new this morning, a big setback for tax reform as senate republicans delay a major vote that delay could have an impact on the markets, futures pointing to a lower open on wall street will the setback for tax reform derail the record run? and there are just 24 shopping days left until christmas. we'll tell you which retailers are best positioned heading into the holiday rush it's friday, december 1, 2017, "worldwide exchange" begins right now. ♪

this song cannot be played enough this time of year >> it's the best new original christmas song >> it is outstanding good morning a warm welcome to "worldwide exchange" on cnbc. it's december, happy christmas i can start saying that now. >> it is >> i'm wilfred frost >> i'm courtney reagan in for sara eisen i've been celebrating for a couple weeks now >> you were celebrating thanksgiving initially >> it's a blend. >> courtney does do the best internal decorations her desk is epic >> it's pretty good. >> i may have to sit at it later and take a picture and say it's mine you can claim the credit and move on. >> let's check the markets we did mention at the top of the hour that futures are pointing to a lower open after another record day on wall street. you can see the dow jones is positioned to open lower by 19 points if it were to open now, we know we have 4 1/2 hours to go.

s&p 500 and nasdaq pointing to a lower open we got this delay in the senate tax reform bill passing late yesterday. as we look at what's going on with the ten-year note, yesterday the yield moved higher we saw the five-year hit the highest since 20 11. the two-year the highest since 2008 the yield on the ten-year ticked low lower. 2.385% at this point we're following a major development out of capitol hill. the senate delaying a vote on tax reform on new fears that the gop plan will balloon the federal deficit. let's bring in ben white from politico's morning money good morning to you. >> good morning. >> i was looking at your latest views on this, one tweet said what a nightmare i didn't know if that was the tax plan or the redskins >> no, that was a redskins, but you can put it towards the tax plan >> so this is a nightmare?

>> it's a hiccup and slowdown. you have an issue where you have senate republicans including bob corker who are worried about how much their tax cuts will increase debts and deaf tights they wanted a trigger to increase taxes if economic growth is not fast and the debt and deficits start going up. that didn't work they slowed down, and postponed the vote until today, maybe later today, maybe not today and they may include tax increases directly in this bill to take the corporate rate, started at 20%, then inch it up over a series of years to create 350 billion in more revenue to satisfy the deficit hawks. >> when we look at that breakdown of the 52 republicans, does this change any individuals that you can put your finger on that will take us below the crucial level? >> probably not if they can get corker on board and langford on board. do you then lose somebody who says i don't want to put tax hikes in this bill i want 20% on the corporate

rate that's what we talked about. do some of them raise questions about whether they like this thing? i doubt it they will find a way to do it and the white house will accept it it may just be a bump the road, they figure it out but it may take all of today and who knows t woushgsknows, it co the weekend. >> 1:00 a.1:00 a.m. is what we' looking at here. >> 11 is when they start, that's not final passage in the senate. there will be action between now and the final vote and they have to go to conference. >> courtney mentioned yields rising yesterday equities have a fantastic couple of days. a lot of that being predicated on hopes for tax reform. so do you think that those moves should now be dashed a bit is it still a hiccup >> i think it's a hiccup you would want to watch closely

today to see how much of a hiccup it is we were all left in confusion last night about what the prospects were republicans are so set on getting something done on taxes, they may have to dial back the numbers of the size of the tax cut, but there's going to be a tax cut. they'll figure out a way to get it passed. there's no reason for a dramatic pullback in stocks based on that if you see it go off the rails during the course of the day and other people drop out and dislike whatever arrangements are made to address debt and deficit, then you take another look at it for now, the stock run is not in danger based on what happened last night >> what do you and your colleagues here about rex tillerson's likely fate? >> clearly he's not in good shape at the white house this back and forth, public back and forth, embarrassing to him i think it's clear the white house probably would like to see him leave. he's not inclined to leave i think it's a matter of time there. this relationship has become so

toxic. we're watching the clock to see when he goes we figure it will happen at some point. >> ben, thank you very much. turning back to the market let's look again at the futures. pointing at this stage after a great rally yesterday, as we suggested. the dow up 1.4%. the nasdaq and s&p up nearly 1% each today expecting to see some profit taking. in terms of the month's returns, we were up 3.8% for the dow. most of that, though, coming this week, up 3% this week let's look at returns around the rest of the world. asia a little bit mixed. hong kong lower, japan and shanghai fractionally higher a good month for the nikkei and hong kong. bad month for china. down 2%. european trade at this hour, starting this month a little soft, as you can see down 0.9% for france and

germany, coming off a bad month. those top three markets down 1.5% and 2.5%. we got data out this morning eurozone manufacturing coming out at 60.1. the expectation was 60.0 the uk came out at 58.2. the consensus was 56.5 let's look at the broader markets and looking at oil prices opec in the headlines here wti crude higher by three quarters of a percent. opec and russia produce 40% of the world's oil. they agreed to further production cuts, extending those through the end of 2018. most that watch the market for oil say this was priced in and expected the signal for a possible exit from the deal, that may not have been priced in brent is also higher by 0.9% 63.16. look at what's going on with the action in the dollar, which is

also tracking the movements out of washington, d.c this was the case overnight. you can see the euro is weaker against the dollar, but just slightly and there we go. it was almost bang-on. i missed the moment. pound also weaker against the dollar here at 1.3487. look at the price of bitcoin what a week it has been for the cryptocurrency 10,000 and change. >> bang-on >> wow, that was close half a percent higher. >> really is >> or really was stocks under pressure this morning after the dow closed above 24,000 for the first time yesterday morning. let's bring in art hogan, chief market strategist from wonderlic strategies i know you probably were with us and heard about ben, what ben white's thoughts were on everything going on in washington, d.c. so a bit of a hiccup he

believes, not a complete derailment of tax reform do you think the market sees it that way >> it's hard to disseminate every piece of news coming out of washington, there's so many moving parts i will tell you this, we passed a critical phase in the tax plan where the senate is getting to a point where it's not if, but how. that's what they're sorting out today. thinking the trigger would be something that got bob corker on board and the deficit hawks placated, it just won't work so that means we take that line in the sand that was 20% and move it up to 22% or 23%, and then call it a day. that's the republicans can call that a win the white house will make some noise about it they will then sign the bill that's where we're at. that solves problems, instead of coming up with a hybrid or pricing this in over a period of time that's something the markets have some symmetric risks towards. there's a risk to the upside

about 7%, and a risk to the down side by 7% if this gets pushed off to next year i think 22% is something that everybody can sign off on and pays for a lot to of things that we're negotiating around the edges now. >> how does that satisfy the small caps versus big caps is 22% something we'll be okay with look at the action we've already seen this week on the hopes of this reform going through, even if maybe now that rate has shifted slightly >> yeah. that's such a great question if you look at the impact for the s&p 500 with a 22% corporate tax rate next year, you need to add about $8 to your estimate. we're at 146 that takes that up by 8 bucks. that gets you to about 2800 in the s&p 500. the russell 2 or the s&p 500 mid caps, they're 32%, 33% taxpayers on balance so that move down by 10% is

significant. i don't think that's priced into either index more favorable to the russell 2 and the s&p mids i think that getting this behind us and focusing on other things is a positive. there's other things that are positive in the economy now. unfortunately they'll take a back seat to the progress on tax reform and until we start focusing on that >> stocks up nicely this week. we've seen yields tick up over the last couple of days or so, including the long end how encouraging is that relative to the trend of the prior month? >> it's very encouraging it's interesting on a day where the dow is making a new high, up 200 and change, to me the more important move is the yield on the ten-year moved above 2.4 and the spread on the two tens broaden out for the first time in a couple weeks those moves are very important we need to see more an upward adjustment to the ten-year

the fed said they will be gradual but go in december a broadening out of that spread is important to the progress this market makes in the first half of next year. >> art, thanks for joining us. sources telling cnbc that amazon is exploring talks with generic drugmakers landon has the details >> cnbc learning amazon has held preliminary talks with companies like mylan and novartis about a potential entry into the pharmacy space conversations are high level and the nature of amazon's plan is not clear. especially whether the e-commerce retailer would enter as a drug wholesaler or sell generic medications as a retailer this could disrupt the major drug distributors like mckesson and cardinal health those stocks are been under pressure recently by the possibility of amazon entering into the distribution space. novartis, mylan and amazon have all declined to comment on the

report we did see some big moves in the market after cnbc broke this news shares of mylan jumping more than 4%. still about that in early trading. shares of novartis getting a pop. up about 1% in early trading back over to you >> thank you very much i feel like amazon has not found a market it doesn't want to disrupt yet. there are several economic reports on the docket. the ism manufacturing index is out at 10:00 a.m. eastern along with september construction spending november auto sales come out throughout the day dallas fed president rob kaplan, philly president harker and randy kaurl randy quaufrl ran randy quarles are also speaking today. some stocks to watch are coming your way after the break. and the countdown is on, 24 shopping days left until christmas. we'll tell you which retailers

are best positioned heading into the rush >> and we have a christmas countdown clock that's accurate as well. last time we put one up, it was out. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley

or a little internet machine? [ phone rings ] it makes you wonder. shouldn't we get our phones and internet from the same company? that's why xfinity mobile comes with your internet. you get up to 5 lines of talk and text at no extra cost. so all you pay for is data. choose by the gig or unlimited. and ask how to get a $200 prepaid card when you buy any new samsung device with xfinity mobile. a new kind of network designed to save you money. click, call or visit today. welcome back to "worldwide exchange." let's get you up to speed on the market action. futures pointing lower today, but the declines small relative to the gains of yesterday and this week. the s&p down by 6. the dow down by 21 the nasdaq down by 27.

yesterday the dow up a massive 1.4% leading the charge higher for the week as a whole, the dow is up 3% so highlighting how these declines this morning are relatively small treasuries are also having a risk-on move yesterday with yields ticking up. ten-year above 2.4%. the 2-10 spread widening, today risk-off move. ten-year back below 2.4. 2.39. the white house says president trump plans to nominate galena mcwilliams as the new chair of the fdic. if confirmed, she would succeed obama appointee martin grewenberg who will serve in that role until his term expires this month. bayer says the committee on foreign investment in the u.s.

or cfius has cleared its planned $66 billion takeover of monsan o monsanto the regulator is a panel led by the treasury department that reviews deals for national security concerns. bayer expects to complete the transaction early next year. bayer slipping today german trade is soft more broadly. vmware with better than expected third quarter results more companies licensed their product i product. ulta beauty beat forecasts, same-store sales growth slowed, though and the current profit will fall short of analyst expectations it slipped 5%. >> all the they had double digi for 12 straight quarters. blue apron's cofound ser stepping down as ceo he will be replaced by the cfo

shares of the meal kit delivery service dropped 70% since the ipo in june. it's facing stiff competition from rivals such as hello fresh, plated and more recently amazon. shares of blue apron are higher by 3% in the early going. five below reporting better than expected third quarter earnings revenue rose 29% the discount retailer is raising its full-year guidance shares higher by 2%. and third quarter earnings of ambarella were in line. they are projecting current quarter results that match analysts forecasts shares of ambarella are higher by almost 5%. still ahead, game on for retail, with just 24 shopping days left until christmas. who is best positioned heading into the holiday shopping rush we'll find out >> first as we go to break, here is the national weather forecast from bill karins >> good friday morning to you. starting december extremely

warm it won't last. enjoy this weekend, cross-country warmth, it goes from south to north and east to west everybody gets a piece of it exceptionally warm are areas to the north. minneapolis doesn't get many days in december near 50 that's today springfield, 59. it continues in s ints into sat. bismarck up to 52 degrees. sometimes you can be in the negatives this time of year. sunday we hold on to the warmth and a lot of that spreads to the east looks dry in most areas. here's what's happening next week, temperatures drip. highs in the 30s and 40s, compared to this weekend the weekend outlook as far as the rain and snow goes, pacific northwest and the rockies on saturday that's about as good as it gets ker a december weend more "worldwide exchange" when we come back

♪ welcome back to "worldwide exchange." the countdown is on. just 24 shopping days left until christmas, what retailers are best positioned heading into the holiday rush let's bring in dana telsey that just makes me happy when i hear that music happy in the morning. retail looks good. what do you think about that xrt. up 11% in a month. retail undervalued going into

this >> there's certainly some names undervalued. we haven't had a christmas season or holiday season start off as good as this in quite a while. the fact you had good black friday weekend, inventory levels are lean, it's warm this weekend but still seasonal out there, it's steli iselling outer wear are selling things people want to buy there's good items that people are out there to buy retailers are making it exciting to go. that's what helped to drive the business over black friday weekend. and it sustained itself pretty much throughout. >> we don't have a ton of details from the retailers about how black friday went or concrete numbers, but it seems like things were pretty strong and then the comment about the millennials, which i think half of them shopping in the department store, either online or in store, that was surprising to me, but it seems like that's a good signal. what do you make of the department stores positioning

this holiday season? >> i think the department stores, all of them came out with lean inventory. all of them are marketing differently than before. there's more effective personalization, crm systems they all have items they're focused on i think they're ready to go. when you have the promotional levels and inventory levels aligned, a lot can drop to the bottom line. it feels as if they're well positioned this year to make that happen. look what you heard from pbh yesterday when they said that with calvin klein and tommy hilfiger, the business was strong not only in terms of sales but also in terms of margins. >> dana, you said there are some names that are undervalued like which ones? >> i think some names that are interesting, pvh with calvin klein and tommy hilfiger l brands is showing signs of improvement. yes, their comp was weak yesterday, but look at those

margins. margin dollars improved. that did well. i think some of the off pricers like burlington out there, and ross stores, there's opportunity for them and system of the handbag names, like tapestry, formerly coach, we're hearing that outlet malls did nicely that should ab bbe a benefit for tapestry >> what do you make of ulta, disappointment after hours and what they're looking for there >> i think overall ulta is going up against 15, 16% type of comps, love large numbers. you still have color cosmetics grow, but not at the same rate as last year color soz mcosmetics is up high single digits. still good growth but not what it was ulta is getting good returns on new stores, new store productivity is high skin care is growing you will be able with the supply

chain they invested in to leverage there continues to be opportunity for ulta as we go into 2018. >> more broadly, to what extent are you concerned that this will be a one-month boom for the retailers in 2018 or just as tough as the last year or two has been >> i don't think what we're seeing in the holiday season sets a new playing field for retail will grow tremendously. we're not seeing that. we're seeing more stabilization. i think we're seeing retails who two years ago were trying to figure out how to sell in this new integrated environment, now they have a more clear path. there will be more stabilization, and we'll see hopefully more brands being able to execute better. >> awesome, thank you very much. appreciate it. i know we'll speak to you more coming up in the days and weeks ahead. still ahead on "worldwide exchange," a round up of the top headlines and a check on the global markets >> plus more on that major setback for tax reform

live in washington wh itthe details when "worldwide exchange" comes back you can't predict the market. but through good times and bad... ...at t. rowe price... ...we've helped our investors stay confident for over 75 years. call us or your advisor. t. rowe price. invest with confidence.

futures under pressure following yesterday's record run. a full market round up. and a setback for tax reform, we have live details and keeping up with the cryptocurrencies, why the kardashians could be the latest sign of a top for bitcoin. it's friday, december 1, 2017,

you're watching "worldwide exchange" on cnbc. ♪ good morning a warm friday morning welcome to "worldwide exchange. i'm wilfred frost. >> i'm courtney reagan in for sara eisen i love the tease about bitcoin and kardashians. >> good story. >> really good story >> that's coming up. let's get to the market picture. red arrows across the screen, though light relative to the gains of yesterday and this week yesterday we did get a dow 300-point gain, up about 1.4% n and the nasdaq and s&p up about 1% each. the dow is up 3% for the week. the s&p lower, and the nasdaq lower still. it's been a good week and was a good session yesterday ten-year treasury note, the

ten-year moved up above 2.4 %. slipped back again today that risk-off sentiment that we have seen in the premarket equities also playing out in the ten-year treasury note we have more on the markets in just a moment, first a develop the out of capitol hill. the senate delaying a vote on tax reform on new fears that the gop plan will balloon the federal deficit. ylan mui has the details >> reporter: just when it looked like republicans were close to locking down those 50 votes they need to pass their bill out of the senate, an unexpected roadblock emerged. the compromise that they had so carefully negotiated with undecided senator bob corker to address concerns about the deficit is not going to work now the idea had been to create a fiscal trigger that would automatically increase taxes if federal revenues fell below a threshold. last night they found out the

proposal is not allowed under the senate's complex rules now republicans are scrambling to come up with a new fix. i talked to one top lawmaker who said one idea they're considering is a stair step increase in the corporate tax rate, but that could upset conservatives who were unwilling to entertain anything above 20%, not to mention president trump himself who called that a red line corker is not the only senator republicans are worried about. there are three more still on the fence. and the danger is that whatever fix they come up with for corker could derail the deals the other senators are working on to get to yes last night lawmakers went home early to figure out a solution they're not in session again until 10:00 a.m. today the tax bill had been gaining momentum up until this point now it's unclear if republicans can hold on to that. >> is this a hiccup or is this a potential major derailment >> unclear at this point

there had been question over the -- whether other provisions in the tax bill will comply with senate rules senators were able to finesse the language to make sure everything was in compliance this one is bigger because senator corker is holding his ground and demanding that there be some softening of the blow to the bef sit. so, it depends on how ground in he is on this issue and what they can do to offset the potential cost of fixing it. >> just quickly, what's the latest on rex tillerson? >> the white house is expected to hold a meeting today to discuss the path forward they said yesterday he is expected to stay in the job. up until the last moment, this white house has said that they do not intend to let go some of the senior officials in trump's

cabinet until we actually see them depart. >> thank you very much, ylan mui for us in washington let's continue on tax reform and bring in ron insana. good morning to you. >> good morning. >> the market this week celebrated the hopes of tax reform this setback yesterday playing out in futures, but the pull back small relative to the gains of the prior two days. the market is taking it as a hiccup is that a fair generalization? >> it depends. the parliamentarian is stick on these rules about using budget reconciliation to pass tax reform if there are areas in there that do not allow republicans to pass it with 50, 51 votes and they need 60, they are sunk not a single democrat will vote for this it's an open question as to whether this is a hiccup or a snag and if they have to go back to the drawing board and rewrite large pieces of this to comply with rules >> let's say the corporate tax

rate does take the stair step move, are we derailed? >> the average corporation is paying 22% now, you start to wonder what's the point? will you be status quo and is it going to be stimulative? will it be helpful to corporate profits? will it extend the economic recovery enough to justify this? as it is, it's hard to see how stimulative this particular tax bill will be, given there are so many offsets it still doesn't seem constructed in such a man their it will be wildly stimulative to the u.s. economy >> in terms of what we've seen this week in market moves, clearly great performance for things like the dow, but the nasdaq lagged. >> a little bit. >> that has been the strong performer previously this year and earlier this month what do you take from that and in terms of do you take encouragement from the way the rest of the markets picked up the slack? >> transporteds, russell 2000,

small caps to new highs. nasdaq up over 30% for the year. up about ten percentage points with respect to the dow and the s&p. would have to expect profit taking and some of the real high fliers at this juncture. having said that, you don't want to see the nasdaq roll over and kas ccascade lower. the market looks reasonably good here the technical aspects of the market look strong nothing looks off balance. i'm worried about the flattening of the yield curve, the widening of high yield bond spreads as a potential canary in the coal mine it's early to worry. we're not quite there yet. >> futures are lower now if we open lower today, is this an opportunity to get in >> there's so many strategies now that support the buy the dip mentality, a lot of them high-tech cal, long equity short volatility plays you've seen with every dip so

far this year, that's what happens. there are mechanical strategies right now that make that work. every time an algorithm kicks in on the dip, you're buying stocks, shorting the vix that's reduced volatility. we've not seen a 3% move in the market all year long >> takeaways from the opec meeting and your confidence on oil price stability? >> i'm still bearish on oil. clearly if supply and demand are more in balance, we'll see a push up and you have eamericanieamerican i emerging tensions between saudi arabia and iran and that bears some watching. whether it's a proxy war in lebanon between saudi arabia and iron or a deeper conflict down the road, oil prices may trend higher, even though the long-term fundamentals are bearish. >> ron insana there. time for our top trending stories. keeping up were the

cryptocurrencies bitcoin is topping the kardashians. more people are googling the virtual currency than searching for the famous u.s. tv family. that's astonishing >> it is what did we say in the break? what does that signal to us? >> potentially a top when everyone asks people like us about it, it's a worry. the other interesting thing, the more retail exposure it has, it reduces the potential of one of the big risks for bitcoin, which is that the governments decide to clamp down and shut it down if it was just a currency used as some suggested by the underworld, as it were, then clearly their ability to do that is much higher than if suddenly the retail exposure is super high, people will lose money in it, it's harder to do. it's not as simple as a stock topping out. other factors are in play, but that's an astonishing statistic. >> others said it makes it less

cool whenever one is interested in bitcoin, it looks some of its cache and secretism. >> peek ka chikachu is getting e food business opening up a pokemon caffey in tokyo in march of next year i don't get the pokemon think, if you're into it, chow down. marriott is calling on guests to get creative in the shower the chain wants guests to save their shower door doodles. customers can jot down notes on the door and be digitally recorded and sent to other guests later on. i don't get this personally. >> i get the idea that people have good ideas in the shower, so they need a way to write them

down i feel like maybe you just write it down as soon as you get out of the shower. >> this is extreme let's see. marriott is the place to stay if you want to take a shower. google smart speaker just got smarter. the home device has a feature that allows it to multi-task so it can accomplish up to two tasks at the same time i would like this. i was trying to do two or three things last night at the same time didn't work so well. >> i never had any of these things i'm surprised they couldn't do two things at once in the past that's surely part of the greatness. >> as they get smarter, the algorithms get more advanced >> those things scare me i don't want anyone listening to me at home they probably listen to conversations. tiger woods returned to the golf course yesterday after a ten-month layoff woods looked strong during the first round of the hero world

challenge tournament in the bahamas. he's playing in a professional event for the first time since undergoing a fourth back surgery in april he shot a 3 under 69 in the first round, putting him in eighth place i think everyone from the world of golf to not traditional golf fans wants to see tiger come back >> there was a lot of excitement yesterday about tiger coming back it's probably good for the world of golf. coming up, the big british backlash against president trump. today's must reads are ahead. and another check of futures pointing lower after yesterday's record run reo come when "worldwide exchange" returns. jimmy's gotten used to his whole room smelling like sweaty odors.

yup, he's gone noseblind. he thinks it smells fine, but his mom smells this... luckily for all your hard-to-wash fabrics... ...there's febreze fabric refresher. febreze doesn't just mask, it eliminates odors you've... ...gone noseblind to. and try febreze unstopables for fabric. with up to twice the fresh scent power, you'll want to try it... ...again and again and maybe just one more time. indulge in irresistible freshness. febreze unstopables. breathe happy.

welcome back to "worldwide exchange." i'm wilfred frost. time for our must-reads. my pick is in the "new york times. prime minister, tell trump he's not welcomed in britain. it comes from president trump retweeting a right-wing extreme group in the uk. it is hard to exaggerate how disgusted britons are about the president's recent behavior on twitter. the prime minister responded by i'm clear retweeting from britain first was the wrong

thing to do. the article goes a bit too far and it is sensationalist in terms of the level of influence that the president might have and the actions of this type of group in the first place it's important to note the level of response that this has gone in the uk, and whether this might lead to cancelling of his state visit next year and general souring of relationships between two close allies >> saying you're not welcomed. my pick is in the "washington post." tillerson's fall could turn state into a hawk's nest if either cia director mike pompeo or tom cotton take over the tone will change drastically. he writes in the early months, the mattis tillerson alliance led people to say the adults were in charge of foreign policy the new ascendancy of the hawks

does not mean conflict is ahead, but pong young ayongyang and ted understand that washington is recalculating their tolerance for risk this has been undercovered, i think, because of everything else going on in washington. a change of secretary of state is a big deal, especially with what's going on with north korea and the middle east and iran >> when he was first picked, he seemed like a slightly fellow trump outsider to the position but in the year he's been in the position, he's been well respected. people have been taking a sense of confidence from his presence there. >> he moves out, the risk takers move in, we could have a big change >> we are approaching the top of the hour, the team is getting ready for "squawk box. becky joins us now for a look at what's coming up >> good morning. we'll talk about the tax reform bill yesterday we saw huge gains. you guys have been talking about

it all morning we'll talk about that once again, including some snags that have come up we'll see. it looks like there's quite a bit of momentum for this one thing we'll be examining is what some of the fallout could be from the tax reform bill if it goes through. we know what the markets think about this stocks are positive on this. this morning we'll talk to the national association of home builders ceo about what this might mean for the housing market those changes in state and local taxes could have big impacts and we'll talk about what you can expect to see in terms of auto sales. the national automobile dealers association chairman will be with us on set to tell us what they're seeing in terms of sales. and talking geopolitics. you heard the concern, all the talk about a potential rexit from rex tillerson we'll sit down with william cohen, the former defense secretary, to talk about what this could mean, just broader impacts because of what's

happening around the globe, specifically with north korea and where we stand with some of those issues by the way, courtney, were you a girl scouted >> i wasn't. i was -- it was called an indian princess. >> i remember that i remember indian princesses >> i was a girl scout, and i sold cookies my mom was the cookie chairman this morning we'll be joined by the girl scout who has sold the most cookies in all of america she's 9 years old. she will join us this morning. mira williams will talk to us about her business strategy for selling some of those things what this means for developing some potential leaders down the road >> i think the idea of being a princess or a prince is much better than being a scout. >> of course you think that. you're that lows close to it yourself, right? >> can i sign up today >> i think it seems less pc now. >> i remember it

>> we had tribes instead of whatever -- what do you call it if you're a girl scout >> troops. >> i was in the laganda tribe, you do it with your dad. >> i like the word rexit >> we came up with one yesterday, when all of team wex leaves, it's a wexodus >> i like that still ahead, threats to the rally. will a major setback for tax reform derail this record run? we have a market pro's take when "worldwide exchange" returns his advisor ran the numbers and showed that he wouldn't be able to retire until he was 68. the client realized, "i need to get back into the markets- i need to get back on track with my plan." the financial advisor was

able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor.

your bbut as you get older,ing. it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. the name to remember. exchange." the selloff in the futures market accelerated in the last 20 minutes we're down 108 points for the dow. we were down 30 or 40 at top of the hour over the course of the last

hour, things have continued to get worse. as opposed to any particular line item that is causing this elsewhere in the word, over a percent of declines for france, over a percent for germany this risk-off sentiment proliferated over the course of thelast hour we should say coming off the back of big gains yesterday and decent gains this week let's bring in michael farr. this sort of acceleration of selling early in the morning, is it a concern for you >> seems to me that the u.s. congress giveth and the u.s. congress taketh away as they ran into problems trying to get this bill into senate and conference committee. getting a bill into conference committee, it's still very much of an unmade bed at that point

but that they didn't do it seems to have set markets back futures this morning, the dow is giving up a little bit less in terms of percentages than the s&p, giving up less than the nasdaq as markets seem to be pulling back, the more volatile nasdaq and tech stocks are consistent in this three or four-day trend giving up more dow hanging on to significant gains. >> you've been talking about the idea of a correction not being surprising, but that's not what we're seeing here. this is a selloff ahead of a road block with the senate going into the weekend >> oh good courtney, i'm glad to hear that. i think you're probably right. anyone who has been looking at any one of these pullbacks and saying this is it has been dead wrong. this is the market that won't die.

it's been such a remarkably long period since we had a correction corrections are normal in the marketplace. it's normal for the market to go down and this one hasn't for quite a long time. since president trump was elected about a year ago, share prices are up about 30%. earnings are up 14%, 13%, but it's been a half, the market gained while fundamentals have supported it, there's been more feel good in this market more hype than material change >> if we talk about the fed, we got testimony from jay powell, what aare your view of fed news this week. >> it's tough to keep track of all the news hitting, that's why people need to watch cnbc closely all day long you have to strarart with wilfrd

and courtney in the morning. jay powell is clearly pragmatist i know jay solid thinker. seems to be a breath of fresh air inside and outside the fed, janet yellen has been well liked. they're seeing this as a good, new day. investors are seeing and welcoming these nominations as evenhanded and still remaining on the dovish side as far as wall street is concerned they like the nominations, this looks like more of the same without shocks to the monetary system probably a positive. >> michael, thank you very much for joining us michael farr, farr miller and washington let's finish up with a look at the markets. futures have sold off quite significantly in the last half hour we did dip below 100-point loss in the premarket for the dow, now 97 the nasdaq down 53 european equities sparking this.

over a percent and a half of declines for the german dax. that's it for "worldwide exchange." have a lely ovweekend. "squawk box" comes up next cannot live without it.

so if you can't live without it... why aren't you using this guy? it makes your wifi awesomely fast. no... still nope. now we're talking! it gets you wifi here, here, and here. it even lets you take a time out. no! no! yes! yes, indeed. amazing speed, coverage and control. all with an xfi gateway. find your awesome, and change the way you wifi.

good morning it was a november to remember. the month ending with a 300-plus point rally in the dow futures though, pointing to a lower open it's all about yesterday, they thought there was global sigrowh senate republicans delaying a tax deal vote after corker's trigger amendment hit a procedural roadblock now they're thinking we need tax hikes to get some tax cuts

amazon conducting high-level talks with makers of generic drugs. we will talk to anna gupta about the impact on the pharma business on this friday, december 1, 017. "squawk box" begins now. ♪ live from new york where business never sleeps, this is "squawk box. >> good morning. welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. i'm becky quick, along with joe kernen and andrew ross sorkin. it's not a jobs friday because of the way the calendar falls, it's because of the reference week that fell late in the november calendar. we'll get the report next friday look at how the markets did for november we were just playing