we've got the dow jones industrials down 357 and s&p losing 77 and nasdaq down 293 and russell down 52. that's the biggest percentage laggard. we're coming right back. >> test test test. test test test. first psoriasis, then psoriatic arthritis. even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. liz: let's punch up airbnb shares and investors checking out down 1.7% just off -- 12.7% just off session lows and opened at $102 and now at $95. this despite having its biggest and most profitable quarter and the vacation rental platform topped both earnings per share and revenu

you can clearly see my hood is down. the damage, very early in the morning when it was really coming down 84 east and westbound just slow and go look at the left side of your screen. those are cars coming from 80 southbound or northbound trying to get towards the down barton bridge. look at all that standing water. and that has caused so many people to become as far as their engine flooded, conch doubt. and then they have to us bring it from like 3 lanes down to one lane and get this. you can even turn around. let's just say your car is low profile and you can't turn around. you have to go through there. fortunately, we haven't seen any new cars get stuck with all that water either in it or when they go past it in their car, just simply out. so so far, so good on the right side of your screen. cars heading towards 8.80, from dumbarton bridge and it's down to one lane. so all the problems i would think rain is all over traffic. but i would think this one was probably really particular hot spot throughout the morning becau

apple's down 3.5%. microsoft is also down 3%. weakness in these big cap tech names, amazon which has had a terrible stretch here. another 5% we're at the lowest levels since 2020 those small caps which had been outperforming pretty much this week are also getting sold off hard, more than 3% lower the s&p 500 is going to go out down 2.5% which brings the week down to 3.6% rhed heading into thursday into overtime now with mike santoli. >>> welcome to overtime, i'm mike santoli scott wapner will join us shortly with an exclusive interview with jeffrey gundloch. earnings from qualcomm, robinhood and others we will get to them as they filter in. we begin with our talk of the tape a post-fed selloff after chair powell says the tightening campaign still has, quote, a ways to go even if the pace of rate hikes eventually slows. stocks down, buying yiel u

down 1.1 alibaba is down 1.4. so we are seeing somewhat of a bull back. nothing extreme, but still the pull back is sizable in more than 1% or 2% here as arabile and i have been talking about, no one knows how long the demonstrations are going on for and what it means for the regulatory picture in china and how they have been focused on the developments with the tech companies. >>> turning to the currency. it is one of weakness. onshore dollar mmb is .40% weaker against the dollar and offshore is .15% weaker. the story is one of continued weakness we are 7 which was the question over what the pboc can do to restore stability. we are seeing vreverse impacts. this is face naturing because look at the chart. this is the chart of brent we are trading at $81. we are almost back to where we were at the beginning of the year below the levels we got to during the start of the russian invasion of ukraine. it tells you about the demand picture and how it is weighing on sentiment and commodities >>> let's get to the first gu

it's down. strains shown right now.jerome powell and many others talked ak a lag effect is this just the beginning of it, thomas how do you think what the full impact of the consumer will be that's what we'll at home want to know. are we going to see unemployment to 5 prgs %? is that a forgone conclusion and are we going to see tougher times ahead. >> highly unlikely we'll get to 5% bringing down inflation number, that's the tradition get it to go higher i consider that a mild recession myself, and i think the fed would be pretty pleased with that, if they got inflation down and more than 5.25% i think the consumer has been a strong point and will be they've received a lot of money during the pandemic that's still there and they're -- they're coming down. they're withdrawing savings down but also had less leverage so their leveraging up somewhat and i think wages even though they're not keeping up with inflation, they have at least been advancing you have those three factors keeping the consumer engaged and that will be

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dax is down .20% in germany. we are keeping a close eye on the german preliminary pci numbers coming out today the numbers have been disappointing which is a surprise spurring a rally in fixed income the swiss index as you see is down .20%. one stock we are watching is credit suisse. the stock is now at an all-time low. dom. >> joumanna bercetche with the latest on the london trade thank you very much for that >>> to the top story this morning. relative calm returning to china overnight as joumanna reported demonstrations over covid rules and calls for xi jinping to step down so far failed to materialize for the second straight day eunice yoon is joining us from beijing with the latest there. eunice >> reporter: dom, residents were focused on any comments from the top health authority that could potentially lead to some easing of covid curbs the good news is the health authority will ramp up vaccination efforts among the elderly, but stopped short of a mandate which people believe is needed to get the vaccination

dow is down 07 points. s&p 500 is down .3%. 38.59.own about .6% shares of amazon though weighing on the nasdaq, down 5% down 20% in a week since reporting its results. and can you see those shares are down 5.5% now. uber shares down -- excuse me, up 1% a2% the company losing $1.2 billion on a net basis but posting earnings on an adjusted bases and they believe the company is it on track to net profitability. now the bond market. rates are holding steady ahead of tomorrow's fed decision to are that we turn to rick santelli who is tracking the action >> hi. indeed, lauren we look at inter tens. a lot of information there we know that jobs were better than expected. we saw prices paid they were much lower than expected those are gr to the economy. usually good for the kbhe is better for rates look at the big reverse there, especially the way it curved around 10:00 eastern you open the chart up to three days, we move from the below yesterday's low yields right back into friday's rain. and the dollar on this chart, followed right along wit

tesla is down. amazon, despite word of layoffs from the "new york times," under pressure got amd with a double upgrade. helping that stock bitcoin ntngo ff. coinui tsuer >>> we'll be right back.et is te '? you should be listening to me. you want to be rich like me? you want to trust me on this one. [inaudible] wow! yeah! it's time to take control of your investing education. cut through the noise with best-in-class education resources that match your preferred style of learning. learn your way. not theirs. td ameritrade. where smart investors get smarter℠. if you have this... and you get this... you could end up with this... unexpected out-of-pocket costs. so if you're on medicare, or soon to be, consider this. an aarp medicare supplement insurance plan from unitedhealthcare. medicare alone doesn't pay for everything. and what it doesn't pay for, like deductibles and copays, could add up to thousands of dollars. medicare supplement plans help by paying some of what medicare doesn't... and making you

down 1.6%. no set in positive territory the best of the bunch is the banking sector and financial sector they assure us they are down health care, a couple of names trying to get above the flat line down 1.6%. european indices are under pressure across the board. spot on with the calls we are down 1.2% the ftse mib and the cac 40 down the dax down the federal vreserved raised interest rates 75 basis points for the fourth time in a row traders took new language in the fed statement on the pace of increase as a sign of a dovish pivot. did they the dow down with a 1,000 point intraday swing >>> it can still meet the guidance despite the major loss. it expects significant price rises across all areas in january renews the cfo of hannover re joins us. can we talk through the earnings and tell us about why it is there and what it cisignifialsi? >> happy to be with you. you will some seen the top line and we have seen stronger growth in property and casualty business and life and health insurance. as f

he joins our broadcast. four such missiles were shot down and five more unmanned aerial vehicles were destroyed and there were no casualties, on the other hand, 23 people were injured in the dnipro due to the russian attack residents of a high-rise building among them and a teenage girl across germany, houses, trolleybuses , according to ova, local businesses were hit, there was a strong fire, let's listen to the direct speech, when the rocket arrived, at the moment, i was going to work with my husband, thank god i saved the rule of two walls without glass, they remained different there are no windows left in the apartment, there is a mess , the difficulty of extinguishing the fire is that , unfortunately, the enemy occupiers can launch a second missile strike at the place where the rescuers are working and also since there is a destruction of the structure, there is a great threat to the rescuers, a collapse of the structures may happen, where are people working at this time, six missiles were shot down by the ukrainian military over the sea, but in odesa, one hit a logistics company

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36% in that span, tesla down 27%, and advanced micro devices down 19% that's all between the 21st of september through yesterday's close. so if you're looking for, guys, where there has been that relative momentum on the upside and downside, look towards names like that. >> so hard, dom, to suss out how much of that is currency, how much of that is other factors that have to do with slowing consumer demand. how do you think about those other factors when you're looking at, you know, the action from one meeting to the next >> you have to look at all of them, but the point being right now the valuation argument has been at play for a long time for many of these names, and with interest rates, every time there is a move higher that valuation discussion becomes first and foremost, again, how much you're willing to pay in terms of stock price for every dollar in earnings that these companies generate what there has been is decided down trends in many of these names, especially in tech, comp services and consumer discretionary. but the ones that have bounced off those may signal at least i

really beaten down values.ll outside of the big names, the tech reports and more reports solid and paypal after the bell today and being an active manager, i saw yesterday's movement and started throwing hedges on and hedging tech and some commodities i have in the portfolio and the call raratio is surging to the highet level of 020 and we could come out of this and we have a lot of data there's a lot of data that digests and i want to give myself up died while giving myself downside. thank you so much for joining us, bill. ashley: lauren, you're looking at some of the other movers this morning. speaking with qualcomm. lauren: down it goes to $10 at 102 right now and it's a primary provider of chips and modems and smart phones and their forecast not so good. they expect smart phone sales to fall double digits that year and blaming the slowing economy for that. take a look at under armour here moving in the opposite direction. stronger revenue, stocks going up 13%. really positive comments from the ceo on the co

has inflation gone back down? ben: it is likely going down but how fast is it going down? will go fast enough that the fed will find a lower level and pause? that is where investors need to be careful. jack: what signal are you looking for? ben: the other inflation readings and the job market. the fed will be worried about inflation as long as the job market remains as hot as it is. jack: we had an election last week. how important was that for the market? ben: not at all. jack: earnings that give us a peek at the economic future? ben: watching retailers. some small guys like ralph lauren am i getting a target when you get walmart and home depot and that tells us how the consumer is doing, how inflation is coming through, things like food and whatnot and where the economy is coming. jack: sam bankman freed, he managed to take his network from 16 billion down to below one billion. what happened? carleton: what is interesting about this story is ftx was considered one of the grown-ups in the crypto space, they have trouble filing for bankruptcy earlier this year, they had be

, inflation is coming down.his is a sweet spot for treasuries, the weakening growth, because you use treasuries as ahead, together with inflation. that is why we are negative on financials because we have seen help from rising rates. then the nonfinancial said nichols -- so close have been affected. you are underlying what is already running at -2, and you have to catch up down to those. that's going to be being full. guy: what does next year look like? what is the topography of next year in terms of the ups and downs? sebastian: so, basically the geological investigation of the next year -- i think what we are seeing is a classic business cycle, most recessions over the past 60 years have been caused by fed tightening. it's among the most violent we have seen now. the credit cycle rules over. and we expect a pretty much straight line deceleration growth from plus for now to minus three or minus four at the trough. we think we will reach it in q2. a downturn, risk premiums are going up, earnings come down. and t

and then take a wbeat, wait, things are really slowing down. i hope we get a month to six weeks before we start worrying about how fast things are slowing down so it's a big change, and i don't think we should try to pour cold water on the meaning of this. i think it's silogically for the market there is this sense we're past peak inflation. still tons of inflation but well past peak inflation and all of the trends are now going in the same direction at once >> so jason snipe, does this still open the door to a significant year end rally -- let's call it over the next six weeks as josh said, assuming there are no shocks in between does it do that? >> yeah, i think obviously these numbers were obviously very positive today and the markets are obviously responding tremendously to the numbers. so what i would say about, you know, just kind of looking ahead, looking to the fed potentially in december 50 basis points starting to be priced in, you know, we saw some dovish commentary for some fed speak today. harker talking about 4.5 and pausing. 4.5

it is hoping that will not rise in hoping it may come down a bit as they bring inflation down.g mike look at the real report which is 30 pages wrong -- long. what matters to you? mike: unemployment is interesting it went up and that's largely because of what we would've said his bad nose but -- bad news, the number of people employed false by 328,000, but those unemployed rises to 136,000. it does tell you why the unemployment rate went up. we also had 22,000 people leave the labor force after 57,000 left the labor force the month prior. it is interesting, may be because kids of gone back to school and mothers have decided to stay home. we are not seeing people drawn back in because there are jobs available. lisa: that's where i wanted to finish up here and get your impression of why the participation rate is going down? despite the wage gains in the job openings that we see in the survey? randall: this is one of the great frustrations the fed has, why are we not seeing people come back into the labor market? i think it is a variety of factors. the older workers are saying, i k

we're coming down with tech names and apple still down more than $4 at $140 and that's down nearly 3%. amazon, alphabet, amazon and meta all moving lower. the ten year treasury yield up to 4.2% at one point. we're at 4.12% so we're coming back just a little bit on the ten year yield. president biden attacked republicans accusing them of threatening democracy. roll the tape. >> there's a lot of stake in the midterm elections. from our economy to safety of our streets to personal freedoms and future of healthcare and social security, medicare, it's all important. there's something else at stake, democracy itself. american democracy is under attack because the defeated former president of the united states refused to accept the results of the 2020 election. ashley: david, what do you think of the president's speech last night saying the republicans are a threat to democracy? >> the president decided, ashley, to have an argument with voters, not a conversation. we wants to argue with them about what this election is about. and leading an organization like gopac that thanksgiving will pun

home capital stock is down 4% from its peak last year.en smith is someone who has been around a street quite a bit. he cofounded another mortgage lender, first national financial corporation. he knows the space really well. he saw that this is the moment to be able to buy this company on the cheap, and maybe that's not fair, because he is paying a substantial premium, but that is still where shares were around the end of last year. it's an opportunity that he saw to buy this company, add it to his stable of financial investments, largely canada focused, and this was the moment for that. kriti: it's interesting he is picking this moment, at a time when canadian home sales are actually slumping. he is betting on a complete turnaround, when it feels like around the world, people are betting on a bubble bursting in the housing market. how do you square the two? kevin: that's right. i talked to stephen smith today and his rationale is that sure, home prices are down, but canada has a high level of immigration. it actually has one of the fastes

multiples must come down have they come down enough >> i think you're exactly right. interest rates have caused multiples to come down on today's earnings level what has not been priced into the market is we could have average corporate earnings down 10% next year and the combination of higher rates and lower earnings has not been fully priced into the market yet. remember, there has never been the low point in the market reached before a recession actually occurs. and the inversion of the curve is what we're seeing right now, indicating that the probability of that recession is far higher today than it was just a few months ago >> and i guess that is the question i know you're not the equity person, but has the market discounted what is likely to be a recession? i'll ask it this way has the market sufficiently discounted where you see interest rates one year from today? >> i think that repricing is still happening, right i mean, last year, like you just pointed out last year at this time, we were not prepared for how much the fed would hike. and i would argue that th

that being said we're down 19% on the year. expectations are really low, sentiment is really, really low and seasonally this is a good time in the marketplace. the fourth quarter is usually the strongest. i don't think it's the pivot and i don't expect the fed to pivot. >> josh, there are so many arguments to be made this is a situation going into the fourth quarter, we've got the mid-terms as a big catalyst and you're just coming off the best month for the dow since 1976 at this point. you could argue every dip that's out there has been bought at least for the last couple of weeks now. is the path of least resistance to the up side at this stage or to the down side >> you know, people forget there's a third choice which is chop and flat. and that has been the best bet to make this year. one of the things we've been trying to do with our appearances here on the air every week highlight the idea when the vix gets too elevated up into the mid-30s no matter how you feel about biden or china or the economy or whatever, that's when

, an alligator was shot down from them, a k-52 helicopter was shot down an anti-tank missile shot down three russian k-52s in a day in kherson oblast, the armed forces of ukraine shot down a russian attack helicopter k-52 in donetsk region alligator is the successor to the black shark of the k-50 helicopter, probably only the predatory names alone should inspire fear here's how 52-m show off at the moscow parade attack helicopters are all the same in the world however, in russia they are really the best, our aviation experts say, the k-52 impresses armored vehicles, manpower and air targets, has high maneuverability, speed, resistance to bad weather conditions and modern electronics, ultra-sophisticated on-board equipment you see it is implemented on five multi-functional displays tactical situation display on which is still displayed intelligence e-e russian military intelligence was able to find in the area where he acts. and when he has received all the information, he can hit targets with various weapons, starting with ordinary bombs, or he can take four blocks of unguided missiles

at the end the day comes down to the supply chain issues. it comes down to what could go wrong. the house has voted for a bill to a vote -- avert the potential rail strike, what this does is create to billion-dollar holding of the global all economy, we are slated for the to strike -- we are slated for the strike december 9, this would be significant with how we avert the rail strike. the issue at the court is sick leave. not necessarily the pay or keeping up with time off. it will be sick leave specifically this is a very intensive industry. right now we do not seem to have the momentum or the time for all the unions to ratify. we have only had 8 people talking about ratifying these deals out of the 12 unions. all it takes is one union, no matter how small for it to fall apart. for more explanation and more complex, we are joined in washington to break it down from the washington perspective what are we waiting for and what are the next steps? guest: the votes that are coming and it looks likes there is enough to pass the legislation that would prevent the strike by rail worker

the concern is the cash flow comes down because oil prices come down.educing the amount they're paying out because the cash flow is going to be smaller. we don't know if that's going to happen, but that's a big concern people have out there. i think the key point is a lot of disparities or disagreements of where the market is going to be in 2023 on earnings and on the price of oil carl, back to you. >> thanks, bob pisani. let's get to jim and "stop trading. >> citi raised the price target from 13 to 14. i like the oils very much. if you think there's no recession -- i like it. >> also accelerating their mach e production. >> they're sold out. >> i noticed you have a -- >> we have hormel on tonight this is something i bought for david. this is figgy pudding spam talk about something right up david's alley. it might be from a different tribe. >> that's a limited edition. >> of course those go like hot cats >> wow >> let's open some right now here is what i'm going to do, david. i'm going to do something you want to try -- >> you don't need a special key?

the fed is trying to slow down the economy enough to drive down prices without triggering a recession. pixar are biting the economy and you can see it clearly in the housing market. mortgage rates are up over 7% for 30 or fixed. it's also had a big impact on the stock market. stock prices are down about 20% from their peak. back at the start of the year. inflation is hitting the grocery store hard, a dozen eggs up more than a dollar last year. a bag of chips now 605 and a two liter bottle of soda topping $2 or well food companies. report record profits pepsi, saying profits for its chips and drinks rose 20% in the last year, proving many customers are still managing to pay the higher prices at least for now, with a little bit of luck on things like the pandemic and the russian invasion of ukraine. crane. if nothing else goes wrong, d it was som deft policyy the fed. they don't have to be perfke our way through the actually experiencing an outright recession. as for the cost of food price increases at the grocery store, analysts say , are outpacing restaurants so you might want to cons

steve liesman is here to break it all down.said anything that different to spark so much enthusiasm. >> i was kind of with you on that the market has moved seriously, you have to take it seriously. i think what mike said, how the market was positioned, may have been a factor, maybe what they heard is this is as bad as it gets we came in a p-rate of 505, now, about down 12 basis points the idea that this is as bad as it gets -- 494 right now, maybe the tops have been put in on the two-year and ten-year. it tells you perhaps -- i'm sorry to have to hedge all of this, that the worst restraint is already there it's not going to get worse, but i don't think the fed is downshifting i think they're taking the potential off a top or higher rate. >> but it seems like there's still two big questions. one, how much damage will that do to the economy? >> excellent point. >> we adopt know, because the variable lags. and then for how long those rates need to stay restrictive, or in that very high space, because we don't know how fast inflati

the big techs all of them down, i see microsoft down 2.5%, amazon is down 2.6%, minor losses for appleis monday morning, after last weeks action and the weekend action i've got to talk crito. right now we have reuters reporting that $1 billion worth of ftx's client funds has gone missing. the bahamas is open to criminal investigation. our crypto expert is susan and she's with us what's the latest? >> well the latest is i was just listening to binance's founder, richest man in crypto, just answering questions on a twitter space's 30,000 plus up to 50,000 were listening on that twitter spaces this morning, and that's just how much intrigue there is in cryptocurrency. i do want to note, you just talked about the stock market declines we're seeing this morning. do you think that there might be some crypto contagion given that bitcoin fell over the weekend? we had billions of dollars being pulled, and that means when you have losses in one asset class you have to sell to makeup for another asset class possibly with stocks, but i'll tell you that cz in this twitter space, didn't hold back. h

we opened that session down immediately. s&p was down 1.3%. looked like we were down for the count.his is two-day chart. we've been up ever since then. we've run into technical resistance. we will talk about that later in the show with technician. here is the thing. i think the street believes it is not true, not going to happen. over the weekend we heard from jpmorgan. they actually sharpened their pencil. they see fed funds rates 4.7%. the highest people hour, them more has 5.5. no one is above 5.5%. so far the bullard threat hasn't worked out the way he thought it would work out. there is hawkish rhetoric t will remain in plastic larly with financial conditions. nevertheless we dodged that particular bullet for now. want to bring in kaltbaum capital management president gary kaltbaum, along with money map press, their chief investment strategist shah gilani. gary, you've been saying for weeks, the fed lost control, watch the bond market, watch the stock market, what is the deal? initially the street sort of recoiled at% fed 7% funds rate. the market shrugged their shoulders. >> i

the dow is down 70, nasdaq down two. not much movement at this time.ack. ♪ tiny bit of red ink on the screen, nasdaq down a very small amount. mike lee is with us. used to be two people, what will it take to get you back there? >> who got to go through some pain economically with the markets. roughly april, may of this year housing turned and its decelerated quickly right after the manufacturing did the same, we are about to see it in earnings and hopefully unemployment will spike and troop of it from the fed, not just slowdown so i think it will take time. stuart: you are talking well into next year before you see a bounce. >> first or second quarter, somewhere toward the end of the first quarter because the economy hasn't felt the full effect of the fed rate hikes, three to six month lag with every one of them, only started hiking march of this year so by january, february of next year is when you will feel it and if they raise into the end of this calendar year end maybe pause beginning of next year going into april and may of next year is when will

they were shouting down with she to ping down with the party. i mean, that's really unheard of and you have her protests in basically all of the country . i give you one noticeable example he and paging at the really very prestigious ching, while university am also several hundreds, maybe even more than a 1000 students are gathering, also shouting slogans, demanding freedom. and it's really, i mean that they are very courage. astaire basically for the 1st time speaking up and that comes really at a great risk. and i mean, the chinese government is known to have a very low tolerance for, for criticism. what does it tell us that are so many unwilling now to defy the regime to be courageous, as you just said, yet many have had enough. they feel also um, like they have nothing to lose. i would say they are different motifs especially that see migrant workers for them. the lock downs are an existential economic threat. so read, they have nothing to lose for the students. for example, i think while university for more for them, i'm sure it's a moral o

he sought in the crash of commodity pricesil use on agricultural prices go down, oil priceses went down that was a mistake the federal reserve tightened 20 should not have it. and then in the early 2000 the fed when in the opposite direction we had an official recession. but they would in the opposite direction and weekend of the dollar so suddenly oil went from $25 a barrel to $100 a barrel is that because boyles only became scarce and people are using it more? no it wasn't oil was getting more valuable the dollar is getting weaker. when you have that kind of weakening of a dollar what is that lead to? at least two people going to hard assets including commodities missile play out in the disaster and house that came crashing down on the edge of the crisis of 2007, eight, nine. quickest interesting you mention oil. obviously that's a market very affected by global supply and demand dynamics. it seems like that y would be me of the thing you talk about when you talk about shocked inflation earlier. i wonder why you chose to frame it as more of a money thing in this case? >> oil or any co

just outside of door putting down their drills for drills. these are some of the men who have helped build the stadiums for the cattle world cup. and now they're getting to eat some of the stars. he will shine in them about being an hourly rate. the stadium, i'm a electrical technician only sold no 3 unhealthy elsie know about stadium and i like big national petition and maintenance. so what's your favorite fire. com as a moment? yeah. had it not been for the beautiful game, these 2 groups of men with their different languages and backgrounds will probably never have met. but football has brought together, which is south of castles, capital, doha, in a city called our white cra. this is where england were based themselves through this world cup, and it's also a place where many migrant workers live. now this is one of several community engagement workshops taking place. and england have chosen to support this particular community. england's f a has been vocal on the subject of work, his rights, they and others like the netherlands and austral

the dow industrials down 505 points, 1.5%. the nasdaq down 366.fter the federal reserve announces 75 basis point rate hike at 230 yesterday. the central bank hitting it could be smaller than the 75 basis points but promised higher rates are coming the two year is up 11 another basis point at a level of 4.720%. look at the ten year almost nine basis points to 4.194%. rates are soaring and that's a problem with the stocks. the gunmen who opened fire at a florida high school killing 17 people back in 2018 learned his fate. jackie deangelis. >> according to you, nikolas cruz was sentenced to life in prison without parole. the decision following today's on a victim impact statement from victim's family members and survivors. last year nikolas cruz pleaded guilty to the massacre at marjory stoneman douglas high school in parkland, florida that killed 13 students into school staff members. american airlines pilots rejecting a tentative agreement for a new contract, the tentative deal will have boosted pilots paid by the roughly 20% over a two-year period

, they don't have to come down dramatically, but i think they will come down some. that's generally the last shoe to drop. i think as it relates to recessionary talk even if it's shallow and not as long that's a benefit to the market and i think that's why you can still be in equities and i do like investment and i think there's opportunities there. there's opportunities in debt and i think you have to be well-balanced in this environment. if i told you right now just for the sake of the conversation goldman is going to be right, the whole tenure of the market changes on that, does it not >> it does i believe >> it's almost becoming a forgone conclusion >> i think it's becoming such a forgone conclusion i think it's being ignored. you can say something and the market -- >> i don't think the market's ignoring it. >> what's rallying in the market >> it's a defensive rally. take a look what's holding up the most that's industrials. it's not tech. >> but even if we avoid a recession how much up side can we get, and if it's 4,100, 4,200. that is not so aggressively up yo

the numbers go up as multiples go down. and i think ifrs want to see numbers come down.y want to know that estimates have bottomed so they could feel more comfortable buying the stock. an -- it cut and if you go to the other end markets. everybody say auto is resilient but ti is seeing issues in industrial they've guided down. they guided next quarter down 12%, 13%, sequentially, which is low from what you would see in the quarter. because of the numbers going forward has been re-set when it makes investors more comfortable buying than you would tend to put a higher multiple on a move troughy kind of earnings ti does tend to get a preum. it is a well respected company they have a great long-term investor base who tend to hold the stock through thick and thin so it is supported regardless. >> stace y, thanks so much for joining us >> any time. >> what stacy likes, amd and nvidia and qualcomm. do you like those, guy. >> nvidia has rallied now 65% since the october low. 65%. that is not insignificant. and it is still 50% lower than where it was a year from now that is math

both are down almost 2% today. there's strength in real estate, energy, financials, industrials and materials t real estate was the worst performing yet in just a moment, we will talk to big nygren. he says some stocks look very cheap and he's bringing like his shopping list, and liz ann sonders will be here as well >>> let's start with today's dashboard. mike santoli >> mild moves at the index level, very much a diverging market that effect is continued sideways movement. as a matter of fact where we are right now in the mid 3900s brings us back to where it stood. >> holding a bit, but not by too much here we energy and financials, the peak of the tech bubble in 2000, surged into the global financial crisis right ahead of that. right up here is tech and health care, the growth names really peaking there. you see them waxing and waning it basically shows you we've started to see this resurgence in energy and financials over the last year or so. it's mostly a proxy for the growth versus value trade-off that we get h

asia, of course, still really dragged down to date by the china or lack of reopening and the shut down there. what this really is a value trade. the european indexes are staples. they are exporters benefiting from a weak euro and they are health care and things that are non-tech in fact, tech is a tiny percentage of it. >> well, in fact, what's interesting, that's coinciding with your strain the dollar today and friday having on friday one of its biggest selloffs in years which is obviously very helpful for stocks. >> totally taking the pressure off equities unclear exactly what we're seeing in the dollar selloff in terms of is that some kind of projection of a fed pause to come pretty soon, or is it just, you know, a retracement after this very aggressive time? >> don't think the dollar was as cheerful as the stock market on the jobs number. >> right. >> maybe focusing more on the household survey. >> below the surface, yeah. >> mike santoli, see you in the market zone. for more on the markets and what to do next let's bring in bridgewater chief investment strategist rebecca patterson

and bring inflation down kw why not stop now it looks hike it's down. >> wise words there. professor, thanks for being with us thooday. >> thank you. >>> ftx declares bankrupt ri, fbf goes from the face of crypto to the disgrace of crypto. what needs to happen to prevent more crypto crashes like this one? >>> plus, elon musk tries to fix twitter throwing everything but the kitchen sink at the problem. there's the kitchen sink not all of it seems to be working. we'll have the latest on this after this quick break we all have a purpose in life - a “why.” no matter your purpose, at pnc private bank we will work with you every step of the way to help you achieve it. so let us focus on the how. just tell us - what's your why? >>> welcome back to "power lunch," a wild week for crypto, the ftx token losing nearly 90% of its value a number of big names comments on the event as they have unfolded in realtime, and weighing in on the broader asset class. take a listen. >> i'm not surprised that this happened there really is no -- as far as i'm concerned, no rules, no laws it's like th

wti down 1 1/3% at 85.76 with brent crude down 1% right around $93.ocks are the worst performers today, with nat gas names eqt and cotera leading those declines tyler? >> pippa, thanks very much let's move on now to advance auto parts the stock the biggest laggard on the s&p. on pace for its worst day since 2017 after it missed earnings estimates and lowered its full-year outlook. the company blaming higher expenses and currency headwinds. here for a "power lunch" exclusive tom greco, president and ceo of advanced auto parts mr. greco, welcome good to have you with us and we thank you very much for coming on on what is a tough day. it's easy to come on and talk when you've got puppy dogs and rose petals to throw around. not that we want to throw around any puppy dogs but the truth of the matter is it's tough to come on on a tough day. we appreciate it you said yourself that you are disappointed in your company's relative performance to your peers and that you're going to take measured steps to improve it, sales and performance. what are those steps an

she was let down badly. i believe in m heart she was let down badly.adly. i believe in my heart that she _ she was let down badly. i believe in my heart that she would _ she was let down badly. i believe in my heart that she would have - my heart that she would have survived — my heart that she would have survived had she been given the correct — survived had she been given the correct medical attention she needed~ _ correct medical attention she needed. i do believe that. so when ou see it needed. i do believe that. so when you see it written _ needed. i do believe that. so when you see it written in _ needed. i do believe that. so when you see it written in black - needed. i do believe that. so when you see it written in black and - you see it written in black and white, how does that make you feel? i'm glad that sirjohn saunders has acknowledged expert to's opinion and taken that— acknowledged expert to's opinion and taken that on board, because i believe — taken that on board, because i believe that. knowing saffie roussos and how— believe that. kn

they melted down through it. tell us all a bit about what the folks who had no idea what they're getting into, what it was really like. >> the actual mining, i didn't understand before starting to do the research. i did go to alaska. i hiked the chilcote trail. trail. you just need a permit. half the park is in the united states. half in canada. some of the best backpacking i've ever done. do in the summer, not the winter, and it's lovely. and they did a couple, stopped a couple in alaska a few places to get taught how to pan for gold, which, which is good because then i could like run home or my back to the hotel and like right and exactly what it felt like and then just give those experiences to one of the minors, you know, to how it works. but yeah, so the mining is, they're not digging. it's permafrost, right? so what they're doing is once they found a creek where they pan and they get ten cents or 20 cents worth of gold in the bottom of the pan, then the work begins and have to get down to bedrock. there's a

participation ticked down.g onto workers if you've worked hard for the last year or two years to try to get your staffing back up to complement, it's quite a change in approach to say you're going to have fewer. so, i do think the market remains tight. that means there's still more work to do >> tom, walk us through your thinking about the connection of a tight labor market and inflation. do you believe right now that wages are, indeed, driving inflation, or is it your concern about a potential wage price spiral that motivates you to look for a softer job market >> i'm trying to think of demand more broadly it may well be that jobs are more of a lagging indicator this cycle. all of the elements of demand, i think, are relevant. consumer spending, which we got a couple of weeks ago. all of that is relevant to what's happening on the demand side i do think firms have gotten a taste of increasing prices they've started increase prices. they still have in many cases cost pressures, margin pressures. as you can see

of a malaysia airlines playing back in 2014, all 298 people on board. died with the plane went down over eastern new cray. and the clock is ticking at the camp at $27.00 climate summit. the un secretary general is warning delegates, stop the finger pointing or face mutually assured destruction. and for your viewing pleasure. the creators of dark set sail with a new thriller. mystery series, 18. 99. fall as a group of passengers called up in a nightmarish journey on the open sea. ah, i bring gov to our viewers watching on p b. s in the united states into all of you around the world. welcome on this thursday, russia has launched a new wave of missile attacks across ukraine, killing at least 4 people and injuring many more. the strikes were directed mainly against the countries power and heating facilities. and these drives come as much of the nation. so it's 1st significant snowfall. ukrainian president vladimir zalinski says that moscow is deliberately targeting civilian sites. surveying the damage from another deadly attack on ukrainian homes. emergency teams came the wreckage and p

they had to shut down.orkers on the shop floor got laid off pricing because cars were in short supply. the reason i pushed for the passage of the chips and science act because i knew we could turn things around. i've never been more optimistic about america that have been the last several years. and i mean that sincerely not just here in michigan but all over the country. semiconductor companies are investing literally several $100 billion over the next 10 years, several $100 billion. the field of dreams right outside of columbus ohio 13,000 employees. 5000 full time. you don't need a college degree for 80% of the jobs there in the average salary, $126,000. look a record amount of money to bring chip production back home. that's what that legislation did bring other key parts of the ply chain back to supply chain back to america as well. think about it 10 years ago. how many knew what terrible supply chain was? no, i'm serious. it's a phrase when i started talking about supply chain, people got no reason wh

zeldin go straight down. got zeldin going to go straight down. i think he got an extra 500,000 votes and the guy that ran in 2018 against andrew cuomo. so, for 500,000 people they had a way to look down the ticket. also a sense on long island, staten island, as well as west chester and upstated new york issue. enough to try to change courses. evidently the thing that killed lee zeldin was in new york you got under 30%. they should go and give him a standing ovation. if the gavel goes kevin mccarthy or whoever the speaker is likely kevin mccarthy. lee zeldin should be in there for a standing ovation. new york is delivering of the house. >> steve: i hear they are trying to figure out who is going to run. there's a lot of stuff going on behind the scenes trying to negotiate good deals for them if they vote for certain people. so stay tuned. >> ainsley: brian said if he moved out to long island i guess when he moved out there there was only one republican at the time. >> brian: peter king was it during the bush years peter king was it. one of the rea

ex-energy, we're down in an earnings recession, down 2% the last two quarters ex-energy.ergy to keep lifting up the markets from an earnings standpoint. one good things is we do have yield today so for income investors the positive aspect is when you invest now and take a little credit risk you can get paid which is great. but you do have to be very careful. have you to invest in great balance sheets, cash is going -- cash on the balance sheets will be king. who has access to cash are the companies that will win. if are you a net user of cash and you need cash, you're going to pay a heck of a lot more. that's going to impact your earnings as well. maria: so are you predicting recession and how severe will it be in 2023, george? because the story last week from the wall street journal that economists are talking about a soft landing in 2023 and the potential for the economy to slow but not actually see a severe reinvestigation, where are they -- recession, where are they getting that? >> i think that's going to be real tough to pull off, unless something meaningful changes

step down. also coming up in katara leona. messy turns on the magic argentina. beach mexico and get their wealth copy back contract. ah, i'm monica jones and glen. welcome to the program. large protests have broken out in several cities across china over the country. strict and ongoing covey measures . the demonstrations are a rare defiance of chinese authorities and comma mid rising anger over lengths he locked downs. some protesters or calling for president, judging ping to resign. chinese officials have refused to back down over their serial cobit policy despite the growing public backlash. oh, they've become a symbol of the biggest 3. get to china's leadership. blank pieces of paper held aloft by protesters like here in beijing. a silent rejection of censorship. this rally just one of dozens that have sprayed across china. oh, just hours early, a huge crowds turned out in shanghai in a re, a defiance of chinese authorities. years of pandemic locked downs, have pushed people here to the limit

we're down, in the that much. dow's off 120, nasdaq down 74. let's get to the midterms.r and senator ravenel warnock neck and neck concern rafael warnock neck and member. herschel's credibility keeps taking hits, but it doesn't seem to hurt him in the polls. why's that? >> reporter: it's pretty incredible to watch on the ground here in florida. -- in georgia. conservatives and independents who don't love the guy may look past that because of the economy, because of how they're living here. check out these polls and follow me on this. so according to a new "wall street journal" poll, 48% of voters said that they thought congressional republicans were best able to rein in inflation as opposed to 27% for democrats. meanwhile, a new ajc poll reveals 52% of voters dislike how walker has handled himself personal ily, that's a lot of voters, stuart. but even with that, walker maintains a tie, a dead heat with warnock. fox caught up with some diners outsides of atlanta who say they are more worried about inflation, high gas prices than really any of those socialish issues or any

and they're not coming down quickly but they are coming down as a matter of fact, month over month changese all negative. the blended yar over year was 11.3 vs. 11.7, which was the high water mark. if we look at what's going on 2s to 10s you can see the third day of light steepening is today considering where the markets are trading and that is coming off four decades of the most inverted the yield curve's been at minus 78. the gains are small. we're at minus 73 currently. and finally here's a two-day chart of the euro vs. the dollar the reason it's interesting is with less inflation in various parts of germany we are seeing some jump to the conclusion we've reached peak inflation so the euro is coming down in price. and do remember this is the first time from an intraday basis that we are starting to see some serious selling in the euro currency which really has taken away many of the gains in the dollar index recently. seema, back to you >> euro at 1.03 against the dollar let's turn our attention to energy where oil slightly higher on the day the markets doing a balancing act between dem