it is 5:00 a.m. at cnbc global headquarters. here is your "five@5." stocks are riding a six-week winning streak as investors turn toward inflation, jay powell and the fed in the week ahead. futures under a little bit of pressure. regulatory road blocks and falling share prices reportedly forcing signa to merge were humana. and a $6 billion private

deal in the works as a group of investors turns their eyes toward macy's. and the first chunk of funding from the massive $53 billion chips act. now the state of new york wants its piece. later on, the streaming wars got more crowded courtesy of mr. tucker carlson. it is monday, december 11th, 2023. you are watching "worldwide exchange" on cnbc. good morning. welcome to "worldwide exchange." i'm dominic chu in for frank holland. now before we get started, you might notice that our screen looks a little bit different this morning. it is all part of the new look for cnbc that we're excited about. some information and some data might be in a different place

than accustomed to when you saw us on friday. over time, we hope it the will be easier for you to understand the markets and stories we are trying to bring you. in the meantime, we will be leaving some things on the screen longer until you and we get used to the visual changes. we kickoff this hour with the check on u.s. equities with the indices riding six-week winning streaks and the dow and s&p trading at 52-week highs. right now, the dow is implied higher by 12 points. the s&p by 1 and nasdaq by nine points. checking in on the bond market with the 2/10 year yields. t two-year yield at 4.47 right now. trading higher there. the benchmark ten-year note at

4.425 note and the 30-year long bond at 4.33%. let's turn our attention to oil prices which is riding a se seven-week losing streak. wti crude prices are currently ticking lower by .75% at 70.04 d70.04. gas futures down .20% at $2.05 being the last trade there. let's start off with breaking news in washington, d.c. the commerce department announcing bae systems is awarded $35 million in chips act funding to help support its semiconductor production for depp defense systems. this is the first chips funding to be awarded to a public company and the latest step in what has been a slow funding

rollout for the chips act. in a statement, president biden says the announcement is the first of many to come and over the coming year, the commerce department will be wawardings t semiconductors in the u.s. let's check on the top corporate stories and what is shaping up to be a busy monday with silvana henao. silvana. >> dom, good morning. sources tell cnbc that an investor group is offering to buy macy's for $5.8 billion and take it private. they say it would be willing to offer more based on due diligence. the offer values the company at $21 per share. that's roughly 32% premium to friday's close. shares, however, are down some 17% this year.

the wall street journal adds the firm which targets real estate he investment and brigade capital already own a sizable position in macy's and have discussed the proposal with the company. cigna announcing a $10 billion haishare buyback. this is falling short of the $140 billion deal with humana falling apart. boeing may have a new frontrunner to become the next ceo. according to the wall street journal, the company is set to promote the head of services arm and 30--year veteran stephanie pope as soon as today. no comment from boeing. shares in the pre-market are flat, dom. >> silvana henao, thank you. it could be a pivotal week

for the markets as the federal reserve leads a host of central bank meetings which may test investors for a series of rate cuts in the coming year. the fed starts a two-day policy meeting ahead of tomorrow. this is ahead of thursday with the central bank and ecb and bank of england will meet for policy. the focus is on if the fed sticks to the forecast of 50 basis points or .50% of easing or cuts next year. markets have trimmed the odds of the first rate cut coming in march to 42% as you can see there following friday's jobs report while may is still in play with the 74% chance and one full percentage total in cuts for all of next year. goldman sachs sees the first cut in the third quarter which was earlier than the fourth quarter forecast. goldman citing better news on

the inflations front. let's bring in mark haefele. mark, the markets are expecting one thing. a lot of folks have said mission accomplished. do you think this is warranted for rate cuts? >> we definitely see inflation in the united states and in europe falling. it is a separate question he if the market has gotten ahead of itself pricing in rate cuts in the first half of the year. we are thinking may or june is when they can start cutting. maybe they do between .50% and 1% over the back half of the year. >> mark, do you feel you said you don't know whether or not the markets are getting ahead of themselves here. do you feel with the s&p 500 and other indices trading at 52 -wek highs that it is already built

in? >> it is important to realize that the s&p 500 hitting a new high is not a good signal that the market is going to pull back. it actually tends to make new highs after that. we're getting close to our targets for next year. i think we need to see further progress before we just really want to jump in on the broader index. for us, we're looking at quality stocks and stocks that can, you know, continue to have strong earnings as that growth slows next year. >> where do you find those types of stocks, mark? do people go to technology? media? >> for an old value guy like me, i think it's a little hard to see so much technology in the quality stock bucket. you know, that's where the strong balance sheets are. that's where the recurring revenues are and the free cash

flow yield is low he located. >> before we let you go, what is the big difference with 2023 and 2024? >> we have to say politics. we have so many elections around the world. everybody around the world is watching the u.s. election. >> mark, thaunk you very much. we have more to come on "worldwide exchange," including the one word investors need to know today. first, bitcoin is taking a bath overnight. we will ask if it has staying power. and tucker carlson is entering the streaming wars with a platform of his own.

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welcome back to "worldwide exchange." u.s. futures tracking for a muted opening bell. dow jones industrial average is down 8 points and the nasdaq down 11. let's see how europe is shaping up with joumanna

bercetche in the london newsroom with the early action across the pond. julianna, good morning. good morning, dom. i love the new look. that is my chance to see what is happening on the day of the new look for cnbc. it is not pretty in europe despite the better hand over from wall street on friday. we have most of the european indices trading under water. the ftse 100 is down .40%. basic resources at the bottom. some coming under selling pressure after the weaker numbers from china. cac 40 is up .10%. the big issue is the ecb meeting on thursday. in terms of the leadership, this is the sectors are looking this morning. we have industrials up .40%. pmi numbers on friday is key to watch with financial services up .30%. on the flip side, oil and gas

cannot get a break. down .50%. and insurance is down .40%. defensives are coming under selling pressure this morning in addition to the minors. back to you. >> joumanna bercetche, thank you very much for the update from europe. the final negotiations are under way at the united nations climate summit in dubai. there has been plenty of controversy over the global event welbeing held at the oil producing country. there is a lot at stake for the oil producing country. we have more from diana olick. >> reporter: good morning, dom. dubai is the fastest growing city in history. its population is more than tripling since the turn the of the century. it is seeing wealthy chinese buyers and wealthy russian

buyers. it is a rare piece of sky in dubai that doesn't have a crane in it. on the mainland island called pom which has the most expensive residences and resorts. much of the pricey real estate and value are at risk from global warming. this is what parts of dubai could eventually look like with 3 degree celsius warming above pre-industrial levels. if countries adhere to the pledges, the world is now on track to reach 2.9 degrees warming some time this century according to the recent u.n. report. add to that with most intense rainfall. >> they never built sufficient

drainage. there was massive flooding and a little bit of rain can do a lot of damage in the streets. >> reporter: the real estate is not only rising, but selling with home prices up 19% from just a year ago. >> we witnessed the phenomenal growth. >> reporter: the executive chairman of the dubai real estate developer with the $10 billion portfolio. it is building luxury residences like this on the pom with units starting at $10 million. >> when he itit comes to dubai, government has taken initiative from protecting the environment to building and populating a better climate environment to protect the city. >> reporter: city officials have already put in place new heat restrictions for workers and they are expected to improve infrastructure for drainage. they are using new materials that don't add to the urban heat

effect and they are adding to the wind flow. there is still a lot at stake, dom. >> diana olick, thank you very much. still ahead on "worldwide exchange," elon musk reactivates a user account on x after a five-year ban. that and your other top stories coming up after this.

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exchange." watching the price of bitcoin falling sharply this morning. it is set to cross over the $40,000 to the down side. this is after the cryptocurrency closed down in the third week in a row adding to an impressive 150% gain in 2023 alone. of course, that is nothing compared to the gains the stocks with fortunes tied to crypto like coinbase and riot and others. joining me now is mark eusco at morgan creek capital. mark, this is an impressive run, no doubt. how much of this is tied to the idea we could see at least an etf or multiple exchange traded product with cryptocurrency in the coming 2024? >> dom, i think a little bit of the recent moves over the last month or so certainly reflected the etf move in the first week

of january. i'll predict january 8th. crown the king on the king's birthday. most of the rise this year has nothing to do with the etf at all. we were very depressed a year ago. bad bear market following the ftx scandal. the markets were washed out. far below fair value. fair value a year ago was $32,000 or $33,000. with that fair value, that drifted in the low 50s today. the price has just climbed relentlessly to get closer to the fair value. as we head into the new year, we have the halving in april or may of next year. that's exciting. that will put additional demand pressure on bitcoin. as we enter crypto fall next june, things could get exciting.

we think the market is just getting warmed up, dom. >> bitcoin, we talked about quite a bit, because prices have gone up the way they have. other cryptocurrency as well. ethereum. not getting as much news as bitcoin. how much of this is bitcoin alone and how much is optimism tied on other parts of the crypto market as well? >> really important question. you think about bitcoin is rallying as people realize it secured its place as digital gold. it has gone from zero to $850 billion of market cap today which is 20% monetary equal to gold. that is well established. the other digital assets like ethereum and solana and avalanche are there for

developers to build applications. we are just starting. 2024 is the first year of a very long tech scycle. '68 was the micro chip and '96 was the internet. 2010 was the mobile net. in 2024, the truth net. we move away from the trust system and use blockchains for establishing truth. there's a lot of work to do in developing applications and most of the value, dom, has been accruing to the protocol layer. very different from web i and web ii. you and i cannot own tcpip to talk. you can own bitcoin and ethereum and solana as the underlining proptocols building the new web. >> mark, a lot of folks still need to be convinced this is a viable means of transaction.

jamie dimon of jpmorgan chase is not a fan of it. others aren't as well. how do you respond to that? >> when your livelihood depends on not understanding something, you won't. jamie understands it. he's a smart person. he and other people in the financial services industry are afraid, honestly. this technology, blockchain technology, will do to financial services what the internet did to media and commerce. it changes the landscape. you and i can now exchange value without an inter imintermediary. the banking system and finance system and accounting and auditing. all of those things are less valuable in the new world with new technology. >> that debate is still ongoing. mark, thank you very much. happy holidays. >> thanks, dom. talk to you soon. let's get a check of the top

headlines with nbc's frances rivera in new york. >> dom, good morning. we are learning more about the destruction and loss after tornadoes ripped across tennessee saturday night. at least six lives were lost, including two young children. two victims were a toddler and his mother. more than 60 people were taken to the hospital. there is increasing pressure on top university leaders to resign. university of pennsylvania's liz magill resigned after she dodged a qu a question on capitol hill. and president volodymyr zelenskyy will meet with president biden at the white house tomorrow. just days ago, a bill for ukraine and israel failed in the senate. the republicans held money up for increased funding for the border security.

and former donald trump will not testify today in the fraud case in new york. he was expected to be the final witness, but was under no obligation to testify. he said he had nothing more to say and repeated his belief this case is election interference. the trial is set to resume tomorrow instead of today. you are all set with the news headlines, dom. back to you. >> thank you, frances rivera. as we head to break, if you haven't done so, follow our podcast. if you miss "worldwide exchange," you can check us out on apple or spotify or the pod podcast platform of choice in audio format. we'll be right back.

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i don't know how to thank you. i'm here to thank you. it is just about 5:29 eastern time in the new york area. still a lot ahead on "worldwide exchange." here's what's still on deck. futures are searching for direction with the major indices riding a six-week winning streak. what jay powell and the fed might say it keep it going or run it off the tracks. in cupertino, apple is facing a brain drain after a high profile exit of executives. what some are calling a static lineup coming up ahead. and billionaires are s throwing their weight around in sports. a record-breaking deal for a

major league pitcher/hitter. it is monday, december 11th, 202 2023 and you are watching "worldwide exchange" here on cnbc. good morning. welcome back to "worldwide exc exchange." i'm dominic chu this for frank holland this morning. you may have noticed changes to the screen. things look different this morning. it is part of the new look for cnbc that we are very excited about here at the network. some information and some data might be in had a different place or location than where you were accustomed to seeing it on friday. over time, we hope it will help make it easier for you to understand the market narratives and stories we are trying to bring you. we will keep some things up on the screen a little bit longer so you and, of course, we can get used to the changes.

this new look here for cnbc is something we hope you enjoy in the coming weeks and months. let's kickoff the half hour with the check of the equity futures with one index riding six-week win streeaks. you can see the dow implied higher by five points. s&p is down by one and the nasdaq down 17. muted moves on the relative basis. checking on the bond market, we see higher moves in yields. two-year yield is 4.77%. bond prices are being sold off there. the ten-year note is moving lower in price and slightly higher at 4.254%. the 30-year long bond above 4.33%. oil is riding a seven-week losing streak. wti is now $70.71.

.50% loss for world brent crude at $75.40. two big money movers this morning. macy's is surging ahead of the opening bell on the possible near $6 billion take private deal. we'll have more details on that trade coming up. you can see here macy's shares up 19% in extended market action. we are watching cigna popping as well. reportedly scrapping the merger deal with humana announcing a fresh $10 billion stock buyback program as a result with the ci dgna shares 12% in the pre-market trade. let's get the latest with the corporate stories with silvana henao. >> dom, good morning. the state of new york and ibm and micron and tokyo electron are investing $10 billion to

build a facility at the university of albany to build next-generation chips. that includes chip making equipment from asl holdings. that could help the new york bid to be the research hub under the $53 billion chips arcs act. tucker carlson is launching his own pay streaming service. the tucker carlson net work is expected to go live today and it will be home to five shows by the end of the week. the service will cost $9 a month or $72 a year and will be solely available through carlson's web site. he launched a show on x in spring after his exit from fox news. the s.e.c. is probing investment adviser use of artificial intelligence technology. as part of the process known as

a sweep, the wall street journal says the agency wants details on a.i. related marketing documents as algorithms and compliance training. this as s.e.c. chief gary gensler is skeptical about all things a.i. dom. >> silvana henao, thank you. a major c-suite shakeup at apple is under way. bloomberg is reporting that the vp of product design tan tangh is leaving in february. tan's design team which reviewed air pod development accounted for half of the apple's $383 billion of revenue last year. the departure would mark the latest in the string of high-profile exits from apple, including three from the hardware technology. let's talk more about this with

stephanie meta and gill loria. stephanie, we'll start with you first on the border picture. how important is this for people to understand about apple and how significant are these departures for the future prospects in product development over at the biggest company in america? >> thanks, dom. i think this represents a f philosophical shift we have seen for the last three or four years. no one has replaced the creative head at apple. we see apple moving from a design-led company to more engineering-led company. we see the brain drain in the creative and product development and design field, but i think apple would contend this is a brain reset. they are trying to bring in

april different kind of talent. it is interesting to see what this means for design as a key component for apple going forward and it is as much a reframing of the apple philosophy as a drain of talent. >> stephanie, what kind of talent are they looking to bring in? what is the buzz about the philosophy you are talking about and what can people expect with regard to the types of folks apple will employ in the future? >> it is interesting the design department reports to jeff williams. it would not surprise me it we see more people coming in who have engineering and operations backgrounds. this is a question for investors. is apple going to continue to be a beloved stock and product if it is more operations and engineering driven? >> gil, apple has gone through a

lot of developments in the last decade and a half or two decades. it has reinvented itself. there is debate of revolutionary over evolutionary. what stage are we in for apple in your mind? >> right now, almost all of the developments are evolutionary. we are hoping that what stephanie said doesn't actually happen. they don't just become operations and engineering, but double down on the revolutionary that has gotten apple where it is today. making the iphone the slight incremental improvements to the iphone will not create the type of growth apple stock needs to go up further. right now, it is trading at a high multiple for a company that eeking out growth from the current products.

it really needs very compelling changes to its existing roads or new products and new form factors that can extend the hardware reach. the rest is doing great. the services are doing great. ecosystem is so big right now that apple is finding ways to sell more services through the ecosystem. in order to get any type of growth on the hardware side, they will have to be some really big leaping forward or form factors. >> gil, we are showing viewers the quote on apple which trades at roughly 30 times forward earnings. your forecast is one of the forecasts that goes into that forward price-to-earnings ratio. what will it take for apple to catalyze that next leg higher in the company and stock? >> growth has to accelerate. they can't keep growing at low single digit costs-to-currency

and give the multiple. that is why we had such high hopes for a mixed reality headset. what they gave us was a $3,500 unit which is there to start developers going on the technology. they need a new ar headset and a.i. pin. they need a new form factor to get people excited. most importantly, they need a big leap forward in the key products. mostly the iphone to compel people to upgrade. the last time that happened was iphone 12 with 5g. if you look at the iphone 15, it is slight. the camera is slightly better. this is not the big leap that consumers need in order to compel them to upgrade ahead of a phone breaking or ahead of the phone living out its useful life. that's what it will take in order to generate growth.

it is more than low single digits. without more than single digit growth, you will not get double digit earnings growth or a multiple higher than 30 times. >> stephanie, we will give the last word to you. is apple in your mind one of the most attractive companies to work for in the silicon valley ecosystem? if so, what keeps it that way? if not, what do they need to do? >> i would say apple continues to be attractive for people who want to see real-world applications of their work. that is how they sell it on the careers web site and how they attract new people. if you want to see your work out in the world, come to apple. what is unclear to me, as the center of gravity shifted to artificial intelligence, if you want to see the a.i. work in the world, you want to work for an enterprise software company. that is where we see the activity right now. the other is and this is a question for the network experts

out there. is that what turns on people in the machine-learning world? do they care about their work in the world or are they interested in the applied research and academic piece? if you want to see your products in the world, apple is the place to be, especially at scale. if other things turn you on, there are other places to go. >> stephanie mehta and gil luria, thank you. now as kids, many of us which we could be a pro athlete playing in the nfl or major leagues. a small percentage achieve that, but some are achieving the next best thing. they are willing to fork over a lot of cash to own. robert frank joins us for the state of play for billionaires. robert. >> good morning, dom. david rubenstein reportedly in

talks to acquire the baltimore orioles. he is said to be one of several potential buyers. the team is owned by peter angelos. he bought the team in 1993 for $173 million. it is now valued between $1.5 billion and $2 billion. that is about twice the return of the s&p 500. that is why billionaires are bidding up sports teams on the back of record tv deals and revenue. ken griffin is in talks to take a stake in the miami dolphins. we recently had the adelson family buying the mavericks from mark cuban. owning a team is expensive. shohei ohtani signing with the dodgers. it's a $700 million deal for ten years. he will make $33 million a year after taxes.

the guggenheim baseball management bought the team in 2012. the team is now the valued at $5 billion. doubling in value, dom, in ten years. >> robert, there have been plenty of times over the course of the last 20 years when folks have said things cannot possibly stay on this trajectory for players and valuations and sports franchises. the entire industry keeps surpassing every year. what exactly is the driving force behind why sports continues to be such a money-making machine? >> everyone says it is the tv deals, which as you know are massive. nfl tv deal in the billions. the nba is about to redo their deal. what is the really driving it is the wealth of billionaires. there are not many assets around the world that will be a secure

value over a long period of time and will appreciate. billionaires like liquid, long-term assets. a sports team with a limited number of teams, are the perfect store of long-term value. you are betting on the wealth of the billionaires which keeps going up. >> robert, if you could invest in art or sports, which would you do if you are a billionaire? >> that's tough. i like to watch and look at both. i would say sports over the long term. more of a sure bet. more rare. >> robert frank with the take on sports. thank you. coming up on the show, speaking of sports, fenway group and more are in the final round of the key pga-liv deal.

and elon musk is looking to reinstate alex jones on x. jones was previously suspended in 2018 due to behavior po policies. and imated coming of age moe "the boy and the herring" is the first to top the domestic box office. "renaissance" tumbling in the second weekend with $500 million in the box office. and 700 million people are expected to fly during the holidays. this after a record-breaking thanksgiving travel weekend with u.s. security screenings at airports bring in nearly 3 million passengers per day. a lot of travel. "worldwide exchange" is back after this. grow thicker, fuller hair with just one capsule a day of advanced hair complex.

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the analyst believes pinterest is an a tttractive story showin key product cycles which are starting to work. it is hedged to play amazon. and jeffries upgrading best buy to buy. there is a bullish trend for hardware replacement cycles. time for "global briefing." cigna healthcare acquiring sigma health care. it makes sigma one of the biggest on the australian index. and nvidia will support training for a.i. and digital infrastructure teams. this marks the latest investment into the vietnam for nvidia. it is providing $250 million in

cloud, auto and healthcare. the comments coming during the ceo's first trip to vietnam. and biytedance is resuming the tiktok operations in southeast operation after the authorities banned online shopping on social media platforms. tiktok will take a controlling stake with the deal expecting to close in the first quarter of next year. ahead on the show, the one word investors need to know today, plus why ours goldilocks appe appearance. we'll have more after this. trading at schwab is now powered by ameritrade,

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welcome back to "worldwide exchange." time for the "wex wrap-up." commerce awards bae systems for funding from the chips act. and an investment group is willing to offer more than $5.88 billion to buy macy's. and dominos is reiterating the fiscal year guidance. cigna announcing $10$10 biln in share buybacks after scrapping the deal to buy humana. and boeing looking to promote stephanie pope to the chief operating over position as

soon as today. pope has been with the company for 30 years and would succeed david calhoun. a group of sports investors led by fenway sports group entering the final round of negotiations for the pga tour and liv. the deadline for that deal is set for december 31st. let's see how the market is ha shaping up. marginal moves implied at the opening bell. joining me now is sarat sethi. what should we do with the markets? >> dom, we have perfect data coming in from last week. let's see what happens the next couple days. you have cpi numbers and the fed and market is discounting that. adding more risk is not prudent.

we have to see what the data brings in. >> what types of risk, sarat, would you consider? we have small-cap stocks and certain parts of the technology landscape garner more attention. artificial intelligence specifically. what exactly is that fuel you think we want? >> i think you have to get a broad base. we had that for the last month. we want to look at the commodities space. companies which have solid balance sheets. fundamental companies. you will have a company that is out of favor which is trading ten times earnings and earnings power. something where you have clarity for the next 6-to-12 months. >> sarat, how much do you factor

in the prospect or the forecast for interest rates next year into what you do in the coming 12 months? >> i think one of the things, dom, you have to be careful of is the market is forecasting or discounting a comeuple of rate cuts. if that gets put on hold, that could get kyou in trouble. that's a benefit if it happens and we all will take that. really, you want to have companies that will do well by themselves. it is priced if the fed is going to cut a couple times. >> sarat sethi, thank you very much. >> thanks, dom. markets right now are checking in just a little bit to the down side here for the nasdaq. we will watch that in the next hour. we will see you tomorrow. "squawk box" is coming up with the market coverage next. see you on tuesday.

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good morning. stock futures are relatively flat right now ahead of the key inflation data and the december fed meeting. the "squawk planner" for the week is ahead. a stock investor group is planning to buy macy's for $5.8 billion. and fallout from the university president speaking out. it is monday, december 11th, 2023. "squawk box" begins root now.

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 with mike santoli. andrew is joining us from d.c. >> hello. it is snowing here. >> is it really? >> yeah. >> it's raining here. good weather up and down the east coast, i guess you could say. it is 41 degrees. no threat of snow here yet. just lots of pretty rain. joe is out today. mike is here. mike, great to see you. >> great to see you. >> folks, of all of the things you may notice today is our screen looks different. this is part of the big ne