the fed was going to act, but jeffries getting a different read, saying it's not the fed but it has beenphing the heads. they could be doing another one in december. investors have been slow to catch up and that's why we are seeing what jeffries calls an emotional reaction to the physical realities. haidi: plenty of critics of the fed, mohamed el-erian is one of the most outspoken. what are we hearing? annabelle: he was speaking on u.s. television, giving his views on the u.s. jobs numbers and what that means. he says the odds of contraction are very high. he's saying the fed has a dual mandate, not only to bring down inflation but to restore its credibility. as he has said, the fed is slow to act and that teens we have a high chance of the contraction or a session that could have been avoided. in terms of what else he spoke about, the opec-plus decision. he says the critical reaction, because we did see oil having its best week since may. it was understandable or could have been predicted. haidi: the eu is preparing several options to cut the price of gas. leaders are eyeing specific pl

jeffries says there are still some positives we can look at.our advertising services, that's awesome growth. fractionally above consensus but still something that can help with margin compression. the other factor is third-party seller services sales, that is providing a bit of a boost. in terms of what we're seeing ahead of the open, amazon is looking to drop more than 10% at the start of trading. that puts us a lot closer to that key $1 trillion level. haidi: we got breaking news. uob with numbers higher than estimates, third quarter net income at $1.4 billion, the estimate was just shy of $1.2 billion. the total impairment charge was $134 million, slightly less than the estimate of $272 million. there was a acquisition in the thai and malaysian markets by the start of november. the net interest income, $2.23 billion, higher than estimates. the estimate was 1.82%, when it comes to credit losses, they came in at just under $104 million. the ratio also lower than expectations as well. we are still watching out for some of these big lenders as w

brent till is the managing director and senior technology analyst at jeffries, what should investorshere? >> i think ultimately the pain isn't over we still have some headwinds coming in as it relates to numbers having to be cut and 2023 is really uncertain investors are buying stocks for '23, not the rest of this year ultimately most tech investors are sitting by on the sidelines, not a lot of conviction until we get to early '23 to hear the outlook. many of the tech companies have been way too bullish relative to what we think the demand is going to look like we're a little tactically cautious our economists, our strategists have all said that -- have been in front of this that there's pain to come, so we think we're not out of the woods that being said, there's a handful of names that we like. one would be adobe, which is powering the creative movement they did a big -- the larges deal ever with figma, and that create add $40 billion selloff in the market cap today, you know, the deal was worth 20. so ultimately it got hit harder than the value of the deal, and this has been a sto

the messaging chair for the democrats, democratic caucus chair hakeem jeffries had this to say, making his election pitch for democrats. [video clip] >> we have an incredible track record of accomplishment. the american rescue plan, infrastructure investment, and jobs act, gun safety legislation for the first time in 30 years, the inflation reduction act, where we have been able to act in a decisive way, put our -- strengthen the affordable care act, lower health care costs, and drive town the price of lifesaving prescription drugs for millions of americans. that is a tremendous track record of accomplishment. that proves the point that, when we say we would put people over politics, to fight for better costs and safer communities, weaning it. because we have done it. and we will continue to do it. at the same time, whatever decisions the american people have to make over the next few weeks are not a referendum, it is a choice. it is a choice between democrats, who are putting people over politics, and extreme maga republicans. they are extreme when it comes to reproductive freedom. we

jeffries morning that higher u.k.porate taxes does matter for equity investors, it means less and less hiring. a negative session on wall street on friday after numbers showed inflation expectations fully entrenched. we are getting a little consolidation after that selloff. s&p 500 up -- selloffs up. manus: we are focused on the u.k. obviously in terms of any nuance that comes through. liz truss's position as prime minister is coming under increased pressure following a series of u-turns in the mini budget, resulting in the sacking of her chancellor. that left her plans for the economy in tatters. the new chancellor jeremy hunt is do to make a statement to the markets a little later on. we are seeing in the times that there is a headline that liz truss has signed off deferring the 1p income tax cut until 2024 but the damage is all but done, lizzy burden outside downing street for us. this is an annihilation of trust-onomics. what do we expect from hunt-on omics. lizzy: the prime minister's press conference on friday l

jeffries upgrades. nordstrom. >> everything we heard from bank of america was basically, look, a little lower in spending we're doing okay i know this is -- no one ever wants to hear this what if jay pal is doing it right. tomatoes these great mexican tomatoes these hurricanes and the lack of fertilizer is going to make it so jay cannot do anything. we had a piece yesterday about food is down but my check said it is only chicken. >> yeah. buffalo wings. >> i went to fridays on friday night. i did. my wife loves fridays. no, she hated it but i have to tell you, i got out of there no liquor. $27 for a fantastic meal i like fridays my wife is highly suspicious of my liking of fridays she said, oh, you think you're a man of the people. i said no, i've been going to fridays all my life. >> i know fridays. you went to the original in the '60s or '70s on third avenue >> i went to red lobster >> jim didn't need to really look it kind of kah imto him. >> it's like the michelin restaurants. no don't bother >> yea

it is whipping up a three-course menu thanks to a collaboration with jeffries national pet foods.ing until 3:00 p.m. tickets are $39. visit exploretalk.com to learn more. happening today, the san francisco zoo is hosting its annual boo at the zoo event. there will be a costume parade, a giant maize and candy bags. yoump cnrethhofr 11: to it is free with a ticket to the zoo. next at 6:00 a.m., attack on speaker pelosi's husband. what some of the most important people in politics are saying. plus, an update on if you will be able to have crab for your thanksgiving meal. (vo) it's a fact! two out of three americans who qualify for medicare do not receive all the benefits they deserve. you could be missing out! now anthem blue cross introduces a free medicare plan checkup to make sure you receive all the benefits you qualify for in 2023. call 1-866-336-3448 today and receive extra benefits for a zero dollar monthly premium. benefits like dental, vision, hearing and prescription drugs! and to help you stay healthy at home, you can have free prescription drug delivery, online doctor vis

david on the news line with us jeffries mack crow strategist. you want to have on day like today. i guess the question becomes, david, as we talk about the impact on the u.s. market and rising bond yields and financial instability and all of those concerns, will the fed have to step in? will the fed have to get involved here in some sort of way that is trying to go against what they're trying to do? >> you know, it very well could happen, sarah. we could find our seselves in ia position that something looks disorderly it becomes a story line like it's become with the ldi story and the leverage inside of the uk in the pension fund industry. but avs yet, we haven't. it is important to think how far we have come with stability and how much there is knowing that says that bank of england can't sort of stop the program, see how it goes and if something looks like it's going to me tast size again in the long end, they come back in and try to fix it so i think, look, i think the market wants to somehow sort of see the financial instability issues as a pivot by central banks. it gets exci

joining me now is new york congressman hakeem jeffries. chair of the democratic caucus. congressman, thank you for first of all for joining us. i want to go right to, it i would like to hear about the democratic message to voters in a moment. but, first i want your thoughts on how republicans are framing this race. take a look at this, ad put out earlier this week by louisiana senator jon kennedy. >> look, if you had cops because of cops, the next time you get in trouble colic racket. i am john kennedy, i approve this message. >> now if senator kennedy cared about jackson is they, he would know the real problem is not crack again. a drug the right as associated with the black people since the 1980's. it is opioids, nearly half of all drug deaths in the state are caused by opioids. according to the latest data from the louisiana department of health. and these cases are not being driven solely by street crime. 74 opioid constrict, prescriptions are being written for every hundred people in the state. but none of those facts matter to senator kennedy do they congressman. '

. >>> time for stock lunch and today we trade some of wall street's biggest calls target, jeffries upgradingailer to buy, saying that there's margin improvement there. carvana, web bush says the company won't be able to maintain enough crash, downgrades to neutral. and microsoft, deutsche bank says it's the best house on the block. let's bring in chief investment officer at the glenn view trust company. >> target, we like the stock short-term stock is down 30% year-to-date, and really because of what hit a lot of retailers, just got caught with too much inventory as things changed coming out of covid, but it has changed out of the patterns from consumers, coming into what we think is probably a tougher economy here and maybe a recession next year. but we think they're a survivor. so they'll probably have less competition coming out of said recession and they do have the wherewithal to compete against what you really have to compete against, which is walmart and amazon on top of that, selling for about 13 times 2024 earnings and a 2.8% dividend yield, so i think it's worth a go. >> carvana, t

. >>> plus, we'll hear from the chair of the house democratic caucus, congressman hakeem jeffries. florida charlie crist will also join the conversation on the heels of last night's debate with republican incumbent ron desantis. "morning joe" is just a few moments away. just a few moments away (customer) save yourself?! money with farmers. (burke) that's not wrong. when you bundle your home and auto policies with farmers, you save yourself up to twenty percent. (customer) that's something. (burke) get a whole lot of something with farmers. kinda creepy. ♪ we are farmers. bum-pa-dum, bum-bum-bum-bum ♪ my husband and i have never been more active. shingles doesn't care. i go to spin classes with my coworkers. good for you, shingles doesn't care. because no matter how healthy you feel, your risk of shingles sharply increases after age 50. but shingrix protects. proven over 90% effective, shingrix is a vaccine used to prevent shingles in adults 50 years and older. shingrix does not protect everyone and is not for those with severe allergic reactions to its ingredients or to a previous

let me play for you, juanita, let me play for you something congressman hakeem jeffries said in may about watch. >> justice thomas, if he really wants to deal with bullying in america, well this problem of people supposedly unwilling to accept outcomes that they don't like, i have got some advice for justice thomas. start in your own home. have a conversation with ginni thomas. she refused to accept the legitimacy of the 2020 presidential election. why? because she did not like the outcome. that is bullying. that is being unwilling to accept an outcome because you don't like the results. >> congressman there, spitting i think straight fire about this whole situation. again, this was back in may. her testimony to the committee, thomas claimed that her husband had no knowledge of her postelection activities. i find that hard to believe, but that is what she claimed. and this might be a good time to remind our viewers that justice thomas was the lone dissent vote when the court rejected trump's efforts to block the release of a presidential record to the january 6th committee. how concerned

let's bring in ian jeffries, president and ceo of the american association of railroads.wo of the required unions have said "no" to this deal what is the stumbling block and how can it get resolved? >> good afternoon, tyler first and foremost, i want to thank the employees across the freight rail industry who show up day in and day out. it's a highly dedicated, committed workforce, and they should be commended for the job that they do to your point, we've had six unions ratify contracts to date. we have four that are going to be going out for ratification in the coming weeks, and we have two that initially did not ratify, but we're working on a path forward to ensure that we do not have a work stoppage and that most importantly, our employees get the well-deserved pay increases and top-tier health care that the package offers >> can you tell us what the sticking points are with those two unions that you have voted down i assume that that may be similar or may be different. >> i don't want to get into negotiations in the public, but i can tell you that the tentative agreem

the long run than losing anchor long run inflation expectations it's been a big message of ours at jeffries. continues to be the message today. we've got to take some short run pain to get to the long run gain, and i'm excited to see that, you know, our central banks in particular led by the federal reserve have been so diligent in their fight against making -- against losing any anchoring, and you pointed out that the politics of the u.n., the politics is only going to get worse hear they've come a long way fast, they still ahave a lot of room o the job market they can play with i think the market's going to actually in the end after all this turmoil reward any central bank that continues to be quite stalwart in its fight against inflation. >> david, that's good stuff. appreciate it as always. thanks for kicking off the hour with us. david zervos >>> meantime, shares of cloud software company box handily outperforming the market this year and getting a nice boost today on this upgrade over at morgan stanley we're going to talk to box's ceo aaron levie about the call, his forecast for cloud

let me play for you, juanita, let me play for you something congressman hakeem jeffries said in may about watch. >> justice thomas, if he really wants to deal with bullying in america, well this problem of people supposedly unwilling to accept outcomes that they don't like, i have got some advice for justice thomas. start in your own home. have a conversation with ginni thomas. she refused to accept the legitimacy of the 2020 presidential election. why? because she did not like the outcome. that is bullying. that is being unwilling to accept an outcome because you don't like the results. >> congressman there, spitting i think straight fire about this whole situation. again, this was back in may. her testimony to the committee, thomas claimed that her husband had no knowledge of her postelection activities. i find that hard to believe, but that is what she claimed. and this might be a good time to remind our viewers that justice thomas was the lone dissent vote when the court rejected trump's efforts to block the release of a presidential record to the january 6th committee. how concerned

let's hear from house democratic caucus chair hakeem jeffries. he spoke on how democrats are making the election -- and he criticized the republican commitment to america plan. [video clip] >> an incredible track record of accomplishment. the american rescue plan, the infrastructure and jobs act, the chips and science act, gun safety legislation for the first time in 30 years. the inflation reduction act. we've been able to act in a decisive way in terms of addressing the climate crisis and put our planet on a sustainable path forward and strengthened the affordable care act and drove down the high price of lifesaving prescription drugs for millions of americans, that is a tremendous track record of accomplishment. that proves the point that when we say we will put people over politics, and fight to lower costs for better paying jobs and procedure communities, -- safer communities, we mean it because we have done it and we will continue to do it. at the same time, whatever decisions the american people have to make over the next few weeks are not

so i want to move on to hakeem jeffries, of course, who you hol know, he's trying to sound very hopeful the dnc chair, a caucus chair, strangely optimistic about democrats chances formidterms the midterms.. check thischeck this out.l acros >> very hopeful. there are close races alcounltr accomplishment that we can run across the country. on io have a track record of accomplishment that we can run a on in terms of what we've already done. >> and trust us , we have done the work. we have made a difference inlive the lives of everyday americans.s ericans. okay, trust us , we haverecord a track record to run on . what part of this do we need to unpack right now?n't know. i mean, i don't know.nose couldv knowe been gs have been growings point because it was likeell, pinnacle situation. other demo well, hakeem, like all theseoni other democrats are auditioning to replacepeaker speaker pelosiy who's whose end is coming veryba soon on election night, two weeks from tonight, it will beo. a red wave election. e majo republicans will win back the a house majority. and we we will retire nancyto t p

let's hear from house democratic caucus chair hakeem jeffries. he spoke on how democrats are making the election -- and he criticized the republican commitment to america plan. [video clip] >> an incredible track record of accomplishment. the american rescue plan, the infrastructure and jobs act, the chips and science act, gun safety legislation for the first time in 30 years. the inflation reduction act. we've been able to act in a decisive way in terms of addressing the climate crisis and put our planet on a sustainable path forward and strengthened the affordable care act and drove down the high price of lifesaving prescription drugs for millions of americans, that is a tremendous track record of accomplishment. that proves the point that when we say we will put people over politics, and fight to lower costs for better paying jobs and procedure communities, -- safer communities, we mean it because we have done it and we will continue to do it. at the same time, whatever decisions the american people have to make over the next few weeks are not

. >>> also ahead, the chairman of the house democratic caucus, congressman hakeem jeffries will joination. "morning joe" will be right back. onversation. "morning joe" will be right back it's the subway series menu. 12 irresistible subs. the most epic sandwich roster ever created. ♪♪ it's subway's biggest refresh yet! did you know you can get discounts on your meds even if you don't have a medicare prescription drug plan? it's true. all you have to do is go to singlecare.com type in your prescription, and then present the coupon to your pharmacist. it's that simple. not to mention, it's free. singlecare is accepted by major pharmacies across the country and it works for everyone, whether you have insurance or not. next time you need a prescription filled, go to singlecare to make sure you get the best price. visit singlecare.com and start saving today. 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 age comes

let's bring in jeffries' brent phil we've talked about the decel brags in azure and in youtube. i think ultimately the hook had meggs see quarters google had the pullback in advertising, and you continue to see microsoft decel on azure i say overall microsoft is cleaner in the sense that there's recurring revenue, there's visibility google still living with the uncertainty of advertisers you can turn advertising off in a nanosecond if you're a kofrpgs. that's where we're probably seeing the biggest turnoff across the board with snap we're seeing a tremendous amount of turmoil in the add market i'd say microsoft is cleaner, albeit you have the azure miss and the decel they're guiding for. you're starting to see the weakness go from the small mid size into the enterprise that again is what investors were most concerned about. microsoft definitely from my perspective won in terms of durability right now i think the next six months are really foggy as relates to the rest of large cap tech given the demand picture continues to soften. >> was there a single metric on alphabet that exc

>> let's get the opening bell here big board, i came kinetic is ate nasdaq and william sonoma as jeffries and concerns about consumer spending >> i think that was a vicious and unnecessary down great i know a lot of people feel that that is a work from home, that laura alber is not dlufeliverin, but that is wrong. i think that that is an amazing company. and they have a lot of capital and i think that laura alber, here last week, at these prices, david, this is -- >> don't sell. >> not here, no. don't sell william sonoma. you sell west elm, you are selling a company that is very much in tune with what millennials and gen xers want and i don't think that you are early when you are selling when it is cut in half. a lot of the semi condukcornducs still want to be ghut half again, but i think this is a very good company and it is time to think about buying it, not selling it >> and some of the semi s have had hair market caps including nvidia, cut in half. >> president biden has heard of them that is not so big president biden i think that they are uniquely afraid, and i mean this, carl, if y

president's reactions to the pushback against ideas like taking over the justice department and installing jeffry clark as the attorney general. like he had a front row seat to all of this. he and mark meadows i would say probably more than just about anybody. so we saw him repeatedly during the house select committee testimony as you just said, nicolle, draw that line between talking sort of generally about what was happening and revealing their specific communications. that's because the executive privilege really is a big communications privilege, right. it's meant to protect the president and his closest aides so that they can have candid conversations without worrying about them later coming out in public. but again, that's got to yield sometimes to demonstrated need and particularly when you're talking about something as serious as, you know, an actual plot to prevent the peaceful transition of power, it's kind of hard to imagine anything that would be more serious and could overcome that privilege. i think that, you know, if judge howell does, of course, rule against the assertion of execu

today due in part to rising energy prices, but also partly because of an upgrade by analysts over at jeffriesrating it goes all the way up to 133 bucks. they like amongst other people's exxon's position for growth in its exploration business, it's downstream which includes things like chemicals production. that and the fact that they invested while some companies have been more focused on capital discipline they think they're able to capture higher prices in the coming months and years. becky, back over to you. >> heck of a stock so far this year up 60% for this year thank you. >>> we're going to get a quick check on procter & gamble right now because earnings just out. take a look, stock up a little bit higher, but a little over 1%, good news on their earnings report this morning. procter & gamble's ceo jon moeller is going to be our special guest in just a moment adena friedman is going to be here to talk quarterly results as well and the ipo market is it open is it shut wh'sat happening "squawk box" coming right back with all of it in just a moment. >> announcer: this cnbc program is spons