neil: at wall and brought with, it is a push and the pool thing at the markets, lot of earnings coming better-than-expected. the companies ratcheted down but not all of them. companies like proctor and

gamble, and foreign currencies back into dollars, not a good thing. that a lot of companies including the ceos of proctor and gamble, nothing of jeff beto's and jamie dimon and many others, we still see serious head winds, still see a recession and a lot of things that could be happening as soon as next year and connell mcshane looking at all this and you always see this but they are between some good news, the good news could be bad news. connell: i look at rising bond yields hitting the market a little bit. earnings have been pretty good. not all of them but it has been a busy day, 23 companies in the s&p and a bunch from last night that factor into the action today.

ibm is in that category and it is because of ibm but ibm doing its part today, $5 rise, a report was good, better-than-expected revenue and more importantly saying it expects to top 4 year sales growth targets, the key for ibm is in good demand for its digital services and that upsets the strong dollar which hurts these international giants. at&t raised its outlook for profit and wireless revenue. it continues to add subscribers and the stock price doing well when you're up by 7% as at&t, added 2.2 million wireless subscribers in the first quarters of this year, but we will group these other ones together for the sake of time all reporting today, dow

chemical worn it is up $0.76, american airlines, among the other reports we had as well. we talked about dow being in line. the earnings report, stock is having a good reaction based on where it is priced in its earnings report. it was a decent report and the stock did well in the middle of the day. it doesn't match up to the actual report, and they missed on profit. the prophet was very close to being a record and elon musk said they will sell every single car as far into the future as they can see which is a positive outlook but sales

short of expectations in the most recent quarter and it cut its full-year growth expectations and that hit the stock price by a wide margin, 6% drop for toes low. having a terrible october,% for the month and 30% more for the year so stock is having a tough time of it. earnings have been okay. neil: thank you for that. want to go to kelly o'grady, titans talking about the fact they were heading into rough waters. jeff baeza's, right? >> this is bad timing, 19 days from the midterms and successful business leaders sounding alarms, jeff bezos the latest to join the chorus, the

probabilities in this economy tell you to batten down the hatches and similar warnings of trouble across wall street. goldman sachs's david solomon thinks energy and immigration policy will dictate how well the us will navigate these challenges and emphasize investors need to be cautious. >> you have to expect more volatility on the horizon. doesn't mean for sure we have a difficult economic scenario but distribution of outcomes, good chance for the recession. >> reporter: jamie dimon warning of an impact -- impending recession. higher inflation, interest rates and the war in ukraine, serious challenges, and the s&p 500 could tumble another 20% due to such a downturn, we are down 20% for the year and instead of heeding those called the white house is pushing back

and edward lawrence asked the administration about industry warnings and the president doesn't expect a recession because of the economic plan in place. the administration has been wrong before. they called inflation transitory but it is tough on the credibility side when your messaging goes against the most successful businessman in the world through similar storms. neil: thank you very much for that. we have the strong dollar, the whole world locks to currency as a haven in times like these. if you are us multinational or pretty much any of the dow 30 stocks your global presence is pounded by the strong dollar. once your earnings from abroad translated back into dollars you have fewer dollars to show

so it could be a double whammy, a split for the dow 30 stocks, goes up versus down. you have susan with us as well. let me ask you about the fallout from the strong dollar. it is better to have strong currency than week, but this one had some headaches attached to it. >> reporter: apple had the same thing, and to get back to the tesla report card, why it is falling today, automotive margins down by 600 basis points and you heard elon musk and the tesla management team say the strong currency affects them and their bottom line as well and in this earnings season which is better than anticipated margins count and you will hear that from apple and amazon next weekend the

fact you have pricing power able to raise prices enough to cover the strong currency and falling volume sales. neil: a lot of these guys made a lot of money abroad, the lions share of technology giants come from abroad. not only do you have so many european countries lining up against the monopolistic status of these big companies, google comes to mind, amazon to a lesser extent and add that to the strong dollar, you have concerns. >> currency and foreign exchange, that is a big factor but also with investment, investment dollars you will see foreign investment come back to the uso emerging markets are affected, the way you look at wage and wager costs and that is being impacted. it is a global phenomenon and

the main thing if you are looking at the pngs, raising prices, consumers taking a hit. neil: when i look at the pricing of pcs going into the holiday season. a lot were discounted less than they were last year and had a lot of inflation allowing for that, down a lot. obviously the hope is the previous demand they are not buying and i am wondering what the impact would be. >> there's a bifurcation, people are spending on experiences and looking at travel stocks and airlines have been on fire so there is a summer travel boom that will extend past the holidays. as for pc sales and things and items pc sales have plummeted compared to those covid lockdown days where you need to buy a computer but that has a

knock on effect, the pcmakers, micron and intel. one thing about the strong dollar, we could all go to tokyo, the cheapest since 1990. neil: it is at an all-time low at or close to it. any of this we talked about get you rethinking technology stocks or is it overblown? >> slightly overblown, but one of the interesting things, us companies can start investing, in ireland or eastern europe and you see that investment. we are going through 5 phases of recession and valuations are cut and earnings continue to drop. that is part of the calculus on

technology. we see a lot of enterprise software companies, and how resilient these companies are, keep their margins out of profits. neil: don't wander far, i want to pick your brains on what young people are doing. are whining and complaining again. that is coming up later on the show. thanks, guys, don't go too far. you heard liz truss, the prime nester of britain will soon be the former prime minister of great britain, the shortest reigning prime minister britain has seen in its history and it got us thinking, it happens sometimes, this country that brought us the beatles and monty python might bring us something a lot less popular after this. >> if you do not open this door we will take this castle by force.

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>> leaving downing street for the last time after 11 wonderful years. >> to consider the selection of the conservative party. >> i will tender my resignation of the office of prime minister. >> i expect to go to paris and offer my resignation so we will have up new prime minister in the building behind me. >> with the north and enduring gratitude to have had the opportunity to serve the country i love. >> this is it, folks. >> the torch will finally be passed to a new conservative leader.

the baton will be handed over. >> i'm resigning as leader of the conservative party. >> amazing amazing amazing. the common theme, i am out of here. it has happened a lot. but liz truss has the distinction of being the shortest serving prime minister in british history, and the significance of that. i want to go to ashley webster who has been looking forward to my british accent and clearly looking forward to my scottish accent so i don't know which one will debut but in all seriousness what happened here, she came in it is gone before she had to take stuff out of boxes. ashley: the whole thing became a monty python sketch which is the conservative party right now. liz truss vowed to stay saying she's a fighter, not a quitter.

one day later under enormous pressure she stood outside 10 downing street and this is what she said. >> i cannot deliver the mandate on which i was elected by the conservative party. i have spoken to his majesty the king to notify him that i am resigning as leader of the conservative party. ashley: the shortest term for british prime minister in history, after winning a party leadership contest to replace boris johnson who resigned over the summer following an ethics scandal. incredible johnson is preparing to run again for the pm job, and as you can see also in the running, uk budget chief jeremy hunt, former finance minister who became second to trust in the last leadership contest and then penny morden, former

defense secretary who is seen as a, quote, consensus candidate. the contest will take place over the next week on the first ballot next monday and whoever takes over will have to stabilize the tory party in disarray after trust -- liz truss's forced the bank of england to intervene and we can the british pound to record lows. all the time the opposition labour party licking its chops calling for general election immediately. conservatives have a 2025 deadline on the next general election so they don't want to do it anytime soon because the latest opinion poll suggests the tories will suffer a landslide defeat. to prevent that they have to reach consensus vote on a future leader as quickly as possible. let's not forget liz truss has been under so much pressure a viral video asking if she could

last longer than a head of lettuce had become a national obsession. today thousands returned to the site to see the lettuce celebrate its victory. politics is cruel, especially in the uk. neil: just amazing. we saw british bond yields climb. the market rebound. as she leaves. it is a cruel world i can say. ashley: it certainly is. neil: everyone gets their term being prime minister, even you are in the running. neil: i am waiting for the call. neil: ashley webster, order, order. order. here comes charlie gasparino. charles: i have such a british accent. neil: no one would ever think you are british, kudos to you. you are all over this and what happened?

neil: charles: i got the story last night she was likely to step down and today, what makes this a great story for me is this was wall street hit job, no doubt about it. i get it from the same guys that put her out. this was essentially a bond market hit job but when she came out with her plan, i know this for a fact, she tried to sell it to major money managers, she had meetings when she was here for the un to sell them on this, very giddy, very confident. neil: sell them on what? charles: this plan she was going to unveil, tax cuts, spending, increased spending, wasn't much austerity in this. tax cuts increase spending will do the job that needed to be done in britain which is to reverse stagflation, economic decline and mounting inflation. after she got done with that, those meetings, i can tell you bond market participants, major

ones did not believe this would lead to wider deficit in the near-term and then all hell broke loose and if you unpack it as some of these guys are doing for me this is what happened, uk pension funds but all money managers across the world. in the us too feasting, buying debt, very slow interest rates at high prices. in order to jazz those returns, attach derivatives on them. if you start raising rates like the bank of england is doing, if you start blowing out the deficit as they believe she would have done with her plan and on the supply side just telling you that. that is both inflationary, lead to higher interest rates you sell the guilt and they sold it, and there was a near financial panic or two days. neil: the bond market not revolting?

charles: should be there. neil: any message here? charles: i knew where you were going with that. not just republicans, but the current administration. president biden spent zillions in the face of the fed raising rates. making their jobs so the fed has to keep raising rates. we have 8.2% inflation, that isn't going down. a lot of people thought there would be another number but stayed at 8. if you get that and had higher interest rates going forward, republicans can an act the tax-cut. -- neil: to make it permanent. charles: the things that happened in england, what it could replicate, the bond market freaking out about

massive deficits which we have, 30 trillion. 33 trillion. the amount of debt -- neil: all those deficits piled up. charles: that could freak out the bond market and notice the 10 year, now above 4% and it is not moving, suppose the 10 year. 10 year gets to 4. 5, prices go down, us money managers have the same thing the british out of, bucking the bonds and you could have a selloff in the market where bond yields spike dramatically. neil: you initially laughed but it was a lie. charles: i was just ready for you. i do this for a living. neil: we would talk for hours. charles: it was likely to

happen today and there were some others, in their british accent. what do you americans know about parliamentary procedures. neil: my british accent is a little better. thank you for being ahead of that. if charlie is reporting on your economic plan, get enthusiastic about it, word to the wise, try to explain it, if that doesn't work, get out of dodge. stay with us. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!!

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neil: ahead of the president tapping the strategic petroleum reserve, and premium will set you back $6.25 a gallon. that the leap because a lot are

higher than that. lauren simonetti has the latest. >> reporter: had to find out why gasoline in california is so extensive, do dollars and $0.05 more, more than everybody else page, it is easy to do. it is down to 3 reasons. the first is taxes. $1.25, single gallon of gasoline goes to federal state and environmental taxes more than any other state, second one is a big one. valero was one of several companies accused by governor gavin newsom of price gouging customers and this was valero's response, quote, california imposed aggressive and expensive and environmental

regulatory requirements in the world. including mandating special blend of gasoline that can't be available. and refusing to have fossil fuel infrastructure. >> it ended permitting on the state to completely get rid of it. it starts with allowing what they do best, provide affordable energy to any state in the west. >> number 3 is what kevin was expressing, demonization of the industry. the plan to eliminate them brings me here. the refinery behind me, 120,000 barrels a day, fuel and diesel, it goes off-line next year, deny refineries in the state go down to 8 while they transition

to process renewables in 2,024. it is part of the transition. the problem is you fill the gap with something and that is something california doesn't have and when you fill up your gas tank, but they are used to in california, i am from new jersey, are you kidding me? it is over $2,000 to fill up his truck and gas prices have come down. that is the state average, came down a bit. neil: they are not kidding with you are kidding me but function what are you doing? and gerri willis, another story develop and on the housing front where it is getting worrisome. we are at we ate straight

months of decline, first in ten years. >> reporter: the slowdown is slowing down more. existing home sales at the slowest pace in september since may 2020, low inventories and constrain sales and sales a previously sold homes fell month-to-month to an annual run rate of 4.7 million. the eighth consecutive month as you said and sales are down 20% from last year, 6.18 million. median prices are up 3%, below june's all-time high of 413. sales falling in part because mortgage rates are rising. the freddie mac average update no exception, 30 year fixed

rate is 4.69%, we started the year rates at 3.22%. freddie mac's chief economist, slowing upward trajectory, one mortgage pro we talked to, double-digit mortgage rates on the horizon the first quarter. the good news, if you own a home lack of inventory currently at 3.2 month supplies keeping prices from falling further according to national association of realtors, more than a quarter of homes still selling above list and amazing. neil: let's go to real estate agent extraordinaire, what she makes of this, kristin jordan, we were talking about what is going on nationality. i always said that new york is

different. how are things going? >> new york is different. we have created new inventory in the past couple years that outperform anything we have ever seen. we have new buildings that will be coming online even in west village that are going to double what we used to see. there is going to be something big, 5000 top-down us village and then talking about bringing another building 2 central park south, 15,000 a foot and -- neil: isn't there one? did you buy that? >> i went to see the other day. neil: who is buying those? >> that is really the question. the buyers that are coming to see these are combination of those who cashed out when things -- neil: they are not amorphous. >> they are not and not sensitive to what is going on

in the marketplace and those buyers and sellers at this level if there is anything coming to market, those homes are selling at 2021 prices which is incredible. and than the rest of the market that needs renovation or buildings where maybe it is a co-op building where they have standards that could be the case here where they expect to see a bunch of those, they are having a harder time and it is quiet and it is discovery time because those sellers are not necessarily desperate, they don't get the market right now. how do you get to the right price so you're getting offers? that is the green light and there are conversations around the right price and how far are we off of the high. neil: for everyone else, look at mortgage rates closing at 7%, what are their options?

sellers are not putting their homes on the market thinking they are not going to get what they thought they would get and marketing back to the days when they could get that and it is more expensive to borrow if you can find, more expensive to get it. >> the most important thing is each market is so personal and so micro. same with how new york city has different boroughs and different markets and each neighborhood. neil: what about florida, texas was that way for a while, might be for a while. what about them? >> if there's a home that fits your budget and your personal spend it is your debt to income ratio keeping that within the ability to get the mortgage and where you are comfortable it is still a good time to buy because prices are coming down off of where they were for certain homes. neil: it is one thing to have it for mortgage but another to be qualified -- qualified. >> it's not easy and they have

to watch and wait to get that mortgage but otherwise they are renting from these multifamily investors who are making out during this time. if you look at statistics, people making real money now are those -- neil: i don't see a lot of the devil may care buying and selling property that we have seen last housing boom before the bus to. i also see more flex. us more rate mortgages at a rate that stays 3 years, and of time to refinance when you come back down again assuming we do. do you see a housing meltdown like we saw with a decade ago? >> the housing meltdown we had a decade ago was because buyers were buying and qualified and borrowing. now we have qualified borrowers almost so qualified they are not ready to lose their shirts and not going to sell their

home at a discount or go into this other interest rate territory so that is where the stagnation between buyers and sellers is and that is where real estate agents will not make 120. neil: hard to get footing. that's not the currency, it is the backdrop so does that worry you going forward? >> the rates going up is always going to have an effect on purchasing power and prices and best thing to do is try to get ahead of it by buying sooner rather than later and having a plan for refinancing in the future, buyers are looking at alternative financing, adjustable rates, interest-only, ways they can build wealth and maybe not equity right away. neil: i heard younger people had with all this. is that true?

>> it is hard for young people who haven't had a chance to build their savings. i have not necessarily built as much wealth up to now and also part of that is they spend so much more on services, and debt and credit card debt. they have to figure it out, owning a home is a hedge against inflation. neil: we will see, after liz truss's 21 days she's out of there. the tories plan to start the process all over again. in london, doesn't look like anything hard is going down, if you want to be prime minister of britain you might get a shot. you go through them quickly. posted on who is next after this.

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neil: cleanup for a deal that looked like a done deal, for the largest grocery stores, kroger, looking to get together but elizabeth warren is saying not a good idea. aishah hasnie following that on capitol hill. >> nursed interesting with a lot of could ask of this deal, democrats speaking out about high prices and grocery stores and definitely speaking out about possible $25 billion merger between two of the nation's largest grocery chains, democrats are concerned this is going to drive up those food prices even further so kroger and albertson's, these

companies say this merger will result in $500 million in savings which they promise they will pass on to you the consumer, but hang on a second, vermont senator bernie sanders calling the merger an absolute disaster, and and calling on the ftc, kroger and albertson's are gouging families with inflated prices, more mergers and less competition would mean higher prices and layoffs for employees. senator amy klobuchar, share of the antitrust committee which oversees the ftc is teaming up with ranking member mike lead to hold a hearing about this merger next month. they are concerned about those antitrust issues and this as the left finally owning up to the inflationary aftermath, the

effects of spending a $1.9 trillion american rescue plan. >> all of us are concerned about these rising costs and all of us knew this would be the case when we put in place these recovery programs. anytime you put more money into the economy, prices rise. >> reporter: he says all of us knew rising gas prices clearly still an issue for voters out there, an issue for vulnerable democrats. aqueous is reporting over the past month gas prices rose above the national average of 18 states that are home to 29 at risk house seats and despite the fact that a group of vulnerable house democrats urge the president to release oil reserves it is unclear if his announcement will help anyone because as you know it doesn't cover a full day of how much oil we use in the us and

doesn't go to option until after the election. there you have it. neil: so glad you mentioned all this because i don't remember, in your reporting i don't think you recall anyone of them saying when pushing the spending it would lead to higher prices. >> not one word of it, we are two weeks out from the midterms, prices are high, finally hearing about it. neil: they always say the young and the restless, when it comes to their jobs they don't plan to stay very long. most of them less than a year. there was more to this tease but the young person who wrote it has left after this. ♪ ♪

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i want to do nothing and make money! neil: that is a staffer. the younger are restless and don't plan to stick around, they don't want to work long and many plan to work less than a year. what do you make of that? susan gets like this every day, a diva. this does not help your generation. i'm just saying what the heck? susan: i will do the explaining. 65% plan to leave their job by the end of this year. remember who their generation are, the younger folks, this is the era of experimentation, to figure out where your best fit is and what you want to do. neil: but for less than a year, give it a little longer.

susan: madison terms of who your bosses and whether you have the right perks in the expensive jim. neil: it sounds so shallow to me but what is going on here? it is one thing to be a quiet quitter, another thing to be loud about it. what do you make of it? >> there is a difference. we see this in the workforce, the career path, it is -- neil: susan said she didn't want it. >> it is about mission and purpose, not just the money. there is something big around it. a lot feel it is important to have meaning in their jobs and have mental health. i literally might be old but they are taking a mental health day. i'm glad, there's a well-being

day happening the other day, couldn't schedule a meeting, does anybody work? it is a very different mindset. i am glad. neil: susan has never taken a mental health day but given time your thoughts. susan: here's what i have to tell you. the younger generation, looking at people with tension, there's no access for the younger generation for their retirement fund so why am i working on that? there is guaranteed payout. neil: you don't give the screens? susan: i understand where they are coming from. you need to stick to career at some point. neil: a little more than a year. you hate hiring young people, that is what you said. >> they are ambitious and want

to move on to the next level are and are in a hurry. when you are young that is what you should be doing. neil: on older person, 44 days she is out of there. neil: more after this. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity. . . .

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neil: dow down about 60 points right now. they're moving right now to find a new prime minister in britain. lots going on, lots for charles payne to help you with. hey, charles. charles: neil, weigh gave away another huge start to the session. neil: amazin