companies at p. x disintegrated practically overnight after it was unable to meet a run on deposits. i left the company with an $8000000000.00 hole in its accounts. the founder of s p s. sam bank, men freed, founded what he claimed were 2 separate companies. a hedge fund called alameda research and a crypto exchange platform called s p x of p. x is native currency was a coin called a p t, which was printed and used as collateral for ela, made to take out loans. at one point a t t traded as high as a dollars, so it took out a huge amount of loans at the time. and this is extremely dangerous because of the price of f t t fell below a certain level, it would leave alameda, unable to pay back its lenders. now in early november, a report show that to fits of allen made us $14000000000.00 balance sheet was held in f t t sparking panic among f t x as customers. c z. the ceo of finance immediately dumped $23000000.00 f t t tokens sending the price into free fall. as of yet was unraveling. it was further revealed that s b s had created a secret back door and f t x that allowed him to move deposit money off the exchange to alameda without alerting customers. so the lesson on the st

s&p? how low does the s&p go? sam: we think the fed will take rates in 25 bit increments.important than the terminal rates, you will see the fed cutting rates. in terms of the feedback, towards the equity market, we think it is possible that we could see equities retest the lows we saw last year and certainly by punching country to the current market but we would really emphasize this point that if we don't see a more material earnings recession -- what could consider positioning portfolios weighing short risk by the equity market against paid risk. alix: when does that scenario happened and what is the trigger? deutsche bank talk about how we could see a run to 4500 in the forced -- first quarter and things fall out later. what will be the trigger point? sam: the trigger could occur little certain -- a little sooner than that. metrics are sending a risk offset what that is true from the timing perspective when we look at the risk premium model and the valuations perspective. at the same time, our risk premium implies that you have had too long a period of strong momentum

the bullish call for stocks through year end sam stovall is the cio at cfra his price target is 4575 that is the most bullish on wall street tracking the s&pe have spent a lot of time talking about what seems as though is a consensus opinion among ceos and your peer strategists about recession or soft or hard landing for that reason, many have bearish forecasts. why are you bullish? >> good morning, dom first, the price target is a year from now or close to a year from now and a lot can happen. traditionally, after a market decline in one calendar year, the market is up more than 80% of the time in the subsequent year gaining 14% i think that because of the uncertainty that we are likely to be seeing noin the first quarter, it is a tale of two halves where the fed will tighten one more time on february 1st then hit the pause button. we are reminded the fed does tend to cut interest rates nine months after the last rate hike. >> in your models, sam, as you put your projections together and data for inputs and forecasts in there and that generates 4575 number and what stood out to you and what is driving that bullish forecast? is it the rate

stocks are trading higher to ending the month with the s&p on track for its best january since 2019 our next guest expects that to continue this year sam stovall is setting his year-end price target for the s&p at 4575 and he joins us now to explain his strategy. sam, welcome >> hey, kelly, good to talk to you. >> you too in a year in which a lot of the analysts are pretty bearish, people's main question is how do you get there? >> well, first off i think you really should understand that a target price is more of a weather vane than a laser beam it is a 12-month outlook and we put it together so that it gives guidance to our analysts so when they compute the intrinsic value of stocks, they know whether it's a buy, hold or sell based on the forecast of the overall market what goes into that decision is a combination of fundamentals, which is the cap weighted target price for the companies in the s&p 500 put together by cfra equity analysts which is a year ahead outlook. from a technical perspective, i look at point and figure targets for the companies in the benchmark. and then i also take a look at the historical precedent, because a

and all broke three-year winning streaks the broad-based s&p was down more than 19%, but here is some potential good news, according to cfra sam, since 1945 when the s&p 500 has posted a negative year, it's been up the following year 81% of the time with an average gain of more than 14% >>> a couple big stories that investors will be talking about likely today, the big one tesla, shares lower to start the new year, over the long weekend the company reported fourth quarter delivery numbers and although they came in at a record 405,000 cars, that still fell short of analysts expectations compiled by fact set. the expectation was 427,000 vehicles for the year, deliveries road by 40%, that's huge compared to 2021, but third quarter investor presentation tesla said it expected to reach 50% annual average growth in deliveries over a multi-year horizon, so we will see what's going to happen. analysts, some saying they're going to have to come up with a lower price vehicle if they will try to hit those growth numbers. meanwhile, tesla's chief in china promoted to a new job overseeing the company's u.s. assembly plants and european and

versus the ones who are the moist bullish, right now, that distinction goes to sam stovall at cfra, a 4,575 target for the s&pns now with these vatstrategist surveys, this is very early in the year, early observations there's a lot of stuff that can change between now and then. the fed, what they do with rates, whether we go into a recession or not, all afof that comes into play, but you could say, sell in january and go away for the rest of the year >> yeah. yeah it's hard to say i mean, these things are moving targets, and they -- and the prognosticators themselves may change their views >> not may, they will. we'll see them update throughout the course of the quarter, at the end of the year, at the half-year and everything else. as we look at the way things are shaping up, this is the baseline right now. we'll make the adjustments along the way, and by the way, if you're looking for the other full results of that survey, you should check it out. i will tweet out a link later but it's on the website. >> i think we got to get sam stovall on i'm curious how he gets to 4,500. what is the multiple the concern i

s-p-e-c-t ♪ >> aretha franklin taking the top spot. they call her voice the most magnificent sound to emerge from america. whitney houston, number two, samie holiday, and mariah carey for number five. >> >>> breaking news tonight. the dangerous winter storm on the move and the tornado threat in the south. tornado watches up in multiple states. reports of damage already coming in. heavy snow, sleet, and ice in the plains and midwest. in california the deadly flood emergency. dozens rescued and the new threat we're tracking it all. >>> also tonight, nearly 70,000 mourners lining up to pay respects to pope emeritus benedict xvi. as he lies in state, our team at the vatican. >>> russia acknowledging one of the deadliest strikes on its troops since the war in ukraine began. >>> new details on the suspect in the idaho college murders ahead of his first court appearance the father of one victim speaking out. how he feels about potentially coming face to face with the alleged killer >>> new images of the crowd fleeing after the new year's eve machete attack on nypd officers the suspect now charged. was it a terrorist act? >>> new troubles as hol

s&p which is 3 points, modest losses elsewhere. the white house finally commenting on their meeting with sam bank superman-fried before ft affects collapsehe white house said about this? charles: a number of meetings, one with a senior white house advisor in september and although there have been a number of reports filed in recent weeks to suggest that meeting and 3 others last year were part of a influence campaign to influence crypto currency policy, now we have the press secretary of the white house claiming the main focus was something different. >> the meeting focused on pandemic prevention related to sam bank superman-fried's foundation and general information on the crypto currency industry and crypto exchanges. the administration has been clear about the need for congress to take action and talk about addressing crypto currency. >> reporter: she did not comment on whether democrats would be asked to didn't return any donations. spf's brother does run a pandemic prevention related foundation. calls guarding against pandemics. as for the meetings that took place and sam bank superman-fried himself attended four of them, specifical

s&p. >>> china services rose at a lower number as coronavirus cases rose business confidence rose to a 17-month high. sam baddas filed this report >> reporter: contrasted for a fourth month the survey putting this down to business activity and work not as hit as hard inflation pressure eased and business confidence hit a 17-month high. the bad news was employment continues to weigh people left jobs with the pandemic and businesses cut staff to contain costs companies also had to raise their prices it is the first snapshot of the services sector since china dismantled the covid ycurbs. these companies went from dealing with government to self imposed lockdowns as cases soared that's not good for shopping malls and bars and restaurants they held upper with numbers falling sharply. the data is building the case for policy the pboc will keep liquidity ample in 2023 and emphasizing financial support for c consumption and real estate market that seems to be what the markets are betting on given the bullish start to the year for chinese stocks, investors are looking past the downbeat data and toward the reopeni

s&p is hitting new session high up 47. fox business uncovered you can call them interesting connections between the victims of sam bankman-fried'sypto exchange ftx and the founder sbf himself. charlie gasparino is here with the latest legal embroglio. >> what a tank gelled web we weave. i'm not saying you know david boies. liz: yeah. >> argued before the supreme court. bush versus gore, the lawyer for the government on the microsoft, big microsoft case. liz: lawyer for theranos. >> theranos. we can go own and on. david has been on the show before. david boies is representing the victims of sam bankman-fried fraud in class-action suit. he is actually suing sam bankman-fried. he is suing gisele bundchen. suing tom brady. saying this whole thing was a huge crypto pyramid scheme. that is his words in the lawsuit. he, he is actually made some interesting comments about it recently. now here is the interesting thing. he is the chairman of bois schiller, the big law firm he created. two of his major partners are relatives of sam bankman-fried. a guy named -- liz: what? >> they are sam bankman-fried's uncle, james fox miller. major part

s n p has declared that the next u. k. general election will be a de facto referendum for scottish voters, but it will not be held until 2024. tenancy jones with hon. ah, hey, sam. 9, support with women fighting for the heart of india's giants store and imaginative rescue campaign. changing many things for the better. the stork army in 15 minutes on d. w. ah, farmers and upon job region have 2 opposite problems. groundwater levels that are far too low or groundwater that's far too high. increasing salt levels in the soil . good trim forming be the solution. what we are doing in i already exist been salary in the water. we have a lot of them is a part of the livelihood of these pod india eat 90 minutes on d w ah ah, this is news live from bernard colon says it's prepared to send left to tags to ukraine with or without javin commission. and japanese is hinting it would not stand in the way. also coming up. there's anger ad outrage in the middle east protested routes after a fight politician burns a.

s&p up 41 points. the nasdaq up 156 now. stay tuned, we are coming right back. ♪ ♪ i'm sam morrison. my brother max recommended you.nd sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors, the garcias, love working with you. because the advice we give is personalized, hey, john reese, jr. how's your father doing? to help reach your goals with confidence. my sister has told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial. sometimes you're so busy taking care of everyone else you don't do enough for yourself, or your mouth. but eventually, it will remind you. when it does, aspen dental is here for you. we offer the custom dental treatments you need, all under one roof, right nearby. so we can bring more life to your smile... and more smile to your life... affordably. new patients without insurance can get a free complete exam and x-rays, and 20 percent off treatment plans. schedule your appointment today. ♪ my relationship with my credit cards wasn't

is something like 9% of the s&p, down the way they are today, it's very hard for the broader index to make any kind of progress and we had a lot of news this past hour. samn federal court, the judge proposing as kelly just reported, a trial date of october 2nd, 2023. expects that trial to last about four weeks but obviously money laundering or any kind of financial trials get very, very complicated very quickly. >> oh, sure. i thought you raise and excellent question, who's going to pay his legal bills. >> if he only has 100,000 in the bank, that would last only a couple of days. >> maybe not >>> happening at the house, kevin mccarthy -- this is unprecedented to not have the immediate vote go down and hand him the speakership. >> and hakeem jeffries getting more votes on the first tally. we weren't watching the second tally. thanks for watching "power lunch" for the new year. >>> "closing bell" picks up our coverage right now >>> stocks look like they were about to kick off for 2023, but the major averages pulled back right after the open this is the make-or-break hour i'm sara eisen take a look at where we are. down 122 on the dow. the high was up 240.

moves toward pretty tight -- preflight testing and sam bankman-fried will face trial in october after pleading not guilty to fraud. we are talking about the s&p 500. apple actually falling off that with this market value falling beneath that level the last time we had microsoft at saudi aramco falling from that club last year. we had oil prices plunge the most since november. all of this after we continue to see this concerns. really easing some concerns that the energy crisis will continue in the winter. there is so much uncertainty. a lot of that is playing into these markets. look at australia trading. reversing some pretty steep losses in the first trading day. chicago nikkei futures reversing some of that early positivity. japanese equity markets are coming back online after the holiday. we have seen a picture of resilience when it comes to currency trading. lots of focus when it comes to this. write a bit of volatility. there does seem to be a consensus that the outlook for the chinese economy even if it is going to be a bumpy ride has improved compared to what was a horrible year last year. it looks like this year it will be about the

s&p 500 closed out its worst year since 2008. former federal reserve chief alan greenspan is joining growing number of economists warn we will be in recession this year. founder of ftx, collapsed security exchange, saman-fried today pleaded not guilty to fraud an of dollars. let's get right to the action what happened on the floor of the house. we welcome to the show, congresswoman kat cammack from homeland security and "new york post," jon levine. tomorrow you will be nominating congressman mccarthy for speaker when the house meets at noon tomorrow for the fourth round of votes. where do you come down on what is going on? >> listen, i have been very clear in my position. we need to be unified because unity is our greatest weapon against the biden regime and his radical leftist agenda. the only thing that division does invite weakness. as you see tonight we left the house floor with it still under control of democratically appointed clerk. that to me is not reassurance american people need at a time where there is so much uncertainty. if they don't know who the speaker is, if they cannot count on people they elect to give their voice to in washington what can they count on? this is very frustrating

nasdaq market site in times square s&p 500 looking at 5 at the open nasdaq looking to be up 50 points >>> genesis filing for bankruptcy protection following the implosion of samnesis is owned by digital currency group owes $9 million to customers. >>> ftx back in bankruptcy court. eamon javers is joining us now with more. eamon. >> reporter: good morning, scott. a lot of money on the line in delaware we saw the dramatic late filing yesterday by ftx's former compliance officer alleging conflict of interest and wrongdoing by sullivan and cromwell the law firm representing the bankruptcy proceeding. the 17-page document, sullivan and cromwell overbilled by millions manipulated the filing to generate fees for the firm made false statements and aided and abetted securities fraud sullivan installed john ray as the ceo of the furthermore to h -- firm to have a supporter it is not clear after the late filing yesterday whether he will be able to do that today with the significant allegations that are dropping in the proceeding ftx's new ceo john ray did support sullivan and cromwell this week saying the firm played an integral role to recover money for customers. othe

s&p one third of 1%. the end of happiness in 2023. lisa: i was going to get it. jonathan: from new york, this is bloomberg. lisa m.: with the first word, i am lisa mateo. samlans to plead not guilty to fraud charges today. he is set to appear in federal court in manhattan after being charged with orchestrating a years your -- a years long scam at ftx. his closest associates are pleading guilty to fraud and cooperated with the government. germany is open into seizing russian assets to help ukraine rebuild from the war as long as legal issues can be resolved and allies are still on board. not everyone in olaf scholz's government is enthusiastic. the finance minister is concerned confiscated central-bank assets could create a dangerous precedent. in china the economy ended the year in a major slump. business and consumer spending pledged in september -- in december. activity in china services sector fell the most in almost three years. in the national football league, buffalo bills player damar hamlin suffered cardiac arrest and collapsed on the field during a game with the cincinnati bengals. he is in critical condition in a cincinnati hospital. stunned team