it is 5:00 a.m. at cnbc global headquarters. here is your "five@5." stocks set to open at fresh two thie -year highs as bulls get optimistic. we speak to a bull after his call played out well for 2023. key for investors today is the federal reserve kicking off the final policy meeting of the year with the latest inflation data due out in three hours time. in a developing story, alpha get loses the anti-trust lawsuit

against epic games in what could upend the app store. and shares of oracle are sliding as sales growth is stalling out. later on, warren buffett's berkshire halves its stake in a hardware giant. it is tuesday, december 12th, 2023. you are watching "worldwide exchange" here on cnbc. good morning. welcome to "worldwide exchange." i'm dominic chu in for frank holland. let's check off with the three-day winning streak and the dow trading at the highest level since january of 2022. futures are indicated higher. dow by 100 points. s&p higher by 7 points and

nasdaq implied higher by 41. this as the federal reserve kicks off the final policy meeting of the year with interest rate traders widely expecting no change at all in rate policy until at least march of next year. we will get the latest read on consumer prices with the november cpi report due at 8:30 a.m. the economists are looking for prices to dip slightly from a year ago. if you strip out the effects mof food and energy, we expect no change at the year over year rate of roughly 4%. that's the estimate. . if you check on the bond market, we were talking about 4.27%. the ten-year treasury note below 4.2%. the two-year note at 4.687. the 30-year long bond at 4.29%. the bond price as cross the yield curve are big this morning. taking a look at oil prices

as well. u.s. benchmark wti crude prices are getting a bid up .30%. $71.60. ice brent crude is similar gain with $76.20. gas futures are up .50%. let's get a check of the top corporate stories with silvana henao. silvana. dom, good morning. google lost the anti-trust lawsuit with epic games in a move to upend the app store. the federal court jury ruled the google play store has been protected by anti-competitive barriers which damaged the consumers and software developers. the verdict came after three hours of deliberation following a four-week trial. the uk competition regulator is opening a probe into unilever

and the friendly practices. the uk's cma is concerned the company may be misleading shoppers about the environmental impact of the products as it dumps soap and exaggerating. the s.e.c. conducted a similar probe and fined a subsidiary after the investigation. and carl icahn lowers his interest in the ohio energy firstenergy. several states agreed to give two board seats back to executives in 2021. dom. thank you for the headlines. it is that time of year when the top strategies put out the forecast for where they see the markets heading in the next 12 months. some bulls are charging ahead to

expect stocks to continue rising in 2024. ed yardeni says it is achievable for the s&p to his 5,400 by the end of 2024. he has a target of 6,000 by 2025. tom lee and john stotzfus is predicting 5,200. and we have sayta predicting 5,000. joining us now is john stoltzfus. john, great to you have back with us. not every strategist gets it right every year. we understand that. take us through what exactly drove your thought process with

the 2023 price target on, which was accurate, and you why think 2024 could continue? >> thanks, dom, for having me on the show. first and foremost, when it came to 2023, we were recognizing the fact that the fed had been remarkably successful at beginning the process in 2022 of raising interest rates somewhat dramatically at one point when it raised four times in a row, 75 bps a piece. then remarkably sensitive to the effects of the mandate on the economy in terms of raising rates, but not raising them overall in such a way to push the economy into recession. in addition to that, you had resilience that remains today in labor and wages and businesses being able to maneuver through a tough environment dealing with inflation which remains fairly

sticky as well as a central bank which remaining vigilant and sensitive. for next year, we are looking at a continuation of this policy. we think those that are expecting a lot of rate cuts in the first quarter are wearing rose-colored glasses and party hats, perhaps. we respect their thoughts. we think it is a big bet for traders. we think the fed is more likely to do cuts in the second half of the year or likely two cuts next year. most likely in the fourth quarter rather than much earlier. >> john, if that is the base case scenario, what does lead the charge in 2024? is it the same old story of the magnificent seven and mega cap technology and media stocks or are we doigoing to see the

broadening out? >> i think, dom, it is the latter. it is the broadening. you have technology at the core of it. we believe technology is on parallel to where the u.s. automobile was in the 20th century after henry ford essentially mechanicized the assembly line. today, technology is embedded in business and consconsumer. as a result of that, big changes, including some that already exist in a.i. and those coming, not the pie in the sky stuff, but the day-to-day operations for business and consumer will feed all of the other sectors. we look for technology and communication services to be in the lead, but look for

continuation of good things and consumer discretionary and industrials. when i got into this business 40 years ago, it was a lot of brass and glass and plastic. today, it is technology and it is in the cloud and deliverable by software that can upgrade your car in its driveway. it is embedded in our lives. >> thank you, john. happy holidays. >> thank you. same to you. for you who may not have tuned in to "worldwide exchange" yesterday, you may notice our screen is different. it is part of the new look for cnbc that we are excited about. some information and data might be in a different place than you are accustomed to and over time, we hope it makes it easier for you to understand the market,

the data, the stories and a insights. in the meantime, we will leave some things up on the screen like this a little while longer to help you get used to some of the changes. you are getting used to it. believe me, we are getting used to it as well. i, myself, am trying to figure things out. over time, it will help serve a bigger cause to give you the data you need. more coming up on "worldwide exchange," including the word of the day. the top trade shorting clean energy stocks. we run through the carnage and set the stage for 2024. and why shares of oracle are sinking ahead of the opening bell. and cathie wood doubles down on her biget. b

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welcome back to "worldwide exchange." a check on u.s. kmeequity futur. the s&p is up 4 points at the opening bell and the nasdaq is up 35. if these futures move hold into cash equities and trading. let's see how the europe

trade is with joumanna bercetche in the london newsroom. good morning. good morning, dom. the stoxx 600 is putting in a positive session. 22-month highs now. stellar performance. almost every single board is trading in the green with the exception of the spanish index. ftse 100 in the uk is up .60%. we got wage data showing much lower than expected numbers. three-month average weekly earnings at 3.7%. still very high. a significant miss. that is why we are seeing a rebound in interest-rate sensitive sectors. strong rally in gilts. ten basis points lower in the uk. dax is one to watch at 16,811. the reason i'm pointing this out, dom, is because it is an

all-time record high. the dax continues to make new highs although we talk about the weakening back drop. cac 40 is up .30%. we are all watching closely in the central bank meeting with the bank of england on thursday and ecb. a couple of stocks i'll share with you. astrazeneca is up 1.6% after the company said it will buy vaccine developer in a deal worth $1.1 billion. that acquisition will see astrazeneca expand the vaccine portfolio. and hargreaves is down 1.7%. they are hit in early trade after the concerns of how they deal with interest earned on customer accounts. thoses are a couple of stocks our watch. dom. >> that's the action from the european side of things. joumanna bercetche, thank you. it is the final official day of the united nations climate

summit called cop28 in dubai. the optimism for real action on reducing greenhouse gas emissions is fading fast. diana olick is joining us from dubai with the latest there. what exactly is leading to this reduced optimism? >> reporter: dom, it is the latest draftreleased last night. it totally dropped language to phase down or phase out the use of fossil fuels. it said countries should take action that could include reducing production and consumption of fossil fuels. this is a major blow for those who want to slow global warming. the cop28 president called it a huge step forward. to that, one analyst responded i'm not sure which direction that step would be in. another said it is alarming this is something more amenable to

oil and gas producers. another said this text is a nightmare of weak proposals and contra contradictions. former vice president al gore said this is deeply disappointing. there had been a remarkable sense of optimism leading up to this. i spoke to the climate fund here about that last week. >> now is the time when you say we have to raise our level of ambition and the idea was that as prices of renewable energy and green technologies come lower and as the urgency of the problem becomes greater, the willingness to be more ambitious would grow. that's what we are starting to see here. >> reporter: or so he thought. in addition to scrapping strong language on fossil fuels, the draft watered down ambitions to

increase renewable energy. there was a side agreement with 100 nations to triple the renewable capacity by 2030. nations have not reached the pledge for climate action in developing countries. dom. >> diana, this leads to the inn evi evidentable competent for cop29. what do we know about what is on the agenda given the developments here falling shy of what some climate experts what in terms of action? >> reporter: we know cop29 is in azerbaijan. the latest we heard is we will see another draft and maybe four hours which keeps getting pushed back. the focus of what i hear is could in the first draft. the language says the parties could reduce consumption of fossil uels.

should it change to should? they are focused on that. next year's cop will not have the focus on fossil fuels because this is a reaction to what is called the global stock take which was a report card on how the parties are doing with the paris agreement. the report card said it is not good. that's why this cop is so important. dom. >> diana olick live in dubai with the latest on cop28. thank you very much. we still with the energy story and cop28 leaders to balk at adopting stronger language aimed at reducing emissions which is the hottest trade of the year which has been shorting clean energy stocks. our pippa stevens is here with more. diana talked about the fossil fuels reduction campaign. it seems the market is playing along with it. they don't like clean energy. >> dom, a lot of clean energy this year.

amid the heavy losses, those who bet against clean energy are in the green for the year. looking at the components in the inv invesco, short investors made $6.5 billion this year according to data. that means gas argains of 36.5%. ev maker fisker is the heavily shorted name at 48% of the float. sunpower and blink charging around out the top five. raising rates hit the industry hard. it makes projects more expensive, but future earnings less attractive. this caused investors to pull money at a record pace. $188 million from the solar fund and $1.06 billion from the ishares global energy fund.

the largest since the inception in 2008. retail investors are still buying, but barely adding 47 million in shares this year. that is down 47% year over year which is below 2021's $400 million purchase. dom, you wonder if it can get worse in the space. >> that's what i was going to ask you. it seems there is such overwhelmingly negative sentiment. you showed the year to date on some of the biggest names on solar and alternative energy out there. is this a time when folks are looking to possibly pick a bottom in some of the names? especially in 2024? >> i think the worry here is catching a falling knife. they have been coming down for two years. you think this is the bottom. it wasn't. there has to be some shift on the macro environment or a rate

cut for the optimism to turn. in the short term, focus on the y utility names. solar names that are based on consumers which are fickle and watching their pocketbook over the larger-scale projects with the demand there. a lot of places have data centers and switching to renewable power is the lowest hanging future. >> pippa with the clean energy trade. thank you. still ahead on "worldwide exchange," warren buffett's berkshire shares are under pressure this morning. we'll have tt orcongp.hasty mi u before you use ai to transform business, accelerate growth, predict trends, you need to begin with trust. introducing watsonx governance. helping you govern any ai, as data,

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welcome back to "worldwide exchange." time for the big money movers. oracle hsharply lower to 9% aftr the second quarter outlook fell on estimates. net income popping 44% to $2.5 billion. it was up from 1.7 b$1.7 billio year ago. berkshire is cutting stake in hp and shares are falling. berk berkshire's stake is 5.2% compared to 10% in october.

berk berkshire is the third largest shareholder behind blackrock and vanguard. berkshire bought into hp in 2022. a cathie wood is snapping up 9,000 shares of microsoft for the etf and 10,000 shares of meta platforms. this is the first meta buy in five months. her firm held 285,000 shares of meta before the latest purchases. coming up on the show, leave the cheese bust and orange colored fingers at home. how a collaboration with f frit-o-lay and a cocktailmaker

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belts. the moves the industry leaders are making to shore up the bottom line. and alphabet's google suffering a setback with the anti-trust fight with epic games. it could set up a major shakeup in the app store. it is tuesday, december 12th, 2023 and you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm dominic chu in for frank holland. let's check on the u.s. equity futures with the markets riding a three-day winning streak. it could continue. dow implied higher by 66 points. still green. the s&p is up 4 points and nasdaq implied higher by 31 points. to our top story this morning and the federal reserve kicking off the final policy

meeting of the year today. the same day we get the latest read on the november consumer prices with the cpi report due out at 8:30 a.m. this morning. according to the cme fed watch tool, ratraders are certain tha the fed will keep rates unchanged with cuts not happening until march of next year. joining me with a like ahead is gina smilek. she is calling this an era of peak uncertainty for rates and the fed. gina, thank you for being with us this morning. let's go through the expectations for today. it is not a rate change, but a lot of data and context and color from the fed and policymakers. >> it will be a weird meeting. they are getting important p inflation numbers or our final read of the year of what is happening with the consumer price index today. they have to make this decision tomorrow. we are expecting them to hold

rates steady no matter what happens. this inflation number could be big. >> speaking of the future, the summary of cuseconomic projecti and the fed gets strategized on the forecast. what has been the trend the last several months here with regard to the so-called dot plots and p w what do they think could happen in 2024? >> the really important thing to know is as of the last dot plot, the fed isincrease. the big question is how much lower are they expecting rates to be by the end of 2024 relative to where they are now? i think there is a range of estimates and obviously that is going to be an end of year prediction of how the estimates

work. it is not going to give us a lot of hint about when the rate cuts, assuming there are some, when the cuts might come. for that, we will be closely watching jay powell and the conference which comes after the release of the statement at 2:00 p.m. >> jeanna, the idea is inflation has to be at least less of an issue in order for the fed to do anything different than it already has. it paused a few times with regard to its rate hiking campaign. what does inflation need -- how dramatically does inflation need to slowdown in order for the fed to feel it can do something different than what it has been over the course of the past year plus? >> i think that's a really interesting question. we don't have a precise answer to right now. they are happy with the trend we have been seeing and they are clear they don't actually need to see inflation completely crushed.

they need to believe it is on track to be at their goal. i think what we are hearing from some fed officials and what they said publicly, you want to see more progress like what we have seen with chris waller of several months of progress. like what we have seen before you feel comfortable cutting interest rates. i think a lot ev lot of people t seen that as january, but a rate cut which says you could get a rate cut in march. markets see may more likely sdplclikely. >> we have been focused on inflation because it is a core problem the last couple years. we have not talked about much or framed the discussion about the economic growth picture. what would happen with the economic growth story if we he st started to see signs of weakness in the economy?

not a huge recession, but bigger slowdown than fed policymakers expecting? >> when you talk to economists about this, this is the easiest possible scenario for the fed because if they saw a slowdown in economic data and it came simultaneous with the pulldown in inflation, the prescription is easy. you cut rates. that is a good suggestion you have lower interest rates. that may be the easiest scenario for the fed. it is one of a number of outcomes we could experience. >> jeanna smilak, thank you. that story is now up at "the new york times." you can see the story is "what's next for interest rates in the era of peak uncertainty." you can check it out online.

thank you. let's get a look at the corporate top stories with silvana henao. dom, good morning. ford is slashing the production of the f-150 pickup truck. it is cutting production from half to 3,200 to 1,600 per week. this marks a reversal after ford significantly increased plant capacity for the ev this year. an internal memo obtained citing changing market demand for the cuts. boeing is looking to carry out deeper than expected cuts within the strategy ranks. the company will cut the number of planners working with the key divisions in the half as it fork focuses on pressures.

it is dealing with $40 billion of debt after naming stephanie pope as chief operating officer. and hasbro is cutting 20% of the work force. this the latest move coming after the company cut 800 positions this year. hasbro cites weak sales for toys and games going into the shopping season for the latest cuts. shares are taking a hit ahead of the open which are down 5.5% in pre-market trade. >> silvana henao, thank you. you can call it an epic win. a federal injury siding with ep games in the lawsuit against google which could upend the $200 billion app store. steve kovach is here with more on the story. this is interesting because it has wide ranging ramifications

with the app developers and how much they get paid. >> that's right, dom. let's go over what happened. a jury ruled that google has monopoly power over the app store and app earcosystem. epic games cast a three-year legal battle. epic games in 2020 sued apple and google which let them squeeze app companies for up to 30% of sales. tim sweeney calling it a victory over google on x. it is the company's first major legal win in the years-long fight against apple and google. after the trial featuring the ceos, it took the jury a few hours to come back with the unanimous verdict against google. now the judge in the case will

decide the punishment for google. at risk is the slice of money that google takes spent within apps through the google app play store. the judge will make the decision after the new year. it will be a long time before google feels pain. an executive says it will appeal the decision and that is a process that could take years and could go all the way to the supreme court. and speaking of the supreme court, we are expected to hear if it will take up the case epic lost against apple. no matter how the cases shake out, it will have implications for the app ecosystems at apple and google, dom. >> it is confusing about the epic game story against the tech titans. what is the difference with the epic games relative win against apple and now its win against google and loss against apple?

>> it is a weird case. the apple case was not decided by a jury like this google case was. we have a jury of regular people deciding google is a monopoly over the apple store. in the apple case, which was decided two and a half years ago, that was just a judge deciding. that is working its way through the appeals process. w we could find out in a matter of weeks in the supreme court is weighing in. >> steve, how will this affect the economics of developers and apps? many are small businesses and partnerships that get together with an idea that is widely distributed on the platforms? how do they get paid differently? what is at stake for the app developers who are not

necessarily large companies? >> that's also most of them. amid the scrutiny, dom, apple and google lowered the fees for the businesses. $1 million of revenue per year is the barrier they look at. if you make less than that, you don't pay as many fees. it is more like 15% for the smaller companies. this also opens up potential for other app stores to be allowed on the iphone or android by de def default. that gives the app developers more choice. i'll note next year is bringing in the digital market act which forces what i described. forces apple to allow third-party app stores. we have seen people say they are excited about that and willing to put their games on any other third-party app store.

in a few more months, it will shake out on the other side of the pond and be interesting to see how the companies handle that. >> steve kovach with the latest on the apple play store. thank you very much. coming up on the show, relief for tchina's country garden. as we head to break, one of the top trending stories. one of the favorite snacks is in drink form. frito-lay is laying out the doritos-flavor ed booze. it can be used to make a bloody mary. some "wizard of oz" memorabilia may not be in kansas. the dress warn by judy garland headed to federal auction. before the lawsuit, the dress was expected to fetch $800,000

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welcome back to "worldwide exchange." new deal announcements tot totaling $2.5 trillion in global m & a. for what deals leading the charge, pioneer, chevron purchasing hess. we are seeing healthcare and materials and consumer staples leading the charge. let's talk more with matt toole

at lsge. matt, this is a scenario where the deals were put off due to uncertainty and higher financing costs. those same things could be in play for 2024. is there reason for optimism in m&a? >> there is always reason for optimism. so many scenarios are on a case by case basis. we have seen bright spots with rather large transactions. large transactions will bring attention to the sector with bankers and lawyers advising clients on how to react to a new transaction. we he saw that in october with two massive energy and power transactions. as we begin to see some stabilization of the outlook and a little bit more forward looking outlook on interest rates, i think the new normal for dealmaking is taking hold.

there are regulations and the elections to impact m &a. >> what does that mean? what is the old normal and what is the new normal? is it regulations and interest rates as you point out or a different dynamic at play for those trying to get deals done? >> i think the old normal was the $5.3 trillion deal in 2021with all cylinders toward dealmaking with financing and having transactions coming out of the pandemic. the new normal is interest rate acceptance and the financial calculations for corporates. there is a much greater regulatory fear over the course of the last two years. we are seeing last year and this year with the longest periods to complete on two years with

microsoft activision and vmware and broadcom. two full years to get transactions done is a risk. we saw that in the calculus around cigna and humana where it wasn't worth the risk. that's the new calculus that is happening on top of the financing and getting deals done and make the case to shareholders. >> matt, a few moments left here. we mentioned energy being a hot spot in 2023. what is the forecast for what industries are the hot ones in 2024? >> i continue to see energy continuing to have a big impact on m&a. healthcare is a large driver. pfizer and merck and abbvie will continue as companies look to balance portfolios for the new year. i do think the consumer and retail sector where we have seen

little activity even with macy's this week will continue to attract some interest from private equity and others in 2024. >> matt toole with the outlook for 2024. thank you. ahead on the show, the one word every investor needs to know today and why our next guest isn't betting jay powell and the fed is not easing up on the fight ght againsts in infla. we'll being back after this.

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welcome back to "worldwide exchange." time for the "wex wrap-up." shares of oracle under pressure with increased competition in cloud computing are weighing on demand. in china, country garden

will avoid a yuan debt default. most of the bonds will not demand repayment this week. netflix is back up after the outage last night. up to 17,000 users why impacted during a three-hour window. warren buffett's berkshire is unloading hp reducing its stake to 5.2%. buffett sold 5 million shares of the company back in september. the u.s. says the merchant ship failing in the red sea was hit by a houthi missile fired i and we kickoff the fed policy decision this week and the market reaction for the day ahead will be interesting. for more on the trading day ahead, let's bring in peter

bookbar. peter, how important will the cpi data be to the narrative on the interest rates in the coming months? >> it will reflect a continued moderation and in the pace of inflation. i'm watching the core number and rental component of the real number. rental growth has been slowing, but the cpi calculation of rent has lagged. this is giving the fed obvious reason to stop raising interest rates. we are alldebating when they start cutting interest rates next year. the inflation is still headed in the right direction. >> the trajectory is headed in the right direction, yet many americans say they don't feel it. you mentioned core, which sk scripps ostrips out food and energy.

>> it is a big problem. main street is dealing with the cumulative rise of inflation over the last three years. only wall street and the fed cares about rate of change. while it is nice to see a slower rate of increase in terms of inflation and the consumer is reflecting that belief in some of the consumer surveys showing lowered inflation expectation, but they are still dealing with no real wage growth over the last couple years which definitely hurts. >> peter, how big of a deal would a hypothetical deflationary environment be for america? >> i'm focus odd disinflationary. even with the potential drop in prices, they are up so much that i still think that is a carry

for the consumers. you have wage growth slowing, too. we are still not seeing any dpr growth. that is weighing on the consumer. we heard a lot from retail earnings in the past six weeks. it is a common theme that consumers prioritize spend more on the want -- their needs rather than their wants. >> period of ter, that is the w the day. what is your expectation for when the fed cuts rates? >> there is one thing to have an inflation spike and inflation fallback. the next job is keeping inflation down. i'm looking at maybe two or three next year under the circumstances rather than up to 125 to 150 that people are

calling for. >> peter, thank you very much. futures are up slightly. "squawk box" picking up coverage next. we'll see you tomorrow. first time i connected with kim, she told me that her husband had passed. and that he took care of all of the internet connected devices in the home. i told her, “i'm here to take care of you.” connecting with kim... made me reconnect with my mom. it's very important to keep loved ones close. we know that creating memories with loved ones brings so much joy to your life.

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good morning. stock futures pointing to slight gains and bitcoin bouncing back above $41,000. we will show you what's moving now. and ford is cutting the production plant in half for the f-150 lightning pickup truck. we will show you how the stock is reacting. and google losing an epic court battle. the jury ruling the app store benefits from anti-competitive barriers. it is tuesday, december 12th, 2023 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 andrew ross sorkin. joe is out today. let's look at what is happening in the u.s. equities at this moment. you will see in a moment we he bring the charts up, the dow futures are indicated up 50 points. s&p up a point and nasdaq up 28. you see the green arrows, a andrew, after the gains yesterday. the dow closed highest since january of 2022. the s&p at its highest level since march of 2022. we have seen what is going with treasury yields. it looks like th