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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

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

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

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

back down to 439. on a 10 year, down 12 basis points.have never, i mean never, seen the equity market futures move like that off a first print. i have never seen that lift. jonathan: we will get you the intraday tart -- intraday charts up. euro-dollar up .6%. you've got a much stronger euro. across the board, weaker dollar off the back of this. downside to price on cpi, equities up, yields lower. break down the composition of this one. michael: we did see gasoline prices rise by 4% on the month, which is no surprise. the big declines come in used cars. down 2.4%. apparel down .7 percent. that was expected. shelter costs go up by .8%, that is more than we have seen in the last three months. went up .7%. owners equivalent rent up. owners equivalent down a little bit from prior months, .8% rise. airline fares down 1.1%. motor vehicle insurance continues to rise, 1.7%. we are seeing categories we anticipated on the good side going down. categories on the services side rising. the bad news, tom will appreciate this, it is going to be a long,

similarly there are conflicting signals right now down to the sector level we'll game down two of them to explain how industrials and geld are related. and the economy ultimately comes down to the consumer with us tonight as always carter worth and mike khouw let's talk about today's market action stocks rallying to closeout this week the jump higher didn't save stocks from posting weekly losses across the board. the dow snapping a four-week winning streak while the s&p and nasdaq a two week winning streak >> it was something for everyone, right? bulls can take solace in various characters on the week and bears of course the same i think what's important we are starting to get some dispersion, which allows for opportunity for those who are doing either individual stock picking or etf choices. >> brian, what'd you think >> i think what i'm looking at i look at the s&p 500 and the oscillators trading there and we've really seen put sellers meaning people are willing to take their insurance bets off, sell a put on the down side. let's call it 3500 on the s&p, now i haven't seen that amoun

for next year down to zero >> right you have to break through that, because earnings are down if you break down energy this past quarter, and that's going to continue to be the trend i think the market is over valued here based upon where earnings are going to be not where they are today >> ubs says the lows are not in, and they are looking at s&p, saying 3200 instead -- >> absolutely. the down turns is still a bear market we have been from 5% to 15%. i don't think it's invalidated at all i always said 3400, 3200, and that's where we will find our footing, and earnings have not been great, as we pointed out, energy is at a little bit of a loss, and it's funny, you have to define when you are talking about the market, it's not universally the s&p 500, and you have seen a bunch of positive weeks in the dow before last week, and now we have to be rethinking, when you said if i want to invest in the market or not, what do you mean by that? it's a dart board because you have the five mega cap names and it's not the same anymore. but we needed to see that and capitulation, and we will see

looks like it has -- dow still up everybody is down. s&p down 1.8%. generating buzz as it gives clarity on the full cost of cutting ties with kanye west. the impact on the company next dad, we got this. we got this. we got this. we got this. life is for living. we got this. let's partner for all of it. edward jones ♪♪ we all have a purpose in life - a “why.” maybe it's perfecting that special place that you want to keep in the family... ...or passing down the family business... ...or giving back to the places that inspire you. 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? ♪♪ >>> what is wall street buzzing about? fallout for adidas from the ye debacle cutting its '22 forecast again, this time because of the breakup after the company ended its relationship after kanye's anti-semitic hate speech and says revenues will grow in the low single digit it rage this is fourth cut adidas has made to these numbers after china lockdowns,

a few accidents in san ramon slowing you down along 6.80, and then a little further down through hayward, traveling through fremont, few accidents popping up that are slow on your commute here. long. 92 westbound on the san mateo bridge accident further down along 101, as you're traveling to redwood city and then along 6.80, no accidents on 84. but it's slick and its low this morning. so most of our highways impacted by some sort of traffic traveling into the city. meter lights are on a slow you down 15 minutes and they are high winds across the bay bridge. so definitely take your time. 21 minutes a 80 to 101. that's because of that accident. i just showed you there. the richmond, sandra fell bridge sits at about 8 minutes. let's look at things along a 05:18am. this morning crockett down towards the maze. 29 minutes, a deadly start to slow down as you make it through hercules all the way to richmond. it isn't until berkeley the traffic picks up, but then again, you're slowing down. once he finally hit the may's, we have more traffic and weather. coming up. a dorian james, back to you. we

down 1.7%. check out our chart of the day target getting slammed on a bigrs9■ mi and a holiday sales warning. we'll talk more about target when we speak with the former walmart ceo. plus, we'll break down the latestx■ó■ signals from the fed look for opportunities in the bond market when we're joined by aaron brown. first, let's head over to the market dashboard with mike s santoli. what are you focused on today? >> kind of a multiday pause. holding on to the rall y off th mid october lows take a look at the s&p 500 it's kind of been hesitating here around the 4,000 level. is it stalling out, losing energy, have to pull back? just digesting those gains that's what we don't necessarily know looks similar no matter which of those it was i would say pullback to the 38.50ish area would be no big deal a lot of divergence within the market also keeping the indexes relatively calm. take a look at this map of the october rally has taken us this morning well into the average of other years when there was

the s&p 500 down 0.8 of 1% and the nasdaq down a little more than that, 1% today.down in particular by amazon, tesla, nvidia, netflix, meta andalphabet. >>> coming up, the pressure is on sam bankman-fried and ftx the house financial services committee saying this week it is planning a hearing into the collapse we will talk to the chair of that committee, representative maxine waters next and a reminder listen to "closing bl"n el othe go by following the "closing bell" podcast on your favorite podcast app. we'll be right back. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market. if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [

and amazon is down 3%.ou know, amazon had a brief move higher, and outperforming the group or outperforming big tech for a bit there on the reports of as much as -- as many as 10,000 people losing their jobs, 3% of the company. but it retreated a bit and is down again today perhaps more on the actual concern about spending >> it's funny. you've got mark zuckerberg curtailing spending and extraneous projects, and everybody loves it you have amazon curtailing spending and extraneous projects, and people hate it >> you had bezos come out and literally tell people not to buy stuff. >> well, bezos was kind of like, you know, the apocalypse is coming, so maybe cut back on alexa. >> i don't know about you, but i'm going to space see you later. i'm out of here. >> but meta, i think, some of meta is the nation that the fbi is going to shut down its principle competitor, reels, and if that's the case, wow. because reels did pretty well anyway what people are worried about, obviously, with meta is that what is mark do

that's where been seen it coming down. really, really heavy around san jose up to fremont right now where we're sitting out there the exploratorium. things are just wet. definitely take it slower at this point. we're pretty saturated. so we start to see that standing water on roadways. >> start to run into those areas where you could hydroplane. if you're still going at that speed you're accustomed to and you want to slow it down where we're sitting right now is definitely with our heaviest of rainfall in a couple of select areas. i've been talking a lot about seeing down through morgan hill 101, that stretch, right? there is very, very wet. we've can consistently heavy rainfall along that route. also right around concord, over to bay point, we're seeing a pocket of heavy rain there as well. comparatively the coast is actually relatively quiet right now. a lot of that heavier rainfall that we saw earlier scooted a little bit further inland as the showers are moving to the north and the east. so you're quieting down in area

to step down. also coming up in parts of ukraine recently liberated from russian forces, we meet the ukrainians, struggling with guilt at mistrust. as they ask, just who collaborated with moscow? and the world cup, germany's prospects brighten before their vital march. tonight with spain. now that's thanks to a shocking when by costa rica which has left things wide open in group in the caribbean, nations scored on their 1st shot on target to beat japan. ah, i monica jones in berlin. well, come to the program. large protests have broken out in several cities across china, over the country. strict and ongoing co 19 measures. the demonstrations are a rare defiance of chinese authorities and come a mid rising anger over thank see locked downs. some protest as i calling for president, judging ping to resign. chinese officials have refused to back down over their c recovered policy despite the growing public backlash. they've become a symbol of the biggest threat yet to china's leadership blank pieces of

the success in slowing down the economy, we see inflation numbers going down.age growth is still there and jobs are still there. that is what they will tackle next. kathleen: you point out that analysts are looking for earnings to start growing again. they are growing in energy, they are going -5%. in terms of reaching 7% year-over-year in the second quarter of next year, does this depend on the fed having paused its rate hikes? know, we have to go to 5% or higher to get stubborn inflation down. what due to earnings? -- what will that due to earnings? lorreen: the picture can change. we have been talking about an upcoming recession. that depends on what happens with the fed, how fast things slow down and on earnings as well. analysts have been looking at 2023 and seeing a recovery in earnings, that will depend on what actually happens and what happens with businesses. what we have seen with technology companies is that and spending has gone down precipitously. we know that businesses are slowing down and we will see what happens next year with earnings as well.

producer prices down, import prices down. labor force participation but they are coming back. wage pressures are easing. eventually businesses will pass this on. competitive pressures, the fed has just got to follow the playbook and wait and see. guy: are you suggesting that the fed should be on raw footing? claudia: the united states and europe are on a war footing. and world war ii, a congress in treasury told the fed keep interest rates low to help fund the efforts. we are sending aid to ukraine, europeans have brought suffering on themselves to fight economically and have central banks undermining this because they are afraid of inflation expectations. what are we doing here? alix: how do you thread that line though. we talked about central-bank independence from the government and it's not in the mandate to fund wars. because if powell comes out and is more dovish to your point talking about things breaking braden the markets can go crazy. you'll see equities shoot higher, yields tank lower, what does that do then for yo

used car was down .2%. now we have a trend going that is moving down.el, it's a good time now to go out and shop. women's close are down .7%. that's for two months in a row. goods prices falling as supply chains get better. services prices still moving up which is a problem for the fed. in general, the reaction we are getting from fed officials is good. we have had to fed officials speaking today and both of them say pretty much the same thing. >> in the upcoming months in light of the tightening we have achieved i expect we will slow the pace of our rate hikes as we approach this restrictive stance. i want to be clear, a rate of 50 basis points would still be significant. >> i believe it may be appropriate to slow the rate of increases so we can assess how economic conditions are evolving. i also believe a slower pace should not be taken as an easing of policy. mike: the terminal rate, where they stopped? they will not tell us. they will keep that open and wait-and-see if we get more than more -- more than one month's good news. but it is good news. al

&p down 30, nasdaq down 86, european markets also down by unrest take a look ft 100 down 33, contact down 61 dax index lower by 133 all after last week's holiday shortened performance, all three major indices higher in o holiday shortlien had the week dow industrials up 1 3/4% nasdaq up 3/4 the s&p higher by 1 1/2% for the week on wall street, last week. the kickoff to holiday shopping season on today is cyber-monday we are looking at all of the tech deals you need to know about right now, plus, new records reached on black friday sales hitting 9 billion dollars online shopping record all ahead of the november jobs' report this friday we are expecting 200,000 jobs added to economy for the month a slightly lower unemployment rate, 3.7%. a look at all of that coming up, oil prices are billing back touching new 2022 lows this morning, take a look, price brent 81.03 down better than % crude oil 73.99, 74 dollars a barrel down 3% president biden treasury yield department announced will allow chevron to resume pumping oil in venezuela rather than opening the taps here at home, yes, they an

you saw oil down bond yields lower. of course, the concerns about what was happening in china gave this very much a feel of we're worried about the growth story, and then oil picked up early afternoon. you also saw some of the tesla china tweets got apple to the downside the net effect is it brought the s&p down a little bit less than a percent or about a percent and a half right now it's essentially back to where it was a week ago. we've been in this very narrow range. the market has acted pretty fatigued i would say after this rally. we've gotten off the mid-october low so my point is the if you're above 3900 it's not breaking the short-term trend but we're on alert for catalysts, jay powell speaking, pce data as well as jobs on friday you see there, kind of sideways for about ten or 11 days at this point, 10 or 11 trading days the percentage of stocks above their 50-day average in the entire world, all country world index and then above 509-day this one here is not quite decisive as you can see. topped out a few time

the stock is down 95%. so do you buy it and just say, i'm going to roll the dice it's either going to go up or go away right? just -- at some point housing will turn around and i can get it for $2 if it can survive? >> yeah. that's the question. we think they have enough cash to navigate the near term headwinds and the crux of the question do they have enough cash to manage through near term headwinds. we think they do what does that mean? when we figure out where rates will plateau and pulling back, which i think some are projecting the back half of next year should make home prices predictable and manage beble near term is a challenging setup. medium term there could be upside and multiple expansion as liquidity fears start to reduce. >> nick, let me ask you, because we're showing zillow down and that's a stock you cover what are your thoughts there >> zillow is a category winner for leads. they're cleanly exposed, so if volumes are down and prices are down, agents have less money they're mature and in a

hang seng down 1.6%. it was down 4.5% at one point. tech names coming under pressure with jd.com and tencent and alibaba under focus today. the red spillage has knock-on effects. japan is down .40% we focus on the weakness of the yen. over here in europe, it is similar. a lot of red ftse 100 down .23% minors in energy and any company with commodities exposure is under selling pressure dax is down 1% also volkswagen came out and said production in one of the chinese factories has been disrupted due to the flare up of covid. this is the theme coming up. cac in france is down 1% watch out for the luxury names with hermes and lvmh with a lot of exposure to china as well today is definitely a risk-off session of what is happening in china. seema. >> joumanna, on that note, to our top story. unrest in cities across china amid countries over increasing covid lockdowns and restrictions in an unusual show of defidefia democnstrators are calling out for xi jinping to step down. we have eunice yoon with more. >> reporter: it is rare to see them i

starting to come down.: i think really interesting that target consumer is now going to walmart. >> i live in florida when you think about it publix is the grocery store down there very expensive you see more people to walmart for that reason. >> genius to come up with grocery. >> said 75% of their high team comp from grocery coming from 100,000 dollar, customer immense trade down you are seeing he -- >> walmart cut prices. >> that is what they do. >> right. maria: they doolz in face of 40-year high inflation, they have to pricing power if anybody is able to help customer not pass on inflation it is walmart. years agoi did a special on walmart bent to bentonville, they have tiny rooms ceo will sit with a supplier, and like absolutely no luxury get in this room tell me what you have i will tell you what i am going to pay for it off the bat telling you don't think we are overpaying for anything. >> the cold coffee in 70ro styrofoam cup no oak lined walled. the grass half full real numbers not adjusted for inf

every friday the market was down and down a lot.t does it mean now that the pendulum has changed? >> yeah, charles, i think confidence is coming back. we saw massive selling on fridays back in august, september, early october. charles, think about this. this can be the fourth straight friday we're higher and if the s&p it up 40% today, we have a chance, it would be the first time since s&p 500 went to stocks in 1956, we had four consecutive fridays up 1%. to me -- [ lost audio ]. charles: we were doing really good there. i'm going to tell you though, ryan's work is absolutely phenomenal and let's see, history doesn't always exactly repeat itself but more often than not rhyme. folks, jay powell. his favorite inflation indicator showing that consumer sentiment deteriorating more than expected this month, but there was a little caveat there. nevertheless the big debate, the health of our economy. we want to talk about that with the conference boards dana petersen next and the health of our military is in question on this veteran's day

shares are down 70 3% this year. --shares are down 73% this year.l news 24 hours a day, on-air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am lee's summit sale. this is bloomberg. i am -- i am lee's summit sale. this is bloomberg. this... is the planning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies 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. ♪ we all have a purpose in life - a “why.” maybe it's perfecting that special place that you want to keep in the family or passing down the family business or giving back to the places that inspire you. 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

it is down 86, well it's flipping around here. it was down 86, i blink and it's down 75. so unlike yesterday, but we do have more green on the screen. department stores are looking rather spiffy at the moment. we have everyone from kohl's, macy's, tapestry moving higher at the moment anywhere from 1-3% for kohl's nice move there also bucking the monday blues energy producers heating up ahead of sunday's opec + meeting in vienna where it is sidely expected folks that the cartel, because they are so charming, will cut production to pop-up oil prices, which have fallen from a nine-month high of $128 a barrel to 78 right now and change, but nothing is more than chinese stocks right now. stocks in hong kong closed at session highs, a gain of 5.25% for hang seng and we also had chinese health authorities reporting a recent up-tick in senior vaccination rates that certainly helped lift hong kong 's hang sending, and the stock markets were moving to the upside by 2% apiece. if you take out some of the individual names here, china 's version of youtube, powering higher by 22% on a

guys, tesla's down 3.3%. tesla shares are down again. >> oh, god, is he still selling?> i don't know that he's selling. i'll go to carl on this. what's going on at twitter is fascinating, to say the least, in the almost two weeks that mr. musk has been running the company. obviously, he did sell shares of tesla. it was apparently to help potentially more of a cash cushion for twitter and what he needs to do. he said, i did it to save the social network he talked openly about the possibility, remote as it may be, of bankruptcy. by the way, if you're morgan stanley, and you led that $13 billion financing with all those other banks, the sponsor's talking about bankruptcy that's -- that's just not good you just are never going to sell thatdebt as unlikely as that scenario might really be. >> right meanwhile, more senior departures last night, including the head of safety reenstating official badges after a slew of impersonations that victimized lilly and lockheed and nintendo. >> chiquita banana was my favorite >> there was an outfit bought by lone star. >> okay. >> and the

oil down, metals down, china may be to blame. >> the countdown is on in europe. this is bloomberg markets: asia european close -- european clothes with guy johnson and alix steel. ♪ guy: 10 minutes to the close, stoxx 600 down. stocks are down, oil is leading the downside. the pound also a casualty. the dollar it to be bottoming out. the euro is down, the pound is down. individual stock stories, certainly some. virgin money out with a set of numbers and continuing buybacks. when the market likes it, the market likes it. alix: here in the u.s., volume is light on the major indices, that the s&p is off by .5%. we have rolled over. you have the 210 current continuing -- curve continuing to invert. are we looking at recession fears? you also have commodities getting hit hard. the bloomberg commodity index is down by about percent. oil rolling over as much as 5%. reports from the dow jones that opec-plus is potentially looking to put more oil into the market as you have a cap on russian oil coming up. can you do that if you have a crackdown on china because of covid?

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

do you see things escalating or calming down? i don't see things coming down.it feels threatened enough, it will show no hesitation in using all his instruments of repression, so it does have the advantage of having a monopoly. it's really up to the government how far it wants to take in this game that it can either put down all the protests and completely silence the voice of dissent, or further aggravate public opinion and even bring in more people who are considered the grey areas of the populationjoining in considered the grey areas of the population joining in the considered the grey areas of the populationjoining in the protest. i'm sure we'll be talking to you more as we keep an eye on those developments. thank you very much. now let's get the weather with helena. hello. the week ahead will bring something drier and a bit colder. also some issues with the lingering fog. this afternoon, we've had issues with lingering rain, plenty of showers for western areas, heavy and thundery for north—west scotland. this large swathe of cloud is attached to a frontal

s&p down 33, as you can see, there, european markets are also, showing a negative tone, ft 100 down 46 cac quarante down 62, dax lower by 46, following uk finish minister fiscal statement announcing increase in taxes spending cuts new budget in the uk in asia overnight red across the board south korea down 1.3% overnight the others down a fractionly, back in u.s. more on midterms republicans officially taking control of the house, reaching 218 seats needed all details coming up, "mornings with maria" is live right now. . . >> senate majority leader chuck schumer you mushing for amnesty for millions illegals migrants watch. >> we are short of workers, we have a population that is not reproducing on its own, with the same level that it used to. the only way we're going to have great future in america is if we welcome embrace immigrants the dreamers, and all of them because our ultimate goal is to help dreamers but get a path to citizenship for all 11 million or however there [applause] 37. maria: texas governor greg abbott slamming president biden in a letter saying his open-border po

volkswagen currently down .7%. mercedes-benz, down 1%. lvmh off by .6%, kering down .4%. underscoring the leakages between china. -- linkages between china. the other story, the foxconn plant in china in lockdown. the redhead is that apple will see a hit of about 6 million iphone pros as a result of what is happening in foxconn in zhengzhou. big hit for apple. we will monitor other suppliers, european and asian suppliers, and see the tie-ins across the tech sector. apple supply chains impacted by protests in china. let's go to mliv managing editor mark cudmore. you've been looking at two charts that give context to this pessimism around china. i know you have views on whether that is sustained. >> yes, excellent context for the uncertainty. high led by the fact that no more have downgraded their forecast to 4% next year. but i must apologize for leaving you hanging, entirely my mistake. anyway, let's get a look at the 2023-2024 forecast, this is the china line, the white line. it has fallen, the forecast from 5.2% down to 4%. u.k. expects to contract next year, you talked

down from 5%. easing in supply chain constraints, a peak in inflation reopening and the unveil sing of the labor market -- the rebalancing of the labor market. what actually do they mean? lisa: they means millions of jobs lost. if you have perhaps more jobs but you also have perhaps more workers or you have fewer jobs and more workers, you have to pay them less, basically. jonathan: breaking news cnn, jeff bezos planning to give most of his money to charity. there have been questions about his philanthropic efforts over the years. did you see what he gave to dolly parton over the weekend? lisa: what to give? jonathan: $100 million and you get to decide where you give it. you can give it to any organization of her choosing. lisa: there's been a lot of years where he has not been present in the philanthropic seen. interesting he is coming out in this way. jonathan: more on that a little later and we will catch up with jerome schneider of pimco. equity features down .4% on the s&p. this is bloomberg.

it is third down.d down back at the 39 yard line. >> brock: antwaun powell-ryland making big plays in the fourth quarter. caused the fumble and coming back with a big play there. playing with a lot of emotion and passion right now. >> anish: travis wants johnny wilson who brings it in! inbounds at the 40 yard line, a gain of 21. >> brock: feed the big man. johnny wilson working on marshall jr. a perfect back shoulder pass by jordan travis with the defensive back's head turned the back shoulder was the perfect decision. >> anish: travis, long mesh point. moves the pocket and slides down. they mark him down where he started the slide. a gain of four. second and six. >> brock: and that is just rush lane discipline by the florida gators or a lack of. i am sure they talked about it at halftime. listen, we need to keep jordan travis in the pocket. you do that at defensive end by rushing to the quarterback depth. you can't run around him. you need to squeeze him. >> anish: 81 yards on the ground for travis. h

and again i go back to the megacaps apples are down below 137 at this point, amazon down, alphabet down, amazon. >> watching tesla as i mentioned again with some calls mark newton made yesterday. liz, how do you see it is this about crypto, not as big of a mid-term win if you want to call it that as was expected or what >> well, first of all, the expectation is usually that after a mid-term election the market usually finds relief and finds some up side the rally we've seen up until this point hasn't really made a lot of sense, and what i mean by that is the optimism i think the market had whether it was because of some kind of pending fed pivot, which isn't coming and now we're in the face of not only a crypto disaster but announcements that continue to pile onto one another about layoffs from tech companies, that eventually is going to bleed into the labor market in the actual numbers so we're just starting to get these hints of earnings contractions and economic contractions that i think the market has to really right size itself before we can get to the other side so a little pull b

the s&p and dow was down 1% earlier, the nasdaq down almost 2% right nowwe can see the down almost 100 points right now. the s&p at a two-week low. the nasdaq at a three-week low we're always watching that ten-year yield, on the rise right now. currently coming in just about had.17%. the weekly low, the low this week was 3.96%, so obviously an elevated situation when it comes to the ten-year. the two-year also hitting a multi-year high. and that's where we begin the conversation jim, thank you for being here. we're going to begin right now the big question right now what does the fed have to say especially with jerome powell saying we're going to see rates going even higher. how are you adjusting? >> i think there's two things i want to say in response to that. it's pretty simple yesterday he said he's going higher than the market thinks. what it's doing today but i think the key thing here is how much higher than what the market expects is he going? the market expected somewhere around 4.60% on the peak funds rate now it's looking 5%, so another 50-ish basis points. that's something t

parts of shanghai are shut down, beijing is more or less shut down, wenzhou is shut down.t is unclear what the next step is on how to resolve this. david: ok. i was going to ask, we have had some lessons -- we have had an example of what happens when you lockdown a city. shanghai, to your point. can we take those same lessons and scale it up given that cases elsewhere are pushing well above may what we saw in shanghai? we could be headed in that direction as china opens up. cameron: a lot of the learnings are the food supply is stable and daily amenities are available. those ran short and he shanghai lockdown. the second is communication. this is one of the challenges we have seen at the foxconn factory where they have pleaded to workers to please come back. of course workers who were seasonal for the production bump may not be used to the foxconn production cycle. no, your bonus will not be paid now, it will be after the chinese new year. this is why we see such challenges going on. this is actually happening around the country. rishaad: is what is going on at this apple

i point is i expect some difficulties will happen down the road if our housing price go down further. if our dependence on the sector is large. but i don't expect it to be this year. i expected to be next year. given the lagging impact it happens every year. one mistake i that one province, that really shakes up that confidence at the back time. you have to address it and see how it goes. >> just a couple of days later an insurance company didn't want to call it perpetual bonds. seems like things really sped up when that happened. >> you know that the australian regulators actually issued a note that they themselves encouraged australian insurance companies to not use that call option and they just rolled over. they believed that the environment of a high interest rate was more beneficial. i can actually understand this. why they decided that. it's very for the benefit of themselves. without considering the market impact. i think that this is an issue of this perpetual bond issue. and then we decide. it has a relative speed over to other companies. they decide to go there, with the op

in beijing, they resisted from having wholesale locked downs. they would go to communities and say, you locked down for 5 days instead of you know, the usual 3 weeks and they, they've been trying to adjust, but it hasn't necessarily been producing the same results. but, you know, i'd like to ask you what, why is it that everyone's talking about china with 30000 cases. when japan has 60000 cases a day, and literally, you know, 50 times, nose, 30 times more. udette's a doesn't seem to bother anybody out there. and it's not an topic for conversation . so from beijing's point of view, they're struggling to do this. you think that they don't want economic growth. mean this has been the, the main hallmark of the entire chinese economy for the last 40 years. so, i mean, this idea that they're doing this to frustrate their, you know, their citizens is nonsense at the fact that, you know, we're discussing this now as if it's a major issue. when there are much larger ones out there is kind of kind of indicates a media bias such think, well, what i think i

costs come down.anies can do pretty well >> thank you for that. kari >> amt, american tower the stock has pummeled, as the fed raised rates as fast and as hard as they did and they have to build more towers the demand is there. interest rates may have peaked they have interest rate built in we think the stock can go much higher >> on semiconductor. trades are about 17 times ahead earnings >> gutsy move. >> and pharma jim, what have you got? >> cisco systems a very attractive valuation, by the way. good dividend yield, steady eddy even if i get blown out on the earnings, i don't think i will, this is something i'm very comfortable holding for the long-term. >> you're okay to recommend people to buy? >> that's what i'm saying. >> to buy it now ahead of the earni earnings >> and enterprise spending goes on for years stick with this. this isn't something like netflix -- i'm sorry to pick on netflix. you're down 30% per quarter. i'm not picking on netflix you get the point. >> thanks, everybody ill see you

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

go down 10%. we are staying defensive and we are selling what looks expensive in this rally. that is some tech for sure. jon: linda, always great to hear from you. leading the investment institute over they that over there, the consensus earnings growth 2023 down about 10% from 2022. we expect zero growth. that is the call from blackrock. they go on to say we need to see stocks fall more, or more easing inflation to turn positive on equities. the bottom line, they are not there yet over at blackrock. lisa: morgan stanley is not there yet you -- is not there yet either. they are talking about yield is king. government bonds and corporate bonds but not necessarily equity. there are some pockets that could do really well in the equity market and others could potentially do very badly. jon: there are some pockets in the equity market that could do very well, lisa abramowicz, that just happened. can you run through which equity markets could do really well? lisa: it would be ridiculous to say nothing i

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

up and down again let's go swing a rope again up and up and down again down and up and up and down 'causeveryone can find-- ♪ boy: let me guess. amelia and jane. both: nope. jane: got any ideas? amelia: we've been to new york. jane: so has sunny. amelia: we've been on the drop of death. jane: lots of people have been on the drop of death. both: we like to sing. amelia: wait, jane, i don't think we can put that. jane: why not? amelia: because we both like to sing. jane: so? amelia: so it's not unique. jane: you like to draw. amelia: so do you. jane: you like avocado more. amelia: not really. i just eat it. jane: well, i don't know, just make something up. amelia: what? no. [sighs] ok. you can be the one who sings. jane: what are you going to put? boy: amelia and jane. both: mm-hmm. boy: yes. [bell rings] [children chattering] girl: "i've never looked to see," replied the lion. popcorn--brody. brody: "i am going to the great oz to ask him to give me some," remarked the scarecrow, "for my head is stuffed with straw." "and i'm going to ask him to give me a heart," said the wood man. and i am

walmart is down 1.6% amazon is down 1.5%. lowe's is down best buy down by 3.4% too.ou potentially like in retail, stephanie? >> well, what i like, the kind of companies that i own -- of course i own target obviously, but i do like star buck's. i think that's a turnaround story and i like the new ceo who starts in april. when he was at wreck it, the company had turned it up they did reiterate a lot of good things when they reported. nike is also, i think, an interesting story. they have a lot of inventory too. remember they had 44% inventory growth in their quarter last quarter, but i think as supply chains get fixed, i think you can actually see that story start to work, especially as they go more dtc, which is a margin enhancement story as well so those are the two that i like as i say, i also own target. i do like estee lauder that stock got hit on the quarter, and the very next day as there were rumors that china was reopening, they grew 10ch. all three, nice, starbucks, and estee lauder are chinese reopen names and fundamental improvements i expect in 2023. >> le

not quite as heavy as down in san jose, though, oakland down through seeing the injured to hayward. also coming down very, very conquered one of our heavier pockets right now, a concord over martinez and a little bit further east out towards bay point. also looking at some really pretty good rainfall coming down right over from the late hoedown hercules. you're running into some spots of some heavy winds to the carquinez as well as some very solid rain at the moment. richmond, it's coming down. good for you right now. richmond center fell bridge golden gate bridge in bay bridge. all not just wet, but also very, very windy at this moment. now, showers are generally moving to the north in the east. now, as that happens, we're going to continue to see some heavy rain for the south bay and for the inland east bay towards the coastline, you'll continue to see it as well. but i'm really looking at you out in these areas. these spots right here are going to continue to see heavy rain on areas that are already quite saturated. so there you have the risk of some runoff on the streets may be

the ftse 100 down. down by seven tents of 1% today. basically flatlining.ve come down since the bullard comments. they are certainly having an impact in the u.k. -- and in europe. interestingly enough, it's the minors and some of the stocks that are underperforming. the closes coming up this is bloomberg. ♪ ♪ we all have a purpose in life - a “why.” maybe it's perfecting that special place that you want to keep in the family or passing down the family business or giving back to the places that inspire you. 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? so... i know you and george were struggling with the possibility so leof having to move.how. how's that going? we found a way to make bathing safer with a kohler walk-in bath. a kohler walk-in bath provides a secure, spa-like bathing experience in the comfort of your own home. a kohler walk-in bath has one of the lowest step-ins of any walk-in bath for easy entry and exit. it features

we have to stay at this and stay focused on bringing prices down.t's what you heard from the president. that had continue to go our principal focus. >>> wee god reading of tracking 4% gdp, which could bring up inflation again. >> it's welcome we're seeing some deceleration, and at the same time we have to keep at this and stay focused on waiting to see those price declines persist over time. certainly there can be unexpected setbacks, bumps in the road, and even the months where we see more welcome data, you never want to over-index too much on any individual one month of data, so we'll try to keep working in the aggregate if you look across the economy, you are seeing some important signs of the resilience of the economic recovery in the labor market while we're also seer some reduction in price pressures as well. that's the dynamic we want to see continue so that's what we want to see, and certainly this data given us more confidence that's what we'll see going forward. >> but it sounds like you're note willing to say we peaked. >> i'm willing to

coming down. let me tell you what's happened. this is not unusual if the sense of forget what the stock market is saying. let's look at what rates are saying and what's happened is the market still has 50 baked in for december still, i just want to make sure that's still the case while i'm talking. still essentially has 50 or 25 baked in for february then it goes on. we're still near that 5% mark, guys, i think that's the key here powell being clear we're going up to a level which we feel will be restrictive and stay there for a while. i don't walk away from this with any change in my key outlook for the fed and that's up around that 5% metric and they stay there for a while. if anything dovish in this, i would say you know what, maybe it's more of a 450 call. if it was hawkish, i'd say it's a 550 call i'm still at that 5% range i don't see anything in here that should cause the market to think it's substantially less than 5% and substantially less for a while. >> let's bring in randy, former fede

we've seen gasoline prices come down we've seen used prices come down auto i auto inventories go up this suggests it's on a downward track and if the fed has the patience to let that happen, that means they don't have do get as high. so it's a big positive for the bond market and markets are correct in reacting to positively to this this afternoon. >> steve, want to bring you back in here. as somebody who watches the fed and these meetings so closely, the significance from your standpoint and let's start there. >> i'm having a hard time seeing much change here it is true that the fed did put in to the statement that which i believe the market had already precisely priced already i'm not seeing a big change, for example, in the odds for a 50 or 75 basis point hike in december. it's about 60/40 55/45. i'm seeing the terminal or peak rate still around 495. one of the prior guests laid out was precisely the way the market has it priced already is that they do 75, maybe 50 morgan, you were talking about this they bring it to five and wait for a while. our guest yesterday said precisely that s