tech takes a time out. the nasdaq under pressure today as the dow soars to new highs. decision day for opec. oil ministers expected to make a major production announcement. we're live at the cartel's meeting in vienna. and is bitcoin a bubble. the big fears brewing over the hottest thing on wall street it's thursday, november 30, 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 market

picture coming off that selloff for the nasdaq yesterday down 1.3%. it dipped lower in the afternoon, frankly it was pretty soft all day the dow was up half a percent. the s&p was flat, but within the s&p, some very big sector divergence tech, as we expected, down the most it was down 3% telecoms up 3% a big swing there. to be fair, telecoms up largely because of at&t's gains yesterday coming off more positive comments from ceo randall stephenson to becky quick in terms of his hopes of his side winning that ongoing dispute about whether or not to take over time warner. tech very much the laggard yesterday. this morning the nasdaq is flat. the dow up 54 points the s&p up 3.5 points. ten-year treasury note, we did see yields tick up yesterday the ten-year starting to inch higher but a bit closer to the 2.4

level. 2.38 today this morning yields pulling up a bit. in general the move over the last 48 hours has been yields picking up a bit asian equities, a soft session there. the tech sector reacting to the nasdaq selloff those tech suppliers, chipmakers suffering today. hong kong down 1.5%. shanghai down a bit. the nikkei up 0.6% also divergence performance for november as we wrap up the performance for this month today. we got hong kong up nearly 3%. nikkei up over 3%. shanghai down 2% the smaller cap shin zen enzhenx down european trade a bit more positive than asia the ftse has had a couple of tough days because of the stronger pound in terms of the returns to the month, all three of these are

down between 1% and 2% for november >> dollar board this morning, we're seeing a stronger yen -- strong dollar against the yen by 0.4% a strong pound against the dollar up 0.4% as i said, that's hurting the ftse over the last couple of days oil prices for you, focus on the opec meeting and what they will announce down about 1% yesterday. fractionally higher today. 57.43. sticking with oil, it's decision day for opec and oil ministers are gathered in vienna now we're getting some headlines the saudi minister expects everyone to stick with the opec production cut deal for the foreseeable future cnbc's steve sedgwick is there with more headlines. he got back in front of the camera what are the main takeaways? >> well, i'm very interested --

i will tell you what's going on here over my shoulder, we have got the full meeting of opec, not non-opec, no russian oil ministers or people like that, but at the top of the table now is the most important man perhaps in the whole opec organization, the saudi oil minister to his right is the man that many see responsible for brokering the deal, that's mohammed bakinder who got russia on board the big question coming into the meeting has been can opec rediscover its relevant or continue its relevance it got the price up by 35%, can they keep it there given the challenges from u.s. shale especially speaking to various ministers now, the iranians, the iraqis, it seems they are finding some accord about actually getting a nine-month extension here is where the interesting

bit comes in, that is are there going to be caveats to that? reviews at the end of the first quarter which is when the current deal was due to end? a reveal at the six-month state. it's all about the messaging as well as the deal taking 1.8 million barrels off the oil markets has allowed shale to come in aggressively. i heard various comments and ministers saying they are not worried about the growth of shale. but if the price continues to rally as we heard from the iraqi oil minister, you get above 65, things get interesting maybe you need more action and maybe need to lessen production cuts the other point is, there are reviews built in any way we have the jmmc here, the joint ministerial monitoring committee, they met yesterday, and they dictate policy to the broader group. they meet in january, possibly

may and the middle of the year even if there's not an official announcement today about caveats there will be reviews going through 2018 i hope that's bit of color here from vienna. >> do we expect people to stick to this nine-month extension or as we get longer, further down in the agreement, does it get harder for individual states to stick to what they agreed to >> i think it does at some stage opec believes the call on its oil will be above 33 million barrels a day. opec itself is producing about 32.6 million barrels a day they believe it will go up by a million barrels in 2018 so they will naturally have to put more production on to the market. these are long cycle investments, many of them, including non-opec players such as rosneft, luck oikoil, they h greenfield sites, and this is

where the contention comes in two big events in 2018 could dictate where price goes one is the presidential election in russia which is important that mr. putin gets through without problems in the oil price, the second is the saudi aramco ipo when that's passed perhaps we might see saudi changing tact. compliance is extraordinary. about 106% for those viewers who know old opec, compliance was always the issue. there was always a massive amount of overproduction, now it's helped by the fact that venezuela are producing at a 30-year low. they're not getting near to their target, and others like iraq who ch had behad been prod5 million barrels a day are now at 4.3 mel onbarrillion barrels a y

back to you. >> steve, great work this morning. steve sedgwick. president trump nominating marvin goodfriend to be on the board of governors he has been a critic of the fed. back in march he said the central bank should welcome more congressional oversight. if confirmed, goodfriend would take the seat vacated by sarah bloom raskin there are several preess of econom pieces of economic data on the docket job liz claims, personal income out at 8:30 eastern. the chicago pmi at 9:45 a.m. randall quarrels and rob kaplan are also speaking today as well.

what are your takes on the second tello tec selloff yesterday and whether or not it may continue. >> part of what was driving that has to do with another story you were talking about, the potential bubble in bitcoin. system of the action in nvidia and the chipmakers, where you have quite a bit of crypt to mi mining coming up, that demand is falling off so that is falling back into the semiconductors i would say there's a broader story there. >> so you think bitcoin, if it does have a collapse, has the ability to infect the rest of the market >> well, i think it's certainly leaking in already >> fair enough we'll keep a closer eye on bitcoin there. in terms of what we expect from the fed going forward, whether it's in december or next year, what is your best case and how

does the changing makeup of the fed impact your forecast there >> our best case is continued -- we're expecting a rate hike in december we're now expecting three rate hikes in 2018. that's up from two previously. expectations have gone to more of a hawkish view that seems to be coming out of the fed, or at least the concern that the fed should get ahead of inflation. that's causing this incredibly flat yield curve we continue to experience the changing -- if you look at who is up for the fed, and who has been considered who was considered for fed chair before powell was chosen, i think the fed will become slightly more hawkish. >> in terms of yield curves elsewhere, it's flat in china. what do you take from that market point in hchina?

>> china is dealing with a managed slowdown you just had news out of china that the government, that beijing went after the small online lenders so they're trying to take out some of this continued credit creation and put a cap on that that will constrain the outlook for long-term growth and potentially inflation. so that will keep the chinese long and down, similar to the u.s. but for different reasons so you will get flattening that wa way. >> gina, thank you very much for joining us this morning. nokia is shooting down reports it is in talks to buy juniper. landon has all the details on that >> nokia releasing a statement saying it is not currently in talks with nor is it preparing an offer for juniper networks. this comes in response to a cnbc report that nokia is preparing a

bid for the networking company sources telling cnbc the deal would value juniper at $16 billion. juniper declining to comment citing a policy against@ing market speculation or rumors a tie up with juniper would make sense for nokia which has been expanding into telecom look at the stock. shares of juniper popping more than 20% on the report, but they have backed off. down about 9% in early trading back over to you >> thank you very much other stocks to watch today, costco says same-store sales x gasoline rose nearly % this mon8% this month that included the pre-black friday and holiday weekend

sales. shares are flat this morning. workday reporting better than expected third quarter results. more companies signed up for th resources software they are raising the outlook for the third time shares are lower today deferred revenue fell short of forecasts. down 5.2%. box posting a wider third quarter loss the cloud storage provider says it closed fewer large deals and some contracts slipped into the fourth quarter box spent heavily on marketing to attract new customers. still ahead, the senate taking another major step forward on tax reform. we're live in washington with the details. first is bitcoin going the way of the dutch tulip bulb crisis we're seeing how the acyptocurrencies incredible run stks up against other bubbles. we know life can be hectic.

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yesterday. let's look at bitcoin. a big intraday move yesterday. firstly pushing up above the high 11,000, then pulling back before recovering somewhat it's at 10,000 as we speak that intraday move yesterday did play into some of that selloff that we saw elsewhere. but today up 2.6% at 10,000. now, stepping away from yesterday's individual moves, bitcoin's run of late over the last year, four years, has many asking whether it's a bubble our next guest attempts to answer that question in a new article in the financial times over the last couple of days, let's bring in john authur good morning to you. >> good morning. >> i enjoyed your take on bitcoin over the last few days, a few updated articles on it particularly the original one. the size and scale in this rally of bitcoin compared to other stocks, what is it this is off the charts

we ran a chart, we compared what we saw the last year in bitcoin excluding yesterday's glorious move and the top year of the nasdaq bubble, you can barely see it. it's like a horizontal line. talking about 800% versus 100% in terms of stock market, there's no example of any stock market of any breath doing anything remotely like this. if you look into commodities which will are more like what p perceive bitcoin being the value is in the eye of the perceiver, then, again, it's still pretty much off the charts >> apart from when you bring in tulip bulbs. >> yes which are also a commodity of a kind if you look at the tulip madya in holland in the 1600s, there were a number of things that were similar tulips were new to europe, there were tulip

derivatives, you could get certificates for getting control of tulips. there was construction and supply you saw the final few months of the tulip craze, you saw a rise greater than what we've seen the last year or so in bitcoin i have to say we're a couple phases earlier in bitcoin development, there's a much smaller amount of money at stake when they did match tulips that's the one example you can come up with. >> we know how the tulip bulb rise ended, which is with a catastrophic fall. fa if we work out some possible reasons that contribute to this huge rise in bitcoin, one is the unprecedented amount of money, a spike in inflation and gold prices is there a possibility that that could explain this, and that this is the currency or commodity that's reacting to

that huge wave of money? >> there's certainly something to that. yes. though i'm still not clear why you wouldn't just make it gold, which has worked well when you've been worried about de-basement of paper currencies in the past, and gold the last few years has done nothing special at all where it does fit in, i've been getting an awful lot of feedback, where it does fit in, it fits with the move of radical distrust in central banks. i can't bleem peopame people fog distrustful, and there's an exciting possibility this fits in with the notion of a world without government is, and if you are in a state where you don't trust democracy, let alone central banks, there's something exciting about bitcoin >> there's an interesting angle that we're starting to say, those of us in this marketplace, that the more -- when you hear people on the street saying how do i buy bitcoins, retail investors are getting involved,

that could mark a sign of the top getting closer does it also suggest if the percentage ownership retail of bitcoin increases, that it makes this potential government clamp down that jamie dimon has pointed to in the past, makes it harder for that to come and endorses bitcoin more as a commodity or currency than it has in the past? >> it suggests we have difficult and thorny decisions ahead we are talking about whether there's 150 -- i have not worked out the last price, but we're talking 1$150 billion or so, which is plenty dealible with the main western governments at the moment yes, once retail starts to enter n once the big institutions starts to enter in a big way, what our charming friends on wall street say the dumb money starts to enter, that tends to mean that we're getting to the close of a bubble phase, and "b"

that it's going to be that much more painful to deal with it once it finally bursts if you have people starting to believe in bitcoin, it becomes more of a political issue to shut it down >> do you own any bitcoin? >> no. >> great stuff thanks for joining me. still ahead, the senate clearing another major hurdle for tax reform we're live in washington with those details. and a holiday travel alertment how a computer glitch t puone major airline on santa's naughty list you actually like what you do. even love it. and today, you can do things you never could before. ♪ ♪ you're developing ai applications on the cloud. finding insights hidden in decades of medical documents. and securing millions of iot sensors. so get back to it. and do the best work of your life. ♪ ♪

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welcome back to "worldwide exchange," i'm wilfred frost the senate clearing another major hurdle for tax reform. cnbc's ylan mui is live in washington with the details. good morning >> reporter: debate on the senate tax bill has officially begun. republicans are in a race against the clock to get this bill passed by the end of the week the one positive sign, senator lisa murkowski, a centrist who opposed the healthcare bill, she backs the tax plan also vice president mike pence had dinner last night with some republicans who had been on the fence. they still have some issues to work through one of them is a possible fiscal trigger. that is an idea from senator bob corker that would automatically raise taxes if federal revenues fall below a certain threshold there are at least five

republicans who do not like this idea they are still working through some of those details. pass-through businesses are another sticking point senate republicans are planning to increase the deduction they can came from 17.4% to 20% that won over steve daines of montana. it's unclear if another undecided vote, ron johnson, will be satisfied with that deal then there's a push from marco rubio and mike lee to max tke te tax credit fully refundable. when i talk to republican senators, they say they want to get to yes, but there's not much time left for them to make up their minds. >> ylan, thank you very much for that. still ahead, a round up of the top headlines and a check on the global markets plus decision day for opec we're headed back to the meeting in vienna when "worldwide

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record high. opec decision day, oil ministers expected to make a major output announcement. and brace yourself for holiday travel nightmares. why one major airline just made it into santa's naughty list it's thursday, november 30,

2017, you're what happening "worldwide exchange" on cnbc ♪ good morning a warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost. good morning to you. christmas song there, it is still november, rather than december, but happy to bring it early to you the dow is up 61 points. s&p up 4 nasdaq up 3. important to see the nasdaq up after selling off 1.3% yesterday. the dow was higher bay half percent. the s&p was flat let's flip forward and have a look at oil prices which are in focus with that opec meeting going on oil prices slipped yesterday, down just over 1%. up now 0. 8% last trading day of the month, regardless of the declines, oil

up over 5% for the month of november opec ministers are holding a big meeting in vienna now, as we mentioned. they're expected to make a major announcement on production levels let's bring in helema croft. good morning to you what are you hearing so far in terms of when and whether we will get that big extension of the supply agreement? >> the announcement is expected later this afternoon the mood here is better today than yesterday there was a lot of concern yesterday about will russia be on board for an extension for a full year. the ministers this morning were much more optimistic and upbeat that we will get an agreement that everyone will be happy with >> we are expecting a nine-month extension? >> i mean, that's what everyone is operating on right now. the fallback option is a six-month extension. with the nine-month extension,

the question will be does it contain additional language about exit strategies, how they could exit the deal, will they review the deal based on market conditions, and certain countries that have been xeeeen exempted from the agreement, will they be brought into the agreement this time? >> the exempted states thing, that's something we discussed before would that be bullish for oil prices if they were brought in or bearish if they are excluded? what's the base case >> the most bullish outcome you could get from this meeting, because most participants expect a nine-month extension, how do you get a price jump on the meeting would be bricking the exem bringing the exempted states into the agreement nigeria said they would voluntarily cap output, but the libyan delegation gave no indication they're willing to

sign on. in the case of libya, they'll remain outside the deal. >> we know saudi arabia in both the short-term and long-term are a crucial player in this as we look ahead to next year, if the saudi aramco ipo gets away and gets away smoothly, does that reduce their incentive to stay committed to these types of supply agreements in the future >> i mean, i think that's a million dollar question. the saudis have driven this deal across the finish line the saudi oil minister yesterday gave a very urgent message about the need to carry this process forward. no time for complacency. yes, if the ifo is successful, they sell the 5% stake what is the broader saudi commitment to stabilize the oil price? we don't know. the saudis say it's about bringing the market into balance. we see key policies like aramco as key to anchoring the deal

what would . >> what would be bearish in today's meeting? >> the most bearish outcome is if they say we will talk about this later on, we won't make a decision we'll talk about it in january or february. kicking it down the road is the most bearish outcome >> helima, thank you very much president trump nominating marvin goodfriend to the fed board. let's get to steve liesman about what this means for policy going forward. >> president trump tapping an interest candidate here for the federal reserve board of governors, one who does not easily qualify as a hawk or dove he nominated marvin goodfriend to one of the vacant spots on the fed. he's a member of the shadow group committee, a group normally critical of fed policy. he wrote a landmark paper in the mid 1980s that upset the status quo by being critical of fed

secrecy. then chair paul volcker did not like the paper but it laid the ground work for a big change in fed transparency colleagues say goodfriend will offer essential historical perspective and bring balance sheet expertise to the fed, and that will be headed by noneconomist fed chair jay powell just a couple years ago in jackson hole, he offered a paper arguing in favor of using negative interest rates to combat inflation, and i quote removing zero interest bound is nothing more than the sensible application of monetary economics. credibility against inflation is tied to credible against deflation. goodfriend will also differ with the more rules-based monetary policy change coming to the fed, how it makes policy, and with new

personnel, we await the appointment of a vice chair and another fed governor who is usually a person who is a community banker >> if this was the choice for fed chair, we would be really surprised. >> that's a great point. >> since it's not, it's just providing balance across the -- >> not necessarily balance a guy like more vin goarvin good will shift the view of monetary policy he doesn't want the fed to abort the mortgage backed securities some saw that outside the fed's manda mandate. the use of negative interest rates, i don't know how that goes over with most folks that was seen as a critical idea. i've known him for a long time he's thought to be a good, smart economist it was fun to go back to read this paper he wrote in

the 1980s, where he eviscerates the idea of why the fed should be secret -- they did not release their statement. he basically argues from a free market point of view that putting this information out there will help the fed do better policy. within about a decade or a little bit more the fed changed radically. i think that paper had a lot to do with the regime we live under today. does it keep the focus laser in terms of the rest of the president's picks for these sorts of roles if they were all of this ilk, it would be a big shift for the fed. >> remember, there was some concern about this there was a concern that there would be -- how do i say this, a scott pruitt type, where people would be appointed to the agency that did not agree with the mission or the mandate of the agency i think that fear is passed. from what i can tell, this is a considered process where they seem to be picking people with needed expertise the fed is winding down the

balance sheet. marvin goodfriend knows a lot about the balance sheet. there's an acknowledgment there that the fed chair is not an economist in jay powell, so the vice chairman will be somebody, i'm told who will be very strong in monetary policy, the name mohamed el-erian has come up other names have come up they're thinking about this. and there's some confidence in markets now about how the process is being handled and the names coming up. >> steve, thank you very much. shifting back to markets, let's check in on futures, which are pointing higher after that big nasdaq and tech-related selloff yesterday. the nasdaq down 1.3% tech sector within the s&p was down 3%. this morning green across the screen the dow nicely higher. let's bring in j.j. kinnehan what was the reason in your eyes for the tech selloff yesterday

>> i think a couple things you know, we are getting to the end of the year. so some people probably want to take profits we also had, with the tax bill looking like it has a better chance of getting done, some people see opportunity for some of the companies that have more u.s.-based exposure as compared to foreign based exposure for sales. if you look around, you see utilities, telecom, real estate. 90% of their revenues are actually u.s.-based in those sectors. in tech, it's more in the 75% range. i think people are also taking consideration of that. >> are you saying you think there's a global growth pick up outside of the u.s. has now been priced in? >> no. i'm not saying that at all i am saying there may be a more favorable treatment of some

revenues that come from the u.s. some pa compared to foreignmenti ientits we are seeing growth not just in the u.s. but worldwide that's one of the great things that helped this rally continue. if you look -- it's interesting, how many times did you report on a year ago people complaining about the fact that foreign sales were so hard, the dollar, yes, we're coming off a bad month for the dollar against foreign currencies but we're not hearing any talk in the last two quarters about companies, you know, problems with the dollar because sales that are happening overseas are overcoming any strength that the dollar had before. >> just discussed with steve extensively this changing nature of the fed and with it what it means for interest rates what's your view on that and whether or not you want to be holding u.s. bonds >> if you are holding u.s. bonds, i believe the december

rate hike is pretty much built in we're well over 90% probability. i think it's generally accepted that will happen what i do find interesting is that you're going out to june of next year before you see more than a 60% probability of a rate hike i think that when chairman powell takes office, the first thing we'll look for is one thing that ms. yellen did was lay out at the beginning of the year, how many rate hikes she wanted to have each year it will be interesting to see if he continues that policy and how many rate hikes he will associate for 2018 or 2019 that's the first thing i think that will be a risk for some bondholders coming up. quarter point increments throughout the year are not something completely devastating, but if we get inflation, and you just reported a bit ago about some of the upward pressure, we'll find out later today for crude oil energy being the number one thing that pushes inflation higher.

it will be interesting to see if we get inflationary pressure and wage growth to sort of move the cadence along in terms of rate hikes. >> j.j., thank you very much for joining me >> j.j. kinahan. nokia shooting down talks that its buying juniper. >> this comes in response to a cnbc report that nokia is preparing a bid for the networking company sources telling cnbc the deal would value juniper at $16 billion. juniper declining to comment citing a policy against addressing market speculation or rumors a tie up with juniper would make sense for nokia, which has been expanding into telecom last year they bought

alcatel-lucent for 16$16.6 billion. shares of juniper initially popping more than 20% on the report, they have pulled back. down about 8% in early trading back over to you >> thank you very much. still to come, today's top trending stories including selena gomez scoring a massive musical hor.no you're watching "worldwide exchange" on cnbc.

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good morning welcome back to "worldwide exchange." i'm wilfred frost. time for our top trending stories. landon has all that's buzzing this morning >> american airlines is in a sticky situation the airliner revealing about 15,000 of its december flights are without pilots this is due to a computer glitch that allowed pilots to take a lot of va ways at tcation at the time american airlines is offering pilots 150% of their hourly rate to work on those dates maybe we should consider working christma christmas. >> 150% is big, but fascinating this comes, because ryanair in europe had a similar scheduling issue with pilots over the summer had to cancel flights. fascinating this thing can happen >> they don't think they'll have to cancel a lot of flights for it, but they'll have to pay up

hope you're not flying american. >> i'm flying british airlines, but not the same >> it's beginning to look a lot like christmas in new york city. the annual lighting of the rockefeller center christmas tree taking place last night the broadcast featured performances from the rockettes, brett eldredge and gwen stefani. have you ever watched this >> i did not stay up last night, but it's great to walk past it it's a beacon of christmas >> i stayed up and watched it. it kicks off the holiday season. you have the christmas songs you know these people? the rockettes? now that you live in new york, you have to see them >> okay. i will i also want to go ice skating. though ice skating i have to be careful. >> you're very tall. >> i'm very tall and ice is very hard it has happened.

i stay near the edge and just hold on. >> the tall giant. >> i can say i've done it. >> okay. selena gomez is named billboard's 2017 woman of the year she release the several smash hits this year, but most notably gomez has been in the spotlight about opening up from her life-saving kidney transplant was ch w which was necessary because of her lupus. >> congratulations to her. >> she is also the ep of netflix, 13 reasons why. >> i had not even heard of that show great year for her >> and she's back with the biebs. >> is she? i'm a belieber i'm not really, but i just like that word. >> yes, you are. >> a little bit of a belieber

more than a gomez fan. >> instagram, it looks like instagram has been testing a slew of new features the next web reporting that the social media app is working on a feature called close friends this would allow users to share posts with a small group of people instagram is also apparently testing the ability to follow certain hashtags, adding gifs to the stories. >> so it means you can have -- rather than having a private account and public account, you have one, you say this one goes fully public >> did you have a stealth wilfred account? >> i did, but i got bored. >> or did you lose close friends. >> no, i post everything there's some things, maybe family snaps, you keep more private. i like it. landon, thank you very much. we are approaching the top of the hour. the team is getting ready for

"squawk box. becky has a look at what's coming up. hey, becky >> hey, wilf, an account that is sometimes public and sometimes private that sounds like a recipe for disaster. just ask anthony weaver. >> never totally private, but keeping a few things fractionally more private. private is the wrong word. close friends. >> recipe for disaster we have a lot of things coming up yesterday we got the revised gdp numbers, we see the economy is ticking along better than expected that has a lot to of people bidding up stocks. they say we'll continue to get better earnings than anticipated if the economy is better than expected new records were set yesterday kroger out with earnings today we'll sit down with the cfo later this morning so we'll check that out. the other thing that's driving

the stock market higher is what's happening with taxes. so we'll talk about the very latest with taxes as well. what's happening on the reform front. another hurdle was cleared yesterday in the senate. that doesn't mean we're in the clear yet in terms of anybody looking to thar tax reform to get passed we'll speak with senator mike rounds from south dakota he will tell us what he expects to see happening in the next 20 hours of vote. also speaking with cathy mcmorris rodgers, see what the house wants to do with some of these things back over to you >> great stuff still ahead on "worldwide exchange," we're talking taxes d tech we'll be back in a couple minutes.

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course of "worldwide exchange. the dow is up 85 points. the nasdaq up 10 the s&p up 7 let's discuss markets with joe lavorgne the data continues to improve recently >> it does the last three quarters, gdp has been over 3% i believe there will be a large hurricane related snap back in spending this quarter. particularly construction. that category was quite weak in q3 it is conceivable that growth is over 4 it will be approaching almost 3% for the year yes, things look good for the moment >> is that cyclical and inevitable or down to president trump? >> the president does -- should take credit for this if you look at what happened in late 2016, then early 17, you saw a significant improvement in

corporate confidence business confidence. all these various metrics shot up quite high. to the extent that a lot of the growth we've seen this year has been in investment spending which is where it's been, that's related to the corporate sector, the president can take some credit for it. >> but we still have inflation proving elusive. >> me that reflects several factors, one is global capacity, global capacity for manufactured goods is weighing on inflation we have the internet effect with people shooting for cheap items. and the dollar has been strong oil is generally weak, though it certainly recovered in the past few months all those factors have kept inflation pressures low here and globally, which means rates will stay low, which means equity evaluations will remain high >> do they stay lower under jay powell than they would have done under janet yellen

>> the comments that powell made earlier this week i thought were remarkable he sounded extraordinarily dovish that gave the stock market a bit. he will continue as yellen's forward guidance, easy money policies it's conceivable he will be more willing to let the economy run hotter than yellen >> in terms of tax reform, will the president be able to claim a further pat on the back if that is delivered and by that i mean will it deliver extra growth >> i hope the tax bill doesn't go through i don't like it. i'm a supply sider in the sense that i think lower marginal taxes on income and labor will help galvanize an economy over time i don't like how this bill was put together it only deals with one half of the problem, the business side. the fact that there are no democratic votes, i thought some would get on board, that tells me that the next time the democrats have the opportunity to undo this they will and the

lack of permanently will hurt the corporate spending side. >> that's it for "worldwide exchange." "squawk box" is up next. so you're looking for male customers, ages 25-54,

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good morning the dow again soaring to new highs yesterday, and again the futures indicate more gains at the opening bell today we have a rundown of the events, the data and earnings that could move the markets in today's session barring god knows what else could happen. bitcoin's wild ride. the cryptocurrency gained and lost $1,000 in less than 24 hours. and the country's largest airline bungling its pilots schedule, and it could cause a holiday nightmare. it's thursday, november 30, tomorrow is a new month. it's 2017.

"squawk box" begins right now. ♪ >> live from new york where business never sleeps, this is "squawk box. good morning, everybody. 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. yesterday it was a mixed day for the markets. the dow was up by triple digits. gain force the s&p, but the nasdaq came under pressure financials once again rallied. tech stocks came under pressure. this morning you can see green arrows across the board. dow futures indicated up by 81 points s&p indicated up by 7. the nasdaq up by 8 1/2 this is the last trading day of the month. we'll see what happens if we se