with all these changes? >> reporter: so one thing i didn't mention, seema, among the rule changes is a provision that would allow any single member to force a vote to oust mccarthy as speaker. he holds the speakership now, it is a tenuous position. that means individual members hold a lot of power. that is one reason they want to codify some of the rules changes because whether or not kevin mccarthy is speaker, changes to the procedure for bringing policy and bills to the floor would still hold within the rules. they are trying to create the fail/safe mechanism saying if

mccarthy and whatever deals we cut, there is still a way for republicans to ensure that there is not a big influx of add additional government spending that is one reason they dug in hard in the speakership votes. >> ylan mui, thanks. joining me now is fordham global stra strategist tina fordham. tee tina, good morning >> good morning. >> what happens next? i'm curious about the debt ceiling talks. how do you expect mccarthy to navigate do you expect opponents will use this to leverage deep spending cuts >> i have to say from where i sit here in london talking to mainly global investors, this fight over the speakership has been ma spectacle.

one of the two or three most important implications of the battle is what it means for raising the u.s. debt ceiling. that isn't up until july there is still time. i think there is real prospect for the so-called taliban 20 to hold so. this is their ticket to staying in power which is to be disruptive that's their sop >> how does this change what the republicans do in 2023 >> i think 2023 global market outlook which is full of macro concerns with the risk of recession, obviously and inflation and what central banks will do front and center, i don't think outside of the

immediate inside politics that enough attention is being spent by investors looking at dyn dynamics i actually think it will be disruptive it probably will be more noise in the run-up to the next raising of the debt ceiling. it could contribute to some fatigue. if the u.s. is in recession when we have this battle, it will make markets nervous >> biden's popularity rating how do you expect it to fare >> it was poor as we went into m midterms it defied gravity. the only thing that matters is if you are more popular than your challenger. that's a pretty low bar. we have a republican challenger for the presidency who in former president trump who isn't

campaigning. we're in a strange lull at the moment when it comes to political signals coming out of washington i think market participants are going to focus on the potential that the u.s. may swerve for recession and hope for the best and come back for political drama later. what mccarthy has done is make it easier to turf him out of the speakership. >> tina, stay right there. we want your thoughts on a developing story in brazil where the protesters stormed the palace on saturday and refusing to accept the election of lula the new president. the scene similar to what happened at the u.s. capitol over two years ago we are showing those scenes from sunday i want your reaction, tina, to what is playing out in brazil.

>> sure. >> what did you make of it >> yes, i do what is playing out in brazil? two days after the and remembers -- anniversary on capitol hill on january 6th, it takes place in brazil. it was an attempt to coup. it appears that the so-called protesters were hoping for a military coup. you have seen the clips where the protesters applauded when the military police arrived on the scene at the palace and it appears that's because they thought the police would join them in the fight. we really have to think about right-wing ex-trovism or the demonstration or the result of

training or more direct influence is the question. we know that steve miller and steve bannon have been talking about these tactics around the world. these disruptive tactics >> i was curious when looking at emerging markets and your outlook on brazil for most of 2022 was a winning trade for investors as oil prices rose is the outlook on brazil pinned on commodities >> brazil is a commodity story if it is overtaken by a period of disruption, political disruption, then that becomes the story. brazil very much doesn't want to go back to those days. i was in the country not long ago. it has so many things going for it this could be a more positive time for emerging markets.

this disruption that the protesters are after and an all eyes are whether president lula can quell this dissent and the election was very close indeed, but not contested. there are questions about the electoral machinery. they have an enviable system for elections that we in the u.s. would love to have, in fact. exploiting this divide is going to undermine investor confidence in brazil. in the immediate term, it hurts the currency if it is not resolved shortly after all of this, then we have to think about more prolonged disruption >> brazil is widely traded down 17% since lula became leader tina, thank you. that is tina fordham.

coming up on "worldwide exchange," beijing continues to ease covid restrictions and the potential pop that travel stocks to face as travels return. and some of the top trending stories as we head to break. sad day for pasta lovers ronzoni will no longer produce the variety due to manufacturing issues the shape has been a staple in soups and dishes for years. the mega millions jackpot jumping to $1 billion after the friday drawing did not yield a winner the first time in over four years that the top prize has exceeded $1 billion. and nasa satellite is set to fall back to earth from space. the agency looking to calm fears over the wreckage falling on anybody. the chances of that happening are quote very low 38-year-old satellite will burn up upon reentry, but some pieces are expected to survive. older than me.

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tens of thousands of travellers cls flocking to the airports and train stations in china for the first timie since march of 2020. this is the video of the crowds that connects hong kong with the mainland packed as you see.

trip.com shows trips increased 8% from compared to the previous two weeks. some beneficiaries include cathay pacific and cdl bank of china is betting that cross border business travel will now pick up btig analyst is raising estimates on booking holdings compared to expedia. all of this is happening as covid cases are expected to surge further with the lunar new year weeks away. let's discuss this with dewardric mcneal dewardric, it is a pleasure to have you on. here is my question. are investors a bet at the time when we are watching covid cases

rise across the country and that is preompting many countries to issue restrictions >> that is a good question, seema. good morning thank you for having me. by and large, this is a good news story if you look at bookings data which you cited some of the data between january 21st and 27th, traditional lunar new year, we see bookings up 540% prior to the pandemic, seema, this was a group of 155 million chinese traveling abroad and spending $250 billion overseas if this was to materialize the way bookings seems to suggest in the first part of the year, this could be significant to your point, it is time to take a measured approach this will be a bumpy start we don't know if airlines have the capacity at the moment in terms of equipment and human

resources to really capitalize on all of this interest. it could have inflationary preappr pressure we need to pay respect to the surge in the chinese travel that's coming. >> what does it mean for president xi the abrupt policy reversal does this help him politically >> it is hard to say, seema. there is a lot of discussion among china analysts of how this happened so quickly. we are starting to get some statements out of china that this was intentional and not because china's hands were forced by protests or forced by local governments running out of money to fuel their zero covid policy procedures. it is hard to say. my sense is on a global stage is

certainly has harmed xi's iimage most people are scratching their heads how it can happen in a chaotic way especially if it was planned. >> i want your take, dewardric, over the cases increasing in china. they have a supply chain heat map telling us orders are canceled by factories because they do not have enough staff due to covid cases of course, this comes as orders are down 30% to 40%. there is marine traffic telling cnbc they are tracking port problems in shanghai similar to the city when it was locked down in april of 2020 i am curious china is reopening, but the data from the movianufacturing secto,

telling us it takes time to improve. >> that is correct, seema. this is a situation where it moves in shanghai and beijing and out to the well noknown manufacturing hubs, this would impact china production. this would snarl again as we go back to the global supply chain. this is by and large a positive story with respect to the opening, but one we must measure and balance in terms of how we think about and trade china in the first several weeks of the year because it will continue to move out into the manufacturing areas and into the countryside that will have additional impact on how well china's economy is able to function in the first half of the year i do think we get beyond this at some point i'm not ready yet to declare

victory. >> how does this change the calculus the supply chain to other countries like india the story from the financial times that apple is hiring across india >> i think china plus one and you know we talked about this a little bit is a smart strategy despite china opening and despite what we think will happen in the latter half of the year there is a lot of geopolitical risk with china as single point of failure as we talked about, we need policy support from washington to make plus one real and not just a statement we use here in town a regional trade policy would be helpful. i still think it is smart for businesses to think about how you diversify supply chain and minimum viable manufacturing capacity outside of china. >> fascinating story i'm watching closely and you as

well dewardric, great to see you. on deck, we have degas wright with the busy trading week ahead and the stocks high on his shopping list. reminder, tune in tomorrow for cnbc's live coverage at jpmorgan chase healthcare conference the largest forum in the industry it will feature interviews from pfizer and moderna and gilead and more we're back in a moment ♪ welcome to a new era of flight.

welcome back time for the wex wrap-up six stories as we close in on the 6:00 hour. salesforce ceo reducing costs from $3 billion to $5 billion.

this after salesforce is reducing work force by 10%. goldman sachs looking to trim head count by 3,200 positions this week according to reports. the layoffs will be from the core trading and banking units. look at shares of alibaba rising on news that jack ma is giving up control of sister company ant group. the development that could lead to an ipo. john deere will allow customers to repair their farming equipment or take to repair shops they have been accused of proprietary software to restrict repair work. the nlrb is set to hold a hearing for apple employees looking to unionize at the world trade center location. hundreds of tesla owners protesting across china over the weekend over the price cuts they

missed out on. tes announcing the cuts on model y and model 3. we did it. austin goolsbee becomes the chicago fed president. and president biden traveling to the summit of america in mexico. and we watch for jay powell speaking in sweden this week and watch for the policy pivot if there is one and boeing releasing figures for quarter 4. it is also housing figures released on friday and the latest for ftx set to be held for their bankruptcy hearing and the latest read on inflation with cpi figures

wrapping up the week on friday is consumer sentiment data and banks with earnings season we get results from bank of america, citigroup, wells fargo and delta airlines who says we don't get you started for the week let's bring in degas wright with decatur capital. we just went through the calendar what are you watching? >> we want to focus our investors on looking at the companies from four characteristics. we want to identify the companies with advantage and profitable and have returning value back to shareholders through dividends and reduction and buybacks and lastly reasonable valuation seema, that's what we focus on >> we saw bond yields fall on friday, degas.

what do you make of that is that changing how much money you put toward fixed income or bonds in 2023? >> well, one of the things we have seen now is you can start investment back in banonds you can get the bond play which is very much active and we are seeing some real interest in buying bonds again in our portfolios >> i guess the question heis wh happens this thursday? if the inflation report is still hot, how do you expect the markets to react what changes would you make to your portfolio >> one of the things we will see if the inflation is still hot, that means the markets will pull back there will be a concern the fed will have to continue to raise rates longer

that's going to have a significant impact on markets. what we see if n the first halfo 2023, we are in a trading range of 3600 to 4000 for the s&p. once the central bank pauses, we will see the markets recover that is what we are looking at in the second half of 2023 >> we have seen the dollar weaken significantly over the last five trading days is that making you bullish on emerging markets >> it does because what we're seeing is with the strong dollar, it was really adding to the inflation on the necessary goods and emerging markets particularly food and energy as we get a weaker dollar, that will be positive for emerging markets going forward. >> okay. your top pick for this year? >> yes, things we are looking for.

things we want investors to focus on one is in a public group is the leading marketing advertising company in over 100 countries. it has an 11% free cash flow return on investment that's a very good return. also, it has dividend yield of 3% and a 1% buyback. >> great we're going to have to leave it there. the other two are service corp and abb. degas, thank you futures rated higher that doeit fs or us on "worldwide exchange. "squawk box" is next i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it.

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good morning futures slightly higher ahead of the busy week for the markets after that nice snapback and

bounce on friday we get you ready for key inflation data and earnings season 15 times was the charm congress member kevin mccarthy winning the speaker gavel. we'll tell you what he had to give up to win over the critics. and jack ma ceding control of ant financial and popping up on social media in a rare public appearance it's monday, january 9th, 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. as joe