it 5:00 a.m. at cnbc headquarters and here's your "five@5." stock futures fight for gains. not losing any shine are shares of apple set to open above that key $3 trillion market level for the first time since august. what the company's doing today that's giving bulls a reason to baijiu now, on capitol hill, the ceos of the eight largest banks in the u.s. are set to testify before the senate banking committee today. we're live in washington, d.c.,

with the topics on the docket. plus, amd takes aim at nvidia. unveiling a new chip set today designed specifically for what else? artificial intelligence. and then later on, bitcoin's bounce continues in a very big way. it is wednesday, december 6th, 2023. you are watching "worldwide exchange" right here on cnbc. good morning. welcome to "worldwide exchange." i'm dominic chu in fur frank holland. yesterday saw the dow and the s&p post back-to-back losses. right now we're seeing some modest gains implied at the "opening bell," the s&p higher by 10 to 11 points, the dow jones up and the nasdaq. the bond market, we continue to

watch a sharp drop-off in treasury yields now shitting their lowest level since august. the 2-year note at 6.1 and the 30-year long bond, 4.31%. attention is squarely focused on shares of the biggest one out there, apple, closing with a $3 trillion market cap for the first time since august. this morning the apple shares are just about flat on the session, just a tad higher. $193.55. it's up about 49% just in 2023. the risk-on trade also helping to propel bitcoin prices. now just off levelings not seen going all the way back to april of 2022, prices are again higher this morning fractionally so by about half of 1%. $250 to the upside, 43,910. we did go above that 44,000 mark

very briefly, and on a year-to-date basis, the prices up 165%. similar stories for stocks with their fortunes tied to crypto assets. think of names like coinbase global, marathon digital, 2% upside there, and then riot platforms up 1.three-quarters percent. and in energy prices oil coming off its lowest settle since back in july. right now wti crude prices to the downside. $71.84 for u.s. benchmark west texas intermediate. ice brent crude futures, $76.76. let's get a check on the top corporate stories. with those we have silvana

henao. >> today wthere will be an unveiling of a new chip. the new chip has faster bandwidth and more memory competitive compared to its nvidia rival making it a strong candidate for large language processing. it anticipates the chip will generate $2 billion in sales. in the last monday amd is up nearly 6% and more than 80% year to date, roughly 10% away from its june high. and be sure to catch first on cnbc interview with lisa su on "closing bell: overtime" at 4:30 p.m. eastern. the ceos of this country's eight largest banks including brian mona haine, jamie dimon

a and frazier are expected to speak before the senate banking committee later today. they'll look at how it will impact profitability. and elon musk is looking to raise $1 billion for his x ai artificial intelligence company he hopes will compete with openai. in a filing with the s.e.c., the company says it's already raised $135 million, adding there's a firm agreement in place to meet that $1 billion mark, dom. >> silvana henao, thanks very much for the headlines. markets are looking to reverse some of this week's losses as they reassess last week's big rally. wall street turning to the road ahead for december and what it could mean for 2024. price targets for the s&p next year range from 3,300 to 5,100 with our next guest hovering around the highest end of that

spectrum. we're going to speak with craig johnson with piper sandler. he joins us now with his outlook and what's going to happen. craig, it's always nice to see you. take us through what you think is in store for the s&p 500 in 2024. >> thanks, dom. it was great to see you last week, and it's great to be on the show this morning. we think 2024 is going to be sort of a different setup in the markets than what we saw in 2023. dom, last year we were talking about a hop, a drop, and a pop, a little play on dr. seuss. we think for 2024 this is going to look more like what we call hltr, which is a high-level trading range. we think that equities will continue to see the rallies that started in the november time frame that extend into december and into 2024 as we continue to see interest rates check back to what they were, the 5% level.

as that plays out, we think we're going to see the equity markets push up, get back to the old highs, push through, and ultimately consolidate for probably five to six months. that's traditionally what you see, dom, in an election year, in a market that rallies, enters a trading range, and finally doesn't push higher, until ultimately you get through to the election. we think the highs will close in 204 and we set a price objective at 50-50 in 2024. we think that fits very nicely together, but at the end of the day, we still think it's going to be driven by tech, industrials, and services, just more mid- and small cap as we see it showing signs of improvement. >> craig, those are the sectors you think will help power the 50-50 target price for the end of 2024. what sectors do you think will be the drags, the ones that understood perform in technology

and the cyclical trade that you're talking about. >> when we go back and look at the years here at piper sandler, right now it shows the utilities are looking weak, and the calm media is kind of mixed. dom, one of the other areas that is weak that has potential recovery opportunities is health care. it's been done poorly in the last couple of months and years, and we think that could be signs of improvement. the biggest surprise is coming from financials at this point in time, and if we do see the fed finally sort of back off of their rate-hiking cycle that they've been in, the yield curve starts to be more normal sloping. that will ultimately power the financial sector, and that's really one of the most important things we need to see happen for the breadth of the market to move ultimately in 2024. >> tech and financials doing some of the heavy lifting there. craig, let's take us through some stock picks.

what do you think from a stock-specific perspective quickly. >> yeah, very, very quickly, we think ticker tt looks pretty constructive, starting to break out. pfizer, skechers, and sks. fifth bank, bank kourp are two of the other names along with truist financial. >> craig johnson with piper sandler with a 50-50 price by the end of nextyear. a lot more to come including the word investors need to know today. but first director reid hoffman is speaking out about sam altman's firing and dramatic return. plus wall street appears to have a favored new presidential candidate. what nikki haley just did that's making some doubters believers. and later on, they may be nearly 30% from their all-time highs, but that does not mean

there isn't any value in small cap stocks. we're going stock picking with one top goldman sachs manager. we've got a ry bveusy hour still ahead when "worldwide exchange" returns after this commercial break.

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they say that global airline revenues in 2024 will reach a record $964 billion , and globa passenger levels will hit 4.7 billion versus 5 billion prepandemic. at net profits are expected to be near $25.7 billion with a 2.7% net profit margin. well, let's see how europe is shaping up as this trading day is in the early action stages. joumanna bercetche is in our london room with the early morning action there. good morning, joumanna. >> good morning, dom. we're seeing a lot of green in the markets. of course, markets are reacting to the very strong rally we had yesterday in bond yields. ftse up.

xetra dax is up a tenth of a percent. the dax is now sitting at an all-time record-high. pretty astonishing when you consider how weak the data has been. only today we saw a decline in industrial orders. and the contact in france is up. merck, the stock is down 14% after their multiple sclerosis drug failed in the late stage trial. it is a blow as they were leading the race to target more treatments for the disease. this is the worst performer in the stoxx 600. you mentioned airlines in the u.s. tui over here sees operating profit rising 25% in its current financial year after more than doubling in the year to september 30th. we're seeing a very strong reaction today, and the stock up more than 9%. up toward the stoxx 600. dock. >> joumanna bercetche in london with the latest on the european action.

time now for your big money movers. we've got shares of box dropping. offering mutant sales guideance. he's confident they plan to use ai for work flow automaker. the shares down 13%. toll brothers shares moving higher. the home builder says it's optimistic about lower mortgage rates broadeni ening its appea new homes. a 27% decline in home deliveries. and shares of avis budget group announcing a special dividend of $10 per share payable to shareholders starting on december 21st. it's purchased 1.3 million

shares with 8 million left in the share purchase program. coming up ahead on "worldwide exchange," why shares of one chinese e ve maker are surging this morning, much to the chagrin of tesla shareholders. we've got the full story cinomg up when we return after this break.

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welcome back to the show. that was just a sneak peek at cnbc's new crossform platform called "cities of success" garth brooks speaking there. cities are transforming, driving change across the u.s. economy. "cities of success" will feature different cities each quarter. our first stop is nashville. you don't want to miss the premiere. it happens 10:00 p.m. eastern time, nashville, the future city there. we've heard all about the climate pledges from coalitions of kun countricountries. what technology will accomplish that feat? i'll give you a second to take a

guess. our diana olick joins us where artificial intelligence appears to be the buzz word of the day, the week, the month, the year, diana. >> i would just add the millennial. look, as with everything else, ai is taking center stage at cop28 and lowering carbon emissions. who better to talk about that is tim christopherson, salesforce's vp. first of all, what are you doing? >> there are thousands of companies here that if you look at the 2000 largest companies in the world, only 700 of them have a climate action plan that exposes a lot of companies to risk and at the same time it's a huge opportunity to make sure it stays meaningfully. that's what we're here to do is to navigate our customers through thought leadership and the first movement initiative

and ai technology. >> net zero cloud. what exactly is that? >> it's our key product to help customers not only measure on track their missions but identify how they can work and reduce them the fastest. we use predict active ai to help them do that. it can also help with water and waste and nature disposals, all of which are companying, for example, in the eu. >> you're expecting huge growth. >> it is already. >> fantastic. sales force invests in startup companies and you use the companies to do carbon offsets. what are you hoping to get from this cop in the carbon offset market because right now it's all over the place. >> first and foremost, we have to reduce our missions across the scope, one, two, three. we have a target of 50% by to

2030. that's enough enough. companies need to produce and invest. they need to reduce and invest. for example, we work on making market more transparent with high integrity of both the buyers but also higher quality of the supplies. so we've invested in a company, for example, called silvara. they track and monitor carbon so we can value forests and stopiquetting them down. we have to reverse that and restore intact forests globally at less scale and speed but the right tree at the right time with benefitses for people. that's what we're doing with it. >> i know your ceo marc benioff is very invested in trees.

have the trillion tree project. what is that exactly. >> we're 91 companies joining forces. there are many governments involved as well. we have an aspirational target to cover serve more trees than we have now. that's so essential. it's 26 guy ga tons of activity that could help with litigation. nature, overall, could provide one-third of the emissions gap, help with mitigation and resilience. that's essential for all of us. we have to invest in technology, and we have to invest in nature and to all of that right now. >> absolutely. chris christopherson, thanks so much for joining us. >> thank you very much for that. let's get a look at this morning's headlines. >> dom, good morning. president biden making it clear why he's running for re-election. at a campaign event in boston he told supporters if trump wasn't

running, i'm not sure i would be running. he added he cannot let him win. when asked if he could drop out of the race if trump did, he said, no, not now. a former alaska airlines pilot has been indicted. he's no longer being charged with attempted murder. he had been struggling with depression after a friend recently died. he had taken psychedelic mushrooms 48 hours before the incident and and had not slept in in more than 40 hours. his aryanment is set for tomorrow. by valentine's day, we should know who will fill the seat of george santos. that's it from here, dom. back to you. >> phillip mena with the latest headlines. straight ahead on the show here, since its 2023, closing

low, small caps, outpacing the s&p by a wide margin, but with the index still off record highs, why now may be the time to go into small capans d go stock picking. we'll have those reasons coming up. back in a moment. tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education crafted just for traders. all so you can trade brilliantly.

it's 5:27 here in new york. here's what's on deck.

stocks looking to get back on track with a rally on the small cap sequitur. the names the banks say you need to watch. some of the country's biggest banks are heading to capitol hill as they face a certain regulatory environment. the critical mention that solomon, fraser, moynihan, and others plan to deliver to our nation's lawmakers. and putting our money behind one presidential hopeful as wall street appears to seek a, quote, trump alt active. it's wednesday, december 6th, and you're. r watching "worldwide exchange" on cnbc. welcome back to the show. i'm dominic chu in for frank holland. this half hour let's check on the sessions. it saw the dow and s&p post

back-to-back losses. right now we're seeing a slight bid to the market. the dow jones up by 41, and the nasdaq higher by 59, and the s&p 500 up by almost 10 points. the 10-year is hitting the lowest level since august. 4.195%. now, remember, at the cycle highs, we're talking about 5.02%. that's how far it's fallen in just a couple of months' time. so keep an eye on those yields. 2-year, 4.62%. that move is helping to power technology's stocks higher. the attention right now squarely focused on apple, closing with that $3 trillion market cap mark for the first time since august. this morning they're up fractionally, a quarter of 1%. this upside here in the last couple of months has been staggering, not near maybe parabolic, but still apple

shares have been a juggernaut so far this year, powering gains. it's up 49% so far this ear. the risk-on trade helping to propel bitcoin prices off levels we haven't seen since april of 2022. this is more of that parabolic move here, that upside over the course of just the last couple of months, really almost a 45 or even steeper than 45 degrees up at this point. but now it's above 44,000. 44,290. it's about 37, the last trade up 1.25%. take a look at coinbase global, up 2% premarket. marathon digital up 2.75% and riot platforms up 2.5% as well. within energy, oil is coming off its lowest close since july. right now wti brent crude dow ti

crude. ice brent crude also down. now we turn to silvana henao. >> some companies are left speechless inclouding former director reid hoffman. he says he doesn't know why the firing took place, adding he's spoken to altman since the incident, but not to board members. nvidia announcing new chips to comply with regulations. it plans to work with the government to develop products that abide by the new rules after warning of a steep drop in fourth quarter sales from china. nvidia currently has a more than 90% share of china's 7 billion ai chip market.

and nikki haley quickly becoming a favorite on wall street. sources tell cnbc, the former u.s. ambassador just raisedover $500,000 at a new york fund-raiser this week, marking the most successful high-dollar fund-raiser for her presidential campaign on record. it was packed with wall street executives and the financial success paves the way for haley to win over voters. silvana henao with the latest headlines. small cap stocks have been finding some love from investors lately since its closing low. the russell 2000 index is up 12%, which is outperforming the s&p 500 and only trading slightly behind the nasdaq. let's talk about this so-called catch-up trade and whether it can roll into the next year.

greg komanages the firm's small cap core. it's great to have you on set with us. >> thanks for having me. >> the small cap story is an interesting one because it blends in so much about the economic interest rates, the economic prospects out there, and whether or not there's a catch-up trade to be had. what do you think? is the small cap earnings in the trade right now? >> we think so. there's a catch-up trade that's ahead of us. a lot of the things you've been talking about, the financial conditions tightening, even going back to november 2021 when chairman powell was reappointed, you saw a very high velocity of tightening of financial conditions which had a large impact on small cap stocks.

it really exacerbated the move and made it quite substantially painful for most of this year. the last month or so, we started to see what we think is a more realistic picture of what we expect for next year as the earnings are quite good, and we're very, very optimistic with some everyday behind us that this is -- you know, this is the start of a vl small strong caps cycle. >> if the rates story was what in your mind drove a good portion of the underperformance in small caps, the rate story has shifted because of the expectations being built in are for rate cuts perhaps sooner than the fed has indicated will happen in some of their commentary. if that's the case, how much of that small caps story is tied to whether interest rates can continue lower as opposed to staying more steady? >> when we look at the backdrop and the history of doing this for almost three decades, if we

just stay here, i think it's a pretty favorable tail wind for small caps. if we start to see lower rates and a fed easing cycle, i think that adds fuel to the fire, especially in some of the sectors we look like tech, consumer and health care because those tend to respond very nicely to those lower interest rate environments, and i also think, you know, just financial conditions themselves loosening, you know, just -- not just rates, but energy prices as well, down kind of mid teens from the recent highs. also a nice backdrop to invest on a sector that appears more on the backdrop than the underlying. >> part of the small caps story overall is about the undercoverage that mp of these stocks get which is why there are some that have outperformance. take a look at the stocks before we let you go. >> it's more of an efficient market than i've seen in almost two decades. one of the things is things get

painted with a broad brush. a player got overcooked to the downside because of this go p.1, this obesity drug dynamic. i think you have a 20% grower both top and bottom line in areas not impacted by any of these obesity drugs. so we're pretty optimistic of that one. boot barn, they're opening one by us in new jersey. i think it's going to be quite interesting because it's not a well represented store on the east coast, but "yellow stone" theme, work boots, carhartt, well managed you nick growth story and in the chip space, really kind of building the blocks of the ai food chain and doing so in a way we think is going to outgrow not just their peers but become much more important to the space overall.

>> three big pilks from greg tuorto of goldman sachs. members of three big banks will join lawmakers, expecting to warnof dire consequences from tougher regulations. emily wilson has more on what we can expect from the banks testifying on capitol hill. good morning. >> good morning, dom. we're expecting to hear a lot today both from ceos and senators on proposed new sectors of the base capital. many of the eight ceos headed out to capitol hill today have pushed against the potential standard including jpmorgan stace, morgan stally, jamie dimon of jpmorgan chase. he said more is not more in this case. ironically the proposal to mitigate risk will create even

more risk in the financial system. now, while republican lawmakers told me they plan to ask the bank ce oss about the trickle-down effect, democrats are defending the proposed standards as gar goils of the industries need that to make more money in risky trades than small loans to businesses. chairman brown will stay to the executives whose banking failed this spring have lobbied for watered down rules to make it easier to chase profits at all cost and we should be concerned when the executives of even bigger banks are doing the same thing against capital. senators could ask about consumer protections, how banks are adapgt to climate. the hearing is expected to begin at 9:30 a.m. and expected to go past noon. we'll be there to cover it all.

>> emily, there are a plethora of issues na will be part of the election cycle of 2024. how much or how important do you think the financial services willpart of that election news cycle? >> dom, i think that's a great question. i think to a certain extent it's always a hard thing to know. i think there's a real interest on both sides of the aisle when talking about the management banks and the impacts they're having and regulation. i expect to see that at the presidential level on down through senators. i mentioned the banking chairman sherrod brown. he's facing a very, very difficult re-election in ohio, and whether or not he wins or loses could determine whether the democrats hold the seat or republicans. >> before i let you go.

i know that the compliments and congratulations have been handed to you. congratulations on being named the 117th press president. i think this is one of those scenarios you're going to help the rest of the entire journalism industry shine. >> thank you so much, dom. i hope to welcome you and all of the press corps to the club soon. >> thank you very much. let's talk about what it mr. mean for the banking sectors going forward. let's bring in 's bring in chri whalen. he's been covering banks for a long time. this is a bipartisan issue. for the most part everyone scrutinizes the big banks and some of the regional type banks because of stuff that happened back in the spring. what exactly is the setsup in

your mind as we head toward this big hearing if you will on capitol hill. >> i think this setup is really fighting the last war. it's mostly concerned about capital instead of market risk. as you know with silicon valley bank, what they did was kept buying mortgage backed securities in a falling rate environment and when rates went back up, the bank was insolvent. i'm actually doing comments on the proposal. and i think the feds have managed to bring the entire housing division, the banks, the homebuilders, and they're all opposed to this proposal. they're going to be nice to the regulators, but i think the fundamental question is are we going to demonize residential

mortgage lending even more than we are in the past with the proposal. it's frankly un-american, but it's technically a mass. why would we raise the risk weight on it? we're going to cause a couple of banks to fail in the first quarter of this year? >> sure. >> it's not aligned properly, and i think we've got to do more work on it. i'm hoping they're going to delay it. >> is the concern justified from lawmakers about the health of the american banking sector? >> no. the problems that the banks face are largely createsed by monm monetary policy. the only sector really getting hammered is commercial real estate, and if you look at one to four family mortgageages, which is what a lot of this

proposal focuses on. the default rates are negative. it's hard to lose money because home prices are so strong. i don't think they're going to come down any time soon because we have a supply issue. when you look at all the pieces on the table, you have to ask yours, what do regulators want. again, i think they're fighting the last war, i really do. it's like they kept this proposal in the refrigerator for a few years and then they pulled it out and said, let's look at the market since 2008. >> all right. the health of the banking sector in key focus right now. christopher whalen, thank you very much. . happy holidays. >> thank you very much. happy liyshoda. >> a key component for one of its top performing devices.

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what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul. it's your water, your way. welcome back to "worldwide exchange." time now for your morning call seat. morgan stanley is cutting its plug power rating. there are tough pictures around hydrogen economics. off 4% premarket. raymond james says the fast casual chain is showing driving profit margins with

opportunities to stimulate customer traffic. those shares up 3% of its market. and ubs raises its ab inbev rating. up about one quarter of 1%. >> nio plans to spin off its battery business. reuters said the battery unit led by apple and panasonic will seek outside investors that could happy. apple may be looking to make the next generation of i phone batteries outside of china. the if p chal times has told suppliers to resource it. if all goes well, apple plans to

move more production to india. rio tinto is set to invest $6.2 billion in a major iron or project in guinea. rio's investment would help create infrastructure. up about 2% in the early action. ahead on the show, the one world every investor needs to know. our next guest says he's putting money to work in this. if you missed out "worldwide exchange" you can check apple or spoot fee or app of choice. we'll be right back.

welcome back to "worldwide exchange." time for your w.e.x. wrap-up.

we're watching apple shares. the stock's market cap is closing above the $3 trillion mark. it remains the most valued publicly traded company in the world. a potential move. amazon is reducing seller fees by 15% on clothing under $15 and 10% on items priced between 15 and $20. there's a warning of slower cycle growth. this despite better than expected quarterly results with revenues up by 18%. amd is expected to launch a new ai chip. don't miss a first on cnbc interview with lisa su on

"closing bell: overtime." elon musk is seeking to raise $1 million for his open competitor x ai. he's raised money with a firm a agreement to reach the $1 billion mark. president putin speaking with the country's ruler and we'll go to saudi arabia to speak with the crown prince mohammed bin salmon. we get the week's first look at employment data with private payroll figures from adp. at 9:30 eastern time t big bank ceos will fwichb their testimony. jim cramer talks with amazon ceo andy jassy at 6:00 p.m. later or on tonight. ahead of all of that, let's

get a look at how the trading day is climbing. let's bring in jeff kilburg, a cnbc contributor. jeff, there's a lot of talk on capital. i wonder whether or not you feel this is the engine for 2024. >> you know what, dom? it's interesting you say that. i think when you look at the new undercurrent of ai, you vo to is vuc microsoft, it nvidia and has one of the worst stocks in the nasdaq. i think apple is important, but it's not the paramount focus of investors. >> there are issues that we have right now atz well. how much is that going to play into the discussion overall. do you feel there are certain

sectors that are going to big greater than others? >> i think it's really critical to understand where we are in the market. a lot of folks have seen nearly $6 million in cash. utilities down the most but consumer energy is tied for third. crude is down, 71.80. i think you can add names like exxonmobil and chevron, names i like. pea are going to sell their losers and take options. that happens every december. northwestern sector looks light it's going to revert with crude oil prices down as much as they are. when you look at etf, moisture

of it is shaev right and 2024ing. >> that brings us to our word of the day. take us through what your word of the day is and why. >> dom, my word of the day is a a. that gives me confidence and assurance that we will see markets really move higher. i think we break through that. i think the santa class rally is on the way. >> speaking of that, pushing lower is obtain euro note yield ard where could we see it in the

next few weeks? >> i think we stay terted to 4.25%. i thought the market was going to move lower after being above 5%. we're seeing the pejd lum swing. i think we stay tethered. that lets all the indices continue to move higher. >> as we continue to go forward, you laid out some of the theses and whether or not we've seen that leadership broaden out. are there specific ones you want to focus on if the coming quarters? >> i think you have to be particular in it. if you look at another sector or biotell r tex, those have been langu

lay guards. >> jeff kilburg with the stocks and picks. thank you very much, sir. see you soon. >> thank you. we'll see if "squawk box" comes up and take things over. dow's implied higher by 70 points. we'll see you tomorrow. the power goes out and we still have wifi to do our homework. and that's a good thing? great in my book! who are you? no power? no problem. introducing storm-ready wifi. now you can stay reliably connected through power outages

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good morning. treasury yields tumbling to their lowest level in months while bitcoin is climbing at $44,000. gold surging, and apple's market cap is back above $3 trillion. we'll show you what else is moving right now. elon musk is looking to raise $1 billion for his ai startup. we have the details from a new s.e.c. filing. and nikki haley raising $500,000 at a new york fund-raiser this week.

we'll tell you who was in attendance. it's wednesday, december 6th, 2023. and "squawk box" begins right now. ♪ good morning, everybody, and welcome to "squawk box" right 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, and here we go. we made it already. it's wednesday. >> wednesday's good. >> hump day, guys. we're finally in agreement. this is the final downside of the week. here we are. >> this is a good day. >> the best day, the furthest from monday. futures are reflecting that cheer this morning too. you're going to see greener arrows. yesterday the dow and th