it's 5:00 a.m. on cnbc. break out the dramamine it could be another roller coaster ride on wall street we'll tell you how to best navigate these wild swings. oil on pace for its worst quarter in four years. you can make money on it in the new year no end in sight to the government shutdown, now in its seventh day. is it the sad end of the line for sears the major deadline that th retailer is facing today that could mean the end of the store. and a major marijuana deal to talk about, it's all happening on this friday, december 28th. "worldwide exchange" begins

right now. good morning welcome from wherever in the world you may be watching. i'm brian sullivan it looks like a happy friday on the street of dreams the futures market has been all over the map this week dous f dow futures up about 73 points all this coming after yesterday's incredible 900-point swing for the dow. we were down huge at one point then the market made a stunning u-turn to close higher the dow is up 3% on the week still down for the year, but up 3% on the year dow futures are indicating a mildly higher open the bond market is moving a bit lately the ten-year yield has come up a tick

2.76 we'll end the year below 3% again. oil is another big story oil rose, fell, then came back we're up 2.35% to 45.66. if you're long oil, you're probably down. oil is down about 35 pr% in the last 90 days that's not a number that a lot of permian shald p iaian shale t to see let's go worldwide now in asia, japan and korea, they're smart. they're done for trading for the year it's been a tough year for japan, posting its first annual loss since 2011. the nikkei down 12%. korea seeing its biggest annual loss since 2008. china even worse, down 30% by the way, we'll have your china playbook out in a couple minutes here let's get more on the action

from europe. joumanna bercetche is live in our london newsroom with more on how the european markets are looking this friday. >> good morning. yes. after yesterday's horror show, we're finally seeing some green across the board you can see behind me ftse 100, the german indices and other european bourses are trading nicely in the green. ftse 100 recouperated some of yesterday's losses for the year, though, the uk index is down 13%. the xetra dax has not covered the ground loss in the last 24 hours. for the year, the german index is the worst european index, down 18% we spent a lot of the year talking about italy, italian politics, gyrations between brussels and europe. yes that has come to a head. we've seen a bit of a bounce in the italian index.

for the year, italy is down 16% or so. yes, lots of green across the board. still a heavy year for european equities i don't think monday will change that brian, back to you >> i've got a new year's eve question for you ready? >> go on >> given the kind of year that you guys have had over there as well with italy's woes, deutsche bank, brexit, is new year's eve going to be popping the champagne because you're happy to see 2019, or simply glad to kick 2018 out the door >> you know, i tell you with brexit, it's going to be very difficult to pop the champagne we have to call it sparkling wine now maybe the best champagne we can get is from the west suffolk region of the uk rather than the french region of champagne >> maybe some french pirate with smuggle some over. joumanna bercetche, have a happy new year >> that would be our hope.

bringing it back now to the united states, here's the question are we going to see more wild swings on wall street today like we saw yesterday joining us now we dragged him out of bed kicking and screaming early, matt meley, a man who lived through some previous crazy times in the 1980s on the desk of solomon brothers, and in the 1990s with mer merill merrl. what do you make of a 900-point turnaround in two hours for the dow? >> i think this was classic sign of a washout we -- it's -- last week everybody was saying we need this washout we need this washout the market became oversold and overhated. on friday we had the expiration, we had the rebalancing of course algos exacerbated everything there was some new news, but nothing really big out there there was an artificial flush on the market

on monday the markets were thin because of the holiday oil went down. the last two hours of trading, the markets went down 500 points that's the flush i expected a bounce on wednesday. i didn't think it was a thousand points we got yesterday exactly what bulls wanted in other words, when the market is washed out, it leaves nobody left to sell that happened yesterday. the sellers tried one last gasp effort to knock the market down. they couldn't do it. they were done selling the market rallied 900 points that confirmed we got the washout that doesn't mean se doe have seen the end of it. >> i like to talk about oil and gas, it's what i know. it's about 6.5% to 7% of the s&p 500. the banks and financials do matter we'll dive into them with a different guest in a few minutes, but i'll ask you this

do we need to see the financials rally for the whole market go up can the market go up if the banks don't? >> it's difficult for that to take place the banks tend to lead they start to head down first before the rest of the market. we saw that this time where banks underperformed for quite some time before the market topped out in october. it looks good because they're cheap. some are at book value some are below book value. that's good. if we're headed for a recession, whether it's next year or the year after, bank stocks, though they tend to bottom early, they don't bottom until we're well within a recession i don't think -- even though people like the fact that the group is cheap they won't jump in with both feet for a while because of that reason i have to be careful there's a lot of reasons to be bullish on the banks

>> down 640 on monday. up 1,100 on wednesday. down 500 yesterday then we came back to end the day higher what is this telling you about the market structure people say if i'm bullish on stocks, i don't know if i trust the stock market anymore >> it's hard to blame them a lot of people blame the algos. when consensus usually says one thing, i like to say the other in this case, they're right. it's momentum based algo trading. it takes intraday moves to more extremes than in the past. we need the markets to settle down i don't know if we need regulation for this algorithm trading, but it's hurt investor confidence we already have enough uncertainty out there. we don't need more with the way the market is trading on a daily

basis. >> i'm the only san diego chargers fan in the state of new jersey, i hope you and your family have a healthy and prosperous new year and your patriots and my chargers meet somewhere in the playoffs. >> i would love to see that. just like the red sox and the dodgers this past summer the s&p 500 is getting a new member lockheed secures a big defense contract and a major medical marijuana deal to talk about frank holland has those. a lot of action in the marijuana space. another development to end the year green growth, a u.s. based marijuana retailer says it plans to make a $2 billion hostile bid takeover for aphria. it is offering a 45% premium to yesterday's closing price. it said it tried tone gauge the board before launching this hostile bid and it acquired a

meaningful position in the company. shares of afhria up about 20% right now lockheed ma lockheed martin has won a 7$700 million contract to develop hardware to support the f 30 fighter jet. shares of lockheed down just a tick yesterday it was a huge rally. and first republic bank is joining the s&p 500 index. this move will be effective before the start of trading on january 2nd. first republic has branches in seven u.s. states. it's replacing scanta which is being bought by first dominion shares of first republic up about 4% right now >> thank you very much. we are just getting started on "worldwide exchange." it's only 5:10 up next, betting on the banks. the financials, a year to forget will be a turnaround next year

how you can make money investing in this doubled group? and later on, the china factor the three key things to watch from beijing as we head into the new year and only 1 in 10,000 ever make it to market. but what if ai could find connections faster. to help this researcher discover new treatments. that's why she's working with watson. it's a smart way to find new hope, which really can't wait. ♪ ♪

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see if that momentum continues on this friday. it's been a rough year overall for financials the group as a whole down 15%. with a number of stocks including goldman sachs losing more than 25% of their value what is in store for the banks in 2019? joining us is chris whalen from whalen global advisers live from paris, france. thank you very much forever joining us has this all been a balance sheet issue? is it a rate hike issue? is it a quantitative tightening problem that caused the banks to suffer so much this year >> brian, primarily quantitative tightening i think the markets are starting to understand that whether or not the fed raises the target rate for fed funds or not is irrelevant the tightening in liquidity is

what is concerning to investors. c with quantitative easing we expanded deposits, now they're shrinking. if they're shrinking, overall you have to be concerned the other thing is funding costs are going up much faster than asset returns. this will catch up with the banks probably first quarter of next year. net interest margin growth will zero out and then maybe go down. the banks as a group are great they have plenty of capital. if anything they're underlevered today they're cheap. if you look at u.s. bank, jpmorgan, they're much cheaper than a month ago if you're a long-term investor it's a compelling value. i wouldn't be so concerned about the cities and goldmans, they traded at a discount for a reason those are a bit less attractive.

>> you think goldman sachs is a good buy here? i know you've been critical of the banks in the past. they lost so much of their value. many big ones are trading at or below book value >> right bank of america is at book citi at 0.75 deutsche bank at 0.2 >> that's a different issue. deutsche bank is a different issue. >> >> yes, it is, but not really goldman, deutsche bank have a discount embedded in their valuation because you're not sure about what you're going to read in the newspaper tomorrow you don't have that with the mainstream lenders the domestic lenders that's why a bank corp at the high this year was 2 1/2 times book that's a rich evaluation, but you won't get surprised with them the way you may get surprised by an investment bank that has all the noise that goes

with that type of a business >> do you think the market is overreacting to the 1mdb scandal for goldman sachs? >> in a certain sense yes. but i'm a little concerned because i think that both, you know, dave salomon, now the ceo, and lloyd flank finblankfein, bf them may have to exit as part of the settlement process, the reparations with the government of malaysia. they made some strong accusations against the firm as an investment banker these are not the kind of operational risk issues that the regulators in the u.s. or globally want to see. when they see this kind of breakdown in internal systems and controls it causes a lot of concern. that's what goldman will have to work hard to try and repair. until then, i would wait i think you'll see more negative

news coming from this situation unfortunately. >> christopher whalen, a slightly optimistic view on the banks. we'll talk more about deutsche bank, those issues are not going away have a happy and healthy 2019. >> happy new year. 2018, the year we're still n another year to forget for investors in china-based stocks. the shanghai composite losing a quarter of its value, all this as president xi jinping consolidates his power in beijing. here's eunice yoon with your 2019 china playbook. ♪ >> the trade war dominated market sentiment this year so no doubt whether the u.s. and china can work out a trade deal will be a major theme in 2019. the tariff truce between presidents trump and xi expires march 1st. beijing could replace its made

in china 2025 industrial strategy by then, addressing washington's criticism and potentially stopping rising tariffs from hurting economic growth here. second, expected more stimulus measures but targeted. beijing is wary of the dangers of too much debt china's economy has been slowing for reasons unrelated to the trade war, like a government campaign to rein in financial risk and finally, investors will be able to buy more chinese stocks the government wants more foreign money to come in china will link the shanghai exchange to london and the s&p dow jones indices plans to add chinese shares to its global benchmarks in september. all right. up next, everybody's least favorite topic -- tacks. it is boring, but it is important. we'll try to help you save some money. then, what caused new york's skyline to light up. that's a real shot

that's a no filtered look. green/blue eerie light over parts of new york city last night. gil e ue story behind this macascenis not so magical. we'll have that next (client's voice) remember that degree you got in taxation?

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good morning happy friday dow futures up 100 points right now after yesterday's incredible 900-point turnaround

the dow may be trying to go out with a little strength it's been a bad year we won't end the year up we will end the year down, we get it, but up 3% this week. a little frosting on what's been a rotten cookie so far this year all of you out there have just a few days left to make some important year-end tax moves. there are some strings attached. with all the new tax law changes going into effect this year, don't be surprised if things are different. let's discuss that now with kevin berry. welcome. we look at tax loss selling sometimes as a panacea i have these losses, that stinks, but i can mitigate that. it's not that simple, is it? >> it isn't. the tax losses have to be done by december 31st so it can settle after year-end. they have to be done by monday there's still some time to do tax loss selling if you have not done it yet, you should have. but there's still time to do it.

>> is there a time where you wouldn't want to do it >> no, if you have a tax loss, even if you have a loss for the year, if the stock market is up for the year, no matter what you wanted to harvest those losses it allows you to shelter gains you might have taken earlier in the year if you sell facebook at the top and you had gains there, shelter it >> that's my point a lot of -- this year a lot of people might have a lot to of losses how do you know what to sell should i sell a stock recently that's down 3% or an older stock that i lost 20% on >> you should sell both of them. you need to wait 31 days before you reinvest in that stock if you sell an energy stock, you can go into an sle, wait 31 days and flip back into the stock if you like the name 20% lower than it was, all right, i lost some money, i'm still long-term

budget that 31-day period is important. >> and you don't want to be out of the market necessarily. go into an etf, a mutual fund, keep your broad exposure take your loss >> there's so many different changes this year. how hard has it been to keep track of in high tax states like this, the cap on deductions. how different will taxes be this year from years past >> that's be significantly different. people are used to itemize deductions what that might mean for you and some viewers, you'll be bunching your charitable deductions instead of giving x to the church this year, you give 2x next year. you look for opportunes to bunch and harvest when taking money out of your distribution go and put that money directly into charity there's different tax

strategies what's important is taxes shouldn't drive investment decisions. investment decisions are primary. over the course of your portfolio career, almost everything in your portfolio should be sold if that's the case, people are so reluctant to sell and take gains they become out of kilter, out of balance with portfolios maximize your portfolio and don't worry about minimizing taxes. >> i like it some real world advice it's not a topic we like to talk about, but it's one that can matter a lot kevin berry, happy new year. >> thank you very much let's check on the other top headlines. phillip mena has those good morning happy friday we are officially one week into the government shutdown and there is still no sign of compromise many lawmakers are home for the holidays the senate adjourned until monday, so this fight will stretch into the new year when democrats take control of the house. a new reuters poll shows that president trump is take the

lion's share of the blame for the shutdown 47% believe the president is responsible. 33% blame it on the democrats. a severe winter storm is wreaking havoc on travel plans for millions of holiday travelers. areas of the dakotas down into kansas facing blizzard warnings and a foot of snow the minnesota state patrol is asking for the public's help after a tractor trailer hit a squad car in those treacherous conditions. and a transformer fire lit up the skies of new york this light could be seen around the city, even as far as new jersey the blast at a con edison plant caused power outages and temporarily shut down laguardia airport. looks like a scene out of ghost busters there. >> who are you going to call if that happens >> i would call you first, but

we say that miche see that mich out. >> good to see you wandering the halls yesterday. >> you're a tall man strapping gentleman. >> glad you didn't say i'm a wide man also true. phillip, thank you got to meet him. he rendered me speechless. i'm blushing still ahead, the one key thing jim cramer is watching this morning to see wrtd mhere e market might be headed. and the best and the worst ceos of the year jeff sonnenfeld is here naming names. the naughty, the nicli ae stnd he'll talk about the president, too. card from capital one. i earn unlimited 2% cash back on everything i buy. and last year, i earned $36,000 in cash back. which i used to offer health insurance to my employees. what's in your wallet?

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buckle up. it could be another wild ride for your money wall street capping off a heck of a roller coaster week futures are up triple digits oil on pace for its worst quarter in four years, but can you make money off the big slide? and what to expect from the healthcare sector in the new year all that and much more as the second half of "worldwide exchange" rolls on right now ♪ markets have been dancing. up and down, back an forth a little david bowie on a

friday welcome back thank you for being with us on cnbc i'm brian sullivan hope you're having a great friday let's start off the second half of the show with your executive recap. frank holland has that this could be the last shot at survival for sears. chairman eddie lampert put forth a 4$4.6 billion proposal to buy back the company through his hedge fund if lampert misses, kmart and sears would be on the path to liquidation. century link customers across the u.s. were without internet services yesterday and into the night the outages affected atms, phone services and 911 emergency services century link tweeting its engineers identified a network element impacting services and they expected to restore services within hours.

aphria shares are soaring more than 20% on news that green growth brands plans a takeover bid for that company green growth brands is a marijuana retailer and aphria is one of canada's largest cannabis companies. >> that was a script from -- >> a mouthful. >> a lot happening in that script peter piper, we'll see you in a few minutes. stock futures are on the rise we'll see if the momentum from yesterday's wild last 90 minutes of trading can continue. it looks like it will. dow futures indicated up 146 points right now if you're coming in, maybe you had a big day yesterday, coming out from under a rock, the dow did a 900-point turnaround we were down over 600 at one point. heck of a turnaround early check right now. the markets will continue that

momentum right now up about 3%. over night in asia, they're done trading for the new year nikkei down about 12%. hong kong and shanghai trying to squeak out gains. >> let's look at commodities and kurptd currencies oil is up about 2% we were at 75 a barrel we were talking about adding production a couple months ago the saudis did it, u.s. production at a record high. simply too much oil out there. the price of oil has come way down now in the mid 45 range. bitcoin, remember this time last year, bitcoin had just hit 20,000 it was on its way down i'm not sure the biggest bear thought we would go from 20,000 to 3,600 but that's what's happened with bitcoin. it's been a wild year in both the market and in the c

swee suite, a lot of executive changes out there who are some of the best and worst ceos of the year joining us is jeff sonnenfeld from yale's school of management jeff, i think the naughty list is kind of long this year who is the naughtiest of them all. >> we get a longer naughty list because we had more time on the clock. usually you and i will talk about this just before christmas. elon musk for sure of tesla, solarcity, the boring company and other companies he's ceo of. it's not been a terrific year for him. we could talk about that facebook, mark zuckerberg. if you want to throw in sheryl sandberg as well, not as ceo but as president with disappointment this year. les moonves, horrific.

thank good the cbs board finally moved. it took them forever to act on such an obvious problem that less of les is more at cbs and eve evan spiegel at snapcha. they had this change with a new look to their site, it didn't go over well. and pretty imperious leadership style that led to a stock that's worth a fifth of what it was when we started the year >> you have a lot of different things to unpack there i spoke to a board member of cbs, this person said the old board was just basically les moonves's lackeys for lack of a better term. >> you're right. some of them said they don't care what he does it was almost akin to president trump saying i could shoot somebody on park avenue and not suffer for it les moonves says we don't care what facts say, we're still standing by les >> maybe on your nice list should be the new members who have come in and taken some

strong action. let's put les moonves aside. that's a separate action from a business perspective, why snap i get it, the stock has been dismal why is spiegel on the list >> the stock has been dismal it's not even $5 a share now it was almost five times that before part of the problem has do with the fact he has been ramming in these changes without listening to his people. he's quite distant i think the job has gone to his head even before they went public he is another one of these boy geniuses who seem to be gone a little rogue, a little full of himself. start the believing different things users have fallen off and they reached their peak in part because of the redesign issues, some technology problems >> he's set for life

he paid himself. he doesn't have to worried about the users or the employees, he has plenty of money for generations to come. let's focus on the positives ed stoack, not a household name. dick's sporting goods. on the nice list is this because of the stance he made on guns >> that's absolutely it. there's some people, whether it's post-parkland or post the d davos in the desert with khashoggi's murder, there's no wondering. he said this is outrageous our weapons were used. he's talked about how he dissolved into tears he didn't lead a shareholder referendum on what to do he didn't try to follow what everybody else was doing he took a look at his own conscience and they're role. it's dramatic what they did in

putting in age limits. happily the president -- congratulations to him on suggesting that we ban bump stocks, they jumped way ahead in terms of age limits, selling assault weapons. people thought he would take a hit for this he's managed it so well that conscious paid off doing good, doing well were in perfect alignment. i can't celebrate him enough for the courage he showed. many others have done this, but he stands out in front some worried he would offend his own clientele. >> i don't want to talk about the political side of things, save that for other networks here's the thing many people i've been talking to off-air whispered in my ear that the mueller problem and mattis and some of these things in the white house are a bigger drag on the stock market than we perhaps are making we talk about trad

quantitative tightening, but this is the overhang do you think the things we've seen from the white house, the mueller probe, all this stuff, do you think those are impacting the financial markets more than we suspect >> yes, thank you for that polite setup neither one of us want to generate then it of hate mail from what i will say here. the president and i became friends over the years, there's many qualities i admire about him. i stayed in touch with him until recently without a doubt, this has been a terribly disappointing period. this 20% -- more than 20% drop in the stock price, as you know, a market correction is 20% this was happening before we saw she's j these jitters about the fed.

in early october we saw these markets crash. we had 6%, 7% declines in a day in mid-october october is when the fed decided not cut. they did indicate a modest increase when we asked the ceos two weeks ago what was the greatest threat to financial stable in the u.ile u.s., overwhelmingly it's this political instability. 25% key positions where the president's fired them we have a 64% turnover there's a non-profit group that studies presidential transitions, never saw anything like this. trade war issues are creating confusion. the mattis resignation is another finger in the eye that has people worried this instability is a great

concern. there's something like 125 positions open right now that would require senate confirmations that have never been a nominee for them. we can't blame politics, there are problems here. if you saw "citizen cane" the tragedy behind both of those films, that is one of president trump's favorite films, the central character becomes isolated, hiding in palaces, name calling they're tragic films of somebody who was high profile that lost touch with constituencies. i worry about that as he loses key advisers a lot of responsibility on ivanka and jared kushner right now. he needs a board of directors. this congress is not serving the role bipartisan group should talk to the president. >> good luck it's tough

125 open jobs. listen, the reality is nobody wants to take the jobs >> he's never nominated anybody for them look at all the acting positions we have. would you have an acting surgeon operate on you people are worried about people taking risks >> here's to a better 2019 jeff sonnenfeld, happy new year. things will be okay. the sun will come up >> with your spirit, we will >> i try it's all the fruity pebbles. coming up, crude reality find out what's in store for energy

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the cloud for smarter business. welcome back many of you ask why do you talk so much oil on this fine program? oil matters a lot. listen to what jim cramer says if you want to know where the market is headed today, you have to watch this one key thing. >> tomorrow morning you wake up in the morning, what are the first things you'll look at as tells for the market trade that day? >> oil, oil, then oil. >> yeah. >> oil is the most -- is the lead indicator of what the algos are looking at >> yeah. he's exactly right as usual. oil matters, not just from gas but from a debt and equity perspective. joining us now to talk more about where oil may be going is andy kritchlow good to see you.

i don't think anybody, you, me, anybody we had on this program thought that oil would have the ride at the end of the year that it did absolute slaughter, down 40% from its highs in about 120 days do you see any hope of oil firming up in the first half of the new year it seems unlikely. i got back from the gulf in abu dhabi two weeks ago. they point the blame firmly at the u.s. and what's happening there. it's similar to 2014 where you had a surge in u.s. production there's been a bit of a pullback in the permian with the weaker prices the latest rig counts we assess saw a few rigs drop off the table, but still at multi-year highs in terms of rig permits in

the u.s. some operators are talking about capex cuts for next year, they are all forecasting more rig productions. at $54 a barrel, u.s. operators still think they can make a buck is the same the case in the gulf we had the sud saudi arabian bu come out, their break even is $85 a battle >> our perm yaian producers need the cash flow. they won't stop the oil production and bring down oil levels they can't afford to do it >> that's right. there's only one way for them, that's produce more oil. keep pumping into the market so it creates a problem for opec. can they deliver these 1.2 million barrels a day of cuts that they're projecting out into the first and second quarter of next year? yes, they will meet early in the year and assess this

alexander novak saying it's not the time for hasty decisions from opec. but we were flirting at below $50 a barrel for brent earlier this week. we bounced back a bit. i can't remember this amrountd amount of volatility in the oil markets. it's worrying. >> it is i think the first half of the year may reflect the last half of this year andy, have a happy new year to you and yours. see you in the new year. >> same to you. on deck, another roller coaster ride what to expect as we close out one wild week on wall street. stick around

all right. futures are up right now joining us is joel schulman from entrepreneur shares. did you imagine in your wildest dreams that the last couple of weeks of 2018 would look like this >> not at all. >> maybe your wildest

nightmares >> yesterday it actually was a nice way to end the day. started off low, ended up high >> did it tell you anything, the 900-point u turn or was it a nice story >> it's more the latter if we look back to the last few years, actually the last decade, volatility in terms of the number of days plus minus 1% is 30, 33 per year. last year was only four days that were plus 1%, four days minus 4% when we look at this crazy volatility, we have to recognize in terms of the number of plus days or minus days, it's not that far away. >> i agree the idea is that it came within a three-week period. that's the issue everyone has their reasons why what is your explanation of what's going on? >> a lot of money flowing both ways 19 billion came into the market

in december. a lot going u.s. equities. a lot of it international. we're bullish on non-u.s. small cap. >> new etf in a couple hours >> yeah, that's right. 75% international, 25% -- >> aren't you scared about small caps, international? these are bad words. >> that's the time to get in they're down 25% year to date. small cap value, small cap growth, they've been down. we think they've been beat up. back in 2015 they had pes around 45, today it's around 10 we look at entrepreneurial stocks with high growth. i would be more nervous if they were off 50%, 60%. no, now is a good time to get in for investors across the markets. >> what are you looking for in 2019 obviously we have all kinds of issues out there

some are more well known than others >> right what are you most closely watching >> the china deal that will be a big pop. the forced technology ventures, forced jvs and so forth. if we see anything that looks like we're moving towards a better u.s. deal, we'll see a huge pop we saw a couple days ago big movements. we could see something like that or more on the china deal in terms of political risk, we would like to see things tone down otherwise, if markets just return to normalcy in terms of normal volatility, i think it's a good year for investors. i think this is the time for investors globally to be buying in >> we like to end the year with optimism you are opt niare optimistic eno roll out a new etf as we wrap up the final show of the year, we thought we would

look back at the funniest moments of this year >> good morning. >> good afternoon, good evening. >> wherever in the world you are watching >> i'm brian sullivan. >> it's great to have you see me ♪ >> we'll make you smarter. >> opec needs to prove to the world it's still a viable organization >> we're waiting for the saudi oil minister >> if oil keeps sliding, it's hard for stocks to stay afloat ♪ >> south carolina may, indeed, be the front lines in this trade battle >> see yen nashvienna, austria. >> that's why we come to places like this so we can be taken by surprise >> i'm in the news i read the news. >> the big vix risk. i can't believe i pulled that off. sports news. the nbc -- >> the craze look >> instead of saying cannabis

craze, i said cannibal craze >> can you do that >> wait. you're supposed to do it this way. >> i don't -- >> i think this way is a gang signal ♪ we ain't perfect >> i'm not responsible for that music. >> for those about to rock we salute you >> always "livin' la vida loca." >> listen to the bass go boom. ♪ >> that's how we roll here on "worldwide exchange. >> i -- i had nothing to do with that i didn't see it until just now that's spectacular i enjoyed being on the program enjoyed the whole team and kevin, kate, kayla, ka rris, adam, liz. thank you for a spectacular end of the year video.

we'll try to keep this up for 2019 i'm off next week. have a spectacular new year's e. healthy, happy, prosperous 2019. "squawk box" starts now. where's your belly rubs? after a day of chasing dogs you shouldn't have to chase down payments. (vo) send invoices and accept payments to get paid twice as fast. (danny) you deserve a treat. and by treat i mean cash. bacon-wrapped cash. josie...it's time to get yours! (vo) quickbooks. backing you.

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good morning it is the second to last trading session of 2018. stocks have been on a wild ride. how about that swing yesterday 900 points from steep losses to a positive close following 1,080 points the day before the shorts getting squeezed a little feeling a bit of pain that they have been inflicting on the longs. the dow is up 3% 3% for just the week full market rundown is straight ahead. sears has one more shot at survival it's awaiting for a bid to buy

the company out of bankruptcy. and a deal to buy one of canada's largest pot producers it's supposed to be mellow, man. i don't like this hostile stuff. it's friday, december 28, 2018 "squawk box" begins right now. ♪ live from new york where business never sleeps, this is "squawk box. good morning welcome to "squawk box" on cnbc. we're live at the nasdaq market site in times square i'm melissa lee with joe kernen and wilfred frost. our guest host is joe terranova. he's also a cnbc contributor we want to start with the markets after that crazy ride we had yesterday. the dow swinging 8