pippa stevens is here with us. >> good morning. the chinese city of chengdu extending the covid lockdowns. rules were expected to be lifted yesterday, but officials late in the day said the virus some are. of the 21 million residents, 16 million are under lockdown a number of districts have been released from full lockdown. residents still have to go through mass testing tomorrow and sunday sticking with china, president biden is delaying his decision on whether to remove trump era tariffs on imports of chinese goods. the president making the decision while his administration looks at ways to help businesses. last week, the office of the u.s. trade representative announced review allowing businesses to weigh in on whether any particular tariff is costing jobs or competitive edge. >>> and google aimed at paying publishers ts is a near behind schedule for the launch. the negotiations with media outlets over google news has stalled. some feel google is not paying enough for content and others want to wait to see what happens with the

pippa stevens joins us well off the highs, pippa.or any move in any direction after such a big drop? >> it seems that oil might have been oversold after those recent declines you were noting this came despite a weak inventory report and that also indicates that maybe traders think the bad news is priced in for the moment there have been so many headwinds hitting oil. there's also growing concerns over a recession in europe oil also fell below key technical levels which led to selling. and then just all the volatility and uncertainty has really led to low conviction trading. of course there's still so many factors to watch going forward the nord stream 1 is offline president putin said he will retaliate against any nations that implement price caps. secretary granholm said that the biden administration is considering extending the spr release beyond that october date so some relief but whether or not this will hold remains to be seen. >> pippa stevens, thank you. the relationship, mike, we were speaking about between oil prices and th

. >>> let's get the other top stories with pippa stevens good morning >> good morning, wilf. shell ceo is preparing to step down this according to reuters which says ben van beurden will leave next year after a decade the report says there is a short list of four candidates, including two company insiders van beurden navigated through two down turns and move to slash greenhouse gas emissions it is not kbhecommenting on the report >>> now amazon looking to turnover the ruling for the union. the company's statements at the staten island facility be r rej rejected the company has until september 16th to appeal the nlrb recommendation >>> and covid booster shots clearing the final regulatory step rochelle walensky signing off on the shots targeting the original virus and omicron variants that paves the way to be available for the biden administration to begin the latest campaign after labor day. wilf >> pippa, thank you. see you shortly. >>> let's get you up to speed on the markets and discuss all of those moves. particularly yesterday in more detail as well as the jobs number co

pippa stevens.ter crisis is xylem helping countries be more water secure with technology for clean water delivery to waste water treatment. joining me is the president and ceo of xylem patrick, pippa gave us a good view of the inefficiencies in the system how are you working to improve that >> first of all, deirdre, thanks for having me. i appreciate being on the show i'm just back from stockholm myself where once a year many minds come together around the world and focus on things like drought. today's drought is going to be tomorrow's flood whether it be the yangtze river, floods in california, what's going on in pakistan, jackson, mississippi, people talk about i don't think any of you need me to come on and remind people how important that is. what i do is the economic toll but the evidence of a bigger trend here is the intersection of climate change and aging infrastructure where two pieces of data i would offer up to viewers on average 30% of the water that's intended to be delivered for use i

big move in oil prices today a mysterious leak across the pond at that nord stream pipeline and pippa stevensat the commodity desk covering it all for us hi, pippa. hey, tyler a lot going on in the energy space today. let's begin with oil seeing a slight rebound after yesterday falling to a nine-month low the softening dollar and output cuts in the gulf of mexico are supporting prices. although crude is closing off its best levels of the session 78.73. brent crude around 86.54 a gain of 53%. europe is the key focus after three separate leaks on the nord stream pipelines the unexplained damages are raising questions around sabotage, with nord stream calling all of the leaks occurring at the same time unprecedented. there's no immediate impact on europe's gas supply since nothing was flowing through the pipes. remember, earlier this month russia's gazprom cut supplies to europe via the nord stream 1 and the nord stream 2 has never carried any gas after production was halted earlier this year but it's important because it raises questions about future flows. european natural gas jumping more tha

pippa stevens, thank you >>> still ahead, tech taking it on the chin. what isn't today apple down for a second straight day and e thstreet is split, literally, on what iphone demand may look like. we're back after this. ♪ ♪ all-electric with room for up to seven. it's the suv electric has been waiting for. the all-new eqb from mercedes-benz. ♪ ♪ >>> all right. shares of apple extending yesterday's loss on reports that we'll be scrapping planned iphone production increases. but today analysts are divided, literally. apple got an upgrade from rosenblatt, but got a downgrade from bank of america and both notes cite the same thing, you, the consumer steve cocevak, what the heck is going on >> apple investors would be forgiven for having whiplash there are dueling narratives on the street first up, we had bank of america downgrading apple, saying demand will falter. take a listen to b of a's mohan about that downgrade >> data for apple which grew 5% in the june quarter is declining 2% in the september quarter and the month-on-month trajectory is getting wors

pippa stevens -- no, there is no pippa stevens today.oughout the session, oil prices -- i'm so excited to be back up and standing in front of everybody fed concerns, that's the big thing. the u.s. economy, maybe a recession, global recession. who knows? slowing oil demand september is on pace to be the fourth straight losing month for oil. can you believe that and the quarter ending in ten days could be the worst quarter for crude since the beginning of the pandemic well, you know what needs fuel, lots of it rockets. new episode, "jay leno's garage" airing tomorrow night at 10:00 p.m. eastern time. the rocket man himself, elon musk, took jay leno on an exclusive tour of spacex's star base facility. leno calls musk one of the great innovators of all time hard to debate that. and talked to him about the future of space and humanity >> we're trying to achieve the holy grail of rocketry, which is a fully and rapidly reusable rocket no one has ever made a fully reusable orbital rocket and never one that can be rapidly reflown like an aircraft

. >> good morning, i'm pippa stevens. wall street is set to open higher adding to yesterday's gains in what was a choppy session. investors continue to consider comments by federal reserve chairman jerome powell on inflation. he says the fed is "strongly committed to bringing down sky-high prices." the dow jumping nearly 200 points. the s&p 500 and nasdaq both rose more than a half of a percent. the markets are on pace to snap a three-week losing streak. >>> general motors plans to release an electric chevy suv next fall around $30,000. the electric chevy equinox will have a top driving range of 300 miles on a single charge. car shoppers have been paying sharply higher prices for evs. gm says more affordable models are needed. and tesla wants to hear from you as they look to put in fast charging stations. voting on new super charger locations is coming soon and asked people to reply on twitter with suggestions. those are the most likes will be included in an online poll. tesla is planning to open its super charger network

pipp pippa stevens has more >> ford is asking for a new trial after the georgia jury reached a settlementt month in the case of the fatal rollover sdaccident this was over a crash in 2014 that killed four people. the roof design of the truck faulty and prone to collapse in the rollover ford said it wasn't allowed to provide evidence showing the truck was safe and roof stronger than peers ford is challenging the damages. >>> the justice department says biogen settled the whistleblower lawsuit. the suit accused the company of paying doctors kickbacks for ms. biogen did not speak out on the settlement >>> ftx won the auction to but the lender voyager digital with the bid of $1.4 billion. the majority of that is for the estimated price of all voyager cryptocurrency inv the claims against cryptocurrency hedge fund will remain with the estate frank, crypto is on the move with bitcoin above 20,000. >> pippa, thank you. >>> turning to the developing story of the british pound rebounding after hitting an all-time low against the dollar. bank of england vowing intervention joumanna bercetche is out

. >>> we do have a news alert on bp we're going to turn to pippa stevens. >> we're getting reports thatp is halting production and evacuating staff in the u.s. gulf of mexico as hurricane ian barrels down we're watching the situation closely and we'll continue to keep you updated as we learn more >> pippa, thank you for that we are watching that development very closely. >>> as for the markets, dow down 288 or so. s&p down 30. atlanta fed president on the tape today with a message to investors. we'll tell you if the fed can generate a soft landing. >>> check out some of today's top search tickers on cnbc.com ten-year yield is on top, followed by the two, the s&p, the dow and the pound. we'll be right back. >>> take a look at today's stealth mover. it's leslie's. the swimming pool supplies retailer will join the s&p 600 this week. it will replace gcp which is being acquired in a deal the stock had been sinking and it's still down around 40% on the year >>> coming up, the nasdaq 100 is now down more than 30% on the year but our next guest says the bear market has created some great deals.

pippa stevens has that report deeper for us. >> second straight month in energy costs that relieved some cost facing consumers. overall energy prices fell 5% in august compared to july. gasoline prices down 10.6% while fuel heating declined nearly 6% and a different picture in the energy services sector electric prices increased by 1.5% and utility pipe services which is natural gas rose 3.5% been two months of falling prices and energy costs up about 24% in the last year and that's lifted utility and energy stocks, only two s&p sectors positive this year why both down today but the least among the s&p sectors. a number of utility stocks hit multi-year highs yesterday despite some recent weakness within energy some up big year to late. occidental more than doubling. >> seems so many strategists on often look to the energy patch for some names as possible buys today. i know your focus on commodities but how closely can we tie what's going on as we watch th price of gasoline and falls fuel to what then happens with the equity stocks? >> it is only two months so we don't have any indication

. >> thank you very much oil closing for the day, falling back toward $85 a barrel, and pippa stevensat the commodity desk now hi, pippa. >> hello energy prices are tumbling today, as the seesaw between gains and losses continues wti down more than 3%, with brent right around 90.87 this is a far cry from the more than $130 per barrel oil traded at back in march but brokerage pvm noting present seems to have found a floor around the $90 level where it will continue to find support. citi adding there are massive uncertainties heading into winter as additional sangszs against russia kick in it is natural gas that is the relative underperformer today. it had a huge gain yesterday on the heels of that potential rail strike which could have boosted demand as utilities swapped coal for gas. the contract, though, giving back the gains, now down 9% after the railroads and labor unions reached a tentative deal on the heels of these declines, energy stocks are down about 2.3% every compone nnent is in the rd >> thank you and offices across the country, including hours, are welcoming back workers

thank you very much oil closing for the day as it continues to climb back toward $90 a barrel pippa stevensy, pippa >> hey, tyler. oil is getting a boost as supply concerns come back into focus. now, we did get the latest read on the market from the international energy agency today. they said demand growth is slowing and expected to grind to a halt in the fourth quarter however, for the year the paris-based agency still sees oil demand growing by 2 million barrels per day and looking forward the iea said that any slowdown from europe will be partially offset by gas to oil switching as natural gas prices surge. with that let's check on prices. wti. natural gas is the big mover here, surging more than 10% and breaking above 9 bucks per mmbtu. that is boosting energy stocks the group is up about 2% by far the largest s&p gainer. upstream players apa, devon and eog are leading those gains. also quickly wanted to point out lithium stocks, which are also on the move, albemarle hitting another record today it was one of the few stocks, tyler, that registered a gain in yesterday's session. back to

predict the time frame for restoration until the initial damage assessment is complete >> all right, pippa stevens, thank you for that despite the recession risks, our next guest says this is an historic opportunity to own small caps here to make her case from bank of america securities, jill, great to see you let just tell the audience how our conversation began we were on a plane together and you said to me normally in times of uncertainty and volatility, people run from small cap. explain why you think that might be a bad move. >> yeah, thanks for having me. as you say, normally small caps are not what you want to own if you are in a down turn going into a potential recession, economists are looking for a mild recession next year but i think today there are fundamental differences in the backdrop and i think importantly small caps have been pricing in a lot of the risks already and so when you look at the lower pe multiple of the russell 2000, it is trading around 11, 12 times recessionary lows only one that is very cheap versus history right now large cap multiples have come down more in line

santelli, thank you for that oil closing for the day, crude prices just below 80 bucks a barrel pippa stevens at the commodities desk tell us about the close. >> oil is falling today in a move that symbolizes how it's performed all quarter. wti dropped more than 24% over the last three months. that's the first negative quarter since q1 2020 when the pandemic began to sap demand for crude. the weakness over the last three months has dpredominantly been driven by demand side concerns, lockdowns in china and global slowdown has weighed on prices let's check on prices. with ti at $79.59 for a loss of 2%. brent is down 0.70%. one area that stood out is refining stocks. marathon petroleum, valero, phillips 66 all higher refinery outages in ohio and california are supporting those shares and finally, not something we talk about that often but orange juice futures on track for a sixth straight positive quarter. prices currently hovering around the highest since january 2017 after hurricane ian hit florida. the state is the largest orange producer in the u.s. >> thank you for that. always good to get

it's rising flightily today and for that story, let's go to pippa stevens.pippa. >> it's been another volatile week for energy prices here and we have this constant push and pull between the demand and supply side and traders say that supply is still very tight and so it really is the demand part that is driving the price action right now with so many uncertainties around the macro conditions in the months to come let's check on prices. wti is at $85.16 with brent crude right around $91.30. both are on track for a third straight week of losses. but it is natural gas that is, once again, the biggest mover over in europe that contract sinking 11.6%. also on track for a third week of losses. in a very bleak macro view for the broader market this week, one area that's stood out is the ev charging stocks we're talking names like charge point, beam global and wallbox president biden announced the first tranche of funding after that 7 1/2 billion dollars allocated for a national network. these stocks are responding and in the green >> thank you for that. >> and bli

pippa stevens with the details. >> it's been a pivotal few days for the energy market, starting withec, and its allies agreed to cut production by 100,000 barrels per day beginning in october this is not a meaningful amount. as rbc noted, it's important because it signals the group's willingness to respond to price dynamics or as the firm put it active market management brent crude is down 3% wti is flat on the sessionment the difference in those moves is because wti didn't have a settlement price yesterday, so it is trading against friday's levels now, moving over to gas, gazprom shutting down flows through the nord stream 1 pipeline indefinitely that sent prices jumping yesterday, although the contract is now down. but still winter is coming with the firm predicting one of europe's most challenging few months in decades. u.s. natural gas also tumbling down about 7%. production is up and an early start to heating season is being challenged, seema, by warmer temperatures back to you. >> i'll take it from there thanks very much pi pippa. >>> from inflation to the potential for a slowd

pippa stevens. >>> the s&p 500 now trading at levels not seen since november of 2020 after the latest round of selling chart expert chris verrone with the levels you should be playing right after this break think he's posting about all that ancient roman coinage? no, he's seizing the moment with merrill. moving his money into his investment account in real time and that's... how you collect coins. your money never stops working for you with merrill, a bank of america company. 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. >>> the s&p 500 on pace for a new closing low after finishing before the june levels joins us is chris verrone, a partner of strategis, a baird company. 3636 is in the history books what's the next level to watch >> there's mode