markets now. stocks pointing to a higher open on wall street as investors await a big batch of economic data. a huge day in d.c. the president is talking tax reform, jay powell heads to the hill and the drama continues at the cfpb we're live in the nation's capital with the latest. and another retail record. why cybermonday was the biggest in u.s. history. it's tuesday, november 28, 2017, "worldwide exchange" begins right now.

♪ good morning a warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost. let's get straight to the global market picture comes off a flat day yesterday the dow slightly higher, the nasdaq and s&p slightly lower. essentially flat this morning looking better. we are called higher more meaningfully than this time yesterday. the dow up 38 points s&p 3. the nasdaq 6 or 7 points ten-year treasury note yields have stuck around the 2.3% level on the ten-year still there, 2.32. the flattening of the yield curve has paused over the last week or so it's still continuing to a broader medium term theme, but in the short-term not much movement last week was a low volume week because of the thanksgiving holiday. let's look at markets around the rest of the world. shanghai having a bounce back. there's been weakness in china lately the shenzhen index bounced back

over 1 % shanghai itself up over a third of a percent elsewhere softer as you can see, but not significant. we got comments out of certain bank of japan members overnight. they were balanced one hawkish, one dovish, the net result in japan is loose policy. european markets for you a decent session focused on banks in the uk. all of the u.s. banks passing the latest round of stress tests. the first time none of them had to take remedial action since the stress tests began in 2013, 2014 a half percent of gains for france sticking with markets, oil prices are lower ahead of thursday's opec meeting in vienna yesterday all prices fell 1.6% it's been a great run of late. we're sitting at 57.6 on wti let's bring in the global head of commodity strategy at rbc

capital markets. helena joins us from london en route to that opec meeting break down what you are expecting out of that opec meeting. >> the key thing to watch for and the uncertainty resides around russia. will russia continue to cooperate with opec or will russia pull out of the agreement and leave opec on its own to continue to cut. that's the uncertainty, the russian willing tons continue with the deal. >> what is your hope the general takeaway of the last year has been that the deal between the two has been much stronger than people expected. >> compliance has been much stronger everyone was expecting cheating. but we've had really good compliance so far. but as of late you had a number of russian corporates come out and say we do not want to extend the deal beyond q1 of 2018 our expectation is they do do the deal for the full year

vladimir putin himself propose the full deal for 2018, but now there's uncertainty going into thursday >> in terms of the oil price moves, a great run up. we crossed 59 briefly. we dipped back this week what's your case for why we have run up so strongly in the first place and this recent softness >> i mean, a lot of it is improving fundamentals the opec cut has worked. demand has been strong this year inventories are drawing down but as of late we've seen also a new geopolitical risk premium in the oil market on the back of events in saudi arabia, concerns about venezuela. the market is long going into the opec meeting so if we do not get a full-year extension for 2018, we do think we could see a selloff similar to the may opec meeting when they did not meet market expectations with their statement. >> in terms of what's happening in saudi arabia, what's your latest take on that in terms of whether the latest developments are priced into the oil price or

whether we will see more fluctuations based on that story. >> i think it's priced in now. it looks like the situation is under control. we don't have any reports of unrest in the kingdom. yes, tensions are ongoing, but it looks like mohammed bin salman will press ahead with the reform program $60 brent is a better price for him. i think the wildcard, i keep saying this to watch for 2018 is what happens with venezuela. its production is coming down quickly. we have a question of whether the national oil company is facing an imminent default that's a story that probably we need to keep a focus on in terms of where we could see barrels rolling off the market >> in terms of the broader saudi arabia story on the region of the middle east, there's the impact on saudi and saudi production, but what about the risk of increased conflict across the region because of a

harder line saudi arabia foreign policy on various issues >> mohammed bin salman has been clear since his rise two years ago into pot signathe prominenc kingdom, he wants to confront the iranians now everyone is watching what happens in lebanon, what happens in bahrain so there is a concern about new proxy war, deepening proxy war between the saudis and iranians. right now oil does not look to be affected. but with the straits of hormuz being such an important choke point everybody will be nervous if this intensifies. >> thank you very much have a safe trip. we look forwardtor update for s once you're back cybermonday was the biggest in u.s. history according to adobe, online sales topped 6$6.5

billion yesterday. the nintendo switch, hatch animals and lol surprise were among the top selling cybermonday items. we'll have much more on the holiday shopping season later in the show wells fargo reportedly overcharged hundreds of business customers on currency trades the "wall street journal" says an internal review found out of p 300 fee arrangements, only 35 companies paid the price they were quoted. the scheme relied on customers not double checking how much they were being charged. federal prosecutors have opened an investigation and four employees were fired after practices were discovered. those four employees from the department that were fired were some months ago. so we already learned about that and also that is a small part of wells fargo's business disclosure is a question here

for the executive management team given that they said in the past that all things seem to be behind them and it seems more issue start popping up we've reached out to the company for further comment. we're starting to get new details on softbank's investment in uber. let's get to arjun kharpal in london with more on that story good morning, arjun. good morning here's what we know. softbank is targeting a 14% to 20% stake in uber, but they want to buy those shares at a $48 billion valuation. that's a 30% discount to uber's current market valuation, which is around 6$68 billion. softbank also wants to invest a fresh $1 billion into uber to give more money for expansion. there has been scandal after scanndal at uber, banned in certain markets, and now the latest revelation that they suffered a cyberattack in 2016 the question is who is going to

sell their shares at this discount the likelihood is this is the early investors, venture capitalists who got in at the early stage and still will make a lot of money if they sell at this price some employees, too, may sell their shares softbank could raise its price to sweeten the deal. but this really is a major leadership test for dara khosrowshahi he's been on a moassive cleanup at uber, but he keeps uncovering skeletons under former ceo travis kalanick. this will allow him to invest in new areas, such as driverless cars and potentially into new markets like asia where softbank, being a japanese company, is very strong. a lot is riding on this funding round it could give dara khosrowshahi the boost needed to clean up uber and bring the ride

hailing firm back on track >> what is the latest in terms of london and hearings and dates coming up? >> yes so we're likely to get a hearing of the tfl ban uber has been banned here in london for now it continues to operate while it appeals. the result of that appeal was likely in december on top of that it's facing a number of employment issues. whether the driver's here are employees or contractors if they're employees, ub ler ha uber will have to pay them benefits like holiday pay. uber is appealing that decision. so a lot of legal appeals going on here in the courts in london. we will know whether uber has successfully appealed the london ban first. >> i guess we should add the 30% figure of discount is related to the most reseptember reported

vrecent reported valuation of uber. let's go over to landon dowdy. >> thor reporting earnings nearly 60 cents higher than wall street's estimates revenues beating coming in at 2.3 billion, compared to 1.99 billion. the maker of air stream and dutchman improving in the towable market that's thanks to millennials motorized rv sales climbed 23% in the same period and bob martin saying deealer optimism remains high. dealers and consumers are enthusiastic about our product offerings in all major categories look at this stock shares of thor on a tear stock is up about 10% in early

trading. >> landon, thank you very much. more stocks to watch, united health issued guidance for 2018 ahead of its analysts day today. the company expects earnings growth of 8.5% analysts say that's consistent with united health's warning about the impact of health insurance tax that will return next year. royal dutch shell will start paying its dividend only in cash shell had the options to receive dividends in discounted stock or scripted the diluted value of the shares, that had diluted value of the shares in the past it's up 3% toyota named a new chief financial officer. the previous executive spent seven months in the position toyota has said it only expects a modest increase in profit next year due primarily to the weaker yen. there's a pair of economic reports on today's wall street

agent dachblt the s & p case-shiller home price index is out at 9:00 a.m., followed by november consumer confidence at 10:00. in washington, the senate banking committee will hold a hearing on jay powell becoming the next fed chair it is expected to ab relatively smooth approval but will be fascinating to hear what he has to say on all sorts of questions about monetary policy. ireland on the brink the irish government on the brink of collapse ahead of talks. and a bold call on bitcoin why one noted hedge fund manager thinks the currency could hit 'rba i0 by next year wee ckn a couple minutes

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9,846. it is on track for 10,000. you wouldn't bet against it hitting 10,000 any time soon the one-year move, 1,250%. painful. turning to news overseas, we're following the latest out of ireland that nation's government on the brink of collapse as critical brexit negotiations continued. willem marx is live in dublin for us again today with the latest >> reporter: last night they talked late into the evening with their opposite number trying to find a solution to the current fiscal crisis involving the deputy prime minister here, francis fies fitzgerald. a few hours ago, we had more on

scandal here blowing up. we expect a resolution over the next 12, 14 hours. by this evening there will be a motion of no confidence tabled in the irish parliament, no confidence in frances fitzgerald, that will force the snap elections later in december he will still go to brussels in december will he have the strong mandate or be a caretaker prime minister going into the negotiations? a lot to work with here in terms of brexit. a lot of challenges about how unwelcome this latest crisis is, but it has no signs of abating >> on the brexit front, the uk government is desperate to move negotiations on from settling backward looking bills on to

forward looking trade agreements that's the kind of key thing on the agenda for december. we know each individual member state has the ability to block that do they actually need each member of the 27 to vote to forward the discussions, so if there wasn't an irish prime minister in place, would that automatically mean the uk can't move forward >> there will be a prime minister in place, it's a question of whether it's a caretaker prime minister or have the full support of the government leo varadkar has full support, but they have the ability to slow down the agreement and saying there is not sufficient progress on the issue of the irish border we are heading up there in the next couple of hours to see what impact that is having on business but this is a difficult situation for theresa may back

in london. she has her own party saying she cannot buckle. the dup of northern ireland saying she cannot agree to anything about the border that does not involve them as part of the union. and then the irish government saying there's no chances of no hard border. >> willem, thank you very much i guess by the end of the week you'll be able to give us your best irish and northern irish accents. >> i don't know what you're talking about wilf, no problem at all >> fantastic stuff up next, president trump talks taxes. jay powell gets grilled. we are setting up for a huge day ahead in the nation's capital when "worldwide exchange" returns. it can detect a threat using ai, and respond 60 times faster. it lets you know where your data lives, down to the very server. it keeps your insights from prying eyes,

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. welcome back to "worldwide exchange." let's get you up to speed on the market action. yesterday was flat, the dow higher, the s&p and nasdaq lower. today we're called higher across the board and slightly more convincingly than yesterday. the dow up 30 points the nasdaq 5 the s&p 2.5. treasury yields for you, 2.32% the yield on the ten-year or in and around that level. still the low 2.3s that flattening of the yield suv

abated somewhat in the last week with lower volumes over thanksgiving but still has been the theme of the last month or so it's a huge day ahead in washington president trump will meet with lawmakers to talk tax reform and jay powell's fed chair confirmation hearing will get underway, and the power struggle continues at the cfpb. let's get to ylan mui with more on those stories good morning good morning washington has only been back at work for one day and the drama has already begun. we are waiting for a judge to rule in the battle of the bosses at the consumer financial protection bureau. both agency's second in command, leandra english appointed by president obama and president trump's budget director, mick mulvaney are claiming that title. members of congress have filed brief in support of english, and

kayla tausche was told the agency is supposed to be immune from political infighting. >> the reason for that is so government cannot exert political influence over them. the big concern is if an agency goes after a powerful bank is what would happen is that politics would intervene and cause the agency to back up and not do its job >> but mulvaney defended himself on cnbc saying that he's not trying to destroy the agency >> rumors that i'm going to set the place on fire or blow it up or lock the doors are completely false. that being said, the way we go about it, the way wetter pret t we interpret it will be dramatically different. on capitol hill, the republican tax plan faces a key preliminary hurdle today the budget committee needs to

approve this bill before it can go to the senate floor for a vote bob corker and ron johnson are on the committee and their support for the plan is still shaky. so the news today will move fast of course i'll keep you updated throughout the day on all of it. >> we will be tuned in on that specifically in terms of the ability for that bill to pass through the senate, we've heard from senator johnson and senator corker quite a lot in the last couple of months, but senator danes coming forward with disagreement as well >> that's right. his concerns are very similar to those of senator ron johnson's, which is pass through business don't get as big a benefit as large corporations so they want to see a larger deduction allowed for pass-through businesses. that could be very expensive so this is all about trying to make sure the numbers work and can comply with some of the senate's rules. >> such a busy day indeed.

also jay powell's nomination we don't expect that to be sort of held up in terms of the voting, but crucial to listen to what he has to say on all sorts of topics, monetary policy related. >> absolutely. his testimony was released last night. he pledged to preserve the central bank's independence. he also said he would carry on what janet yellen had started. so we're not expecting to see a lot of waves out of that hearing but of course anything can happen in washington >> ylan, thank you very much still to come, the top corporate stories and a round up of the global market picture and the shipping wars heat up as we head into the busiest time of the year for retail. the names you edne to watch when "worldwide exchange" returns for your heart...

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open on wall street as investors await a big batch of economic data and movement on tax reform. at retail record cybermonday sales hitting an all-time high. that could be a big boost for the shipping companies we're live at a u.p.s. facility ahead. and soda stream taking a page from the bible. you can now turn water into wine it's tuesday, november 28, 2017, "worldwide exchange" continues ♪ good morning very warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost. let's get straight to the global

market yesterday markets were essentially flat this morning they are all standing higher together and a little bit more encouragingly yesterday, though not resoundingly 31 points forever t s for the d. the s&p up 3 let's look at the yield curve. the ten-year treasury remains in the 2.2, 2.33 level, 2.33 to be precise this morning that yield curve flattening that we've seen of late has paused a bit the last week. asian trade for you a bit of bounce back in china today shanghai up a third of a percent. the shenzhen index is up 1%. elsewhere japan and hong kong slightly below the flat line european trade, all the british

banks passed stress tests. most have moved higher barclays and rbs fractionally lower. decent set of numbers for france, up a half of a percent currency boards for you. dollar at the moment just a bit higher against the euro and the yen. not a significant move it's been a soft dollar of late. fell about a percent last week month to date the broader dollar index is down almost 2%. in corporate news, wells fargo reportedly overcharged hundreds of business customers on currency trades. an internal review found about 300 fee agreements, only 35 of those 300 ended up paying the price they were originally quoted wells fargo employees received bonuses based on how much revenue they generated the scheme relied on customers

not double checking how much they were charged. federal prosecutors opened an investigation and four employees were fired after the practices were discovered. no real move in the wells fargo share prices down a quarter percent the currency trading is a small part of the business and the four people we learned about months ago so not totally new, but brings into question disclosure so there's a drip feed of negative stories that comes out about wells fargo. yesterday was the biggest cybermonday in u.s. history. online sales topped 6$6.5 billion, up 17% from last year those record sales could mean big business for companies like u.p.s. and fedex morgan brennan is live at a u.p.s. facility in louisville

with more. good morning good morning if you are one of the folks that did online shopping yesterday f your carrier is u.p.s., there's a chance some of those package also move through here this is u.p.s. world port where 318 planes like this 747 cargo plane are moving through on a daily basis during this time of year they are filled with packages that have been sorted on 155 miles of conveyor belts which over the next coming weeks will handle double the volume u.p.s. has invested billimillio dollars into this hub, and this year stakes couldn't be higher with amazon building out its own shipping network, investors worried that could threaten the growth of u.p.s. and fedex, but analysts say those fears may be

overblown. while domestic package delivery is a huge business for u.p.s. especially this time of year, the company handles all kinds of shipments and says no single customer makes up more than 10% of revenue yesterday the ceo said in the case of amazon it's a mutually beneficial relationship. u.p.s. has struggled with higher than expected costs in previous years, but so far in 2017 shares are flat that's versus double digit gains for the s&p and fedex. the biggest threat for u.p.s. could be fedex and other carriers taking market share since they're not implementing peak surcharges to the same extent as u.p.s. that's a dynamic to watch this holiday season it's one we will talk about in more detail as the morning unfolds. back over to you >> thank you very much for that. we will continue the discussion about the holiday shopping season and specific stocks that

could benefit significantly from the last couple of days and the month ahead. dan eaves joins me from gbh insights let's talk about amazon. clearly a beneficiary broad term from this holiday season relative to expectations s it outperforming? do you expect it to continue to outperform >> it's outperformed so far. they're on a trajectory where they could get roughly half, 45%, 50% of overall online spending since black friday. we've seen above expectations. right now they're on a trajectory where they should shoot expectations by 5% overall they've been the clear star of the holiday. they've performed above expectations >> given we heard from morgan from the u.p.s. facility, in the medium and long-term, is delivery something we can expect amazon to play a bigger part in? is that an area of business it

can take on itself >> i don't think they can take it on, but costs are a big issue. if you look at amazon, we expect them to get more into the consumer area, healthcare, pharmacy when you look to the distribution, that's an issue from the cost perspective where you could see them do acquisition there's, continue to invest in distribution, because top line as we've seen over the last week, that's not the issue here it's really about bottom line, can they start to see savings in some of these areas. >> is that a worry for u.p.s. and fedex? >> those continue to be huge partners everyone, no matter where amazon goes, you have to be cleleerilyr they are i don't see that now as a threat, but going forward they're going to continue to look at that kingdom that bezos has built and look to expand on distribution >> in terms of other potential

winners in the tech space from the holiday season what are your top picks? >> amazon, clear star. e-bay mixed, net could be positive walmart is a clear out-performer in terms of what we saw. their market share could get up to high single digits. apple, you look at apple into q4, not necessarily a black friday play, but from an asp perspective, that's something under the radar that could be an out-performer. >> that's more of seasonal play based on when the iphone upgrade came out as opposed to the season itself. >> we saw apple watch 3 a big seller in terms of a tech play there. overall, when you look at ad spend from online, the one derivative play here, forget just on the retail side, as you see more offline to online

spending, we've seen a clear 17%, 18% growth, ad line spending could help guys like facebook, twitter, snap on the ad spend side. >> okay. dan, great stuff thank you very much for joining me dan eaves there of gbh insights. still ahead, top trending stories. the holiday season in full swing at the white house the must-see pictures of their decorations straight ahead. and starbucks is shaking things up. we'll tell you what the company is doing for the first time ever first, as we head to break, the national weather forecast from nbc's bill karins. >> good tuesday morning to you denver yesterday was 81 degrees. warmest temperature they've had in november previously was 80. it was like 35 degrees warmer than normal. the unseasonally mile temperatures are shifting further to the east. much of the country not feeling like the end of november

it feels more like october 70 in st. louis, washington, d.c. at 63 when you get to the dakotas, you talk about negative numbers sometimes. we're at 51 today in pierre. by the time we get to wednesday, some of that warmth continues in areas of the east. for today, not a lot of problems showery wet weather in the pacific northwest, l.a., phoenix, dallas, look for an enjoyable travel day more "worldwide exchange" when we come back my friend susie cracks me up. but one laugh, and hello sensitive bladder.

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welcome back let's get back to markets. futures are pointing higher today after a mixed but flat close yesterday. let's bring in stevie inn whiti. there's lots on the agenda, tax form december cushions, joay powell's confirmation. is it a big day for the markets? >> i don't know if it's a big day. we're moving into the last 15 legislative days of the year, markets will not give up on the idea of u.s. tax cuts if it doesn't happen this week it will be a market mover. it's later on that the opec issues on the 30th, part of what's happening with markets yesterday, and having jay powell in this seat as the next fed chairman takes away an uncertainty in the market that

we would have faced with someone else >> we are not expecting jay powell to be opposed by the senate but 'tis testimohis testb interesting. what do you look for on that and what do you expect him to be a continuation of janet yellen >> i'm not sure if you'll see that in this testimony what is there as a chairman that wasn't there before as a governor following the leadership of chair yellen you don't know whether or not he wants to break ground as opposed to where he was before clearly his own speeches suggest a continuity with policy, gradual approach to monetary tightening. one that wasn't aimed at either creating more uncertainty which was a goal of some candidates, that might have been healthy for us, or completely looking at the last ten years and saying something was wrong with the strategy that the fed took you mentioned opec what is the key fact tore look out for there? either way we come into the meeting with a much rosier oil price picture. >> it is, but it's the

continuity and whether koe hecon outside of core opec will be there. so there may be another revitalize the run up in american oil output. >> steven whiting, thank you. time for our top trending stories. landon is with me for this >> it's the most wonderful time of the year. the trump white house is officially all decked out for christmas this year's official thoo theme is time honored traditions the white house is filled with 71 wreaths, 53 christmas trees with more than 12,000 ornaments and 18,000 feet of christmas lights >> we just saw a glimpse of the tree there as well >> there's 53 of them. >> one of them i'm not sure i like the silver i prefer a bit of red on a tree.

>> a bit of red and green. >> a lot of green regardless >> i can't wait to see what their christmas card looks like. >> do you think you'll get a personal card? >> you are not getting one i'm on the list. >> i will be yejealous if you gt one and i don't. we'll add in and wilf. >> starbucks is launching a second holiday cup this is the first time the chain offered a second design in the same season. it is red with a heart framed by two hands. starbucks says it wants to write someone in the name of the heart. i bet you write your mom >> i should have said that myself i would have gotten more points. i like this is someone you're in good with, not in love with. it's a more thoughtful thing >> it is not as controversial as

they usually are >> i think -- i get annoyed with that, when they totally take the christmas out of it. just have thanksgiving, christmas is what christmas is if you want to put a bit of that spin in it, you can. >> that's right. well, speaking of drinks, you will like this one it looks like you can now actually turn water into wine. soda supretream debuting an alcoholic mix that you can add to your water. it can make 12 glasses of wine it is only available in germany for now. >> reading this up t says it is a riesling as well i don't want to diss this but the idea of making wine at home will not cut it. i can't believe it will come out as a decent wine >> is supposed to be 10% alcohol. the average wine, 11%, 12%.

>> that the only thing you care about when choosing wine the alcohol? >> i cover alcohol >> next time i'm in berlin, i'll give it a go. mtv is bringing back "jersey shore" as well the entire cast is coming back minus sami sweetheart. the show will premiere next year was this big in europe >> no but they had lots of spinoffs i don't think this version made it big >> only one of them is from jersey >> i have never seen it. there we go. i was reading, there's a florida one now, is that right >> i believe so. i'm not familiar with it i'm not a huge "jersey shore" fan. but everyone who thinks we work in new jersey thinks we're friends with snooki. >> we should be. can snooki a man or a woman? i can't tell >> would be a female >> we go

>> i'll school you on this landon, thank you very much. >> thanks. we're approaching the top of the hour the team is getting ready for "squawk box. becky quick joins us >> good morning. i have to say, i'm with you on the making wine at home. probably not something i'll be getting into myself. >> i like mixing drinks at home, but wine, you save for a nice bottle of bordeaux >> we have a lot of stuff to talk about joe, would you do it wine that you make at home from the soda stream? >> ugh >> what is joe's drink of choice and your's >> he's a chardonnay guy >> i am. >> good man. >> he is he's a bit of a chardonnay guy >> not making it himself we have a bunch of things coming up you know that washington is focused on the tax bill and about trying to shepherd it through the senate this week potentially hitting some snags there are probably seven o

eight different senators who are now not indicating exactly which way their vote will go a couple of them who have been more forceful including bob corker saying he will not vote for anything that adds a dime to the deficit. he wants to see changes to this plan he would like to see taxes rise if you don't see the economic outcomes that have been predicted for when taxes get cut what this means. he wants to make sure there's nothing added to the deficit bob corker will be joining us. that's at 8:40 a.m a lot riding on this the business community watching this closely. woel ta we'll talk to him about that our guest host is tom freedman he will talk to us about everything happening around the globe. he's just back from the middle east and talking with mohammed bin salman he will talk about everything happening in saudi arabia. and joe stiglitz will be joining us he's the former world bank chief

economist. he has some thoughts on what's happening with trade, with the trade packs breaking down, with president trump and others saying that this is not good for america. he has some thoughts on what this all means so it's all coming up. >> great stuff looking forward to t particularly the friedman conversation that article he wrote after four hours he had, extraordinary access a great article. looking forward to that. still ahead on "worldwide exchange." a big day on d.c. and a ton of data on the docket what investors need to be watching. and we're counting down to thursday's big opec meeting. oil prices softer today. still near $58, 57.6 back on "worldwide exchange" in a couple minutes i love you, basement guest bathroom.

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welcome back to "worldwide exchange." futures are pointing 43 points higher for the dow s&p up 4 the nasdaq up about 9 points joining me is bill stone from

pnc asset management good morning to you. >> good morning. >> i guess focus today, a large part on washington in particular on the tax conversation are you getting more or less convinced that that will come through? >> depends on what day you talk to me. i think in general more, just because we got to a point where at least the bill went through the house. we got it through committee. we're waiting for the full vote in the senate. i would say we're on schedule, still think there's a chance we get it done this year. things are more keen to get it done this year with the question around alabama but i still feel good. every morning like you've been reporting where there's snags, you get nervous. that is how legislation is made. >> bill, are you encouraged by some headlines and initial figures coming out of the start of this holiday shopping season?

would you be dipping into some traditional retail names at these valuations >> so, yeah. since the consumer is a major driver of the u.s. economy, we do feel good about it. we thought they got the ammo, because we got jobs getting better so that's there. you still have to go out and spend. that's good. it's tough to want to chase the retailers because i know the history of usually good trading in those names around this time. then they fade so i'm not sure i would necessarily use the strength here to go chase these some of them are up significantly. but i think the good news is at least we don't have to declare retailers in general dead because not too long ago it seemed like everybody was. >> in terms of your forecast next year from the position of the fed. we'll hear from jay powell later today what are your expeckstation expectations in terms of rate hikes

>> we are expecting a pretty good economy next year we're forecasting 2.7% gdp growth if we get that, you would think we would get those three hikes the market now has kind of faded a bit, it is only looking for half of those. it's still early that's the -- i think a lot of what will be watched this week not so much in powell's testimony. he will avoid saying much of anything in terms of janet yellen and the beige book, both on wednesday, that will be what to watch in terms of the signaling around whether they really think they'll make their inflation target >> just quickly what does that mean for the dollar in 2018? >> because we think they'll get the hikes, we think the dollar goes higher but it's been a tough slog lately with the dollar fading. >> bill, thank you very much for joining me >> thank you just about 20 seconds to go let's check in on futures which are pointing higher. about 40 points or so last time we checked

comes off a day of flat performance. dow slightly higher. nasdaq slightly lower. futures higher we are done here with "worldwide exchange." thanks for joining us. "squawk box" is coming up next

stocks on the rise futures indicating a higher opening on wall street we'll tell you about the premarket movers straight ahead. it was huge day in d.c the president is talking tax reform senator bob corker will tell us how he is planning to vote and what he needs to be yes on this one. and jay powell heads to the hill and the drama continues at the cfpb they are calling it the kos t costanza remember when george was fired

and he wouldn't quit his job that's all happening. and another record cybermonday being the biggest in u.s. history us tuesday, november 28, 2017, "squawk box" begins now. ♪ ♪ live from new york where business never sleeps, this is "squawk box. that's a way of doing things good morning welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. let's look at the u.s. equity futures. so far things are pointed in a positive direction with the dow futures indicated to open up by 35 points. s&p up by 3. the nasdaq up by 7 yesterday we saw the dow, the s&p 500, the nasdaq setting record intraday highs before they faded as we got to the close. the s&p 500 was down for the second time in three sessions the nasdaq lower for the