a wild week on wall street, dan niles on where to put your money now. incredibly positive biden says elon musk's relationship with other countries should be scrutinized while he is laughing at republican plans to investigate his son hunter senator tom cotton is here. first inflation in the economy were the top issues at the polls this week, consumer prices climbing 7.7% year-over-year off of the highs that were seen. look at food prices surging as we head into the holidays. president biden taken a victory lap after the midterms saying he's equity change anything about his policies they just need more time to work. >> i know it's going to take timetable to our entire economic agenda which we already passed. for folks to feel it in the day-to-day lives but i think folks are going to see in the next few months. maria: joy to be now forbes media chairman steve forbes and restaurant ceo andy puzder. great to see you both, thank you so much for being here. steve let me kick things off with you, get your reaction to joe biden, he's not changing nothing, he say

tonight, on fox business, wall street the "wall street journal" at large with gerry quick break dan nilesong-term markets going to tell us how he is vested right now why he is boasting a finished up this year what to expect in 2023. don't miss it. . this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire 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 over t-mobile, verizon, and at&t with xfinity mobile, and for a limited time get $500 off any new eligible samsung device. hi, my na

that is telling that you we're going to get under upcoming holiday season do we have dan niles sound >> listen to this. >> i think what you are going to see this christmas, is a big switch to revenge spending whatever you want to call it, and people bought as much stuff as they needed over the last several years of covid. and so i think you are going to see big tech results, getting a lot more difficult, especially, as you know, people being on the internet slows down people being on the beach speeds up. and on the ski slopes you should see next year's numbers woman he down further, estimates start coming down in july i think you are going to see that accelerating as we go into next year with this switch in spending from goods to services. >> the day the market was nuts over cpi number dow industrials up 1200 points that day what about that talking about a weaker than expected holiday and weaker than coupled 2023. >> i think that is valid again if you look at some of the companies some of the retailers brands out there, they grew 30, 50%, since 2019, those numbers have to normalize a

big tech he said the way stocks have been trading suggest a weak holiday spending season here is dan nilestch. >> i think what you are going to see this christmas, is a big switch to revenge spending whatever you want to call it people bought as much stuff as they needed over the last several years of covid, and so i think you are going to see big tech results getting a lot more difficult especially, as you know, people being on the internet slows down people being on the beach speeds up. and on the ski slopes so you should start to see next year's numbers down further estimates start coming down in july i think you are going to see the that accelerate as we go into next year with this switch in spending from goods to services. maria: . >> we already saw that people are switching their spending spending on services, on travel, hotel rooms as opposed to applying more stuff. . >> yeah, i think that is correct i think the consumer only has certain amount to spend, i was down shore over the weekend maria breakfast yesterday my wife and i omelet pancakes side of sausage two can you please cove

dan niles, a frequent "tech check" guest, that's 10:00 a.m.on the west coast this is for cnbcpro subscriber only you can sign up for that be sure to at cnbc.com/pro we'll be right back. thanks to avalara we can calculate sales tax on almost anything, anywhere, automatically. avalarahhhhh. what if tax rates change? ahhhhhh. filing sales tax returns? ahhhhhh. managing exemption certificates? ahhhhhh. business license guidance? ahhhhhh. does it connect with accounting? ahhhhhh. item classification? ahhhhhh. cross-border sales? ahhhhhh. what about? ahhhhhh. ahhhhhh. do you have those budget markups? thank you. mmhm. [bubbles] your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire to adapt in a fast changing world, matchin you could hire aption. professional pit crew. go, go, go. sorry. nope. okay. fresh donuts - hot coffee! they deliver real time data and business forecasts when y

okay dan niles, we know where you stand and of course we continue to watch it with huge gains on the major indices today. >> thank you >>> let's turn to crypto now great to have you. the headlines keep coming. the latest is sbf may be looking to fund raise. you've reported there could be an $8 billion hole to fill who? how could that ever happen >> that is the question. there is still a lot of this unfolding. i was talking to some sources close to the due diligence process with finance and have seen the balance sheet they told me it is at least an $8 billion hole and could go significantly larger they also said there is nobody in the industry that can fill this gap at this point that either wants to take on that risk and legal risk and has that amount of money. the other thing i was hearing overnight and two sources told me the doej is now investigating ftx saying two things, misappropriating customer funds and then misleading investors having to do with its relationship with alameda. we did get some tweets we haven't heard from him since earlier this week. he said there are a number

. >> mark is the growth story still in place, for these internet names, as one analyst dan niles callse generals i am talking about the leadership of the internet? i remember covering this with you, talking with you, so many times, during the really infancy of the internet when google was going public amazon going public there was a long runway that we saw, for these companies, what do you see today? in terms of the legs to the school where is the growth within tech today? >> well, i think the growth especially for generals, you know microsoft, apple google, amazon, maybe meta, i think growth runway is shorter, all acknowledge that go back to great foreign minister crisis. that year google generated 22 medicine revenue this year slated 220 billion in revenue that is bigger than back then, so, of course, it is more mangro impacted than back then, worst case in great financial crisis google grew 3% year offer year today a similar economic sayings i don't think going to see that if you were google would probably decline 5, or 10% year-over-year as they get bigger more impacted tailwinds l

>>> do not miss business on the ballot tonight at 7:00 p.m., featuring a great lineup, including dan niles and many more talking about they prtg ny the economy. (voya mnemonic sound) with my hectic life you'd think retirement would be the last thing on my mind. hey mom, can i go play video games? sure, after homework. thankfully, voya provides comprehensive solutions and shows me how to get the most out of my workplace benefits. what's the wifi password again? here you go. cool. thanks. no problem. voya helps me feel like i've got it all under control. because i do. oh she is good. voya. well planned. well invested. well protected. . >>> cryptocurrencies and crypto related stocks are plunging after binance agreed to buy ftx.com, sam bankman-fried's ftx, which sparked concerns about crypto-adjacent stocks you cover robinhood, coinbase as well do these kind of moves make sense to you we're seeing them 15% to 20% down. >> i'm actually surprised coinbase is not down more because i think this speaks to the kind of inherent risk in the industry if you think about it, this is the third seminole e

dan niles some of the underperformance is suggesting we will have a weak holiday season in terms of retailterms of online shopping. what are your thoughts on the macro story right now as we continue to watch inflation at 40 year highs. we've got the october producer price index out tomorrow morning. right now, the expectations month over month for a half a percent increase and year over year 8 8.3% increase for the pp, cliff, how does that play into your assessment of where we are in the macko story? >> inflation has definitely taken a bite out of the consumer. there's no question. however, the good news is that when you look at cash balances, you look at things like leverage, consumers are still in really good shape overall. we've got really high balances in bank accounts, really across the income spectrum and so we think while the holiday season may be a little bit slower, that by and large consumers are still in fine shape. so what we're going to be looking for -- go ahead. maria: no, no, please continue. >> yeah. so we're really going to be interested in guidance as well from a lot of

maria: dan niles, i spoke to him last night he said look at the generals, the generals being microsoftyou know, all of the biggies, apple. these stocks were down like 5, 6% last week while the s&p 500 was up and so is that a message that we are about to see the holidays come in lower than expected? i'm talking about holiday spending. i know it's been okay so far. but wall he s tree is focused -l street is focused on what's ahead. >> one thing we've seen over and over again is consumer's been stronger than expected. retail sales were flat last month but they're spending money in other places. maria: let's talk about mortgage rates. breaking earliers this morning, mortgage rates rising to 7.14% this morning. we've seen real demand destruction here when mortgage rates exceeded and hovered around 7%. >> we're 400 base a sis pointsm the start of the year. it's actual lay global problem at this point because you're going to start to see a lot of variable rate mortgages start to reset next year, they'll start to go up, mortgage delinquencies will go up. many only 16% of buyers think it's a go

telling us anything about the upcoming holidays because i spoke with the founder of the sitori fund, dan nilesiday, and he talked about big tech, he calls them the generals. that is, microsoft, google, apple, et cetera. and how that fits with consumer spending ahead of the holidays. listen to this. >> i think what you're going to see this christmas is a big switch to revenge spending or whatever you want to call it and people bought as much stuff as they needed over the last several years of covid and so i think you're going to see big tech results getting a lot more difficult especially as people being on the internet slows down and people being on the beach speeds up. and on the ski slope. so you should start to see next year's numbers come down even further and estimates start coming down in july and i think you're going to see that accelerate as we go into next year with this switch in spending from goods to services. maria: so ray, you're saying that the earnings should be okay for retail this week. i'm really talking about the guidance. what are we going to hear from them about the new y

. >> one thing that dan niles said the other day if you look at how the big tech stocks have been tradingunderperforming and that is indicating to him that we're going to have a slowdown in the holiday season. kevin, is that what you are looking for? >> i see the market taking up over the next three weeks we will have a strong close especially once we find out the fed does get back to 50 basis points going into next year, i don't think the market is fully discounted earnings at this point in time. that could be a little bit of a pullback and that's why we want to go into the staples. >> kevin it's great to see you, we are just getting started, president trump says yes to a 2024 bed despite pressure and pushback from all over the political spectrum. he did it anyway, he announced it will talk about it will become back. we are waiting for target, t.j. maxx, retail sales to a half hours, 8:30 a.m. eastern, stay with us on that. putting tiktok on notice, why more are calling a serious threat from american national security, don't miss it will tell you what the fbi said about tiktok yesterday

give us a good indicator what markets believe is going to happen over the headlines 23450k what dan niless amazon microsoft google major big tech companies stocks underperforming, they are down when rest of the market is up now today all boats rising in market being dow is up 800 points right now, and big tech included, but i am wondering if underperformances by big tech is indicating, a weaker, holiday spending season, two third of economic growth, is consumer spending kevin what are your thoughts on what we're going to be talking about within the coming month going into christmas? >> right, well the thing has been keeping consumer spending up, of course, is stimulus checks people didn't eat that money all at once had backlog savings if you look what is going on with credit card debt savings rates you can see people pretty much run out of cash supporting s consumption real indicator of consumptions wages, 3, have% slower means real consumption has to go down. >> jason you just said that the american people, are hurting, and the gop majority is going to be a real positive in that regard,

eastern time the midterms, what's at stake for your money a really good lineup with scott minerd, dan nileseak, take a look at bonds. cpi a couple days away watching yields and the picture there. overall, dow up 150. a big part is amgen. be right back. >>> take a look at some nasdaq 100 gainers this morning we mentioned amgen far and away the best dow component. a moment ago it was worth about a third, at least, of the dow's overall gains. followed by palo alto, lam research, asml we'll keta a break and get back we'll keta a break and get back with at ameriprise financial, our advice is personalized. jm based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice? i can make this work. that seems to be universal. i can make this work. what's worth listening to is advice worth talking about. ameriprise financial. don't go anywhere. as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small busi

nile virus... from a mosquito. [narrator] threats to your health can come from the most unexpected places. mosquitoes, ticks and cockroaches can make you sick. get the facts. visit pestworld.org. ♪ dani wanted to remind you in case you need a refresher and you are on the fence about hot left really is. they tell you who they really are. here is what they said about the pandemic and inflation. >> as florida's governor would you be open to mandating and regulating masks. >> i would be open to what science -- i am going to wear a mask on the plane. you don't have to anymore. but i am going to because florida is experiencing an uptick. >> a governor cannot fix global inflation. >> i wear any vaccinated necklace all the time to say i'm vaccinated. all of you. i know you are vaccinated, you are the smart ones. but there are people out there not listening to god and what god wants. i need you to be my apostles. i need you to go out there and talk about it. dan: these people are crazy. we have got an election coming up. listen to them on this one. >> will you commit to reducing the federal prison population by at least 50%. >> i don't know if it's 50% or not but we want to get all the non v