it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we begin with one and done. stocks coming off the worst day in months, but futures are pointing to a bounce back. a mega media deal in the works. a meeting between two major industry executives this week to form a company to rival disney and netflix. also, no luck for apple. losing the final challenge for the watch. and we turn a page in the playbook with a wild year for

banks and what's ahead for 2024. later on in the show, we get ready for nike results after the bell as one investor lays out the bull case for the stock. it's thursday, december 21st, 2023. you're watching "worldwide exchange" right here on cnbc. ♪ good morning and welcome to "worldwide exchange." i'm frank holland. let's get you ready to start the day. we kickoff the hour with the check on the u.s. stock futures. take a look at this right here. futures in the green across the board at this hour. remember, it is early. it looks like the dow would open up 100 points higher. this is the action in futures after the rough day for the averages where the dow and nasdaq snapped their win streaks. worst for the broader s&p

closing down 1.5% for the worse day since september. sharp declines in small caps and russell transports. getting hit hard by fedex. wall street is doing nothing for treasury yields. we look at the benchmark ten-year yield at 3.879. trading at the lowest level since july. and oil market with the wti benchmark at $74.42 a barrel. brent crude at $79.90. rbob gas is an indication of gas prices which is down .50%. let's see if asia and europe are following our lead which is higher in the pre-market. joumanna bercetche is in the london newsroom with the early trade. good morning, joumanna. >> good morning, frank. as you can see behind heme, it another mixed session.

nikkei is putting a dampener on the nikkei down 1.6%. focus on autos with toyota down after recalling 1 million cars in the u.s. that was a drag on the nikkei 225. hang seng is green. up .40%. theshanghai composite is up with the lead in the energy and artificial intelligence sector names. some commercial banks may look to cut rates on timed deposits as soon as tomorrow. switching to europe, every index is trading in the red. similar to what we had in the u.s. price action. the ftse 100 is down .30%. marginal out performance in basic resources. we are seeing luxury come under selling pressure. cac 40 is seeing luxury coming

off. also watching out for the moves in autos here which is not a pretty day for the automakers. renault is at the bottom of the cac 40. dax is down .50%. although we are seeing a little bit of green and the stoxx 600 is at a 23-month high, we see red on the board. frank. >> thank you, joumanna bercetche. turning back to the u.s. and the late session selloff, we see the biggest decline in the last three months for the s&p. in fact, 19 stocks in the s&p were higher on the day. that is 4% of the broader index. losses are coming as more investors are buying into the odds of rate cuts from the fed in 2024. futures are pricing ining in an

cut in march. let's talk more about this with anneka treon. >> good morning. >> you are talking about the key manifesto. the focus here means it is possible you are focused too much on the fed and not the company winners in it 2024? >> definitely, frank. for all economists out there, it's christmas. let's put a smile on our face. let's being cynical. let's embrace what's going on. let's look at real cash flows of businesses and focus on that instead of focusing on how hard powell sneezed yesterday. >> that is one way to put it. i want to talk about the bond market for a bit. yields at the lowest level in

quite a while. how are you looking at the bond market? the yields were a big competition for equities. >> we are going from one extreme to the other extreme. when the extreme things happen, it is never a steady path. we come from the era of extraordinarily low yields. we are catching up fast to the normal environment. in the month of november, we've not seen this kind of movement in yields since december of 2008. we know what happened in december of 2008. having an investment strategy hinging on the direction of yields, especially incrementally, it is dangerous. we say it is simple. the cost of capital for running a business is more normal compared to an abnormal situation 12 years ago. we have to get accustomed to that and make sure businesses can generate cash flow in a more normal cost of capital. >> speaking of things being

abnormal, i want to ask about zero trade options. we saw industries break win streaks yesterday. zero rates were the factor or the market dlecline yesterday. what do you look at closely when you talk to clients? >> we didn't have a strong trade option specifically. given the volatility, bonds are supposed to be the safe asset class that don't move much and are boring. there are extraordinary movements there. st strong days of equity markets means things are bouncing or breaking. it is more which era are we exiting and how to position. >> anneka treon, thank you. >> thank you. time for the check of the morning's top corporate stories with silvana henao.

silvana, good morning. >> hi, frank. good morning. warner bros. is positioning itself as a possible partner with paramount global. sources tell cnbc, david sazlav expressed interest in the merger with the companies. the meeting took place tuesday at paramounts manhattan headquarters which lasted several hours and covered a wide range of partnership ideas and including how a merger of the streaming service of paramount plus and max could rival disney and netflix. the biden administration is discussing raising tariffs on chinese goods, including electric vehicles in a move to boost the u.s. clean energy sector. this is moved by a bipartisan group of u.s. lawmakers last hundred to hike tariffs on chinese made vehicles and

investigate ways to prevent chinese firms to export from mexico to the u.s. they face a 25% import levy into the u.s. apple lost the attempt to delay the import ban according to the international trade commission filing. nothing short of intervention from the white house can stop the ban from going into full effect christmas day on the series 9 and ultra 2 watches. apple is getting ready by testing apps and accsending baco apple for feedback. >> traded lower yesterday on this news. we will continue to watch that story. silvana, see you later on. coming up, more ahead here on "worldwide exchange,"

including the one word that investors have to know today. first, getting set for nike results after the close today. the number one issue to watch. and we are tracking the 2023 defense stock surge and we talk to one ceo at the front of the industry. and later, the new jersey judge writes the final chapter on the wildest story in financial fraud in recent memory. a very busy hour when "worldwide exchange" returns.

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welcome back to "worldwide exchange." looking at the dow futures which looks to open 170 points higher. it's early. the nasdaq is the big gainer in the pre-market. up .75%. seeing big gains after the micron results. we will talk tech and the markets later in the show. coming up on "worldwide exchange," exclusive one-on-one with carey smith at parsons. we wl ilget her outlook for 2024. stay with us.

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welcome back to "worldwide exchange." the need for improving critical infrastructure is prevalent and the u.s. and international threats are posed. leaders have discussed a potential cease-fire in gaza as the war drags into the third month. this is in response to growing threats in the red sea. the technology solutions is the way to tackle some of the world's biggest challenges. one name is parsons. the leading technology provider

in national security and global infrastructure markets. shares trading close to an all-time high near 35% and this week announcing a $250 million classified contract with the u.s. government. parsons gets over half of total revenue from government contracts. joining me now in the cnbc exclusive is the parsons ceo, president and chairwoman carey smith. >> thank you, frank. >> we talked about the stock rally you see so far. stocks up double digits since the last earnings with more than 20% revenue growth. we laid out some of the geopolitical issues out there. we can add china tensions to that list. give us a sense of what is going on with your business and what is your outlook for 2024 with the geopolitical hand landscape? >> our business is aligned with the geopolitical priorities. whether it is the critical

infras infrastructure side of the house taking place worldwide. we are focused on six end markets. those are growing 5% to 6% growth annual rate. >> we will show you the end markets in a minute. i want to get to the $250 million classified contract. you can speak about that, understood. a sharp increase in demand in geopolitical events specifically from the israel-hamas war. have you seen an increase in business tied directly to that conflict? >> from our broader level, we support the intelligence community and the department of defense and cybersecurity and defense. hamas will see increased demand as well as the ukraine and orban c russia conflict. >> we saw president xi come to

the u.s. when heit comes to the china tensions, how big is that for you? >> it is clearly a focus on the near-term threat. when you look at the budget, it will be going up 4% in 2024. there is a focus aligned with the parsons portfolio when you think about cybersecurity and artificial intelligence against space and missile defense. it is how do we position as we move from counterterrorism to a pure threat. >> are the tensions easing or getting worse when you talk to clients? >> i would say clients are more concerned. >> is there anything they are concerned about specifically? trade or military conflict? any part of the china tensions which are an issue for your customers in. >> i think we need to stay ahead and keep our technological edge. that is where parsons is focused

with artificial intelligence. applying that to innocence of the mission. you are trying to identify, detect and tract unmanned vehicles. whether you use artificial intelligence to track the next move. it is the critical technology. >> we are trying to see if it comes to defense or enterprise. how is a.i. impacting your business? it is used in the predictive capa capabilities, but will you use it in a different way? >> parsons has been involved in artificial intelligence for over two decades. it is engrained in almost every program we have. we have 100 contracts with a.i. we have 30 internal use cases. examples are how do you predict the next move from the adversary? how do you look at the circuit

board and see if it was tampered with? and on the house side, we use it for the traffic flow predictability or how do you rec reroute traffic? it we use it for compliance and load forecasting. >> i don't want to focus on tension. you are a beneficiary of the $1.2 trillion stinfrastructure bill. you work closely with saudi arabia, including the kingdom's financial district. we have infrastructure and commerce and efrlverything involved. give us a sense of the global infrastructure picture. >> the u.s. bill was passed in november of 2021. it was $1.2 trillion. of that, $550 billion is new funds. it aligned the portfolio toward transportation. how do we improve roads and

highways and bridges and ttd tus and airports? remediation is important. we expect that to peak in the 2027 timeframe. the middle east is exciting because they have $1.5 trillion spend with more than half of that going into saudi arabia. saudi arabia established saudi vision 2030. they set up projects for diversifying the economy away from oil. one of those is an exciting project for which we are a project manager. it will be a city basically as tall as the empire state building and long as long island and run on renewable energy. >> carey, thank you very much. >> thank you, frank. coming up on "worldwide exchange," jane frasier looking to take the axe to another key

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♪ ♪ ♪ ♪ it is 5:30 a.m. in the new york city area. there is more ahead on "worldwide exchange." here is what's on deck. investors hoping the selloff was a one-time event. we are breaking out your 2024 playbook which is a wild a year for the banking sector.

and the bipartisan bill is looking to the dismay of credit card companies. it is thursday, december 21st, 2023. you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland. let's start your day with the half hour check on the u.s. stock futures. in the green across the board. dow off the highs of earlier this morning. similar for the nasdaq. all three indices in the green. this after a rough day for the major averages which saw the dow and nasdaq snap the nine-session win streaks for the worst day since october. sharp declines on the small caps and transports as well. you see the russell 2000 down

2%. dow transports down 2%. the bond market is doing nothing with treasury yields. the ten-year yield at 3.888. let's the morning money set up. now is the time for the top corporate stories with silvana henao back. >> i'm back, frank. a wells fargo branch in albuquerque, new mexico made history. workers voting 5-3 in favor of unionization. marking the first victory at the major u.s. bank. the wall street journal adds the wells branch in russell, alaska is set to vote this week and two more in florida and california have filed petitions for union elections. so sources tell cnbc citigroup is closing the distressed debt

business. this move follows the announcement last we'ek that wil close the municipal unit last week. it is involving job cuts of at least 10% across the bank's major businesses. the owner who orchestrated a scheme to inflate the value of the small new jersey deli to more than $100 million pleaded guilty to fraud. james patton admitted before the district judge yesterday and one of three men charged in 2022 over artificially inflating the value of the company hometown international with the only asset was the hometown deli in new jersey. i remember that story very well, frank. >> i remember that story. i thought how many sandwiches do you sell? it was a heartwarming story.

we will continue to follow that story. silvana, thank you. it was a tale of two halves this year and financials. coming under pressure in the first half from rising rates and collapse of svb and first republic. the banks have bounced back, but l leslie picker has more. >> reporter: financials have been buoyed by declines, but the sector is poised for choppiness depending on the macro factors in 2024. a soft landing could be the like, but a new note by jpmorgan chase advises caution of the second half particularly for bank stocks if consumption slows and tailwind peters off especially off the back of quality and commercial real estate. lower rates could provide a

boost to loan activity, but it could jump start more m&a and buyout. there is a current environment of higher rates and multiples which are not conducive. they hope for a big shift in 2024. there is no guarantee they will see a difference. lastly, regulation is in focus as the banks battle the capital rules which would require buffers on the biggest balance sheets and the more anti-trust administration has created a deterrent effect on the big deals. that isa big question in the ecosystem in the coming year. frank. >> let's talk about the banking sector for 2024 is the head of the u.s. bank research at kbw. chris, thank you for joining us. let's pick up where leslie left

it off. give us a sense of how you see that playing out? >> 2024 has a lot of themes which are uncertainty. 2023 was about interest rates and solvency and earnings reinves revi revisions. we have to call about credit quality. >> rates were the other big story with svb and the banking sector this year. this week, we had goldman on forecasting five .25% cuts next year. what is your outlook and how does it impact the sector? >> we think higher for longer is the issue for the fed. they talked about higher. the futures market is after the fmoc moving to five or six cuts next year. we have to ask why are they cutting that aggressively?

if inflation gets to 2% and we stick the landing on inflation, that would be good. if we see a weak economy and five or six cuts, the banks are in a tough spot. >> everybody wants the cuts. the ipo and m&a market. how big is it to pick up ipo and m&a? >> it is psychology. investment banking has been in a recession environment for the better part of two years. closed capital markets. closed ipos. we think the pieces are in place to reopen. interest rates coming down is a component of that as we know the terminal rate of rates. >> is the ipo market going to

reaccelerate from almost a dead stop right now? does that make it more attractive? >> partially. it is like goldman and morgan stanley will benefit. >> one other thing for 2024. a lot of people are talking about the money on the sidelines. the $5.9 trillion in savings. how does that impact the banks if it moves into the market? what do you see happening? >> for 2023, since svb, we have seen a lot of money chasing yield. i think for 2024, if we see terminal rates come down, that is pushing investors back into the equities. >> all right. back to the investor focus. what should people buy for 2024? do you have a top pick? >> i would say three things. capital markets. we talked about the reopening. we want to own banks with

tangible book value. companies like east/west bank. keycorp. and banks where the earnings power is not represented in the current valuation. the valuation, frank, is cl clustered. you can pay the same earnings multiple for the bank with significant more earnings power. >> chris mcgratty, thank you. >> thanks, frank. we are getting ready for another very key earnings report today. it is nike. the stock is up 30% since the last report three months ago out pacing the sector. it is still sitting 7% away from the 52-week high hit back in it february. cnbc.com reporter has the set up and the number one thing to watch ahead of the tape. >> if there is one key things to

focus on for mnike is margins. investors are eager to see that turn around. there are a couple of things working in nike's favor. freight covers have been weighing on the properties. nike's inconvventories are in a better position. in q1, inventory was down 10%. that means less markdowns. a lot of this is down to the macro. consumers are under pressure and hungry for a deal and it is tough to convince to pay the full price. china will have its part to play here with nike. china is the most most of theable profitable region. if the top line is soft, it could be a drop on the margins. frank.

>> thank you. joining me now is brian yakman. >> good morning. >> you are a shareholder. what do you expect from the report? >> i agree with the comments that the number one thing we are keeping an eye on is the margins. we are concerned about our portfolios which is owns the global champions with the pricing power. i say pricing power, i mean if you have identical competition come along and they produce something better, faster and cheaper, in the case of nike, koka and ann, i want to know they have gross margins which are able to recover from the prior lows. >> you are talking discounting. i'm a nike person. i wear the sneakers a lot. almost everything is on sale right now. how concerning is that for this

print? >> i'm not going to lie. it is concerning. we view nike as a luxury business. you really have to balance that exclusivity and growth. what happened is they misread the tea leaves after covid. they led to the inventory glut. now we are worried about can they wean off the promotional pricing. that is something that will damage the brand over long periods of time. is this a short-term issue or recover? >> you are hitting on something analysts talked about. the nike direct-to-consumer business grown 40% which is total revenue. i was advised. i l no one retailer has nike with over 10% of sales. you are saying that is not a did thing. is that good to have the direct access to customers and all of

the data? >> no, it is a wonderful thing. direct-to-consumer is more profitable. the issue was they smartly tried to move away from the wholesale channel to have more control over distribution. faster execution and better customization. they pushed heavy into it during covid because the dtc channel grew too much and they overdid it. they need to return to the whole s wholesale channel. you have to go where the demand is here. >> putting pressure on margins withinventory. people shifted from goods to services. you mentioned premium. i want to talk about the jordan brand. strong sales year to date. nike would overtake adidas.

i wear 1 and 3 if anybody is listening. if you are concerned about the strength of the brand, there is oversa oversaturation. >> i look at apple or example. nobody has been more successful and the strongest global consumer brand and able to take the premium pricing to the market. nike is trying to follow the same playbook. i agree. this is something we're keeping our eye on. one of the things that attracted us to nike is the resale market. they sell the jordan shoes and top ten most expensive sneakers of all-time in the resale market are nike. 18 of the top 25 are nike. that is indicative there is pricing power. they are selling their shoes. there is limited distry pibutio.

about they months ago, that started to look shaky after decades of strength. what i don't know if that is a function of the consumer or consumer having high inflation and losing real purchasing power or is this a long-term issue. it has rebounded a bit. >> good question there. brian yacktman, thank you very much for your insight. thank you. coming up, the country that is tacklingwhat's come to be known as shrinkflation and holding customers feet to the fire. that story coming up. one small smoothie is $14.63, please. $14 girl, what is you doing? but making smoothies

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>> i wanted to take the profits and recycle back to society. >> i see ambition everywhere. >> many ways, ambition, human ambition drives the world. >> that ambition has to start somewhere. how about the global briefing? toyota news. shares slumping to the 18-month low after the recall of 1 million cars in the u.s. a read by the transport ministry revealing the carmaker recalled several toyota and lexus models made between 2020 and 2022. it could short circuit and not cause the air bags to deploy. and south korea is reporting to show the new sizes and old

sizes on packaging next year. it will monitor changes in volume, but not price of food e items over growing concerns of shrinkflation. the items are beer and almoalmondis and sausage. boeing is one step closer to delivering 737 max aircrafts to china. this is after the easing of the relations and the production of the 737 max. deliveries to china have been suspended since 2019 following the two deadly crashes. banks and retailers have been at odds for years over the 2% swipe fees every time you make a purchase. now a group of lawmakers is taking side of retailers.

much th emily wilkins has more on the story. >> good morning, frank. banks and retailers, it is the holiday season. they are using it as the latest fight over the fees that come every time you swipe your credit card. at the center of the debate is the bipartisan bill to go after the two largest networks, visa and hmastercard. roger marshall, a sponsor of the bill, said more competition means mauler feell smaller fees retailers. >> our bill promotes competition. we don't set a price quote. we let the bank that issues the card chooses. it has other choices besides visa and mastercard. >> banks and credit card companies are warning the bill could lead to the end of the point reward systems.

a survey found 45% of travelers this holiday season will use points. and one big name to be using them for travel this year by richard hunt. >> santa claus will use his points to lower his cost of travel. >> hunt questioned whether more competition is possible given the high level of investment and security needed for credit card net networks. he suggests this could be a race to the bottom. >> you have to invest billions of dollars as a credit card processing company to make sure the credit cards are safe and secure. you can't just give it to some johnny-come-lately company which has not proven safety and security to the credit card and you have peace of mind with the transaction. >> marshall said he is hoping to get a vote on the legislation

next year and attach the measure to the larger must-pass spending bill. frank. >> we saw visa and mastercard close lower yesterday. it is hard to tell if this had an impact on it. long term, how does this picture to go through legislation and be passed next year? >> frank, it is a great question. congress has its work cut out for them. they have to fund the government and they have several critical programs with national security. they have that funding for ukraine and taiwan and israel and border security. a lot of things where lawmakers will get priorities attached to the must-passed bills. the reality is time is short. congress has a lot to do. this bill is one that's been in the spotlight for the things and retailers as they debate these fees. at the same point, it is not

clear that anything besides what absolutely has to get done will get done next year. >> emily, i want to congratulate you on being elected on the 117th president of the national press club. i know it happened a while ago. we haven't seen you. >> thank you, frank. we can go to the club next time you're in d.c. >> thank you. coming up on "worldwide exchange," the one word that every investor needs to know today, plus a mega media merger in the works after the high-stakes meeting in manhattan. and the super league controversy. we will have that and much more coming up after the break.

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welcome back to "worldwide exchange." time for the "wex wrap-up." warner bros. looking to merge with paramount global. da the meeting took place at para paramount's headquarters in manhattan which lasted several hours and exchanged a number of ideas and how it can rival netflix and disney plus. and eu blocks eufa and fifa breakaway. this paves the way for the eufa championship. apple losing the black on

the sale ban which will go into effect on christmas day. this is all over the mixed reality headset launch in february. shares of blackberry under pressure after blackberry reported revenue growth in the cybersecurity segments with shares down over 7% right now. different for micron. strong revenue forecast as data center demand offsets weakness. the chipmaker says the storage should improve as supply returns to normal levels. shares up 5.5%. catch cnbc's interview with the micron ceo sanjay monotra did. and x reports outages after

issues with mobile app. we will continue to watch that. back to the markets. markets looking to reverse losses yesterday. we are see the reverse in the futures market. the dow would open up 150 points higher. the nasdaq is strong as well on the back of the micron earnings. joining me now is jay woods. >> great to be here. >> i saw a dip in the markets yesterday. that was due to zero-day offering. what is your wex word of the day? >> my word of the day is ear muffs. a lot of noise for 2024 which is follow trend lines, not headlines. i say to my kids when i watch the eagles, especially on monday night. block out the noise. you don't want to hear what dad has to say. we have seen the election cycle in 2016 and 2020 and now 2024. who knows what the headlines will be? it could be cause for angst.

we will see a solid growth year. you have to block out the noise. >> i do want to ask about zero-day options. yesterday, people thought it was a factor for the decline. the break in the win streak. how that is impacting the market? a lot of people on holiday and how does that impact you? >> the selloff with yesterday being overbought. the s&p on the seven-week winning streak. this is great, but you will get a pullback. it can be exaccelerated. we talk zero day options. you want to see things accelerate in one direction given the momentum in the market. i think this is something to watch. to attribute yesterday with the

acceleration to just that factor with the run-up is premature. >> overblown. >> yes. >> we are focused on today normally, but i want to talk about tomorrow. does tomorrow start the santa claus rally or the day after christmas? a lot of opinions. >> this as a technician. the santa claus rally is the last five trading days of the year and the first two of the next year. the santa claus rally starts on friday and ends the second day of january. the good news about it and since 1994, we had 24 times we rallied during that period. the market has finished higher 75% of the time. the six times we didn't, we finished lower for the year four times. >> your pick is amazon today. pretty obvious reasons. mag seven. what do you think about today? good day for the markets? >> i think we get rebound.

it should be a slow day. >> jay woods, we have to leave it there. thank you for wahitcng. futures in the green. you have a great day. "squawk box" is coming up next.

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good morning. chip stocks on the rise after micron's quarterly results beat estimates. we dig through the numbers straight ahead. boeing helping to lift the dow up five points free market. a report says the company is nearing regulatory approval in china to resume delivery of the 737 max. a blockbuster deal in the media world. warner bros. and paramount considering a tie-up. it is thursday, december 21st,

2023. "squawk box" begins right now. ♪ good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. >> it's a we. >> it yoyou're a we. you can see right now that the dow is indicated up by 151 points. s&p is roaring back 20 points. the nasdaq is up triple digits. this all comes after the worst day for the markets since september. the dow was down 476 points. it snapped a nin