let's get to pippa stevens with the latest >> good morning, dom meta platforms settling a lawsuit to access user data. lawyers are calling the proposed settlement the largest ever to be reached in the privacy data class action the most meta has paid to resolve a class action lawsuit >>> shares of tesla catching a bid in the pre-market after elon musk said he would refrain from selling more tesla stock until 2025 or something. adding his vote would be a share buyback when the company is able to calibrate the scale of the recession. shares of tesla are down more than 44% since musk agreed to buy twitter. nasdaq is down just 2% during the same period. >>> china's covid infection wave is overwhelming hospitals in beijing. comments shared with the financial times, workers say they have no beds or oxygen and rooms full of waiting sick people it is the largest outbreak since the pandemic began >> it is a huge story in china thank you, pippa. >>> it is down to the wire in d.c. as lawmakers look to pass the massive spending bill before the midnight deadline. one that cleared the senate hours

. >>> let's get back to asia and the major developing story overnight in china pippa stevens is here with more. good morning, pippa. >> that's right. the policy covid turn continues. announcing the most sweeping changes to its strategy overnight since the start of the pandemic three years ago, a strategy that's hobbled the world's second largest economy among the new guidelines, china says asymptomatic covid cases and people withed my symptoms can now quarantine at their homes without reporting to an area hospital, which is a major move that could lead to fewer citywide lockdowns and a sign the country is prepared people to live with the disease. >>>lesswhere pinterest has said it's reached a deal with elliott management after an investment group offered up improvements for the company. the manager marc feinberg will join pinterest's board. >>> and apple is reportedly scaling back its autonomous electric car plans and releasing its data until 2026. the project code name titan has been in a state of limbo for months on the realization the plan is not currently technologically feasible

bit higher no matter where it trades within a region energy stocks can continue to do well. >> pippa stevensenergy trade, the top performing sector. chip stocks outperforming the broader market as investors get set for micron's earnings after the closing bell today kristina partsinevelos joins us with the latest trade. what is the key number to watch in micron's report, and how important will it in. >> capx, we're expecting the numbers to be bad given the recent warnings that came directly from micron just in november so an important number, to answer your question, dom capital expenditures will micron continue to cut spending demand is low. inventory high memory prices keep dropping. for fact set we're expecting a q1 capex number shy of $3 billion u.s q2, 2 billion, so the second number i'm looking at as well as inventory data i was going through a report from goldman sachs they say memory makers, days of inventory. the average days of inventory right now is sitting at 169 days versus the average normally in q3, which is 106 so we're talking about last quarter, but there's still clearly roo

i'm pippa stevens from cnbc. wall street is set for a mixed open today.cks selling off yesterday with hopes for the year end santa claus rally fading as concerns about a recession mount. investors are worried more interest rate hikes by the federal reserve could force the economy into a downturn, the dow drops 350 points. the s&p 500 falling 1.5% and the nasdaq by more than 2%. in focus today data on durable goods, personal income and consumer spending, consumer sentiment and new home sales. >>> meta has agreed to pay $725 million to settle a class-action lawsuit accusing facebook from revelations they let the political firm gain data from 87 million users. lawyers for the plaintiffs called the proposed settlement the largest ever in a u.s. data privacy case. and apple is offering last-minute shoppers free two-hour delivery from its retail stores. while you can no longer buy an iphone 14 pro online, certain models will be delivered through christmas eve. the regular two-hour delivery costs $9 but that's being waived for the holidays. marcus and ginger, ba

pippa stevens is here with what's expected to drive growth and who may benefit, pippa >> hey, kelly.at russia's invasion of ukraine is turbocharging renewables as countries seek energy security with the global energy crisis triggering unprecedented momentum behind clean energy including in the s the paris-based agency raised its u.s. renewables outlook and now sees the industry growing 74% by 2027. and on the heels of the inflation reduction act executives hope to meet this newfound demand with domestic manufacturing. in the four months since the i.r.a. passed a host of companies have announced now or expanded domestic facilities that includes names like new solar, piedmont, friar and general motors more are expected once we have additional clarity from treasury and the irs on implementation. the top line spending figure is $374 billion for clean energy. but credit suisse is among those who believe it will ultimately be higher to the tune of 800 billion thanks to the uncapped nature of the credits. add in the fact that federal support typically spurs private interest, and they said s

circumvented tariffs, officials clearing the other four solar companies that were being probed pippa stevenss us sort this out for us are today's gains in the stock a response to this particular probe or some other relief rally? >> it seems like today's gains are really a better than feared situation since only four of the eight companies that were under investigation were found to be unfairly avoiding those tariffs. it is still a blow for an spree that at the current rate is not able to keep pace with the surging demand now, this case had been a hanging over the industry for many months. stretches back to march when california-based oxen solar first brought the case they said chinese companies were unfairly avoiding the tariffs by shifting manufacturing to malaysia, cambodia, vietnam and thailand now, those four countries account for 80% of u.s. panel imports. they are crucial to the u.s. industry and that meant that a lot of solar advocates said that implementing a blanket tariff would really decimate the u.s. solar industry now, we're not likely to see any immediate impacts, won't get a f

clean energy stocks suffered and we have pippa stevens with more. what happens in 2023 >> it was a different year for various parts of the energy ecos ecosystem. we have seen this before one portion of energy out performs and another suffers xle lost 37% and pbw gained 40%. and this year with the xle is up 46%. old energy has been the top sector for the last two years and that's notable because no sector has led for three years according to daily trade there are bearish and bullish factors at play. on the bear side, global economic slowdown could cut oil demand free cash flow will be lower this year due to sliding economy prices investors also might take profits. on the flip side, earnings look good at $80 wti. the sector has earnings visibility and management teams are focused on shareholder returns. one area to watch next year is the oilfield names beyond that, it has been a lag laggard. the two could benefit from increase in drillers dom. >> energy was the key sector story of 2022 what were the gig evident developments beyond the movement to get

despite that, clean energy stocks are in the red for 2022 pippa stevens has more >> good morning, come should be a good year for energy stocks. the first due to the russian i infi invasion of ukraine. sec second, the u.s. government spend the largest climate spending bill on record. clean energy fund is down 46% for 2022 the first trust nasdaq clean edge fund lost 28% solar, wind and hydrogen etfs also in the red. several factors weighed on the industry and rising rates and broad rotation out of growth and production delays and policy uncertainty around key proposals. there are notable out performers, including solar, first solar and maxin in the green. dom, the broad high level theme here is one of under performance for 2022 >> pippa, clean energy is not the only area of the market suffering this year. what should we expect for 2023 what is the outlook for these types of companies >> analysts and investors say despite 2022's performance, there is positive momentum looking forward especially since stocks remain below pre-i.r.a. levels this transition will not happen overnight. with tha

but in this case, a rising tide did not lift all boats pippa stevens here to explain. pippa? >> that's right, energy is the top sector this year but we need to distinguish between new and old energy, because 2022 saw a big divergence between the two going back to 2020, the xle lost 22%. in 20 st, oil and gas stocks gained 36%, while clean energy shed 31% the xle is up another 56%, while the pbw has lost more than 40% oil and gas has now been the top s&p sector for the last two years, and that's notable, because no sector has ever led for three years according to data from e-trade. now, looking forward, there are bullish and bearish factors for both groups. starting with old energy, a global economic slowdown could cut oil and petroleum product demand companies' free cash flow will also likely be lower than this year, due to sliding commodity prices with such performances, investors could also simply take profits. on the flip side, earnings still look pretty good at $80 wti. the sector also offers earnings visibility and management teams are focused on shareholder returns. for

it's negative on the year after everything that's happened let's get to pippa stevens for the very latestey, kelly, oil is tumbling today with wti falling to its lowest level of the year now, macro headwinds are driving the action, with traders worried about a slowdown in global demand that's counteracting the positives of the eu russian oil ban as well as the $60 price cap. u.s. oil hitting a low today of $73.41 although it is closing slightly above that level currently at 74.23 for a loss of 3 1/2% brent crude right around 79.44, a loss of 4% now, gasoline futures and heating oil also down sharply with rbob now in the red 420.22. we are also watching european gas prices which are bucking the trend and in the green a cold snap has hit the continent, and wind generation is down, leading to a jump in gas demand finally, energy stocks falling alongside the broader market the drillers are leading those declines with marathon oil, apa and eog all down more than 3%. kelly? >> a stunning turn of events pippa, thank you >>> meantime, shares of boeing are contributing to the dow's decline today.

let's find out what is going on in the commodity complex pippa stevens has that. >> brian, oil is falling alongside the broader market here and if we take a look at brent specifically the front month contract which rolls tomorrow is trading at a discount relative to the march contract and trading firm ritter bush and associates saying this reflects the fact that russian crude is still being absorbed into the global market, but that the sanctions and price caps will begin to bite in a couple of months. natural gas, though, is today's big mover tanking about 9.5% as the cold snap ends and forecasts call for warmer temperatures that contract also does roll today. exxon in focus after two of its european affiliates sued the eu over the wind fall profits tax, the company saying the tax will undermine investor confidence, discourage investment and increase reliance on imported energy and fuel products ex on adding future investment in the region will depend on a stable and predictable investment climate brian, back to you. >> thank you very much. >>> so with crude oil prices down again today, a

and there's also a lot going on in the oil markets today so let's go over to pippa stevens looking at that for us pippa? >> we do have a volatile session for oil with so many moving parts right now. first up, the eu's ban on imports of russian seaborne crude going into effect today. then we've got the eu and g7 agreement on that $60 per barrel price cap on russian crude this means that anyone who wants to use, for example, european insurance or european tanker in theory has to abide by this cap. although there are still some questions around how it will be enforced meantime, o'opec and its allies meeting yesterday, deciding to roll over their current cuts of 2 million bashlz per day the alliance saying in a statement that it will remain, "proactive and pre-emptive." so in other words, it could shift policy based on market conditions now, u.s. oil had been up more than 3% earlier. but giving back those gains and then some alongside a dip in the broader market currently down 3.6% at $77 with brent crude right around 82.84, a loss of 3 1/4% kelly? >> where do crude prices go from here an

. >> all right, pippa stevens, appreciate that.nk you. >> still to come, today's three-stock lunch. wall street betting big against these stocks but should you move against the grain? is their short your profit that's next. ! welcome to our thd bark-ery. oh, i can tell business is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your drivers and stores on america's most reliable 5g network. that sounds just paw-fect. terrier-iffic i labra-dore you round of a-paws at&t 5g is fast, reliable and secure for your business. >>> it's time for today's "three stock lunch. sipping on underdog names the street is betting against. high short interest, down 25% or more this year tesla, energy airlines, and others victoria, let's start with tesla. boy, what a trade, what do you say? >> i'm not touching it i'm just watching the dumpster fire burn and roasting marshmallows there's a

and also pippa stevens has more of the top corporate stories >> good morning, frank starting here withate, succeeding in preventing a rail labor strike late yesterday. voting to force unions to accept the current labor agreement in a rare show of bipartisanship. the bill which will save the u.s. economy an estimated $2 billion a day had the strike went on now heads to president biden's desk and tesla delivering its first all-electric semi trailer trucks to pepsi in reno, nevada late last night >> it is fun, it looks awesome and this is actually a big shortage of drivers. so if you are a truck driver and you want the most badass rig on the road, this is it >> a this is five years after musk originally unveiled the all electric truck which was originally due out in 2019 but delayed due to part shortages. musk says it has a range per charge of a500 miles when pullig an 82,000 pound load tesla plans to make 50,000 truck through 2024 in north america. and the european union is closing in on a possible russian oil price cap of $60 per barrel. if a deal is reached, the cap is scheduled to go

pippa stevens is here to explain exactly why the whipsaw action in natural gas >> hey, michael. bang but a william per, falling to the lowest level since march today with weather driving much of the declines last week's cold snap is proving to be short lived and forecasts are calling for a warmer than expected january which will cut demand for gas heating we have seen record injections into storage in recent weeks, meaning that inventory is around the five-year average for this time of year freeport's lng texas facility restart has also been pushed back yet again to the second half of january, and it now has been off line since june finally, recession fears and what that means for industrial and commercial gas demand also playing a part in this recent weakness now, nat gas has lost a third of its value this quarter and it is currently trading around 443 per mnbtu, a far cry from the more than $10 it touched in august but still in the green for the year, gaining 20%. that's helped lift the s&p energy sector which in addition to being the sole group in the green for 2022 is also p

but the jump in restaurants, that's getting the headlines pippa stevens is here now with the headlines. wow! >> that's right, kelly consumers are still eating out between november 1 and december 24th, restaurant spending was 15% higher than last year. according to mastercard. that's partly because of the post-covid mind-set. here's how mastercard's steve sadva explained it on "squawk box" this morning. >> i think you have a consumer that is right now trying to be very experiential. you look at the restaurants for an example at the 15 kt growth, there's clearly unit growth on top of inflation you try to get into a restaurant in new york, for example, and it's pretty tough. so there is real demand going on in the restaurant sector >> one thing driving that demand is restaurants are a better deal these days, because grocery prices have risen faster than restaurant prices. november's cpi report showed restaurant prices up 8.5% year over year, while supermarket prices were up 12% this has been going on all year. and according to equity research, restaurant growth hit a record 55.3% in novem

. >> our pippa stevens back at cnbc hblgd headquarters.ho is buying that. >> go ahead. >> no, i want to hear dan on this one. >> no, so really quickly, again, elon musk is establishing himself as a liar on this exact topic of he said that numerous times over last year and he's continued to sell stock. here is the thing. because of all of his tesla shares that have been pledged to banks for a whole host of reasons as it relates to the twitter deal, he plight be forced to sell it might be the bank selling because it is a margin call. so it doesn't -- it wouldn't make me feel better if i was one of the long suffering shareholders who have seen him just sell the stock in their faces for months and months. >> yeah, i mean, the funding secured tweet is one of the great ones eof all time. this guy gdoes not believe that he has to be transparent and tell you what he's going to do this is part of the reason why the stock is undergone what it is gone and i think the bloom owe off this rose. >> elon musk in his tweets and his comments, definitely imp

pippa. >>> good morning, i'm pip at that stevens for cnbc. the dow dropping more than 350 points while the s&p 500 was down nearly 1.5% and the nasdaq fell 2%. the move coming as investors are less optimistic the federal reserve will be able to engineer a soft landing for the economy but there was action expected some time next year. in focus today product activity and labor costs as well as consumer sentiment. microsoft is making a ten-year commitment to bring call of duty to nintendo consoles when and if its purchase is completed. a deal to share one of activevision and antitrust concerns. call of duty hasn't been available on nintendo since 2013. and americans are feeling more generous this holiday season when it comes to tipping. a report out today from bank rate finds more than hatch of adults plan to give annual tips to service providers they use such as housekeepers, child care and landscapers. however, with inflation near all-time highs the average holiday tips will be less this year. the average tip for a housekeeper forecast to be $