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i'm carl with deirdre and jon. we have another day of outsized breadth, though this time to the dow downsize nasdaq falling big another day, off session lows but only a handful, in fact, four stocks in the green on the ndx as of now >>> let's get a news update with seema mody. >> hi, carl. here's what's happening this hour opec plus nations have agreed to cut oil production, q quotas by2 million barrels per day. cnbc is reporting that will translate into actual production cuts of 1 million barrels per day. crude prices are near the highs of the day, building on sharp gains in anticipation of the cuts >>> let's talk housing mortgage apps sinking another 14% in the latest week, pushing them to the lowest level since 1997 soaring interest rates and hurricane ian combine to throttle mortgage demand that's a concern there. >>> growth in the services sector is stronger than expected ism's non-manufacturing index topping estimates in september the report also shows prices paid by businesses for inputs fell to a 20-month l

i'm carl quintanilla in for sara ei eisen. dow as we said on pace for the best day since november 2020, all sectors green, lower yields definitely helping today, ten-year below 365 check out energy as oil rallies back to 83 and change ahead of that opec plus meeting later in the week >>> coming up on today's show, shares of box are skyrocketing after morgan stanley ups the stock to overweight, citing bullishness around return to work we're going to talk to box ceo aaron levie, get his read on enterprise tech spending let's get straight to this strong beginning of the fourth quarter. joining us today david zervos is with us. great to see you we spoke last week it sounded like you had spent some time talking some clients off the ledge. does that get any easier today >> yeah, carl, it does a 3% up move feels a little better, although we had a pretty rough ending to the week it's not all clear by any means. the big story was really financial instability between the bank of england, between the rumors about, you know, credit suisse

right, carl? i mean, if you are providing the benefits that mean you're an employee, lock them in determine how they have to work, then, you know, that's the benefit that the employer has, but seems odd to me that these gig workers, particularly in uber's case, seem to be returning to the workforce, because economic times are tougher in a rate that's different from what we're seeing in just the general employee base if you look at the labor force participation rate in the last jobs report. you know, uber seems to be getting more, more drivers back than that would indicate also, doordash keeps saying, hey, the people who drive for us call them dashers only work a few hours a week it's not as if this is the only thing that they can drive for. necessarily the only thing that they can do, but mostly, we'll see how the labor department comes down on this potentially will have a big impact. >> carl, and -- go ahead go ahead >> no. i was going to say, ask you, actually, whether or not -- i mean, how ambi

carl, you are still with us which is fantastic. question manus was framing was the opportunity given the selloff in the bond and equity markets. what would you need to see to give you the confidence to advise investors that this is the time to dip your town? -- your toe? carl: it's easier for the u.s. than the u.k. to think about what the terminal rate might be. we're thinking at the end of the day, one of the good things that's going to come out of this whole episode is we will get positive real interest rates. that means if we get to stay neutral rates, that would normally be somewhere above inflation expectations. of where nominal rates are going to be. at the long end, we look to 100 to 200 basis points above inflation is being normal. i think we still have a ways to go on rates to get to those high levels, but what we should look for in a terminal rate from the fed, is not only a rate high enough to contain inflation now but to establish price stability in the longer-term, that's a positive real rate. long-term inflation expec

let's get to the half. >>> carl, thanks so much welcome to the half time report.'m scott wapner front and center this hour the last faang standing. we'll debate what it means for your money and whether the long love tech trade is on its last legs joining me for the hour. let's check the markets. we're just past 12:00 noon in the east, and we have a pretty good gain going. highs of the day 2% just about for the dow, which has been ripping of late. there's the s&p strong, nasdaq is strong. sounds funny to sa

. >>> good thursday morning, i'm carl quintanilla with julia boorstin today, another volatile week for nasdaq and microsoft, google and meta plunging after results this morning. mark zuckerberg bets billions. investors won't if it will continue with amazon and apple julia, talking a bit about the operating expense guide and the silver line something argue with that is that engagement continues to be somewhat robust. >> yeah. i mean, first the good news before we get to the bad and ugly, yes, engagement is robust. mark zuckerberg said he thinks they're making gains with tiktok a big surprise to many and for reels, he says they're making progress there. but the battle recently is not only are they losing a lot of money on the metaverse division but expect to lose more on the reality labs next year they're not backing off. it's time to focus on the fundamentals which is the ad business and spend much less on the metaverse division but mark zuckerberg is sticking to his commitment to invest in metaverse company, talking about making it less reliable on apple. john, i guess you must feel vi

carl and i have been talking about this for 50 years since the nixon case. >> carl, what's your takebviously, and the warning he's issuing. >> this is a level of transgression by a president of the united states that is unique in our history. and that the power of listening to trump be negligent with bob on the phone, the level of transgression in every regard. he has no concern that has been expressed at any moment for the well-being of the united states, or democracy, or democratic principles. we wrote in the 50th anniversary addition of all the presidents men a good deal about this characteristic of trump. and we quoted george washington, in his farewell address, saying the one we spot in american democracy was if on principled men sought to use the presidency for their own ends, such as trump has done. when you hear trump on those tapes talking about the pandemic, you are listening to the president of the united states commit negligent homicide of hundreds of thousands of people, innocent victims of his cover-up. it's unthinkable. and it's tape after tape after tape. the nixon ta

"techcheck" starts now >>> happy wednesday welcome to "techcheck" i'm jon fortt with carl quintanilla, deirdre bosa and julia boorstin today stocks are mixed but is there hope for the bull's? netflix is surging as strong subsubscription numbers help there. and what it means for software and a look at one chip industry name bucking the trend as china curbs hit the rest of the sector asml pulls acpast the competitin this morning. >>> netflix is the top gainer on the nasdaq and s&p as shares surge on stronger than expected results and subscriber numbers julia boorstin with us here. >> it's great to be here. >> a lot of enthusiasm from reed hastings yesterday such a market departure from the last few quarters. >> you hear a shift after they lost so many subscribers. >> amazing how quickly they've built and are getting ready to launch the ad model but is it too soon to call victory >> too soon to call victory on the ad model here. they grew in subscriber growth so netflix added more subscribers than expected, 2 2.4 million in q3. and forecasts the addition of 4.5 million 4.5 million subscr

i'm carl quintanilla with morgan brennan and david faber.ut of mega cap tech, at least out of meta and the cyclical industrial names that raised guidance, including honeywell and merck and carrier. we're off the initial highs. dow still holding a 300-point gain. >> we're 30 minutes into the trading session. here are three big movers we're watching we'll start with ford, third quarter loss and supply chain problems and autonomous driving investment those shares are down 3% shares of our parent company, comcast, up big after an earnings beat. revenue falling slightly but it did manage to add broadband subscribers after a flat second quarter. those shares are up 5.5, almost 6% shares of caterpillar are surging, on pace for the best day since march 2020 recording a record profit for q3 sales, saying demand remains healthy and margin expansion is in focus for the fourth quarter. you can see those shares up 8%, carl. >>> meta shares cratering at the open value plunging by more than 65 billion amid falling sales and rising cost. truist cuts the tar

let's get to bob pisani. >> this is quite a powerful rally, carl.r than 20 to 1 advancing the declining stocks and only a few s&p stocks that are in the red right now. take a look at the sectors again, you want to look on risk on, risk off, the ones that i look for, risk on. transports cathie wood's ark fund metal stocks, semiconductors all of these are generally doing a little bit better than the market in general, except for the transport, so definitely could call this a risk-on day and jim's right about the big cap tech stocks. nice move up, semiconductors the leadership here. nvidia, micron, the biggest leaders. google is doing well alphabet, also strong. that's a good risk-on day and it's pleasing to see the banks because they have turned around opinions about earnings season overall. bank of america, up nicely jpmorgan, look -- jpmorgan was 109 on thursday at the close and you can see, 114 here. that's a 4% gain since earnings came out wells fargo, also on the upside. so, a good start to earnings where are we so far? it's early there's 36, 37

we're joined by carl bernstein. is something i've never heard you say in decades of reading and watching you that one individual should not be president, poses a threat to the presidency. why is donald trump such a unique threat that he's causing you to issue this warning? >> well, first of all, he doesn't understand democracy. the country we have, the united states, was one of the rare countries formed on an idea. and that idea is democracy. he doesn't understand that the january 6th committee has proven that. he does not understand that he's got to take care of the people. he's got to give them advice, warning, and he didn't do that. carl and i have been talking about this for 50 years, since the nixon case. >> carl, what's your take on bob's work here, obviously, and the warning he's issuing? >> this is a level of transgression by a president of united states that is unique in our history. and the power of listening to trump be negligent with bob on the phone, the level of transgression in every regard. he has no

de >> carl, another rally up 10% in just two days. salesforce meanwhile, take a look popping on news activist starboard taken a new stake in the company. no word on the value, this chart says it all. shares here have underperformed the broader market tech sector and its peers over the last few years, which starboard uses due a "sub-par mix of growth and profitability. the firm pointing out the company hasn't generated meaningful reserve vance blue line on the bottom you're looking at saying the tarngts that salesforce laid out, guys, good but not good enough. target growth plus margin of 42% versus pure average 50%. compares it to likes of service now, adobe and others. they say they have the opportunity to expand margins greater. has better scale than its peers. actually a great company number one or two in many of its businesses, but it's less ambitious than it should be, jon. an interesting case of seems friendly at the moment not acrimonious. on agreement, management, with starboard but can they deliver slides lay out the case. ha

welcome to "techcheck." >> i'm carl quintanilla.layoffs at intel ahead of what most expect will be a brutal end of the year for technology we will talk about the market reaction next. then another public company taken private. vista equity acquires nobi 4 pc sales not enough to deter this optimism at microsoft their head of devices joins us at the bottom of the hour. >> we did ge

great to see you again >> great to be on, carl. thanks for inviting me >> your general framework has long been no turn in equities until there's a turn in yields and i don't know whether or not you think that's on the horizon right now. >> well, it's on the horizon it's probably further out than i would have thought even a few weeks ago, few months ago. you know, interest rates, after all, are cyclical. and you know, we'll just have to wait for the fed signal. but you're 100% right that there has not been an instant in history where a fundamental of bear market equities tightened the yield curve. we'll have to wait for the fateful day until they not just pause and pivot but ease policy enough to push the yield curve into a more normal slope hopefully that'll be the story the second half of next year but there's no bottom in the major averages until that happens. >> right we like to talk about tech on this show. we just had a long discussion about pcs there. but you can add in apparel and autos and freight and commodities. how much

. >>> good tuesday morning i'm carl quintanilla with deirdre bosa and jon fortt looking at's recent cost cuts across tech plus how the ad slowdown is impacting the sector where does meta's quest end? more on the company's metaverse spending and the next catalyst for that name. talk to one investor adding to his position and finally paypal wants you to use venmo checking out on amazon that story coming up next hour. >>> and alphabet first of three hyperscalers reporting tonight. amazon thursday. one focus how demand for the cloud is holding up and what it says about the broader state of enterprise software spent. an area strongest and most resilient parts of tech this year talking a ton about it yesterday amazon confirms reports breathing higher in parts of aws, cloud division an aws spokesperson says thousands of job openings at other parts of cloud investors baked in deceleration and cloud growth this year guys, will this week's numbers be worse than feared in terms what's expected, guys, nearly 43% growth from microsoft azure 34% growth for google cloud. 32% amazon web services. nuk on

i'm carl quintanilla with deirdre bossa. big calls today from goldman on pins and take two. plus the state of hardware, a key theme going into q4 and the holidays as the biggest names make big bets on the biggest launches jon is liv

carl >> it's going to be a big one, quite a morning as the yield curve fully inverts.ou've got the dollar at session lows and vix 27 let's get to frank holland and the half >> re >>> welcome to the half time report megacap tech missing the mark. what does this all mean for the tech trade and meta? and rates versus reports what's actually more important for stocks and the year end rally, is that even still possible we'll debate that and much, much more with our investment committee today. joining me right here on s

carl >> julia, appreciate that. we'll be watching that and a few other media earnings dpurg the week. >>> coming up after the break, apollo is getting into crypto. bitcoin trading roughly in line with the nasdaq for october. stay with us millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... save hundreds a year on your wireless bill over t-mobile, verizon and at&t. just take the xfinity mobile savings challenge today to see how much you can save. ♪ >>> apollo is diving deeper into crypto partnering with anchorage digital to store alternative assets for its clients apollo participating in defunding round valuing the platform after more than $3 billion. joining us now president diego thank you for being on with us this

are now we love you carl, but there's certain beacons carl that yeah you that we have reserved for youe out of town. yeah, take a vacation. take your time. you work so hard self-care. he's always gobbling up our fourth of july fireworks, you know, we accept that usually in the years as well new years yet people like well we can see him. now just colorful fog. yeah, nice. then i'll probably do it again next year carl loves that colorful fireworks and jr. stone. is abc7 news reporter jr. stone telling me all about it saturday. he said hereally. yeah s good.he says he loves the brighy colored skies. it's like a whole vibe for him. and i love that for him. i would rather see the fireworks. i like seeing the joy on his face. there's a child like wonder. just i love you. here's future weather 9 am. we have a lot of cloud cover still around the bayshore online. carl is certainly with us this morning our marine lair hugging the coast for much of the afternoon away from the coast. we get a lot of sunshine high as in a microclimate starting in the south bay 70s and 80s good air quality a lot of

i'm carl quintanilla with morgan brennan and david faber.this options expiration friday. for the time being, got a nice bounce on the heels of a journal report suggesting fed officials may talk about how to prep the market for a slowdown in hikes. >> we'll see >>> here are three big movers we're watching we'll start with dowcomponent american express, beating on a surge in consumer spending because amex is increasing the reserve for potential defaults shares are down 5% another dow name to watch is verizon. topping earnings estimate but small number of post paid phone adds those shares are down almost 4%. >>> and we will end with whirlpool, giving a weaker than expected outlook this had been in snarls with all the supply chain woes throughout the pandemic now it's the housing downturn starting to take a toll with executives saying they saw, quote, consumer sentiment dropping off massively in june/july. nonetheless, the shares have just turned positive they're now up 1%. >>> snap shares are plunging bernings beat estimate but revenue was slig

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. >> good morning welcome to "techcheck," i'm carl quintanilla with jon fortt and julia boorstin shares of snap down 40%. dragging down shares in the space, meta, pinterest all lower. and "the washington post" reporting that musk could be planning to slash the workforce by close to 70% but the government reportedly taking a look at musk's investors we'll see what that means for the deal which is expected to close in a week. >> you never know. let's start with snap what it signals about the broader market snap's revenue grew just 6% year over year. net losses surged by 400%, probably because of the cuts they're making in response management saying they are finding our advertising partners across many industries are decreasing marketing budgets that is happening as demand falls and inflation remains high earlier this week, ibm and at&t said they're seeing strong demand, netflix echoed that message but the ad supported model -- next week we'll get an understanding of advertisers from the consumer when we hear from the enterprise side, microsoft, and the luxury consumer side, apple and meta

hey, andrew. >> hey, carl the s.e.c.agreed to settle the charges, pay more than $1 million in penalties and cooperate in an ongoing investigation. in a statement to cnbc, her lawyer said, ms. kardashian is pleased to have resolved this matter and she'll do whatever she can to assist the s.e.c. in this matter. she wanted to get this matter behind her to avoid a protracted dispute. the agreement she reached with the s.e.c. allows her to do that so she can move forward with her many different business pursuits i spoke with s.e.c. chair gary gensler, as you mentioned, earlier this morning i asked him about the rules around advertising since we've seen many celebrities endorse crypto on social media and in commercials. >> if you're advertising perfume or advertising vacation homes or anything else on the internet, there are various laws related to that but these are the securities laws and those other laws might be appropriate to just say, #ad. in the securities laws, congress put in place that you have to disclose not only t

i'm carl quintanilla with deirdre bossa.will check in on a few sectors within tech including big calls today from goldman on pins and take two. plus the state of hardware, a key theme going into q4 and the holidays as the biggest names make big bets on the biggest launches jon is live at the made by google, vent and some of them reported sales target will get interesting. >> first, you probably know this by now it is a fast-moving story with a lot of details coming out by the minute that elon musk twitter deal and our own julia boorstin has the latest >> julia >> deirdre, elon musk was scheduled for a deposition today. that has not been ng it has been delayed, but the trial, it is still scheduled to start on monday, october 17th and there is time to take this deposition in the next week if the two sides don't close the deal sources telling me that while musk has agreed to a price, there is still uncertainty about the deal closing and if the deal isn't entirely done that the trial will go forward as planned. so i am hearing f

carl this psyche of america has changed. i'm not just talking about the people who today three-day weekends because they are not working as hard and we can debate that. >> or kirby said they travel on days they didn't normally. >> hybrid days. >> is it possible. we live in a world talking about a strong dollar and weak dollar. i think the american people realized the dollar is so strong they are going to places they've never been. you see extremely full flights to cities flying empty because americans recognize, you know what >> hilton up above 2019 for the first time and that's with occupancy six points behind. >> that's amazing. go back to airbnb. they had a good quarter. i don't know why the stock is going up a little bit. i think what hurt surprises with google. there could be travel advertisements but we didn't know crypto was more important than travel. >> we'll get cramers dash count down to the opening bell. names to get to and more on the y wain forms of meta. don't go anywhere. >>> looking at nasdaq. microsoft on t

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so, carl, this wholesale rerating has not quite happened.ig question, of course, is whether the fed's going to keep its interest rate hikes continuing into 2023 carl, back to you. >> thank you so much, bob pisani chicago pmi was out a couple moments ago. we'll show you that at the bottom of your screen. october coming in at 45.2 compared with 45.7 last month. about a two-point miss, although prices paid was higher take a look at yields there. two-year, back to 4.5% dow is down 180. we'll be right back. it's hard to run a business on your own. make it easier on yourself. with shopify, you can have everything you need to streamline your shipping, returns, and product storage, so you can focus on growing your business. because when we work together, the future is bright. it doesn't have to be lonely at the top. join the millions at finding success on their own terms. start your journey with a free trial today. thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customiz

and, carl, the important thing is nobody knows exactly when the best days are.> bob, thank you very much. as we go to break, let's check the bond report. we mentioned the 10-year, kissing up to 4% early this morning. backed off a little bit. currently 3.93 as for the s&p, we lost 350084, the lowest day since 2020. we'll be right back. ♪ icy hot pro. ♪ ice works fast... to freeze your pain and your doubt. ♪ heat makes it last. so you'll never sit this one out. icy hot pro with 2 max-strength pain relievers. - [narrator] if your business kept on employees through the sitpandemic, out. getrefunds.com can qualify you for a payroll tax refund of up to $26,000 per employee, even if you got ppp. and all it takes is eight minutes to find out. then we'll work with you to fill out your forms and submit the application. that easy. getrefunds.com has helped businesses like yours claim over $1 billion in payroll tax refunds. but it's only available for a limited time. go to getrefunds.com powered by innovation refunds. leading the nasdaq lower qualcomm, some of the apple sup

the street >> much less than 20 >>> good wednesday morning, welcome to "squawk on the street," i'm carl quintanilla with jim cramer and david faber. futures losing a little steam as some decent earnings results clash with a new cycle high in bond yeeields, ten-year, 3.11. our road map begins with corporate earnings netflix crushes expectations united, p&g, also with strong results. >> plus, too soon for a fed pause. bostic says to expect short-term pain kashkari admits they're, quote, not even sure that the problems are getting worse. and jeff bezos delivering an economic warning of his own, saying batten down the hatches >> let's begin, though, with netflix today, adding 2.4 million subs after two straight quarterly declines. reed hastings says he's feeling positive about the road ahead. >> well, thank god we're done with shrinking quarters. that's a big feeling of, we're back to the positivity you know, obviously, this quarter in the guidance for q4, are reasonable, not fantastic, but reasonable and then we got to pick up the momentum everything the company's focused on, whether that'

. >> welcome to tech check, i'm deirdre bosa with carl quintanilla and jon fortt. today netflix reveals about its ad-supported tier. the streets bullish on the strategy but is a nearly $7 price point cheap enough to stop the turn and nfl sunday ticket is up for grabs. plus, mark zuckerberg says he missed a giant shift in social networking we'll have that story in just a few minutes. first take a look at the broader markets. they are lower this morning. we are seeing more consolidation in tech. we've got another possible deal in the news this morning we actually talked about this yesterday. some of those targets that were ripe, guys, this was a company worth about $9 billion at its peak 5 billion ahead of the news. now we're nearing 6. it feels like companies are becoming more in line, the targets with the acquirers starting to accept that maybe they may not reach those peaks, so selling is a good option. >>> i think with knew tannics, the company is doing pretty well this is one of those software for infrastructure multicloud plays. was just talking to the ceo a mo

i'm carl quintanilla with margaret brennan market trying to add to yesterday's gains. a spill. today has the eco data, m&a, the uk. >> exactly 30 minutes into the trading session, three big movers we're watchingstarted with united health delivering a quarterly beat helped by lower costs for covid testing. health care, another sticky inflation story when it comes to consumers. shares up 3% beyond meat shares slumping. announcing another round of job cuts pointing to reduced demand for plant-based products shares are down 5% nor northrup grumman downgraded to neutral. it's up about 30% year-to-date making buying now less compelling down about 3.5% right now. >>> uk prime minister liz truss holding a news conference last hour losing parts of her tax cut package, firing the chancellor joumanna bercetche joining us from london. >> reporter: the last 24 hours, the sacking of the chancellor kwertenge. the chancellor is staying in her role she says she's going to see through her mission, and a rue newed emphasis on economic stability. a nod to some of the market price action w

joining us right now is bob woodward, cnn political analyst, carl bernstein.her, they broke some of the biggest stories in watergate scandal separately. they remain prolific authors, investigative reporters, and bob gates, one of the leading -- one of the moments we've just seen. bob, you just watch this for the first time. as you reflect, what sticks out to you? >> but what it tells us about donald trump, i. i mean, the idea that he was watching this, the case has been made that it's prove-able that he's behind this. so, where's the common decency? and then as you noted, the republican leaders, kevin mccarthy from the house, mitch mcconnell from the senate, are in on this. they are meeting with pelosi and schumer. they are trying to get out of it, and what are the relations that no one had donald trump's cell phone number or knew how to get a hold of him? in a way. and then i guess the third thing, which is so important, there is a moral authority dimension to the presidency. the president, as we know, somebody will get detained illegally in russia, china, ir

. ♪ >>> good wednesday morning, welcome to "squawk on the street," i'm carl quintanilla with morgan brennanmike santoli. jim and david have the morning off. here comes the giveback after the best two-day s&p rally in more than two years. adp with a slight beat road map begins with the best two days for stocks since april 2020 but futures do point to a pullback at the open >>> plus a vienna cut. opec plus expected to announce deep supply cuts, despite calls and pressure from the u.s. to pump more. >>> and elon musk's aboutface, reviving his $45 billion deal to buy twitter and teasing x, sparking fresh debate about what he plans to do with the service if he eventually owns it >>> the markets on track for a lower open after that big two-day rally. it's good to have santoli back at the desk. four times, we have had back-to-back 2% since 1953 pretty rare. >> i think maybe as much as 5.7% that's the rare part, exactly that magnitude of a gain it has been pretty rare to have that two days in a row, especially to start a quarter, start a month, so people are slicing it it has happened as the market

but carl, the storm. yeah, i mean, you the tropics are still heated up and we've got. >> karl of getting ready to move on shore. this could be a problem. the storm system comes on shore. >> especially mexico. here it is. you see that swirl red developing. that is all the thunderstorms rotating around. now, the center of carl, not a but a strong tropical storm system that's developing off the coastline right now. taking a really interesting route. i want you to see this right here, the very least with carl. you can see it started just off the coastline. then the entered a to the north and almost takes a little bit of a right turn. currently sustained winds of 60 miles per hour. the pressure center. 1000 millibars moving north northeast at 3 miles an hour. so starting to slow down. but watch what happened. when put this into motion, the track changes entirely. you see the watches for tropical storm system are already up along the coast here watching karl does all the sun turns around and here we go. comes r

." >> i'm carl quintanilla. today thousands of layoffs at intel ahead of what most expect will be a brutal end of the year for technology we will talk about the market reaction next. then another public company taken private. vista equity acquires nobi 4 pc sales not enough to deter this optimism at microsoft their head of devices joins us at the bottom of the hour. >> we did get new inflation data this morning numbers hotter than expected across the board the nasdaq off five straight days of losses it's a little lower than flat now as megacap names continue to see weakness microsoft, meta, amazon down th week intel plans to lay off thousands this month cutting costs as the ceo pursues a turnaround with pc sales weakening and tough competition. earnings are october 27th. for more context, carl, microsoftannounced surface pro nine line today. it's got on chips as an equal option and apple's gaining share in the pc markets with chips that are outperforming intel in mac. so squeezed from the sort of macro perspecti

"squawk on the street" is next ♪ >>> good thursday morning, welcome to "squawk on the street," i'm carluintanilla with jim cramer and david faber live at the new york stock exchange futures plummet as september's cpi comes in double expectations, 0.6 on shore shelter, medical care, food, all bringing us a new year on year cycle high yields are up. cpi numbers, jim, we talked about how this would run hot, but shelter up 0.7, medical care up 1, food away from home, 0.9 >> rents have gone up. the people who are selling houses have yet to break price come down. food is a factor of geography, where food comes from. not going to come down wages can't come down until we have more layoffs, and there haven't within there's been remarkably few layoffs. we've got the government pouring gasoline -- we got a huge number of jobs they're creating witness the fact that intel could lose jobs in one place, get a subsidy in the other so, i find it, looking at the two-year and digging, what, haven't people seen the momentum to go to 5, 5.25 so, i'm a little aghast that people are aghast. if they actually l

carl is president elect of the california maritime academy. welcome aboard, carl. with that, i am pleased to take any questions. >> commissioner peskin. >> thank you chair. i wanted to thank the ta for all the work together on the geary fillmore underpass proposal that was cited. i think we turned that around by government standards re quickly. all racing to get that in by the deadline. as director chang pointed out, the history on it, i think until my district, it is one of the most visible and extreme legacies urban renewal and redevelopment era disis displact and bad urban planning. we're tbam it either -- we're familiar with it either being on a bus or washingtoning across the overpass. it's like a daily reminder for the community of when government goesy communities through infrastructure. how that plays out. i hope the federal government views it the way we do as worthy of this planning process. and i want to thank ask recognize a lot of the community groups in japantown who indicated their interests in our office supporting this effort. and i want to say for

i'm carl quintanilla with morgan brennan and david faber.got some fresh data crossing the tape let's get to rick santelli >> yes, september read on leading economic indicators. not pretty down 0.4 of 1% that's a bigger drop than expected on a month-over-month basis. outside of february, every month this year has been negative. that is unreal and history dictates this isn't pointing towards good economic activity down the road. and we also have another important release. our september release of existing home sales. and for that, we head east to diana olick. diana? >> well, rick, existing home sales in september fell 1.5% from august to a seasonally adjusted annualized rate of 4.71 million units. that's slightly better than the street expected but was the eighth straight month of sales declines these numbers are based on clo closings sharply higher mortgage rates are, of course, to blame inventory isn't helping. there were 1.25 million homes for sale at the end of september. that is down just under 1% from a year ago at the current sales pace

for now let's get to the judge and the half >>> all right, carl, thank you very much.welcome to the halftime report out front funds and interest rates. we discuss and debate that with the investment committee joining me for the hour today. we do have a pretty nice move in the market going on. let's check the markets today. we do have best week since late july for the s&p and the nas the dow is holding on 200 plus the yield on the ten-yea

de >> carl, another rally up 10% in just two days.a look popping on news activist

. >>> good morning i'm carl quintanilla with david faber and jim cramer apple, amazon and chevron with 10-year dips higher again as core pce jumps .50% we begin with the ongoing tech route. amazon with disappointing guidance apple and intel moves to bell tightening. >>> plus, the musk era begins. tesla ceo in charge of twitter and former cfo and legal counsel all exit the building. >>> big oil profits. exxon and chevron with robust results for the fourth quarter we talk to mike wirth this hour. >>> let's start with tech. apple with the record revenue for september. despite iphone sales shy of consensus. amazon tumbling after missing on third quarter revenue projecting weaker sales for the holiday quarter. jim? >> there is no doubt about it. amazon did not deliver anywhere near where people thought. what i was trying to do last night, david, trying to figure out how to val thue things. amazon web services is doing $80 billion. now look at the new amazon with the market cap which is lower. you say wait a second. i'm getting pretty much the rest of the company for very little money. the a

carl, talk to me about this one-two punch.hat does it mean in terms of further pain from your perspective? >> certainly, thanks for having me on today. i agree with the previous guest that the fed certainly isn't done yet, the one-two punch seems like 2023 estimates for earnings may still be too high and interest rates are not just kind of encompassing what the previous guest had said. what many are missing is that even if inflation has peaked, that doesn't mean interest rates decline soon we think about the fed's long-term inflation target even after inflation subsides of close to 2%, you add on the 1% to 2% real yield premium without fed intervention, that gets you closer to 3 or 4 anyway so the most important take away is that a pause in rate hikes does not mean a cut if we look back at how -- talked how the stronger dollar has been a headwind and falling profits can weigh on the labor market these layoffs and the labor market is strong does the equity market trade hand in hand with the bond market >> if you're looking to d

well, here we are carl. [laughs] i sent a few friends. >> i was thinking, something nobody i know as ever asked you, i've never seen it written or published anywhere, or on television. your mother was a very strong democrat, and your father a republican. >> yes. well yes. my mother was a strong democrat, my father really wasn't to interested in politics, he leaned more toward republicans. >> when you were younger what were your politics was it something that you are interested in? >> i didn't know one thing about it. not a thing. and when we got married, i didn't know anything about it, everything i learned, i learned during our courtship and after we were married. [laughs] obviously. >> were you first a democrat? >> i was nothing. [laughs] i don't say that with pride. because that was wrong, and you know, young people in those days weren't as involved politically, and you should be, but truth was i wasn't. >> if your husband had not continued in politics after the governorship years, do you think you would

cnn political analyst carl bernstein, thanks very much for joining us.oper will have much more on the never-before-seen video later tonight on anderson cooper 360. we'll have morore right after this. for 24 hours. aveeno® this... is the planning effect. th is how it feels to have a dedicated fidelity advisor looking at your full fincial picture. this is what it's likeo have a comprehensive wealth plan with tax-smart inves designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity. pain hits fast. so get relief fast. only tylenol rapid release gels have laser drilled holes. they release medicine fast for fast pain relief. and now get relief without a pill with tylenol dissolve packs. relief without the water. i just always thought, “dog food is dog food” i didn't really piece together that dogs eat food. as soon as we brought the farmer's dog in, her skin was better, she was more active. if i can invest in her health and be proactive, i think

. >> welcome to "techcheck" i'm carl quintanilla with deirdre bosa and jon fortt a series of upgrades and downgrades today we'll parse through those calls and bring you the names the street thinks you might own. a cnbc investigation finds the former ceo of google made investments made ai while chairing a commission. and big tech versus recession, deep dive on alphabet, meta, apple and microsoft. >>> let's dig in, it's a big week ahead of for tech two companies i follow closely, amazon and alphabet, a sense they've been already taking their medicine this year amazon built too much over the pandemic, acknowledged that earlier this year. resulted in many billions in costs to rebuild efficiency. also that giant cloud business key question, will that remain resilience alphabet also a big cloud business, not as big company has stopped short of job cuts but shopped short of hiring they said a few months ago they were focused on becoming 20% more efficient, ad model seen more resilient than meta or snap i like how b of a put it this morning in terms of the broad term teches saying these are t

well, here we are carl. austin a few friends i was thinking something that nobody i know has as ever asked you at least i've never seen it written or published anywhere or were on television. your mother was a very strong democrat and your father a republican. yes. well, yes, my mother was a very strong democrat. my father really wasn't too interested in politics, but lent lean more to republicans when you were younger. what were your politics or was it something that even interested? you didn't know one thing about it. not a thing and when we got married, i didn't know anything about it. everything i learned. i learned during our courtship and and after we were married obviously, so were you were you first were you a democrat when you i was nothing? i don't say that with pride because that was wrong and i you know. but young people in those days weren't as involved politically and and you should be but truth it was i wasn't. well if your husband had not continued in politics. after the governorship years do

great to have you back congratulations. >> thanks, carl. real pleasure. it's a unique product, and great to talk to you about it. >> i read this morning that you have been mulling some kind of dtc product since 2014 can you just talk about the journey, how it's led you here today? >> yeah, actually, you go back far enough, even in my microsoft days, i love the idea of putting interactivity in sports, which meant putting things over the internet when i bought the clippers, i said, okay, we have some rights. how do we go over the top. now, it wasn't just about going over the top because we want to transform the viewing experience, but in a word of cord nevers, cord cutting, even cable operators passing on carrying some games, we really want to make sure the broadest audience can get our gains, and they can see them in multiple unique ways, more interactivity, more options >> talk to me about how you came down on pricing because there's an environment right there where industry continues to grapple with what's the consumer able, willing to handle, how do ads