yes, even they had some remarks from nike c, f o. and he was sort of hinting at peak supply chain challenges are locked on challenges. so things might get better from here on, even if it might take 2 or 3 quarters to really get rid of the high level of inventory. is that the problem for nike and some other retailers as well? it's now they're facing some other challenges. for example, an overall weaker macro economic environment because of the plot plus side nike was saying that overall demand so far is very strong. but is that going to stay that way with those micro economic challenges remain to be seen? and then also for a lot of the big us corporate and the high dollar is also an issue, at least the wall street was unforgiving, was all of what's going on with nike and the numbers that we've gotten. the stock was down here on the friday session. by more than 12 percent, the birth trading day in about 20 years and the stock pretty much got cut in half since the beginning of the year. ryan's quarter in new york. thank you. restaurant

nike warned about margins. the cfo said it's going to be a promotional environment like you alluded to what does that make me think of? tjx, roth stars. if you look at both of those, three-month performance up 11% for tjx and 20% for ross stores jeff gave you a dollar tree. i'll give you a five below up 20% three month performance go down the food chain this is technically the way we're going down this road to a recession. the fed has to push the economy into a recession or they fail, so they will so go down the area where margins are less impactful to the companies that you're buying. >> tim, i know you have been known to shop for the holidays at walgreens or cvs. they have fine gifts, by the way. >> christmas eve aren't they open 24/7? >> is that the answer? go to the tradedown? >> walgreens has been a disaster it's another stock i have a position in. and it's deny devastating terms of drivers of the business, in otc, pharma and wellness, the story is very well intact. in walmart's case, there's absolutely a

is this nike is this the nike i know?t's not >> this is not just also strong dollar impacting them, china lockdown clearly impacting them. >> down 13%, sure. >> it's more than that it's bad merchandising in your opinion? >> no, it's they found out that you could -- there were a lot of people who felt that the shipping would take long, and the shipping got much quicker, so that the customers got -- they kind of got the material before they needed it, and they don't need it anymore, and nike was continuing to pump out the apparel, and look, i'm sympathetic to both nike and micron, because you lose china they just lost china you have a situation where you're not sure how long it's going to take to get merchandise. you have a situation where your retailers want merchandise aggressively and were double ordering and then suddenly, they got the merchandise, and they can't sell the merchandise now you have like brian cornell, i pulled up with him last week, carl, and he took the gutsy action he got rid of the inventory. i mean, h

nike is the leader in this space.ike is clearing product short-term, that could pressure a number of other brands, particularly those who are not as well-positioned as nike. i follow lululemon, i do not follow the whole group. even there, that is a short-term type problem. alix: do you still feel nike and other companies you cover have an ability to tack on higher costs to the consumer? inflation is still rising. can they pass it on and maintain margins? brian: great question. i follow a large number of consumer companies. what i am seeing right now is significant pricing power on these retailers for brands. there is a breaking point. i have not seen that yet. most of the companies i cover are tier two, generally upper company consumers. i do not follow many companies who would cater to lower income consumers. right now what i have seen is significant pricing power on retailers and brands. guy: what is the story in europe? this is where the consumer feels like it is pressurized the most at the moment. we are going int

are there any execution problems at nike? is nike dealing with this worsley i want to say which is not a word than some of the other retailers in the space and some of the other companies in the space, the whole supply chain inventory backup >> well, look, it's a great question i don't want to -- i hate to say my company is passive. nike and their inventory issues right now are frankly in good company. we've heard something similar from companies like walmart and target i think what had happened, the pandemic, the supply chain issue, the post-pandemic, i think that this is just an unprecedented environment for consumer companies, so i don't think nike -- i don't think nike is performing any worse. i think nic, like others, like very other high-quality companies got tripped up here a bit in an unprecedented environment. >> brian nagel, thank you. >>> pounding the table on nic, $195 price target, a big increase from here appreciate it. says the market that is wrong. >>> back in august, we asked john lipsky who chairs the group

today, we have the action on the aforementioned micron and nike let's start with nike first. the street will be watching for any impact on commentary concerning currency headwinds as well as consumer demand in europe and china courtney reagan has the story. lee munson has the trade courtney, let us start with you. i mean, the stock's gotten crushed. how is the outlook >> brian, obviously, nike is a very, very strong brand the world over, but not immune from macro economic pressures we're really going to want to hear a lot of details about how nike, frankly, is dealing with the impact of inflation on running its business and what that means for consumers that are faced with higher costs of goods that they have to buy. and what that means for what they're willing to buy with their discretionary dollars. the strong dollar is also something that's really in focus in the analyst and investor community. only about a third of nike's revenues come from the united states so from a dollar-denominated area and everything else has to have this fx translation. and so we're really concerne

nike and micron. i'm melissa lee. we are live at the nasdaq market site we start off tonight with a double dose of hawk talk from the fed. a couple of u.s. central bankers looking to set the record straight for here. james bullard saying the committee expects to make rate hikes this year and the market seems to recognize that. cleveland fed president said today that real interest rates have to be positive sometime before the bank stops hiking the s&p and nasdaq giving back yesterday's gains. the dow dropping 450 points. the s&p down 25% from the all-time high. nasdaq leading the losses 1% from the lows of the year. apple erasing almost $120 billion from the market cap today alone. we'll dive into more on apple later but does it suggest there's more pain to come? >> listening to the fed and heard a couple things to me should be alarming if you expect the fed to cave like every other central bank in the world is we have cpi numbers north of 8% and the last numbers we got is scary to think about if you qualify that with

nike shares drop after the 40% increase in inventory. 44% sounds great until you say of inventory nike saying it will offer more discounts heading into the holiday season the company did report better than expected profit and revenue for its latest quarter this probably is inddicindicatie we'll come back and talk about both of these. is it good it just bends and doesn't break when it is down? yesterday, there was a chance it would go down hard it tries to come back. >> the uk was something to watch with these things. maybe it is not flushing it out. >> the day before was 500. yesterday down 600 >> it ended at 458 that was the dow s&p closed down more than the day before down 2.1%. >> it was. that was -- believe me i'm watching the s&p. >> concerned about the s&p >> i'm watching it 3,599. i have to eat crow and actually admit it >>> micron what are the chances the ultimate bottom? >> if it touches for a day and comes back >> exactly >> we like to see you eat crow >> i don't think you would you don't want your colleagues to be sad and stung. >> funny >> i can't believe it is not going to

does it apply to nike?ailey: it does, because not only do they have pent up inventory in their factories, they are worried about footlocker, dick's, that have a backlog of nike shoes that they have to put on sale to get out the door. not only are they dealing with their own issues, consumers right now are inflation and they are not buying new shoes. and their stores are working through backlogs. it's then playing out of the supply chain issues that we saw about a year ago when we had so much demand and not enough things to be sold, now we have the inverse where there is too much product. kriti: our former bloomberg opinion carl missed wrote an amazing column about a year ago where she said that nike supply chain for a pair of air jordans, it used to take 40 days to get from china to the u.s., and that has tripled a 120 or something like that. ho longw expect the supply chain issues to last for retail broadly? bailey: it will continue to get worked through. with a zero covid policies in china you are worried

and how much of it is nike specific >> yeah, they're the latest, right?'ll be the most recent touch point we have on the overall consumer and global consumer at that i think, you know, just generally speaking global macro, not looking that great, right? fedex, ford, a lot of these big company global numbers are coming out and not looking really great so i would say that the -- what we're going to get from them, two critical points are what are they saying about sort of global demand. what we saw during the quarter from the retailers is strength right? so whenever we're looking at inventory, always remind people that the point on the balance sheet, three, six, nine months down the road is what we're worried about. demand that comes after, right, in the coming months and so forth so i think the two key things here are any commentary on kind of what they're seeing, we would expect them to say that things are good today from the retail partners but the key thing that will tell you and trigger kind of whether or not we have inventory issue, we did notice they

nike also hitting fresh lows levels not seen since july 2020. should investors brace for more selling? guidance when it comes to supply chain and china, bonowny. >> this is been on the radar some time. i see the concern around the consumer i don't like the space, but i think it makes for an intriguing relative value play. if you look at the earnings, around 96 bucks. we're talk about 26 times 4 earnings i don't think we've seen that multiple around 2015 with that said, ginn where we are in the right environment, there's an environment to be had these multiples should be lower. but on relative value to xrt, comps and to where it's been, i think this is a level where personally i would be deploying some capital to that. >> what i love about nike in this environment, it's a stock i'm long, and it's been painful. it really will be about north america. china's going to be down ten north expected nine. it's a free cash flow story. if you're invested in companies you have to -- nike is that company. there's a lot of scenarios you can do it deserves som

the big money mover and shares of nike diving on the back of the quarterly results. stacey widlitz is here to talk about the sector as a whole. >>> and disney has named alisa bowen president of disney plus disney plus with ads launches on december 8th in the u.s. for $8 a month. >>> nasa and spacex is looking to extend the life of the hubble telescope. this is using the dragon capsule to raise the altitude. the telescope delivered images since 1990 from space including the moons of pluto and made the discovery of the age of the universe. >>> and trevor noah is leaving "the daily show" after seven years. he thanked the audience for their support. he will continue hosting for the time being noah took over from jon stewart in 2015. "worldwide exchange" back in a moment >>> welcome back to "worldwide exchange." nike shares plunging in the pre-market down 9% after the company expressed issues with overstock. the retail giant beat estimate, but noted supply chain has led to overinventory the company quote faces a new degree of complexity for more on nike and the state of r

consumers will come under wallet pressure nike is set to report earnings next week.reholder tim, what do you think of this? >> and the think about nike earnings, they seem to because they always are a little bit off cycle. they give us some insight and they have for the last two years, coming into covid and out of it and i think some of the china dynamics are important the most sophisticated retailers in the world and nike shares both side, the direct to the consumer and also they are feeding in some major, major outlets. so the china dynamic is well flagged. i respect being cautious here. i'm not sure down from 180 down to 105 you haven't placed in a forward multiple where are you on nike relative to where it has been over the last four or five years. you have a forward multiple of 37 right now i'men cured some pain but i stay long but this is best of breed and i think that they priced in a lot of pain. >> it depends on your view how much of a premium should it trade to a market that has not adjusted to a new reality, julie, which is a conversation that we just had

you're downgrading to equal weight $110 price target nike is trading at $102.el like a catch-up or catch-down kind of call. >> yeah, you know, the price target we have is at the end of next year, so it's kind of -- we roll out more like a 15-month price target i think there's a lot of volatility during that 12 to 15 months i think the near term is probably the next couple of quarters are going to be very tough. they have excess inventory to work through in the north american market. the recovery, if there is going to be a recovery in stock price margin and eps, it's going to be in the back half of the calendar next year. >> nike reports earnings next week on thursday you're expecting -- it's been a few tough quarters here. year expecting more pain >> five consecutive tough quarters remember, this all started in march of 2021 with the pr issue they had and then it's been a rolling kind of one thing after another. they had the factory shutdowns with the massive exposure to the vietnam market, the back half of last year, supply chain issues they finally caught up

sales for nike's wholesale business increased by 1% we've beenover the action. and 4x, that's a $4 billion hit to revenue for the fiscal year >> i believe what this signals about the middle class consumer in north america is the most important thing. we were talking about target and walmart which is on the lower end kind of consumer spending capability now this is hitting the sweet spot as q4 is starting and a big part of the question is what about that upper middle class? what about that luxury consumer? will that consumer continue to spend? because if we get demand shakiness across the entire consumer landscape with inventories burgeoning as they are, ouch. >> i'm not sure how much we got from nike's quarter on those demand issues. it doesn't feel like that was the issue. it was inventory, of course. those numbers were interesting direct sales grew by 8% versus the 1% for wholesale it tells you about the strength of the brand if you are a long-term bull you know, it makes me think of peloton on the flip side of this which started d to c the brand wasn't strong

nike though falling -- nike falling to the bottom of the dow 30 after barclays downgraded the athleticarget from $110. ahead of the company's first quarter report -- third quarter report warning it could produce low quality earnings. earnings are not nike's only problem though. the competitors are swirling including on holdings. it has announced it will make the world's first shoe made from carbon emissions. the shoemaker unveiling its latest venture called cloud prime. it's a running shoe made of foam that has been create ared from -- created from emissions that have been pulled from harmful atmospheric gases. wrap your mind around that, or least listen to these two guys. here in a fox business exclusive, co-ceos, martin hoffman and mark more a rah. -- mora. mark, please explain how you take emissions, i know it took you five years of hard work to do this, but how you take emissions from the air or wherever and turn them into a running shoe. >> so thank you so much for having us. yes, i think, you know, it's been our dream to be able to do that for many, many years because many compon

that's all you have to know, and the pain has not been expressed yet by corporations except nike today. so if people come on saying buy the dip, well, nike was down from its peak last november at 180 to 100 before today. it's down another 10% today. why? because the consumer is weak and because costs are up and they're getting squeezed so that's going to keep happening. so you can't buy the dip the only thing you've got to worry about right now is when is the turn going to happen that may be a year from now, but the only thing that's changed in my thinking is and rallies like this morning -- >> let's say this, weiss you've been negative for longer than most. i totally get it, but you didn't really address the issues in the note which i asked you about, and the primary one, which you have not gamed out in your negativity through these last many months is this worry about central banks making a major policy error and after what happened in the u.k. the ante of that was upped in some peoples minds, enough so that you had one of the last bulls standing, if you will, suggesting that now it

there is one stock really moving, a dow stock called nike down 11%. lauren: they have too much stuff. is that a nike problem or everyone problem, dick's sporting-goods, footlocker, lululemon all down 5, 6, seven% in some cases. stuart: the story is they've got a huge inventory build and discount which hurts their margins and get stuff out the door but don't get as much revenue. lauren: the consumer would appreciate a deal but the consumer is pulling back in all sorts of ways, you have stuff at the time the consumers cutting back. stuart: tell me about carnival. lauren: your worst performer on the s&p and they reported earnings at a huge loss for the third quarter but i wanted to bring you some numbers. i know you have numbers, the cost of fuel is $668 million. you're going hundred $82 million, food $259 million, a a year ago 52 million, we are talking in one year's time an increase of $700 million for a like carnival to feed the people and keep the ship running. stuart: those numbers are astonishing. i don't like those numbers but they are stunning. w

well i think nike sent us a warning signal and it's something that they've seen in the last couple of weeks with wal-mart and with target and a few other stocks. i mean, fedex was a big one as well. while all of these have different issues, we're looking at things a little backwards now by starting with a balance sheet so, yes, the slowing of inventory is a huge issue now among retailers and it's going to get worse because this is exactly what we see when we go into an economic slowdown and i don't have to tell you about the macro-environment. now it better than me. as we see demand getting destroyed and we will see more and more investigator by law, which is a classic sign of an impending recession. charles: so broadly almost everyone in the industry agrees that earnings estimates are too high for the earning quarter and it's a basis for how badly they're out of whack right now. >> sure, i put out a very interesting tweet this morning. it's a chart that shows the average, you know, decline in eps over the last few recessions and if you look at it, it's about 30% and if you take out t

nike makes half its revenue from outside north america. it's not just a retailer to be squeezed by the strong dollar. also big tech. our next guest is cutting estimates on amazon, google, meta, partially because of currency headwinds managing director at truist. talk to me about -- you just heard tyler going back and forth there with jerry about whether this bad news is already baked in do you think the spectre of a strong dollar is so new that it's not affecting these companies and their stocks quite yet? >> yeah, so -- contessa, thank you for having me on again to directly answer your question, no i think we're still in the process of digesting the move of the dollar, the potential recession, the high likelihood of that. if you look at contessa's expectations for the three names you mentioned, alphabet, amazon and meta, we believe whether you're talking the second half of this year or 2023 are way too high a couple days ago we came in lowering our expectation for these three. now we're sitting 10% below consensus for meta and 5% below co

lisa: nike is down, should you buy? jim: i don't have any particular preference to nike.ean to put you on the spot. you are viewing this from a big picture since. the point i was trying to make was the risk to the downside waiting for the fed to blame. things are not breaking, financial stability is holding in the u.s.. jim: i think we are getting close to a blank. we could get a really weak economic report. we could get a really good inflationary report. more likely, something breaks. you guys are bringing up things this morning that are starting to show some cracks in the foundation. right now, if something breaks in the u.s., a systemic problem, there is more downside risk in the stock market. i think the private balance sheets of the united states in households and corporations are very solid. they are very liquid. the banking industry is squeaky clean in this country and the chance of a systemic balance sheet breaker low. i think something breaks but if it is not systemic it will cause a pause in the tightening cycle across the globe and that could be a positive here

but when you branch this out to nike, nike stock is, you know, just taking the elementary basis of this the february 2020 level under armor is at the pandemic low. so the reward in the sneaker industry that is trading like retail community and stockx is catering to the investment community. so to his point, there will always be investors in certain elements of it they'll spend more for fewer things or less on a bunch of things and try to make kalg. >> scott made an interesting point in terms of companies using this to spark excitement and continued interest i know you're smiling. i don't know what this company does i would never buy anything on line >> guy doesn't even know anything about that. >> you know what's funny i'm just actually looking around trb, the reform broker, bought me a pair of what he called at the time fly 7s for my 50th birthday 26 years ago. i have to tell you, the suckers are still in the box, man. i have to get myself a stocks account and go nuts. you might not see me for a while. >> you going to go back to sicily on the earnings coming up, a day late and a dollar

for nike.tuart: take two interactive is down big, not that bad. lauren: on the upcoming grand theft auto, us consumer spending on videogame hardware, content, and accessories fell 5% in august from last year. stuart: all the gaming stocks, or at least most of them, this is all about macau and covid restrictions being lifted. >> china's government issued draft rules aimed at making it easier for foreigners to come into enter china and visit places like macau so all of that is more money coming in potentially. stuart: thanks lujan new study shows most companies can transition to a four day week without losing productivity. in fact nearly half of those companies saw productivity improves, good story and we've got it. the war in ukraine set to dominate the conversation at the un general something, will president biden blast vladimir putin? when our president speaks, i sure hope so. a new record just set at the southern border, 2 million migrants apprehended this year, new numbers, how many of those

i means that nike says they'll have to discount many of their goods heading into the holiday season the all-important one there, all of that weighing on that nike could be on pace for its worst year on record as a public company. back over to you >> nobody could get anything now they overordered now they have too much and have to discount. >> now let's get a little more macro globally the minute i wrote that, i knew the markets were going to turn south. the nasdaq will be negative in about two minutes. new data indicating that inflation accelerated even more than expected last month the fed's preferred inflation gauge called the personal consumption expenditures, better known to you and i as the pce, it increased 0.6% in august after being flat in july if you think things are bad here with inflation, you know it is much worse overseas. prices in the uk, the eu, they are soaring above even our levels a number of central banks around the world are hiking interest rates in a global battle to try to tame inflation. and your next guest says, despite that, what's going on may have disastrous

nike, tesla, paypal, etsy. 'lta about the eagles last night with jim after a break our internet isn't ideal... my dad made the brilliant move to get us t-mobile home internet. oh... but everybody's online during the day so we lose speeds. we've become... ...nocturnal. well... i'm up. c'mon kids. this. sucks. well if you just switch maybe you don't have to be vampires. whoa... okay, yikes. oh sorry, i wasn't thinking. we don't really use the v word. that's kind of insensitive. we prefer day-adjacent. i'll go man-pire. >>> spac king unwinding two of his spacs. he brought many companies public through that vehicle one of the main forces behind sort of the broad embrace in the capital markets we saw some two years ago and the speculation that followed, as many of our viewers may know, given how often we've talked about it, you usually buy the shares of a spac that goes $10 per share. the spac or the sponsor has roughly two years to find a deal in which you get an opportunity as a shareholder to essentially vote on

couple bucks from the lowest two-week high and this market, i'm using an example so we saw this from nike last night all that happens is the downside gets higher and the down goes higher that's what i expect will happen with both when they report thursday we get a report from the charitable trust situation i like very much but this market is treacherous this is constellation brands behind modela and corona mccormick reports they haven't done anything in ages and needs to figure a way to grow the business the latter will preannounce a nasty set of numbers and i got to tell you again when a company like mccormick announces a negative number, the earnings reinforce the bad number this is in the penalty box for three to six months. it a great company we have an analyst meeting with norwegian cruise line worth drilling down because chief rival carnival reported a terrible set of numbers this morning and crushed norwegian with the whole group of people like travel and services maybe that's coming to an end. i'm betting norwegian has better things to say than carnival but who knows. carnival sto

tom: apple, micron, nike some of those with sinking inventories.comfort should we take from the s&p not going too low? >> a little bit because we always see these major pressures being put on the market but these are people selling into it, so that shows you there is at least some signs that the market has bottomed out. we also saw the price yesterday but giving it a bit of comfort. chances are that unless we get another growth from the fundamentals, the markets could at least consolidate on that level. i head of the earnings, i am not sure if this will be more in the coming days. francine: thank you very much. jp barnert with some of the moves. "bloomberg surveillance: early edition" is up next and this is bloomberg. ♪

nike stock , putting a lot of pressure on the markets today, nike reports sales are up and net incomefrom this time last year, analysts are reportedly concerned about excessive inventory. nike executives theso place orders earlier than usual , created a backlog of inventory want shipping times improved. analysts also point out consumers are cutting back on spending so we might see some discounts as the opening bell ring this morning, nike stock dropped more than 10. on the flip side. shares in public storage gained 1.5% they rang the opening bell this morning to celebrate 50 years in business, taking a live look at the new york stock exchange. the numbers have been a little mixed up for most of the morning, as well with the s and p 500, gaining about a quarter of a percent, the nasdaq up a little more than a half of a percent. the dow jones down, though, for the day right now, so far about 40 points, ending the month and quarter today, some federal student loan borrowers will no longer qualify for the biden ministrations forgiveness program, the education department announced borrower

he is talking about nike, he's overweight nike, but he's saying it's seven multiple turns versus wheret was before the pandemic in other words, the nike's gotten to the cheapest, basically, he's ever seen it one thing that has not worked are any calls which say that something has gotten really cheap. >> no. >> however, when i read through the nike piece, i say to myself, you're basically saying that china's done, and you know, that china's not done and i think that the idea -- >> done or not done? i'm not following. >> i'm saying the idea that nike sales are finished in china is a big mistake, and i just think that there are a lot of things now happening, david, if china were to end the lockdown, which is what's supposed to happen after the plenary convention >> that's something you've heard as a possibility >> yes >> once xi is elected for lifetime, then he will no longer have his reputation at stake in terms of maintaining zero covid. >> now, dr. brilliant, who was the consultant for the movie, contagion," which i urge you not to watch, did say that the best that their vaccines are,

she knows a little about nike. >> i sure do >> is it a buy on the pullback we'll trade it in today's three-stock wen. >> ten minutes away from where my high school's located >> is that right >> yeah. huge campus. >>> welcome back to "power lunch. 3m announcing today that it's developing a new technology to manufacture green hydrogen at a lower cost to customers. demand for green hydrogen has been growing as the automotive industry looks to pivot to clean fuels. 3m's bet coms as a stock has lagged recently. shares are down 20% over the last month with the overall industrial sector outperforming 3m by 10% industrials overall have faced a tough year but my next guest says demand will remain strong in the sector despite ongoing market volatility. that's dean cray, rbc capital markets director thank you for joining us first want to get your reaction to 3m's pivot into hydrogen, clean energy is it too late there's certainly a number of other companies who are trying to do the same thing >> yeah, thanks for having me, seema. no surprise that 3m's making this announcement. there's a big even

lululemon was dragged down by the nike story. they announced a settlement with peloton. we will continue to watch those highlights. macron, the stock is up, but it is the same time the production outlook is raising concerns for the rest of the sector, and obviously the story of the broader economy. katie: definitely a head-scratch earlier today we caught up with deutsche bank chief global strategist, who said stocks will stay at an unprecedented fourth quarter rally. take a lesson. >> i would completely agree, given where we are basically in the cycle, there is really no case for equities based on either earnings or the valuation of those earnings. what i'm calling for is bear market rally number five, and it is likely to be bigger than number four. i would argue at this stage you have to be tactical, because we have this cloud of recession. jon: let's get some more perspective. joining us now, steve chiavarone at federated hermes. bear market number five sounds like a song. we are doing quite a song and dance going into the fourth quarter. what is your current view on w

a woman in north carolina who had just been laid off, decided to send a resume to nike in the form ofn oregon picked up the cake and made sure it got into the right hands of the nike offices. no word yet whether it got her the job couldn't have done it better myself. alright, finally, a dog. that work smarter, not harder, just hates working out watch as the dog sits on the back of the treadmill, using only his front paws. the other dogs are getting their workout in trainer says the cheater is too smart for his the cheater is too smart for his own good the right way ♪ ♪ this is how it feels to du more with less asthma... ...thanks to dupixent. dupixent is not for sudden breathing problems. it's an add-on treatment for specific types of moderate-to-severe asthma. and can help improve lung function for better breathing in as little as two weeks. dupixent helps prevent asthma attacks... and can even reduce or eliminate oral steroids. imagine that. ♪ ♪ dupixent can cause allergic reactions that can be severe. get help right away if you have rash, chest pain, worsening shortness of breath,

nike up 3% and second higher performer on the dow jones industrials right now.ollar taking some of the sparkle out of gold. we're talking to ceo of gold mining inc about how he's digging in against high inflation and also a muscular dollar. it's a fox business exclusive and you cannot miss the amazing story of ben midgli and how he became the founder and ceo of crunch franchise and he never finished college and traded out working at a gym and cleaning out the bathrooms and equipment for a free membership. flash forward 15 years, he's the ceo. hear how he did it. you can too. it's my latest everyone talks to liz podcast episode. available on spotify, apple, google. wherever you get your podcast. closing bell, we're 25 minutes away. we're up 479 points but i am watching the s&p because it is now powered about, let's see, remember yesterday at 3900 at this time. we're now at 3984. we're coming right back. ♪ liz: the almightily dollar is mightier than ever. the greenback on a medioick rise hitting a 20 year h hyoscines lt thursday. last week it was at 98-cents to bu

i think they should hire her if anybody from nike is watching. creative. thank you, cheryl. one of the big stories of the morning, congressional budget office out with its report on president biden's student loan bailout. the cbo says it will cost more than $400 billion. the analysis estimates biden's payment suspension for borrowers until the end of the year will also hit taxpayers. the white house, of course, is pushing back claiming 90% of the student loan borrowers are not likely to take advantage of the plan. that's the pushback. joining me right now is americans for tax reform president grover norquist. grover, no comment about the cost of it but only that they say not everyone is going to take advantage of it. >> this is going to cost more than they said it would. they fooled joe manchin who was told, you are going the help us make the build back better thing less expensive and again and again joe manchin got taken advantage of. he gave them his vote and they have been throwing money up in the air. student loan bailout is not congresselati

as carl mentioned upcoming, nike coming up, and they're like fedex, though.big global company 20% of sales in europe pce price index for tomorrow, carl, 0.1% for the headline, month over month, 0.5% for the core, anything that is better than that indicates lower numbers than that, i think, will help the market for sure tomorrow we'll keep an eye on that. carl, back to you. >> we'll see what happens in the morning. bob pisani as we go to break, let's watch bonds. the dow is down about 475. two-year, 4.2% ten-year just below 3.8% yesterday, the biggest one-day decline since 2009 we're back after a break i traded my taxicab for a food truck and a dream. i'm larry villalobos, owner of cachapas y mas, bringing venezuelan flavors to new york. people love our yoyos and cachapas. we've become a foodie destination. larry doesn't just create mouthwatering dishes; he creates opportunities. small businesses like larry's open doors for neighborhoods to thrive. support your community. support small business. - yieldstreet presents: alternative investing with kal penn and o

but foreign business is and continues to support ukraine volodymyr zelenskyi thanked nike for the factthe company made the right decision and left the russian market, the american sportswear manufacturer is an example of how business can play a significant role in the protection of humanity and freedom, the president of ukraine believes that if the state chooses the path of terror, it must the connection of every self -respecting company to distance itself from such a state nikom's website and the mobile application nike of moscow are no longer available for consumers, i will remind you that from the economy the aggressor countries have already released more than a thousand international companies and well-known trademarks , their number is increasing. this was the last information from the economic front. i am finishing up for today. there is a big show going on. see you if you have an allergy. the drug citrin will help you breathe and get rid of itching in the eyes and lacrimation - cetrin specifically blocks histamine receptors and usually begins to protect against allergies after 2

in november is coming and how is this all impacting corporate earnings we're going to find out with nike micron reporting after the bell the action, story, and the trade, today's earning

. >>> overall it's not going to be a busy week for earnings we're going to get nike and p paychex and it's just a smattering it's going to be much more driven by fed speak. we mentioned earlier today some 22 fed speakers just in the next five sessions. >> the earnings this week will be important nike is a big consumer name. we talked about this a little earlier on the consumer has been very resilient, especially at the higher end so what nike says is going to be pretty key before the earnings season gets into full swing in a few weeks from now. >> are investors listening to fed speak now? for a long time it was la, la, la but now with the mark reaction, maybe investors are listening as things get more volatile we'll see. >> yeah, morgan stanley's note today, mike wilson, who has been of course directionally bearish over the past several quarters literally writes in the note today, can you hear me now his note is it's taken time and much more simple language from the fed, but clearly beginning to figure out that the fed is serious about bringing inflation down. >> pain, one syllable, f

she printed her resume on a cake for nike. carly blackburn applied for marketing position and it looks like she might have the job. she now has an interview set up with nike. good luck. >> coming up next, man versus bear and protected his girlfriend and his paths. one a bear got way too close. also the new law that allows victims to sue people who send them unsolicited nude photos and why local advocates for the deaf community are now going after the tsa. and we've got some clouds rolling in right now. some patchy fog here. >> what can we expect as we head into october year? 10 of 10 is coming up next. >> now at 10, 30 and invasive pat-down by a tsa worker has a local advocacy group asking for change. dan jarvis, is that a man in the video getting the extensive pat down. jarvis's steffi has hearing device implants. that means he isn't able to go through a tsa scanner. that incident happened at sfo. jarvis is from australia. he was traveling to salt lake city after vacationing here. kron four's rob nesbitt talked with the group

think of apple, think of nike, think of tesla.o the latest reports, one in five urban youth are unemployed in china. that's a big deal. neil: that's amazing. reporter: that is amazing especially you have an economy beijing will grow 5% this year. nobody on wall street believes that they're penciling 3.2%, maybe some recovery next year. think about it the zero covid policies had impact on the economy and consumer, whether or not they're drinking starbucks or buying as many nikes. neil: they're the catalyst for a lot of that. they lead the way, technology spending in general. reporter: i would say a lot of stocks react from some of these headlines getting from china. this morning you had tesla, shanghai showrooms stay open, because their work has some concerns that with the hidden consumer over in china which by the way is one of the largest markets, if not the largest markets outside of california that would have big impact on the bottom line, right? shanghai not only makes teslas for the chinese market but one of the largest expor

all them had 52-week lows and on the dow we see big dow name, nontech, 3m, nike ahead of its earningst week, visa, 3m 52-week lows even the transports, obviously nike, excuse me, obviously fedex has been a new low for awhile bouncing today budgetblue, southwest air, matteson and some logistic companies so keep an eye on all that. this is what people are concerned with as we slowly get to the idea that we're going to have to take down earnings estimates more for the fourth quarter, a lot of these companies are now sitting right at the precipice of not notable 52-week lows. >> it's tech but it's not just tech there are a lot of sectors that are being hit. bob, thanks. let's go to the bond market. yields continuing to move higher the two-year yield soaring to a high of 4.14%. there you see it 4.11 right now, 4.11 get the information. there's the ten-year at 3.7, let's call it. the spread has also jumped, now it's sitting just below 3.7. that is the ten-year right at 3.7. a lot view short-term rates higher than long-term rates as a recession indicator. now let's move forward and check on

now works has an interview set up with nike as the station now works with nike their view. that's a good step. foot in the door. sweet treats the work every time. >> all right. beautiful skies out there right now. you can see we've got those blue skies with we're going to hang on to that as we get into tomorrow afternoon as well. quick look at your extended forecast shows you a little warm up as we get to thursday friday and then we're back down into the 80's inland for a beautiful weekend that saturday and sunday as we start october is looking really nice. 70's around the bay 80's inland 60's. >> i think we'll take that. yes. >> signed co-signed. that's a that's it for kron. 4 news at 3 o'clock today. i'm justine waldman. have a great day and see you back here tomorrow. new salonpas lidocaine flex. a super thin, flexible patch with maximum otc strength lidocaine that contours to the body to relieve pain right where it hurts. and did we mention, it really, really sticks? salonpas, it's good medicine. ♪ hisamitsu ♪ (fisher investments) in this market, you'll find fisher inve

one is nike, the jump in inventory led to stock selloff. that is down. carnival also looking at adjusted net losses of 688 billion dollars and almost double what had been expected, that stocks getting slammed. you were mentioning the euro. the bloomberg dollar index up relatively flat, but we are looking at the best month and quarter on record for the dollar going back to when the index started in 2005. this is a great example of a shakedown and markets throughout the last quarter. guy: that dollar strength story rippling around the world and having a massive impact. a lot of this, the volatility in markets that we have seen over the last quarter, certainly depended on what story has been out of ukraine. the russian war has had a meaningful impact on assets. today once again the u.s. ratcheting up the pressure, sanctioning the head of russia's central bank and we have the deputy prime minister alexander novak being sanctioned as well in response to vladimir putin's annexation of territory in the east of ukraine. they say the annexation is irreversible as

an hour ago it was basically flat for a look at the dow laggards nike and amgen some of the bio-technames will face pressure against the dollar and how inflation will effect nike and apple. >>> welcome back a busy week for lawmakers in washington democrats are set to move forward with a short-term spending bill extending levels until december chuck schumer promising to attach proposals from joe manchin to speed up the process for energy products to the funding solution the proposal is drawing opposition from both parties all this with less than a month and a half to the midterms let's dive into the action with brian gardner. >> good morning, frank >> brian, the big question for everybody watching this morning is how do you see the action in d.c. impacting the market action the government shutdown is not good for anything. >> you were going through the fed speakers before. i think the d.c. government related action, the more relevant or impactful i should say is from the fed and fed speakers what is going on on capitol hill is a side show it is important for the energy sector at the e

nike came in line with estimates but warned the strong dollar and high inventory levels will severely dent fiscal 2023 sales. but even before the warning, the nike chart was getting a d- from investors and 50% vaporized off the stock since just the start of this year. the backdrop of the broader market struggle dominated by the federal reserve and today alone, these two fed shares lyle brainard and mary daily reiterating a plan to squash inflation and that plan is to continue hiking interest rates and here's write why: core pce, personal consumption expenditure and this is the preferred inflation gauge and cp icon super price index and it is going in the wrong direction. 4.9% for the month year over year, that's two tenths of a percent higher than july and second month in a row that it has risen and yet even with the head winds, the labor market remains resilient and the question of the last day of september will october find firmer footing in the markets. get to the floor show and joining me now is fitzgerald and economist luke tilly. looking at third straight quarterly loss with tur

ah, and that is evil nike of us on the tailors. the relationship is not hostile. the daniel then select or the date of 9 young. he's now ever but a allah that i think this one of his head down with his will is it don't rather not on islam says to follow your religion. and if there are people from another religion, do not do anything to harm to matter, then about a go hostile hour. did they walk on upon us? how much i, like i said, i'm grandma, that if there is a conflict with our laws and judicial systems to solve it, our shelter, the owner of the day, so tickling amenities, isabella, i'm going to love it. and we want every one to live in peace. every time they will know, we want to take care of that, and they will also live with us and harmony. miller, mr. talbot, but the number of tags on minorities has grown recently. if there is a rumor of defamation of violent response, often for loose hearing this mosque, the cleary's preach about religious cohesiveness. oh no. oh oh oh, what surely. ringback ringback oh, we talked to the he clary, cough, his molena moved to

i worked my whole life to build his house. nike failure. i've never owned a house before yet. who was so happy when we finally managed to save enough to build it? i don't know whether that will ever happen again. yeah, to me again. ali and his son are both carpenters. he mom bought some materials and started building a workshop, but his hopes were quickly dashed. it re non stop for 17 days, and the walls were overcome by flood waters. no matter this did that, it america. luckily we have relatives near by him and we are living with my cousin . am i there 4 or 5 other families there? we'll get that. they're just simple laborers. he get, he been mother, but they help us. so because they have family up and i am a d, m a that happened they had on the way into the village with the families now staying, the scale of the destruction is clear with the water here is also waste deep 8 people normally live in their temporary accommodation now more than 30 are crammed in law. my kids are sick, a can't get any medicine. we can't even leave the house. i know the family needs medicine, food a

gathered at the white house to celebrate the passage of ourcr b creating agenda, the other party, the nikelicans, spent the day introducing a nationwide ban on abortions. if the american people want to know what the differences between the two parties are, look no further. one party is focus on jobs, that's us. the other is focus on a nationwide, a nationwide abortion bans. that's the extreme magaca republicans. one wants to lower inflation, one party wants to lower inflation and help families make ends meet. to tackle the generational challenges we face. and that's passed major legislation to that effect. now law. thehe other party apparently was to eliminate o women's autonomy over their own bodies. here's how you know republicans are dangerously out of touch. months after women hadho their freedom of choice taken away by the maga supreme court, a nationwide abortion ban was actually attempt to seem more mainstream, can you believe it, to see more mainstream? heaven help us. heaven help us. shows just how extreme they are. the core problem is far from being mainstream, a large portion of

ah, and that is evil nike of us on the tailors. the relationship is not hostile. the daniel that a lot of salad or the date of 9 young days now ever a holiday that this one of his head down or that they will listen, don't rather not on islam says to follow your religion as other and after a people from another religion do not do anything to harm them about almost oliver . did they walk on about us? how much i like i said, and i wonder if there is a conflict. yes i'm, i'm, there are laws and judicial systems to solve it. our filter. hello not i. the data, tickling amenities, isabella, i'm going to love it, and we want everyone to live in peace coverlet and they will never, we want to take care of them that i will. and they will also live with us and harmony millimeter, talbot. but the number of tags on minorities has grown recently. if there is a rumor of defamation, a violent response. often for loose hearing this mosque, the cleary's preach about religious cohesiveness. oh no. oh, oh, what surely? oh, we talked to the he, cleary cough, is millennium of the mama r