you know, this whole situation is a loss. that's all for this edition of "dateline." i'm craig melvin. thank you for watching. [theme music] good morning, everybody, and welcome to "street signs." i'm julianna tatelbaum. >> and i'm arabile gumede. these are your headlines. >> we would be prepared to increase the pace of rate hikes. >> fed chair jerome powell warns he could return to bigger rate hikes with a 50-point basis hike this month. european equities avoid th worst of the sellings after

po powell's warning pushes things to the steepest level in nearly 40 years. adidas faces a quarterly loss ahead ahmed another half of a rise in profits in 2024. and continental shares pop on the back of bullish four-year guidants despite the car parts manufacturer reporting a drop in income we'll hear from the ceo at 10:45 on cet ♪

a very warm welcome to the program. let's get right to it. the big news yesterday, fed chair jerome powell's testimony before congress. his message sent bonds sharply lower warning the central bank may need to raise rate hikes more in the first of his two-day testimony before lawmakers, powell set out the social costs of not tackling inflation. in his first remarks since january, powell cast doubt on hopes for a soft landing showing the current cycle relieved a 1% jump on inflation. >> the process of getting

inflation back down to 2% has a long way to go and is likely to be bumpy as i mentioned, the latest economic data have come in stronger than expected which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated. if the totality of the data were to indicate that faster tightening is warranted, we'd be prepared to increase the pace of rate hikes. >> powell also downplayed the prospect of a pivot in the near future. >> restoring price stability is essential to set the stage for achieving maximum employment and higher prices over the long run. it cautions strongly against prematurely loosening policy we will stay the course until the job is done. >> pricing markets are rising. that's according to cme's fed watch tool that's a 50% surge in the space

of a month on the benchmark rate crossing the 6% mark by september stands at more than 10% that's up from just over 1.5%. that was before powell's speech. let's take a look at u.s. equity markets all three major indices ended sharply yesterday, really tanking on the back of the comments from the fed chair. clearly as you heard there, we heard a lot from jerome powell, but the key takeaway that had markets nervous was his openness to larger hikes once again we saw u.s. equities sell off, treasuries experience a selloff as well as a significant further inversion of the treasury yield curve. you can see that on your screens now. the 2-year and 10-year hitting its steepest in more than 40 years. the question, of course, when

will that recession come, how long will it last, how deep will it be. in terms of european market, we've been more resilient. you have the xetra dax down. it's not red everywhere. you've got patches of green. the stoxx 600 fell back 6.8% there is some divergence taking place and european equities seems to be a good place to put your money this week as for the sectors, this is what the split looks like this week we've got the leader joining us in the program later, so we're going to dive into those numbers. technology also catching up this morning. banks trading higher the chemical sectors underperforming down 1.3%. real estate and financial

services yesterday, the fina financials underperformed. it will be interesting to unpack what exactly drove investors to sell some of those financial names. as for european bond yields, again, there's been a little bit of divergence between europe and the u.s. sovereign bonds put in a pretty decent performance yesterday we got some encouraging signaling yesterday. the consumer expectations showed a decline in january, so perhaps part of the reason we've seen more resilience here in europe this morning you have the italian 10-year trading around 10.5%. we have moved higher in the german market. let's take a look at wall street we've got a little bit of a rebound in store all three of the major indices are poised to open higher, but clearly in terms of the

magnitude, we're still down given the moves lower that we saw yesterday. arabile, i think what struck me yesterday about the action we saw in u.s. markets is that a lot of the whispers were already expecting this signaling from jerome powell and he ultimately said the fed is still data dependent. a 50-basis point hike is still on the table that seems clear enough, but it's not set in stone. a lot is going to come down to the data we're going to get over the next week and a half or so we got the major jobs report on friday, and before that we're going to look at the j.o.l.t.s. survey it's just fascinating to me that markets were taken aback so much by these comments given that it didn't seem all that surprising. >> i felt similarly. it was something always based on the data that was to come. we had see strongish data come out that we're going to see now but previously had seen a

massive rise in those jobs numbers, too, which was pointing to strong data that they would still need to considerably make inroads. maybe they shoulden have moved down to that 25-basis point. maybe they should have stayed at 50 basis points. of course, staying high for longer is going to be the sent meant now clearly being put out, but i wonder if the markets are looking at it as a wait-and-see approach you have jerome powell speaking again today. what might he be able to add to that having seen the reaction to his comments yesterday, i think that could be interesting. also blackrock coming out saying they expect the peak rate coming out at around 6% that's quite high with the rates right now, 5.5 to 5.75%. >> what a different world and how quickly we got there that we're now talking about potential fed rates at 6%. the so-called bond king

jeffrey gundlach says it's very likely the fed will race its basis points by 50 points. you can find out more on cnbc pro. some company news now. shares of logitech slumped the pc peripherals says it now expects revenue in the first half of 2024 to come in between 1.8 and $1.9 billion and operating income of about $190 million. continental posted a 95% drop in full year net income t it says it expects higher sales and earnings this year the german car parts manufacturer booked 3.3 bill

eubillion euros in extra parts nikolai setzer will be on at 10:45 to talk more about it. china sales plunged by half. adidas lowered its dividend, adding that losses of its partnership with kanye west will continue into this year. the big question on everybody's mind when it comes to adidas, what are they going to do with all of this y zee inventory >> they're looking at it it's still an open question. that could weigh on the current earnings by this year by some 500 million euros.

clearly what adidas is saying, they have yet to get rich off the problems he's able to turn around the business that he will reposition adidas as the french sport word. very bold statement. that's the consideration right now. it's very difficult for adidas china has a problem. it slid by 50%, actually accelerating an already negative trend. it remains to be seen how they turnaround the business and n the country, which is very important for adidas what the new ceo of goldman's is saying is he's planning on getting rich off the policy to offer more and more discounts. he wants to reposition the brand

in the upper market niche because what adidas did in the past is slim the market with loads of discounts that will be over. he has to reduce inventories, and that's why 2023 will remain a challenging year as i was saying, it's kind of a normal thing for a new ceo especially when the consideration is so dramatic to have sales sinking in the first quarter he's there slashing the dividends of 70 cents is quite a drastic move and that has moved the market, but actually shares have been coming back a little bit during the morning session. >> certainly expecting the market share to at least be eaten up by the likes of nike as well as puma then as well. thanks so much for that reporting. let's stay out in germany. volkswagen reportedly putting in plans for an eastern european battery plant on hold in favor

of a similar facility in north america. estimates would net it around $10 billion in incentive that's according to the "financial times" who says the automaker is waiting to see how the eu responds to the inflation reduction act. they are pressing ahead with plans in europe. have a fresh response as well from volkswagen in response to the german automaker telling cnbc, we are still evaluating suitable locations for our next cell factories in eastern europe as well as north america no decisions have been made yet, we will stick to our plan to build cell factories for about 240 gigawatt hours in europe by 2030 for this, we need the right framework conditions that is why we will wait and see what the so-called eu green deal will bring. >> that's a fascinating response from vw there, clearly trying to ramp up the pressure on the eu

to do more to respond to the ira. >> all of this, i think, will certainly happen ira has certainly created a few industries to look to the u.s. and say, well, we could get more benefit and more bang for our buck out there, but we do want to be loyal to europe. so is there a way we can work around this? >> right, absolutely we'll see what the eu comes back with on that front, president biden will meet with the president at the white house this week. the two were expected to focus on the act he's hoping the block will be nondiscriminatory toward products a massive french strike is expect today around 2 million people took to the streets on tuesday disrupting trains, education, and fuel industries. it's the big effort since

macron's presidency so far. coming up, could the clock be ticking on tiktok a move that's bold that could allow the president to ban the app in the u.s. pharma giants expected to eaen a ne price on wait loss trtmtsndew treatments. we'll have that next

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welcome back to "street signs. salesforce is said to add an adapted version of its interface to its software slack. it will team up with open ai to add the technology which it has dubbed einstein gpt, combining its own propriety software with outside partners to help boost outside activity. citadel says its company is in talks with others he told bloomberg the software

would have a real impact on his business the founder joins the next stage of generative ai he joins us in the studio. there are so many worries about generative ai, everything about true fakes, accuracy, copy rights, ambiguity, misuse. how do we overcome that in a time when it seems like all we need to be talking about and all we need to be adjusting to is ai and generative ai at that. >> yeah. it's materializes the dreams of ai the technology has been around for some time now.

it's as easy as sending a text message. it makes sense because actually because that's what we're supposed to do we shouldn't be worried about the negative impact because it's going to revolutionize the way we work. >> even though the technology has been around for quite some time, only ramping up now, it seems we've only begun to get the full sense of the capabilities of ai what could be next for gen ai. >> we could be thinking of generating facts, images, or future answers

we're putting together several generic capabilities to power the next generation of applications, which is going to be more humanized. >> can you give us an example here offset is what i'm excited about, putting together a shopping list at the grocery store, where you're making multiple recipes such a cumbersome task to add up all the ingredients you need is. that at this point complex for the generative ai services to provide? is that the nextgen? >> so on a technology level, that is something that is very possible and we can do beyond that what is a challenge right now is to make it safe because if you are, for example, asking for a shopping list from a recipe and it is going to be the wrong ingredients -- i had this conversation about this with an

italian chef he was not happy with what he was getting from gen technology. he used many examples. have to find a way to make this private and certify the knowledge they have because these are going to have a very important impact on how people think, how people actually use knowledge. we need to be very thoughtful how we deploy these experience and make them available to people. >> what would you say to businesses, business leaders who are watching this program potentially, about how they can use ai and how they can think about integrating some of these services into their business, their operations >> so one of the channllenges or the past 20 years, we have designed data eccentric experiences. now it's time for businesses and business applications to include people with ai, we can close the gap.

my advice would be think people first. >> very interesting. i think there's so much still to be able to talk about. you try to speak about the sustainability as well, how do you make it safe and equal plus there's the sectors like health that would be worried about ai in total. certainly a lot of content that we will be unpacking when it comes to this, but unfortunately we have run out of time for this thank you. uljan sharka, ceo of igenius. the federal trade commission made multiple requests and there have been a dozen letters sent to twitter since musk took ownership. they're investigating compliance with orders that came into effect well before musk took

over now, according to "the wall street journal," the ftc wants musk to testify. the tesla boss said it's a shameful case of weaponization of a government agency for political purposes and suppression of the truth the white house has passed a newbie partisan senate bill that would give the biden administration the power to ban tiktok in the united states. the legislation would empower the commerce department to reveal data transfers in which a foreign adversary has an interest if the department determines that a transaction poses undue or unacceptable risk u.s. national security can be referred to the president for action including investments so this is going to be a very interesting one. some of the statements coming out of tiktok, a u.s. ban on tiktok is a ban on the export of

american culture and the values to the billions-plus who use our services worldwide, almost trying to turn it on the u.s. saying, if you're blocking this, you're just blocking people from understanding u.s. culture more. >> quite a defense there. >> oh, boy. >> you have to think about what the u.s.'s angle is here and whether, you know, this is political posturing, is this the u.s.'s attempt to try to get certain concessions from tiktok in order to continue operate in the u.s., or if it's real and the u.s. is actually considering an outright ban, you have to think about the impact this could have on the election coming up in 2024. the fact that so many millions of americans use this app, would biden want to potentially alienate so many of his constituents with an outright ban? >> on the other side of this, it's the only bill possibly that

stands before the senate and congress with the bipartisan support. so you have to challenge both these elements and you have to ask yourself as you said whether you want to do this so quickly before your election the tiktok executive is expected to talk. >> it's nothing that's going to go away any time soon. sticking with the u.s., shares of weight watchers surged after the company announced plans to provide a treatment for obesity. the deal which is worth $132 million will see the company demand beyond its traditional weight loss and diet programs into diabetes and obesity medications. the ceo said the company was looking to expand the company.

>> we have been facing cultural demand pressures, particularly catalyzed by covid, doing things on their own there are a lot of people telling others how to lose weight more so now with clinical, it's really clinical we come in and address the misinformation that is out there, the bad actors in this case. and so alongside, again, our behavior change and lifestyle therapies, thi think we can provide a holistic comprehensive care solution. >> here in the uk, they'll be able to offer the weight loss injection wegovy by prescription this has got to be one of my

favorite stories of the year this is such a new classification of drugs. they've been first to market with wegovy which was initially developed to target diabetes, but all these people noticed they were losing weight. they remarketed, rebranded it, got it approved to sell as a weight loss drug the uk will be able to provide it to people whose bmi is over a certain threshold, 30 or 35 in certain cases. the analyst community and pharmacy base is extremely satisfied they think the prescription drug market could reach $50 billion within the next decade. you look at the share price, it's doubled in the last two years and you wonder how much of this is already priced in. >> this could be a game-changer

for them what are the next steps? where does this head to? it seems like this is the natural progression, but where to next? >> i think there are two big catalysts to look out for. one, there is a trial ongoing that is looking at the impact of these drugs on cardiovascular events and other health-related conditions so do the people who take this drug we go i have and lose the weight, are they less susceptible to having a heart attack or high cholesterol or diabetes down the line if that study is positive, it could prove to be another big catalyst for the market because it could open up insurance companies to cover this. on the other side, eli lilly has a similar drug in the pipeline and they have more due out later this year. >> that will be one to watch out for. coming up on the show, our next guest tells cnbc global gbc

could be higher if more women were involved in the work force. we'll have tt clivise haexuse su interview after the break. has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. my name is ashley cortez and i'm the founder of the stay beautiful foundation when i started in 2016 i would go to the post office and literally fill out each person's name on a label and now with shipstation we are shipping 500 beauty boxes a month it takes less than 5 minutes for me to get all of my labels and get beauty in the hands of women who are battling cancer so much quicker

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welcome to "street signs." i'm arabile gumede shy i'm julianna tatelbaum these are your headlines. >> if the totality of the case were to indicate, it would show an increase in bigger rate heights. >> inflation and numbers heat up again with a 50-basis-point hike this month european equities has avoided the worst of the selling seen on wall street after powell warns of a rate hike it's at its steepest level in other 40 years. adidas posted a quarterly loss and warns of more losses in the year ahead after a year of yeezy write-downs. and continental auto prices

drop we'll speak with nikolai setzer this hour. onto the market pitch again, which has been pretty mixed this morning with a lot more negativity than positivity in this sense in this trading picture then, of course. we're just about an hour and a half from the opening of this market picture, and we certainly are seeing that negativity through a lot more of these. they've been following on yesterday's steep losses we saw yesterday out of the european markets, the steepest one in about two weeks is what we saw happening on tuesday european markets opening lower as well. today, a little more of that reaction following fed chair jerome powell's testimony yesterday to congress really speaking about how they will

stay the course until the job is done more rate hikes certainly still expected a 50 basis point hike now firmly on the table, and who knows what that fed fund rate could go up to with inflation still at those high numbers as well as those job numbers still sitting fairly high we'll see how that fairs as well as we head off into friday's picture. most of the sectors have been quite negative for a lot of today. we are seeing, however, the banking stocks moving up around a third of a percent and the reaction to fed chair jerome powell's sent meant as well and the send meant around higher interest rates financial services still in the lead when it comes to the drawdown on the stockmarket of chemicals and real estate really notching that high, 1.4% down. on to european yields, it's been fairly interesting as well to note if you take a look

stateside. the u.s. 2-year treasury yield topping the 5% market on tuesday. the inversion really having been quite big there. but things slightly different on this front the 10-year ultimately at 4.5% while the bund out in germany, 2.7%. let me bring your attention back to adidas' shares after the company delivered an update on their latest results we're down 1.9%, the ceo saying you will see more collaborations, but hopefully we can execute a little bit better, alluding, of course, to the collaboration with kanye west, which has collapsed after the sportswear giant broke ties with kanye west, and the analyst community pretty surprised how much of their margin strength had come from yeezys obviously the collaboration did not go as hoped, and perhaps you

can look at this as an admission of a wrong handling of that relationship more to come hopefully managed a little better. european banking is calling for a crackdown on banks which do not adhere to diversity regulations. as part of our international women's day coverage, cnbc's tania breyer broke to the manager director and asked how the field of gender parity is going. >> because we're not fully participating in the labor force, global gdp is around 20% smaller. at a time when we're struggling

everywhery slow growth and inflair, we have to tap into women to help with this call. >> hundreds of thousands of women have left the uk finance min stli inhave left in the las 24 years those who remain continue to earn less than their male counterparts she was asked if there are any more signs of women coming into the banking space? >> not enough. we 50% we have 2 lunn,000 people across the globe. half are women four years ago, only 20% were in new district roles we closed 2022 with 29%. we're making a huge effort, but

we have to do it the right way we have to put in place plans to help with that measure >> what kind of examples. >> we have to have career packets for women, making sure we rotate the roles faster, which tend to be occupied by men, so basically having, you know, some kind of a rule or incentive. it has to be incentivized. you have to move women around faster so they can get to the top. after covid, it's obviously happening muchfaster for me it's also about personal actions. when you see a manager who needs something, a man or a woman, particularly a woman, help them with that situation. >> it's so wonderful to have you on in this capacity.

you're a long-standing friend of cnbc, often coming on to talk about markets, and we'll get to that in a moment you're not only a woman in finance, but a woman who has made it to the top of your field within finance, growing your own p pe firm. you're one of the few. i read a stat yesterday from mckinsey that 23% of positions are held by women globally at the managing director level. that's only 12%. why is it so hard to get women into the top jobs in finance >> there's three big reasons the first is there isn't yet an understanding of how do you keep women in that mid stage of their career when they go off to start families and have other priorities how you do get them back into

the force. also there's data that shows labor force participation suffers for women without adequate child care and providing child care benefit is helpful to the firms as well as to women and families. recognition has still not landed in the industry in a big way i would say the third is there has to be a equal participation in voice at the table when it comes to making decisions as to who rises to the top why do you say 12% when you come to partners and decisionmakers in c-suites, that's still male dominated. getting participation any where close to equal is going to take a long time. >> what would you say to those decisionmakers out there watching this program in the finance industry what role would you like to see them play? >> i think that they have to walk the talk. the talk has increased over the last couple of years, let's make no mistake

but the actions are still lagging behind now, the macroeconomic environmental turning where the power goes to the eventual financial services business including prieshlt equity hedge funds, all types of varngs means the institutions have the power to drive change. in the money industry, money talks. so when you have institutions saying, hey, what's happening with gender university stats, when you have boards regularly reporting on gender and other types of diversity, that's when you'll see the changes here. >> if we were to talk about trying to get into this space, you know, you speak a lot about learning to distinguish between signal and noise when wanting to get into the world of finance. let's unpack that a little bit more what is the distinction between the two? >> women need a high degree of resilience to work, succeed, and rise in the financial services

industry there's just no two ways about it so what are some of the noisy pieces of information that flood them there's a lot of talk about how do they cope with work/life balance, especially in a deal-driven environment when long nights and weekends are required how do you manage. i have three children. it's something to consistently think about. and the dog. yogi's important but when you think about long nights and weekends, deal pressure, but also women have to continuously face comments i've had my fair share including recently when it comes to working in this environmental. that's the noise that's coming at us. ewe need to be able to duck and we wooesh and say what am i learning here? you have to cut into the knowledge. you can be in an echo chamber quickly. the burnout rate is much, much higher that women reach the mid

stage, they're having churn, and it's just too much, and they take off into another industry or life choice that's what i mean by signal and noise. people ask me, especially women, what can i do to build resilience my big message, find a mental health practice to help center yourself the noise will come not just from the outside world it will come from your family, your kids, your partner, and you have to be able to center yourself and come back in. >> i think we're marveling what you have managed to accomplish, and certainly as role models, you'll paving the way. it's great to see. >> we would be remiss without talking about the market you've been so able to excel in as well i want to touch perhaps on the fed particularly, which, of course, is the big talking point. it's easy to say the fed shouldn't have gone with the 25% rate hike not so long ago.

were they justified in cutting it down 25 basis points and having us sort of wait and see because they had already cut so much and now having to placate once again >> it's so easy to throw stones when you're in a glass house we don't have to make these decisions. one of the big questions for the fed, how do they determine data? it's backwards looking and there's a lag. it takes time for monetary policy to flow into the real economy and into financial and credit -- relative credit applicability in the markets when you look back and say pace versus deviation, based on the pace, they were seeing inflation prices come down i would have argued if they had to raise rates they should do it into a stronger economy that we is currently have. they should have gone the 50 and not come down. hindsight is always 2020 easy to go ahead and do that now, however, the messaging is

very strongly that they're going to go big and they're not going to stop. we have topped 7.5%, 6.5% terminal rate. that's going to have an impact on the markets they're not pricing in at the recession wrisk they should be we have a lot of fallouts and ripple effects yet to come from this. >> on that cautious note we'll end the conversation there susaina, thank you for sharing your story still ahead on "street signs," we'll discuss with nikolai setzer after this break.

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everything's changing so quickly. before the xfinity 10g network, we didn't have internet that let us play all at once. every device? in every room? why are you up here? when i was your age, we couldn't stream a movie when the power went out. you're only a year older than me. you have no idea how good you've got it. huh? what a time to be alive. introducing the next generation 10g network. only from xfinity. the future starts now. as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network.

with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. welcome back to the program. continental dropped their price weighed down by higher rates it expects higher sales and earnings this year the german car parts manufacturer booked $3.3 billion in costs related to materials,

energy, and logistics. nikolai setzer joining us now, the ceo. wonderful to have you on the program. your earnings seem to be well received by the community. it seems the shares are pretty encouraged by what you've said about 2023 given us a sense what your order books are telling you about the year ahead. >> first off i would refer to 2022 you have to understand why we're going with that weight of 2023 you raised the point of the high material costs which we had which affected us. so it was a very challenging and difficult year with those circumstances, we achieved respectable results by achieving our sales and profit targets at the end, reaching in the second half positive territory. given that foundation from 2022,

we see for 2023 with market recovery in all three sectors, automotive growth, production, 20 to 4% and on the tire and industry side, still a recovery, we see the opportunity with, again, outperforming that growth by our new technologies to come and our close eye on the opportunity to increase our sales as well as profitability in 2023. >> given that you obviously faced pressure on material costs, input costs, logistics in 2022, where do we stand on the cost front what can we expect in terms of cost progression this year >> so for last year we required really a latitude which we never had. 3.3 billion euro in additional costs with our customers

for this year, this is coming down, but it's still a very significant part more than 7 billion, which we anticipate for this year, material, labor, energy, inflation. again, we have to find solutions with our customers on the other end we have to find always cost measures in order to mitigate them as much as we can. >> nikolai, good morning to you. one of the things you could perhaps do is something you perhaps have done, perhaps could do a little more, and that's broadening your supplier base as a good alternative strategy in bringing down the material costs as well. has that happened? will you continue to be looking in that direction? >> yes, we do, for two areas the one part is as you mentioned, broader supply base it's offered small opportunities on the plus side on the other side, we have to do this for proper risk management. as we have seen on the

semiconductor shortage which started at the end of 2020, a broader base, more opportunity, more sources, which is first you have to approve those suppliers. you have to extend your supply base at the end you collect the fruits because you have the supply base and can redirect in a certain area this will be farther a task for us going forward to manage this on a more broader face. >> with that stabilization and that slight improvement you've noted, you've seen margins certainly improving going into to 23. how much help would china's reopening be to your total numbers here >> i'm looking on the global stats. you have the european part then comes the americas and then

asia we expect a recovery in europe and in north america, which are strong base markets for us recovery in china remains to be seen however this goes, obviously we'll profit from this as well as long as this comes into play. we have out positioned for this here and there and hope to wait for a stronger recovery. >> nikolai, the biden administration's inflation reduction act has caused quite a stir in the auto industry and in the tech industry more broadly has it made you think about investments in the u.s.? has it spurred any interest to take advantage of some of the subsidies on offer >> north america has been long on our radar screen for stronger growth i just referred to the strong

side for europe. that's why we have made many investments into tires which we are ramping further up we are well positioned there and we take it into consideration once we look for further growth but as we talked about our supply base and partners, we profit well once our partners are investing and giving us new technologies at a very competitive price in the northern market. so we welcome this opportunity for us internally but also for our suppliers and partners. >> thank you for joining us this morning. nikolai setzer, ceo of continental. let's take a look at european equitiesle we're approaching two hours into the trading session. we have a mixed picture in europe no major moves in either direction. we have some underperformers in some markets there's a developing story

around a probe into potential antitrust practices, a potential story there. that's one to dig into we've got a bit of green on the board for the xetra dax and ibex >> we've seen it mainly flat across the board of course, there was a major shakeup in the market yesterday after jay powell was speaking before congress. he continues to speak at this time this time it will be against the house financial services committee. we're seeing a sense of positivity coming through there. we'll be able to watch out for what he says on that point. >> thank you for watching street signs. i'm julianna tatelbaum. >> i'm arabile gumede. "worlddexcng iupexwi ehae"s nt.

i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze--

ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck. i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck.

it's 5:00 a.m. here at cnbc global headquarters, and here is your top "five@5." fed chair jerome powell rocking wall street. a pivot many will see as the wrong direction. caught off guard stocks seeing their worst day in weeks as treasuries do something for the first time in nearly four decades, flashing warning signs of a coming recession. and goldman sachs, blackrock, and more, now weighing the odds of a terminal weight here near 6%. plus the tiktok ban bill