p. morgan, the tech giant is moving some production out of china, mid mounting geopolitical tensions, and strict coded locked downs. apple is expected to move about 5 percent of iphone 14 production from late 2022 to india. hong kong has lost its position as the global aviation hub due to china's 0 cove. it policy that's according to the head of the airline st. iota, the group warranty industry, the industry pandemic recovery would be slowed if beijing kept up the policy that germany's largest gas in bought a uniform has been nationalized, the german government announced the measure on wednesday to prevent the company going bankrupt. unit has been caught up in the ongoing energy crisis after russia stopped almost all natural gas flows to germany and was widely seen as retaliation for sanctions over the war. and ukraine. with no cheap russian import, juniper has had to buy gas elsewhere, much higher prices. german government now how it's 98.5 percent of unit stock though. after buying out finish energy firm for them is unit for c o, who welcomed berlin's decision. uh huh. and we have alway

p. morgan entered the british market with a digital only retail offering. the bank has since signaled. it's aimed to expand this to other countries. and 6 months after a government mandate to work remote to make remote work available to employees where possible, the option remains popular in germany 24.5 percent of employees still work from homes as a new survey with experts saying it seems to be a long term work model. now, lithium is vital to much of the technology that we use every day, including us smartphones, for example. that's why mexico is hoping to make the most of his as yet untouched deposits. the government is setting up a new state company to oversee the mining of lithia. beneath these hills and northern mexico lay large deposits of lithium. so far the deposits have not been mind dot set to change. lithium as an essential raw material for the production of rechargeable batteries. in electric cars, for example, it's in major demand worldwide. the mexican government wants to allow commercial mining. this means awarding contracts to private investors said mexico's president

p. morgan attack giant is moving some production out of china, mid mounting geopolitical tensions and strict coded locked downs. apple is expected to move about 5 percent of iphone 14 production from late 2022 to india. hong kong has lost his position as the global aviation hub due to china's 0 cove. it policy that's according to the head of the airline st. iota. the group warranty industry industries pandemic recovery would be slowed if paging kept up, the policy that germany is largest gas in bought a uniform has been nationalized. the german government announced the measure on wednesday to prevent the company going bankrupt. unit per, has been caught up in the ongoing energy crisis after russia stopped almost all natural gas flows to germany and was widely seen as retaliation for sanctions over the war. and ukraine with no cheap russian import, juniper has had to buy gas elsewhere, much higher prices. german government, now how it's 98.5 percent of unit stock, though, after buying out finish energy firm for t. m. is unit for c. o, who welcomed berlin's decision? obama, we have always poin

p. pope united states senator from the west harcourt morgan president of the university of see who had worked out an agricultural program for the whole area. david lillianthal administrator and champion of legislation for cooperative electric power george norris of great american statesman who long had dreamed of regional planning of setting up a national experiment in one region, which could serve as a yardstick for every region? this was the plan to change the river through a series of giant dams checking the floods. to open it to navigation from its mouth to its head wars. the farmers the benefit of modern science and research to help them control the water on their land and restore the fertility of the soil. to reforest millions of acres on the ravaged to exploit the mineral resources of the area to use the electric power generated by the dams to develop and rehabilitate industry in the cities. to electrify the farms through rural cooperatives above all to prove that human problems can be solved by reason science and education the tennessee valley was to be pioneered again this time to be

p. pope united states senator from the west harcourt morgan president of the university of see who had worked out an agricultural program for the whole area. david lillianthal administrator and champion of legislation for cooperative electric power george norris of great american statesman who long had dreamed of regional planning of setting up a national experiment in one region, which could serve as a yardstick for every region? this was the plan to change the river through a series of giant dams checking the floods. to open it to navigation from its mouth to its head wars. the farmers the benefit of modern science and research to help them control the water on their land and restore the fertility of the soil. to reforest millions of acres on the ravaged to exploit the mineral resources of the area to use the electric power generated by the dams to develop and rehabilitate industry in the cities. to electrify the farms through rural cooperatives above all to prove that human problems can be solved by reason science and education the tennessee valley was to be pioneered again this time to be

james p polk united states senator from the west. hard-core morganon an agricultural program for the whole area. david lilienthal, champion of legislation of cooperative electric power. great american state. who long had dreamed of regional plans. setting up a national experiment in one region which could serve as a yardstick for every region. such was the plan, to chain the river a series of giant dams, checking the flood. open it to navigation from its mouth to its headwaters. to give the farmers the benefit of modern science and research. to help them control the water on their land and restore the fertility of theor soil. threera fourths, average on the hillsides that mineral resources. she is electric power generated by the dams to develop and rehabilitate industry in the city. to electrify the farms through rural cooperatives. t above all meat solved by reason, science, and education. the tennessee valley was to be pioneered again. this time to be developed notth plundered. this time not for the benefit of a few but for the many who lived it. t

apple shares also down about 1.2% right now still, well better than the broader s&p, with apple down about 15%, morganth the s&p now down 22% year to date and the nasdaq back down at that more than 30% level, down for the year so, very much approaching some of the june lows that there had been hope that we would never see again, given the strength of that rally but there was that course out there saying, we still have not seen the impact of the feds' moves and then really since jackson hole, it's been not a lot of good days here, at least if you're long the market. given how stronglymr. powell has talked about attacking inflation and making it very clear that that was what he was focused on >> yeah. and steve liesman reported on this earlier this week as well, right? it's not once, it's not twice, it's three times now, essentially, that fed has very explicitly said, we're going to go the course here with inflation and, you know, at least suggesting to the market or strongly suggesting to the market that the fed is not going to blink the market seems to be getting its head around that the two-year yiel

morgan stanley has the s&p earnings going down next year. where dues -- usually about 14 times. that's how you get to 3200 or something like that. jeffrey said he could see 2900 in the s&p 500. great training opportunities. you guys were great last night on this and playing for this. i'm not that impressed with 2% higher today. i'm not. let's see if we can put together a few days. it's hard when you are trying to play these things on a short- term basis. i'm not sure anyone thought we would have a 20% rally. in june it felt really good and i will submit felt really bad. >> michael is talking about that classic inflation. to your point about what does it mean if that ten-year -- i will tell you under that situation, two years not going to move all that much. you are talking about an inverted yield curve the likes of which we have not seen in a while. you think the fed is going to come to our rescue here and maybe that gets the stock market to rally. it's all about earnings. that is the foundation of the market. earnings and revenue growth. it's just not there to support these. >>

p 500. dagen: morgan stanley saying that stocks have fully to stock and slowing growth. you disagree, ken?ain, anything is possible especially anything coming out of left field with the fed rate hikes and this is just the opposite of last year. multiples contracting, the dollar is very strong and hurting multinationals and you can't take anything off the table but we are hoping that 36.36 is some type of defense, institutions are willing to buy the level and hoping that holds. they can be right as well because we are in this uncertain time, again, lack of leadership and, of course, the federal reserve, they are known to whiff. dagen: how do you allocate money here? >> one good hemming for investors, xle, energy etf, we saw sea saw battle all year long, oil receded in july and we saw stocks take off and stocks go lower, xle would be a good hedge portfolio and we like microsoft, based on earnings, 6, 9% margins, they are buying back most and raising dividend and raising guidance and you pair that with a short, easy short here and the rallies would be meta, all the things with them and, of co

ubs is taking down their s&p price target, they're cutting further their estimates. morgan stanley talks about margin pressures ahead isn't it inevitable that earnings are going to come down? it's just the degree to which they do. not that they're going to come down i know even you think there are -- $250 is possible. that's not happening let's be honest with one another and our viewers. it's how much they come down and what multiple you're willing to put on that. isn't that the argument, brian, regardless of all the other stuff that you laid out in your four or five points? >> it all comes back to earnings stock market was down 23% in the correction i don't think you can apply that same math to earnings because of what i said with respect to how stable and sustainable earnings have been through this 16 months of increasing inflation. yes, are we going to make our 245 number probably not but i think we're going to be closer than most people think because of this secular, not structural, secular trend really since the tech wreck of companies underpromising and overdelivering

p 500 is trading? trading is going well, heather. i don't want to be the voice of doom, but we have to bel and rec projections of morgan stanley reallye not changed. we see the s and p 500 index that we all look at treating somewhere between 6400. i mean, it closed out today about 3900 before you know the end of the year. we'll probably see a drop down and then eventually start moving back to about 3900. uh which is what we see happening really in the middle of 2023, so those it's a difficult market. you know, it's one that that still needs to price. you know the risk in that's the federal reserve tightening and the slowing economy and a lot of the damage has been done, but it'll it'll get better as we go forward that delicate balance that we've talked about so often before i let you go, though george of forecast for gross domestic product for the 3rd and 4th quarter. yeah, the gdp has our report card, heather. so you know the first two quarters we were negative. the third quarter. we expect to see this is our projection at morgan stanley 8/10 of a percent and then the fourth quarter. we expect about 2.3% growth, and now that will gi

one of the good calls on the year, mike wilson at morgan stanley has gotten more bearish today. he is saying the s&pld go somewhere between 3000 3400, he is taking his earnings estimates for the s&p 500. we are going to see the new 2022 estimates, down from 225. not a huge down, but you could see the likelihood or the thought that comes to mind for me, this could be the beginning of a trend for other strategists bringing down the s&p overall index earning estimates. that makes valuation more rich, suggesting it could go down. this is the trend, the church -- the 13th down week in a row, earnings estimates coming in tracked by city. not a bullish start, not the first full week of the term, that will be next week. not a bullish start, we are looking at possibly another down week for stock. guy: wait until september, that is my take away. thank you. let's talk about the crude market, crude is down sharply. post opec rally soaring in a big way. allies agreed to 100,000 barrel a day cuts. the signal is important. here with merle or -- more is anthony di paola, he joins us from dubai. this is a quick turn

. >> as we put together another rough quarter coming to a close, the s&p to the downside. joining us, morganu said this was in the works and now that we have corporate warnings, chicago pmi, these inflation expectations, is the market getting to a zone where you think stocks are interesting? >> yes, i do i mean, you know, we have -- for the past six months we have talked about the third quarter likely going to be the confessional season we need in this bear market want only to reset 2022 full-year earnings expectations but then in turn 2023. i think one of the conundrums for putting in a bottom on the stock market has been what are the estimates for next year and, therefore, what is the true pe in this market as we know, and we've talked about this a lot, up, bottoms-up analysts have been extraordinarily low to readjust their estimates. right now for 2023, we're only 3% off the peak estimates for next year, somewhere between 245 and 255 a share. at morgan stanley, i know you speak to mike wilson, our chief investment strategist and our cio very often he's at 212 for next year, which would pu

p. >> thank you good monday morning. welcome to another hour of "squawk on the street. i'm carl quintanilla and morganmaternity leave. >> glad to be back what did i miss? >> not too much. we missed a lot of coverage from you. i'm looking forward to that as well >> oh, yes oh, yes. i did not come emptyhanded before i get to that, i want to give a little shout out to my family, given it is day one back from maternity leave i think we have pictures here. max is almost 4 months old he joins his sister who is 6, in first grade, and nico, who's 2 i love the matching pajamas. all of my. pictures on tv are matching pajamas. everybody is doing well. family's good. it's even better now to be back here >> yes, it's wonderful we look forward to some resumption of defense and space coverage, i hope, maybe. >> yes, you can. as i mentioned, i might have been busy coming into the weekend, i went to boseman, montana, caught up for a tv exclusive will tech billionaire and astronaut jared isaacman who is going back to space with spacex for an insider look at fighter jet training for this newer crew, the all-civilian mis

p global commodities highlights how the e.u. sanctions are really during this huge shift. morgantanley notes china and india, though, saw a 54 percent combined increase in the last month in russian oil products that they are taking. one way that the russian products are being shipped to asia under the radar is through these large shipping hub, where there is a lot of redistribution. some of the russian blends mixed with other products and relabeled. that is a lot of what is going on. this is a shift that will be closely watched in the months to come. meanwhile, we are seeing volatility in oil prices, we mentioned at the top of the show that the latest u.s. and london trading saw double-check i crude and brent crude deep earlier in the -- we saw the wti crude and brent crude dip earlier in the session. but it recovered as the dollar recovered. the dollar has been a big driver as of late. there are a lot of potential headwinds coming because of the hint of non-actually of more supply. u.s. announced it would offer 10 million more barrels from its strategic petroleum reserve's in se

p 500 earnings. they are predicting a headwind of 10% from the king dollar in line with other issues like import costs. in terms of what that means, let us bring up the terminal. morgannley's wilson says his will early around -- this will end around early next year. the downside from where we are today, this is based on the midpoint of the production. the s&p 500 also looking at a crucial moving average. you can see we have touched this number over the past few decades, in terms of what this means, the circles here in green, we have bounced off of it a couple of times. here around the.com bubble burst, the financial crisis around 2008 and 2009, you can see that there was a big decline in u.s. stocks that followed. haidi: bitcoin is trading in correspondence with stocks this year, we see this connection break down a bit? annabelle: it is interesting because for much of the year when u.s. stocks declined while bitcoin did the same. on monday we saw a reversal which was interesting. bitcoin reached the $19,300 level off of the gains. you can see that in the crypto index, those of the losses we had in the u.s. stocks. what strategists say is happening in the market is th

there opportunity out there we'll speak to the co-president of morgan stanley next stocks at session lows the dow down close to 1,000. s&p 500 down 3.3%. that is session lows ow lchwi brit back go green. go wind turbines. go gorgeous reliable grid. go emerson software. go science people. go breakthrough meds and safe science. go space age welds for super silent cars. go big. or go home. from software that delivers new cures at warp speed, to technology that makes clean energy reliable, emerson innovation helps make the world healthier, safer, smarter and more sustainable. go boldly. emerson. - yieldstreet presents: alternative investing with kal penn and older kal penn. - oh, the stock market is doing that fun thing again. - hey news from the future, you're going to live through that about 10 more times. (laughs) - oh, it's no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - ooh. i think some of my gray hairs just reversed. - yeah. you're welcome. - [narrator] become an investor today. yieldstreet: private market investing. >>> just about 90 minutes to the clos

the equity market, a bounce back off the lows of the year, the s&p 500 positive one full percentage point. the second part of jp morgan'sw-up, i promise. preconditions for the market bottom have fallen into place, increasing -- increasingly cheap and falling into distress. interesting how the tone of some of these notes from the big bowls have change it -- big bulls have changed. tom: they are waiting for october 14 when the earnings season clicks in. it is not about this coming q3 and q4, but about what happens early next year. there's a fair amount of gloom. here's my opinion, selected group, deutsche bank hydrocarbons and edward morris at citigroup absolutely nailed the 30% decline from the panic of 120 -- down to -- is that the call of the minute. stephen schork, we are going to wander down to this range. what are the ramifications if it continues to drive lower? stephen: we are still at a level, looking at oil in the high to mid 80's. it is the sweet spot where the prices are high enough to attract investment and not so high that it is going to choke off demand on the consumer. we are now testing an area mid to hig

moran kathleen moran lindsay stapleton morehouse george morell steven p morello vincent s morello yvette nicole moreno dorothy morgancy morgenstern >> sanae mori blanca robertina morocho >> leonel geronimo morocho >> dennis gerard moroney >> and my cousin, michael and marty. we love and miss you every day. your memory is a blessing along with all of the angels watching over us today. >> and my sister, maria, i wish mom and dad were here with me but they are with you in heaven. please look after them. please look after us. me, victor, natalia, jennifer and our kids. i know it is a sign from you when my son was born on september 10, 2018. i also want to say i miss you. i miss you, i miss mom and dad very much. god bless america. >> lynne irene morris >> seth allan morris stephen philip morris christopher martel morrison >> ferdinand v morrone >> william david moskal marco motroni cynthia motus-wilson iouri a mouchinski jude joseph moussa peter moutos damion o'neil mowatt christopher mozzillo stephen vincent mulderry richard muldowney jr >> michael d mullan >> dennis michael mulligan >> peter james mulligan >> michael

morgan hill, top of the power outage. but because of an underground electrical fire p g said that between 505,000 pg e customers are affected in that area of del monte avenue and del monte lane. cal fire was on the scene. so hopefully they got that under control. we're going to and i on this, of course tomorrow. hopefully it's nothing as bad as what we saw today. meantime, reporting in the newsroom. the kron, 4 news ella sogomonian. >> all right, thank you very a statewide flex alert for today that just expired at the top of the hour running from 04:00pm to 09:00pm. it was the 7th consecutive day. we've had a flex alert along the california independent system operator is anticipating relief on the grid tomorrow. there will be another flex alert again from 04:00pm to 09:00pm. all right. speaking of tomorrow and beyond, let's get a look at the forecast to see what conditions will be like. yeah, we'd love to see a cool down. i think we'll watch these temperatures back off a little bit tomorrow, but not by much. this heatwave starting last thursday. it's going to stick around. probably. >> well into the weekend before watching

p 500. we are in mike wilson's world from morgan stanley.r the corrections to come from earnings scares and here is one. fedex and the premarket. i think you can use the word crushed in the premarket. here's the quote from the ceo. things are moving quickly. we are swiftly addressing the headwind and the speed at which conditions shifted. the fedex ceo. are we going to see more quotes like that in the coming weeks? tom: that consumer has been acting -- the bulls are trotting out. this is important folks. through the day, this is a different friday. jonathan: is that the kind of thing that spokespeople? -- spooks people? tom: and there is. we rarely get to sit with guy johnson. you guys have known each other for years. there is so much going on here. away from the funeral. this is a united kingdom, jon. jonathan: we had a show together and we broke it up so i could come to work with you. [laughter] the 30-year anniversary of black wednesday. what a moment for pastor sterling at the bank of england. guy: we are below we are then -- we are belo

morgan hill dealt with a power outage. but that was because of an underground electrical fire p g said that about 500 to 5,000 pg e customers were affected in the area of del monte avenue and del monte lane. and cal fire was called out. that's it for me reporting in the newsroom. i'm ella sogomonian. >> all right. thank you for that ella tonight, pockets of lafayette were left in the dark for several hours passed for sale of the second joins us live now from downtown lafayette with more on that taylor. >> well, just about 10 minutes down the road, the silver springs neighborhood was hit, not just once but multiple times over the last couple of days. they say their power outage today less than a couple of hours. they really want to know why it seems that their neighborhood is being hit most frequently. >> neighbors in this silver springs area of lafayette are hoping to cool down tuesday night after losing power during triple digit temperatures earlier in the day. just been extremely difficult. you know, living in this kind of hate >> it's uncomfortable. mike anderson says it's not the first time this week either. >> 2 yester

p 500. alternative energy stocks, they are higher and expanding a distribution deal over in europe, and next era upgraded by morgan stanley on hopes for hyde genjennifer tejad hyd hydrogen our next guest is bracing for further rate hikes he says inflation poses the greatest risk to risk assets joining us with his outlook for the market and some top picks, chief investment strategist at janney, montgomery, scott. what do you think the fed will do are you in the idea that they're going to raise by 3/4 of a point or a half a point? they do seem sort of hell bent on crushing inflation. >> well, they really do, tyler, and i think the old adage, don't fight the fed is certainly in play at the moment they seem to make it very clear, particularly jay powell's brief speech at jackson hole, that their commitment is unconditional, and they're willing to cause some pain in both households and the economy relative to loosening up labor conditions to relieve demand from the swamping supply and therefore provide a release valve, if you will, for the elevated inflation ratings we're seeing so i do worry that as a consequence of t

caterpillar, dow inc, jp morgan, chevron rounding out the top five. s&pegian cruise lines, royal caribbean, carnival corporations. the cruise lines are doing well again. they're all over. nasdaq composite and best is ill lumina, monster beverages, paypal, verasign. closing in on 3.3% and how about that. the yield on two year is still above that. again implying recession is coming. nothing wrong with two year, yielding 3.5%. price of gold, $17.18 continues to come down. bitcoin hovering around 20,000, 19, 6 to be precise. oil despite one because of opec cutting the barrels and price up $87 a barrel. nat gas down 4% and that's a market all over the place. average price for a gallon of regular, down to $3.77 as of right now but a gallon of diesel still above $5 a gallon. $5.05 to be precise. would you work an a fast food chain that pays $22 an hour? california sign add landmark law that makes that happen. boar boris johnson bidding farel to downing street. will he be remembered for brexit or party gate? listen to who elizabeth plans to represent. roll tape.

little jump in the dow it's up 150 points mike wilson, morgan stanley, he walked back some of that negativity still said we could go down to 3,000 on the s&p but thinks yields are near the top. doesn't think it will be a deep recession, just that the indexes have more work to do to catch up with earnings and falling expectations again, home depot, nike, caterpillar, those are the leaders, the biggest contributor to the dow gains health care is under pressure. we'll talk about that a little later on in the show mow determine in that particular, a big loser. let's talk manufacturing inflation and supply chain issues are still top of mind for manufacturers, according to a new survey out this morning from the national association of manufacturers. the majority of respondents are also expecting a recession this year or next despite the tepid outlook, joe biden said in a "60 minutes" interview, manufacturing is making a comeback in the united states joining us is jay timmons, ceo of the national association of manufacturers. do you agree with that >> it's good to be here. i actually am very pleased with many actions of the biden administration a

morgan said, still circling here around 3,700. let's get to bob pisani this morning. hey, bob >> good morning, guys. s&ps positive and the dow is negative now, the good news is tech's really helping, so salesforce, for example, microsoft, apple, they're really helping the dow out, what's really weighing the dow is united healthcare, down about $8 and that by itself is almost enough to put the dow in the negative territory, so that's why the dow is not in positive territory right now so, take a look at the sectors right now. ark on days when the market tries to bounce, you usually see ark, that's a very good indication, when ark opens up 2%, now 3%, that's a sign the market's trying to bounce. banks, a little stronger tech, microsoft, apple, salesforce helping the dow energy down fractionally and male metals and mining, more stable today. that has been a disaster, energy and metals for the last couple weeks. we know how dramatically oversold things are. every indicator over the weekend, when people were evaluating, was a mess momentum, rsi, relative strength indicators,52-week lows, almost a thousand on

- people applying galore >> apple's going to be our biggest s&p laggard, followed by all the suppliers, jim, even with the caveat that morgantanley tried to point out >> well, i mean, morgan stanley's been right a lot, but what i am concerned about is, i mean, we have an announcement from qualcomm this morning saying things are on target. if you take a look at my show last week -- >> qualcomm's made some interesting moves in automotive. last week -- i mean, they have moved much more aggressively in terms of becoming sort of the digital platform in automotive, create a tesla outside of tesla. >> that's gm gm, when you speak to kyle vogt, who does their autonomous cars, he's saying that's a bit of separate but carl, we are seeing companies frantically trying to get away from cell phone and rechange their status because they see that china's not buying the cell phones. >> it's not a growth business. >> no, it's not a growth business >> not for the supplier. apple, of course, we mentioned, down we hit biogen, but it's worth coming back to and lilly, because shares are up 6% to your point made earlier in terms of their attempts

p 500 is a forecasting tool. analysts looking at 237 for the year. which side is correct? if i had to guess, i would say stocks are forecasting it correctly. an analyst at morganey has taken in numbers that might give more given the announcements we had last week. we have the average 30-year mortgage rate above 6%. higher prices and wealthier clients come consumers, americans are going to be buying these higher-priced houses. it doesn't make sense. if you have a lot of wealthy people and a new homes can they will be able to keep the price point. typically when mortgage rates go higher it quells demand. guy: we get housing data tomorrow and a better take on what is happening when we see those numbers. thank you very much indeed. it's get back to what is happening with monetary story. clearly the fed preeminent. the past week investors talking about her being asked about the best trades head of this upcoming fed meeting. here's how they responded in this week's survey. >> we need to trade you can start looking at in terms of the u.s. treasury rates. >> it will be a good time to put in front of two-year treasury bond yields. >> the best at the moment is asian bon

p. moran jr. >> john christopher moran. >> john-michael moran. >> kathleen moran. >> lindsey stableton morehouse. >> george william morell. >> steven p.morello. >> dorothy morgan. >hard j. morgan. >> nancy morganstern. >> sanae mori. >> geronimo moroco. >> and my cousin michael a. marty. michael, we love and miss you every day. your memory is a blessing along with all the angels watching over us today. >> and my sister maria teresa conception contila. meretes, i wish my mom and dad were with me but they're in heaven, please look after them and us, me, victor natilia and our kids, rocco, xavier, and meretes and ryland. i know when he was born on december 10, who my daughter was named after born on september 12, 2012. i want to say i miss you and missed when you used to tell me you got problems. and also i just want to say i miss you and miss mom and dad very much and my condolences to the 9/11 families and it was an honor to read the names and god bless america. >> gwen irene morris. >> adessa morris. >> seth allen morris. >> christopher martel morrison. fender national morrone. kill yum david moskal. >> marco motroni. >> cynthia motus-wilson. >> iouri mouchinski.

matt morgan, justin clark, chesbrough, mike román, rnc official, joshua thinley, trump attorney john eastman, janet ellis, joe digenova, eys.james troop, rudy giuliani,psidney powell, victoria tanzy, and wesitchell, bruce mark could go on and on and onth and on. the doe doj is now going after former white house official steven miller, a frequent guesml on the show, with a subpoena. why? well, it could be becauseer a steven miller went on thist network and said, quote, if we win these cases,s the courts, then we can direct the alternate state of electors are certified. in other words, he didn't call for the election in correction ,much less violence or a coup. e he called for alternate he did electors to be seated if f the court ordereord them to be seated. >> in other words, he was following the constitutionally prescribed process tollowing the post-election. he's doing what he's supposed to do. he was following the rules. d undeunder joe biden, that apparently is a crime.. by the way, every one of theseee people has to hire lawyers too defend him or herself and a lot of them at this point, after th two years of harassment by joe biden can't afford it

points and the s and p. 500 was down. 177 okay, so let's go ahead now and talk more about this dismal day on wall street. and bring in georgia machete family wealth advisor at morgan stanley and george inflation, it just won't cool off the consumer price index showing prices increased. 0.1% for the month ended up 8.3% over the past year. let's talk a little bit about those numbers. i mean, that's what has investors really worried? well, if you notice i'm not wearing my coat and tie today where there's been a lot of heavy lifting, and i'm not gonna sugarcoat it. you know, august inflation numbers were just terrible. headline inflation was up, and more importantly, core inflation was up and as those are many of the things that we buy, and that's because you know, rent expense was very, very high. so that offset some of the headline inflation because we've had the benefit of lower oil prices, but that's been offset with with other parts of inflation like housing that's really escalated . george, you just mentioned that core inflation gauge. so with that being said, let's let's put up. some figures here on the screen, and sure this number this is this is consumer pric

p below 3650 >>> good thursday morning. welcome to another hour of "squawk on the street. i'm carl quintanilla with morgand david faber at post 9 of the new york stock exchange pretty much undoing any gain very weak breadth, especially in tech >> we're 30 minutes into the trading session. here are three movers we are watching right now we're going to start with carmax, those shares are skidding they are down about 21% after missing quarterly estimates on the top and bottom line. the used car dealer -- that stem from widespread inflationary pressures including climbing interest rates and low consumer confidence. >>> a mega cap under pressure, amazon announcing a another pay increase that will cost the company $1 billion a year. we'll see if retail rivals follow suit. shares of amazon down 2.5%. >>> jeffries posting better than expected quarterly profit. getting a boost from upbeat merchant banking results which helped offset a slide in deal-making. >> that he took that $80 million charge for that device problem all these banks have run into regulators as well. >>> let's get back to the broader markets. pul

morgan stanley on the show who was -- -- >> did you get him bullish finally? if you did, big applause. >> he walked back his bearish call little bit. he still expecting the s&p to go down to 3,000, test that low and come up. he said i don't think we're going have a very deep recession. he said i think yields have topped out here. he just expects more pain in the stock market because it's not reflecting the recession and the fact that earnings are going to have to come down. i thought that was actually sounded a little more bullish. >> yes so i think the reason why the market is rallying is all traders, what we keep doing is saying okay, we saw fed ex have a blowup last week so is that going to change powell's mind? so we keep grasping on this pivot. even though we know the pivot is not happening. so what we're looking for, should be realistic is say maybe we could have a pace pivot where he can say, okay, it's not going 75 to 100 basis points we're going cut that back 50 to 25 that should be the light at the end of the tunnel. but i think people are getting excited thinking powell is going the change his tone this week. >> even if he doesn't change his tone

with regard to individual stocks, morgan had spoken about the travel and leisure names on the airline side of things if you look at the broader s&pis royal caribbean, carnival corporation, norwegian, expedia and caesars. they were some of the biggest laggards in yesterday's session given some of the consumer spending outlook and recessionary tales at play one of the places to watch is the mega cap trade apple, microsoft, alphabet and tesla are up fractionally to 3.5% apple and amazon and tesla, they are relatively outperforming, but those three stocks, carl, apple, amazon and tesla, were actually positive in yesterday's session. so, we'll keep an eye on those to see whether there's more investor trade interest in those names and mega caps, carl. back over to you. >> a lot of crosscurrents today, dom. stocks have come off the opening highs on the heels of the strong confidence and new home sales data let's bring in cia of international equities, david hiro great to see you we get numbers like this, it just reinforces the view for some that getting inflation or activity under control is going to be like keeping a balloon under wate

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1.7% s&p 500 lower by a similar amount and the nasdaq down about 1.6% bucking the trend is shares of humana, which is hitting an all-time high right now. the stock getting upgraded today by morgan stanley to overweight, citing an improved competitive position that will drive earnings growth. stock up just about fractionally at this hour in prepared testimony the ceo of wells fargo plans to tell congress that the bank is at risk for setbacks as it works to address long-standing regulatory issues the hearing is scheduled for tomorrow, and the stock is down 2 1/2% the yield on the two-year and ten-year treasuries notching new highs ahead of the fed's rate hike decision. perhaps why stocks are moving lower at this hour, ty >> all right, seema. the decision from the fed will come in less than 24 hours from right now. widely expected that the fed will raise interest rates by 75 basis points that's 3/4 of one point. and it upgraded its forecast and is calling -- nomura did, calling for 100 basis points that's a full point. rob dents, the man who made that call, he's senior economist at nomura what persuades you, rob, that the fed is ready to do something they haven't done, golly, i do

morgan hill high. i mean, were you like hating life? yes, it was it was brutal. i like that. i didn't get any sleep whatsoever. we live in a well. so no water whatsoever. -p>> ironically, we had just gotten new air conditioning put in receipt quit last week. so we've got that put in. and then about 10 minutes after it was good to go. it. cut off in the power went out. so we just want up the road to get some dinner. >> most if not all of morgan hill should have their power back. and some of the worst scenarios they were out for 3 to 4 days in this neighborhood. 11 hours why the power went out. what we do know that california had a flex alert. they're still trying to find out themselves. they could not get the text as far as pinpoint reasons why their power went out. and at this point, they simply don't care because they have their power and they have their water back back to you. all right. thanks very much. well. >> in other news, san jose moyor sam liccardo is calling out pg and e the mayor's office saying to san jose hospitals were affected by power outages over the past week along with more than 30,000 homes. the says the utility has to come up with a

morgan, back to you. >> seema mody, thank you. >>> we're about an hour into the trading day. and the s&p right now is trading lower.n terms of the gainers on the s&p, it is pharma names like eli lilly and merck. lennar on the heels of earnings yesterday and defense shipbuilding, huntington ingalls. in terms of what is leading the loss loss on the s&p, it's largely consumer-facing names. caesars, darden, etsy and penn entertainment. >>> the fed chair said yesterday the housing market is in for a correction with prices already coming down. he called that a good thing. what will it really mean, though, for consumers still in the market to buy a home our diana olick has more on that today. hi. >> hi, carl. first and foremost, we need to understand that we already had a housing shortage before the pandemic as the largest generation was aging into home buying years and home building was still weak after the great recession. then came the pandemic and government-induced record low mortgage rates both the pandemic and those rates really drove fast home buying demand and home prices shot up more than 40% in just two years.

morgan, ceo. an economic hurricane is coming. goldman sachs warns of unprecedented economic shocks. and billionaire jim rogers says worst crash in our lifetime is coming since the start of the year. the s&pwn 22%. nasdaq down 32%. bitcoin down 58%. and now the housing market has hit a wall. are we on the verge of a historic recession? find out. paul lear capital for your wealth protection survival guide and precious metals. iara rollover to see how easy it is to hold physical gold and silver in your ira. don't worry, the experts warn time is running out to save your retirement. so, paul , now get your grief wealth protection package and up to fifteen thousand dollars in bonus medal's on your first purchase. israel, eighty three hundred. aces, so heartbreaking at this holocaust museum in israel. "comfort that were brutally murdered. this, co" cries out to us . comfort, comfort my people. an reach every holocaust survivor in israel. d n. many are poor and hungry and they have nowhere to turnsha to film some version os fther, the lobizon. >> oh, now , rose has had such a hard life from the day that she was born into the holocaustm otand watching her sister die ot hamas, which we were sheo h

p, 149.09. all sectors green. don't go anywhere. welcome to another hour of "squawk on the street. here at post 9 of the new york stock exchange morganpeek above 4100 and setting up expectations for a busy week. a bunch of industry conferences as maybe some earnings pre-announcements we often get along with them. >> we are 30 minutes into the trading session. let's give you three movers we're keeping an eye on. twitter, those shares had a big week up, but down ahead of tomorrow, what's going to be that whistle-blower who will be on the hill, probably facing a lot of senators and the like who are not particularly happy with twitter overall. maybe friendly questioning you have shareholder vote. you have another termination notice sent by musk's legal team to twitter they're dismissing it again. october 17th is when the trial starts. >>> let's move on to chip names. amd and some of the others amongst the biggest laggards on the nasdaq not that much, but this underreports the biden administration could curb shipments to china of chip-making equipment quiment. disney had a packed d23 expo they said, you know what, dan lobe, you may think

morgan asset management. he is lending the other way, we like that. 3% on the nasdaq and down 2% on the s&p. in boston years ago and down the road was the legend, phil caray of pioneer funds. david channeled him. it was he who talked about declining revenue growth even this cycle. that is what i am watching for in the earnings season into next year. the world changes when you move away from the bright whites -- the bright lights of inflation. jonathan: equity markets are softer and a bond market is softer, too. yields are much higher. this is quite a move of the back of his inflation report. you can say the equity market is not an overreaction because we were up 5% over the last four days. maybe we are taking some of the heat out of that move. 373 .92 on a two year yield in america. lisa: the has level back to november 2007. the debate is about if this economy can withstand 4% interest rates long enough. that might be one of the biggest dividers between bulls and bears. people must be able to say the fed can hold think there for longer than you think. that is a bearish case. the bullish case