today devin ryan, thank you. >> thank you, frank. >>> let's get a check on the top stories with pippa stevensrning, pippa. >> frank, starting with intel. looking at a lower valuation for the ipo of the self driving car unit citing insiders with mobile eye with a $50 billion valuation now expected to fetch under $20 billion and sell a smaller number of shares the journal says selling at a lower price and fewer shares means they are hoping to push up the value of the shares once they start trading intel is expected to detail the new valuation expectation today. >>> sticking with tech microsoft confirmed to cnbc it is cutting more jobs after its call for growth to slow. axios reported the layoffs on monday said the kucuts impacted fewer than 1,000 workers this is three months after the company announced a round of layoffs affecting 1% of the workers. >>> the faa pushing for boeing to review safety documents for the new model of the 737 max jet. the agency has been unable to review the company's submissions for the 737 max due to information related to the cockpit reaction to catastrophic hazards

pippa stevens, great story right there. that does it for us here on "the exchange." right now stocks are sitting near session highs, the dow up 1610 points. that does it for "the exchange." "power lunch" starts right now ♪ >>> dominic, we thank you. gefrp, welcome to "power lunch." along with morgan brennan i'm tyler mathisen, glad you could join us on this busy friday. stocks surging as dom just pointed out, but a lot of the action is in the bond market, too. bank of america's rates calls the treasury market vulnerable and subs susceptible to shock. what could be lurking in one of the deepest and most liquid markets in the world, and tapped out. housing affordable being crepe i'd by the 7% mortgages. that's the call from a veteran analyst who is moving to the si sidelines and calling a building recession. >> stocks just mentioned their session highs as treasuries reverse course this afternoon. the dow was down 127 points at the low. as you can see right here, we're up 621 or just over 2% caterpillar, goldman, jpmorgan are leading the way higher the s&p is also up ne

pippa stevens has the details for us opec said the world economy has entered, and ricin challenges.t their demand growth by 500,000 barrels per day. now forecast u.s. demand by just 460,000 barrels a day this year. brent crew at 92.92 for a lots of 1.8 percent down more than 14%, the canadian company partnered to buy newclear company westinghouse electric for 7.9 billion bank of america says the deal is strategically found and it's complementary to the existing business it as is negative reaction is expected to the stock dilution and a significant capital outlay >> pippa stevens, thank you. >>> we're going to stick with commodities. seema mody is joining us know with that story. hi >> we've seen a significant drop today's producer price index -- if we zoom in on industrial metal prices, they're fall out of a cliff down 5%. while comer is up 28%. shipping rates, 'we discussed, have traded down recently. which analyst says -- even speed up their deliveriessees. it will take a few quarters but they'll start to go the benefit in q3 the big question is, will they lower reduction, or take

pippa stevens has the moves on these deals.t sound like there is a lot of recession fears in restaurants right now. >> that's ite. we've seen out performance from the full-service restaurants specifically that's blooming brands, texas roadhouse, cheesecake factory, bj's and brinker international all advanced and are solidly higher over the past week with bj's leading those gains jeffrey's andy bearish says the recent strength stems in part from investors betting the worst of surging input costs are now behind us. commodity prices which had been a major headwind before the restaurant industry have started to ease. last quarter, beef and pork prices declined year-over-year, according to data from bernstein. now coffee, milk, wheat and cheese are still elevated compared to 2021, but they've also started to trend lower. and company-owned restaurants like the full service names are more susceptible as a high commodity prices since they have to absorb all of those costs but looking forward, bearish is said things are shaping up to be

pippa stevens at the commodity desk >> oil is catching a bid after three days of selling. latest inventory report from the eia is stoking optimism after distillate stockpiles fell to their lowest level since may, and that is offsetting a build in both oil and gasoline stocks. meantime, the united states and saudi arabia trading barbs following the 2 million barrel per day cut from opec and its allies which does include russia saudi arabia said it was purely economic the white house dismissed this, calling it spin. national security council's dawn kirby added the kingdom knew an output would increase russian revenues and blunt the effectiveness of sanctions and the iaea said in its closely watched monthly report, the cut is exacerbating market volatility and heightening security concerns. the agency added it could be the tipping point for a global economy already on the brink of recession. tyler. >> thank you very much, pippa stevens. >> let's get back to the remarkable turnaround in equities and whether it can hold margy patel is from all spring global investments good to

>> pippa, thanks pippa stevens. now to the bond market where yields are pulling back. rick santelli's at the cme watching all of this action. rick >> yes, yields pulling back and certain yields actually pulling back below on change those are the shorter maturities like 3s -- 2s, 3s, 5s, 7s. they're all a bit lower in yield, a bit higher in price we had a below average grade no sponsorship by investors despite the recent run-up in yields we can all think what bob pisani said, stocks and rates, they're following each other remember the third and the fourth of october, those were big stock days to the up side. and yields move lower. as a matter of fact, they had an interim low on the 4th so let's start our two-year note yields on the 4th. they were hovering around 4% and even though we were a bit lower today because they settled a whisker above 430 you could clearly see they've covered a lot of ground in a short period of time. let's look at a two-week of ten-year you know, this is very interesting because if you look where they were right around the 3rd and 4th they were

pippa stevens, eugene daniels, thank you, and thank you to shannon pettypiece who did have to go early. >>> we are still awaiting those remarks from the president on gas prices, the economy, again, we're going to bring you those comments as soon as they get up and started. let's head over seas now, everybody. you've got explosions once again rocking the ukrainian capital of kyiv today as the war reaches a critical point. and a short time ago, the russian president declaring martial law in the four regions of ukraine he illegal annexed last month. nbc's cal perry is live for us in the capital city of kyiv. so two things here first i want to hit on with you, cal. first is kind of just getting us the latest on the ground, the feeling on the ground there in kyiv specifically and what this kind of declaration, right, of martial law means for these occupied regions. >> look, i think people here in the capital are weary, tired, it's nine days in a row where people had to flee to bomb shelters because of incoming drones and rockets. more than 230 drones shot down in just a month. today alone,

somebody's going to help me here that's pippa stevens, who will help me boil it down bail me out of thisippa. >> hey, tile her, oil is down, but today's action is centered on natural gas it's sinceretreated from the session high, though still imposing about 11.5% higher. this goes back with weather, with forecasts calling for a cold blast during the second week of number odt holdings saying that the market is setting up for normal winter market volatility he added that 10% swings have become normalized due to the drastic tightening of supplies wti is retreating today, although it is still on track to post the first positive month in five energy stocks are the only s&p group in the green which is getting a boost, as natural gas prices surge exxon, chevron and conoco also in the green, all hitting record highs today. now, president biden is set to speak later today about oil companies' profit this year, repeatedly ace accusing the industry of enriching shareholders at the expense of everyday americans tyler? >>> let's turn to housing. homebuilder stocks down 30% or more so far this year, b

pippa stevens, thank you very much many newer financial technology stocks are yet to turn a profit, butpete called toes is on the path for that. let's bring in dan dolefthey'r getting into information software as a service. what about toast do you like, as the market has not liked the stock? >> thanks for having me on the show toast is a massive share gain we're seeing gig share across the board. what we like, is people don't think think can be profitable. we ran a survey of restaurants, and people who use the payroll are twice as much likely to take other software and services. if you think about the incremental margins, they could be in the 60s an higher, so the bear case on toast we say today, they continue to upset over the next 12 to 18 months which is not in consensus right now. i'm wondering how you think aboutsh and the various base case scenarios, in which restaurants may not survive, and there may be cuts at restaurants. there's a lot of things to short out there. some of the restaurants that are not going to survive, about you when think where tilson heads bigger restaurants,

pippa stevens, thank you very much >>> why don't we stay squarely there.alked about the supply and demand in natural gas. with an unusually warm start to the heating season, particularly in europe, but what happens now? joining us is emily mcclain. don't worry, emily, i'm not going to ask you about the weather because we don't know what's going to happen there, although i will say we've been really lucky one of the calmest storm seasons in texas and louisiana in 70 years. okay that said, why have natural gas prices absolutely collapsed in the last month or so >> hi, brian thanks for having me again so just to start here in the u.s., domestic prices. we've seen prices drop mostly on an improvement in supply so supply's been growing throughout the year and really on a year-over-year basis as well as an improvement in storage inventories. we've seen triple digit inventory injections and we expect by the end of season to be in a healthy position in terms of storage levels. that's on the u.s. side. on the european side, kind of a similar story. very strong stor

pippa stevens, thank you intel, the big winner the dow for a change after beating earnings estimates,ing it will cut up to $10 billion of cost through 2025. but the chipmaker announcing lower than expected full-year guidance, something paul gelsinger discussed. >> there is no good news on the horizon. u.s., europe, asia, all look to have held winds for the foreseeable future so we took down our range for the rest of the year >> is that what the market is celebrating, cost cuts or something else intel is doing to make investors more bull senate judiciary committee. >> gone are the days of unrealistic to optimism pretty much they do like the costcutting there will be a slowdown in the expansion, a few other details they're operating their foundry as a separate business entity, which means different accounting, they're hoping to be more efficient than that they are operating the actual foundry like a chip factory meaning they'll service customers instead of product lines and lower capex. we didn't get details to specifically what they'll do with each of those points. in the last seven qu

, texas instruments, chipotle, all of those earnings coming up terranova, bosa, partsinevelos, pippa stevensi'll sigh you then. few hours' time. >> general electric is down today. i thought the quarter is pretty good aviation is the reason you own it margins up 400 basis points. >> why is it down today? >> it's had a little bit of a rally into the print, i think maybe a little bit higher expectations and renewable still stinks that's nothing new, though and they're restructuring that business, which i like >> okay. farmer jim, jimmy cliff? >> don't get me singing. it's a bad idea >> please don't. >> i won't wynn resorts sold off 5% yesterday on the perception that it's a china stock it's not i'll leave it there. opportunity to buy right there >> this thing has not done well the last couple of weeks >> every time it gets out of bed, someone throws the china thing at it. it's not a china stock >> shake hack reports november 3rd. this is one of those stocks that did not make a new low in september moreau the june low. i'm looking for those names. i think the business is on fire. and i think som

>> pippa stevens, thank you very much >>> still to come, we're going to trade some key earnings moversnch. "power lunch" will be right back 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. realtor.com. there's so many houses for sale. where do we even start? ♪ the house whisperer! that's right. i was raised in houses grew up in one. now i help people find theirs. your perfect house told me you can find it on the realtor.com app. these filters narrow it down to the listings just right for us. also, this house wants you to know all the missing socks, they're behind the dryer. realtor.com. to each their home. at humana we believe your healthcare should evolve with you and part of that evolution means choosing the right medicare plan for you. humana can help. with

pippa stevens at the commodity desk now hi. >> contessa, china tightening its anti-covid measures isoil with oil down more than 1% for the week wti and brent are in the green natural gas higher on the week on track to snap nine straight weeks of losses. ebw saying this continues to be a weather driven market for natural gas and temperatures remain mild and could be stuck in a trading range now energy stocks are mixed today, but exxon and chevron as bob was noting are notable movers both stocks hitting all-time highs following strong third quarter results from the oil giants exxon's net income nearly tripling year over year hitting $19.7 billion. chevron posting $11.2 billion in profits. second only to the second quarter's $11.6 billion. both stocks up sharply this year with exxon, contessa, up more than 81% back to you. >> thank you for that. let's get to the latest read on housing where higher interest rates really are taking a toll diana has that data for us hi, diana. >> we saw this brief reprieve in rising mortgage rates in august and not terrible home sales but that ended in sep

thank you for helping us get through that oil closing for the day, back above 90 bucks a day pi pippa stevens at the commodity desk rgs desk, what are you looking at? >> we're once again hearing calls that oil will soon be back above $100, although a global downturn could challenge that narrative. let's check on prices here wbti is up 4 1/2%. 92.47. brent crude at 97. for a gain of 3.6% the move in prices for refined products is more extreme amid outages, gasoline futures rising almost 11% on the week, and heating oil, which is a proxy for diesel jumps 19 1/2% on the heels of this strength, we have seen huge gains across energy stocks with this sector up about 15% for the week. we're seeing gains across the board and the upstream players, levered to oil prices are the standout apa, marathon, oil and devin all gaining more than 20% this week, and finally, take a look at exxon, dipping into negative territory, still up 16%. wells fargo reiterated the overweight rating on the company and lifted its target, saying eon will continue to benefit from strength in its upstream division contessa. >> th

let's bring in pippa stevens for more color on schlumberger t this. >> those shares are popping.ations. as jpmorgan summarized it, they, quote, cleared the bar with a significant quality beat and they also raised their full year guidance, posting the highest quarterly profit since 2015. and this really all came down to that international division where they saw a lot of growth and the company also expects that to be a major growth driver looking forward, especially in the middle east. the ceo said that that region has seen the largest ever investment cycle and schlumberger does predict it will be a beneficiary of that increased spending you know, for a while there, we saw a lot more interest in the upstream players given how high oil -- how high wti and brent were wti around 85 bucks a barrel, you have to wonder if we'll continue to see momentum behind the services name. >> absolutely. got to see how those migrate, if at all thank you. >> there has been a disconnect, oil prices flat, well off the highs. the stocks themselves have continued to do well and open up a lead here. what

the day as opec plus gets ready to mean tomorrow with production cuts expected to be announced pippa stevens melissa. energy market squarely focused on opec plus' meeting in vienna tomorrow with optimism around a production cut, pushing brent crude above 91 bucks u.s. opeil is up 9%, forcing deutsche bank to say it is already priced in. the much more important thing to watch, the firm said, is guidance around additional cuts further down the line. of course, there is the wild card of saudi arabia which could decide to cut production on top of the group's cut let's check on prices. wti up 3.3% and brent crude wit a 3.2% gain. we're seeing a pop in gasoline futures on the heels of general market optimism and what that means for gasoline demand. gas buddy saying gas prices in lower priced states could start to creep up. finally, energy stocks once again leading the s&p, gaining about 4% melissa. >> pippa, thank you. >>> let's get to retail now. in a retail power playbook, the sector is down 33% this year dragged lower by best buy, target and tjx let's bring in simien, senior retail analyst ther

pippa stevens joins us now with the findings the first ever ever >> they say this is the first globalis so, essentially, what the iaea's report says today that russia's invasion of ukraine has created an historic turning point for worldwide energy markets again, they dubbed current conditions the first global energy crisis and believe that policies have shifted not just for years, but for decades to come the iaea said in its widely followed annual report that russia will never regain its influence over energy markets and the crisis will ultimately hasten the transition to renewables that's because governments have outlined clean energy goals, including biden's inflation reduction act, meant to shield consumers for future energy price shocks in other words, energy security is what's driving a lot of this new investment the agency forecasts clean energy spending topping $2 trillion per year by the end of this decade. that's a 50% increase compared to today, but it's still well short of the $4 trillion per year they say is necessary to avoid the worst impacts of climate change still, for

pippa stevens, great story right there. that does it for us here on "the exchange."tting near session highs, the dow up 1610 points. that does it for "the exchange." "power lunch" starts right now ♪ >>> dominic, we thank you. gefrp, welcome to "power lunch." along with morgan brennan i'm tyler mathisen, glad you could join us on this busy friday. stocks surging as dom just pointed out, but a lot of the action is in the bond market, too. bank of america's rates calls the treasury market vulnerable and subs susceptible to shock. what could be lurking in one of the deepest and most liquid markets in the world, and tapped out. housing affordable being crepe i'd by

pippa stevens is at the commodity desk. >> oil prices are bouncing today following reports that opec its allies could cut production by 1 million barrels per day when the group meets on wednesday. the meeting will be held in person in vienna for the first time in more than two years, which is also fueling speculation that some sort of big move will be announced but it is important to note that the group has been under producing relative to quota. if a 1 million barrel per day cut is announced, it will be more like cuts between 30,400,000 barrels a day according to cidc private -- she added that consensus stands at a 500,000 barrel per day cut could balance the market, so this gets pretty close let's check on prices, wti up 5.3% at 83.67. brent crude right around $89 for a gain of 4.5% natural gas going in the other direction on weaker weather-related demand, ebw analytics saying it could take temperatures jump starting heating season to reverse the current bearish momentum a quick check on energy stocks leading the s&p 500 with a gain of more than 5%. seema. >> best performing sector

pippa stevens has a closer look. >> the solar etf is down another 2% with today's declines dr drink -panies. more broadly these stocks have fwo gotten hit hard over the last few months thanks to sensitivity to rising rates and their related rotation out of growth this is especially true for the residential solar companies given their business models require frequent access to capital. the group has now more than erased the initial spike after senators manchin and schumer announced their agreement on the climate bill the tan fund is down 16% since the end of july. sun run and sonova also falling. amid the skepticism around the group, third quarter earnings will be key. things to watch include pricing power as well as how companies are navigating ongoing supply chain issues, mike >> pippa, it's fascinating that the interest cost has become such a big swing factor here you would think other fundamentals would be moving in that direction, just generally high utility bills and lots of focus on having more sustainable energy i wonder if there's a way around it on the residential side, the i

pippa stevens coming it for us. >> we saw a big intraday swing for natural gas. march 21st for the contract subsequently catching a bid up 4.8%, right around $5.20 some of the support is thanks to traders thinking the selling was over done after natural gas posted a ninth straight losing week since 1991. demand will jump as the heating season kicks off so far we've seen more mild temperatures turning to oil which is modestly lower, although energy stocks are in the green, did want to point out shares of exxon hitting an all-time high ahead of the company's earnings reporting on friday. conco phillips hitting records while slb known as schlumberger trading around a four-year high. >> thank you very much >>> with the third of the s&p 500 reporting this week, that's why we have such focus on this week, we are looking beyond big tech to industrials and what results from boeing and caterpillar, ge may tell us about the health of the economy. here with a look ahead stephanie link, chief investment strategist at high tower advisors, also a cnbc contributor. welcome back

pippa stevens covering it for us at the commodity desk. >> hey, tyler. tumble continues with energy prices extending yesterday's losses although wti is closing about $2 off its worst levels of the session. geopolitics are exacerbating an already uncertain supply versus demand picture, and this is especially true when it comes to the spat between the u.s. and saudi arabia regarding opec's output cut as jpmorgan put it, global energy markets have become exceedingly complex, resulting in a vicious loop of high volatility and low liquidity wti is down 2.7%, with brent down about 1.5% at $90.28. it is once again natural gas that's the big mover in the u.s., prices down 4%, but in europe, the contract tumbling 14.5%, it's now trading right around 111 euros per megawatt hour back in august, it traded around 340 euros. it's down more than 60% since. much of that is thanks to gas in storage building at a much faster than anticipated rate stocks are now 92% full. helped by mild temperatures and strong renewables production tyler. >> pippa, thank you very much. >>

trying to get back to 90 bucks a barrel pippa stevens at the commodity desk hi, pip a&e. >> hey, contessaed's gains with brent pushing back toward $100 now, earlier today the dollar hit its lowest level in a month, which gave oil a boost a strong dollar can impact demand since it makes oil more expensive for foreign buyers wti is up 1.4% at $89.11 natural gas, though, falling once again that november contract does expire today with the more actively traded december contract trading at a premium right around $5.90 per mmbtu now, turning to energy stocks, which are having really a monster month, up nor than 20% in october, conoco, hess and marathon petroleum hitting all-time highs today exxon also hitting a record ahead of the company's report tomorrow morning chevron will also post quarterly results tomorrow while next week we'll start hearing from some of the drillers including devon and eog. contessa >> thank you for that. and turning now to what we're calling siligone broke, talks of cost cuts, layoffs, hiring freezes across wall street as america braces for recession. and yet tech gian

, there's an "e" missing there, chipotle both reported this week, and cmg is the mystery chart pippa stevensriving the difference and more restaurant names reporting next week, whether more divergence is ahead. >> that's right. we heard from chipotle and mcdonald's this week both of which have raised prices to counteract commodity and labor costs. chipotle hiked menu prices in august for the third time in the last 15 months and mcdonald's said the third quarter prices were up 10% year over year consumers are more or less buying the price hikes chipotle and mcdonald's beat same-store sales forecast during q3 wischich is the key metric t work mcdonald's noted it's seeing some trade down in terms of customers opting for cheaper items. looking forward, though, the picture becomes less clear chipotle ceo brian nichols said there's a widening of trends by income levels with lower income consumers further reducing frequent si and the company expects a mild to moderate recession in the u.s. with a potentially deeper and longer one in europe. we'll hear more about the health of the consumer next week

cnbc's pippa stevens has earnings >> a top and bottom line revenue of $11.2 billion which is shy of the second quarter $11.6 billion. to figure at 80% year over year as oil companies benefit from elevated prices. adjusted eps at $5.56. analysts were looking for $4.81. revenue hitting $66.64 billion ahead of the expected $52.2 billion. that is up 50% year over year and down slightly compared to the second quarter ceo michael werth noting the company is growing supplies. production in the permean up 12% from last year worldwide, net oil rose to 3.03 million barrels during q3 up from 2.9 million in q2 chevron repurchased 3.75 billion shares in the third quarter which is 1% of shares o outstanding. joe. >> pippa, pretty good results. we had a long conversation about that obviously what is happening around the world was good for u.s. oil companies and international oil companies as well it almost looks like profiting over the misery inflicted on the rest of the world by vladimir putin and other issues what will you do it is what it is thank you for the report we'll talk about it all morning

get over to pippa stevens. >> it's a top and bottom line beat for mcdonald's. looking for $2.58. the number is down 5% year over year that entire decline was due to fx impact as foreign currencies weakened against the dollar. store sales grow 9%. it was helped by menu price increases as well as higher traffic. same store sales for international operated markets rose 8.5% while analysts were looking for 5.5% the landscape continues to evolve and uncertainties persist. the earnings call is later this morning where i will be listening for more details around if there are any changes to consumer behavior particularly in recent weeks especially from those lower income customers andrew >> appreciate it thank you. >>> comcast just reporting and the initial reaction in the shares are higher as can see. up 2%. company saying it's strong financials when you think about the different businesses it's in, ebitda is probably one of the most important numbers along with free cash flow. ebitda up 6% to 9.5 billion. free cash flow, 3.4 billion. consolidated revenues down slight