every day is different. it is neveboring. your 5 a5. a.manhere is e for e rerd boo. ocks cominoff e of their sthotogrhsver vestorprice in what appears to be a peakate enronmen month since 2022, breathing a sigh of relief. it's not just stocks, tcoin bubbling up. the s.e.c.ives the gen light aftea two-ye day, the tf and cyberuck faiful and ter

'rcappinoff a week-lg look at the a.i. arms race a one year since the launch of chatgpt. it's friday, december 1st, you're watching "worldwide exchange" right here on cnbc. good morning. welcome to "wodwide exchange i am frank holland. we'll ck off t hour wi ch on future the dow up jt abt 80 points off its highs of just earlier this morning, ths&p d nasd in t genfractially rht this aft whawas a histor nth for stks with the s&p 500 now tting st% ay fr its allimhigh aft a gain ovembe sothing it's done less than tetimes since 19, and we'r sengight now i best month nce lyf '22.

ocks shocking veigher matched on by e fallin we aays ok at e ten-ar .31 th morng goto rememr it hit aeak of earlier thiyear bight you n see thsharp cline the cht right he th ithu.s. picture. let's see europe and asia were able to kp up. joumanna bercetche is live in our london nsroom with much re on the action. joumanna, good morning. >> good morning, frank. wellnovember was a great month for global stocks and noso mu the case if you look at asian stock markets. one in particular end november in the red. that is the hang seng down 0.4 tech names that came under sellinpressure. alibaba, one of the reons why, a lot of focus on the chinese mac joe. kkei up and its best month in three years and plays into what

global stock markets have been doing in general. australian index up 3.9%. every single one of these, you have to bear in mind manof the commodity producers are domiciles withinhe uk. one reason, burberry in that. cac quarante, disappoiment in luxury names and xetra dax in germany, relative outperformer up 10% surprising given the manufacturing badrop. what we've seen is a rebound in industrials, seiman's and similar to the.s., keeping a close eye on interest rate expectations as markets price in for cuts, these seem to be doing

quite well. >> joumanna, thank you. joumanna bercetche live in our london newsroom. we prepare to kick off the final trading month of this year. the nasdaq up more than 35% so far in 2023, nearly 19% for the s&p 500, and just about 8.5% for the dow. this on growing expectations that jay powell and the fed are done raising rates following fresh data showing slowing consumer spending. for much more lindsay bell, chief strategist at 248 ventures and cnbc contributor a robert, good morning. >> good morning. with you.ndsay, i want to start we saw a great november. all three rallying. coming up almost everybody believes we'll see a pause. does the rest of this rally, this possible year-end rally depend on a dovish fed, the commentary from jay powe? >> i think that's what the

market is pricing in, frank. it's a good question and i know we'll hear from him toda i don't think his position will change. he has been hawkish and wanted to leave the possibili of one more rate hike on the table because he wants to make sure inflation is, in fact, cashed. it's obvusly coming down. if you look at the corps pce, 5% and down to 3.5% now and made traction there and the job market is softenin that's why the market is pricing in peak rates are here, the fed is done. the expectation to hear those wordout of chair powell's moh, i think that's where the rubber is going to hit the road at that december fed meeting so, yoyou know, if the market is pricing that in, we might be result into a little bit of gst in the market. >> robert, same question to you. the market hn't really believed what the fed has said, actually just earlier this week, our steve liesman spe to tom

barkin who said inflation is stubborn and the market is aring what it wants to hear, and the fed iseeping all of its options on the table. in your mind, how much is dependent on a dovish fed? >> the rally started a few weeks back when the ten-year treasury topped at 5%. it is dicating we have a slower economy ahead and indicating the pottial for the fed to be on pause. he has a tightrope to walk and has the first wave of inflation coming down. you can't declare victory but he also has to say, let's talk tough, but maintain higher f longer as long as they can hold that line. >> you're mentioning bond yields, robert. right now seeing them at 4.31 right now. about 70 bases point how does that impact the market? >> fixed income has been the

story for 2023 with the sideshow being the equity mart and ten-year has been the show so do the bond vigilantes, actually are they runni ahead of the fed? the question is, it remains to be seen because as we know, historically speaking, the first wave of inflation is coming down, but historically, inflation comes throh two ways, about 87% of the time, so the federal reserve has to maintain a hawkish tone. the bond market is going to play the tug-of-war, and the ten-year treasury will still be the story for 2024. >> if the ten-year treasury continues to be the story for this last month, lindsey, how would you play things? where would you put money? the market basically broadening out but would you stick with what's working or new tunes? >> frank, i'll stick with what's been working. i think despite the bullishness that's come back into the market when youook at aaii survey and after a 9% run in the month of

november, people are feeling better about thi, but the reality is, when you think about the economic environment for 2024, people aretill uncertain, and theres a defensive tone when you talk to a lot of big investors, i'll stick with what's worked. e month of november, the stocks that performed the best were technology, communications services and consumer disctionary. se seasonally those usually perform well in the month of december as well, and so for those reasons, i think that the defensive nature, the a.i. boom and will continue to drive those sectors going forward. >> i think you agree with lindsey and gave us picks and what you're doing is sticking with what's working. amazon, eli lilly, all doing well. >> we believe in the a.i. space. frank, if you beeve in the looking at. here's what you're we know the stocks have run . but if you think about the tal

addressable market, 's $150 million market today. the global sort of savings for contribution about $15 trillion so a lot of efficienes at work in the a.i. space, especially with the page pressures and everything we're talking about the fed right now, the a.i. story is still here and it has a lot of room to run. then we like eli lilly, another growth space. even if we believe the economy will slow, eli lilly is one story we believe could double from here. a $6 billion market cap. could be 100 billion in terms of the war on weight loss drugs by 2030 once again. you want to insulate yourself from what could be clouds on the horizon, maybe a slower economy, but believe in stories le a.i. or even the weight loss drug war. >> lindsey bell and robert schein, you bo have a great weekend. >> thank you. you too. >>time to get a check of the

p corpate stories. silvana, hey. >> the cybertruck has arrived. >> tougher than bullets. tow pretty much everything. faster than 911 while toewing a 911 and deliveries begin now. thank you. >> after a two-year delay tesla finally delivering its first electric pickups at an event to start sales. the entry level starting roughly $21,000 more than it specified and sell two higher-end version with the most expensive starting at nearly $100,000. tesla shares facing some pressure ahead of the open. down about 0.7%. now, more good news for crypto.

the s.e.c. is now formally engaging with major market players meeting with grayscale, blackrock and the nasdaq about the potential creation of bitcoin etfs, something the s.e.c. tried to block but was eventually overruled. now, in anticipation, the price of bitcoin is up more than 130% this year and on pace for its best year since 2020, and while crypto tracking stocks like riot, microstrategy and coinbase are up more than 250% since january. a u.s. judge blocked montana's first of its kind ban on tiktok from taking effect on january 1st, saying it violates the free speech rights of users and oversteps state power. tiktok owner bytance sued montana back in may in an effort to block the ban. >> are you on tiktok yet? >> nope. >> i'm on there. i get on there but it's just -- i don't even know how to

describe it. >> i only watch videos people send me. >> it's all over the place. >> it seems that way. >> very interesting story. 'll ed to create a "worldwide exchange" tiktok. see you later on the show. the one word investors have to note today, but first why energy traders are not buying what opec is selling, even with the promise of a 2.2 million barrel production cut. much more on tech's magnificent november and who do we have our eye on. a week-long look at the a.i. arms race with a look at the cloud and ceo of one major a syer in that space. bu hour ahead when "worldwide exchange" returns. ♪ the biggest ideas inspire new ones. 30 yea ago, state street created an etf that inspired the world to invest differently.

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welcome back to "worldwide exchange." we are watching the price of oil after total cuts of 2.2 million barrels a day spearheaded by saudi arabia which extends its current cuts through the first quarter of next year with russia and six other producers accounting for the remainder. compliance and whether or not the bloc will stick to its new numbers. good morning and thank you for being here. >> good morning, thank you for having me. big cuts from opec but relatively impact on the oil market. it's actually in the red, so tell us, why don't we see more

price support for oil after these pretty dramatic cuts? >> i think that there was a lot of negative sentiment out there in the market to begin with. some were factored in, talking about the cuts from saudi arabia and russia. there was an expectation in the market that saudi arabia and russia would be extending their cuts, so that's the first part of it. then the second part of it, the additional cut offered by the other six states, there are doubts, there is speculation that these cuts could actually come into effect, but there's just one thing i think the market is confusing a little bit. all cuts under opec are called voluntary cuts, even the 2 million barrel per day collective cut. that's called a voluntary cut. when you call them voluntary cut, it doesn't mean they won't

happen. we've seen commitments from ministers from all the states that offer these cuts saying that they will remain compliant. one of the key factors here that drove the ministers yesterday to make this decision is that they really want to keep stock levels down in the third quarter and counter any kind of uncertainty related to demand. >> got it. another development from that meet something that opec plus is inviting brazil to join the group. what does that mean for investors in the overall market? >> well, i think is really big news that brazils joining the group being a big producer and major player in south america. understand that r now brazil won't be having a quota per op, but it just strethens thgroup and showthati mean, it's still opec plus despite many saying it doesn't haven impact, it does still have weight and its policy does

shape l markets, so brazil joins, i see it as an addition and stngth to the overall alliance. >> all right, so one last question for you, amena. brent crude trading at almost 81 bucks a barrel and hit a high of 97 just a few weeks ago. ere do you see brent crude going for the rest of the year. what wouldou need to see oil prices move higher? >> i think we need to wait until the first quarter when these additional cuts do take effect and actually see stock levels move down. in terms of fundamentals, yes, there is an expected slowdown in demand expected inhe first quarter, but given how strong these cuts are and remains to be seen twhat extent they will be implemented, i think that's going to change fundamentals quite a bit. we'll see a lot of tightening, and perhaps that would reflect into the prices, but for the

mainder of the year, yeah, it seems like $80 is the price. >> a right, oil fractionally lower after opec announced 2.2 million barrel cut a day. you say it's called voluntary but that doesn't mean they're nogoing stickit appreatyour iight. thank you comi up, yr big moy moversnd whadisneyid for e first time since the pandemic. we are back right after this. icy hot. ice works fast.

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welcome back to "worldwide exchange." time for your big money movers. we start with shares of ulta beauty up raising its guidance and says it rose due to healthy traffic at stores anon its website. it expects more omotional deals this holiday season in the beauty category. ulta announcing the retirement of its cfo replaced by the current vp of finance. marvell technology shares posting an 8% decline in net revenue espite a 20% sequential increase in data center revenue, still they say they're benefiting from a diversified portfolio which includes growth in a.i. and cloud segments as it nagates a softening demand environment down more than 4%. disney is bringing back some magic for investors announcing it's reinstating its dividend of 30 cents per share after suspending it at the start of

the pandemic. it will be payable starting in january. this as disney faces renewed pressure ahead of board nomination, shares up over half a percent. time for a check on the headlines outside the world of money. frances rivera has the latest. >> happy friday to you, frank. good morning. we begin with the end of the week-long cease-fire between israel and hamas. the pause in fighting ended after israel's military accused hamas of violating the terps and firing toward israeli territory. this puts an end to a week of prisoner exchanges between the two parties, more than 100 hostages were released by hamas since last friday while israel has freed 240 palestinian prisoners. decide if george santos n stay. the new york lawmakers who faces 23 federal criminal counts is under growing pressu to resign but he has remained defiant vowing to serve as long as he is

allowed. toy's efrt to expel santos requires a two-thirds majority would need to jo all of the cans democrats for the resolution to pass. and in dallas, the cowboys and seahawks traded blow aer blow on thursday night football. seattle wide receiver d.k. metcalf caught three touchdown passes for the hawks while dallas answered with four scores of their own including this late catch by tight end jake ferguson and right there, that td gave the cowboys a lead they'd hold on to. the boys ride them off in "barneand frnds"er415 foiday frk, tho are your headnes. to da. guys w, like nody wantthe cowboyto winfrance why? >> just a nute tre. don't ll that to my brothers, two hard-core wboys fa for decades. >>hey are amera'team but i'an eles n and not a cowboys fan.

prettyool to see him do that sign language. have a good weekend. >> same. straht ahead, we lay out what investors nd to see to extend november's rally into december andey bond. stay with "worldwide exchange." we'll be right back. (carolers) ♪ iphone 15 pro, your husband deserves it! ♪ (mom) carolers? to tell me you want a new iphone? a better plan is verizon. (dad) no way they'd take this wreck. (carolers) ♪ yes, they will, in any condition. ♪ ♪ get iphone 15 pro and ipad and apple watch - all on them! ♪ (mom) please forgive him. (carolers) ♪ it's all good - just a little awkward. ♪ (soloist) think we'll wrap this up.

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gains. ch remaining in the driver's seat with the nasdaq up 35% this year, but do all these high-flying stocksave more room to run? we close out our deep dive into artificial intelligence talking with the ceo of one cloud player looking to capitalize on the red hot tech. it is friday, december 1st, 2023. exchange" right here on cnbc. welcome ba to "wldwide change i'm frank holld. nt tget you ready to start yo day. we ppare to ki off this w as ading nth. it wld oup 85 points sike gherthe nasd slied into negati terriry rig now ths&p st fractnally he grn. this aion wee seeiight w afwhat w a hisri 500 sittinjust 5% away

fr its all-time hi aft a gaiinovembe sothinit'sone less tn n times sinc1928. we're so seeing its best month nce july of 2022. w up 8 s best mthly perfoance in st over a year and theasdaq, ofourse, oshining bothf em, ch me in tech domince in momt. the bond market, yields, benchmarket n-year, 4.31 and saw it dip dn congack up few sis poin but generally yields lower than we've seen em in recent weeks. ergy, oil, on the ba of that opec plus cut, 2.2illion rrels day,oluntaryut. doesot meathat the lunta, it l-proding cotries won't ick tohose tgets a bound r day, wti crude up a hala percent and brent

ude up just abouthirof a percent, natural gas down in the red, about a half a percent. what's been an extraordinary month for tech and the nasdaq. the index coming off a more than 10% monthly gain, best since july of 2022 and snapping a three-month losing streak. the broader markets for the month, of course, the rebound in tech. look right here at the magnificent seven. meta up 4.5%. alpha belt, similar. apple up over 9% and tesla up over 14%. arc innovation, its best month on record. that means ever going all the way back to 2014. joining me is the lead equity analyst and investment week's 2023 rising star award winner. congratulations to you and good morning. >> hi, good morning, thank you very much. great to be back, as always.

so much to dig into as you know. >> we got a lot to talk about, sophie. we were touching on a great performance from the magnificent seven. after this november, remember how much of this is dependent on a dovish fed. >> absolutely, well, to be honest about it, it's everything. the way the market is behaving indicative of this idea that the fed is absolutely done with the hiking cycle. this is a market behaving in a way expecting cuts to be coming through early doors next year. and that in a way is a good thing. you know, we've had a lot of data points to suggest, though it is something the fed might be comfortable doing. there is a lot of heat coming out of the economy, but the flip side of that that we cannot forget is that interest rates tend to get cut at these times and referring to the risk of recession which means actually if that lands in a harsher than

expected way this could spell a little bit of trouble, but, of course, we'll have to wait and see on that one. >> we'll have to wait and see. i want to talk about bond yields down 70 basis points from its high of just about 5%. how important are bond yields when we're talking megacap tech? obviously the higher the yields, the higher the cost of capital, but a lot have robust cash flow. >> traditionally that relationship used to be in my opinion a lot tighter, but now when we see how these markets kind of interact with one another, you know, you see the level of the pullback when yields first spiked, i'm talking particularly about the nasdaq, it was really relatively limited when you look at the scope of how high yields were going, and what this is telling me in a broader sense is that markets are far more interested in the fact that a lot of these tech companies, the magnificent seven

you were talking about there, in a lot of instances they are printing cash left, right and center and valuing those future flows is now a completely different task to what it used to be, i've heard it described as printing money on money in so many of the cases here, and that really is what matters, and that's where we're seeing a disconnect compare to the the traditional relationship. >> we were talking about the arkk innovation etf having its best month ever. we're talking high growth tech but riskier tech, a lot use the term risk on. do you see continued confidence in this riskier or high growth trade? do you think investors will continue to put money in the arkk innovation etf and similar investment vehicles? >> looking specifically at december, i don't see right now a pinch point where i can see

something spooking markets but what's crucial as we look into q1 and i think when we start to get those data points about how stocks have performed, particularly those consumer facing end goals, how they have performed over the trading season, for me that's going to set the tone for the macro and set the tone for economic policy and we could see a little bit of shake sh shakiness. investors are loving tech, and for a lot of good reasons, fundamentals cannot be forgotten, and, you know, unfortunately, sometimes in these riskier higher growth options those strengths, the good old profit and cash flow and can sometimes not be a priority, shall we say, so i think a refocus on fundamentals could hurt riskier options. >> sophie lund-yates, congts on your award again. >> thank you. artificial intelligence, more than 1.7 billion users

joining chatgpt since its public launch one year ago kicking off what's been one of wall street's hottest trends of 2023. all week long we've asked industry experts about the a.i. impact across companies and sectors. >> it's a mistake to try to look at the list and pick out one clear winner like it's a horse race. you're not going to have a win, show, place rank order. all of these companies are going to benefit from this trend. >> i still believe openai's chatgpt is out ahead. they have been able to roll out smaller and bigger -- smaller types of features that have enhanced the big or large language model. >> difficult to see anyone for that amount of revenue is certainly meaningful but it's hard to see anyone getting the volume for the near term. >> if you think about it from a

health care perspective, whether helping doctors diagnose disease or helping more people enroll in clinical trials, there's no question that a.i. can improve health care in remarkable ways. >> a.i. is only as good as the data that feeds it, and so you want as high quality and as continuous data as you can get. for example, we can track your health and understand how you are changing over, not just, you know, a day or a workout, but over weeks or months, and seeing deviations in your baseline is what allows the system to make predictions about your health. >> one company benefiting is dynatrace, they were beat on the top and bottom lines and offered strong numbers. a market that's worth around $10 billion and using a.i. to automate i.t. functions and block threats. partners include microsoft

azure, accenture and deloitte and serves thousands of global brands including kroger, air canada and s.a.p. rick mcconnell joins me. good morning. >> good morning, frank. good to see you as well. >> earnings are up 20%. investors clearly liked what you had to say. give us a sense, what are your customers saying to you about their needs as we go into 2024? >> well, amidst the evolution of the cloud and cloud environments, digital transformation leading into business transformation virtually all companies need software to work perfectly, and our focus is to deliver observability and application security solutions that help customers do just that, so we participate in this exceedingly large market leveraging a.i. to deliver our solution set to them. >> talk to me, you leverage a.i., one thing you use it for is security. since the start of the

israel/hamas war, what are your customers saying about their security needs, and how are you using a.i.? >> well, security is a key element of what we provide to customers. they want to be able to analyze their vulnerabilities. they want to be able to ensure that their software always is working as expected, and our a.i. engine is constantly looking for elements of security threat breaches or potential attacks. this is way more efficient than trying to do that manually by having, favrerankly, an army of people staring at a sea of glass trying to do this on their own. >> you're in a competitive market. we'll show some of your competitors right now that include cisco, data dog and also splunk. cisco is in the process of acquiring splunk. you used to work at cisco. give us a sense, a big company like cisco playing in the same

space you are acquiring one of your competitors, how does it impact you going forward? >> we really like where we sit at dynatrace. we focus on multiple elements. we have a comprehensive, unified platform that delivers against all data types, logs, metrics, traces. these are the data types that are the fundamental building blocks for observability solutions, and our platform integrates those like no other. the second piece is a.i. we have a very sophisticated approach to a.i., which didn't come up for us six months or a year ago, but rather a decade ago, and we've been evolving and maturing our a.i. engine to deliver this very sophisticated analysis throughout this period of time and third and finally is automation, that as generative a.i. is driving even more applications, more infrastructure, it is forcing

organizations into an environment where you've got to automate your response to things like cost analysis but need to be proactive in eliminating or at minimum reducing incidents, and our platform enables all three of these elements. >> shares up 20% since earnings used a.i. in the observability market. rick, great to see you. hope to have you back. thank you very much. >> thas very much, frank. we sti with artificial intelligence. maercard is launching an advanced.i. generative tool helping customers get new products. the personal assistant offers recommendations baseon aesthetic preferences, tnds and drs codes. joining meow is raj. good mning. thk you for beg here. >> goomorninrank. anks f havg here. >> i got task the firs questionthmost obvious one.

mastercards a payment company. why aryou creating generative a.i. tools to help shoppers? >> so, we've been using a.i. for well over two decades and today we've grown in payments and beyond payments and do it through services business. services represent well over a third of mastercard and are growing really fast, and it came from payments, of course, it helps enhance the value of payments but it goes beyond paymen to help customers, help customers grow their revenues, improve their profitability, and engage in a ch deeper way with consumers and help customers make smarter decisions for better outcomes, and that's where generati a.i., a.i. in a shopping news that you mentioned come intplay. >> this won't be on the mastercard site. it will ben a reiler'site that works with u and how wod th wore prticallol. r exame, i'm aually ing out of town to do a sty.

i'll be out in the field. i needed to buy things fo this trip, what would i say to this tool or type into this tool? how would it all work? >> l's say you're on the site and looking around and can't find what you want. you can start having a dialogue and say, hey, let's say, what do i wear for a wedding in miami ne weekend or i have a holiday party coming up, what do i need to wear for that. it will give you options and you can rene them based on conversation, so after looking at what it shows you, you can say i don't like the colors, i want the colors to be more muted or can you show me a one-oulder option, and it will also recommend accessories and shoes. it just makes the shopping experience so much mor tailored, so much more fun and easier. it improves the experice tremendously. >> raj seshadri from mastercard, we appreciate your time. >> thank you, frank. coming up here on "worldwide

exchange," fresh signs of hope for china's economy as it continues to face ongoing challenges. we'll tell you where the country is seeing some progress. that and mucmo wh rehen "worldwide exchang returns. stay wh us.

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welcome back to "worldwide exchange." time for your morning call sheet. morgan stanley downgrading its price target for alibaba. morgan stanley noting the cloud spin-off brings uncertainty to

the value unlocked from that organization. coverage of boeing with a buy rating, the company along with the industry as a whole will see a better chance for improvement around new production rather than further pullbacks. citi saying while it likes the execution of spotify it no longer believes the risk/reward scenario is compelling. we start with the president of the uae announcing a $30 billion climate fund during the start of the cop28 summit and will fund solutions for climate change and need to stimulate $250 billion in investment by 2030. a surprise in the latest read on the manufacturing sector. pmi unexpectedly expanded rising from october and beating estimates. some relief for factories in the eurozone. the pmi showing an uptick from october but the reading remaining below the 50 market

indicating a contraction in activity. coming up here on "wex" as the markets continue to add to their rally, why our next guest is questioning a repeat for 2024. we will be right back. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley.

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welcome back to "worldwide exchange." time for your wex wrap-up. tesla delivering its first cybertruck to customers at an event yesterday after a two-year delay. it will sell for an entry level price of around 61,000, 21,000 higher than initially projected. "financial times" says panera filed for an ipo and prepared for an eventually ipo after its plan to go public failed back in

2022. the s.e.c. is meeting with grayscale, blackrock and the nasdaq about the potential creation of bitcoin etfs after previously attempting to block it. bitcoin up more than 130% this year and on track for its best year since 2020. novo nordisk is considering -- montana's push to ban tiktok saying it violates the free speech rights of users. fed chair jay powell said to participate in back-to-back events touching on post-covid economic challenges and entrepreneurs. those kick off at 11:00 a.m. eastern me today. one more check on how we're shaping up to kick off the final trading month of the year. we had the final trading of the

day yesterday. hard to get it out. looking at futures, the dow off ithighs of earlier looking li it would open 65 points higher and nasdaq moving further near negative territory. december startg off on solid games. bob pisani has more. >> after an extraordinary november with the s&p up 8.5%, the setup for december and into early 2024 is very strong. december is the thd best month of the year averaging gains of 1.4%. what's differe about this december is that it's a pre-election year and that is stronger thaother decembers up 2. on average, up 75% of the time. the first part of the month tendto be the weakest due to tax law selling, the second half is where most of the gains usually occur. now, it's not just the seasonals, the macro backdrop is strong. inflation coinues to moderate. gdp owth has been solid.

unemployment is still low. that's what we call goldilocks. no wonder wall street is so bullish. most are expecting higher stock prices in 2024 and many expecting the s&p 500 to end 2024 at 5000 or above, which would be a gain of about 10%, which brings us back to the stock market. it's been boring this week. the s&p is flat, but that's good. a sideways consolidation after such a strong month is a good technical sign, and the market is not giving up a lot of ground on the downside. what we need is new information. that's the way the market works, you know, goldilocks is already priced in. salesforce, the tech giant was a big help to the dow up nearly 8%, 52-week high, revenue guidance for the fourth quarter up 10% year over year. the company says they're all in on a.i. and cutting costs. those are two magic phrases for tech investors. we need more of that kind of commentary but for the moment let's stnjoy the posite

back to you, fra. >> for mh mo let's bring in lizzie evans. a top ranked wealth adviser by "forbes." good morning. >> good morning, frank. >> all right, so overall positive backdrop as bob just pointed out. do you see the rally continuing into this month? >> we do. you know, if you look at what we've seen this week, we heard from ackman expecting rate cuts as soon as the first quarter and similar commentary from waller in that as we're seeing inflation decline, if the fed is not cutting rates effectively they're having a more restrictive policy and the cpi, the cpi report this month, if you take out food, shelter and energy, we are up 2% year over year which is where the fed wants us to be so we have to be patient to let that work its way into the system. but i think that bodes well for risk assets. we think the rally has come but

think it's here to stay for the holiday party and could see risk assets continue to move higher. >> with so much optimism in mind, how do you see the day ahead? what's your wex word of the day. >> it's catch-up and that's for today and really the rest of the year, so i think that there's going to be a lot of windowdressing between now and year end with some of the big institutional managers that have been all year under weight equities and in particular the magnificent seven so if you look at long positions across hedge fund portfolios, magnificent seven represents 13% which is twice what it was in january but still half the weight of the russell 3000 so you will see this continue. a lot of cash is on the sidelines so doesn't take a whole lot to move the needle. >> you're looking at some technical moves when it comes to the s&p and we'll show it well above its 50-day and 200-day moving average. you're saying there is a level it could cross today that would

be meaningful. give us a sense. what's your thesis? >> from a technical standpoint if you see it break above 4600 that's a good technical indicator. i think that for the market to move meaningfully higher in 2024, we have to see new leadership, as bob just alluded to. with that said, we're expecting if you look at consensus bottom up consensus estimate, price target on the s&p for 2024, we're at 5030 which is 10% higher from where we are today, revenues are up 11%. earnings up 5.4% so i think the setup is good that we need to see new leadership, more market breadth which we've seen in the last two weeks to move the market meaningfully higher into 2024. >> about 33 points away from that level so could happen today. i want to get your picks. one is schwab. they're double-digit higher since a big upgrade.

two parts of that are a lot of money will come out of money market accounts. a lot want to get it back to work in the markets and schwab would benefit from fed cuts early next year. do you agree with both parts of piper's thesis? >> i do. schwab, while it's up in the short term it's still down 26% year to date, so a lot of companies are trading close to their 52-week highs and schwab is still cheap so they are good ones. you have the integration with td ameritrade and that will deliver meaningful revenue and cost energy so that's one to own, i think. >> lizzie, it is always great to e you. your picks for us today, schwab and servenow. have a great weekend. >> thank you, frk. one more look at fures, looks like the dow would open up about 60 points higher, the nasdaq moving st a tick further into negative territory. the s&p fractionally higr basically flat. have a great day a a gat

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stock futures are a little mixed this morning. yesterday's rally was mostly in the dow, as well, but it was a strong one, d it finish the off a strong noverr. we'll show you what's moving right now. yesterdawas mostly salesforce up about 20 points. breaking overnight, the truce between israel and hamas has ended and fighting has resumed. the last reporting from gaza straight ahead. tesla has delivered its first cybertrucks to customers. not that expensive for how --

they're totally different from anything you've ever seen. >> porsche and beating it. >> what's the one that's 60 grand? but they don't have a lot of options, tesla. already said it. how much they'll cost. it'sriday, december 1st, 2023, and "squawk box" begins right now. good morning, everybody. lcome to "squa box" right here on cnbc we are live from the nasdaq marketsite itimes square. i'm becky quick along with joe kernen and andrew ross sorkin and we made it. this is the first day of like the dow is up slightly.s futures up by 60 points, nasdaq is off by about