diamond chairman of the house oversight and reform committee james comer and centauri fund founder dan niles are here let's get right to it big banks kicking off the fourth-quarter earnings season on friday with bank of america and j.p. morgan beating expectations on the top and bottom lines wells fargo reporting ms on revenue and city and miss on earnings, and these reports we see they are all ramping up protection for potential reference ahead, i sat down with the chairman and the ceo of jp and jv diamond this week in a fox business exclusive. >> the consumer is still strong, the rapture is in good shape, 10% more than pre-covid and more in the checking account recovery is in a good shape, that is driving the economy but in april, october and today i'll tell you the things out there which are very uncertain i look uncertainty there's always uncertainty every day of every lives in titan because of russia, ukraine, oil, energy, food, quantitative tightening, is it going to be enough to raise rates to 5% and having a huge effect on smaller countries, poor nations, those relying on imported oi

dan niles.oint out, dan, who not only beat the s&p's dismal 19 percent decline last year, but your fund made money. you said last year that the s&p falling 20% was very likely, you were right. now tell us what you think it's going to do this year. >> i think there's a lot of risks, liz, in the first half of the year because last year was really about the multiple coming down for the market as inflation turned out not to be transitory, and the fed has to be really aggressive. i think this year it's about those interest rate hikes that we saw from the fed last year impacting earnings, and i think you're going to see that when the big tech giants start to report earnings next week and they have to give their initial guidance for 2023, and i think it's going to be a lot less than what people are expecting, and you've still got high multiples. for us, we think there's actually a fair amount of downside risk when that starts to occur because earnings at the end of the day, it's one of the two componen

i want to wring in portfolio -- can bring in portfolio manager dan niles.st and foremost, my man, you crushed it last year. going into 2022, you called for a decline of 20% or more. you got that. and from what i read of your work in that january 3rd letter, it looks like you're still bearish. you're talking about don't fight the fed and don't fight fundamentals. is that still the case? >> that's absolutely the case. and i think the good news is the fed probably has two more hikes left in it, 50 basis points each, and then they're going to be done, so that's the good news. i think the bad news is the markets are expecting the fed to cut twice in 2023, and i don't think you're going to get that because they don't want to make the same mistakes as the 1970s fed did where they cut rates too early several times and then inflation came back stronger than ever. so i think that's where the disappointment's going to set in, towards the back portion of the year. the second piece is fundamentals where earnings, you know, we're going to see the big tech giants really s

we will see you soon, dan niles up next right after this. .n you stay at a vrbo you always get the whole home because is it really a vacation home if you have to share a house with a host? ♪ only with vrbo lomita feed is 101 years old. when covid hit, we had some challenges. i heard about the payroll tax refund that allowed us to keep the people that have been here taking care of us. learn more at getrefunds.com. when aspen dental told me that my dentures were ready, i was so excited. i love the confidence. i love that i can blast this beautiful smile and make the world smile with me. i would totally say aspen dental changed my life. aspen dental makes new smiles affordable. right now, get 20% off dentures. we do anything to make you smile. ♪ every search you make ♪ ♪ every click you take ♪ ♪ i'll be watching you ♪ - [narrator] the internet doesn't have to be so creepy, the duckduckgo app, lets you search and browse pria blocking most trackers all forf your search history is never tracked, so it can't be shared. and when you leave search, duck

wednesday meta and thursday, apple, amazon and alphabet joining us is fund founder dan niles.d to see you. let's just quickly go back last year you were defensive and stayed out of the way of the market decline for the most part, specifically in growth areas of the market. have things changed this year? do you think that there's a different risk/reward setup? how are you playing it >> yeah. i don't think things have changed too much the stocks are down from where any peaked but last year it was really about inflation and the fed, and so for the first six months the market went down, despite earnings forecast going up you sort of got to mid-year and earnings forecast then finally started to come down, and i think what you're going to deal with in 2023 is the aftermath of all of those rate hikes you saw in 2022, starting to play through to earnings, and you've already kind of seen it with some of the bigger tech companies like microsoft that have reported. now, obviously, the stocks have gone up and you can call it the january effect or, you know, whatever you want, but it's typ

. >>> then later tech investor dan niles on his top picks in the sector including the bull case for metae anyway. "squawk box" will be right back. >>> good morning futures pointing to a higher open ahead of the first opening bell of the year one thing to remember, though, stocks were at a record one year ago and it was all downhill from there. meantime, tesla reporting a record quarterly delivery number, but it's not enough for wall street. the stock down this morning after that record came up short of expectations. we're going to get you up to date with all the numbers. >>> and california congressman kevin mccarthy goes for speaker of the house today, but will he get it no one is quite sure what's going to happen when lawmakers convene. we will talk more about it ahead as the final hour of "squawk box" begins right now. ♪ ♪ >>> good morning, and welcome back to "squawk box" here on cnbc live from the nasdaq market site in times jair i'm verona long with becky quick and andrew ross sorkin. u.s. equity features were up 250, now up 135 on the dow abysmal years -- or year last year, down 33

another voice like that is dan niles. bout history, the '70s when the fed paused and reversed too quickly, leaving to going back and hiking by double digits. >> i remember dan telling us on this show, guys, it can't be about big tech firms laying off people you have to see small and medium size businesses laying off despite the market outperformance so far, tech could crumble. expecting the tech to drop nearly 18% this year and seeing retail names down more than 80% year on year and we'll get a lot of those numbers this week. joining us with his expectation, jonathan gahl is with us are you net net worried about this particular quarter? >> i'm not worried about the quarter overoall. but i think there's something different in the tech area than the broader economy. if i was a tech ceo i would probably say i think this looks recessionary they overhired there was a huge pull forward of activity during the pandemic and that's left a dearth of demand in its aftermath their margins are getting squeezed very aggressively much mor

. >> have a great show >>> coming up, he will be speaking exclusively with dan niles. they'll talk market, fed and more >>> still ahead, extremely attractive where one big shop is putting money to work overseas >>> and as we head to break, here's the sector heat map we havehave staples in the gree. rspeorrsnd technology are the wot rfme >>> if you think this year has been good for the s&p 500, you should sea what's going on in europe and china morgan stanley says international markets arestill looking extremely attractive seema mody has more. >> it's been a big story, the case for investing outside of the u.s. continues to fuel morgan stanley's emerging market funds saying emerging markets have been underloved for too long europe, latin america are outperforming the s&p 500 but each are trading at a cheaper valuation than the s&p 500 europe trading at 14 times earnings, latin america at 6 the s&p 500 is at 18 times earnings right now in asia, as we know, china has been a bright spot as the country pushes through with its reopening plans. the fxi, up 14% this year. trad

famed wall street tech investor dan niles. ♪. larry: hello, folks, well-come to "kudlow." kudlow. it is always an intlex allly sizzling moment when joe biden goes out there starts speaking about the economy and his economic policies. today he spoke at a martin luther king event sponsored by that well-known, even-handed centrist, the reverend al sharpton. virtually everyone cherishes martin luther king's phrase, that i have a dream my four little children will one

dan niles, he says it's one of his top five stock picks that he's buying this year.o -- susan: the big one, yes. stuart: i know that ubs has downgraded them, down 4% almost. what's the problem? susan: well, they're calling it a neutral. they're saying hold it, it's worth 250 still, and that's because of the boom they sue in cloud during the remote work trend might be done at least for the time being, right? microsoft is investing in autonomous trucks. they're investing $10 billion into a california-based self-ing driving truck. it's been tricky, $100 billion, little to show for it because we haven't seen any if autonomous cars or trucks on the road just yet. i i think microsoft is doing the smart thing. outperformed so far among the big tech companies. they're only down 20% whereas everybody else is down a lot more than that. but they're one of the main investors in open a.i., have you heard of that? stuart: yes, i have. susan: supposed to be the new terminator type of artificial intelligence, type of product that you're -- you look shocked. stuart: well, microsoft i

reminded me of what dan niles told me on "techcheck" late last year is that layoffs is not going to beugh we will need to see layoffs at small and medium businesses before you get the macro effects the fed is looking for >> i think about that all the time also. even if you cut all the tech jobs, it would make up 2% of the overall labor force. however, we'll talk about this more in "techcheck." they may make up a small percentage of the workforce but tech makes up 10% of gdp if this is a leading indicator, it is going to have effects on the wider economy. you certainly see that here in a place like san francisco. >> we'll talk to you soon. let's bring in mk and partners rohik with a buy rating of 105 make the case here in terms of why you think amazon is mispriced at these levels given the fact they seem in this retrenchment mode and people are trying to figure out what it's going to mean for the earnings path >> thanks for having me. i think amazon has not changed i think it gets stronger as we get into a downturn where we think amazon is a company that gains market share across the bo

reporting live off niles road, leslie brinkley, abc 7 news. danic schools in san francisco have felt the impact of the storms. as leanne melendez found out, custodians working round-the-clock are working hard. >> miguel is the first to at mckinley elementary. the veteran custodian makes or any type of flooding or leaks are addressed for students arrive. at lunchtime, he discovered another leak in the school cafeteria. >> we want to start coming this way along the wall. >> think about where the roof is, the cafeteria wall is way down there. >> all the water on the outside has somehow managed to seep into the foundation. >> we' top of all the problems, taking preventative action as sars putting sandbags and buckets to contain the water coming in. >> the worst of the flooding happened on new year's eve. water collected right here, flooding the kitchen on the others of this door. since then, more leaks have popped up. >> the new year's one, that is when it collapsed down because it was so wet and these are getting wetter and wetter and we are just put

dan kerman kron. 4 news. >> in the east bay niles canyon road is most likely going to be closed for anotherk as cleanup efforts continue there. the road is still shut down in both directions as caltrans crews work to clean up as much as possible after the last round of rain. the storm caused mudslides, landslides, and debris to litter the highways. you can see there now it's canyon road is closed canyon moton fremont's. that's east of mission boulevard and main street in also monitoring power outages across the bay area for you taking a live look now at the pg outage map. you can see a number of smaller outages affecting customers all across the bay area or seeing a lot of yellow here along the coast as well. each of those colors representing hundreds of customers without power. the orange those few spots there will looks like there's a few of the south bay. if you open the north bay, i'm representing thousands of customers who are currently without power. a reminder that with the increased risk of flooding and downed trees, there's also more of a risk of a power outages. and a flood wall c

dan and well, theresa, thank strain service will resume normal operations tomorrow all morning and evening. trains will be running as normal service was halted last week. >> after 2 mudslides in niles canyon compromised the tracks. crews have since cleared those tracks and evaluated the hill slide allowing service to return to normal tomorrow morning. a strain says union pacific will actually operate ahead of strains for further inspection. >> still to come are continuing our coverage on the deadly mass shooting in southern california. how officials here are making sure the chinese new year celebrations go on safely. plus, it's been 50 years. >> since the now overturn roe v wade, what the vice president has to say about abortion in america today. welcome back. president joe biden is marking the 50th anniversary of roe v wade by announcing new actions. >> to protect abortion rights. vice president kamala harris delivering the presidential memo in florida today. it ensures doctors and pharmacies can prescribe and dispense abortion pills nationwide. the administration's also making moves to ensure the safety of patients seeking reproductive care by directing federal agencies and the a

, dan and well, thank strain service will resume normal operations tomorrow all morning and evening. trains will be running as normal service, of course, was halted last week after 2 mudslides in niles canyon compromised the tracks crews have since cleared those tracks. they've evaluated the hillside. >> allowing service to return to normal tomorrow morning. a strain says union pacific will operate ahead of strains for further inspection. >> on the peninsula to a traffic controls in place on highway 92. as crews are working on repairing a sinkhole, another storm related damage there. the traffic control is on the highway between skyline boulevard in pillar see dose creek road and half moon bay. caltrans says a lane shift on highway 92 will allow drivers to keep traveling both westbound and eastbound they say their goal is safety while also trying to prevent traffic congestion in the area. >> a chilly memphis morning didn't stop mourners from flocking to graceland to say goodbye to singer lisa marie presley. more than 1000 people in attendance today paying their respects to the legend, brooke. shafer reports. >> on the front lawn of graceland in memphis, tennessee, sunday fans from a

dan at gbnews.uk vote out poll at gb news. but to help you make up your mind, i'm joined by the former aide to margaret thatcher, nile gardinerman who made diana's wedding dress and her friend david emanuel, and the broadcaster denise . nile broadcaster denise. nile gardiner . i broadcaster denise. nile gardiner. i mean, this isn't just discrepancies, is it. i'm going to go out on a limb and say harry's a big fat liar and this book is fiction . no thanks this book is fiction. no thanks very much for coming on the show today. as you point out, i think that my prince harry's memoir, spare really is just full of sort of lies . spare really is just full of sort of lies. it is really a work of fiction . this is not work of fiction. this is not a book based upon fact. and in a staff believe that harry's read much of his own book. frankly you know, regarding all the lies that's contained within . and i that's contained within. and i do think that this is all a cynical exercise by meghan and harry just to generate huge amounts of wealth as long as they can while they retain the royal titles. it's absolutely ridiculous that they remai

dan at gbnews.uk vote out poll at gb news. but to help you make up your mind, i'm joined by the former aide to margaret thatcher, nile gardinerman who made diana's wedding dress and her friend david emanuel, and the broadcaster denise . nile broadcaster denise. nile gardiner . i broadcaster denise. nile gardiner. i mean, this isn't just discrepancies, is it. i'm going to go out on a limb and say harry's a big fat liar and this book is fiction . no thanks this book is fiction. no thanks very much for coming on the show today. as you point out, i think that my prince harry's memoir, spare really is just full of sort of lies . spare really is just full of sort of lies. it is really a work of fiction . this is not work of fiction. this is not a book based upon fact. and in a staff believe that harry's read much of his own book. frankly you know, regarding all the lies that's contained within . and i that's contained within. and i do think that this is all a cynical exercise by meghan and harry just to generate huge amounts of wealth as long as they can while they retain the royal titles. it's absolutely ridiculous that they remai