we'll talk to the ceo of novartis and ceo of kellogg. and the selloff, the dow is down 383 points at the moment. >>> plus, continuing to watch the bond market and the ten-year. right now it is up to 4.766%. that's another high going back to 2007. "squawk on the street" will be ghba.k nice footwork. man, you're lucky, watching live sports never used to be this easy. now you can stream all your games like it's nothing. yes! [ cheers ] yeah! woho! running up and down that field looks tough. it's a pitch. get way more into what you're into when you stream on the xfinity 10g network. >>> ftx founder sam bankman-fried's criminal trial starting today in a courtroom in manhattan. that's where we find kate rooney. >> reporter: jury selection is under way. they got in there around 10:30. the jury has been sworn in. things are happening at the trial in lower manhattan. sam bankman-fried has pleaded not guilty to those seven counts, those criminal counts. he is accused of fraud and conspiracy over the collapse of what was once a $32 billion crypto e

let me show you smi, one stock we're watching is novartis. the stock is up after formally spitting off its generic business. let me take you to yields. similar to the u.s., the price action in europe has been quite marked as well. we're seeing the ten-year bund, this morning got to just about 3%. this is the highest level we have been at since 2011. so in line with the u.s. we are seeing yields move higher and higher. ten-year gilds up as well. yesterday we moved up six basis points. ten-year btp sitting at 4.93. if you take the difference between the two, we're very close to 200 basis points between where the italian bond yield is trading and the german bund yield. some of the credit concerns are beginning to bubble again and all of that is having ramifications on where the currency is trading, which is also getting back down to very close levels to paris once more. 104 here. some concerns bubbling beneath the surface in europe. >> thank you very much. >>> let's get over to jp aun in singapore with the overnight action. what are you seeing t

novartis is top of our radar. their third quarter net sales coming in at $11.8 billion. estimate was for $11.3 billion. seeing another big jump for the swiss pharmaceutical company as well. pps catching my eye. $1.74 for third quarter cpi, they are seeing amid two high double-digit team rise in operating profit, a big positive. for an industry that is going to see a lot of pressure. that is something we are going to be discussing with our interview with the novartis ceo coming up this morning. that happening at 10:30 a.m. u.k. time. you do not want to miss that interview. let's get a quick check on the broader markets as well. a really interesting dynamic playing out in terms of futures trading. euro stoxx 50 futures unchanged. the ftse 100 futures on the back foot, defensive bid really forming in s&p futures higher by 0.3%. i say defensive because what is important at this time of day is you have pre-geopolitical conflict seen. investors actively dive into american assets. you are seeing that now. as we get more development out of the middle east and what's going on wit

novartis, people go on about the defensive nature of the pharmaceutical sector. here's a company delivering on that. maintaining sticky with guidance. investors like the narrative that continues in terms of money coming back to them. that stock certainly responding strongly today. imperial brands down by 3.05%. rishi sunak has set effectively over time he will raise the a's it would -- age at which you can buy cigarettes in the u.k., effectively he will be banning the purchase of cigarettes. if you're a 14-year-old now you will never be able to legally buy cigarettes in this country. it's having an impact. imperial brands down. alix: you also stole my oil thunder. s&p down by 1%. we got adp weaker than estimated. we also have the ism services still doing well. new orders were weaker but that's because a retail clearing out. oil was getting hit, down 3.5%. you said the weakest gasoline supply demand, some balance coming into the market. the two-year down by five basis points, the 30 year did touch 5% for a hot second and then came off that level. after the announc

looks like novartis is on track to do that with this latest kidney disease drug.eep you apprised of how it opens in an hours time. we are roughly halfway through european earnings season. bloomberg intelligence has been crunching numbers. the big theme seems to be sales mrs. but earnings beats with better margins. tim craighead from bloomberg intelligence joining us now. in a scorecard with europe how do you grade this earnings season? tim: it is not a great earnings season. if you look at stats you might think actually it is ok. it is roughly 50%, a better beat, 35% miss. actually that is the worst earnings performance we have seen since the pandemic lows. usually more companies play the game and are able to beat expectation. kriti: is that reflective in the markets? we should point out over in the u.s. we are seeing a 10% correction in the s&p 500. how is europe faring off this earnings story? tim: you would think with the selloff we have seen an european stocks have been under pressure as well, this is already baked in. in fact it is not. you have a skew to the

shares of the latter name surging on the news and competitor novartis will be on next hour.ne of the laggards in the s&p post results, matching analyst system despite a 2% volume mixed decline. really the thing that's upsetting investors the guidance raise on the back of better performance from the mexican jv, which is not a great reason, and some of the weakness in china and asia helped that organic growth. >> good to know. jim and i were discussing that. >> it wasn't a terrible quarter. >> not getting a good reaction in the market. to new data on job openings out just moments ago. rick santelli is in the house, and he has that for us. >> absolutely. a surprise, strong number for job openings and labor turnover. known as jolts. number 9, 610, 000. bests estimates and the best level going back to may when it was slightly higher at 9, 616, 000. a revision putting extra horsepower. has month's 8, 827,000. rates moving up towards the high zone. the roller coaster ride can be wild. it's the close that matters most to technicians and if any close above 4.70, many have been trying

it is taking a book out of the other businesses like novartis frank. >> julianna, thank you julianna tatelbaum live in the london newsroom. >>> time now for the big money movers three stocks of the morning. shares of chipotle moving almost 4% higher after beating on the top and bottom line for its recent quarter held by higher menu prices for the third quarter with the net sales climbing 3%. the ceo says traffic trends remain strong in october helped by the return of carne asada and when it comes to weight loss drugs, he is not concerned >> really not seeing any impact on the business. the more we study and understand it, i think this is another place where we are positioned well our food is clean and cus customized you can get exactly what you want to eat. >>> turning to the auto industry shares of ford under pressure after the third quarter estimates following the labor strike that cost the company $3 billion. ford pulled the earnings guidance which adjusted earnings between $11 billion and $12 billion. ford will delay ev investment, including the construction of the battery factor

diabetes, obesity, great news i think for novartis with the you know, i think there was some sort of kidney study, doesn't hurt your kidneys. you think this is a great opportunity still, diabetes, obesity, place you want to be invested? >> these three themes are places where there is demand behind it, supply is limited and there are sources of capital going into it. for example, this one, the government -- charles: made in america. >> made in america, right? so you have infrastructure builds. you have companies trying to reshore and when you're in markets that are this volatile both internally and externally from a geopolitical standpoint you have to go with themes a little more long term and are both fundamental and can be affected by the technicals because what we have going on here is sort of this, like, chicken soup, melted ice cream of external factors. charles: right. >> of you know, washington, of treasury and interest rate volatility and demand that again are searching for sort of a new normal and you continue to have a lot of disparity between the talking heads in the legisl

so, puts it in competition with a drug that's already out by novartis. they have a very rich stock.l? >> it's a great time to do a deal with a currency that's trading at a premium and certainly based upon forward multiples and where we've discussed the addressable market in their weight loss drug. so, it's an exciting time for the company. i know that was the copy that we read going into the commercial, you know, it's -- i would hardly call it a flop. i would just say, this is a case where a company that had an extraordinary run. carter might look at this and see maybe a head and shoulders formation here. there's no question you've actually taken kind of the top off. and i think you've got a case here where the competitive landscape, the news flow in terms of the risks around these drugs and analysts catching their breath in terms of, this is going to be the only game in town, i think is part of what's going on here. >> you have to wonder if there's t toppy action going on here. the payment professor for restaurants, that's going to see a decline in business because of these glp --