joining us now is magdalena polan weed economist for pgim -- lead economist for pgim. i want to discuss whether it is the services indicator or the manufacturing print and where that leaves your view on the fragility of this u.s. economy. magdalena: good morning. this is some of the most-watched data and crucial to assess where those economies are heading and importantly where the fed is heading because the fed and the u.s. monetary and macro cycle is crucial to the outperformance of the markets, the global central banks, and for global economy. we at the moment have seen a change in rhetoric coming from the fed and chairman powell recently. there has some tone down of the hawkish tones. that outlook is very important, that turnaround is important for where that dollar will be and what the global financial conditions will be, what kind of moves we can expect. not only important for the fed, but for us as investors, this remains fairly closely watched. and you just said earlier that the data so far does not suggest there is a deep recession. but at the same time we all

join the pursuit of outperformance at pgim. the investment management business of prudential. folks, it looks like we're gonna have to land this big old bird earlier than expected because it's the xfinity black friday sale. get the fastest mobile service with xfinity mobile. yeah, we'll be cruising in to get the best price for 2 lines of unlimited for just $30 each per month. oh my! plus, for a limited time, get 500 dollars off an eligible 5g phone. even you in 22c. flight attendants, prepare for big savings. drop everything and get to the xfinity black friday sale. click, call or visit a store today. ♪ >>> welcome back let's go to d.c. now there's a news alert for us. >> a survey by the business roundtable says overall the index fell 11 points, and plans for hiring plunged 17 points the capital for investment decreased seven points, and expectations for sales dropped eight points in a statement the chair and gm ceo said with continued supply chain challenges, many ceos remain cautious about expectations for the next six months

join the pursuit of outperformance at pgim.ent management business of prudential. >>> the nasdaq still getting hit the hardest. joinings us is bob greifeld. great to see you this afternoon. >> my pleasure, carl >> on tech, we all know how it's underperformed and how overpriced it may have been at one point. it sounds like there are pockets, at least, that are underpriced. >> no do you about that. i think you have heard many times in the last couple weeks, about this going to be a stock pickers' market. tech as a monolith doesn't apply. you have to break it down into component pieces, like exactly at what the fundamentals are for each segment certainly as we look at 2023, i'm quite bullish on large sectors of tech, but quite pessimistic on others. when you point out stocks that are down 50% this year, go up 10 march next year, i don't call that a victory >> right, are you willing to like it up. >> completely, but i still think that's in the index mindset. i think you have to go deeper than that. you have to do fundamental analys

at pgim, the pursuit is on for outperformance.active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. new customers get our best deals on all smartphones. that's right! but what if i'm already a customer? oh! no problem! hey, cam? wow! same deal! yeah! it's kind of our thing. wow! that's a great deal! what if i'm new to at&t? cam, can you? nice! hey! but what about for existing cust- it's the same deal! it's the same... is he okay? “it's not complicated.” with at&t new and existing customers get our best deals on every smartphone. >>> welcome back to the half time report. i'm kate rooney. here's our cnbc news update at this hour. a qanon follower who chased a u.s. capitol police officer on january 6, 2021, was sentenced to five years in prison. a jury found doug jensen guilty on seve

at pgim, the pursuit is on for outperformance.investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. power e*trade's easy-to-use tools like dynamic charting and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market >>> let's talk retail. many of you out there no doubt panic shopping ahead of christmas right now. fun fact, the friday before christmas, generally the second biggest shopping day of the year let's get some retail stock, stocking stuffer ideas, we'll kick it off kari firestone o'reilly, why are you big into auto parts >> we think it's a great stock it's not typically the type of gift-giving product. but i'm getting my kids all jumper cables for christmas. >> hey, hopefully it

at pgim, the pursuit is on for outperformance., to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. ever wonder why they call it the american dream... and not the american goal? announcer: derek jeter ...or plan? maybe... it's because in dreams, you can do anything. in dreams... you can hold your entire world in the palm of your hand. and turn time inside out... again and again. and you can do it all with your eyes wide open. ♪♪ we all have a purpose in life - a “why.” maybe it's perfecting that special place that you want to keep in the family... ...or passing down the family business... ...or giving back to the places that inspire you. no matter your purpose, at pnc private bank, we will work with you every step of the way to help you achieve it. so let us focus on the how. just tell us - what's

join the pursuit of outperformance at pgim. the investment management business of prudential. ♪♪ i got into debt in college and, no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right. if you wake up thinking about the market and want to make the right moves fast... get decision tech. for insights on when to buy and sell. and proactive alerts on market events. that's decision tech. only from fidelity. >>> all right, we're back on the half time report all right, stephanie link, you bought more morgan stanley big debate going on about the banks. you trimmed wells. that's surprising. >> well, i've made a lot of money in wells i was buying in the 20s. it's been a good performer, very good performer i've got to say why i'm selling it i've got to take a bit of money off the table. i kind of think you don't want to own the pure play interest rate banks into 2023 they've move

the pursuit of outperformance at pgim. with deep expertise to outthink across multiple asset classes, actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. folks, it looks like we're gonna have to land this big old bird earlier than expected because it's the xfinity black friday sale. get the fastest mobile service with xfinity mobile. yeah, we'll be cruising in to get the best price for 2 lines of unlimited for just $30 each per month. oh my! plus, for a limited time, get 500 dollars off an eligible 5g phone. even you in 22c. flight attendants, prepare for big savings. drop everything and get to the xfinity black friday sale. click, call or visit a store today. >>> kroger shares in the red today, down off 1% despite beating earnings expectations, this coming after kro

at pgim, the pursuit is on for outperformance.active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. money. stocks higher for a second day in a row dow rallying 526 point, the s&p and nasdaq also posting strong gains under armour lower on a new announcement hiring stephanie lennar to replace brown who has had that job since june. karen, this one caught your attention. >> yeah, it did. i think that, you know, kevin plank was the founder or co-founder and is obviously a sort of big presence there and it seems like that is going to be somewhat of a partnership with the new ceo that historically has been a difficult combination of having, you know, steve jobs and john scully and shultz and sandy weill and john reed. they have a lot of work to do. i think it would probably be better if s

join the pursuit of outperformance at pgim.of prudential. >>> senior markets commentator mike santoli is back there for his midday word. it's a pretty impressive move off the low. >> still flickering above and below that 200-day average you have to use a little bit of a wide band in determining how those things go. but i think essentially, the market is collectively saying, a better-than-expected jobs report in most respects not really a game changer. the bond market didn't see reason to radically reprice what the fed said we're facing a bit of a macro news lull next week, not a lot of the top tier, big swing factor-type releases out there you have ppi, ism services, and no fed speak so it seems like we kind of have what we're going to have for a while, in terms of figuring out the macro. not the biggest earnings week, so maybe it's all about seasonal positioning. what this yield move means to the down side, as well whether it's all about just demand for field, people feeling like we're past peak fed, fed inflation, or somethin

at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. if your company actually practices the values that it posts about, then, yeah... you're on team earth. >>> welcome back to the half time report. all right, let's look at nike. you've got it. that's our chart of the day obviously. shares of nike are surging after beating estimates. the move helping to boost the dow today. in fact obviously the biggest point gainer on the dow. it is actually the best stock in the s&p 500 as well if you remember from such shows as yesterday we talked a lot about it with stephanie link who was on video today stephanie link's on a telephone, but we had to bring her back in because she talked up nike. she nailed it, got it right. jim cramer loved the m

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let's stay on the central bank story, joining us now is katharine neiss, the pgim chief european economistat do you expect from the ecb and how focused will you be on the language around qt? katharine: good morning. very much agree with the comments just now expecting 50 basis points from the ecb. the 75 basis point hike risk has receded over the last couple of days. the focus is going to be on the commentary, the line which at the press conference. -- language at the press conference as well as these principles of quantitative tightening we are expecting for 2023. my sense is that the key thing for the ecb to do is to well telegraphed to markets what it's plans are well in advance of taking an actual decision, in order to allow the market to digest, so no surprises. francine: why is the ecb slowing rate hikes, are they worried about the economy and don't want to push it back into deeper recession than it could already be in 2023, or are they waiting to understand the effects of previous rate hikes? katharine: it reflects a couple of factors. we need to focus on the fact that while inflati

at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. start talking some stocks. about 7 minutes before we start trading. auto zone, is that what i heard? >> auto zone has been cut back in half. it reported a $27 number we were looking for $25. the revenues much, much better than expected. this is how you run a stock. this is what i'm talking about jamie, his hurricane occurred here i don't care i don't care this is what you look for. this is what i'm looking for you can go buy it if you get a chance because there's a pandemic the average age of a car is so long mine is 13 years the inability to get a car is so difficult. the price of new cars is so big. you go to do it yourself you go to the zone. >> i get it. >> david, when you bo

at pgim, the pursuit is on for outperformance.tors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. to adapt in a fast changing world, you could hire a professional pit crew. go, go, go. sorry. nope. okay. fresh donuts - hot coffee! they deliver real time data and business forecasts when you need it. i think it was fine how it was. (air tool sound) to help you stay ahead of the curve... or you could use workday. the finance, hr and planning system that helps cfos make better decisions faster. on the other hand, we had a great fourth quarter. for a accelerate your decision-making world. workday. for a changing world. >>> welcome back to "squawk on the street." let's get a check on the market, down 1.8%. bob pisani is here to fill us in on what is going on. >> i know tepper got headlines and thi

join the pursuit of outperformance at pgim.estment management business of prudential. >>> it's time for jim and "stop trading. >> patriot missile system, capable of firing four missiles. total cost of patriot system is around $250 million. a nice profit. the most important thing to understand, 75-mile range. you can say it's -- intercept drones and i think the people have to realize this would be a major game-changer against the russians tim schneider, one of the great professors at yale is saying, listen, the russians are here to stay the patriot missiles, what they need, to protect children's hospitals, other than president nixon who bombed a children's hospital on christmas day, i've never seen a level of genocide being committed like this against people >> putin doubling down with his comments >> the outrageousness. the patriot will help the situation. >> jim, we'll see you tonight. we've got data on the other isng exti homes and more. don't go away. you ok, man? the internet is telling me a million different ways i should

at pgim, the pursuit is on for outperformance.s, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. you want to see something cool? xfinity rewards is how we go beyond saying thanks. so we're going to spread the joy this holiday season, the xfinity way. take your trusty sidekick to see puss in boots: the last wish what's a puss in boots? he is me. with buy-1-get-1 movie tickets, on us. in theaters christmas. join for free on the xfinity app. xfinity rewards. our thanks. your rewards. >>> welcome back new york city's rental market continues to climb the average rent $5,200 a month, right as office occupancy is about 50% throughout the metropolitan area. bill root ten is ceo of one of the largest real estate companies operating in our city. good to have you back. >> happy to be here live and in per

join the pursuit of outperformance at pgim.dential. >>> what's on "mad" tonight? >> doug peterson has done a great job, and ritchie brothers, we're interested in industry that is in carvana they do auctions for cars. >> maybe your own auctioneer business gets -- >> i miss the days >> he's a good one >> you're supposed do the cadence. don't do one, i've got two that's not the way a real auctioneer does it >> "mad money" 6:00 p.m. eastern time. >>> continued weakness dow down 600 coming up, gary black, one of the tesla investors who has been outspoken about musk's focus on twitter. don't go away. good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back. to adapt in a fast changing world, td ameritrade.

at pgim, the pursuit is on for outperformance.tive investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. movies are dreams... that you never forget. >> announcer: the opening bell is brought to you by nuveen. >>> let's get to the opening bell this morning. final one of the week. and the cnbc realtime exchange, at the big board, it's getaround, a car-sharing marketplace separating its listing via spac and at the nasdaq, it's the miss america organization so, jim, with today's data, are you worried about cpi next week? >> i'm less worried about cpi than i am worried about ppi because we have used cars have come down a great deal, which is a very, very big part of what's happening. i'm not worried about the services line. i do think that we keep hearing that eating and home has gotten a litt

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at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. ho ho ho! not again... oh no... for the gifts you won't forget. happy holidays from mercedes-benz. see your mercedes-benz dealer today for exceptional offers. ♪♪ i don't accept this. i can't do this anymore. impossible odds, save the world. i'm done. what do you have for me? a new way to transform our agency. strategy to execution. oh, looks my laces have come undone. a business card? yes, for ey. tech expertise? $2.5 billion invested. impressive. okay, you've convinced me, i'm back. just gonna... get this... vo: palantir software. empowers scuderia ferrari to make critical decisions a split second faster. palantir. data driven enterprise accelerator. you want to see something co

join the pursuit of outperformance at pgim.s of prudential. - addressing climate change requires effort from all of us, now and for generations to come. - join dylan and me as we get personal about the environment and how we can each do our part. - watch our conversation on peacock. 123450eu6789 still >>> mary barra is going to be here to talk about the company's electric vehicle business and the future of the industry, and then the ceo of the largest retailer will be joining us as well to talk about the state of the consumer inflation pressure, and then jamie dimon will be with us, and we will talk about what he sees in the economy right now. "squawk box" cinomg back from the business roundtable in washington in just a moment. >>> this is real time insights sam, so great to have you here we know every business is seeking a competitive advantage. what are some of the ways they are doing so right now >> you know, over the last three years companies had to navigate a steady stream of change and chaos. i think the organizations th

at pgim, the pursuit is on for outperformance.r with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. what if you were a global energy company? with operations in scotland, technologists in india, and customers all on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform. now data is available anywhere, securely. and your digital transformation is helping find new ways to unlock energy around the world. >>> welcome back to "squawk box" right here on cnbc take a look at futures we're looking at the dow up about 76 and the nasdaq opening about 25 points higher and the s&p 500 looking to open about 11 pints higher and we should show you treasury yields, grappling with the ten year note at about 3.545 and the two year at 4.342. >> it is a key week for

join the pursuit of outperformance at pgim. investment management business of prudential. >>> salesforce shares falling. the company earned $1.40 a share in the recent quarter. estimate was $1.21 the quarter guidance was below expectations the company said it would take a $900 million hit in sales because of foreign currency effects. put that in a blender and you are down 6%. salesforce said bret taylor is stepping down a year after promoted to the role of ceo. he was on the board before elon musk took over the company and taylor left salesforce to found a new company. the previous co-ceo keith block left that role after 18months. speaking to jim cramer on mad money, discussing the pivot amid changing conditions. >> you have to constantly reshape the company. we reshaped part of the company. we will continue to do that. you have to look at everything as the market is changing. every industry has a different characteristic some are buying aggressively and some are subdued because of what they are going through you want to invest

currently the chief global economist at pgim and deputy national security advisor for the biden administrationth this question around increasing protectionism. i will get into some of your expectations for inflation, but this idea that the inflation reduction act, and what we are hearing out of europe, potentially trying to entice technology companies to come to their own shores. you think this could ignite some sort of increasing re-globalization or deglobalization we already see in effect? >> good morning. let's step back and consider the global backdrop. we are in probably the most intense until of great power competition and it is in context with repeated supply shocks like covid and the war in ukraine that major economies are saying for critical goods like semiconductors, for electric vehicle batteries as well, and some of the foundational technologies like ai and biotech, we want to have more prioritization on resilience and more supply chains around geopolitical lines rather than just global efficiency and rather than just prioritizing inventories. i think the reorientation of supply ch

join the pursuit of outperformance at pgim. the investment management business of prudential.you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity. what should the future deliver? for smarter trading decisions, (music) progress... (music) ...innovation... (music) ...discovery? or simply stability... ...security... ...protection? you shouldn't have to choose. (music) gold. your strategic advantage. (music) visit goldhub.com. >>> time for the executive edge. this morning, we have three takes on the u.s. economy. america's small business owners are less likely to say u.s. economy is in recession. that is according to the latest cnbc survey monkey survey. 49% think we're in recession already compared to 57% who said that last quarter. a quarter expect a recession early next