. markets now, stocks in asia and europe rally following another record open -- excuse me, record set of highs but not closes on wall street. hiding hacker information. more than 57 million uber users were exposed and the company covered it up. and meg whitman stepping down as hewlett-packard enterprises ceo. shares are falling on the news it's november 22, 2017, "worldwide exchange" starts right now.

♪ good morning a warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost. a quick look at the futures this morning, which, as i said, had a strong session yesterday in the u.s. up over a percent for the nasdaq up 0.6% for the s&p and the dow. and we did have record intraday highs for all three indices. the dow was up fractionally in the premarket. the nasdaq slightly lower. yesterday tech the best performing sector. telcos the worst more on the markets in a minute breaking news out of asia. a u.s. navy aircraft carrying 11 crew and passengers crashed into the sea of okinawa japan today it was on its way to the carrier ""uss ronald reagan."" after and rescue operations are underway back to the markets. janet yellen is sticking by her prediction that u.s. inflation will rebound in a speech last night she said

she's very uncertain about it. she is open to the chance prices could remain low for years to come she argues the fed is reasonably close to its goals and should gradually raise rates to keep inflation and unemployment from getting too low. it won't be her decision to chair or her decision at all from early next year she announced she won't see through her full term as a fed governor a look at bond markets 2.37 on the ten-year the curve moved increasingly flat again yesterday the two-year hit a why not seen since 2008, the 0-ye30-year hit low not seen since september this year. even though the short end is raising up, the dollar did not react too much because the long end is coming down we did see a little bit of dollar strength, 0.1% yesterday. today we are seeing a bit more dollar weakness, but not too pronounced 0.3% of weakness of the dollar

against the yen. the pound is essentially flat. in the uk we look ahead to chancellor philip hammond's budget today coming out at 7:30 a.m. eastern time. asian equities for you decent session for the most part up 0.6% or so. yesterday we got about a half percent or so of gains today a bit of green for the uk, but a bit of red for france and germany. now talks in germany pointing to the possibility of reigniting the grand coalition we had for the last four years between chancellor ank gela merkel's pat with the spd we'll have to see if that continues or not no government there and not one in sight any time soon oil enjoyed a bounce yesterday and had a strong session overnight. up 1.7% for wti. gold prices slightly stronger yesterday and today. the gold price as we stand this

morning is coming up for you, it is here. there it is. 1282 it's up fractionally in corporate news, uber is under fire for concealing a massive data breach. landon dowdy joins us with more on that story. >> good morning. another kalanick cleanup uber concealed a cyberattack that concealed 57 million users drivers information and data in 2016 the ride hailing app paid $100,000 to delete the information. the hack was performed by two people on a third party cloud service. the hackers stole names, driver license numbers of around 600,000 drivers in the u.s., as well as rider names, e-mail addresses and phone numbers.

co new york attorney general eric snyderman launched an investigation into the hack and lull of this follows mult pbl iss multiple issues throughout the year for uber. another kalanick cleanup >> aside from the news of the hack, is there a legal part of this for paying the hackers? and it's another thing for the new ceo to clean up, but also saying we learned about this, we are going through process. >> he turned around expedia, hopefully he can do that here. the list of black eyes to uber it just goes on and on >> we are approaching crucial

date in london as well landon, thank you very much. meg whitman will step down as hewlett-packard enterprise ceo early next year. she led the company through one of the biggest breakups in corporate history, splitting hewlett-packard into hpe and hp inc. the current president will take over the new ceo job the split was in 2015. whitman will remain on the board. here is whit mran man on the cat night. >> we have delivered a total shareholder return of 8 9% which is more than three times that of the s&p 500. i know antonio will have the same focus for delivering focus for share holders going forward. by fixing and improving the company i joined, hpe is ready to drive the next phase of shareholder value and you're

starting to see the payoff in our results. >> hpe shares dropping on the news, some 6%. earnings were in line, revenues beat the street, and the outlook for the next fiscal year is in line with expectations don't miss meg whitman on "squawk on the street" later this morning the column in the ft pointing out that -- certainly the turnaround in a massively changing tech environment that she did engineer is something to be proud of. we'll hear all about that on "squawk on the street" later hp inc. is reporting in line with forecasts, revenue top

estimates on strong computing supplies, but hp inc. fell with hp enterprise after meg whitman's retirement. sales force posting better than expected results, but current guidance is below expectations sales force must offer new products to attract customers. guess reporting earnings in line with forecasts but revenues fell short high sales in asia and europe were offset by a decline in america. axalta said it is in talks about a possible takeover by nippon paint the cash bid led axalta to end merger talks with akzonobel. game stop reporting a surprise increase in third quarter sales. they are raising their full-year sales outlook on the continued demand for the switch console. and tivo has won a patent

case kaagainst comcast. the ruling prohibits comcast from importing and selling xfinity top broadcast boxes. uk chancellor philip hammond is set to deliver his annual budget today joumanna bercetche has the details of what to expect. good morning >> good morning. today is a very big day in the uk it's the first budget is ins the budget since the election in june all sides are pushing for him to relax on austerity pefmeasures on the other hand, he will be a little bit constrained by some of the lower growth and productivity forecasts that are expected out of the obr. because of that he will have a little bit less fiscal room to play with, which means that

some -- the expectations in terms of what he may announce have been dialed back a bit. some of the measures were pre-announced over the weekend we know that he is pledging to build 300,000 new homes on an annual basis he will also allocate additional funding for the help to buy scheme, and there's also some chat that they may be looking to reduce the stamp duty for first-time buyers. all focused at the housing market also allocating 1 billion pounds on high-tech projects. so focus on technology, research and development. that goes to the industrial strategy when the uk does leave the eu small numbers there. only 1 billion pounds. another big measure that people are watching for, we had guests on the show who were focused on this, what the government will do about the public sector wage cap. there's been a lot of

controversy about that topic if they remove it, it will cost the government up to 4 billion pounds a year. whether or not they go down that road is debatable. he can't go for anything that groundbreaking because it would only take seven tory mps to rebel against the budget for measures not to pass back to you. >> joumanna, thank you very much for that the budget will be due at about 7:30 a.m. eastern time there's a trio of economic reports on the wall street agent ba before investors get out of town for thanksgiving. weekly jobless claims and october durable goods at 8:30 a.m. eastern, followed by the final read of november consumer sentiment at 10:00 at 2:00, minutes from the fomc meeting. deere will post reports today before the open. still ahead, a round up of the global market picture plus apple looks to be upping it's vr game stay tuned, you're watching

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. u.s. tick equity measures are mixed after record closes yesterday. the dow and s&p up about 5%. the best performing sector in the s&p was tech

the worst was telctelcos oil prices have had a good session overnight. up 1.6% or so earlier. up 1.7% now. they had gained 0.7% yesterday up close to $58 on wti joining us is larry mcdonald, editor of the bear traps report and a cnbc contributor good morning >> good to see you >> interesting mix of signals. record highs again yesterday oil prices rallying strongly overnight. yet this bear market type flattening of the yield curve. which signal are you taking to heart? >> a lot of people aretalking about the flattening you have the bank of japan, the ecb still suppressing the long end. so they're buying. we have done 5 trillion of qe the last three years so more disturbing is what we're seeing in the emerging market credit markets in terms of the u.s., we're probably going to get a bit of a happy meal and not a big mac in

terms of tax reform. >> you get a toy as well >> so the market here is screaming, pounding the tables sell short-term. the risk/reward is atrocious >> the equity markets are screaming and pounding the tables to sell why is that? >> because the upside is 5%. but your down side is 20%, 30% the risk/reward is unattractive because the beast in the market has been waiting for tax that will get something -- it's not going to be happy with the underlying -- >> so tax reform itself could lead to a 20% pullback if tax reform is not as encouraging as it could be >> that and what we're seeing globally with china. china and oil prices you have the chances of some type of an inflation shock which are very high. you have global growth that is the fastest in a decade. china, credit markets are

rolling. at the same time inflation pressures from oil and commodities. because of all the qe in the world. so at some point people might get freaked out that the fed is behind the curve >> interesting that you bring up the china point, perhaps not taking as bearish a signal as you're framing it we've seen the shenzhen sell off sharply because of some credit pressures you were mentioning. >> you're talking about the yield curve. in china the five-year yield is higher than the ten. so the curve is very, very flat. short-term yields are spiking. so there's something going on where people are not trusting the short-term lending markets of china >> and you think that could derail economic growth more meaningfully than some of the fears we've seen materialize >> if you think about global growth, what's driving stocks, think about the percentage of global growth that's china and asia driven. that's high.

the developed markets are growing at 2%, 2.5%, but emerging markets are growing much faster. china is a big chunk of that if they're slowing down, that's a shock to global growth >> to bring it back to the u.s. markets, you're saying it's not worth buying the market at the moment any sectors you're particularly concerned about? >> just tech tech and nasdaq 100. there is value the energy stocks. there's a silent rotation into value. so energy has some upside here massive underperformer tech, i think what you want to look at the last two weeks of the year are sectors that have been decimated because of under-performance and then the tax law selling is much more aggressive in years where the s&p is up 15% or more, people are searching for those losses so you have a buy furcation where the underperforming sectors in the last month do poorly and then stay away from tech and the hot sectors.

>> larry, thank you very much for joining us happy thanksgiving to you. >> you as well still to come, president trump speaking out on the at&t-time warner deal, why he thinks it's not good for the country. and one of the busiest travel days of the year is here. a live report from a major airport coming up. as we head to break, here is the national weather forecast from bonnie schneider. >> good morning. we are looking at some wet weather for travelers in the northeast thismorning with rai into new york city and that may impact your travel otherwise if you're traveling for the day before thanksgiving, trouble spots with coastal showers in the northeast, snow there and watch out for rain developing in florida. another place to anticipate potential airport delays, rain and snow, lake-effect snow will impact areas of the great lakes as well as into tomorrow we're watching for potentially some unsettled weather into the pacific northwest. that's where we are looking at the travel trouble spots for today as so many are traveling

this day before thanksgiving more "worldwide exchange" when we come back ♪ [vo] progress is an unstoppable force. the season of audi sales event is here. audi will cover your first month's lease payment on select models during the season of audi sales event.

welcome back president trump commenting on the justice department's lawsuit to block at&t's purchase of time warner >> i'm not going to get involved in litigation, but personall i've always felt that that was a deal that's not good for the country. >> president trump has spoken

out on the at&t time warner deal on the campaign trail of course last year. but to be fair, didn't really get drawn on it there in a way that perhaps he might have been. a new survey from cnbc's global cfo council jackie deangelis has more on that >> more than three quarters surveyed said they thought the economy was improving and that the more positive picture will impact the stock market. nearly half said the dow will cross 24,000 before it drops under 22,000 asia seems to be the plamraplach the most opportunity for growth. tech is the favorite industry group, makes since gi s sense g performance in the u.s., up 40% year to date in the fed, more than 80% think they will see one more hike this

year, and 70% think two hikes next year. so the implication that rates are going up, but gradually. on tax reform, the majority answered they think the proposed plan will create jobs, stimulate growth, but they don't expect their fiscal 2018 tax rate to be lower than it was for the current year they do have some plans to repatriate cash and they'll use that money to buy back stock we asked them about bitcoin. 30% said it's a fraud. the same amount said it's real but it's in a bubble >> 27.9, exactly matched >> exactly >> that's a good tradeoff there. thank you very much. >> sure. >> the thanksgiving weekend is one of the busiest travel periods of the year. millions will be taking to the skies and the highways over the next five days to spend holidays with friends and family. sarah dallof is at chicago o'hare's airport this morning with more on what travelers will be facing. good morning to you. >> good morning.

it doesn't matter if you're traveling out of chicago or one of the other airports across the nation flights today will be full and lines likely long. on the roads, rails and in the air, nearly 51 million americans will take a trip this year >> going to see nana >> our aunt and uncle, cousins, and grandmom >> to the thanksgiving table >> consumers have more money in their pocket so they do have that additional spending money to take trips. >> reporter: that's good thing gas prices are the highest tlaif been since 2014 at $2.47 a gallon airfares are the lowest in four years. >> welcome aboard group number two. >> reporter: airports and airlines are working around-the-clock to accommodate the nearly 4 million people scheduled to fly between wednesday and sunday >> things don't quite go well, remain calm, be patient.

>> reporter: chicago airports has a new security process >> allows us to take the bag through the process and frees up officers so they can focus on screening the bags. >> reporter: millions of americans braving the crowds and chaos to spend time with those who make all that holiday hassle worth it >> and a live look at the security line here in terminal e, not much to talk about right now. we're coming up on 4:30. the first flights leaving in about a half hour. as to where all these folks will be going, out of the top ten holiday travel destinations, the majority are to warm weather locations including honolulu, cancun and orlando >> thank you very much for that. still ahead on "worldwide exchange," under fire. uber headisclosing a massive da breach and how they tried to cover that up.

and investors are eyeing the retail sector with black friday two days away. i love you, droolius caesar, but sometimes you stink. febreze car vent clip cleans away odors for up to 30 days.

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uber in hot water. the ridesharing company under

fire for covering up a massive data breach. big changes at hpe shares of the company slipping on news that ceo meg whit shan whitman is stepping down. and what you should be looking out for on black friday. it's wednesday, november 22, 2017, "worldwide exchange" continues. ♪ good morning a warm welcome back to "worldwide exchange" on cnbc i'm wilfred frost. let's get straight to the market picture, coming off another day of record highs yesterday for the u.s., led by the nasdaq and the tech sector. nasdaq up 1% the s&p and dow up 0.5%, 0.6%. within the s&p, tech outperformed and telcos

underperformed this morning, we are pretty much split around the flat line the dow slightly higher. the s&p and nasdaq lower ten-year treasury note for you, hasn't moved that much we have seen an rongoing flattening of the yield curve. yesterday the two-year hit a why not seen since 2008, while the 30-year hit a low not seen since september. so we are continuing to see that flattening of the yield curve at the moment asian equities for you looking at just over a half percent of gains for most of the major markets. in europe which saw about a half percent of gains yesterday, we have a mixed picture today a bit of softness for germany while france is fractionally higher. the uk is holding on to a quarter percent gain we are awaiting for the budget from philip hammond today. oil prices had a bounce yesterday. 0.7% big bounce overnight of 1.8% 57.9 is the price of wti

the dollar did rise a little bit yesterday. the fall of the longer term yields means the rise of the shorter term yields not really boosting the dollar that much. up 0.1%, 0.2%. yesterday up about the same, 0.3% -- sorry, slipping this morning, 0.3% against the yen and flat against the pound and euro gold prices slight lil hily hig yesterday and today. 1283 is the price of gold. uber says a cyberbreach nearly a year ago exposed the personal information of 57 million uber users and drivers the hackers stole the names and driver's license numbers of 600,000 drivers in the u.s. as well as rider names, e-mail addresses and mobile phone numbers. the company paid hackers $100,000 to delete the data and keep the breach quiet. uber fired their chief security

officer for their role in the breach. meg whitman is leaving her role as hewlett-packard ceo. landon dowdy has more on that. >> hewlett-packard enterprise ceo meg whitman will step down on february 1st after six years as ceo she will be succeeded by antonio nerri. whitman will leave a different firm under whitman hewlett-packard was restructured creating hpe and hp inc she said she is taking a little down time. >> it has been a privilege of the lifetime to lead the cou company. we have laid out a strong foundation for a prosperous future and now is the right time

for antonio to take the reins. i look forward to experiencing hpe's progress as a board member and i'm confident antonio will enjoy tremendous success shares of hpe tumbling on the news, down about 6%. back over to you >> thank you very much meg whitman will be on "squawk bo "squawk on the street" later this morning. arjun kharpal joins us from london with the latest on apple. >> this new system proposed by apple is about detecteding 3 in technology in front of you, it's based on lidar, but that requires a camera to make out what that object is.

that can be big and expensive and may not be practical for driverless cars. so apple is saying we could just use lidar with complex artificial intelligence in order to make out exactly what this project is in front of us and allow the car or any driverless system to avoid that this is a rare glimpse into apple's research, they are usually tight-lipped on progress around driverless cars tim cook says apple wants to focus on core technology, so that may not be about making the car itself about more about the underlying software, the sensors that power the car tim cook has called autonomous systems the mother of all ai projects i'm sure investors will be looking closely at this and hoping driverless cars could be the mother of all of apple's revenues in the future back to you. >> it's got a long way to go before it can do that, have to aim high, i guess.

thank you very much for that. the holidayshiping seas ini shopping season begins on black friday, but stores have been rolling out deals for weeks now. joining us is jan kniffen, a cnbc contributor good morning >> good morning. the top line of your preview note is that the setup is ideal. there's plenty of time to hit sales targets. >> plus plenty of time, plenty of people with money everybody is working now wages are rising energy costs are not going crazy. there's no bad news. even maximum job openings. the most job openings we've seen in america you don't think you'll lose your job. if you think you'll lose your job, you think you can get another one that makes a difference to spending people have been using theireve problem, not right now and people are using their credit card. what about retail earnings

eventually is there a fear some of them are stronger than expected in is there a fear some people have spent early or not really? >> right now if you took the sales from november 1st to today, would you say maybe a 5% christmas instead of 4%. nobody really thinks 5%. so, it looks like it's coming early to me. i think it's coming early for the reasons you said you can get the same deal november 1st, 3rd, 4th up to now, you can get it online and in store and the stores have been really bu busy retailers would like to believe this momentum will continue through christmas. >> where does the money get spent? >> that's the big problem. if you're my kind of retailer, out selling sweaters, shirts, all of these things you sell in general purpose retailing, it's not so good. where we think it's going to go is number one, travel. number two, lodging. that's really just travel. and number three, experiences which really means travel.

that goes to where people want do something fun as opposed to buy something. >> even for the likes of online retailers, they won't benefit from the strong consumer >> well, there's a lot of online sales that cover those things that we said airbnb is an online player amazon is an online player so are all the travel agents. >> amazon is not a big play ner travel compared to taking from the traditional bricks and mortar retailers >> no, amazon is a big player and around them are all these people who are experiences and travel but amazon get half of the sales that goes online almost. between 35% and 50%. >> in terms of traditional retailers, are we looking at a strong christmas and thanksgiving period for the discounters? >> i think walmart will win the game that's in the discount sector. when walmart has a 1% growth in store for store sales, that's a

lot of dollars, people have to give something up. but in general, online, off-priced and local win well, online we know that's amazon and its friends, people like macy's, et cetera, they're selling a big percents taj of their business online then off price, i always go for ross and burlington rather than tjx, i think they're more true off price. they're not getting hit as hard by amazon getting into the apparel business local, bad news is you can't invest in it all the locals are the moms and pops. we will see the biggest growth in local we've seen exceeding last year, which was the biggest growth in local we've seen it exceeded for the first time in history last year national sales. if you were a retailer you got beaten out by the local guy in the local store. >> whatever the sales are, happy thanksgiving to you. >> happy black friday also

>> indeed. an update to a story we told you about early this morning a u.s. navy air crafted carrying 1 crew and passengers crashed into the sea off okinawa japan it was on its way to the aircraft carrier the "uss ronald reagan." we are learning search and rescue operations recovered eight personnel in good condition. the search continues for the other three. still to come, trending stories including instagram rolling out a new feature and how the app is letting users crash their friends live streams. all the details after the break. let's check in on european equities which are mixed at this hour france just dipping below the flat line. ftse 100 higher. germany just a bit lower i've been thinking.

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♪ >> welcome back to "worldwide exchange." very nice song to welcome us back top trending stories, landon dowdy joins us with more. hollywood taking twitter to remember the loif of davife of d cassidy. he passed away last night at the age of 67. maureen mccormack saying so very sad to hear of david cassidy's

passing away he was so kind to me our shows were both on friday night. deep down i dreamt of being a partridge. actor ben stiller writing david cassidy and the partridge family were my childhood. he made a huge impact on my cultural universe. sending love and respect to his family big icon of the '70s >> lovely tributes >> stolen items once belonging to john lennon being recovered yesterday. german police found more than 100 items taken from his estate back in 2006 it includes a cigarette case, a handwritten musical score, three diaries, two pairs of his signature glasses. those are key. >> i love this late lovely i hope that they find their way back to the correct place. >> stolen back in 2006 just recovered

yoko ono -- >> much like a german car missing yesterday. page six reporting that the couple went to a chef club and ordered everything on the menu it was a dream option cost $395, and offers one of every item including short ribs, scallops, glazed chicken, sea bass and other delicacies >> $395, that's expensive. >> but you're getting everything >> is this a high-end restaurant or are you getting vast quantities >> you're getting a lot of food. considering you're getting everything on the menu, it's not that expensive >> but a waste if you're not going to eat it. instagram is making changes to its live stream feature now users can interrupt friends streams and ask to join in instagramers could previously comment or send likes, but never

jump in and stream alongside friends. i can't wait to join in on you >> i have never done a live stream i'm not sure this works. >> you can't bust in on someone's stills >> no, you cannot. but that would be an idea. >> you cannot break in these live streams, maybe i should get in on it more >> it's like periscope >> i have not done that either. dallas cowboys owner jerry jones is backing off his threat to sue the nfl he sent a letter to arthur blank yesterday, chairman of the nfl's compensation committee jones has taken issue with contract extensionfor roger goodell, but espn says despite his best efforts, goodell's deal will be finalized by next month. the team is getting ready for squawk joe kernen has a look at what's coming up.

good morning >> hey >> any word on that pizza chain that pulled its advertising from -- do you know which one i'm talking about? >> it's not dominos? >> no that other one do you remember? >> i do. >> will you say it for me? >> i better get this right papa john's. >> oh. i don't -- wilf, alas, poor david cassidy. i knew him i met him. i spent some time with him at a celebrity golf tournament 10, 12 years out in lake tahoe. he was really cool >> yeah? >> a big grown-up kid. he did a great performance for the people that were gathered out there. he spent time just hanging out >> i love that when you hear these legends who are down to earth, great people. you're alone again, which is a huge endorsement of the size of

those broad how old issers that y shoulders that you can carry that huge show >> as well as the thanksgiving holiday week, but i like your putting it together. >> can you dvr "squawk box" today? >> i'll be here at cnbc hq glued to every second. >> every wednesday before thanksgiving we do talk to the expert lady at the butterball turkey consumer call line. if you don't know all the ins and outs, it's important you can screw it up. did you know you can microwave a turkey >> i didn't. but that -- you would have to have a large microwave for that. unless you're cheaping out >> you have to kill it first, too. you don't want to put it in there with feathers. by the way, do you have turkeys -- >> joe, we make the best turkey,

but we do it on christmas day. >> that's right. tiny tim tiny tim and cratchet. >> who is tiny tim >> i think scrooge bought those guys -- i think he bought everybody a turkey, didn't he? scrooge? >> i don't know. i know who scrooge is. i don't know tiny tim. either way i feel like i'm slightly cheating my christmas day lunch, but delighted to get. >> did you get my hamlet quote >> you switched in my name i like that. >> you don't need to baste you probably shouldn't use a butter necessarily you don't get the even browning. >> joe, as always, i will be watching but i'm pleased to take tight notes. >> trying to cut me off. >> i won't be cooking thursday or christmas day but eating turkey a lot on both there we go. >> all right >> looking forward to "squawk box" in 11 minutes time. coming up, the fed is focused on the minutes from last

month's fomc meeting we'll tell you what investors are watching as we go to break, let's check in on the treasury yield curve again, seeing the short end rise and the long end fall. th fttatlaening continues. we're back in a couple minutes [vo] when it comes to investing,

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to power global e-commerce fedex networks are massive, far-reaching and, yes... a little magical. fedex.com slash dream welcome back to "worldwide exchange." hp inc. reporting earnings in line with forecasts. revenue topped estimates on strong sales of computing and printing supplies but shares fell after the announcement of meg whitman's retirement sales force posting better than expected results, but current guidance is below expectations sales force must offer new products to attract customers. guess reporting earnings in line with forecasts but revenues fell short high sales in asia and europe were offset by a decline in america. futures are mixed. the dow higher, s&p and nasdaq slightly lower after a trifecta

of record closes yesterday for those three indices led by the nasdaq up by a spent the tech sector within the s&p the best performing sector quick look at currencies the dollar just slipping a bit 0.3% or so against the yen not much happening against the pound and euro joining me is tom lee, founder and head of research at fund strat global advisers. earlier larry mcdonell was on and was bearish what is your take on the ranges? >> well, you know, markets is doing a lot better especially the last few months, because economic momentum has been strong it's been grounded in fundamentals between now and year-end, seasonals are really important i don't think there's a lot of down side. over the next 12 months, i'm not

sure, i think it's more balanced the upside and down side are equally matched. >> where is the upside coming from >> if you look where credit is giving you signals, in the last few months, high yield and investment grade cyclical bonds have been outperforming, so energy, materials, industrials that's telling us cyclicly sensitive groups on the equity side are more attractive what about the retail sectors? >> well, you know this is maybe the one chance for them to deliver good news for investors. they do work seasonally, it's been a tough year competing against amazon, thinking amazon will kill everything maybe this is the one time that you can actually own them. >> where do you stand on the tax reform issue in terms of what's priced into markets, what we're likely to get and if market also respond positively or negatively >> that's a good question. there's ban rethink by investors

that tax reform timing may not be the best timing we're eight years, nine years into an expansion. so i think investors are thinking in general it's a push. if it doesn't happen, i think it's good news if it does happen on the margin, it's probably helpful. >> we get fed minutes today what do you expect from them and your latest expectations for the latest fed meetings? >> the thing to watch for is the glide path, the central banks globally are taking it, the key message is inflation something that looks like it's temporarily tame or are there reasons for it to be strengthening. that's the key focus >> in terms of what we've seen with the yield curve, clearly it's been a lot of -- a significant flattening is that something of concern in your eyes or driven by international factors and doesn't matter >> i think it matters.

you want to think long-term investing has higher terms so i would not ignore it it's not a level to be bearish but something to watch >> terms of the international picture, you are enthused that can continue and ab boost to u.s. growth? >> yes it's really interesting. you know, when you read about sort of the upsides, especially coming out of europe, a lot has to do with the migrants boosting the economy. emerging markets in asia and china are doing well it does feel like global growth is synchronized, but it raises the question on when do central banks need to normalize. >> tom, great to see you >> great to see you. quick look in on futures as we head out, they are mixed. the dow slightly higher. the s&p and the nasdaq a bit

lower. coming off record closes yesterday led by the nasdaq which was up over 1% that's it for "worldwide exan." "squawk box" comes up next

another kalanick cleanup for the new uber ceo the company revealing it paid to conceal a hack that exposed 57 million users and drivers date data in 2017. and meg whitman stepping down as hewlett-packard ceo. and what you should expect ahead of black friday. "squawk box" begins right now. guess who is late? joe kernen right over there.

♪ live from new york where business never sleeps, this is "squawk box. good morning, everybody. welcome to "squawk box" here on cnbc live from the nasdaq market site in times square. i'm becky quick along with becky quick and andrew ross sorkin, and joe strolling in >> i was talking about tiny tim. >> you were getting ready for thanksgiving >> i was remember all that. the scrooge -- >> he was talking to wilf about tiny tim in the tease. >> you were sort of on time. you were here. >> i was here for the tease. >> he was here for the tease he got stuck in the elevator trying to come back. >> let me give you this concept. i was here to do the tease on "worldwide exchange" with makeup, which you have never ever -- that has not happened yet. has it >> i like the natural