it is 5:00 a.m. here at cnbc global headquarters. here is your "five@5." we start at the end of the road for the nasdaq and s&p win streaks. the futures are suggesting it may be a bump in the road. the selling coming as fed chair jay powell is keeping all of the options open including more rate hikes. more on the comments coming up. and a hack attack as the biggest lender gets breached with global implicatmplications. and in china, meta looking

to return there after a decade being shutout. new information on the deal. and shares of tko getting body slammed on the word of the major stock sale by a c-suite leader it is friday, november 10th, 2023 this is "worldwide exchange" on cnbc good morning welcome to "worldwide exchange." happy friday i'm hollanfrank holland. we kick off the hour with the nasdaq in the red. the dow is moving up about 70 points higher. the s&p is fractionally higher let's talk about yesterday stocks sold off with the s&p and nasdaq snapping the longest win streak in two years in part to a bad auction of 30-year bonds let's look at the chart right here during the day, early afternoon,

the markets declined with the change in bond yields. chairman jay powell said the central bank will not lhesitate to tighten further >> the fmoc is committed to the policy that is restrictive to bring inflation down to 2% over time we are not confident we achieved such a stance. we know ongoing progress to the 2% goal is not assured if it becomes appropriate to tighten policy further, we will not hesitate to do so. >> look at the markets response after the powell comments and the drop the sharp decline at 2:00 p.m. for the dow. it would go into negative territory here that also coincided with a couple of things we show you how the bond market reacted with the 2/10

year-yields. the orange line is the ten-year yield. the sharp move to the upside bond yield is higher something we will talk about right now. let's dive deeper into what all this means for the markets and money is alan mcnight. good morning it is great to have you here in the house. >> thanks for having me here, frank. another busy week. >> indeed. we saw the s&p and nasdaq snap the win streak we are showing the audience the moves with the bonds and fed chair jay powell comments and impact on the market which had a bigger impact? powell's comments or the bond auction with weak demand >> we think it was chairman powell's comments. we think it comes out of last week's meeting we thought the market maybe had it wrong last week getting so excited around the equity markets and risk assets. we think it came back to earth

with the belief the fed is restrictive and hold on to higher rates for longer. that put a hit on the equity markets. >> certainly i want to go back to jay powell's comments. are they really a shock? the fed continues to say higher for longer and data dependent. we have a couple of other reports coming up on tuesday why is this such a shock to the market >> it is news to us. we felt the fmoc was pretty clear last week and has been clear over the last few months with what they want to achieve as you showed on the chart earlier, the pce is higher than where they like it they want it get it down to the 2% mark. they want to be restrictive as long as that needs to happen gto get inflation down we think we are getting back in line where the fed would want it in a certain extent, the fmoc

wants risk assets to trade and take out the lift we have seen in recent months >> i want to talk about technicals we have the chart with the s&p and the 50-day moving average. you are looking at the level of the s&p. 4,400 is a key level in your mind give us a sense to why >> we think the market has pushed up against that level for some time now. as you see from the chart, the market and sentiment and dynamics with things pushing up against that -- until we see a breakout on that, the market will be range bound particularly through the end of the year. another month and a half the christmas season and we get into january and the presidential election and dynamics and sentiment going into 2024. we think we need to have a bit of a push here to get up over that 4,400 level until then, we are range bound >> later today, the university

of michigan consumer sentiment number out at 10:00 a.m. eastern time why satis that important? >> we think it is important because it shares how the u.s. consumer is feeling. despite the good news to the wealth and balance sheet, the u.s. consumer doesn't feel great. you see from the numbers, it is not great for the u.s. consumer. there is still a lot of strength in the consumer spend number we want to see how that trend looks in light of the christmas season. >> back in july, on the chart, consumer read was 71.5 now looking in the mid-60s alan mcknight, great to see you. thanks for being here. >> thanks for having me. time for a check on the top corporate stories. look who we have on a friday pippa stevens. >> good morning, frank meta is striking a deal to help

a return to china more than a decade after being shutout. the company reached agreement with tencent to be the exclusive s seller of the vr headset tencent will sell the device next year. meta, then facebook at the time, was blocked in 2009 as the company blocked down on the internet unrest. instagram and whatsapp is also blocked there. and apple and the doj to pay $25 million to settle tback pay apple did not advertise positions it wanted to fill through a federal program to recruit workers who can become permanent u.s. residents after a number of requirements and shares of tko group under pressure after it received

vince mcmahon planned to sell a stake in the company mcmahon intends to sell more than t8 million of shares. he owned more than 28 million shares as of august according to that filing. frank, the development follows tko majority owner is looking at a alternatives as the market struggles. >> pippa, we will see you later on thank you. turning to a developing story out of china and the world's largest bank and biggest leapt lender hit by a ransomware attack eunice yoon is joining us with more what do we know? >> reporter: frank, icbc said in a statement today that this an attack affected the u.s. financial services unit based in

new york it said it disconnected several parts of the system to limit the fallout. the disruption affected the market trades from clearing. all trades have been cleared and said the banking and email and other systems have not been effected the bank did not comment on who might have carried out the attack, but the suspected hacker group is called lock bit it is a criminal syndicate and links to russia and known for impacting several thousands of organizations, including boeing. payment is usually demanded in cryptocurrency which is why, frank, this attack is seen as a bit of an unusual development for a chinese-state lender as you know, crypto transactions are banned here. >> interesting eunice, this group lockbit, known for ransomware attacks to get crypto

you said it is not legal in china. i have to ask what are officials saying about this attack >> reporter: you know, it is interesting because it was a bit unusual where the foreign ministry was weighing in on this saying they felt very confident that icbc would minimize fallout. they said they believe it is really done its best in the emergency response what we also know from the bank is it reached out to u.s. law enforcement to report this case, but also reports now here that the bank and headquarters here in beijing might be seeking assistance from chinese law enforcement in a way of ministry state security >> eunice yoon, great reporting. great to see you we have more to come here on "worldwide exchange," including the one word that investors have to know today. also, a ann critical sitdown

with president biden and president xi and the race for a deal to avoid a shutdown with one week to go. and the ceo and the outlook for the a.i. deal and the company's bottom line. we have more to come when "worldwide exchange" returns stay with us benefits brokers, and institutions.

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welcome back to "worldwide exchange." the dow would open up 50 points higher the nasdaq in the red down .10%. the s&p fractionally higher now. let's see how europe is shaping up with joumanna bercetche in the london newsroom good morning happy friday >> good morning, frank so much to get to today in europe we had a print from the gdp. the third quarter was better than expected. we have seen a bit of an uptick with yields today. ten-year gilt is five basis points higher. being moved along by the u.s. treasury yields. as for broader markets, the stoxx 600 is flad t for the week

do today is a down day. ftse mib may not be updated regularly. cnbc reached out to them for comment. the index is trading under water. a lot of focus on the french index. cac 40 down .80% luxury names dragged down after poor results from richemont. and the stoxx 600 with the diageo spirit maker has weaker sales in latin america and cari caribbean. that is down today finally, to wrap things up, this is what asia looked like overnight. a lot of red on the board. nikkei down 1% property sector is the focus wynn macao is down to the lowest level in a year. frank. >> joumanna, thank you

back here to the u.s. and navitas system conductor is up 6% on the third quarter earnings beat revenue growing by 115% year over year as the use of the company's galium continues to displace legacy tech navitas announcing four new platforms across the pipeline and forecast revenue to exceed in the foreseeable future. joining me is the ceo of navitas. gene, thank you for being here >> thank you, frank. >> stock up big in the pre-market up 6% important to note you are not profitable yet, but revenue doubled. what is the driver for demand this quarter >> thank you it is an exciting time for us launching the technology platforms you talked about revenue has never been higher. we beat guidance across the

platform revenue up 20% from the last quarter. all of this coming from strength in multiple markets. the first for charging your phone or laptop. we can fast charge with half we see a lot of strength with samsung and many others. we see strength in the other markets. chips used in solar and data center for the a.i. processors and electric vehicles to fast charge your car. >> you work with a few chinese tech companies 50% of the revenue comes from china. give us a sense. we are talking about decoupling and derisking and the tensions and restrictions with the two countries. how does that impact the long-term growth story for your business >> it is promising it has gotten complicated for sure you need to focus on loca

localization we have a great team and great business and ply chain coming together in whine. china we have to look at the sign of the times and deglobalization is the trend and we are following that to serve our customers wherever they are around the world. >> you have just about 25% of the gan chip market. that is used for higher or newer power for devices. you secured a deal with samsung to be the chip for the fast charger. this gan market basically double being year over year in last year years how do your chips fit in the a.i. story >> it has been crazy in the last nine months with a doubling in the power consumption needed for the a.i. chips they can take up to 1,000 amps

for a single processor that puts pressure on us to deliver the chips to make that happen we are launching a new platform. the power supply using the law latest generation supply that is double the silicon powered device in the last year. we are stepping up to the challenge. we see a huge trend toward using galium nitrate >> give us more insight into the business we are showing your customers right now. dell and lenovo and you provide chips for alternative energy providers. solaredge and endphase longer term for next year with concerns of recession and what are your customers telling you >> enabling new technology for markets for electric vehicles of everything home appliances and solar to create that electric energy.

even in existing markets like powering your smartphone the data center and a.i. chips they are doing that with silicon chips. we are replacing the silicon with more efficient chips. we are not completely recession proof, but if the markets are declining, we can replace with the new technology >> navitas is up big strong earnings report shares up 6% you have 25% of that galium nitrate chip market. gene, thank you. >> thank you, frank. coming up on "worldwide exchange," the big money movers and why investors are not rolling the dicen owynn resorts ahead of the open. we're back in just a moment.

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welcome back to "worldwide exchange." time for the "big money movers." wynn resorts is missing despite the third quarter beat it missed ebita expectations in m m macao. this comes over a new labor agreement. shares down 5% shares of unity software are not feeling unified. the company opted not to issue forward guidance after missing

the third quarter estimate shares down 13%. shares of the trade desk are trading lower on the weaker than expected forecast. the company calling for $580 million of revenue compared to the $610 million forecasted by analysts trade desk says this comes amid caution with ad spending in the auto and entertainment industry due to labor strikes shares down more than 26%. lithium was the hottest trade last year with prices doubling around electric vehicles what a difference a year makes pippa stevens is here with more. you are keeping your finger on the pulse of the tech companies. >> it is a fast turn around with lithium almost mirroring last year's surge prices started to climb in 2020 following years of under investment as the market corrected from oversupply. prices shot up as automakers

increased ev targets and the market worried about under supply prices rose above $70,000 per ton according to data from benchmark mineral. at the time, those prices were unsustainable. the speed of the pullback has been surprising. chris better i states it is due to increasing supply and ev pricing and higher rates with shares all down more than 30% in the last three months and albemarle is hovering around a three-year low still, benchmarks were forecast with the longer term and noting new sources of materials are coming online and entire prices will be necessary to support supply frank, this took the market by surprise

you don't go from $70,000 to $25,000 in a span of a few months >> big shift since the war in ukraine and pandemic and wild swings with the tech market. do they have the right price >> i think to your point, wild swings is not good for anybody it means producers don't have long-term visibility into the projects and it is difficult to secure financing if you don't know where you are going to be in a few months' time. and high prices kill high prices we saw some of that when companies were passing along the higher lithium costs to consumers buying evs it is less about specific price in the $30,000 range, but it is more about stability everyone says this is the same boom/bust we saw previously. the prices shot up because they were too low and there was no

investment the same thing is happening now. ablemarle will cut back. they can't get financing or they don't see the long-term viability in the project and the cycle starts again that is the challenge with commodities. >> pippa, great reporting. great to see you we will see you in a few minutes. still ahead here on "worldwide exchange," lights, ca camera, delay. why disney is pausing on the marvel movies. and if you miss "worldwide exchange" check us out on apple or spotify apps. more "wex" coming up after this. . i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums]

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through power outages with unlimited cellular data and up to 4 hours of battery back-up to keep you online. only from xfinity. home of the xfinity 10g network. it's 5:30 a.m. in the new york city area there's more ahead on "worldwide exchange." here's what's on deck. stocks looking to bounce back after jay powell said more could be up its sleeve. and more as we turn to the apec summit. we tee up what you need to watch in the high profile meeting. the race is on for lawmakers to try to strike a deal to keep the lights on for the federal government just one week to go. latest on negotiations on this friday, november 10th, 2023. you are watching "worldwide exchange" here on cnbc

welcome back to "worldwide exchange." happy friday i'm frank holland. let's get you ready to start the day and pick up the half hour check with the stock futures take a look here the dow off the highs of early this morning and the s&p slipped fractionally into negative yesterday. it follows a somewhat disappointing bond auction and comments from jay powell you see the ten-year yield ten basis points higher than yesterday. very important to note the two-year yield is above 5%. and then the wti at $76.46 a barrel brent crude at $$81 a barrel natural gas is in the red. and the next few months are

really shaping up to be a battle royale with opec and russia. brian sullivan has more. >> reporter: frank, oil prices have come down by $15 a barrel in six weeks that should provide relief at the gas pump looking ahead, it legets interesting and cloudy the iaea showing global oil supplies may rise by 1 million barrels a day and gas consumption may drop by 1% not a lot, but enough to mean the u.s. would have the lowest per capita gas demand in america in 20 years. you look at higher supply and lower demand, that sounds like a recipe for lower oil prices. well, maybe not. the iaea sees the price of oil actually going up around the world next year because oil demand will rise enough globally to mitigate any drop in the

united states. the government adds the opec and russia and opec cuts will keep the oil market balanced. all of this coming out of opec's next in-person meeting on sunday after thanksgiving, thank you, opec buckle up, frank, for the next few months of oil. i'll be on "squawk box" later this morning and tune in to "last call" at 7:00 p.m. >> thank you, brian. thank you to pippa she is back with this top corporate stories. it is the pippa show today i know, frank. u.s. judge approving jpmorgan chase's $290 million settlement over jeffery epstein crimes. jp d jpmorgan chase did not admit to wron wrongdoing, but said it was fair

and just for the survivors. and microsoft restricting chat ggpt due to security concerns the company choosing to ban chatgpt and canva all together, but reinstating access to chatgpt. this comes as microsoft invests billions in open a.i. to integrate into the azure and disney delaying film schedule for marvel. this follows the end of the labor strike the third "deadpool" film will now be released in july in replace of the "captain america" film this gives me more time to see the originals. i have never seen any of them. >> serious

"deadpool" i understand. >> i have plenty of time. >> living under a rock i'm joking thank you. we now want to get serious and turn attention to washington we are just a little over a week away from what could be deja vu all over again in congress lawmakers are facing another deadline on the 18th to keep the government running it is unclear how or if they work together to get the deal done emily wilkins joins us from washington >> reporter: frank, we are back where we were a month ago. federal funding running out in eight days unless congress acts. it is coming down to the wire. neither the house nor have finalized any funding or included anything in the stop gap bill mike johnson would break government funding into two parts.

one includes sections where lawmakers are in agreement on funding and the other part are bills with disagreements congress would extend the easy programs for a few weeks or a month then pressure the house and senate passing the long-term bills. lawmakers would give themselves more time to work through the issues on the contentious bills. this lacks support among democrats or republicans who worry it will lead to more shutdown threats both mike johnson and senate majority leader chuck schumer are beginning to move stopgap funding bills next week. house republicans want to add conservative wins to the bill like border security, but democrats like hakeem jeffries have been adamant like stopgap measures be done without provisions >> a continuing resolution that

is at the fiscal year 2023 levels is the only way forward because that's the status quo. house democrats are not asking for policy police references we are asking for the status quo to keep the government open. >> reporter: the last time we were here, the house did vote to move a bipartisan stopgap. frank, that led to kevin mccarthy being ousted from the speakership. >> i remember that i remember you coming on for the days of them trying to find a new house speaker. a lot of turmoil emily, how are things shaping up in the senate? >> reporter: the senate let's the house go first if you look at the laws, the house is generating the spending bills. getting down to the wire, chuck schumer announced the senate will come out with its own

package. it remains to be seen what that is we know the senate is trying to find a bipartisan immigration and border security policy they can put in a bill. something to help it pass the house and help get republicans a win. it could include israel funding, but at this point, we don't have a final product. until we do, it is difficult to say which of these ideas are being discussed and which of them might stand a chance of passing. >> before i let you go, emily, while we are touching on the senate right now, senator joe manchin from west virginia is retiring does that change the math when it comes to all this >> reporter: it absolutely changes the math the senate democrats have a slim majority they have been able to do a lot with it. if you go back to a 50/50 senator senate where republicans have control, things will be a lot different.

really manchin was a key folks that democrats were watching his decision not to run. it will be really hard for democrats to win west virginia not only is that state become deeply conservative, but voted for donald trumpby almost 40 points in the last election. you also had republicans put up strong candidates for senate this really makes every other democratic race in the country all that more important. it really means that republicans stand a very, very good chance of getting control of the senate in 2025. >> emily wilkins in d.c. thank you very much. turning to international relations. treasury secretary janet yellen will meet with the chinese vice premier today ahead of the apec summit in san francisco next week this is laying the ground work for the meeting with president biden and president xi yellen is doing what is

necessary to protect national security interests and foster a h healthy relationship with china. >> the united states has no issues to decouple with china. it would be disastrous for both of our countries and the world >> new op-ed published on cnbc.com, biden's meeting with xi could be complicated for the countries and a lot at stake for the companies that do business in china we have dewardrick with us now >> good morning, frank >> you are posting around local nbc stations raround the country why is this a pivotal meeting

with presidents xi and biden >> frank, the most important thing is this relationship could breed into a chaotic in international relationship frank, a lot of people are saying just these two meet in san francisco and this would be a win. i've held that view in the past. i think we really have to set the bar a little higher he given how chaotic the international system is at the moment. what i would like to see are both sides establish a set of sustainable management mechanisms in the bilateral relationship and agree, frank, to continuously convene these mechanisms and not suspend or leverage them to change the other side's behavior. this is the only way for us to

reestablish habits of dialogue and cooperation and most importantly, frank, ensure competition does not veer into conflict >> to be clear for the audience, everybody has a little bit of skin in the game the two super powers i want to go back to what you said op-ed on cnbc.com for people who want to read more. sustainable management mechanisms what do you mean what is the most important thing those mechanisms will address? >> i think it is important to set up the expectations that you will not solve many of these problems there are a lot of problems which are structural what has been missing in the relationship is a discussion about where each side has their differences and trying to manage the relationship in the way that it doesn't veer into conflict. that cannot happen in silence.

i think the most important thing i'm hoping to see in the san francisco meeting, frank, is the reestablishment of high level military-to-military engagement. this is the one area where we can have serious problems if the two militaries are not talking >> let's get down to the investor impact. we will show viewers a lot of american companies have a big stake in china tesla with a quarter of relvenue coming from china. nike with 15% and apple at 18% what does it mean? >> it is important for the meeting in san francisco and the one happening now with secretary yellen and the vice premier means it is important to press chi china on the rhetoric of being open for business. if we can get some clarify on what this really means, tangible

actions to show western businesses are welcome in china, means this would be a big win for the investment community the onus is on the chinese to prove they really are open for business the exit bans we have seen and the arbitrary raids we have seen none of these convey openness. these meetings with help flush out the challenges the u.s. businesses are having. if we get that out of san francisco, that is a big win for businesses >> president biden and president xi meeting in san francisco next we're. dewardrick mcneal, this is a pivotal meeting for u.s. and china relations. thank you. >> thank you coming up on "worldwide exchange," a mixed picture for the uk and its economy as leaders struggle the o tgea grip on inflation we will have more details when "worldwide exchange" returns i've been maintaining. the weight is gone

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welcome back to "worldwide exchange." time for the "morning call sheet. baird raises the toast rating to neutral. shares are up over 1.5%. rbc cutting plug power from sector -- to sector from out performance. excuse me. the move coming after the fuel cell company recorded a third quarter loss and pulling

guidance saying it faces challenges shares down almost 30% it is time for the "global briefing." china's largest bank hit by cyber attacks by lockbit it is breaching the u.s. unit o the commercial bank of japan sticking with china, the chip maker is facing a 30% drop in profit due to semi conductors bloated inventory in china has come down to relatively healthy levels, but inventory is remaining at high levels. the uk economy flat lining in the third quarter after increasing by 0.2% in the previous quarter services sector dropping by 0.1% it was offset by 0.1 increase in

construction and flat performance in the production sector the uk chancellor says this is the highest barrier for growth with the cpi at 6.7%. ahead on "worldwide exchange," one word ever investor needs to know today and our next guest is not concerned about the hawkish comments from fed chair jay powell we will be back right after this from blendjet. nine exciting designs your whole family will adore blendjet 2 is portable, which means you can blend up nutritious smoothies, protein shakes, or frozen treats, just about anywhere! recharge quickly via usb-c. it even cleans itself. order yours now from blendjet.com and bring a little disney into your life.

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wynn resort shares are do you -- due to recover after macau business and unity software misses revenue estimates saying they can do better next year. shares of diageo is slowing due to the lack of sales in latin america and the caribbean. and illumina cuts profit forecast for the second straight quarter. at 10:00 a.m., we get a look at the sentiment and speeches from dallas fed president lorie logan and raphael bostic

we also will have an interview with mary daly at 1:00 p.m. eastern time today and take an a look at futurs this morning the nasdaq down as well as the dow is off from early trades this morning we have david katz with more this morning >> good morning. >> what impacted the markets yesterday? the weaker than expected treasury or the comments from jay powell that were hawkish >> it was the comments from jay powell not willing to commit they are done raising rates. the market wants that commitment the economic data has been slower and less hot indicating the fed should be done, but powell and the fed are not willing to commit that you will hear comments today similar to that that maybe we

have not done enough sdplchlt t >> the market is scared today. what is the word of the day? >> the word is optionalit yy. they will not stop raising rates. if you are a markets participant, you have to look beyond that. try to look at the economic data if the data is showing things are slowing and labor markets are slowing, we think the fed will be done you want to buy in advance of the fed admitting they are done. >> you have picks for us i want to start with one of them one is a utility company ticker aep. we are seeing yields climb up a bit. why is the utility company attractive right now >> the utility group is the weakest performing groups this

year it is down 15% to 20%. you are able to get a good long-term business at the lower pe we do think in the next 12 months that rates are going to stabilize and shift lower we think as the market comes downs, t down, it will come back down >> take a look at shares not moving in extended hours under a bit of pressure in the last three years ticker zbh why is that a good pick? >> they make knee and hip repla replacements the stock is off 25% based on concerns of the weight loss drug they announced they gave an up beat forecast. one thing they said is all analysis says the weight loss drugs will give them a tailwind rather than headwind

being the stock is the lowest multiple for a long time and they believe the weight loss drugs will give them a new market of people to replace knees or hips or people will be living longer and more athletic. it is good for them. the stock is the cheapest level. we would be buying that. the market is up 14% this year there are a lot of stocks down 15%. we would be buying >> david katz, thank you we want to take one more look at the futures. futures are off the highs of earlier this morning dow would open up 30 points lower right now. we want to look at bonds this morning as we focus on the ten-year yield at 4.64%. a quick look at oil. brian sullivan saying a battle royale with russia and the american driver. natural gas down 1%. that's going to do it for us on

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good morning stock futures are relatively calm after fed chair jay powell said weak demand is rattling markets yesterday. we will show you what is moving right now. a s a shakeup in washington. senator joe manchin will not run for re-election. speculation he could launch a so-called no label presidential bid. and tesla shares tumbled yesterday after the bearish analyst call we get reaction from long time

tesla bull ron baron it is friday, november 10th, 2023 the sun came up. melissa's here andrew is at the conference. "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm andrew ross sorkin along with joe kernen and melissa lee. i'm live at the 30th annual baron investment conference at lincoln center we will have ron baron on in a moment he will join us and we will talk to him about so many things, including tesla. there is a -- is this true the firstsighting in new york? can i say that the truck. the truck. the cyber truck in n