it is 5:00 a.m. at cnbc global headquarters. here are the top "five@5." stocks under pressure to end the week after another hotter than expected inflation report. fed hawks circling again floating the jumbo sized rate hike in march. in china, the ceo goes missing and now its shares are sinking. details straight ahead. the 24-hour strike in germany has thousands of would-be travelers stranded.

cancellations near 80% this more than -- morning. and apple could be the next tech firm to head to layoffs it is friday, february 17th, 2023 you are watching "worldwide exchange" on cnbc. good morning i'm contessa brewer in for brian sullivan on this friday. let's check on u.s. stock futures and they are under pressure after a sharply lower day for stocks yesterday the dow suffered its worst one day loss in a month. the s&p implied open down 23 points dow jones industrial average looks like it will open down triple digits. the nasdaq off by 100. this after january producer price index yesterday came in hotter than expected it sort of mirrored the cpi report on tuesday. let's take a look at how that is

influencing the bond market and 10-year treasury which is trading now near the highest level since late december. this morning, you see the 10-year at 3.89% in energy, oil is extending the losses down this morning. wti is off 2% this morning brent is off by 1.75%. nat gas off one s-one-third. in crypto, bitcoin is off 3% as well as ethereum off 1.5%. let's get a check on the overnight action in asia and europe with joumanna bercetche in london. >> good morning, con teatesconta risk-off tone here you see the ftse 100 coming off the all-time high. below the 8,000 mark down .25% after better than expected retail sales.

nat west is one we are watching. dax in germany is down .80%. ppi in germany is hotter than expected more inflationary pressure emerge cac 40 is down .70%. we are seeing industrial and tech lead the declines today i want to switch to european airlines one story we are watching is almost 300,000 passengers set to be affected by the 24-hour strike at seven german airports. flights from munich to other areas are canceled the industrial action certainly on people's minds in germany finally, one stocky want to point out is tencent down about 2.4%. this on news that the company is

abandoning plans for vr h hardware they were building a ring hand held controller, but shifted away after failing to achieve profitability. that has been negative from the investment community not going to be the case, contessa >> thank you, joumanna let's get a check of the top stories now with kristina partsinevelos. good morning, kristina >> shares of renaissance are sinking in asia trade. this is after the chairman had gone missing he is a key player and has played a huge role in the tech sector advertising companies like didi over the ipo the s.e.c. charging his company

with defrauding investors over a multibillion dollar scheme k kwon was the head of the crypto firms. and tiktok is open oning tw data centers the move comes as tiktok is looking to assure the western governments that user data cannot be manipulated by the chinese government contessa. >> thank you to the broader markets stocks on a run. the bulls are taking hits with hotter than expected inflation numbers this week and hawkish comments the latest is loretta mester and james bullard said they would back raising rates by .50 given

the strength of the inflation and economic demand. they are not voting members this year, but no other fed officials have spoke in favor of larger rate hikes in a note today, goldman sachs says it expects three more quarter point moves in march, may and june with the fed funds rate at 5.25% to 5.50% let's talk with gina sanchez gina, good to see you. when you hear loretta mester and james bullard say we should have gone higher, do you believe that is a litmus test for the market? >> there are two narratives. they are backing the first narrative which inflation is sticky if that is sticky, the fed has to do more in order to battle inflation which would bring on a harsher recession. the markets are warring with that and the soft landing

scenario those are opposite camps honestly, i'm landing in the soft landing scenario which is not always the prevailing view if you look at the data, it supports it. >> why what data are you seeing that makes you think we might come out of this okay >> a few things. if you look under the hood of cpi, all of the raw goods, goods prices and those prices are all falling. the only price sector that is rising in cpi is the services component. that is driven by wages, not oil. oil is falling today you see the difference between ppi and cpi. if ppi is the price of inputs and cpi is what you pass through to customers, then there is a gap there which is to suggest that companies are doing fine. passing prices through to consumers. if that is the case, margins are

still healthy. wages, on the other hand, are the inflation that causes greater demand in the end, there is a productive form of that and a little bit of that is good too much of that is bad. i think we have done quite a bit with the fed movement. it would suggest that all of this resetting of wages is leaving the consumer in a health year healthy place. the last piece is the workers who left in the 55 plus cohort of workers is gone there is a worker shortage you see that in the number of weeks for full-time workers to find a new job and that number is actually falling. that is to say the people are finding jobs faster and faster. >> and more workers needs attention from congress and local and state leaders. it is a long-term challenge. not something we can fix with one magic solution

that being said, all of this talk with the tight labor market and whether the rate hikes keep coming and we heard from jay powell that it will be a bumpy road to reduce inflation are you expecting the same for the markets? >> yeah. i think that what you are seeing right now is you are seeing a crimp in margins because wages are going up that does tend to be sticky. however, i think that what we're doing is resetting the market. we are saying the high margins are not normal maybe the right number for margins is a bit lower having a healthier consumer is not a bad thing. the markets will have to keep re re-rating down nobody is expecting the fed to do a big interest rate cutting cycle the. if that is the case, a lot of the multiples that have gone away, they're gone. >> gina sanchez, thank you >> thank you when we come back, tracking

the retail investor sentiment shift. my next guest asays the bulls ae celebrating too soon. and apple could be the big shoe to drop in the tech layoff count. why that could be the next concern of tim cook. and the mystery chart revealed on "worldwide exchange" when we return that's what you get from the morgan stanley client experience. you get listening more than talking, and a personalized plan built on insights and innovative technology. you get grit, vision, and the creativity to guide you through a changing world. ♪ rail vision is at the forefront of an evolution in train safety. to guide you through a changing world. using advanced sensors, ai

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welcome back a sentiment shift appears to be on wall street a survey shows retail traders are back in full force this time it is not gamestop and hurtz and amc on the shopping list joining me now is caleb silver what shift are you seeing? >> maybe the bulls are running too early. when you look at the aai survey, the bullish since the last november when you look at our survey, 41% are ready to buy the dip not fully ready to go all in, but looking for opportunities. when you look at the survey, cash levels are dropping you see a little bit more of people ready to jump in. look at the options market, contessa one of the biggest days ever for call options last week

betting stocks are going higher in a short period of time. we saw the zero dte options. days to even options the bets the stocks will rise in a given day. a lot of people ready to go just as the markets are turned. >> are there specific stocks that are top searches? >> the biggest ones. apple and tesla are popular. amazon is popular as well. you are seeing a lot of investors piling in stocks that did hoarrible zillow and twilio. three month highs in the past three months as investors jumping back in. a lot of options activity there and people looking for reasons to buy they want to believe right now maybe the timing is off. as we have seen over the last few days, the market has turned with the inflation reports and big labor market report couple

weeks back. >> i'm looking at the stop searches how to day trade watch sale rule. does this concern you as we head into the market where people are getting in over their heads? >> i think people want a reason to believe people are looking for reasons to buy these are the ones that spiked the most these lately have been getting our attention. extremely dangerous. golden cross that's a bullish signal. a technical analysis signal. people looking for reasons to latch on and put money back to work the timing could be circumspect. people want to buy back and get the tax writeoff that is not allowed by the irs you see friskiness and you have to question the timing without the full shakeout here

we never had the capitucapitulan you see people are getting hungry here. >> how are you setting the scene in terms of your readers who are coming to you about where the market is going from here, caleb? >> we're trying to hold them back a bit and say look at the signals. the path doesn't predict the future a lot of people coming to us and asking how do we put money to work right now on the flip side of the searches, contessa, people are looking for the best high yield savings account or best paying cd the ying-yang of people looking for the opportunity. you look at the a.i. stocks and there is a lot of leverage bets with etfs. hold back. there are ways to make money without putting money directly back into the market with the risky areas of the market. look at bitcoin and cryptocurrency readers are into those

we have bitcoin at six-month highs. cool it a little bit there are other ways to allocate and prepare for the market and when it shakes out when it does, get back in to build a strong foundation. >> caleb silver, thank you >> thank you. still on deck, a dozen eggs for $2 a kelce brother makes his "snl" debut. your top stories when "worldwide exchange" returns. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are.

here we are friday morning doordash shares rising after stronger than expected earnings for the fourth quarter showing signs of healthy post-lockdown growth for the business doordash is the market leading group in the united states ahead of uber eats ending on 2022 with 32 million users monthly and revenue up 40% shares in the extended trading up 6%. shares of moderna with a dive after the failed goal of the vaccine trial. they updated the vaccine to update the response against the flu and working to test it in the upcoming clinical trial. shares off 6%. and texas roadhouse stock

dropping from the 52-week high the chain brlames inflation and wages for the shortfall. it sees growth in 2023 because the number of locations are rising on the call, executives noted sales of top shelf liquor have fallen off people are choosing budget brands. let's get a check on the headlines with phillip mena in new york with latest the fallout from the train derailment in ohio, phil, is grabbing attention >> that is right nearly two weeks after the train derailment in ohio is when the epa administrator arrives in the town he promised the federal government would hold rail operator norfolk southern responsible. john fetterman's office says he has checked himself in for

clinical depression to walter reed hospital. tiger woods pounced back on the golf course for the first time in seven months he made his first start since the july open championship competing in the opening round of the genesis invitational in los angeles. he sank three straight birdies to end his day i finished 2 under par and five strokes behind max homa and keith mitchell woods tees off before 10:30 a.m. eastern. and the pieces are falling in pace for a tetris movie >> about to implode. >> if you are lying, everybody is lying >> the calvary is coming >> i have a plan >> come on, you guys are the kings of cliff hangers >> the cold war and kgb agents

all for the love of video games. it talks about a move to the soviet union to bring tetris to the united states. it drops on apple tv plus on march 31st contessa >> how many gen xers will watch that >> i don't know nobody who doesn't know the tetris game thank you. a blockbuster quarter for draftkings has the stock surging ahead of the open. up 6%. pe f tas a likely yearorhe sur bowl betting doesn't factor into the report we will be right back after this ♪ ♪

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investors rattled by another hotter than expected inflation print and hawkish talk from fed heads continues. futures point to another day of losses. apple unable to avoid the wave tech company layoffs taking the axe to a specific group of workers. rise of the machines or stumble? microsoft defends early hiccups in the integration of the chatgpt a.i. this is february 17th, 2023. you are watching "worldwide exchange" on cnbc.

welcome back i'm contessa brewer in for brian sullivan one more day before the weekend and how are marketing shaping up on the hotter than expected ppi report futures right now ried the s&p implied opening off 28 points dow jones industrial average are off triple digits. you have nasdaq down 113 we have hawkish comments from cleveland fed president mester and st. louis fed president bullard. on the back of that, the 10-year treasury is up to 3.9% let's hit oil with rate hike worries overshadowing demand outlook. wti is off .20%. nat gas now down 1.5%. let's get a check of the top

stories with kristina partsinevelos. >> microsoft is depending the search engine bing powered by cha chatgpt. testers have been flagging mistakes in a blog post, microsoft says it is a work in progress and calls the past week of the integration with chatgpt a learning experience to help test and improve bing the s.e.c. is specifically looking at claims by the wireless providers over high speed internet service they declined to name the providers. the judge overseeing the trial of sam bankman-fried threatening to expose the bail package. sam bankman-fried used encrypted

chat apps while awaiting trial sam bankman-fried is required to refrain from contact with potential witnesses and prosecutors are seeking to restrict access to technology. the judge has tabled the decision on the matter laallowig lawyers more time to layout the matter. >> brian says random, but useful information. i was walking by yesterday as sam bankman-fried got out of his suv to go into federal court there's like 30 photographers out there and a crush of people. what do i do >> take a picture. you are holding your kid >> my kid is in there trying to photo bomb trying to get in the way of the pictures. it did not go over well with the professionals. >> you did your part as a

journalist shares are popping off the super bowl with draftkings fourth quarter beating expectations shares up 6.3% revenue is coming in slightly higher than expected shareholder letter to the company and the ceo said they can talk about cost cutting. i sat down with him last week. here is what he said. >> there are a few promotions which have gone away this year i think a lot of that is great analysis by companies looking at profitability and returns. the market will not tolerate this we will hold people accountable for doing things unprofitable. we heard that mandate loud and

clear. it has been a focus over the last 12 months. >> david katz is the director and will be on the earnings call at 8:30 a.m. his first stop with us this is a new message from draftkings to talk about cutting costs. he said when we open market, we have to spend. we have to spend to be competitive. how do you gauge what you see in the shareholder letter and what you have seen publicly with the anticipation of profitability by the last quarter of the year >> contessa, that is the critical question. we went through a couple of years of opening markets at a rapid rate now we are starting to see markets evolve a little bit. they are starting to stabilize a bit. you are right. they reported a narrower than expected loss. actually included in the guidance, a narrower than

expected loss. we expect the shares to pop on it the evidence is when you look at a couple of really strong markets, michigan and pennsylvania, you see the promotional spending has gone down everyone's fear is the market share would go down with it. it hasn't. they are in the teens and 20s market share with the promos as more states open, they get to build to scale that's how they do it. i talked to the company after the earnings came out. they are doing lots of things to build efficiencies across the platform >> can they cut back on spending and still work on increased market share the biggest competitor is f fanduel. it captures 42% of the national sports betting market. >> fanduel which is covered out of the uk and that is crushing

for a number of reasons, they have been the market share leader what is the street is telling draftkings and operators is market share is important, but we want you to show us a clear path to profit it is not just about market share. when we do a survey, which we did before the super bowl, the second year in a row, draftkings has the most useable interface among of the fan base ahead of fanduel. there is a lot more to look at than two years ago >> the ceo is touting bringing the tech inhouse and having it all under his control. that will be a big competitive advantage in his opinion eye gaming, casino games online, is a lucrative business. it is only available in five states right now we saw draftkings went out and acquired golden nugget online for this business.

how instrumental will that be in 2023 and beyond? >> two things about it that you pointed out. it is in five states we saw new york introduce a bill this week to legalize. so, we expect that momentum over time will build. you are correct. it is more profitable. the product cost in seye gaming is less. they will transfer over to the draftkings platform this year. you will see a lot more of that in the numbers. >> more broadly, the american gaming association released revenue numbers for 2022 the casino industry crushed it more than $60 billion in gross gambling revenue the numbers for sports betting and eye gaming way up. what do you think and how do you factor in an economy where inflation is a factor and wages are a factor with the expectations and trajectory has been >> i think this digital gaming,

under the heading of sports betting and eye gaming, is in the early stages i think the notion of cyclical economic impact on that is really a non-issue the more available it becomes, the better the product it becomes and sophisticated the operators will become. it will continue to grow and grow profits >> we saw mgm reporting record vegas strip earnings wynn with the best north america numbers in the last quarter. does that continue david, thank you for getting up early and joining me nice to see you. we are watching shares of apple. that company avoided layoffs that we have seen at amazon and alphabet and meta and microsoft and more apple is cutting jobs. or more specifically cutting ties with contractors over the past few days. according to the new york post they describe it as a stealthy move to cut costs. no comment from apple just yet

the third party contractor work force numbers in the thousands they are tasked with maps to launch events. joining me now is managing director sarah kunst is apple under pressure to cut costs as we have seen with the big tech giants? >> it turns out apple is exactly like the other girls i think they are in a position where, you know, they are looking at the costs and looking at the sales numbers and realize they have to do something different. tim cook was smart in the pandemic he did not over-hire like his peers. and now the contractors are being reduced now. the reality is we haven't seen blockbuster sales numbers from apple in a while they are cutting guidance on sales and pushing back the

stat release of the vr head set >> does it resonate less to say contractors are being let go does that keep the culture among employees in tact? >> big tech has had a problem with over-hiring contractors to reduce the benefits they give. you know, if you are used to working with somebody every day and you have for months or years, you will notice they are gone whether or not they were a w-2 employee i think it certainly blunts the impact a little bit. you don't have to be clair inv -- clarevoyant to read the writing on the wall. >> and we heard about the most watched stock earlier this morning. do you think apple is a good buy? where do you stand on the stock?

>> for a tech stock, it is trading at reasonable pe valuations for the rest of the street, it is still really high that being said, when you look at it compared to the 2019 highs, which i thinka lot of u are doing now and trying to avert eyes from the 2021 numbers because they were so high. you know, it is still trading at 80% premium. is apple the going -- is apple the going away absolutely not is it a massive opportunity now? i don't think so >> quickly how much is the china concern weighing on outlook for apple? >> they are taking the right steps. they are trying to build parallel supply chains outside of china, but still in the asian region they are doing what they can they are one of the most impacted by the issues coming out of china that doesn't go away soon. >> sarah kuntz, thank you.

coming up, the read on deere as we await release on earnings. investors dig deeper in the industrial sector after the red-hot run. as we head to break, the top trending stories they're not loving it. tiktok blasting the mcdonald's a.i. powered drive-thru. they messed up my order. they billed customers insurance cor -- incorrectly. one woman got eight sweet teas and instead of one coke. and instead of one order, they got 28 orders. some shoppers in kentucky got a bargain on eggs. one walmart in lexington selling 18-count carton of eggs for $2 the theory for the low prices is the eggs are in fresh condition and not close to the expiration date

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welcome back industrials hovering at new highs with the sector up 5% this year ranking 7 of the 11 sectors.

ingersoll and westinghouse also setting new records. this ahead of deere earnings today. a bellwether for the sector and the overall health of the economy. joining me to discuss is michael shlishky >> good to be here >> tell me what you are expecting from the deere earnings report and how that effects how you see the rest of the year for the industrial sectors. >> sure. the deere report looks like it will be pretty solid easy accounts for the year the result of dealing with the work stoppage last year with the first quarter. this year, we are seeing the pretty good rates in the fourth quarter and that is carrying over to the fiscal first qu

quarter. the farm outlook is very strong for 2023 what it means for the entire sector with the aeg player, it is looking good for trade. we are just getting started on the orders for next year at this time >> let me ask how this works we got reports from the usda farm income forecasting that we will see farm cash income declining 21%. you've got the crop inventory suggesting that corn will be 1 billion lower than just six years ago. how does that impact how farmers buy deere equipment? >> if you see inventory down for corn bushels down, that means

corn is in short supply. cash would be high that would be a positive for farm income. usda suggests that there are some nuances most of the downs we have seen in the hog and dairy sector. dairy down 30% those types of farmers use smaller tractors. the crop inputs are thin year over year. that means the soybean and corn farmers should be doing well this year. >> you are maintaining a buy rating of 520 target for deere are there others you like in the sector >> i would say deere is a better option aeg means everybody has to eat

they buy tractors based on the decision based on the broader concerns if they have cash income and money to spend, they will go out and buy tractors for production to make sure the machines can capitalize we think deere is one of the best ones. >> you know, michael, it strikes me when we talk about labor force pressure, deere has a significant union work force here what do you expect to come down the pike for the company when there is so much demand for quality workers? >> luckily, deere has a new contract they signed at the end of 2021. that means they have the terms that workers feel comfortable with with everything fresh on the books, both have relatively new contracts and that means they will have a decent time retaining people that shouldn't be a big issue.

>> michael shli isky, thank you for joining us. >> thank you fore having me. it looks like we are headed for a low opening. the dow jones industrial average is off by 152. the nasdaq down by 114 or nearly 1% we will keep our eye on that as we head to break, during february, we celebrate black heritage with our cnbc teammates and business leaders here is the founding managing partner lo toney >> when i think about black history month, the name that comes to mind for me is reginald lewis. he was inspirational to me in my career to go out and get excited about the world of finance the work we are doing i hope to

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11 minutes until the top of the hour time for the "wex wrap-up. fresh hawkish comments from presidents mester and bullard. they would hike a quarter point given the inflation and economic data. shares of renaissance holdings sinking in asian trade. the chairman and ceo has gone missing. the s.e.c. charging do kwon and his firm with defrauding investors. kwon founded terra farm and creator of the two depuck crypto

coins that hammered the market last year. and shares of doordash popping after stronger than expected earnings for the fourth quarter. the food delivery company wrapped up 2022 with the record 32 million monthly users shares up 5.5% in the extended trade. shares of moderna are falling after the company announced a study that the flu vaccine had mixed results. it updated the vaccine and is working quickly to test it in the upcoming clinical trial. shares off. 300,000 airline passengers in germany find themselves stuck with the 24-hour strike at seven airports in the country by union workers. more than 2,000 flights have been canceled in germany today alone. if you are heading for international travel, you might want to check ahead. gearing up for the trading day, we have import prices data

and leading index at 10:00 we have reports from amc and d deere and auto nation. we will have comments from president thomas barkin and fed governor michelle bowman we have the latest with tiffany mcghee with us we are seeing futures in the red and dow looks like it will open up down 1% this morning. are you surprised to see the reaction continuing off that strong ppi data? >> i'm not listen, all eyes will continue to be on the fed any data that may come out that might give any indication of what the fed may do is going to get a knee-jerk reaction from the markets. that is what we saw yesterday. that is what we will see today so, the ppi data came in ahead hotter than expected it is important to put in

perspective that the headline cpi has declined for the past six months yes, the last reading was a little bit more than expected. here's the thing, we're at over 6% inflation now we have a way to go to get to 2% fed target we are still at the beginning of the year we have lots more fed meeting. i expect to see the reaction continue >> we heard loretta mester say yesterday and echoed the fed chairman remarks that the path to getting from where we are to where we want to be on inflation is not a smooth one. it is a bumpy ride do you think the markets are prepared for that or is there an optimism that means we have seen declining reports and we're done so pivot >> so, i wholeheartedly agree.

this is not a straight line. things never work out perfectly. we have the rest of the year consensus is saying we may get to 4% inflation by the end of the year we won't get to 2% until the first or second quarter until 2024 i expected that the market is considering that, but when you look at how we started the year, goodness. what an amazing difference from last year. i think investors all over are breathing a sigh of relief i think it is really important to take these moments, right again, this economic data that is released and inflation data released with the cpi which was hotter than expected that's opportunity yesterday, ppi, opportunity. i think that investors need to position themselves. we know this is coming these readings are on the calendar already

read the tea leaves and position yourself to get ready to take advantage of the opportunities. >> we're showing futures right now. dow jones industrial average looks to open down 150 points. where do you see the opportunity today? what kind of opportunity does that present in buying today >> first, i think -- listen, we are tech investors we invest everything our plans and foundations and endowments we manage the entire portfolio we believe in tech innovation. it is a good opportunity to buy tech microsoft is one of them in terms of the esg scores. with the adoption of the inflation reduction act, i.r.a., we are moving toward more regulations with esg reporting with companies microsoft is one of them i also like the more pure esg

plays. it is a solar business enphase a company like enphase is positioned nicely to take advantage of those things in the i.r.a. >> are there other places that you think right now with a dip, then this is worth tiptoeing in the water? >> listen, we like to invest along theme. tech is one of them. we like international stocks particularly a stock or company in retail. we love ecommerce. a latin american ecommerce play. we look for opportunities to buy on the dip >> tiffany, great to see you on this friday. have a great weekend. >> thanks, contessa. >> we are seeing futures down across the board in the red.

shaping up for a lower open on wall street for friday that does it for us on "worldwide exchange. i'm contessa brewer. "squawk box" is next power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are.

good morning fed speak and the real world rattling the market. bullard and mester signal they would be open to the 50 point rate hike in march. we will show you why doordash and draftkings is getting big pops in the pre-market. tesla recalling 362,000 vehicles warning the self-driving

software may cause crashes it is february 17th which happens to fall on a friday this year, 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 andrew is off today. we have been watching what is happening with the u.s. equities and not so pretty. no rebound from yesterday. doubling down with additional losses dow futures off 157. the nasdaq indicated off 122 s&p is looking down 30 points right now. this comes after stocks tumbled yesterday with the stronger than expected ppi inflation data. it came in hotter than eec