it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5." we start with searching for a record. stocks coming off a five h-week win streak with the dow in an all-time high. and risk may be hot, but safe ravens are hotter as the price of gold surges to $2,100 for the first time ever. and a merger monday may have dc regulators on alert as alaska air looks to buy hawaiian.

plus, rising tension in the middle east as key regional shipping lanes continue to come under attack. then later in the show, cop28 takes aim at methane emissions with new targets set for 2023. we are in dubai with a live report. it is monday, december 4th, 2023. you are watching "worldwide exchange" here on cnbc. good morning. welcome to "worldwide exchange." i'm frank holland. let's kickoff the hour with the check of the u.s. stock futures. under a bit of pressure is the nasdaq down about .30%. stocks coming off another winning session with the dow and nasdaq and s&p 500 all riding five-week win streaks. the dow is sitting at the highest level since december of 2022 and less than 2% from the all-time high. it is not just stocks, we

are watching the price of gold. look at the action here. topping a record north of $2,100 an ounce. pulling back very slightly. you see $2,089 an ounce. you see it is up for the year over 14%. we are looking at another interesting move hiere. bitcoin surging last $40,000 for the first time since may of 2022. it is up 5% and trading at $41,600 right now. year to date up over 150%. we will check out the stocks sky rocketing on this move with the bond market as well. yields on the benchmark at 4.24. they have declined from last week down five basis points. we are looking at the energy market. we will talk commodities later in the show. when it comes to oil, oil is under pressure right now.

wti is down over .50%. same for brent crude. down right now trading at $78.40 a barrel. that is the morning set up. let's check on the top corporate stories with bertha coombs. bertha, good morning. >> good morning, frank. alaska air group says it agreed to buy rival hawaiian air for $1.9 billion or $18 a share. it will take on its $90 million in debt. shares of hawaiian closed friday at under $5 a share. they are down more than 50% this year with the market cap below $300 the mmillion. the deal sets up a battle with regulators suing to block jetblue's deal for spirit airlines. the ceo of alaska and hawaiian will join cnbc later this

morning to discuss it. watching shares of uber and jabil and builders first source ahead of the open. the s&p will invite these to join replacing sealed air and alaska air and solar edge. and google is reportedly postponing the launch of public a.i. system gemini. the ceo is pushing back the timeline because of the questions not posed in english. the timeline is set for next month. so much with a.i., frank. i don't know if you saw the article in "the new york times" where people are grappling with the potential of a.i. >> we are trying figure out how a.i. fits in the world.

bertha, see you later on. we turn the attention back to the broader markets. it is the season of tjolly and investors are looking for a five-week win streak. the s&p rallied 450 points. it is approaching the highs for the year just above 4,600 as most market watchers believe the fed is done hiking rates. the vix has dropped to a new low for the year and the index at the lowest level since january of last year. let's get the latest from mary ann bartels. she is on the cnbc news line. mary ann, good morning. >> good morning. thank you for having me. >> what is your current view of the market and how much of it depends on the idea that the fed is done hiking rates? >> i think the idea of the fed being done has really driven the ten-year yields down helping to

drive equity prices higher. we're calling 2024 the year of the bucking bull. we think both bonds and equities will be in a bull market next year. in the very near term, equity prices are extremely overbought and yields oversold. for the next couple of weeks, if we see a bit of pullback in equities, that would be normal. going into year end, you will have a rally that will carry over into early next yeear. >> a rally carrying over into next year. you gave us your forecast for 2024. you say 5,200 to 5,400. are there other catalysts that the fed his done hiking rates? >> at the end of the day, frank, it is all about earnings. we think earnings is actually

dropping and can improve. you were talking about a.i. it is challenging to figure out the productivity enhancements that are going into earnings. we think that companies will get productivity enhancements. we are seeing unit labor costs come down. we think earnings are going to be good for next year. we think there is a solid base for equities to rally. >> talk me through this. you say earnings will be better. is it a rising tide that pushing all boats or is it a prbroadeni market that pushing higher? >> if we look at the magnificent seven, they are supporting earnings. you have a pocket of small caps that will rally and even the banks which are oversold. we don't think they're leadership. we think for a period of time you will get a broadening out. i do believe it is really

technology that is still leading the market higher. >> we are showing the audience now the magnificent seven is up 97% year to date. you are bullish on a risk asset. bitcoin. we talked about it and you are laughing. we talked about it hitting a high for the last year and a half. it is trading at under $42,000. are you bullish on bitcoin or cryptocurrency overall? what about the stocks that are tied to cryptocurrency? >> we are bullish on bitcoin. there is no way to value bitcoin. we are using technical analysis here. we have had a significant breakout. we think that bitcoin will test the all-time high. if there are etfs that get launched, which appears will happen, we think bitcoin can make an all-time new high. we see bitcoin as a value or something like look at ethereum

a technology. most of the other cryptocurrencies are currencies. we believe with the s.e.c. having had approved the future on bitcoin, that bitcoin now is a real asset. again, it is an extremely volatile asset. it can go up or down 80% at anya any time. >> we are seeing upward movement with marathon and riot. are you bullish on those? >> i don't have an opinion on those. if people believe that bitcoin is going higher, they will drive those stock prices higher. >> coinbase up 8%. m mary ann bartels, thank you for talking to us. >> thank you. more to come on "worldwide exchange," including the one word investors have to know

today and we are live in dubai where dozens of gas and oil companies are looking to reduce emis emissions. later, tech powering stocks high near 2023. we talk to dan ives with wedbush over what is moving t wksinheee and months ahead when "worldwide exchange" returns.

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welcome back to "worldwide exchange." the dow would open up 50 points lower. let's see how our trading day is shaping up in the london newsroom with julianna tatelbaum. >> frank, good morning. here in europe, it seems investors are searching for direction after the positive week last we'ek. stoxx 600 has 1.4% of gains from last week. it is more of a mixed picture this week. the spanish market up 17 points. swiss market up 0.5%. within that market, we have all eyes on roche. the giant with big news they are entering the obesity drug

market. now roche acquiring carmot therapeutics to enter the market. that is causing attention and the shares are up 2% which is providing a boost to the swiss market. on the down side, ftse 100 is trading .40% lower. a lot of that is coming down basic resources and oil and gas. let's look at the sector breakdown in europe to give you a flavor. basic resources down 1.7%. oil and gas down 1.7% as well. travel and leisure is down this morning. on the upside, we see appetite for the retail sector. real estate and media and healthcare. frank frank, back to you. >> thank you, julianna tatelbaum in the london newsroom. we have the cop28 continuing in dubai and we have breaking news with the largest oil

companies. our correspondent diana olick is on the ground in dubai with the latest. >> reporter: frank, 50 oil and gas firms, exxon and saudi aramco pledged to put to net zero by 2030. the inclusion of 29 national oil companies is what makes this new and notable. there is already criticism that a pledge is one thing, but how do you enforce it? i asked former bp ceo bob dudley who was instrumental in the negotiations. >> there is satellite technology to monitor aircraft and drones and ground sensors. the companies will have to be account aable from the data. it is hard to hide. if you look at satellites, there

is nowhere to hide. >> reporter: the news comes as energy and finance takes stage this week at cop. we have seen billions of pledges in the first days of the cop. >> we are encouraged to see equi commitments from governments and multilaterals. that is important. the issue is the private sector. the need to mobilize capital to help companies and sovereign entities with source of energy. the amounts requiring are staggering. we have to start somewhere. it is important that we marry the efforts of public initiatives. >> reporter: he says that's an enormous opportunity for citi

and his clients. so many are here to see how they play and plan into the energy sector to help finance that. frank. >> diana, big news on the he mis emissions deal. there is criticism of the company cop being held in the major oil producing entity. >> reporter: the saltan said there is no science indicating that a phase out of fossil fuels is needed to restrict global warming to 1.5 degree celsius. he said it would not allow sustainable effort alsounless y want to take the world back to

caves. >> diana olick, thank you. coming up on "worldwide exchange," a closer look at the $1 trillion telecom industry and ine big player bounced back the last week. that's when "worldwide exchange" is back after this.

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attacks and the a.i. boom with the growth of the telecom industry to reach $1.5 trillion this year. one in the space is calix and nokia and cisco. shares are double in the s&p gain the last month following the upgrade from roth following the headline with don't think too hard, just buy. calix provides software systems and services is a long-term beneficiary of government spending and broadband. joining me is the ceo. thank you for being here. >> good morning, frank. >> give us a sense of what reve? >> 20% of our revenue is tied to

spending. we partner with customers to simplify business which is drive operational efficiency and excite their subscribers which is the launch of new service which is allowing them to differentiate the market. >> you launched your a.i. chatbot last year. how are you using a.i. in your business now? >> we have been using a.i. for over five years. this is leveraging the partners with the a.i. engines. we use that within the cloud to analyze 50 terabytes. if you are having a problem, the a.i. engine can identify it and the call center can do an outbound call. frank, you are having a problem. there is something wrong with the wifi or application you are

running and let us fix that. >> how is a.i. impacting your future business? a lot of your customers play directly in the a.i. space. >> i think there are two ways. calix is a company and a.i. is core to how we run the company. we launched microsoft copilot which we are excited about for the employees to be more successful. with the 50 terabytes of data, we build out the algorithms to be more efficient and identify opportunities to drive great experiences with their customers. a good example of the impact of these would be a small provider in tupelo, mississippi, with the mps of 91. that gives a good indication of what is possible with engines guiding small companies. >> that one of the smaller

customers. one bigger customer is verizon. i want to talk about you. you have been a loud voice when it comes to the impact of higher rates. you are saying the end of free money is changing the dynamics of business. i imagine it changes the dynamics of your business. verizon is a customer for you. how are the higher rates impacting your business and impacting your growth going forward? >> for the customers that leverage our platform, software, cloud and systems, it doesn't have an impact. it is a darwinian effect and the interest rates come up, you see the underperforming companies with free money for a long time fall away. our customers get stronger and stronger and then for thoses wh are not our customers, if they don't change their business model aggressively to drive high cash flow and all of the components of the strong business, they will fail. it brings them to us.

over the last couple weeks, i talked to three ceos. >> michael saying higher rates is a tailwind. >> thanks, frank. let's get the latest on news in new york from philip mena. >> good morning. nine mountain climbers are dead after the volcano eruption in indonesia. the mountain eruption sent ash 10,000 feet into the air coating nearby villages in a cloud of gray and white. officials say it was so bad in some parts, it blocked out the sun. back in the u.s., update on the palestinian american students shot over thanksgiving weekend. the family says he is paralyzed from the chest down. the brown university junior was shot walking down the street with his friends. his parents live in the west

bank and thought it would be safer to remain in the u.s. over the thanksgiving break rather than flying into a war zone. on capitol hill, the house could vote as soon as this week on authorizing the impeachment inquiry over president biden as they probe into the family members business dealings. house speaker mike johnson believes he has the votes to have it pass. the white house called this a baseless attempt to smear lies. back to you. thank you, phillip. coming up, shares of virgin galactic are falling back to earth this morning. if you miss us, you can check out "worldwide exchange" on your favorite podcast app. we will be right back after this break.

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it's 5:30 a.m. in the new york city area. there is more ahead here on "worldwide exchange." here's what's on deck. stocks under pressure with the major indices on the run. we are watching bitcoin bouncing back in a big way and hitting highs not seen since 2022. the stocks on the winning side of the trade in a moment. plus, rising middle east tension and the attacks in the red sea putting commodities on alert. we will speak with helima croft on what's at stake in a moment.

it is monday, december 4th, 20 20242023. you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland. we pick up the half hour with the u.s. stock futures with indices hitting a five-week win streak. the dow would open up 40 points lower right now. as also, it's early. we are looking at the bond market. the benchmark ten-year yield falling right now at 4.24. we are also checking precious metals. gold topping $2,100 an ounce. demand surging since the israel-hamas war with expectations of more fed rate cuts. gold is trading at $2,086.

we want to talk about bitcoin this morning. rocketing higher and surging past $40,000 for the first time since may of 2022. adding to the already impressive year to date gain. up over 150% year to date. a number of names directly tied to the digital asset riding high. coinbase and marathon digital up huge this year. you see 300% gains for the names. these names up 10% this morning. let's get a check of the top corporate stories with bertha coombs. be bertha, good morning. >> good morning, frank. spotify is cutting staff by 17% as it continues to face slowing growth and ad sales struggles. the ceo says the company still

has too many people dedicated to supporting work and even doing work around the work rather than contributing to opportunities with real impact. whatever that means. he is set to address the cuts at the company wide meeting on wednesday. richard branson says he is not going to put anymore money into virgin galactic. with the interview, branson holds a 7.7% stake in galactic. he says he does not have the deepest pockets any more after covid. virgin should have sufficient funds to do its job on its own. shares falling as you can see this morning. and new details into what could be the conflict of interest with openai. he signed a letter of intent in

2019 to spend $51 million in chips from another startup that sam altman has interest in personally to the tune of more than $1 million. it is set to deliver the first hardware to customers as early as october of next year. so many little bits to this story coming out, frank. >> we will follow every tick of it. great to see you. thank you for the headlines. we turn our attention back to the broader markets and one area that continues to show signs of strength is tech. the nasdaq coming off the fifth positive week in a row. longest winning streak since june. this marking a big shift from 2022, but as we head into the 2024 year, can the trend continue? joining me is dan ives from wedbush. >> good to be here. >> out with the new note for 2024.

where does the spending come with tech and a.i.? where does that go next year? >> i think it accelerates. we are seeing $1 trillion of spend in the shores of tech. not just nvidia and microsoft. i look at software and chips across the board and i believe it is the start of the new tech bull market. we have tech stock next year up 20%. it is a.i. and cybersecurity and software. this is just the start. >> dan, we heard you say this a number of times. you continue to be bullish on tech from the start of the year and you have been right. are there headwinds going into next year? possibility of recession? is there anything that can slow couslow down the run? >> in my opinion, no. that is where the bear has been misguided. focusing on the ten-year fed

recessi recession. unless there is a telescope, it is hard to see. it is the biggest tech transformation in 30 years. this isis the 1995 moment. going into next year, i don't think this stops. i think tech stocks continue. it is not just big tech, but software and chips and small and mid-cap. the bears go back into hibernation. >> any concerns of this being a bubble? we have seen talk of a.i. almost everybody is an a.i. company. the actual use case has been limited. >> that is the biggest debate for all of the work we hee do ad the world in a.i., we have 80 use cases. three months ago was 15. for someone like myself since covered tech since the '90s, this is as real of a trend we

have seen going back to what i viewed 30 yearsing ago. you look at mondobd and palantir. >> in addition to apple and microsoft and google. i want to talk about palo alto. why do you see that company being a beneficiary where so many companies are getting into security and stepping on their toes? >> if you look at what they have done with palo alto, it is the install base and now they are moving into the cloud. we are in the second or third engin inning. if you look at palo alto, this is the montezation and they are early on. i look at this as a double table pounder.

it is a ptop pick in cybersecurity. >> i want to ask about palantir. it is closely tied to government work and u.s. military and they support israel and the israeli military. do you believe the tailwind for them is insstrictly from a.i. customers or more from military? >> we view them as the messi of a.i. they heare taking that governme work they have done into the ente enterprise. in my view, they are the purest play a.i. name in the market. now we talk about the use cases and palatir is getting the call front and center with the names. that's why the market can under estimate. this is just starting. this is the golden child of a.i. >> wow. great movie, too.

dan ives. palo alto and palantir are the picks. we will switch gears a bit and turn attention to the developing story and rising tensions across the middle east region after the u.s. destroyer and three commercial ships operating in the red sea came under fire on sunday according to the pentagon. that happened at 9:15 a.m. yesterday. houthi rebels say they were targeting yemen ships. they sent a distress tall to the "uss kerney." the events underscores the potential for the nearly two-month old israel-hamas conflict to broaden into the wider world. joining me now is helima croft

from rbc. great to have you here for this story. >> thank you so much, frank. >> we said this had the potential of widening out. how real is that potential? >> i think there is a lot of kborn concern of the red sea. the houthi have been firing rockets at israel and also targeting tankers in the red sea. they high jacketed an israeli vessel. the concern is the longer this war continues, the risk to commercial shipping will rise. there is some sense in washington that hezbollah is tightly controlled by iran operationally. houthi which gets money and arms from iran, goes their own way. that is the concern with the proxy groups. >> the pentagon called this the most serious escalation in the series of attacks in the region.

they were flagged to the bahamas. can you spell out where the connection is to israel? what is the motivation for the attacks? >> many tankers fly under a different flag. liberian flag. the ownership structure traces back to israel. that is the real risk on commercial shipping. houthi said we will target israeli vessels. a number of vessels go through the red sea and the concern is if this were to escalate, would you see insurance premiums rise? the bigger concern is the strait of hormuz. $17 billion of oil flow through that waterway every day. we will watch that key shipping point as well. the hred sea is the hot center. >> the investor impact and the kmot impact. you mentioned the insurance rates. how do you see this impacting

the market? >> right now, i think we are taking this as a conflict and focused on u.s. supply growth. if this were to continue, if the vessel were to be sunk, you would have a lot more attention from investors from the conflict. they want to see disruption before they price one in. >> can you button this up for us? how serious is the situation? the u.s. is clear it will take action and response. how seriescerserious is the sit relation to the israel-hamas conflict? >> i'm in dubai at the moment. vice president harris was here. she is headed to israel today. when we think about the economic implications and where this

could catch markets, we see the ho houthi with the significant ability to capture targets. if this sunk, we would have a higher risk premium. a lot of investors pushed this to the sideline. if a tanker sunk, that is a bigger deal. >> helima croft saying this is a serious risk. i appreciate your time. great having you here. >> thank you, frank. coming up on "worldwide exchange," another day and another battle for the chinese firm evergrande. first, we see the trending stories. beyonce is dominating box office sales with the estimate $21 million domestically. harvard preparing to say everything is changed.

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welcome back to "worldwide exchange." we start with the morning cal sheet. ab-bev with bernstein expected 10% of bitcoin to be managed by etfs. that is the largest pipe built with financial markets and crypto financial markets. the analysts expect 10% to be managed by etfs which is equal to $300 billion in assets by 2028. a and tt cowen stands by the sell rating on coinbase. it will drive increment at $122 million ebita boost.

and mizuho is upgrading the general motors rating to buy. the sentiment on gm is at the bottom and the uaw strike is behind them. we have our top story in europe is roche to buy the drugmaker carmot for $2.7 billion. if the deal is finalized, roche will have the development portfolio of the diabetes drugs and assets. and origin energy rejecting the deal by brookfield asset. it received 69% of the votes compared to the 75% approval needed. it cites the strong level of origin shareholder support.

shares of origin are falling. and china's evergrande getting a petition postponed to january as it deals with the $300 billion of liabilities. and coming up on "worldwide exchange," the one word every investor needs to know today and why shares of uber are riding high irrelevan > yiss us, check "worldwide exchange" out on your favorite podcast apps. more "wex" after this. 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,

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welcome back to "worldwide

exchange." we have the wex wrap-up. alaska airlines is agreeing to buy hawaiian air with the $9 million of debt. it will have a market cap below $300 million. shares of hawaiian surging this morning. alaska air under pressure. bitcoin prices popping surging past $40,000 for the first time since may of 2022. ethereum is rallying above 2,200 for the first time. as well as gold is surging briefly ahead of the more rate cuts. and shares of jabil and builders bui builders first source and uber

are moving to the s&p next year. and google postpones the launch of gemini. the system is now expected to rollout next month. shares of alphabet are down this morning. here is what to watch in the week ahead. earnings from the notable names with insight on the consumer. toll brothers and campbell's soup will report this week. we have the big bank ceos testifying before the senate banking committee this week. it is topped off by the november jobs report which is out on friday. the markets may be in line to take a breather today after a major averageextends the win streak to five weeks. the dow up 9% this year. s&p up 20% with the nasdaq up more than 35%. let's bring in mimi duff at

gentrust. >> thanks for having me. >> give us a sense of the five-week rally and futures under pressure this morning. >> i think it was kicked off by a lot of optimism of improvements on the inflation side. if you think about it, earlier this year, inflation was very high and supply demand is really out of balance. what we have seen is significant improvements on both inflation front and also on the employment front. we will see if this continues this week. we believe that was the kickoff and the believe that wthe fed's last hike is in for now. that drove more money into the market. that potentially could have been sidelined. >> the thought the fed is done hiking has an impact on the bond market. you are saying we could see a bull market for bonds. right now, looking at the ten-year bond at 4.24.

how does that impact the market for the rest of the year? >> i mean, we think longs in the bond market or overweights in the bond market perform better over a wide everybody range of scenarios. if we fall into some weakness or mild recession, those bonds should do well. on the other side, if the fed does have to pick up hiking again, you can earn your way out. on the equity side, we like certain sectors that have been performing better in a rate stable environment like infrastructure. the small and mid-caps had been beaten up. they are performing better in the recent rally. they made up a small bit of the underperformance they have seen earlier in the year. >> mimi, what is your wex word of the day? >> i pick the word momentum

because i feel like there is so much momentum right now. there's a lot of optimism. over the next week, we need to see if the employment picture holds up to the rest of this theory that is coming into balance. >> the other thing you are looking at isthe magnificent seven. huge rally this year. a lot of talk of valuation. a lot of investors will look to put money to work at the end of the year. give us a sense when you look at the magnificent seven, would you continue to put money in there right now? are you word about the valuations? >> on the margin, we are more worried about those valuations. a few weeks ago, we were talking about the s&p up 15% and the equal weighted s&p flat on the year. now that equal weighted is up 6% to 8%. this recent rally has been a broader rally. we would not focus solely on those magnificent seven stocks

where the valuations are stretched. >> if not the magnificent seven, is there something else in the last part of the year with a lot of people calling for the santa claus rally. where do you put money to work? >> you go with the diversified basket. that is what we had. you make sure you have some of everything with global equities and small and mid-cap and don't forget the bonds. >> i think it is hard to forget the bonds with the low yield. mimi duff says diversify. thank you. great to see you. >> thank you. looking at futures before we let you go right now. markets are under pressure. the dow would open up just about 50 points lower. nasdaq is hardest hit down .50%. we will continue to watch this on cnbc. thank you for watching. "squawk box" is coming up next. have a great day. you bring a lot back

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good morning. futures are in the red a little bit this morning, but we are watching the prices of both gold and bitcoin. the cryptocurrency is getting near $42,000. gold is closing in on $2,100. a merger taking off this morning. alaska air and hawaiian airlines agreeing to a deal. alaska. the state was merging with the airline. it is alaska air and hawaiian air merging. will regulators get on board?

spotify taking the axe to the work force for the first time this year. it is monday, december 4th, they tell me, 2023. "squawk box" begins right now. good morning. welcome to "squawk box" here on cnbc.is morning. i'm becky quick along with joe kernen and andrew ross sorkin. the s&p is down by 14. if you are watching treasury yields, you see the ten-year yield is 4.24. the two-year yield is 4.6%. all of this prab