it is 5:00 a.m. at cnbc global headquarters. here is your "five@5." stocks are set to snap a five-day winning streak. stocks are running out of steam we are laying out the bull and bear cases ahead. today, investors are looking toward the big november jobs report into the insight into the health of the economy after the weaker than expected jolts report this week julia pollak is here to shed light on that.

a rare miss for a high-end retailer and lululemon with a cloudy sales outlook for the holiday season we will take a look at that stock and sector in a moment. we have bitcoin's stellar bounce back doing wonders for anthony scaramucci and elon musk asks the supreme court to remove what some calls his twitter sitter. it is friday, december 8th, 2023 you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm dominic chu in for frank holland this friday morning. let's check on the u.s. futures after the mixed day for stocks with the nasdaq inch out a slight gain. we are seeing green on the screen s&p higher by six points and

nasdaq up by ten checking in on the bond market as investors wait for the jobs report. after a weak report from adp on wednesday, which shows the private sector job gains since september of 2021 being the lowest, the two-year note is 4.26%. the long bond at 4.7%. in energy, oil is at the lowest level going back to around june. we are seeing a little bit of green on the screen this morning. wti crude prices up about $1.44 to $70.74. 2% to the upside there the move higher for ice brent crude up $1.56 a barrel. $75.61 is the last trade there in the cryptocurrency,

bitcoin ticked over $44,000 this week bitcoin price is now lower down $43,144. ethereum up .25% despite modest gains yesterday with the dow and s&p being on track to snap a five-week winning streak means the latest outlook from morgan stanley's kolanovic tell us us it is a lose-lose and you should stick to cash and bonds for equities his year-end price target is 4,200 which is the lowest on wall street. there's tom lee of fundstrat with the different take.

he says stocks are set to surge in the year ahead targeting 5,200 on the s&p 12 months from now thanks to falling inflation and interest rates that is the highest forecast on the street breaking it down is ivory johnson from delancy ivory, this is the time of year when we figure out the fool's errand predictions are tough. everyone has certain inputs into the model and overriding philosophy over what they think about. where does the market stand with regard to the bull and bear case >> i focus on the gdp growth and inflation growth on the rate of change basis basis. it is important to see what happened the government spend $2.5 trillion that is three times the amount of the 2008 bailout. that is why gdp is resilient

if you go forward, they are looking at the jobs numbers. they want interest rates to come down why? we have the huge rerefinancing risks coming up. $7.6 trillion of government debt has to get refinanced. $2 trillion in the budget deficit. $1 trillion in the corporate bonds and $500 billion in interest rate. you will see trouble with refinance risk, but the consumer is tired you have $1 trillion in consumer debt you have 46 states with 20% of adults in houses behind on rent and mortgage luxury goods are starting to decline. personal bankruptcy is going up. the data is telling me that we will face headwinds going into 2024 >> if the headwinds are there, are you you are not the only one who feels cautious, what do you tell

clients and what would be the overriding theme of buying equities in the first quarter of 2024 >> what i tell people is it is best to hit singles and doubles right now. you can do that by having your core holdings of stocks. you can't time anything. i wouldn't get out of stocks, but have defensives in there i have been talking about buying gold uranium stocks are doing well. iaea is doubling the capacity to hit the net zero commitment. the other thing is bitcoin bitcoin is doing well because the premises is you are exchanging $1 for something that is scarce which is bitcoin 21 million coins produced. when they create money supply like in 2020 and 2021, that premise does well for bitcoin. when you tighten, that is why bitcoin went down.

what happened in 2023 is the rate of reducing liquidity, the rate of tightening declined. that is why bitcoin is going up. it is a hedge against the government going back to deficit spending and debasing the currency. >> caution there from ivory johnson. thank you very much. we will get your thoughts later on in the season happy holidays. >> happy holidays to you. let's get a check on the top corporate stories with silvana henao. silvana. >> dom, good morning apple is planning major production expansion outside of china. the wall street journal reporting apple aims to make more than 50 million iphones a year with the suppliers in india in the coming years. that is a quarter of the company's global iphone production the journal says a new foxconn plant is stgoing to start operating in april this is as apple is shifting resources to vietnam for the

ipad they are working on the effort of other suppliers with foxconn and luxshare have invested in vietnam to diversify away from china. levi strauss says the ceo chip bergh is stepping down. bergh took over the company in 2011 and will stay on as executive vice chair until he retires in april. and elon musk is asking the u.s. is supreme court to undo the settlement agreement that he and tesla struck with the s.e.c. requiring a company lawyer to approve his tesla-related tweet. the attorneys allege the so-called twitter sitter provision violates his rights to free speech. the s.e.c. filed fraud charges against musk in 2018 after he posted a series of tweets saying he had funding secured to take

tesla private. dom. >> funding secured 4/20 thank you, silvana. to the developing story on hunter biden indicted on tax related charges in the state of california brie jackson joins us with more from washington, d.c >> reporter: good morning, dom hunter biden has been indicted according to the documents filed in the court in california hunter biden failed to pay $1.4 million in taxes over four years. biden misled the accountant to filing returns with items incorrectly related as business expenses it says the defendant spent money on drugs, escorts and girlfriends. everything but his taxes if convicted, the penalty would be 17 years in prison. the white house declined to

comment on the charges hunter biden's lawyers argued if hunter's last name would be anything other than biden, the charges would not be brought this does not reference president biden, but this is a development in thefederal investigation which has drawn scr scrutiny the how house ways and means committee members say this confirms congress moving forward with the impeachment inquiry of president biden. hunter biden says he will only testify if it is public. dom. >> brie jackson with the latest on hunter biden. thank you. we have more to come on "worldwide exchange," including the one word that investors need to know today. first, getting set for the jobs report we speak with the chief economist at ziprecruiter for

hiring front-line insights. shares of lululemon under pressure after the rare miss what it says about the state of the u.s. consumer. and later on, the eu is in the final stages of the use and development of artificial intelligence we will speak with one primary player in the space with his take on the talks and the multimillion dollar deal his firm rcheaed with salesforce we have a very busy hour when "worldwide exchange" after this commercial break 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? ♪

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welcome back the united nations climate summit begins the second week in dubai with the discussion on the phase out of fossil fuels. diana olick is joining us now from dubai with the latest on cop28. diana. >> reporter: dom, the opfficial negotiations are intensifying with the tuesday deadline. coalitions have been announced and expanded and one involving aviation technology. one person talking about that is the chief officer at united. talk about the partnership that involves boeing and baker hu

hughes >> oaviation is responsible for 3% of global greenhouse gas emissions, but we have a new approach with power and infrastructure and more to enable us to decarbonize we need to useyou united can bu forward. >> how much is this fund >> the fund is really important. that is why we are here today. we launched the sustainable sp flight fund which is $200 million which is reducing emissions up to 85%. this is the solution that we need in the marketplace. we are not seeing the production come online fast enough. united decided to take a leadership role and invest we have 13 partners across the value chain working with us to invest in the early stage

climate technology companies that we believe have the ability to transition into sustainable flying >> we heard that criticism which is not scaling fast enough that is difficult. you had good talks here. you had good partnerships here you said something interesting you said this is the new davos why? >> this is where corporations and private sector, comes together with the policymakers to kick start the marketplaces that don't exist that criticism is simply an indicator that the market is in an infancy stage we need policies and inflation reduction act to help us build a foundation so we can signal to all of the bankers and investors out there that the capital needs to flow into sustainable aviation fuel to reach our goals by 2050. >> from what you heard here, are you more or less optimistic than

when you got here? >> the collaboration with the administration and members of the congress really on a global scale. we have seen a tremendous focus on really trying to build the right foundation to enable our transition i look forward to taking the actions out of cop this year and put it in use to start having more production of sustainable aviation fuel in a timely manner. >> people say this is all talk, but you feel it is action. >> this is the action cop. this is the implementation cop we are here diffeclaring we are acting it is the partners and efforts and committed. united is acting >> lauren riley of united airlines dom. >> thank you, diana olick. ahead here on "worldwide exchange," we will have more on

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welcome back to "worldwide exchange." time for the big money mover rh posts a surprise earnings miss and cites high mortgage rates as customers spend less on

new home furnishings. and crown castle ceo is retiring after elliott calls for a change the board certard will search f permanent successor. this comes hours after elliott needs enhanced governance to address long-term un underperformance. and broadcom reports a 5% revenue increase due to strong a.i. demand which is accelerating following the acquisition of vmware. and mexico has become the top importer in the united states this year surpassing china. it is due to near-shoring where companies are looking to reach

the u.s. faster by moving to mexico and shifting away from china. our frank holland traveled to monterey to see what this trend means for american companies >> reporter: this dhl complex filled with goods headed to the u.s. as part of the $30 billion of foreign direct investment in mexico in 2023 to build new manufacturing in other sites lego is one of many companies in the monterey area. aiming to double connections here monterey is less than three hours from texas and central mexico and a growing hub for goods for u.s. consumers >> in every sector, we are having these discussions around reshuffling the supply chain and

making sure it is derisked it is not only a cost topic, but derisking with everything we learned in the past few years. >> reporter: tesla is opening a factory in the monterey area mondelez and mattel and unilever also expanding across mexico the increased supply chain reliability after the disruption of the trade war and pandemic is the big driver. >> people have not forgotten about the trade war or cong congestion they think about taiwan and see the headlines. they understand our future with china is not stable although xi came to san francisco. it did not do much when you have all of your eggs in that basket, it is scary to think you are vulnerable >> reporter: container shipping yards like these are a part of the equation they allow companies to get the

goods to the u.s. market faster. once a container is here, it can get to l.a. or chicago or new york within a week by truck or rail to get the same container from asia to the u.s. takes a month. >> dress shirts and western wear >> reporter: he has seen a sharp increase infor his company. >> assuming there is stock in mexico they don't have to plan. a lot of them want to see if the price is competitive >> reporter: labor costs are not factor workers in china make 6.50 dollars an hour compared to $5 in mexico. the increase to the mexican minimum wage in 2024 can reduce the edge the mexican manufacturing sector is looking to grow 30% in the

next five years. >> thanks to frank holland for the report staraight ahead on the show marathon negotiations in the eu over the sweeping rules of the use of a.i. technology we speak with one startup and what it means for his company and the deal he just signed with leorce "worldwide exchange" is back right after this

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it is 5:27 a.m. in new york. there's still a lot ahead on "worldwide exchange. here's what's on deck. win streak at risk dow and s&p looking to snap five weeks of gains as the strength of the year-end rally continue to grow. the driver for the action is the monthly jobs report and the latest look if the fed can pull off a so-called soft landing. and fresh fears with lululemon becoming the latest retailer sounding the alarm on the holiday shopping season. it is friday, december 8th, 2023 you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange

exchange". i'm dominic chu in for frank holland. let's look at the latest with the s&p up by 8 and the dow jones industrial average up 27 the nasdaq is looking to hold to a sixth straight week. trying to figure out if we can get any movement there to keep that win streak alive. in the bond market, yields are ticking higher the ten-year note is below 4.25%. the two-year note is 4.26% let's take a look at oil prices west texas intermediate price is looking at the seventh straight week of losses we are getting a slight bid to the market wti above $70 a barrel

up 1.5%. similar for ice brent crude at $75.16 a big part of the market action is focused on the november jobs report due ougt at 8:30 a.m. eastern time estimates are 190,000 jobs in november following 150,000 jobs in october we had the adp report on wednesday which shows hiring is slowing to a two-year low. let's speak with julia pollak at zi ziprecruiter what do you see about the

economy right now that is very positive or very negative or are we stuck in neutral for the time being? >> we are stuck in neutral that is very positive. the labor market has been steady and it has been slowing down in a gradual and orderly fashion. i think that is exactly what the fed would hope for here. we lived through something unprecedented recently we have seen a large, large drop in inflation and large increase in interest rates without the typical increase in unemployment that typically follows >> you brought up the fed. is this notion that if the economic data continues to trend the way it is, markets are predicting what could be possibly rate cuts next year excuse me. do you believe as the interest rate picture right now warrants any move in economic data that

could justify it or do you feel as though the current trends in economic data are pointing toward no fed action for quite some time? >> i think we are getting very lucky on the inflation front inflation is coming down rapidly. it seems the pandemic was the key cause. we also have the winds of luck blowing in our direction with the oil prices coming down if inflation keeps coming down, even if the fed holds steady, the real interest rate will go up there may not be a need for real interest rates to keep rising at this point i think there's very clear evidence in the slowing labor market or slowing wage growth that we are getting to the point we need to be. the labor market is back to the pre-pandemic condition further cooling may be a sign of warming. >> julia, where is the tilt in the jobs market right now going toward in terms of where you see

the jobs being developed or where you see them falling off lately, it seems like the leisure and hospitality jobs are starting to show a sign of weakness >> yes the recovery in leisure and hospitality appears to be over other parts of the economy which are interest rate sensitive are weak tech, manufacturing, construction in the current climate, they will get weaker and weaker still with interest rates this high. other parts of the economy are higher on ziprecruiter healthcare is expected to add the highest number of jobs in the next ten years aging population 10,000 americans hitting the age of 65 every day. reaching medicare eligibility and demanding more healthcare. there are parts of the economy that are hot for structural reasons. the cyclical parts of the

economy are hurting. >> okay. the latest on the jobs report and everything else. julia pollak, thank you. >> thank you. shifting gears to the big money mover. lululemon reporting strong third quarter results, but profits for the holiday quarter are below estimates signaling what could be a gloomy holiday season as consumers are choosy on spending this is echoing sentiment from walmart and best buy and kohl's across the spectrum. let's get more insight on lululemon and state of the global shopper with stacey widlitz. stacey, what are the big things you can take from lululemon's report it is the consumer who has been holding things up for the retailers. is that now starting to show

signs of weakness? >> dom, this is important to put it context lululemon is trading at an all-somea all-time high. 40% year to date the guidance was a little disappointing for q4 they are talking about revenue of 13% to 14% for q4 i'm not calling this a massive disappointment it is important to look at the market they are talking about the active apparel adult market was down in the quarter, but they are up double digits in the industry those are the names you want to continue to own on weakness here margins were up. inventories are down 4% despite sales up double digits clean quarter here, but all-time high when that guidance eclipsed the street at the low end. it will sell off a little bit here. >> the biggest thing for athleisure was the pandemic.

it shifted so many people working from home to get more comfortable clothes. tough comparisons are out there, stacey what towers the company higher for lululemon or other ag athleisure companies >> there are others out there. any stay-at-home companies they are struggling at this point and they will not promote to move stuff. they will hold our operating margins until sales turn around whether it is 2024 or 2025 lululemon is not only gaining share, but people continue to be comfortable at home. it is about innovation new categories especially in men's. the awareness in men's is only 13%. i continue to be surprised to

hear those numbers i think the brand still has a long way to go particularly internationally. >> stacey, i want your take on the consumer stat. $975 the average amount the u.s. consumer is expected to spend on holiday gifts this year. according to the new gallop polling information. that is up from the october s su survey it is up $100 from last year estimates decline through the holiday season what are your thoughts there is this inflation that causes people to think they will spend more or do you think there is a feel they want to do so because they're in the position of strength >> a lot of that is inflation. as you know, food is up double digits on a two-year basis i think the increased spending is coming on essentials and

health and food and pbeauty you look at everything and particularly abercrombie at 26%. there are names out there that are performing dick's you know, you have to be careful in the environment to pick your names and pick the operating margins in tact and where you see continued share growth in 2024 >> you mentioned the names you like what is an underperformer this holiday season >> i think some of the names in apparel will be disappointing. urban outfitter. american eagle has put up good numbers. it is where the value is and where the traffic is at tjx. positive traffic here. positive margins target is struggling on the

traffic front. more positive on tjx than target if you think about a company like walmart which has been benefitting from inflation over the past several years and now that's behind us it is tougher to comp when inflation is not growing at the clip it has been >> stacey widlitz with state of the u.s. consumer. thank you. turning to d.c it has been 16 months since president biden signed the chips act into law, yet few funds have been doled out to companies to seek out the sector. cnbc's kristina partsinevelos has a look at the key factors moving for the companies >> reporter: it turns out it is not easy to disburse $53 billion of taxpayer dollars. i have come to the commerce department to see why. >> i don't think there is a delay. >> reporter: that is kkr veteran todd fisher charged with determining which companies get

the funds. >> we had to build everything from scratch and put out the rules of the road at the end of february >> reporter: since then, the 120-person chips team led by wall street pros have sifted through 530 statements of interest and over 120 applications some filed just in the last two months the team stays in communication with the applicants during the due diligence process. >> we want a good deal by giving the companies only the amount of money they need to be commercially viable in the long term and strengthen the national security >> reporter: to play catch up to taiwan and the u.s. two years behind the chips act aims to close that gap. dozens of companies have started on hubs in the united states and micron and intel have made promises >> for each award we will be

making, we will set milestones construction based or commercial based. the companies have to achieve the milestones before getting the next payment >> reporter: with over 120 applications, the commerce department says not all companies will get government aid. they did say they will cut checks in the coming weeks >> thank you, kristina partsinevelos, for that report on chips. coming up, we look deeper into companies looking to tap into billions of dollars when it comes to government contracts. one a.i. firm looking to do that and teaming up with salesforce will do that next. and the stellar bounce for bioidotcn ing wonders for anthony scaramucci we'll have that story. back in a moment accelerate growth, predict trends, you need to begin with trust. introducing watsonx governance. helping you govern any ai, as data, models, and policies change,

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welcome back to "worldwide exchange." a quick market flash for you and shares of alphabet which closed yesterday on the release of the generative a.i. platform this morning, it is up .25%. developing this morning with the uk top anti-trust regulator saying it is looking at microsoft and its partnership with openai resulted in the merger microsoft president brad smith out with a statement moments ago. quote, we will work closely with the cma to provide all of the

information it needs on openai anti-trust review and having a non-voting observer on openai board is very different from an acquisition. it is weighing in and asking for a comment on openai. it is not just uk. eu negotiators back at the bargaining table hammering out the sweeping and comprehensive set of rules for the use and development of a.i. in the western world. one sticking point for the lawmakers in the 27-nation bloc is to restrict government use of facial recognition and more. key with any new regulation is balancing as startups look to capitalize on the a.i. boom. one startup is uk based autogen

a.i. it is coming off a fresh $39.5 million funding round led by salesforce and spark capital as well joining me in a first on cnbc interview is founder and ceo shawn williams shawn, you find yourself at an interesting crossroads with culture and technology what is your take on just how well adopted the concept of a.i. is to the world at large >> it is a fascinating time to be alive with the generation of artificial intelligence. we are used to computers able to multiply, but now they can read and write. that is profoundly human the ability for computers to do that faster than us or better than us in many cases is something that will profoundly change the world we are taking that technology in helping organizations to win

more work and write proposals faster and efficiently and getting the word across better >> what do you want this ultimately to lead to? what do you want autogen a.i. to become the applications to look like in the next five-to-ten years >> in the same way that nobody makes a financial model without xcel, nobody will write business prose going forward without autogen a.i. it makes it easier and better and helps you win more. >> it is interesting i was speaking with a professor who teaches business and finance class and he said he has used a.i. applications in essence to comb through corporate filings on the s.e.c. and regulators and create business analysis just based on filings how far can this a.i. boom go in

just the next year or so it feels like there is a lot of mom momentum that momentum cannot be up there is -- upheld >> you can now read through documents and millions of words. if the underlying artificial intelligence technology and language models don't get clever, you have a decade of l language models. you have the ability to speed it up there are countless lless examp across the business world of use cases like that which people will be finding and exploring and working on if the underlining tech doesn't get clever, there is a decade of engineering. >> sean williams on the latest

for his company. thank you. come back and tell us your story soon >> i would love to do that. ahead on the show, the one word every investor needs to know today and the signals our next guest sees with the rally losing steam with the dow and s&p poised to break five-week winning streak we'll be back after this with tailored education. get an expanding library filled with new online videos, webcasts, articles, courses, and more - all crafted just for traders. and with guided learning paths stacked with content curated to fit your unique goals, you can spend less time searching and more time learning. trade brilliantly with schwab. (adventurous music) ♪

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welcome back to "worldwide exchange." time for the "wex wrap-up. we have the court in california filing charges against hunter biden over not paying attacks. and anthony scaramucci raises $25 million for a unicorn assets and blackstone teaming up to

develop $7 billion in data centers. the partnership includes development on four campuses in frankfurt, paris and virginia over the next several years. boeing is reportedly warning of the two-month production delay of the 737 jetliner. reuters says the company will produce 42 of the models per month starting next february. apple planning to build 50 million iphones per year in india within the next two-to-three years according to the wall street journal. and breaking moments ago, the uk antitrust regulator is looking into microsoft and openai over the merger revelation brad smith will say his company will work closely with the cma adding having non-voting

observers on the board is different from the acquisition. as we gear up for the final trading day of the week, we are showing modest gains at the opening bell let's bring in degas wright. degas, can you take us through what you feel the market is giving us right now? optimism or caution? >> dom, it is in the optimism with some caution. what we are seeing is concern about the banks contracting into 2024 we are concerned about the potential spread of global conflicts in israel and ukraine. the fed is still going to be data dependent we will hear about the unemployment rate later this morning. we feel it will be flat at 3.9 the core inflation is declining,

but above the fed target we feel this is a soft landing and you will see easing in 2024 or 2025. we still believe that earnings expectations and revenue expectations drive stock prices. we are continuing to see analyst increases estimates for healthcare and financials and technology >> increasing certain parts, but decreasing on the macroeconomics fronts take us through the word of the day speaking of the economy and why it is. >> the word of the day is deceleration the fed is winning that inflation battle >> okay. if that's going to be the case and you mentioned those three sectors that you feel are still poised for outperformance, why is it those particular moves in those sectors given the macroeconomics environment are the ones you focus on the most i speak because it doesn't seem you are mentioning certain parts

of the overall market like artificial intelligence or are you going after nvidia or microsoft or mega cap technology where are you finding the momentum trades or value value-oriented trades? >> what we are seeing as the interest rates come down, those assets that have longer duration are going to get a lift. that's what we're seeing now we believe that's going to continue into 2024 that will be our focus those assets with longer duration >> now, with that in mind, there are parts of the market right now that have staged a bit of a comeback after beaten down badly. airlines and travel and other parts of the market, perhaps, consumer staples trying to find a footing. is there a commonality of where you see the biggest bounces for some of the places which have been beaten up the most in 2023? >> what we're seeing is where

analysts are increasing estimates particularly in revenue. we see staples is coming down in estimates. we also see utilities coming down and materials we're still seeing those sectors are going to be weak going into 2024 once again, those sectors that get that increasing estimate, particularly in revenue, will be healthcare and technology and financials those sectors are performing well into 2024 >> degas, before we let you go, what is the top pick on your shopping list? >> universal display a technology firm benefitting from the transition of l.c.d. to o.c.e.d. o.l.e.d. has faster speeds and uses less power. also, it has invested, the

company, invested 21 cents in r&d. >> degas wright. thank you very much. "squawk box" is coming up next have a great weekend

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good morning welcome to jobs friday it's late in the month, but we will get it. december 8th futures are pointing to slight gains ahead of the employment data we will show you what else is moving in the major markets. fallout at major universities over the response to and ty sei antisemitism on c.

and rubenstein in talks to buy the baltimore orioles. it is friday, december 8th and "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 andrew is an assignment. he is here he joins us from chicago hi, andrew >> one hour early. >> just on the edge of the time change >> you didn't have time to shift to that. you are still on east coast time no excuses here. you look great and bright tailed and bushy eye. >> i hop