let's get the top stories check with pippa stevens you are doing everything this morning, pippa >>> kickingon musk kicking off layoffs one week after the $44 billion deal for the social media platform in the email obtained by nbc, twitter pemployees were informe today. and now facing a lawsuit over the layoffs. the wall street journal is reporting the companies to pause advertising on twitter in the wake of the takeover from musk. >>> apple is pivoting hiring practices with slowdowns last month, apple paused hiring for jobs outside of research and development. last week, ceo tim cook told cnbc the company slowed pace of hiring with the focus on hiring deliberately >>> and commerce secretary raimondo spoke with jim cramer last night and she stressed the move is all about american interests. >> we have to protect the american people against china. period full stop. china has become more aggressive in what they call the military-civil fusion strategy fancy talk for buying our sophisticated chips which is for commercial purposes and putting them in military equipment to advance their military >

pi pi pipp pippa stevens is here with those. >> the two suits have been filed in the southern district of new york and seeking class action status allege banks benefitted from jeffery epstein's trafficking operations and ignored red flags about their client deutsche bank says the claims are without merit. >>> adidas is launching an investigation into inappropriate behavior by kanye west while working with the yeezy sneaker line former employees tell the wall street journal the artist who now goes by ye showed and watched porn during work hours and in meetings. he tried to fire employees he was not authorized to fire and berated others in front of colleagues. >>> and the u.s. is set to grant a license to chevron to pump oil in venezuela again that could open the door for other oil company noticin the c years. this is a $3 billion humanitarian program and resuming talks over resolving the political crisis with the countries. >>> and elon musk is granting amnesty for twitter accounts next week. the policy coming after musk posted a poll asking if he should reinstate accounts. musk used th

traders pointing to a possible cut from opec. >> and pippa, potential impact on apple and, of course, the newest iphones steve? >> tyler, look, factory box in china, the lockdown could mean fewer iphones on shelves this holiday than even apple warned about earlier this month moving shares down over 2% today is bloomberg reporting, citing a single source, by the way, apple will ship of 6 million fewer iphones. that's double the 3 million shortfall expected just a few weaks ago when apple initially warned about it. meanwhile, jpmorgan analysts this morning tracking shipping times for the iphone 14 pro seeing it will take 33 days to deliver it here in the u.s., which is a bit better than the 40-day wait from a week ago but likely doesn't reflect the impact seen from the protesters. take another couple weeks for that to make its way into the supply chain apple declined to comment on the latest reports last we heard from apple, thanksgiving evening that -- thanksgiving eve, that evening, apple had people on the ground monitoring the situation at foxconn no updates from apple or foxconn sin

i'm pippa stevens from cnbc. wall street is set to open modestly higher after stocks fell for a fourth day yesterday as investors continue to weigh the federal reserve's latest interest rate hike. the dow, nasdaq and s&p 500 are on pace to close out the week with losses. in focus today the october jobs report, future fed rate hikes. economists are forecasting 205,000 jobs were added last month and that an unemployment health study of 3.5%. hulu raised subscription prices from $7 to $8 for the ad-supported version. now the disney owned streaming service is raising prices for hulu and the live tv bundle. the version with ads will cost $75 a month starting in december up from $70 now. people paying for the hulu bundle without ads will have to fork over $83 per month starting december 8 up from $76 per month now. >>> and paypal will make it easier to accept payments right on their iphones. the company's adding support for the tap to pay technology and venmo apps means stores will be able to accept contactless credit

pippa stevens has more on what that and what it may mean for their stocks pippa, what exactly can yout restaurants this thanksgiving >> well, first of all, dom, your thanksgiving meal is going up on the heels of rampant inflation eggs, butter, canned fruits and vegetables, all sharply higher compared to last year. turkey prices jumping more than 20%. this is prompting some consumers to simply eat out instead. and it is actually part of a wider trend we're seeing prices for food at home are rising much faster than prices for food away from home, meaning consumers see better value at restaurants. last month restaurants market share relative to grocery spending hit a record 55.2%. still, we could see diverging trends as consumers opt for cheaper options when eating out. m mcdonald's held up well, given their lower price point, it is seen as a beneficiary if consumers start cutting back analysts note that chipotle and starbucks also look attractive due to their exposure to higher income consumers on the flip side, shares of blooming brands and cheesecake factory are up sharply over the la

president biden has called it war profiteering pippa stevens is looking at this >> reporter: >> good, frank chief in focus is looking at how much they are returning to shareholders data shows 50% of oil companies cash goes to capex which is down from 2014. you see companies have reduced spending prior to the pandemic at the same time, capital return with dividends and buybacks a pri priority 30% of cash goes to shareholders which is up from 15% in 2013 volatile prices calls for peak oil demand and shareholders looking for return as you can see, it is down across the board this year, exxon plans to spend $22.5 billion in total on capital and exploration with chevron at $15 billion to put those numbers in context during the third quarter, exxon posted record net income of $19.7 billion. chevron reported $11.2 billion in total earnings in q3. the second highest ever. these follow record losses during the pandemic. the white house is look at the buybacks exxon repurchase of $10.5 billion of shares this year. chevron with $7.5 billion on buybacks through the end of september. wall street

pippa stevens is at the commodities desk with the details. hi, pippa. >> hey, tyler.oss the board today in energy markets with chinese demand fears still hitting prices but a bullish inventory report is limiting the down side. u.s. stockpiles decreased by 5.4 million barrels last week against estimates of a 1.25 million barrel draw. now, distillate stockpiles, which includes diesel and heating oil, did rise last week. but inventory is still 15% below the five-year average and the iea warning this week about that tight diesel markets ahead of the february 5th deadline when the eu ban on russian products will go into effect. the paris-based agency saying competition for non-russian diesel barrels will be fierce. let's check on prices. wti down 1 1/3% at 85.76 with brent crude down 1% right around $93. and energy stocks are the worst performers today, with nat gas names eqt and cotera leading those declines tyler? >> pippa, thanks very much let's move on now to advance auto parts the stock the biggest laggard on the s&p. on pace for its worst day since 2017 after it miss

>> there we go pippa, thank you now to waning consumer confidence the u.s.sumer confidence index fell to a four-month low in november while inflation expectations jumped to their highest reading since july is there any turnaround in sight? let's turn to steve odeland ceo of the conference board and a cnbc contributor it's good to have you on what would you say is the biggest move here behind the confidence number dropping i mean, is it inflation? is it rising rates >> yeah, it's inflation. clearly, seema thanks the confidence index declined again. and as we know that there are two components to it, the present situation index and then the future expectations index. both of them declined. but the biggest worry for consumers is the future and what's going to happen all of this ties to inflation and as we know food and gas are front of mind for all consumers. ironically gas prices and the consumer confidence index have been tracking very closely over the last six months. so we saw it decline very heavily during the summer when gas prices rose. then we had consu

pippa stevens joins us with more on the inflation blame game. pippa? >> that's right, contessa. president biden has accused the oil and gas industry of war profiteerings. chief in focus is how many they're returning to shareholders relatively to how much they're investing in new production, and data shows that -- that's down from roughly 80% in 2014. as you can see, companies have all right started to reduce spending prior to the pandemic at the same time, capital returns via dividends and buybacks is growing across the industry, now accounts for roughly 30% of cash, going to shareholders that's up from roughly 15% in 2013 now, during the third quarter, exxon posted record net incoming of $19.7 billion chevron reported 11.2 billion in total earnings during q3, the highest ever apart from the-second they results follow record losses during the pandemic this year exxon plans to spend roughly $22.5 billion on cap ex. the white house is focused also on buybacks, as companies have more cash on hand. exxon's repurchase $10..5 billion worth of shares this year chevron has spend $7.5 bi

>> pippa, thank you very much. >>> let's talk about a little bit about the fed in a new cnbc op-ed.could be on the verge of making a policy mistake if they take rates much higher after bullard suggested a fed funds rate as high as 7% let's bring in ron insana, a senior adviser you think the fed is looking too much in the rear view mirror and not enough at what is happening now and likely to happen in the future explain. >> absolutely. look, the 7% number that they thought -- that president bullard suggested was i think in a certain way absurd it would go well above what is already a declining inflation rate, becoming extraordinarily restrictive and most definitely drive us into recession. when you annualize the last four months of cpi, it is running at just over 2% rate. 2.5%, thereabouts. and the core rate is below 5% annualized over the last four months i think they're looking back at cpi when they should be looking forward at market-based indicators all which of are telling us inflation has peaked and on the way down and there is no reason to believe there is any other factor tha

pippa? >> that's right, brian rising energy costs are eating into restaurant companies' results. it's the latest headwind for the industry, which has also grappled with higher commodity and labor costs. let's run through some recent comments mcdonald's saying that margin pressures remained significantly under pressure due to commodity and wage inflation, as well as evaluated energy costs the company said this is especially true in europe and that they expect the pressures to continue. olive garden parent darden noting expenses rose year over year and part of that was due to utilities' inflation which ran at 16% cheesecake factory missed earnings estimates last night, saying profit margins in the quarter reflected higher than anticipated operating expenses, particularly in utilities and building maintenance and plooming brands said inflation ran at 13%, driven by utilities and they expect those pressures to continue this quarter. chipotle, texas roadhouse, and yum brands are among the others also pointing to rising energy costs. overall, utility costs are typically about between 2

but the state is still looking to alter its subsidy program pippa stevens joins us now with more so i panls on my roof in california, what does this all mean? >> this has been really a saga that's gone on for more than a year with a lot of different ideas around what california's solar subsidies should look like it all comes down to two sticking points. whether solar customers should be charged monthly to hook up to the state's power grid and how much they are credited for the excess power they return to the grid these credits have been instrumental to solar's growth in the state, but utilities say it unfairly shifts expenses to those without solar. last december, the california public utilities commission issued a preliminary decision, which would have reduced consumer credits and implemented a monthly access fee it was met with a lot of opposition from solar advocates, including governor newsom. then, they withdrew that initial framework and released a new one. it still reduces the credits for excess power, but not as much as the prior proposal and it also scrapped the monthly hooku

pippa stevens has been listening in >> the call under way. the key is 2023 guidance nothing on that quite yet. but we did just learn incoming ceo lakshman narasimhan, the first time we're hearing from him after starbucks outlined a reinvention plan in november they jumped 7%, which was well ahead of expectations. much of that was thanks to an increase in a ticket, as well as a slight uptick in u.s. traffic. china, though, weighing on international same-store sales, which were down 5% overall and 16% in the country due to ongoing covid restrictions but that is actually an improvement from the third quarter when china's same-store sales dropped 44%. and don't miss starbucks rachel ruggeri tomorrow morning on "squawk box. >> pippa, thank you. tim, you own this one? >> i do. merry christmas to starbucks we went early this year on the christmas cups >> like the red. >> the red, mariah carey it's fun now it's not going to be fun in a month when you're still hearing that song. >> they'll be on easter then >> for starbucks, part of it was u.s. same-s

you only have to look at the situation we are in to see that , pippa says are in to see that, pippa says doesn't rate that highly. nigel ignorant of anything not enclosed in his little bubble. well not much support the rishi sunakin well not much support the rishi sunak in on the illegal migration problem . that perhaps migration problem. that perhaps is not a great surprise , but one is not a great surprise, but one here that i found interesting . here that i found interesting. maria made this comment utterly clueless . can you maria made this comment utterly clueless. can you imagine? sunak chatting on the beach or on the harbour to . wall no, of course harbour to. wall no, of course not. as he's not in in a way with folks that was. well, joining me are two british fishermen. we got jack from devon, we got alan fairless from cornwall . brexit. the brexit cornwall. brexit. the brexit debate. you know, i for years the real prize was to get back our territory waters the minimum was 12 miles around the coast that would be there for you guys and for us it didn't happen . and for us it didn'

. >> pippa, thank you. >>> for more on natgas and crude bring in energy aspect research. great to you have with us. >> thanks. >> natgas you say is all about weather, right getting colder forecasts calling for colder weather. so no surprise to you? >> no. look, latest weather really been a lot colder, and potentially next week we are calling for triple-digit withdrawals from storage, first this season and then, of course, you called the rail strike, which is, could potentially impact coal movement for that adding further. so, yeah, weather has really been very, very bullish when gas prices are considered. >> talk crude. we did see a 4% drop on clothes here, amrita a lot is the price cap proposed price cap more than anybody thought according to reuters 65 to 70 why is that a surprise and why did it move higher. >> hearing the price gap will be around $65 and right now russian crude euro is trading at around $60, even slightly lower than that, after toes's correction in stock price. now, the price cap does not impact europe's ability to buy russian oil. i think that's the p

pippa stevens has the numbers for us >> oil is in the red the latest inventory report showed a largerde build of 3.9 barrels. diesel and heating oil fell by 500,000 barrels. the second key wind is china demand wti is down 3.6% at $85.69 with brent crude down 3% at $92.54. the s&p energy sector is coming off its highest close since 2014 but in the red today with occidental posting the biggest loss down $2.5 billion, down from the last two quarters but up 300% year over year within clean energy, array technologies, which makes tracking and racking systems for utilities, the stock is up 12% >> thank you very much >>> let's move to tesla. elon musk has now sold close to $4 billion worth of shares in his electric car company since that twitter deal. the stock lost nearly two years of gains in the twitter saga alone. should you own tesla we have a bull/bear debate joining us is colin rush, he rates tesla a buy. he carries a $436 price target our bear is craig irwin with roth capital he says tesla is egregiously overrated. he has a price target of $85 a share. craig, you see this thing going

i'm pippa stevens. the week and consumer discretionary stocks are among the biggest laggards for a sector perspective within that group, a range of names are some of the worst performers including has bro, bath and body works and tesla. amazon is also lower after bank of america removed it from a list of best investment ideas. though the firm still has a buy rating on the stock. now, i'll send it back downtown and to you, carl >> thanks, pippa up next, we'll talk about today's weakness in tech stocks. check out the biggest laggards on the ndx, with the dow hanging on to a gain oabt pntf ou35ois. i started as a single mom with $2000 and a passion for new orleans. i'm lauren haydel owner of fluerty girl. today, my tiny online shop has grown into eight stores. we're a must-stop shop for unique nola-inspired gifts. lauren doesn't just create cool nola merch; she creates opportunities. small businesses like lauren's open doors for neighborhoods to thrive. support your community. support small business. lily!

and pippa stevens is here to explain it all >> a roller coaster ride for oil.urnal" reported that saudi arabia and allies were eyeing an increase of 5,000 barrels per day which caused crude prices to tumble. u.s. oil dropped more than 6% at one point to $75.08 t. lowest level since january 3rd. but saudi arabia denied the report which caused oil to bounce off its lows. in a statement, the energy minister reiterated that the current cut of 2 million barrels per day is in effect until the end of 2023. he added that if there is a need to take further measures by reducing production to balance supply and demand, they remain ready to intervene not only denying the report around an output raise, but even bringing up the possibility of a further cut. the group is set to meet on december 4th one day before the eu embargo on russian oil goes into effect let's check on prices. wti down half of 1%. that contract does roll today. brent cruise is down to $87.53 >>> inflation is promising to make this a challenging holiday season joining us now is terry lundgren former ceo o

thank you, sir >> oil closing deep in the red right now, let's head to pippa stevens for those numbers is tumbling today with demand destruction the primary concern here we have heard from fed speakers including mary daly who said pausing is off the table and then we have china continuing to take aggressive measures to curb covid cases, and both of these are demand destructive for oil within the two largest economies in the world. wti is down 4.7% at $81.61 that front month contract which does roll on monday got within less than 20 cents above the january contract, and that's the tightest since december 2021 and really illustrates this drop-off on the demand side, according to mizuho's bob jaeger but he adds it's hard to believe the response given the upcoming december 5th deadline when the eu ban on russian oil goes into effect gas is moving higher today, plus colder temperatures expected for this weekend is also supporting demand contessa >> thank you for that. >>> time now to go value hunting. we may be in the red, but stocks have been on a nice upward trajectory the past month. 9 o

and we want to do this by combining sports with gaming pippa. both men is ceo of norway-based play finity. there's lot of technology focused on excellence and performance. >> there's nothing for the 98%. we just want to have fun them night. >> the app has 6, many games focusing on skills like hand-eye coordination and speed. the ball reports, real-time stats, including speed air time high and timing this past throw game helps the kids learn to get them on the glove transfer throughout was a big one. big one. why you play the phone keeps score hand motivates with audible. coaching. >> the will can by getting there. i think it's what kids like about it is that you keep score. i said i'll be able to include every time a player that if that consistent with it and also got 2 competing as a friends of their friends at the 2. >> the play finity ball is designed for kids 6 to 14. it can go 40,000 throws before you have to change the battery. there is one rule, though. you can't hit it with a bat. all right. if i learn more, you can go to my website. it

contessa >> pippa, thank you for that and our next guest says the bottom is in and as long as you canings estimates you can make money joining us now with some names to own is jerry castelini, chief investment owner of castle management what makes you think we may be seeing the bottom of the barrel? >> the math on the fed is quickly now eroding the bearish case they're not going to go crazy. rates are goinn't going to go ua percent every month anymore. this is over now and the announcement of today's minutes ensured that we'll creep up another percent or two it won't matter. it's the front end of the curve. what matters is the back end of the curve. and you can see by the reaction in the long bond today that is a sign you're never going to he see any more support from lower rates anymore. now you've got very good attractive bond yields people are going to start buying bonds. and that's going to spin over to the valuation of equities, which with he think could be really, really cheap based on individual companies. >> and you still want to look at some fundamentals like those with free

, arguably pippa, clara, who arguably brought down the prime minister with revelation as to with herion as to partygate . so this is very, very partygate. so this is very, very embarrassing for the prime minister and of course, the questions dominic raab, as questions for dominic raab, as he appears the justice he appears before the justice committee later today. it is you know, it's a difficult one to prove bullying what's bullying know, it's a difficult one to provwhat'sing what's bullying know, it's a difficult one to provwhat's just nhat's bullying know, it's a difficult one to provwhat's just being bullying know, it's a difficult one to provwhat's just being blhardg and what's just being a hard task, throwing of tomato . task, throwing bits of tomato. if those stories are to be believed, then i there's believed, then i think there's a lot of questions that need to be asked. action should be taken. but you prove that? it's but how do you prove that? it's just said you know, and just i said said, you know, and you back and forth on it. so you go back and forth on it. so it damagin

struggling to breathe, 10 day old pippa became one of those cases. rushed her to a kansas city city hospital last month where the baby took nine days to fully recover. >> you give birth to a healthy baby and all of a sudden she is in the hospital on oxygen which is an emotional roller coaster. >> reporter: in st. louis another alarming trend. severe symptoms like pneumonia in school-age kids. experts say years of masking and covid isolation left kids' immune systems weakened. >> babies and kids as old as 5 on breathing machines? >> correct. it's like the reverse pandemic. when covid came, it was all the adult hospitals are full and now we are having the reverse, where the children's hospitals are swamped, we're full of kids. >> reporter: the rsv wave comes amid warns of a viral winter wallop, some experts predicting a so-called tip tip with hospitals overwhelmed by rsv, the flu and covid testing kit. the forecast sending drugmakers into oversame i pfizer announcing trials of the vaccine to pregnant women proved 80% effective in preventing severe rsv

thanks to robert and pippa for pointing out some of these finally, if you want to look at global outlookverybody's concerned about what the recession's going to look like i always look liking mersk they ship everything on the planet they had interesting comments overnight. freight rates have peaked, they said supply chain congestion is easing, but they cited a decrease in demand for products overall for shipping due to what they call the looming global recession and that's the debate here, david, what side of the recession debate are you on? is it modest or severe and that's going to determine your outlook for earnings and even whether or not you believe the federal reserve and what they're going to say this afternoon. look for the phrase, two-sided risk they're looking for vaguely dovish commentary. two-sided risk is the word everybody's looking for. >> bob, thank you. bob pisani, of course. we got the foc today and the key question there, you know, will jay powell talk about a slowdown in december? everybody expecting 75 basis points let's take a look at the bond market right now, give