it is 5:00 a.m. and here is your top "five@5." tech back on top as the nasdaq does something for the first time since november. beefed up names some investors are snapping up ahead. ahead, the 2023 global risk report the takeaways in just a moment. a major blow to samsung as apple looks to shift iphone production in-house. ftx back in bankruptcy court today. invests waiting on two key rulings. later on, if you need a

reason to be optimistic about your money long term, we've got one coming up on your rbi, all on this wednesday, january 11th. this is "worldwide exchange. ♪ well, good morning, good afternoon, good evening from wherever in the world you may be watching i'm brian sullivan let's kick off the hour with how things are looking in the futures market we're slightly higher across the board. we're up about 70 points everyone is waiting to see if we can keep this little run we've had going. you're coming off some decent gains for the major indexes. we're going to hit the full list in about a half houring but overall it's been a good start to the year for stocks case in point, 22 dow components are higher this year with four

of those, dow itself, intel, disney, and salesforce, up more than 10% since january 1st not bad. this as bonds fall and yields rise the 10-year yield, 6.5%. you want to hear something that sounds crazy particularly at this hour? even with all of the talk, the 10-year yield is back at the same price it was six months ago. peaked in october, been down since then, ald now we're back to september levels. in entrepreneur, oil and natural gas are in the green oil is up a bit. natural gas is up by a few cents. it's now down a couple of cents. the federal government put out its first forecast for oil and gas and energy around 2024 they think that oil demand globally is going to jump over the next couple of years, but the eia researchers see oil

prices flat or down in that same period how would that be possible with demand up? they see rising u.s. production countering a jump in demand. we'll see. in crypto we're seeing ether and coin down a bit. even around all the drama of sam bankman-fried and ftx, still they're down a bit. we've got some breaking news to get to out of europe. for that we go to joumanna bercetche in our london newsroom joumanna, good morning. >> hey, good morning, brian. yes, that breaking news you speak of is the release of the world economic global reform report it tends to come out a week before the annual davos session which is happening in a week's time they send out requests to about 1,200 respondents across the private and public sector and ask them to rank what they see

as the biggest risk over the short term, over a two-year horizon and 10-year horizon. we got the results of the risk survey over the two-year horizon, the biggest risk that people are seeing is the cot of living crisis not a surprise here given how inflation has soared over the last 12 month and what governments are doing to deal with that and how it's impacting people's real wages. what's also interesting is over a 10-year horizon, the top four risks cited are all related to climate change i think this raises, brian, a very interesting dichotomy because all of the people who were surveyed are clearly worried about the medium and longer-term impact of climate change and the impact it's going to have on their businesses, but more short term, they're think about this energy crisis and cost-of-living crisis which has

put them in a difficult situation whereby they have to make difficult decisions with things like powering up coal plants and relying more on fossil fuels to deal with the energy crisis while at the same time being worried about the impact it will have on their businesses over the median term. interesting dichotomy there, i thought. >> it really is, joumanna. let's talk about this just a bit because they come out. listen this is kind of -- that's a lot of people out there that will say this is the world economic forum. this is what they'll do. they've been talking about the same things for a long time. there's nothing unexpected here except for that higher cost of living that you're talking about, and it is so interesting because, yes, we've got to fight the long-term impacts of climate change, which is going to cost trillions of dollars, but at the same time for the next few years, anyway, the cost of living is something we have talked about a lot, something i have been to see you guys to

talk about i've talked to people in the uk, talked to people in europe, and, you know, they don't want to hear these diplomats talking about some exogenous risk down the road they want to be able to afford their heat, i would imagine. >> yeah. and i think this is the situation that policy makers, specifically european policy makers, brian, find themselves in, and they've had to swallow this unfathomable pill of having to go back on some of their climate change promises in the short term to allow people to make it through the winter the only way you can bring down the cost-of-living crisis is to bring down inflation a lot of the inflation has been on the back of energy costs as you know too well. governments have been issuing price breaks but leaning more on fossil fuel and lng in addition to trying to save up their renewable capacity and that's going to take time.

the hope is that this will come under control in the next couple of years and after which they can then go back and focus on the median term climate change ask, but it's a tall order. >> i think about the netherlands, the biggest natural gas field in europe. they're shutting that down, but now they're importing gas via giant carbon burning ships they're shutting down farmers but they want belgium next door to produce more food because the netherlands is the largest agricultural exporter and they turned that down hopefully they can figure it out next week in switzerland at the davos forum. joumanna bercetche, thank you very much. all right. think of that what you will, my friends. let's kick off the hour with your money higher rates are something to

look at. we have our next guest we're always happy to have him on at whatever god-forsaken time it is. we appreciate it how is the set uplooking for this market? and i kind of understand you brought us a mini rbi of your own, my friend. >> brian, we always have to bring the content and rbis t you. you know, from our perspective, you know, '22 was certainly a rough year it was the seventh worst downturn for the s&p 500 we had all the popular averages in the red in 2022 and at this point in time, i think investors need to keep in mind it's always 5:00 somewhere, meaning that there's always something to do. i know cramer's always talked about there's always a bull market somewhere, you can see industrials, energy, financials

are butting up some of the best relative strength, brian in fact, i've got many of those sectors putting up 26-week relative new strength highs at this point, and, again, there's always something to do, and those are some of the best and strongest areas of the market right now. >> yeah. it's pretty cool stuff, and we've gotten off to a good start. i know nothing changes i did say yesterday we had a lot of tax laws accelerate maybe the calendar year did matter you're optimistic on the year, right, craig your price target is 4265, somewhere around there >> 4265 is where we're at. >> i flipped it. >> we're looking for about 18% upside from here, and we think some of the catalysts from here is we're watching on the macro side of things right now we've had a downturn in terms of the dollar we've had a downturn in terms of rates at this point in time, and both of those have been

catalysts for the equity markets for the last several months, and from our perspective until the trends change or they reverse higher, i think you're going to continue to see the equity markets work brian, the key equity level that everyone's going to be watching is going to be that downtrend resistance line off of the january highs last year at around 4000. you also have the moving average coming into play i think a play above that level is going to set us up for what we've been talking about, which is a hop, a drop, and a pop for 2023 i still think we're in a hop at this point in time. >> that cpi report tomorrow as we say in the business here is a, quote, big deal if it comes in hot or it comes in really soft, what are your expectations for either? >> well, i think if we're going to come in and it's too hot, i think you're going to look at it technically and say, well, we got rejected again at the

downtrend resistance line, and you're probably setting yourself up for the drop phase we've been discussing, which could take the market down over a matter of months probably to the 3600ish level, but if it comes in less than expected and you see the market higher and you start to reverse the downtrend off of the january 2022 highs, i think that's going to bring people off the sidelines. there's cash sitting on the sidelines at this point in time, and anyone who's wanted to sell this market has already done that. >> wow $4.3 trillion in cash. might have to put that in an rbi. very quickly, can you leave us with an idea for the new year? >> take a look at schlumberger it's got a nice downturn trend i'd also point out boeing. again, it's a stock that's been

out of favor for a while but reversing a longer-term downtrend. i think 2023 is going to be a year we're going to be talking about this market, and i look at stocks like trade desk and alphabet, and we're going to continue to probably lose market cap from here. brian, lastly, from a bigger picture perspective, i think you have to keep taking a look at the dow this year in 2023, because from our mini rbi perspective, when we do see the dow up, all other indices, the s&p, the russell, the nasdaq, the six-month forward returns are quite amazing, close to 12%, and that's 80% of the time it's only happened nine times since the 1970s, brian. >> wow maybe a little history on our side we like schlumberger we may avoid some of these high

beta tech names. i ooh. going say something that will get me in trouble with my new york audience, which is good luck to the giants this weekend. >> thank you. >> at least my chargers made it for the first time in forever. now to some key money headlines happening now including a bipartisan move by congress they take another step to go after china. for that and more we go to silvana henao. good morning. >> good morning to you, brian. let's start with apple it's reportedly planning to start using its own custom displays on its ipads, iphones, and watches. they're looking to reduce their reliance on partners and house republicans and democrats overwhelmingly voting yesterday to establish a new committee to address threats posed by china the new house select committee on the strategic competition between the u.s. and the chinese

communist party will be largely investigated and will be given the authority to call witnesses and hold public hearings. and ftx is back in bankruptcy court today investors and clients are expecting rulings on whether the firm's customer list will be made public and whether or how the firm will be able to sell subsidiaries to raise cash a new court document filed last night features names and share accounts of key stakeholders including kevin o'leary, tom brady, and gisele bundchen, brian. >> some bold-faced names if there that we might actually have an interesting or i should say, you know, tmz covered bankruptcy hearing for the first time ever. >> exactly. >> thank you very much we'll see you in a bit. we have a lot to do. we're just getting started on a

wednesday. when we come back, rbc laying out its best ideas for energy stocks of course, we're going to brick it to you. plus, with shares crushed ipo, new reports of a brain drain of electric truck maker rivian. later on, the end of an a erof wells fargo and its mass business all that and more. futures straight ahead

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welcome back there were two different stockmarkets last year there were energy stocks and then everything else most of the market went down but the energy sector had a record year in 2022, soaring 59% on average it's the first time ever that energy finished as the lone winner in the s&p 500 in a calendar year, the only of the 11 sectors higher. and while, of course, it's probably unlikely the sector is going to match that type of performance this year, it does not mean there is still not money to be made somewhere let's talk more about this with the associate direct over european research at rbc capital markets. it's been a must reed for me on the energy crisis. and before we get some of your picks and opportunity, we've had some spectacularly good weather, great news there, industrial gas use is down. how do you view where we stand right now and where we may be in six to 12 months with what's going on in europe >> thanks for having me on i think we're in a much better

place now than we thought we were going to be, you know, three months ago as you say, mild weather has taken effect you also have the return of hydrogen power like you said so it's a combination of factors that have offset the tightness in addition to the weakness in demand i would say at this point the market is still fragile, but actually the real bad case is, i think, less of a risk. and it's possible we end at maybe 60%, which means less pressure on 2023 gas prices. you'll still need gas prices to remain high in a historical context because you need that energy to come in and ultimately you need to pay for that but relative to where we were a few months ago, it feels a bit more balanced. >> it does and mother nature has been a huge part of that, thank goodness i look at the industrial use

barrage. that's down. people are keeping the thermostats lower. i worry more about industry. we're cnbc we talk about business and economies. what's the concern at least in your mind? i know it's not directly what you cover with the industrial impact on this for a huge carmaker in europe, it still stings. i've got to imagine, even if you have storage it affects the united states. >> it comes down to level competitiveness, so if you have labor costs higher and gas prices higher, that's of concern. what you're seeing is a number of announcements in the last few months from large chemical companies who say they may reconsider footprints in europe and maybe asia and north america and so on. i think this is going to be an ongoing challenge. unfortunately when you look at all of the political rhetoric on the energy crisis, there's been

little talk about increasing energy demands you know, you're relying on imports, which makes you uncompetitive and you increase that lack of competitiveness. >> i was recently in the netherlands at a shell facility. i know shell is a name you like. the spanish company, i know them from moto gp what makes these companies attr attractive >> the reason we like shell is similar to what we saw back in 2022 they're the number one energy player, and in that market we expect to be tight for a number of years trading has been on and off. actually structurally, i think profitability should be better now than what we thought about the business a few years ago

be repsol remains tight given the recession. but actually valuation rates are very compelling. you've got a huge buyback and growing dividend, and that's on the refining market should remain good with cash flow. >> repsol, maybe a new name to our viewers as well. we have to look around the world for opportunity. have a great day thank you very much. europe looking a little bit better let's keep our fingers crossed on the weather. still on deck, a long-awaited burger expansion. yes, burgers a mega billion dollar jackpot. your top stories ahead when w.e.x. returns

> all right, there's some gainers for the year for the nasdaq in what's been a solid start for many names time now for big money movers. number one is wells fargo. the bank announcing it's stepping back from the housing market due to regulatory pressure and higher rates. the company will now focus on home loans for existing bank and wealth management customers as well as borrowers in minority communities. shares of wells fargo are

unchanged. next up is world wrestling entertainment. that's right, the wwe. co-ceo stephanie mcmahon stepping down flouling the re-election of her dad, vince, as the new executive chairman. stephanie returned from a leave of absence back in july to take over as her father retired amid sexual misconduct allegations. that stock is trading higher by about 7%. finally, rivian, several top expectation tissues departing the electric vehicle maker in recent months. confirmed exits coming after the company fell short of its 2,500 production goal last year, due to difficulty getting parts. the stock down, though, up a touch just now. we'll get a check on this morning's other headlines. phillip mena with more.

good morning president biden is back in the united states. the president is now defending himself against a in new controversy. mr. biden said he was surprised to learn there were classified documents found at an old office of his meantime the house republicans are wasting no time kicking their agenda into high gear. the chamber voted on establishes a select committee to probe what republicans are calling the rep onization of the federal government so they would essentially be investigating the investigators who investigated them. california's still unable to catch a break as unrelenting storms arecausing catastrophic destruction across the state governor newsom toured the state yesterday and said 17 people have died since the onslaught began. he added nearly 100,000 californians are living where it's unsafe to be in their home. the 80th annual golden globes made their comeback to celebrate the best in

entertainment, but not without first addressing its controversial hiatus first. >> i'll tell you why i'm here. i'm here because i'm black >> he's quick to call out the hollywood foreign press associations diversity scandal, repeatedly roasting them in his monologue pointing out he was the first black host in their history. and eddie murphy shared some striking advice for young hollywood. >> i followed it my whole career it's very simple three things just do these three things pay your taxes, mind your business, and keep will smith's wife's name out your [ bleep ] mouth. >> facts leave it to the great eddie murphy to drop some sage wisdom on hollywood.

>> yeah. yep. i'll leave it there. i mean, listen, eddie -- we're going to go back at watch "48 hours" and "trading places." the guy is epic. by the the way, random but epic, he used to basically live behind the cnbc headquarters, not that it had any relation. a little known fact about eddie murphy. >> did he ever drop by did you see him at a gas station. >> oh, yeah -- no. amazing guy, amazing talent. phillip mena, thank you very much. coming up as we round the curve on the 5:00 a.m. hour, your mystery chart revealed. there it is. we're going to reveal that mystery chart coming up and why a rebound in china could send these shares higher in the weeks ahead, but first a quick market flash. shares of credit suisse moving a little higher this morning,

bloomberg reporting the bank is considering a 50% cut in its overall bonus pool this year that could be another blow in one of the few years shares downloaded 60% in the past year. we'll be right back.

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welcome back, everybody, and good wednesday morning or evening if you're watching from

australia or asia. good to see you. it's about 5:30 a.m. on the east coast in the united states the stock futures are higher right now, not a huge gain, but we are seeing dow futures up just about 70 or so points nasdaq futures slightly in the green as well. well, if you've not been paying attention, many stocks have been hot to start the year. look at these year-to-date returns via indexes. the s&p 600 small cap is up 3.7% the s&p 400 up 3.5% and nasdaq up 2.5%. stocks are up as bonds fall and yields rise a bit. 10-year yield up let's take a look at oil right now we're seeing it get a

little bit of a bid up a bit it did take a spill tuesday on some big inventory data. oil and natural gas both suffering over a bit of supply issues in the market the praise of oil at 75 and change speaking of energy, the all-in energy trades that we have talked about so much, meaning we're going to need everything in years and decades to come around the world, well, that trade is working right now why do i say that? well, look at this the oih, an oil services etf, and the t.a.n., that's a solar stock, they're up 4.5% this year they're some of the single best performing etfs of any sector. think about that fossil fuel-related companies continue to do well. solar-related companies, which also did well last year also continue to do well. in that energy trade, you look around the world, global growth, everybody wants a house, heat,

safe, whatever, guess what we're going to need it all , an that market trade has reflected that in the last few months. now let's talk about crypto or at least the crypto world because the massive bankruptcy hearing at ftx is about to kick off, and there are a lot of questions. eamonafterer eaeamon javers has more. >> we learned a little yesterday in terms of the shareholders of this entity, ftx they're connected to robert kraft, tom brady and his former life also listed in that entity list of those who held shares in ftx's parent we're also expected to learn a few things today one of the big questions swirling around this is the identity of the ftx exchange

customers. don't know whether that's going to be released that controversy will be addressed by the judge in wilmington today we could learn the names then of all the people who ftx owes money to because they had assets on that exchange also there's a question of how and when ftx will be allowed to sell they want to sell some of their profitable businesses and assets in order to make up some of the money they owe to creditors. the judge is going to deal with the question or whether or not they can do that, how they'll do that, a and we'll get a sense of how soon those assets might come to market. the other big question amid controversy that we don't expect a question that broke out yesterday is the question of the law firm and their role in advising ftx they're advising them so far a group of senators yesterday sent a letter about the lawyers complaining that ftx was using

sullivan and cromwell because sullivan and cromwell had been involved with tfx before the bankruptcy, so during the period when any shady stuff was going on, sullivan and cromwell was around that time senators including elizabeth warren complaining yesterday they don't think it's appropriate for sullivan and cromwell to continue on. they told us they felt it's entirely within the rules to continue representing ftx. we'll see how that all shakes out. a lot of legal fee in that fight, brian back to you. >> you think i'm thinking there are going to be new cars bought with these legal fees all right. sullivan and cromwell kind of the latest addition we've got tens of millions of dollars in political donations to individual politicians as well as super pacs we've got family connections with s.e.c. people i mean how tangled is this ftx

web? >> it's enormous, brian. you follow the docket in this bankruptcy hearing you know, you get these automated alerts every time a new docket entry is filed. i can't tell you my phone has been beeping, buzzinging on the desk constantly there are documents being filed just about hourly in this case it is an enormous amount of material for them to get through. we expect a battalion of lawyers in wilmington, delaware, today we'll see if we get any principals and who are the creditors. who are all these account holders? one of the questions in that, brian, was fascinating when they first addressed it at the first hearing last fall, which is a lot of these account holders may be in china, and, of course, under chinese law, it's not

legal. therefore, their names being exposed in this hearing could be a problem for them domestically in china a lot of those chinese individuals might not want their names made public. unclear if the u.s. court takes that into consideration. do we care at all whether or not these chinese people are embarrassed or involved in something illegal in china that's not material to the u.s on the other hand, some might be in serious danger if their names are revealed here. a lot for the judge to think about today in wilmington, delaware. >> i've got to check i know certain politicians said they'll give back the donations as far as giving it to charity i don't know if any of the super pacs which took tens of millions said they will i'm going to have to double-check i'm not saying they haven't, but where is the money you're going to have a couple of busy months. appreciate it. let's get down to some of

this morning's top stories outside of that including tesla, look about to make upgrades to one of its facilitfacilities s silvana, what is going on? >> tesla is looking to spend $770 million to make upgrades and additions to its facility including spaces for it battery cell testing and manufacturing the plant in texas is where some of tesla's y vehicles are made and where the trucks are slated to be produced. disney announcing changes to its theme parks making it easier for loyal customers to visit ther they're unveiling several modifications to its reservation and ticketing systems as well as its annual memberships at its parks. it will no longer charge parking and will release more lower priced tickets as its california park. and apple dealing with a legal blow with its company over claims of stolen technology.

a judge ruling that the series 6 of the apple watch infringes on some of masimo's looking at the blood. >> did you see the story on a woman and her family and how much they spent? >> i couldn't believe it i don't -- >> a couple grand for the day. >> i know. i can't -- yeah. >> it's like skiing. >> right i mean i could go around the world with that. >> yeah. either way, i just -- i used to get the e-ticket in california i didn't know what it was as a kid. it was the greatest day in your life to get that unlimited ride ticket and sit in line at space

mountain the old day that's old school right there, paper tickets. let's talk china because not in the way we normally do is while they deal with the covid outbreak right now, longer temp, some investors say that could be one big place to invest. pippa stevens with more on that. pippa. >> there's certainly volatility and near-term risk when it comes to china, but further out, restaurant companies are optimistic on the growth potential. credit suisse is saying, quote, there's significant long-term opportunity in the chinese market thanks to a growing middle class, adoption of western brands, and increased urbanization starbucks' same-store region were down 16% after declining 44% during the third quarter mcdonald's cfo said during q3 earnings it's a challenging operation environmental in china thanks in part to mobility

restrictions now in terms of who's most exposed, yum! has the highest shares of units in china at 20%. starbucks has 17% exposure according to credit suisse followed by mcdonald's, shake shack, restaurant brands, and papa john's. on the growth opportunity side, china is forecast to make up more than 60% of mcdonald's new units with yum! and starbucks at more than 20%. now, all these stocks up double digits in the last three months, brian. optimism around potentially more sales in china >> all right we had a mystery chart a few minutes ago, and it is related to this story, and apparently it's oatly, the oat milk company. i don't think we've ever shone t shown them as a mystery chart. what's the latest on the story >> the stock hit an all-time low

and that's partly with a new partnership with ya-ya foods it's converting its facilities from end-to-end moring to high end products it's notable because it's been plagued by operating challenges including its demand the company has not been able to capitalize, and it's seen its market shares shrink from more than $10 billion in 2021 to $1.5 billion today. certainly a name to watch, but maybe a little bit too much enthusiasm here in the near term. >> as soon as this show is over, i'm going upstairs, squeeze a bunch of oats, and see what i can get out of it. it's going to be hard. >> i believe in you, brian. >> i've got to get that oak milk i'm going to squeeze those oats

and get all the milk out of them that was dumb. on deck, feeling optimistic about your money we've got a few big ones coming out of rbi please do not squeeze oats no milk will come out. i apologize. we're back after this.

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we could use it. did you also know it was one of the worst combined years for stocks and u.s. government bonds ever that's right historically bad markets as the government stoked inflation around the world and crushed nearly everything, but if you were thinking long term, and you should be, declines like last year may actually turn into a good thing it could take a while. let's explain. i'm grabbing this from ben carson and his wealth of commonsense blog last year, it was only the 11th time the balance portfolio, 50% stocks, 40s mons went dup it didn't work last year, but 2022 was so last year. let's take a look at the future. in any year history says, well, i thinks will look better.

they'll not look perfect though. four of the previous ten times that both stocks and bonds went down, carson notes they were also lower in a year 1930, 1973, and 2001 the combined portfolio the c actually did worse when they go down two years in a row, the second year tends to be worse. there were good years like 1974. overall the bottom line is this. 12 lines out after a decline, it's mixed but look at the right side, seven years out. you have always ended higher they note that the average gain of a combined 60/40 portfolio in that time is a pretty nice 65% return four of those years were a combined return over 80% with the worst year being 1930s, just a meager 19.5% jump for the

mixed portfolio. some of you may be thinking or saying these numbers don't look or sound that great, but consider that's a mix of 40% bonds. that's meant to keep your capital, not really grow it. on those returns, they do look pretty good and a good reminder that in the game of wall street, it is about years, not months. random, optimistic, and hopefully a little profitable. we'll talk more about these markets whienld your next guest says he's holding off on cutting risks ahead of tomorrow's big inflation data stick around

welcome back time for your w.e.x. wrap-up wells fargo stepping back from the housing market due to regulatory pressure and higher rates. the company will focus on home

loans for existing bank customers. holiday pc sales declining except for apple mac shipments dipped by only 2% in the fourth quarter compared a 20% drop by other brands apple is planning to use its own customer displays on its iphones and watches by as early as next year in an effort to reduce reliance on technology partners. the nfl's season ratings dipping slightly from last year, the drop coming lightly because the league shifted thursday nights to amazon prime's streaming service. can't rate on tv if you're not on tv. rivian automotive shows a departure. and stephanie mcmahon is stepping down from wwe following the unanimous resignation of her dad, vince mcmahon you have been wrapped up

let's talk more about the markets. zach, good to have you on. hopefully you heard my argument a few minutes ago trying to show people it's been brutal, it may be brutal in the near term, but if you're a long-term investor and long-term thinker, history is on your side. >> good morning. nice to see you. i do agree with the long-term resistance we flipped the calendar year to the new year and said, oh, i thinks will be better. we don't think we're quite there yet. we're a little bit cautious in the near term. we've got a few things to work through in the first few months of the year. >> what are the main things we've got to work through? >> so we need to continue to see this decline in inflation. the fed is clearly still a single mandate central bank, and

all they're focused on is getting inflation down for them and for a more durable, you know, return to a more average kind of inflation, the 2%, which is their target, you really need to see the labor market start to slow down. we really haven't seen that. little glimmers of hope we've seen in a few reports and some leading indicators, but in terms of tangible evidence, we have not seen that. that's kind of the main thing we're looking for to start to stabilize the bond market. once you can stabilize the core bond yields, that's how everything else within the capital market is priced you see lower volatility in bond markets and in equity markets. that's a good thing for long-term investors. >> well, inflation has been trending down, zach. if tomorrow's cpi number comes in soft, meaning inflation continues to decline, is that the all clear to just go buy 40 pe multiple growth tech stocks

again? all is well? >> yeah, i don't think so. you know, the fact that we have 40 pe or 140 pe tech stocks all over the place was just a by-product of years and years of a really supportive macro environment. we're nowhere near that, and we're not going back to that that's a particular time and place that's not going to be repeated absolutely not normally to set up into a number like this where we've seen a rally in equities and bond yields declining, i'd be a little cautious. i sense a lot of inflation fatigue on wall street and people are just tired of talking about it, tired of worrying about it we've been talking about it for 18 months, please, can i talk about something else and i think in that context if we go into this number, if we see a hotter one, you can easily dismiss it and say, that's one the trend is your friend, and we have a lot of momentum.

>> zach, i apologize, we'll get you back on. thank you, folks. if you're going to the airport right now, apologiapolo. the faa says all flights are grounded nationwide. that is correct. the federal aviation administration is experiencing an outage with the system that puts what puts a no ams, notice the to air missions. they're having a problem with the national computer system and as such the faa has grounded all flights nationwide it doesn't say how long they're grounded it could be a couple of minutes. could be a couple of hours no idea. right now if you're one of the millions of people likely getting on a plane today ne anywhere coming into the united states or going to the united states, you're on a ground stop right now. by the way, this goes to what we

saw last week where there were some issues with travel systems, particularly in florida, although, i heard from some people inside the industry that it might have to do more with the lack of people than systems. either way, the faa, ground stop right now, no flights, sep those, of course, that are in the air currently are going to be taking off. that is unbelievable and unacceptable all right. that's it for user he on "worldwide exchange. i'm sure squawk will pick up the coverage next.

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good morning, the nasdaq coming off its third straight positive session, now up 6.7%. strategy shift at wells fargo. cnbc has learned that the bank plans to pull back from the u.s. mortgage market. details straight ahead and the house of representatives taking a hard line with china, creating a committee to address threats from beijing it's wednesday, january 11th, 2023, and "squawk box" begins right now. ♪ good morning, everybody.