it is 5:00 a.m. here at cnbc global headquarters. here is your "five@5." we start with stocks coming off the longest win streak since july, but searching for direction ahead of the open. a whirlwind 72 hours at open a.i. and sam altman joining microsoft and former twitch ceo takes his role as interim ceo. and no end to the turmoil at x. calls for linda yaccarino to step down and elon musk

defending himself over anti-semitic comments. and later in the show, just in time for the holiday shopping rush, we speak to the head of brookfield properties in the first on cnbc interview. it is monday, november 20th, 2023 you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm frank holland. we will check the major averages riding three straight weeks of gains. the longest win streak since july futures have moved high near the last hour. the dow would open up 25 points higher right now all three were flat a short time ago. we are checking the bond market this morning look at the benchmark ten-year

bend bond at 4.44%. that better than expected inflation report helping that move there the two-year note is close to the 5% yield we are looking at the energy market with upside movement. wti is up .75% similar for brent crude. natural gas down 2%. that is the monday setup let's go to the corporate stories and the developments on microsoft in the last few hours. silvana henao is here now. >> frank, what a whirlwind satya nadella says sam altman and greg brockman, creators of on open a.i. will now be joining microsoft. this time to lead a new advanced a.i. research team the announcement following what has been a whirlwind 72 hours at microsoft and open a.i. following the ousting of altman

as open a.i. ceo on friday and many efforts to get him reinstated open a.i. has selected em emmett shear as the ceo. the appointment that lasted 48 hours. in a statement on x, nadella says he looks forward to getting to know emmett shear and the new leadership team. >> thank you, silvana. microsoft shares up 2% we will see you later on in the a.i. shakeup later in the hour. and the biggest for the s&p and nasdaq with gains since 2020

r br ryan detrick is joining me now >> good morning, frank. >> you say you don't see recession coming up this year. it looks like were you right as we see the rally in the markets, what are you expecting as we go into the holiday week and appear at a time with two more inflation reports and a fed meeting in. >> frank, we thought we would avoid recession. we had the pullbacks and volatility, but this week, specifically, is what it is. holiday week we would not be surprised with a little upward buy and low volume and low news we talked about this a month ago. we expected a late october low like you tend to see pre-election year is usually strong we talked about the strong consumer we have seen a better economy. the most people think.

frank, we are supposed to have record earnings next year. that is very possible. that is not a bad thing. the concerns are there one final comment. the new york fed does a consumer survey you look at the stock market as well the recent data that the new york fed did showed the consumers are the most bearish they have been on the stock market all year. there is still a lot of negativity when you have a strong november, you tend to have a strong december we think we are higher before the year is done. >> let's talk about the research your firm is doing we are a year away from the 2024 election that sets up for a ryear-end rally. are we set up for the similar rally this year? we are also have a rally this year fueled by a.i >> you are right there are all of the different things fuelling it

we do think it is possible when i was on a month ago, i said we need something to spark it that is what the fed is saying we think the fed is done we have been on record saying the fed is done. we needed to see shelter starting to come back down shelter is finally coming down shelter and cars are half of core cpi used car prices down 14% year over year according to manheim d data we expect to see positive earnings to continue to drive this year and next year. >> before we he get to next year, ryan, wi want to talk wit open a.i. and microsoft. they have more than they planned on with sam altman moving out of the company and taking a job with microsoft does this change the a.i. arms

ra race, if you will? is microsoft still a leader? a lot of companies involved with google, amazon and microsoft >> sure, microsoft is still a leader the instrtruth is the companiese looking strong tech is up 40% year to date. communications services is not far off. it is not all about the magnificent seven to answer this we know the big groups have been there. we have seen a lot more participation. a.i., history repeats itself it is real quick mid '90s, we had other issues coming and now a.i. is coming. we have high productivity. those are positive things to us that say are we in a mid '90s scenario i'm not sure. >> ryan detrick, thank you for being here. >> thank you next on "worldwide

exchange," the one word investors have to know today, but the big money movers at gm's self driving car unit cruise and just in time for the holiday shopping rush. we have the ceo interview with the head of brookfield properties you know those properties around the country. and later, whirlwind 72 hours at microsoft with the open a.i. we have a very busy hour still ahead when "worldwide exchange" returns. a lot of code. if an application needs to be modernized then you'll need time, resources... and caffeine. if this sounds daunting then use watsonx code assistant ai designed to multiply developer productivity so you can generate code quickly. let's create a more modern foundation for business, with watsonx code assistant. ibm. let's create.

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welcome back to "worldwide exchange." the dow would open up .25% higher this morning as we get to our london newsroom and julianna tatelbaum with the latest there. >> frank, good morning happy monday let me kickoff with what we saw in asia overnight. decent trading session we had red on the board for the nikkei 225 with japan down .60%. otherwise, a hong kong market rallied. shanghai coming off a strong week last week for global equities which saw europe and u.s. higher on the week on week basis. turning to europe, we have green for the most part. the spanish market is

outperforming ouall morning. cac 40 is up .30% we will get the autumn statement from the uk government which is the update on the spending plan. this is interesting after the cabinet changes that rishi sunak made last week including the former prime minister david cameron to the cabinet of leaders. one stock is dragging on the dax this morning this is a huge mover bayer. the chemical and pharmaceutical giant. stock down 20% this after the company had to halt a late-stage trial of the anti-clotting drug due to efficacy they had to halt that trial which was an interest to the investment community

bayer had to pay $1.6 billion in the trial with the round-up weed killer frank. >> julianna tatelbaum, thank you. great to see you we are going to stay on this with big money movers. the gm driverless car unit ceo is stepping down after the volu voluntary recalls of the robotaxis following incidents that drew criticism from officials. meta platforms is disbanning the a.i. division. that is over the safety of the ventures as they are developed and deployed most will work on the generative a.i. division. and blackstone is the frontrunner to win a portfolio

of commercial property loans from the fdic sale of signature debt regulators are still working on the final agreement. another bidder could emerge. blackstone is working with rialto capital to service the loans. coming up on "worldwide exchange," and one year and people are unimpressed with bob iger at the helm what could be in store for 2024? stay with us ♪ old school wisdom, with a passion for what's possible. that's what you get from the morgan stanley client experience. you get listening more than talking, and a personalized plan built on insights and innovative technology.

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. welcome back to "worldwide exchange." spending during black friday and cyber monday projected to shoot to new highs 84% of shoppers feel confident in the ability to stay within the budget for the year. 40% expect to finish the shopping over the long weekend joining me to discuss what he is seeing is kevin crane. kevin, great to see you. >> thank you for having me >> 13% increased in shopping over the black friday and cyber monday biggest jump since previous years. how important is black friday to

your business as we see more people shop online >> black friday is a long event. it is a really important time of year the day is important lots of people come out. they are looking for deals and promotions retailers spread those out to allow a shopper to not do it on one single day. >> your properties are including the mall in the chicago area here on fifth avenue, you own retail space here. what are your customers telling you about in-store shopping oveo over commerce shopping >> i think our customers are telling us it is not a zero sum game with physical retail and digital. the fact is a physical retail sale is more profitable for retailers.

every timeer opens a single store, commerce grows 20%. it is a one plus one equals two scenario and not if i lose a physical sale, i gain a digital sale a total store strategy rolling out is what we are seeing from our customers. customers want a physical footprint to see and touch and feel their goods particularly the younger generation when they post on social media, they can identify with that brand. you cannot identify with a brand through a computer >> let's talk about that we are hearing from retailers that experience is important talk to me how are gen-z shoppers and millennials shopping i'm from where you go to the mall a lot of people are used to

shopping what are they doing when they go to your properties >> they operate differently. you know, millennials grew up at the advent of all this and they started going digital only gen-z wants to go in and experience the brand they don't care as much where they execute the sale. they may go and shop and pick up they want to browse and be with their friends and post we put these experiences in the assets to really cater to the customer they don't care where they execute the sale they want to understand the brands. >> catering to the social media shoppers as those who go and buy something and leave. give us your sense of what you are looking for the holiday season do you continue to see people going in the stores over the

hol holiday period >> our outlook is really strong. national retail federation said holiday season should be up 3% to 4%. i saw a study up 14% growth. there was softening. the trend has been increase in sales over the last few months we are actually expecting to out perform all of the trends. we are expected for the robust holiday season. >> i like that word. before i let you go, you are talking to investors in your company who own retail stocks. is there something that people may miss with retailers? there is a lot of talk of the death of retail or death of in-store retail. what would you tell investors who are looking in the retail space? >> i say the death of retail or retail real estate is a myth i would say we have an

irreplaceable assets we are able to kcurate to drive people back. physical retail is more profitable than online you need to continue to drive profits. >> kevin mccrain from brookfield thank you for your time. time for the check on the headlines with nbc's phillip mena in new york with latest >> frank, good morning we begin with the world's reaction to the death of rosalynn carter. the former first lady and advocate for human rights died at the age of 96 on sunday a funeral is planned for next wednesday in plains, plains, ge.

concerning news for the biden campaign a poll shows donald trump leading biden 46% to 44% that is the first time trump has been shown leading this morning, renewed hope for the 240 hostages currently held by hamas and islamic jihad. sources confirm the negotiations are closing in on a deal to release some of them and a temporary pause in fighting. no final decision has yet been made that's it here, frank. >> thank you, phillip. still ahead on "worldwide exchange," calling for linda yaccarino to step down as elon musk is defending himself over anti-semitic messages. we will be right back.

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it's 5:30 a.m. in the new york city area there is a lot more ahead on "worldwide exchange. stocks coming off three straight weeks of gains futures right now are higher. we are watching the fast-moving developments with open a.i. and the shakeup with sam altman exit that rocked silicon valley. the year of disney under bob iger we will dig into the hits and the misses and what year two

could bring for disney on this november, 20th, 2023 you are watching "worldwide exchange here on cnbc. welcome back i'm frank holland. we pick up the half hour check on the trading week and how it is shaping up with the three indices of three straight weeks of gains you see futures are higher across the board off their highs of earlier this morning. last week's gains come as we see a pullback in the bond market. we start with the benchmark ten-year bond. 45 basis points lower than it started the month. helped by the inflation report we also want to talk oil the forurth negative week in a row.

a boost on reports that opec could look to continue its cuts. brent crude 1% higher this morning at $81.38 a barrel wti is up 1% higher at $76.55. natural gas down 2%. we are turning our attention to the developing story with open a.i. and firing of ceo sam altman it has been a whirlwind of events as it spilled out on friday now open a.i. is moving on without the leader steve kovach is joining us with latest >> frank, here is where we are right now. ousted ceo sam altman is not returning to the company as he put microsoft leadership in a.i. at risk. satya nadella announcing that

altman will join microsoft as the head of the new a.i. research division with greg brockman and former board member who quit in solidarity with altman on friday now on the open a.i. side, the startup has the third leader since friday emmett shear is replacing the cto who was named interim ceo after altman's firing. she is staying at the startup for now. how did we get here after the firing on friday there was a blowback from investors, including microsoft, over the weekend which owns a big stake it bought in a deal worth $10 billion. those investors pushed for altman's reinstatement and nadella taking the key role in the negotiations the board refused to restuructur

as altman demanded now altman and brockman were brought inhouse at microsoft it is unclear to know the relationship with nadella. altman is well loved inside the company and employees could still lead without him at the helm it is not clear how altman will shape microsoft with the open a.i. technology. >> steve, a lot going on here. bizarre chain of events. this is not that unusual for a founder to leave a company under less than ideal circumstances. is it strange to the people you are talking to that they are now joining microsoft as employees >> it is a little strange because of the strange relationship between microsoft and open a.i microsoft, because of the investment and ties with open

a.i. and everything that microsoft announced. the bing chat and copilot that is sold as an a.i. assistant that is based on open a.i. technology with all of the drama going on, keep in mind, this is an interim ceo. altman did not return at open a.i. it still raises a lot of questions of what will happen with open a.i. and that it impacts microsoft's ability to develop other a.i. tools. >> important to know microsoft shares up 2% that news breaking this morning that they would join, sam altman and greg brockman. steve, thank you we will talk more about the future of a.i. and sam altman with jason ware. good morning thank you for joining us >> good morning, frank good to be here. >> i want to get your take microsoft shares are up 2% on the news that sam altman will join microsoft as an employee in

the a.i. division there. as an investor, what is your take on what we are seeing >> so, given where we are in this development and as steve noted, it has been a wild couple days i'm not sure how much more i can add to what steve is saying. the reality is that, you know, microsoft is in a tough spot they spent well north of $10 billion in investing in open a.i. to have access to chatgpt to fold it into the pivot at microsoft which is focusing on generative a.i. across the suite of products. nadella says they are committed to open a.i., but you still have the chiefs leading that enterprise coming into microsoft and i'm sure over the next several days and weeks, we will hear about brain drain away from open a.i. and the microsoft a.i. research lab headed by sam

altman point is they are still in bed microsoft and open a.i. are committed and major financial backing. it feels like they are trying to bring inhouse now the capabilities they had with chatgpt. it will be really interesting to see where it goes from here. >> as an investors, you are in favor of bringing altman and brockman inhouse >> i don't know. i'm not sure i'm in favor of it. i don't know what other move they had. >> jason, stick around we want to pivot to another big story in the media space today today marks one year that bob iger comes back to disney. iger's first one as ceo vaulted him to the top of executives of all time overseeing pixar and fox and launch of disney plus.

iger suffered setbacks at the helm in the first year back. box office bombs and disney world with lower attendance. shares are flat since iger's return jason is still with us and let's welcome in alex sherman. alex, thank you for joining the conversation what is your take of the one year bob iger being back as ceo? >> i would say 2023 is the year that bob iger and disney declared to the world that something is wrong with the company. that is the defining theme throughout the year. maybe 2024 will be the year that disney figures out really what it wants to do in terms of moving forward as a company. 2023 was largely defined by significant job cuts and significant pullback in cut and

spends disney set a target of eliminating $5.5 billion of cuts this past quarter, bob iger increased it to $7.5 billion in cuts we still don't know the direction of disney moving forward. bob iger has dlothrown a lot of solutions out. it could sell abc. it could spin off the espn we don't know what direction he will choose. we will see if 2024 is the year we actually find out the answers to some of the questions and maybe 2045 is the year we start talking about bob iger and succession >> a lot of questions across the board. jason, back to you you are a disney shareholder how do you view bob iger being back at the helm at disney

>> like alex shared, bob iger included on the last conference call that the first year is a fixing year. now pivoting to building the company. a lot of the fixing was focusing away what bob chapek was increasing the subscription model at any cost. they have been losing money with low average per user and bringing people to the platform. now bob iger's job is to turn to profitability. he is doing a really good job. we were at $1.5 billion in operating losses when he took over a year ago. now we are getting close to $300 million in operating losses. that will be flat here as we get into the second half of 2024 shifting that dtc and over to profitability is important bob iger is focused on turbo

charging the experience of business which includes theme parks and resorts and merchandise and all of those elements to the disney brand i think bob iger did a good job. i give him a "b" plus in the first year he is focusing on the next wave of growth for disney lineal networks is still a cash flow business. there is not a lot of growth there. they are recognizing to do something with that. the areas to focus on is moving. >> "b" plus for you with bob iger in the first year back. alex, give us a sense of the succession plan. is that a top priority for 2024? does something else need to be handled to give a boost to the stock price and investors? >> look, if 2023 was about

taking out costs for the business and sort of refocusing the business on profitability, i think 2024, the real focus of 2024 needs to be does this strategy really resonate with investors? we haven't really seen the same leg up in disney shares that we saw during the pandemic when disney had a real growth story and clearly say look at the new disney plus subscribers and look at this new business we have there is no new business theme parks is a good story, but it is an old story before succession, it is iger's job to position disney where investors can get excited about putting their money in the stock. i think early in 2025 is when disney will start talking about succession and this year is spent on iger's choosing

there are definitely cynics out there who think bob iger will just continue to kick the can down the road indefinitely and stay as disney ceo for literally as long as he can because this is a job he loves and the board has confidence in him. remember, he has pushed back his retirement five times since he has become ceo just because the plan might be for him to lead by the end of 2026, we all know that may not come to fruition. >> alex, you have done a lot of great writing on the topic bob iger changed his mind. he wasn't in love with hulu and disney pew buys the full share m comcast. then maybe spinning off the tv sector are any of these things that we heard about put faith in them as

far as spinning offer the tv business >> it is a difficult time to do any transactions valuations are low there are not many private equity buyers out there because interest rates are high. for anyone who wants to put decent debt on an asset that is declining means they have to raise money at a high interest rate if they don't have the d powder travailable. we will see if it becomes more friendly i think disney has used this year to figure out what's possible based on the rhetoric of what bob iger said recently, it seems he is hinting a deal to find strategic partners for espn could well happen next year. he seems more bullish on that one. in terms of selling abc or the

lineal networks, the comments on the past earnings call seems to suggest he is pulling back on that idea. he realizes the market is not there. i would not be surprised if he kept abc despite throwing it out there. hulu is probably a done deal at this point that is a matter of getting the price agreement with comcast to take in the remaining one-third. that is the transaction that i think will be done sooner than all of the other ones where the entirety of hulu comes into disney and you use hulu in the international way rather than domestic. >> alex sherman, a lot of great stories on cnbc.com. jason, thank you for being here. great to have you here thank you. >> thanks, frank. time for the check on the top corporate stories. silvana henao is back with us. >> frank, i'm back the fallout over elon musk

publicly endorsing an anti- anti-semitic conspiracy theory is suggesting linda yaccarino should step down from the social platform the calls coming as an increasing number of big brands pause spending on x over the hateful content. musk defending himself over the controversy writing, there were hundreds of bogus media stories claiming i'm anti-semitic. nothing could be further from the truth. i wish the best for humanity and prosperous and exciting future for all. it is the end of the road for jim chanos he is telling cnbc he is co converting his hedge fund and returning most of the investor

money. his bet on enron before 2001 is making the shift as the stock market continuing as assets managed by his firm are hovering below $200 million compared to $6 billion the in 2008. and citigroup set to begin a round of job cuts and overhaul of management as soon as today this is according to reports which say the moves are part of the bank's biggest reorganization in decades. job cuts are expected to be in the thousands and could continue into the first quarter frank. >> a lot to watch. citigroup shares up fr fractionally silvana, thank you. still ahead, big moves as the economy in china is continuing to struggle we will have more details when "worldwide exchange" continues

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welcome back to "worldwide exchange." time for the "morning call sheet" with hsbc giving caterpillar a call caterpillar,s headwinds for the market shares are down .25%. jefferys calling six flags a buy. shares are flat in the pre-market. and no openappetite for kri

kreme for jpmorgan chase shares are flat in the pre-market jpmorgan chase downgrading chegg to overweight. shares right now are down 3.5% time for the "global briefing." china central bank leaving rates unch unchanged after the lending facility rate was on hold last week it is looking to boost the economy and including liquidity injections after cutting rates several times this year. a and in argentina, javier milei beats sergio massa as the presidential election campaign draws to a close the country is dealing with the

worst economic crisis in two decades with 140% inflation and rising poverty the stock is popping on the news adding to a 200% gain this year for merval. and foxconn is dealing with pressure after the stock market debut today. the foxtron vehicle technology has received 9,000 orders for the first ev take a look at shares which are down more than 2.5%. coming up on "worldwide exchange," one word that every investor needs to know today and the next guest says the market rally could face twists and turns in the final weeks of the year more coming up after this.

icy hot. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. welcome back to "worldwide exchange." time for the "wex wrap-up.

we start with satya nadella saying sam altman and greg brockman are joining microsoft to lead the a.i. research team this is a whirlwind 72 hours after the ouster of the altman as ceo on friday and efforts to get him he inn reinstated. the founder of the driverless car unit is stepping down at ceo. this is following the voluntary recalls of the robotaxis and suspension of all public roads in the u.s. after incidents that sparked criticism. and shares of bayer are dropping after stopping the late-stage trial for a blood

thinner. and blackstone is the lead bidder of signature bank debt seized back in march regulators are working on the final agreement. and "hunger games" bringing in $44 million in the domestic debut and $98 million globally and marvel is still dropping and being on pace to fall short of $100 million. and the macallan whisky sells for a record 23$2.7 millin the at auction we have earnings from snvida and kohl's and fresh read on the inflation and spending on the

economy. remember, the markets are closed for thanksgiving we also have janet yellen speaking on "swoquawk box" heret 8:00 a.m. the major indivisces comingf three straight weeks of gains. they are off the highs of early this morning joining me now is victoria greene with me >> happy to be with you, frank. >> markets are coming off a strong rally with the short week we are a few days away from the next fed decision and flag reports. how do you see this holiday short week shaping up? >> i see it volatile a lot will depend on nvidia and if they can outpace expectations and keep the rally going this is a tech driven rally.

we will need nvidia to come through for us for this to continue we are expecting volatility to kick up. it is not often you see three or four straight weeks of gains we are tempering expectations back that the gravy train may slow down and get cheoppy. >> with all that in mind, what is your "wex word" of the day? >> playing off the vegas race this weekend is chicane. we may see more twifsts and turn as the fed tries to slow down the cut. you need to be prepared for a slowdown here. temper expectations. we are not going up 5% every year until the end of the year i'm sorry. >> it is earnings for nvidia

we have a big week with retail and black friday and cyber monday tech has been a big influence on the market we talked about the consumer keeping this rally going we will get a read on the consumer this week what do you expect >> i think everybody continues to temper expectations we saw decent beats with ross and tjx. walmart said our consumer. home depot talked about slowing sales in home improvement. you see lowe's and dick's and others reporting deere and cat are trending together the consumers spent well in q3. >> one pick is nvidia. it reports after the bell tomorrow dick's reports before the bell tomorrow why would you buy them today >> dick's had a lot of bad news

priced in q2 they missed hard stock down 20% i think the bad news is fully priced in for them if you look at how they are transporting with 8% of the market now dsg is driving i'm expecting them to have a better handle of shrink. i think dick's is one that could surprise on the upside because of what we have seen on retail last week. i'm more positive on them. there is some underlining risk with the consumer being under pressure sporting goods has come up strong >> victoria greene, thank you before we let you go, we want to look at futures as they are in the green, but fallen just a bit it looks like the dow would open up 15 points higher. we look at microsoft huge news over the weekend

sam altman will join microsoft along with greg brockman those shesar up 2% that will do it for us "squawk box" is up next. nice footwork. man, you're lucky, watching live sports never used to be this easy. now you can stream all your games like it's nothing. yes! [ cheers ] yeah! woho! running up and down that field looks tough. it's a pitch.

get way more into what you're into when you stream on the xfinity 10g network.

good morning news breaking overnight. ousted ceo sam altman is joining microsoft after the boardroom drama that sent shockwaves through silicon valley. more fallout of elon musk's anti-semitic post. now threatening a nuclear lawsuit after a call for advertisers stopping the spend on x. and shares of bayer are

plunging in germany. the company halted a late-stage drug trial and lost a key court case in the u.s. over the round-up wide killer it is monday, november 20th, 2023 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. it is monday you were right, joe. it got here fast u.s. equities are green when it comes to the dow futures and across the board dow futures up 15. nasdaq up close 15 and s&p up 1 point. you are talking about three weeks of