it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5." taking a breather. stocks snap a four-day win streak as it has gone too far too fast. stocks may be a bit stuck, but gold is not. up again this morning after touching another fresh all-time high. we asked one strategist if there is more room to shine. watch out microsoft. meta platforms and ibm and other tech companies launching a new

a.i. alliance branding themselves as the openai al alter alternative. take two. forced to call an audible for the video game leaked online. and pressure is on at disney. the nelson peltz proxy battle enters a new phase today. it is tuesday, december 5th, 2023. you are watching "worldwide exchange" here on cnbc. good morning. welcome to "worldwide exchange." i'm frank holland. we kickoff the day with the check on the stock futures after the rough day for wall street. take a look. you see it is red across the board. dow would open up 30 points lower at this hour. as always, it's early. major imagines ars averages are

coming under pressure with the russell 2000 coming off a fourth possible siitive session in a r. rates have declined. however, it is more than 20% from the all-time high. speaking of rates, we check the bond market. we are at 4.24 for the ten-year note. these rates have fallen on expectation that the fed is done cutting rates. we look at commodities as we watch the price of gold after it topped 2,100 do$2,100 for the fe ever. up a .25%. a big move to the upside for gold with the fourth quarter and year up 12%. we continue to talk more about gold later in the show. we also want to look at

cryptocurrency. bitcoin holding above $41,000. it's highest level in 19 months. right now, just down fractionally. bitcoin trades around the clock. $41,700. bitcoin moving higher in recent weeks and months. that is the u.s. set up. let's see how europe is trading as its day gets under way. joumanna bercetche is live in the london newsroom with the early action and moves in asia. good morning. >> good morning, frank. let's start off with the price action from asia. there is a lot of red on the board overnight. this despite the fact that chinese services activity came in higher than expected. sitting at 51.5. it was overclouded by news that moody's downgraded the outlook from stable to negative. hang seng down 1.9%.

in the aussie index, that is down .90% as the rbc would be data dependent in the future. let's switch to the european market. you see with the extension of the uk index, every single one is trading in the green. we had better than expected final pmi numbers. that was a surprise. you see the bounce in the pound and euro today. in terms of individual boards, we are seeing a pullback in basic resources in the ftse 100. barclays is sitting close to the bottom of the ftse 100 on news of the key stake holder from the middle east, the qatar investment authority, looking to the sell down its investment in barclays. with the exception of the ftse 100, it is set to be a better tone for european markets today in trading. bucking the trend from asia and

hand over from wall street last night. frank. joumanna bercetche live in the london newsroom. we turn back to equities and investors may be getting ahead of themselves in pricing in rate cuts. the cme fed watch tool shows a 61% chance of a cut in march. some believe 14% odds the cut is coming in january. rick reider saying these numbers are over the top. >> the narrative of the economy falling off a cliff and moving in the recession and fed we wern january. that is presumptuous. i don't think the economy is falling off a cliff. i don't think we are going into significant recession. >> he believes the returns are

not doing the same from this year into 2024. we now bring in josh wein on our phone line from hennessey funds. >> good morning. >> maybe this rally has been fueled by a false assumption. >> i think i agree largely with what he is saying. i think the market is assuming it is favorable inflation data propelled the market higher will continue to trickle the down in a straight line. the trends look like a straight line down or up, but it will be bumpy. i think the trend is in place and the market is getting it right. very, very small chance of a cut in the first quarter. 14%, you said. starting in march and april is when it gets real. despite what the fed officials

like to tell us that we he can k keep them higher and not raise them is a threat. >> josh, the forecast from the cme fed watch tool is showing a 97% chance of a cut in june. i want to say the fed is done hiking rates. that assumes you will hear from a dovish jay powell in a few days. if you don't get that dovish tone, what happens? >> i think the markets sell off. i think it will be short lived. the fed has been saying one thing and the market has been doing another for several months now. i don't know if a lot changes. i think he feels he has to say certain things and i get that. you know, trying to maintain credibility and not getting ahead of themselves. the market sees through it and is looking out over the next 12 months and not the next month. i don't think anything changes. >> we are talking about the

rally with the russell. you are looking the mid-cap index. you say it is at a discount compared to the broader market trading 14 times forward earnings compared to the s&p and at 19 times forward earnings. is this a yield play or are there certain companies extra are attractive? >> 14 times discount to the s&p and greater to the nasdaq which is almost 30 times. the last year, the russell 2000 and midcaps have not traded in the rally. we could see activity pick up next year which is a catalyst for midcap stocks. in our fund, we see a lot of interesting names that certainly look at the industrials which are a large sector exposure for

the fund with floor corp which is looking to participate in the onshoring of semiconductor manufacturing and other manufacturing and spending on infrastructure. >> that is a big chunk. i'm going to that story next, josh. great to see you. thanks for joining us. >> thank you, frank. time for the check on the top corporate stories with silvana henao. good morning, silvana. >> good morning, frank. meta platforms and ibm and intel and oracle and amd and 50 other groups are teaming up to form what they are calling the a.i. alliance looking to create an open model for new a.i. technology. the move positions the coalition as an alternative to openai amid criticism that it and microsoft are not actually an open source platform despite claims to the

contrary. shares of taketwo under pressure ahead of the open. down a little over 5%. this after the video game maker released a trailer for the next installment of the grand theft auto franchise due out in 2025. they were revealing the trailer this morning, but it was forced to move up the timeline after a low quality version was leaked on x. the game which debuted in 2013 is now the second best selling video game in history with more than 190 million copies sold. at&t striking a $14 billion deal with telecom giant ericsson to build the next generation network in the u.s. the deal would effectively replace at&t's infrastructure which is supplied by nokia in dozens of markets across the

country. let's see. shares of at&t are down. ericsson up 4.5%. nokia down 5%. >> silvana, thank you very much. see you later on. more to come here on "worldwide exchange," including the one word that investors have to know today, but first yesterday was companies and today is the united states and more than 100 countries setting new targets to reduce greenhouse gas emissions. we are live in dubai next. plus, add 23andme to the high profile hack attacks in the recent weeks. we speak to the ceo of tenable next. and more on gold and why it is not the only precious metal to set out to new highs. more on "worldwide exchange" when we return.

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williams company in the u.s. who said he is not here because he is worried about his business with the new pledge, but because he wants to grow it. >> we are in the industry and gas pipeline industry has been off the radar screen. we liked it that way. it is time to get our voice out there and talk about natural gas and reduce emissions around the world. continuing to grow coal use around the world. natural gas is one of the few things that is more economic and, therefore, one of the few things we can deploy in scale without government subsidy. >> natural gas is neither renewable or clean. >> as we build more renewables, we will be able to back off the natural gas consumption. in the u.s., our consumption is

on power generation which is continuing to climb. we are a long way from where renewables are starting to back that load off. >> not great for your company. >> what we sell as williams, we sell pipeline capacity. we really are not all that sensitive, frankly, to how much natural gas gets consumed on the annual average basis. >> reporter: armstrong said he is trying to drum up export business for natural gas from the u.s. which he says he can do at low costs. he said countries like the uae will be the customers. frank. >> diana, i know we are in an energy transition right now. any discussion about how you reduce the use of coal and oil currently? there is so much demand for elect electricity, what is the plan to reduce those? >> reporter: it is renewables. solar and wind and methane.

i'm sorry, natural gas. natural gas is not completely clean, it is cleaner than oil and coal. it is the transitional phase. you can't just stop using oil and coal. that is how we heat ourselves and cool ourselves and get from place to place. it is a slow transition. it is tcoming up with the transition. >> diana, great reporting. ahead here on "worldwide exchange," first addresses and telephone numbers, know the genetic profiles have been hacked. we speak with the ceo of tenable t bold wave of cyber criminals. stay with us.

welcome back to "worldwide exchange." cybersecurity is increasing by the day as hacks continue to grow. 23 and me says hackers accessed the data of 7 million people during the anttack in october. tha that was more than acknowledged. okta says email addresses and full names of the companies hit this year which includes mgm and clorox. joining me to discuss this and the broader cyber landscape is

the ceo of tenable whose partners include amazon and microsoft. >> thank you. >> i want to start with the 23 and me hack if you don't mind. this was due to a password recycling. people using the same password as they use on other sites. how would you describe that? is that user error? >> first, we will learn more about what the hack was and how it was perpetrated over the course of time. usually only a limited amount of information and limited amount of accuracy is available when you learn about a breach. that type of issue of password reuse, which you have not had time to patch, having the lackadaisical security practices is what accounts for the vastbr.

>> you said it was lackadaisical on the part of 23 and me. what can we do to protect ot ourselves? what are we looking for here? >> a couple of things you should do to protect yourself. the first is make sure you are thoughtful about what information you are putting online. any information you put online and this should come as no surprise, is available. it is available for the corporations to use. corporations with which you share it and it is available to the people they share it with. sometimes the sharing mechanisms are selling of your information and trading information. it could be business partners or hackers which break into systems and access the system. first, make sure you are thoughtful of the information you put online and do business with companies that are investing in the cybersecurity.

this is a very big issue. recently, we had rulings from the s.e.c. and enforcement action from the s.e.c. which will require companies to be more transparent about the cybersecurity practices and breaches. this will lead to improved security risk management. >> we all hope that. let's talk about the broader landscape. we haven't talked to you in a bit. the israel-hamas war started since we last spoke. are you seeing more threats from the middle east region and give us a sense of the landscape. >> there was an uptick in threat activity as the conflict erupted. we saw online hackers and motivation. you are seeing targeted attacks against different government and non-government sites. some organizations supporting one particular cause. none of this is news. i think the bigger trend or issue we're concerned about which is occurring over the last

several quarters is the democratization. threats or vulnerabilities which took a long time to exploit which only sophisticated hackers could do are now being democratized. you see less capable hackers download the attack code and exploit and use them. what used to require a sophisticated attacker from a nation state is now executed by online criminals and hacktivts alike. >> less sophisticated hackers have the ability to pull off hacks that only larger actors were able to do. we hope to have you back. thank you. >> thanks, frank. straight ahead on "worldwide

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it is 5:30 a.m. in the new york city area. there's a lot more ahead on the "worldwide exchange." here's what on deck. wall street under pressure again as investors fear expectations

for fed rate cuts may have gone too far too fast. the pressure on at disney for the board seat nominations. we take a closer look at iger's track record and what nelson peltz is planning. and we look at novo's holy grail of obesity fighting drugs. it is tuesday, novdecember 5th, 2023 and areyou are watching "worldwide exchange" on cnbc. welcome back to "worldwide exch exchange." i'm frank holland. we pick up the check on the wall street. look right now with the dow that would open up 40 points lower. red across bothe board in the pre-market. we are looking at the yields

with the ten-year yield at 4.25. these were 50 basis points lower than the last fed meeting with the expectation the fed is done hiking rates and on the path for a cut. we are looking at crypto. bitcoin is holding at $41,000. at the highest level here in 19 months and showing a fourth quarter rally. you can see it is up 152% for the year. a 19-month high. that pressure felt in crypto stocks right now like coinbase and riot and marathon digital. coinbase down 2.5%. marathon down 2%. these stocks are up 300% this year. a very minor pull back we are seeing this morning. that's the morning money set up. now for a check on the top

corporate stories with silvana henao. good morning, silvana. >> frank, good morning. reports this morning that johnson & johnson looking to settle the 100 lawsuits over the baby powder linked to an asbestos exposure. no word on the settlement. more details could emerge during the johnson & johnson presentation today. shares of gitlab surging. up 16%. this company makes developer tools for software makers and posted the first ever operating profit. it went public in 2021 and has 874 customers contributing $800 million in annual revenue.

that is up 30% from a year ago. >building on the success of wegovy, novo is looking to develop the obesity drug being called the holy grail. they are studying select trial data to understand who is most at risk to develop obesity noting that genetics only accounts for obesity risk in 5% of cases, frank. >> that's interesting. >> very interesting. >> my real question is will they develop something where we can eat whatever we want? that is my holy grail. >> same here. turning attention now to disney. the nomination window for board members opens today as the company faces continued pressure from shareholders which includes ne nelson peltz. reuters says he is pushing to

get three seats at disney. he is not satisfied with the changes made by bob iger. iger weighed in on the pressure from peltz at the new york times book summit last week. >> this is a qualification level required to sit on the disney board. the board will make the -- not me -- the board makes the decision of who is qualified and not qualified to be on the po board. if nelson puts in a request, he will get the decision by the board. >> we have nancy tengler with us for more. >> thank you, frank. >> let's jump into it. agree or disagree with nelson peltz's quibbles about the

board? >> i think the reinstatement of the dividend was important for the shareholders. it brings in a new class of shareholders that disney needs. the notion that nelson peltz is unqualified, we heard the same when he sought that seat at p&g. that worked out well. we will see how it goes. i'm not convinced he will get elected. he is serving, nelson, a useable purpose. >> i want to say you are not a disney shareholder. >> in that is one of the catalysts we were waiting for, frank. among other things, the company still has a host of problems they have to work through. typically, that has been a decent time to take a look at the stock and build positions. we're finishing up our research and we still want to sort through. the earnings report last quarter was encouraging. >> what are the problems you are

looking at here? the actors and writers strike was a problem and now has been resolved. bob iger floated the idea of selling espn or the local tv networks. what do you see as the problems currently? >> i think we just need to see how they can earn now the strike is settled. it will take a bite out of margins. the parks will have to continue to perform top speed which they have been able to do. pricing has been a challenge for attendees at the park . we will see how they sort out the rest of the business. whether he floated the idea of abc, that is not the best property they own. we don't need to see it happen. we need to dig deeper and seek direction and how he will pull this to profitability. last thing, frank, we had in the

last couple years is one segment of the business working and another segment not working. they need to grow in tandem for the stock to appreciate. >> a lot of people are agreeing with your assessment. shares up 6% this year. dragging comcast and warner bro brothers. we have seen other changes. what do you need to see to be a believer in the company and reinvest? >> i think just consistency. this last year was a lost year for bob iger. we got the easy pop in the stock last quarter in the earnings. now they need one or two quarters. we will get in before then. we should watch for margins and

discussions and the board vote. that is important to see who gets on. >> one last question. one thing that has been flagged by a lot of people is the direction of the movie business. specifically the marvel business. >> he addressed that in the interview you showed earlier. it is a big problem for the company. the famous words is disney would never get involved in sequels. they are wearing thin. we need creative content. we need startling content coming from the company. we have not seen that in the last few years. >> nancy tengler says we need startling positive content. nancy, thank you. >> thank you, frank. turning attention to commodities. dp gold prices are falling more than 2% in the last session after it hit above the all-time

high above $2,100. now investors are looking for a rate cut next year. let's talk to bart, head of securities at td. >> good morning. >> let's look at yesterday. what led to the pull back yesterday and you issued a short with gold. what led to that decision? >> we did. we thought the trade was a little bit overdone on the upside and driven by short covering here. we do believe that for now it is a tired trade. it is unlikely we have the federal reserve really start to pivot toward a much more dovish stance. not that long ago, we have seen people in the market start pricing in probabilities in the

mid-30s for march of a cut. the truth of the matter is the economy is still fairly firm. there aren't overwhemlming sign of a patchyivot from the fed er reserve. >> i want to talk more about the precious metal complex, specifically copper. a lot of people think copper is the economic indicatindicator. the chart shows it is flat year on year. what does that tell us about not only the commodity market and the economy? >> i think copper, as we call it dr. copper, with a ph.d. in

economics, is looking forward and reacting. right now, it has been weakening and it is significantly off its recent highs. the reason here is china continues to disappoint particularly on the manufacturing side of things. of course, the construction sector is not strong at all. we are looking at the potential recession in the u.s. the western world broadly is slow. copper is reacting to that. you know, what is surprising to observers like me that it is as strong as it is in the interest rate environment. inventories are quite low. there are no guarantees we will see the expected increase in supply. it is really still fairly steadfast. >> bart, we want to tap into your knowledge on the oil market. oil up 1% right now. give us a sense. what is your outlook for oil for

the end of the year and into 202420 2 2024? >> we are on the upside. we still think brent could go above $90 in the coming quarter or two. the reason we say that is we are seeing commitments from opec plus and saudi arabia extended the 1 million barrel cut. russia is committing and we had an extra cut on november 30th meeting. totaling 2.2 million. we think the supply tightens up and demand of 1.2 million barrels of growth a day. >> td's bart melek, thank you. >> thank you. coming up, moody's looks to

china's outlook as it shows no shines of slowing down. and steve jobs returns may be from autographs. a $4 check signed going for $22,000 at auction this week. signed items from steve jobs have gone for record amounts because he did not give autographs. and in time for the holidays, jimmy stewart is returning in an a.i. generated voice of the actor reading a bedtime story today. he will read a holiday tale called "it's a wonderful sleep story." fresh off the ousting last week, george santos has a new job. the former congress member selling $200 videos on cameo. personalized message shows him offering advice and blowing kisses and making jokes about botox. more on "worldwide exchange" after this.

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welcome back to "worldwide exchange." releasing the survey from capital saying the companies should be focused on. pippa stevens is here with more on the story. >> reporter: good morning, frank. in a year dominated by labor issues and strikes, americans believe workers and wages should be the top priority for companies. that is according to the just capital survey out this morning which polls 3,000 consumers

across location including gender and race. it organizes issues in five groups. for the sixth year, americans said the community impact at number two. shareholder and governance issues round out the top three. pay a fair and living wage is the top priority by the largest number of respond antrespondant. accountability to all stakeholders and work force retention and advancement and training are key initiatives. this survey provides a pulse on consumers and what they care about and how they believe companies should balance different priorities. the survey also found worker rights to have bipartisan support with americans from all backgrounds saying they should be the top priority. the ratings helped the just 100 list which will be revealed next

year. frank. >> pippa, from the corporate perspective, how can this data be used for company priorities? >> reporter: what this does is it breaks down different esg issues into manageable categories that companies can look at on a more granular basis and see what people care about and see where they should be allocating resources. one thing that just capital learned is measurement and transparency is important. the survey has been conducted for years and they have a bulk of data showing that consumers want companies to publish stats and demographic characteristics and then be transparent about where they can be better and where they are trying to make impro improvements. fr frank, they found employee training and retention is what consumers want to see companies

invest in the work force. >> pippa with the report from just capital. thank you. time for the morning call sheet. bank of america downgrading ubs from neutral to overweight. calling out the credit suisse acquisition. it sees a lot of heavy lifting still ahead for ubs and cutting the eps estimate by 32%. it remains dconvinced benefits f the acquisition. and ubs is expecting earnings to grow in 2024 and in 2025, but with the stock trading at all-time highs and multiples above the five-year average, it is time to rethink the risk/reward. and jpmorgan chase boosting the prices estimate for spotify after they announced reductions. the business remains healthy.

time for the global briefing. moody's cutting china's outlook from stable to negative with the concerns over the country's level of debt and reliance on stimulus on borrowing for the economy and deepening property crisis as beijing is issuing a record number of bonds. china is showing signs of strength in the recent months. services sector expanding at the fastest pace in three months in november with the increase in new orders. this is following the better than expected pmi last week which showed steady growth and spending and instrumendustrial prod production. in japan, softbank is buying 51% of irish telecom firm for $513 million. it is expected to close in the

first half of next year as softbank bets on driverless tech technology. coming up on "worldwide exchange," one word that every investor needs to owkn today and december may be a month long hangover for stocks. we'll be right back.

welcome back to "worldwide exchange." time for the wex wrap-up. we start with amazon and meta teaming up to form an a.i. all alliance centered around a safe model. california taking on crews alleging the robo taxi covered up the accidents. shares of taketwo are falling ahead of the open down 6%. the video game maker released the trailer for the next

installment of the grand theft auto franchise earlier than planned after the earlier version was leaked on x. and tusimple winds down operations in the u.s. and it will focus on asia with the market cap of $230 million. at&t striking a $14 billion deal with telecom giant ericsson to build the network in the u.s. it will cover 70% of u.s. traffic by 2026 and replace nokia in dozens of markets around the counctry. one more look across the country with check on wall street. dow would open up 60 points lower. we have victoria green joining

us. great to see you. >> good to be here, frank. >> you see futures in the red falling and the s&p closing down .50% yesterday. breaking that weeks long rally in the market. how do you see the market shaping up today? what is your wex word of the day? >> my wex word of the day is pitch. pitch in aviation. roll, yaw and pitch is nodding up and down of the airplane. i'm concerned we are nodding up and down. this is not a great pitch of the markets. i think the pitch is a little at risk today for a nod down. >> the pitch is a bit at risk. what is create aing the risk? some investors are thinking the fed is cutting and that is shaken a bit with investor confidence. what do you think the jolts is

going to tell you? >> it should continue to go down. we need to see jolts continue to go down. that is the hope. you are pricing in the march cuts. it keeps coming forward. that is putting people at pause. how aggressive is this rate cutting going to be next year? i think a little bit too much is getting priced in right now which means the rally may have gone too far. if you don't see jolts continue to contract and employment strong, why is the fed going to cut in march? i think investors need to step back and ask that. why is the fed going to cut? they are going to cut if employment is under pressure or p inflation get to the deflation environment. they will not stimulate. they don't care unless there is a liquidity crisis. >> jolts is coming out a half hour after the opening bell.

last month's actual was 9.6 million. is it the same level or does it need to be deeper? >> i think you need deeper. you are seeing the labor market has to continue to tighten. it is hard to tighten if you have 9.3 million job openings and 2 to 1 ratio of jobs. without unemployment coming up, i don't see the pressure on the fed to do the aggressive cuts priced in. suddenly we don't get the march and april cuts next year, you will see re-pricing in the markets and i think we ran too far and too fast. everybody got excited about rate cuts and maybe we moved to the point where we are aggressive on where they will ease. >> let's look at the nasdaq futures. hardest hit of all fthree indices. part of the big a.i. trade is mondodb. how important is this for

nasdaq, but for tech in general? >> that is the interesting. the mega cap is rolling off and not being the market leadership. mongodb beat on adjusted eps. the beat is not something that will satisfy the market. it has to be a beat in the raise. you see it with the high-priced tech stocks. it is all about what will you do for me going forward to justify the multiples. we saw datadog do well. they will be 500,000 on earnings. that is a low bar considering last quarter. as long as they see sales growth, should be good. it is what the outlook which moves the stock. >> victoria, thank you. mongodb is the pick. nasdaq down .50%. the dow is hitting the low this morning and opening up 75 points

lower. "squawk box" is coming up next. have a great day. (sfx: stone wheel crafting) ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪

good morning. moody's cutting outlook on china's credit now from stable to negative. stocks in china are lower across the board. we'll show you what is happening right now. and take-two interactive released the trailer for grand theft auto. and george santos has found a new gig. selling personalized videos for people on cameo. it is tuesday, december 5th,

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 becky quick along with joe kernen and andrew ross sorkin. let's take a look at where u.s. equities stand at this hour. red arrows across the board. dow indicated off 70 points. s&p futures down 17. nasdaq off by 90 points. of course, that comes after the major indices slid yesterday. yesterday, the dow was down by 41 points. the s&p was down .50%. the nasdaq was off .%.