it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we begin with the santa claus rally. futures pointing to modest gains at the open and not just big tech, but another of the names you know getting hit hard. all of the more reason for the big idea for q1. it might be the best one yet. the u.s. and allies issues a final warning to the houthi rebels attacking ships in the

red sea. and mark zuckerberg cashes in on meta shares. and trying to jump on the bitcoin etf band wagon. it's thursday, january 4th, 2024. 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 your day with the check on the u.s. stock futures. we mentioned in the green across the board. the dow would open up almost 40 points higher. this action in the pre-market after another rough session for wall street. the dow and s&p fall nearly 1% and tnasdaq fall 1.3% ahead of the open where all three are on track to snap the nine-week win streaks. chip stocks like amd and

qualcomm sitting down 7% after the record close and logging the best year on the etf since 2009. also another hit on apple. shares falling after piper sandler downgrades it from overweight to neutral. citing weakness in the first half of 2024. apple shares down .50%. week to date down almost 5%. we are checking the bond market this morning with the u.s. treasury yields trading at the highest level in three weeks. the benchmark at 3.94. elevated across the board in the new year with bond yields rise. it has had a big impact on the market. oil this morning coming off the best day since mid-november.

dp wti up over 1.25%. brent crude up 1%. this is over concerns of the pp supply. we will have more coming up later in the show. we have breaking news with the micro chip technology part of the administration's chips and science act. highlights from the release include $162 million in federal incentives to support on-shoring which is split across two projects. one in colorado springs, colorado and the other in gresham, oregon. it will triple manufacturing making the uses for defense and space. this is the second announcement from the chip act after the deal back in december. we will have more on the story throughout the hour. kristina partsinevelos will join us in a bit. let's check on the top corporate stories are silvana henao has those.

silvana. frank, good morning. florida is raising the sticker price of 2024 versions of the electric f-150 lightning by $10,000. the new base price for the pickup truck will range from the pro model to under $93,000 for the black trim version. those models started from $50,000 to $98,000. the f-150 is one of 19 vehicles that fallquality for the full $0 tax credits. delinquencies on office loans hit a high in 2023. moody's says that rate could rise further this year. at least 60 days past due companies climbed from 5.1% in october to 5.9% in november.

delinquencies are expected to increase for those who financed at high interest rates. jpmorgan chase and goldman sachs are in talks with grayscale for the proposed etf. bloomberg and coindesk are looking for the power to create and redeem shares of the fund. helping to ensure the share price tracks with the fund. there are 14 companies hoping to win s.e.c. approval for the spot coin etf. the s.e.c. is expected to announce by january 10th, whether it will approve a fund from ark and 21 shares. >> a lot to consider. bitcoin with a big year last year. we will see if it continues. silvana, thank you.

turning attention now back to the market. the markets struggle in the new year. the s&p performance in january sets the stage for the rest of the year and now hoping for a turn around in the weeks ahead. a number of factors to include uncertainty with rate cuts and economic growth and inflation. let's talk more about this with kevin carron at washington advisers. h happy new year. >> happy new year to you. >> do you see pthe potential fo the market with the rates expected? >> we have a potential for a rally. it will be different from what we saw last year rates matter a lot. you don't have earnings growing fast. the expectation for the s&p is

percolating higher, but they are not galloping away. the rally that we saw coming into the holiday season was fueled by a change in interest rate expectations. yes, there is a chance for a rally and yes it is very important what happens with interest rates, but the last part of this would be the rally that we expect in 2024 ought to be broader than the rally we saw in 2023 in order for this to sustain from where it is now. >> the diversification is the theme of 2024. before we get to that, i want to talk about research that came out yesterday. this from fund strat. until or unless 4665 on the s&p is breached, this pullback should stabilize in the days ahead. this should begin thursday and friday of this week. that 4665 level is 2% decline

from where we are right now. agree or disagree with this technical take? >> we are not technicians at washington crossing. you have the market in the united states approaching once gain $50 trillion in valuation. to buttress that fundamentally, you think about that relative to the underlining economy which is $27 trillion in size. you are roughly two times gdp with the value of the market. that is the fundamental take on it. the question to the fundamental investor is what happens to the earnings and interest rates to get us beyond that? the short-term technical i'll leave to the technician. the underlining economy with the relief on interest rates is what we would need to get the market to move meaningfully higher from here. we like to see it broaden out with greater participation. >> a lot of people were talking

about small caps and value stocks. you say to focus on quality. in this situation that we're in with this environment, what is quality? >> so for washington crossing advisers, any company that is durable and that's predictable and that's flexible. to get there, you want to look for companies with low debt in the capital structure and predictable businesses. we just think we distinguish the quality focus and a bond investor would think of quality first and we distinguish that approach from someone who might say should i own value or growth? which, for us, is a non starter as an investment question. >> kevin caron, thank you very much. coming up on "worldwide exchange," one word that investors have to know today, but as we get set to kickoff

post-holiday return season, we get the names making their way to the top of the list. and what amounts to a final warning to the houthi rebels attacking ships in the red sea. and later, rebecca paterson is here with her ideas to help your portfolio for the start of the year. we have that when "worldwide exchange" returns. at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real. we love going to games, but good seats get pricey. so we use gametime. gametime checks ticket prices in real-time and finds you all the best last minute deals. we got our seats twenty minutes ago for sixty percent off! last minute tickets

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welcome back to "worldwide

exchange." looking at the futures for the day. let's see how europe is shaping up with joumanna bercetche in the london newsroom. >> good morning, frank. finally green on the european markets. all the final pmi numbers with the 46.6 after 47 being the flash. the higher numbers from france this morning. all of that with the bond yields moving higher. that explains some of the green on the board. the ftse 100 is up seven basis points. a lot of focus on retail today. two of the big names reporting earnings. next, the name at the top, up 5% in trading after better than expected results and strong guidance. on the flip side, jd sports is

down 22%. dragging down the retail sector. adidas is down 4% in reaction to the jd sports results as well. from the pmi perperspective, 52 against 51.7 on the f flash estimate. the leaders in the sectors are oil and gas and utilities this morning. >> green day across the board in europe. joumanna, thank you. turning our attention back to the u.s. the nrf suggests the return rate will increase to 18% from 16.5% a year ago. higher margin business and leaders who u.p.s. and fedex. this after the peak shopping season surprised to the upside this year. 83 million packages were sent

per day. still flat year over year. the issue important to consumers is on-time delivery. 40% with spare capacity in networks overall. this is a proxy for efficiency. retailers and shippers finding one of the favorable transportation since the pan pandemic. warehousing rates fell slightly in mid sized markets in detroit and pabaltimore. joining me is brian kelly at fedex. good morning. >> thank you, frank. >> according to your data, returns at fedex are 100,000 packages per day since the start of the pandemic. what do you expect this holiday? >> in the peak of our holiday peak return season, it is early

innings right now, but we see strong demand for our portfolio of solutions and when we talk with merchants, they are looking for three things. can they reduce returns and can they provide an awesome consumer experience and can they mitigate the cost? we spend time consulting with our customers about those three things. >> big box customers and retailers. one thing i want to ask is the changes to ecommerce. we have new data and alix partners says people are shifting dramatically. in-store buying has down side. how does that impact returns? >> it is all over the board. returns is not just a peak season thing. returns on an annual experience.

you might have returns for health care or medical test kits. there are a lot of trends and dynamics. is there a trend for people at the large end looking for more services? yes. if you are a dad, you buy the wrong character or buy the shoes or the blue shirt is not the right blue. >> if you buy things online, furniture, like a sweater or a pair of speasneakers is that a better deal for u.p.s. and fedex? >> package is an issue as items get larger and the return is not damaged in the return process. it depends on the product and what that process is. we have a great service at fedex. we help people package their product for returns. we provide it to the merchant to

make sure the return is not further damaged. >> a damaged return eats into margins for the retailer. that is also providing transportation back and forth. ryan, here is the big question. following the holiday season, do you see an increase in the returns or are you seeing any other changes when it comes to return behavior? >> absolutely. i would say we are looking for an uptick. ecommerce is still a relatively small percentage of retail sales. in general, ecommerce has higher rates than in-store experience. we have the tailwind behind us for ecommerce. that will drive the return rates higher. >> that is good for fedex. ryan kelly, returns are on the uptick against the holiday peak. ryan, thank you. >> great to see you, thank you. coming up on "worldwide exchange," forget the nhl.

there's a new stanley cup making all the headlines these days and starbucks is making some surprising results. silvana and i were talking about that yesterday. that and more trending stories when "worldwide exchange" returns. (ella) fashion moves fast. setting trends is our business. we need to scale with customer demand... in real time. (jen) so we partner with verizon. their solution for us? a private 5g network. (ella) we now get more control of production, efficiencies, and greater agility. (marquis) with a custom private 5g network. our customers get what they want, when they want it. (jen) now we're even smarter and ready for what's next. (vo) achieve enterprise intelligence. it's your vision, it's your verizon.

welcome back.

we continue to watch the simmering tensions in the middle east. the united states and 12 allies issuing a warning to the houthi rebels in the last number of hours. i iran-backed militants carried out attacks since november 19th. the group should not anticipate another warning from the u.s. and its allies. this as ocean freight rates surged which forced maersk to avoid the red sea and make the longer and costlier trip around the cape of good hope. time for a check of the headlines with frances rivera in new york with the latest. frances, good morning. >> frank, good morning. we begin with breaking news.

the first documents were unsealed in the jeffery epstein trial. he killed himself in jail in august of 2019. the suit in question was against his grenfriend guillane maxwell. there is much interest around the disclosures because they are expected to name high profile associates. most of the people in the first batch have been named before. among them, former presidents trump and clinton. neither man has been accused of wrongdoing. prince andrew is mentioned. he denies wrongdoing. other names include david copperfield and alan dershowitz and bill richardson. nbc news has reached out to representatives of the three, but none has been charged with a crime. dershowitz has denied any

involvement with underaged girls. turning to the election where former president trump asked the supreme court to step in and keep his name on the colorado primary ballot. the highest court decided to ban the republican frontrunner because of his actions related to january 6th. this eligibility question has been raised in the state of maine. trump will remain on both ballots while appeals play out in court. frank, back to you. >> frances rivera, live in new york, thank you. coming up on "worldwide exchange," homeowners are sitting on $10.6 trillion in equity. tapping into that wealth is anything but easy. diana olick is coming up to see if the consumer sector is set for a rebound. if you missed "worldwide exchange," check us out on your favorite podcast app. "wex" is coming up after this.

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it is 5:30 a.m. in the new york city area and there is still more ahead on "worldwide exchange." tech continues to hit stocks he hard in the new year. breaking news. the biden administration inking a multimillion dollar deal with the shipping company. later on in the show, we continue our series laying out the ideas from top stock

stationary strategists for the quarter ahead. it is thursday, january 4th, 2024. you are p wwatching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland. we pick up the half hour check with the stock futures. futures are in the green across the board. dow hitting the highs opening up 50 points higher. this action you see in the pre-market after another rough session from wall street with the dow and s&p fell 1%. nasdaq fell nearly 1.3%. ahead of the open, all three are on track to snap nine-week win streaks. nasdaq down 3%. a big part of the move to the d downside are chip stocks. all weighing on the etf.

shares are down 7% since hitting a record close on december 27th and logging the best year since 2009 for the chip etf. we are watching apple shares which are down 5% for the week. the bond market trading at the highest level in three weeks. 3.95 for the ten-year yield. energy with oil coming off the best day since november. brent crude up almost 1%. let's get back to the breaking news and the announcement from the white house with the $52 billion chips and science acts. kristina partsinevelos has more on the breaking news. >> good morning, frank. the biden administration is focusing on national security and military with the second

chips act. micro chip is the recipient of the preliminary $162 million award. think of micro controllers or circuits used for technology tasks, but less advanced chips. not like the nvidia chips. the mature chips are critical for auto and defense industries. $90 million of the grant will be used to modernize to remodel the fabrication in colorado and oregon. expect firms like asml and applied materials to benefit. the awards are in dprgrants. the $162 million is not awarded as a lump sum, but split over the next few years. senior officials did promise

this grant would triple production and produce 700 new jobs on u.s. soil. the goal is to re-shore. rather than pick intel or taiwan semi, the biden administration is focusing on national security producers. a few weeks ago, the first official chips act award of $35 million was allocated to the military contractor. 162 million for micro chip is a lot for taxpayer dollars. the funding has $39 billion allocated to improving chip manufacturing on american soil. the department of come memerce have their hands full with over 170 pre-and full applications for funding, so that means 39

bil billion plensmeans there is a l left to be disbursed. >> why is the government not fully funding? >> you have $162 million for micro chip. $39 billion for bae and that is coming from that pot of money. the whole point is to encourage private investment. on all of the calls, they wanted to reit raierate they want to h the companies. they announced the expansion back in february. i asked the senior official on the call how much is micro chip going to get specifically. they would not tell us. they said the company is investing and we're giving them money to expand the pace of this production. it is supposed to give them that extra push and help them create

more jobs in america. it is not supposed to be a government handout. we did not get details on how much they get every year and if there is a milestone. you have to stop relying on china. >> kristina partsinevelos, great to see you. breaking news on the chips act. micro chip technology. thank you. time for the check on the top corporate stories with silvana henao who is back with those. silvana. frank, good morning. let's start with mark zuckerberg. cashing in on the rally in a very big way. selling 1.3 million shares or close to $430 million worth of the final two months of the year. meta shares surged close to 200% last year and up nearly threefold since hitting the seven seven-year low in 2022. and right now, cal-maine

foods are down after the egg producing giant missed wall street estimates for the most recent quarter as falling egg sales weigh on results. the report comes as the company tries to push past a court case that ruled it conspired to limit egg supplies and push prices higher. and starting april 1st, cvs health will no longer offer humira. opting for cheaper generics. cvs is the first major pharmacy benefit manager to announce the move. humira sales topped $21 billion in 2022 and projecting sales to drop to $9 million this year due to the copycat drugs. frank. silvana, thank you. turning back to stocks and a rough start to the trades year

and a rare case for the santa r rally. the s&p is down 1% when the final five trading days of the year produce a gain of 1.3%. some of the hardest hit names are the same that have seen the share prices double over the course of 2023. norwegian cruise line and amd among some of those. the broad based selloff says this may be the best one yet according to my next guest. rebecca patterson is here with me. >> good morning, frank. >> your idea for q1 is diversify. give us a sense. i know the magnificent seven dominated last year, but why is it especially important to diversify your portfolio? >> it is always important. when you have real-end s&p

forecasts range from 4200 to 5200 and manufacturing sector contracting for a year and consumer which is still resilient and a shost of risks externally in the united states and ababroad, this means aabili increased and knowing the consume are may run too hot, you want to think about the scenarios. i think in that case, you want your equities. i like focused on the u.s. relatively speaking. you have want to keep cash in the short term with 5% yield on cash is almost the same as the return on the s&p this year without the same amount of risk. having asking and dry powder and having longer duration bonds with the upside on the yield, the ten-year yield, has become

smaller. the fed is creative with the curve. i like having some gold. the gold in a portfolio is a diversifier as well. it may not see the same gains as other asset classes, but it will protect you if we have a bumpy landing. >> you are talking about diversification. equities, bonds, kmocommodities. you had a great article in "the times." one question was consumption and business confidence. we had the atlanta fed with the gdp now q4 forecast raised due to expectations for personal consumption to increase. does that paint how you want to diversify? >> when you say soft landing and

chicago fed president austan goolsbee commented it has never happened in history. what we are talking about although it is possible, but not an easy thing to do, and to get to that soft landing, frank, the consumer is the most important part of it. it is the vast majority of what drives growth. it is a consumer not too hot or too cold. if the fed can't cut rates as much as discount it. that is a headwind for stocks. if the consumer slows down too fast, we have companies getting cautious and laying off workers and we see the unemployment rate rising and the fed may not react as fast as the market would react. you have risks on both sides. the data we are seeing so far suggests a consumer that is still resilient and just moderating. that is exactly what we want to see for the soft landing. it is not enough. we have need to see labor supply going up and come ppetition goi

up. we also want to see commodity prices lower. that would help bring down inflation without destroying demand. oil, for the last two days, at least is going the wrong way. >> we are watching oil prices up 1%. rebecca patzwterson, thank you. >> thanks. turning to the u.s. housing market. homeowners are sitting on equity. they are not tapping into the wealth as in the past. diana olick is here to see if this key consumer sector is set for rebound. diana. >> reporter: good morning, frank. current homeowners are sitting on $10.6 trillion in home equity that they can access while still keeping 20% equity in the homes. that's just t3% of the 2020 pea. they are not tapping it. why? the cost of taking it out it higher. 0.41% of total equity available

at the beginning of q3 was withdrawn according to ice mortgage technology. that is half of the average withdrawal rate from 2010 to 2021. that is the ten years leading up to the tightening cycle. covering all kinds of rate dynamics during the years where homeowners were taking out 1% each quarter. what does that mean? cash? it is equal to $54 billion of missing withdrawals that might have otherwise stimulated the broader economy. over the last 18 months, 2$250 billion in lost spending many people are not taking money out because of the interest rates. rates are moving lower. if they move significantly lower that could change. cashout refinances are 90% of

the refi activity. those who do withdraw $104,000 each on average. that is up from $65,000 just two years ago. the opportunity is there, frank. >> so a question for you. a lot of homeowners eared perked up with $10.6 trillion in equity. what is the best way to take that money out of the house without costing too much? >> reporter: that depends on your situation and your mortgage rate on the first mortgage. if you have a super low rate in the 2% to 3% range, you don't want to do a cash out refinance. you will trade up to a 6% or 7% rate right now. home equity lines of credit are second loans and carry higher interest rates. 8% to 10%. if it is short-term and smaller amount of cash, that could be

the cheaper option. frank, you have to do the math. >> doiana olick with the latest. thank you. coming up on "worldwide exchange," the downgrade on apple from piper sandler. we have the morning call sheet coming up next. the chance to dress like the roy family. the shirt for ruben roy going up for auction for $1,000. other items are the burberry bag and tomors amber glass. elvis making a virtual reality comeback in the show set to hit london, vegas and tokyo and berlin. the elvis evolution will use a.i. to recreate key events in

his life and music. a game of tetris meeting its match. a player peting the nintendo version of the game which has long been considered unbeatable. tetris calling it a monumental achie achievement. i couldn't do it. more "worldwide exchange" coming up after this.

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welcome back to "worldwide exchange." we start with your "morning call sheet." piper sandler lowering apple to kneutral from overweight. piper upgrading micron to overweight saying it will provide a tailwind. apple is the biggest stock in the u.s. market. down .75%. key bank is downgrading enphase energy and sunrun. it is uncertainty over the inventory glut. down downgrade is based on valuation. and oppenheimer kits pacuts

p paypal to perform. look at shares down 1%. time for the global briefing. we start with china. one step forward and two steps back taking another step in the right direction. the country's private services index recording the fastest expansion in five months. the service sector shrinking last month. japan out with manufacturing data overnight. showing december activity shrinking at the fastest pace in ten months. uk fashion giant next raising guidance for the year with the better than expected sales in the christmas period. this is the fifth hike to guidance to year. for fiscal 2025, the company sees full sales price rising by 2% and group sales rising by 6%. shares of next are up 5%. one of the leading stocks in

europe. biytedance is growing the ecommerce business to $17.5 billion this year. the viral videos increases competition for otherretailers including amazon and temu and shein. coming up on "worldwide exchange," one word every investor needs to know today and stephanie link is here with the catch-up trade and new basket of names she is adding to her portfolio. if you haven't already, follow "worldwide exchange" on your favorite podcast app. more "wex" coming up after this.

welcome back to "worldwide exchange." time for the "wex wrap-up."

apple said in a lawsuit it claimed it knew scammers over gift cards. shares the aof apple down 1%. and ford raises f-150 lightning models to $100,000. ford is lowering the cost of the platinum vehicles. office oloans delinquencies are rising. jpmorgan chase and dgoldman sachs is in talks over the spot bitcoin etf. it would give the banks the power to create the firm. cathie wood buys 216,000

shares of tesla after selling most of the year last year. and the viral starbucks stanley cub auctioning for $200 on e-bay after selling on at target. the travel mug has caused long lines and overnight camp outs and chaos in stores. it is a thermos. it's an isolated cup. people love it. here is what to watch today. the december adp report out at 8:15. we get results from walgreens and conagra before the opening bell. wall street put on the milk and cookies, but santa claus was a no show. the worse performance for a

santa claus rally. we have stephanie link joining us now. happy new year. it is great to see you. >> happy new year. >> give us a sense. how do you see the market day shaping up? we mentioned the santa claus rally did not happen. what is your wex word of the day? >> my wex word of the day is reversion. that is what we have been seeing over the last couple weeks since the last of october. the equal weight s&p has out performed the market cap by 200 basis points. what does that mean? we are starting to see a broadening out in the market.

it has continued to this year in the last couple days with the selloff in technology and comparable services. you have seen the lagging sectors with healthcare and utilities doing better. you will continue to see that, frank. if we have a soft landing, earnings will come in for a lot of sectors and companies. not just the magnificent seven. >> i know you are watching the broader economy. it shapes your view of the market. yesterday, the atlanta came out with the real-time gdp number. raised from 2.0% to 2.5%. that is due to continued consumer spending and business confidence. what does that make you think about the markets as you see this broadening? >> there's a lot of talk about soft landing. honestly, the data supports soft

landing for now. you said 2.5% gdp. consumer is doing better. inflation is coming down. yesterday's jolts number was in line, but the quits map number came down. that is a leading indicator for wages. that is what the fed wants to see. layoffs are lower. that is the recipe for soft landing. i think that will translate into better earnings ahead and a broadening out into other sectors because they are still very cheap and still unloved. >> let's talk about the laggard last year. healthcare. why are you feeling bullish on healthcare right now? >> it is a laggard from last year, for sure. they have great product innovation and strong free cash flow. there was over $370 billion of

m&a which has taken place and the valuations are pretty attack tifr. attractive. >> you have picks for us? >> ge healthcare. it is a spinout of ge. i like that spinout. the management teams can be focused on execution and growth. that is what they have been doing. in 2024, i expect hospital cap ex to be up 2% to 2.5%. mid single digit and organic growth means 13% earnings growth for the year. >> you added bristol myers and johnson & johnson. thank you, stephanie. have a great day. >> thank you. a quick look at futures. futures solidly in the red.

we didn't see the santa claus rally, but the dow would open up 35 points higher. that does it fors. u have a great day. "squawk box" is coming up next. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley. we love going to games, but good seats get pricey. so we use gametime. gametime checks ticket prices in real-time and finds you all the best last minute deals. we got our seats twenty minutes ago for sixty percent off! last minute tickets at the best price, in seconds. download gametime now!

good morning. investors weighing the minutes from the latest fed meeting that showed the central bank expect rate cuts. we will break it out and talk it through. crypto prices have been volatile to start the year. we will talk about the scenarios for crypto investors. and microsoft is making the first major addition to pc key boards adding a button to add quicker access to the a.i. assi assistant. it is thursday, january 4th,

2024 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 area. i'm becky quick with mike santoli and steve leesman. >> good to be here. >> let's look at the u.s. equities at this hour. 6:00 a.m. and you see dow futures indicated up 40 points. that's a new one. green arrows across the board. this is only the third trading day of the year. we will take what we can get at this point. nasdaq indicated up 23. s&p indicated up 3. that was disappointing yesterday, but not a great start. mike,