sinking nearly 3 h00 point today tomorrow marks 249 days since congress passed any covid relief 14 million works are aset to los thei it is 5:00 a.m. at cnbc global headquarters. and here is your top five. the dow coming off one of its best months ever, small caps breaking all kinds of records and we have a big money stat you have to see to believe developing story this morning, opec going on day two of trying to hammer out a crucial production cut deal. prices and american jobs may hang in the balance. extraordinarily uncertain, fed chairman jay powell painting a gloomy picture made of his capitol hill testimony and bitcoin, at an all-time

high just days after sinking to near 16,000. one market watcher says he knows a bubble when he sees one. and what starbucks is doing to support frontline workers for the entire month feel good trending story of the day on this tuesday, december 1, and this is "worldwide exchange". ♪ welcome from wherever in the world you may be watching. thanks for joining us on this tuesday. and welcome to december. after 42 months this year, we made it. and here is how your money looks. stock futures are in the green not by a lot, but they are higher nonetheless you know what? i stand -- this is the kind of time where you like being wrong.

you look at the futures literally, i don't know, ten minutes ago, 15 minutes ago and they weren't doing that much now you have an implied open up 350. wow. remember people roll in in the mornings futures, i don't want to say they are worthless, but they do evolve as the morning goes on as more traders in the u.s. i would say get into their offices but now i would say just hit their desks at their work from home office of course a lot of momentum in the 15sale of stocks the dow up nearly 12% seeing its best monthly gain since january of 1987. the s&p and nasdaq both up around 11% but it is the small caps we've been talking about them for months with guests, the russell 23w 2000 leading the pack up 18% and that is the russell's best month since being created back in 1984. you go small caps. around the world, a similar story. a lot of green on the screen

the overnight session in asia finishing higher as well by the way the shanghai composite in china up another nearly 2%. it is one of the top performing indexes in the world european markets are just getting warmed up, but looking pretty warm right now. the ftse 100 up 1.8% france and germany both up could be another big money day for all you equity holders around the world right now, let's get to some of your top stories heads of the fed and treasury set to go before lawmakers they will layout the challenges of weighing the economy amid the continued lock down. seema mody as more on that good morning >> good morning. this will be one to watch. jerome powell will emphasize the importance of lending programs put into place during the pandemic according to prepared remarks released, powell will explain how the programs have

been crucial in keeping the current economic fallout from becoming worst and secretary mnuchin announced that he would end several of those emergency loan programs meant to keep credit flowing to state and local governments as well as businesses in terms of the economy, powell expected to offer a luke warm outlook stressing it will be dependent on the progress of the virus. meanwhile the head of the fda is reportedly set to head to the white house today to face questions over the approval process for pfizer's covid-19 vaccine. according to axios, stephen hahn has been called to the west wing for the meeting this morning to explain why he hasn't moved faster to green light the treatment. in a statement hahn said in part the agency scientists have too make the decision and they will take the time that is needed to make the right call. and a controversial adviser to president trump has resigned. in a letter to the president,

dr. atlas announced his decision a number of public health experts have criticized the neuro radiologist for providing the president with what they call misleading or in-krenlgcor information on covid-19. that is the latest, back to you. >>se seema, we'll see you in a w minutes. and both fiz her and biontech are officially filing for approval they have already applied for emergency approval in the u.s. and u kuchlt and now going fk au and joe biden and kamala harris will formally announce their nominees and appointees to key economic posts but republican leadership in congress is already throwing out the challenge flag tracie potts is joining us now with more.

good morning >> reporter: good morning, everyone particularly on one nominee for white house budget director a favorite of progressives, but she will need republicans on her side to get confirmed. president-elect biden named miss economic team today with two historic firsts, janet yellen as the first female treasury secretary, and neira tan den rr. and republicans are calling out hundreds of deleted tweets that criticized republicans >> what she did is pretty reckless and she will have to pay the price for it >> the hypocrisy is astounding if republicans are concerned about criticism on twitter, their complaints are better directed at president trump. >> reporter: also on capitol hill, a looming government shutdown in ten days and stalled

covid funding. sources tell nbc that senators are trying to work out a compromise >> there is no reason, none, why we should not deliver another major pandemic relief package to help the american people through what seems poised to be the last chapters of this battle. >> let's do what the american people want, let's do what we were elected for, let's not be afraid to vote >> reporter: votes in wisconsin and arizona are now certified despite president trump's lawyer crying foul. >> i call this the mccarthy era on steroids. >> and they are a fever dream, made up. >> reporter: and the second recount in georgia should be done tomorrow. so we'll be watching that very closely. meantime, those legal challenges, 41 of them so far, 27 have been dismissed, withdrawn, or denied and brian, none of them have shown any actual evidence of

election fraud >> tracie potts in d.c., good morning, we'll see you tomorrow. thank you. and let's get back to the markets and a record breaking month for stocks in november one big reason for the rally, retail investors throwing their cash in. listen to this, according to data from epfr, retail flows into stock funds during the weekending november 25th hit their highest levels since the first quarter of 2006. translation? the biggest flow of new money into stock funds in nearly 15 years happened just last week. joining us now to talk about that and more, chief investment officer chuck self good to see you again. good to have the retail investor back i'm not one of these people moaning that where did they go and everybody is unhappy all the time it is great that people are reparticipating. but do you worry that there

might be a younger generation of investors who have not known necessarily a difficult equity market over the last year or two. >> obviously they experienced a difficult equity market in the first quarter of this year but if the performance of the sectors that did the best in november is any indication, if that is really driven by retail investors, they went in for the big value sectors, financial and energy and so it is not clear exactly where they stand, but technology, which a lot of them were driven into, still did okay in november. so far it is not 2000 for sure as far as buying stocks that have nothing behind them, and it is good to have more participation in the market place. >> yeah, you know, i probably should have phrased it better. obviously what happened in march the equity collapse, but then an

incredible resuscitating rally and i bring it up, because i guarantee you if we were to ask a number of 25 and 28-year-old investors, they would probably tell us that they believe the fed and/or the treasury has stock investors back '08 and march of this year, that if we have big collapses, we'll see fiscal and monday teetary rf in other words, markets are proenktsed if people said that to you, how would you respond? >> well, it is true until it is not true fortunately, i have a bunch of 25 and 28-year-old people working for me, so we talk about these things and they are momentum players for the most part. and you were just talking about bitcoin, we've had the first bitcoin conversation for a while in our organization. but at the end of the day, especially for them, they should be thinking long term. and long term, they should be in

stocks, but they got to be in a portfolio that they are willing to live through when there is the next 20% to 30% downturn so that is why diversification is time tested and worked well over the years >> so let's say some of your smart employees sold off a little of their bitcoin, they bank some had profits that if you said start thinking about the next 40 years, and bitcoin may be there for the next 40 years, where would you advise is some value. >> i know it is boring perhaps to them, but where should they put some of that value right now? >> well, again, they should have diversified portfolios i want to make sure you understand that they haven't bought bitcoin, but that is where the discussion is going at this time. but one of the things that we're really starting to go into are some of the real deep cyclical areas that have actually done well this year materials over the last six

months is one of the best sectors. and we have started positions in there. commodities, which hardly ever gets talked about anymore on television, is doing very well since the march lows and so there are places to diversify and you don't have to stay in technology or go into the financials and energy that have been real stinkers this year >> and a hot november as well. and of course an opec meeting and energy stocks may be relying on that. chuck, always a pleasure best to you and your team. we'll see you soon when we come back, there is a lot to do all in one gulp, if you will the surprising way tesla will now join the biggest stock index. shares of moderna surging once

again, helping to save lives and stockholders are being rewarded. and just how much did we all sit around and spend money online yesterday we'll show you a very busy hour still ahead dow futures are up 250 labradoodles, cronuts, skorts. (it's a skirt... and shorts) the world loves a hybrid. so do businesses. so, today they're going hybrid with ibm. a hybrid cloud approach lets them use watson ai to modernize without rebuilding, and bring all their partners and customers together in one place. that's why businesses from retail to banking are going with a smarter hybrid cloud using the tools, platform and expertise of ibm.

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you've lived here two years. the personal attacks aren't helping, karly. don't you have like a hot pilates class to get to or something? [ muffled scream ] stop living with at&t. xfinity can deliver gig to the most homes. felet's hit your big three money stories.

number one, tesla. s&p says the stock will be added to the s&p 500 all at once on december 21. it had considered whether to add the company in two stages because of tesla's massive market cap, but the index maker said it weighed feedback and felt like they could handle taking it in one bite. and exon mobile will slash capital spending to the lowest level in 15 years. it has struggled from years of overspending and bad bets and deal for xto energy in 2010. and moderna shares continuing to soar this morning after jumping 20% yesterday. the company says that it has applied with the fda for emergency use authorization for its covid vaccine. of course yesterday morning, moderna said full results from the study show the shot is 94.1% effective with no serious safety

concerns he moderna up another 13% right now. all right. still on deck here, working 9:00 to 5:00, i won't sing it, but just a four day week the company rolling out its bold new workweek plans ask yourself, would you like to do that? today's big number $361 billion that was the total market value of all bitcoin in circulation on monday according to coin geico over $19,800 yesterday after suffering a selloff last week.

if you thought it was true, it is. apparently everybody is just sitting at home and buying stuff online in between work adobe says that consumers spent between $10.8 billion and 11.4 build online yesterday joining us now is adobe vice president of customer insights john copeland. we know the numbers are up what were some of the more surprising takeaways from yesterday? >> well, first, thanks for having me on our market leading adobe

analytics tool kit looking across all of the visits it retail sites found a number of really interesting trends. i'd say first and foremost, the power of the smartphone. it is the leading type of device as people are visiting and browsing retail websites accounting for fully over 60% of visits to retail websites. and almost 40% of purchases. so it is clear consumers have gotten a lot more comfortable shopping from their phones >> and it is almost like i feel like we need to stop talking about online versus offline shopping at this point really it just is shopping in general. i don't want to give away too much of what santa will bring, but what were some of the hot items? >> yesterday, because it was yesterday now, some of the top toys that we saw being sold are like v tech toy, hover boards, the new gaming platforms that playstation and xbox have out,

and the games, the new games that go along with those, call of duty, spiderman morales game. if you can get them, should y yd grab them. but also lego sets, other sets are seeing success >> when you scroll through, more and more ads are popping up. and do these work? you guys know. does anybody actually click on an ad on instagram and then end up carrying through the transaction? >> yeah, you know, every year social media gets a little bit more powerful in terms of the traffic that it is driving to retail websites. and over the thanksgiving weekend actually through cyber monday, social media has driven one out of ten visits to

retailer websites. so that is a pretty substantial increase 17% greater than last year so retailers are definitely figuring out how to leverage all of the digital channels. social media, email, paid search, they are getting a lot smarter with all of those. >> are smaller retailers able to compete at all here, or is it literally we'll end up with five stores in america and that's it? >> well, you know, small retailers as well as the very big ones you are pointing out have actually benefitted quite a bit over thanksgiving to super sunday large retailers, and we think about those as a billion dollars or more each year, have seen a 329% increase in sales compared to an average day in october but the smaller retailers between $10 million to $50 million a year are also seeing a pretty increase. we tracked 304% growth year over

year for the smaller retailers so far >> let's hope the smaller players can certainly participate. maybe through shopify and others john, appreciate you coming on have a great day still ahead, what has arguably been the number one stock story of the year? getting a bit of a reality check this morning why webbush says zoom better hold 400 or else and delay, delay, delay. helima croft on opec's next move ahead of the big meeting when they couldn't get a deal done yesterday. dow futures up 354 (vo) verizon 5g is here. with the coverage of 5g nationwide. and, in more and more cities, the unprecedented performance of ultra wideband. this is the 5g america's been waiting for. only from verizon.

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stock futures are soaring right now, and they are looking to build on november's records oppenheimer will lay out what the final month of 2020 may bring for you. congress facing mounting calls to get a deal done to provide unemployed americans with some form of relief details on the new proposal taking shape and opec getting calls on talks of a record production in cuts will they get a deal country today? it is tuesday, december 1, and this is "worldwide exchange."

welcome back and welcome to december, folks. the final month of 2020. we've gotten in far, we can make it to the end. thank you very much for joining us i'm brian sullivan it looks like december is coming in how november went out and that is strong here is how your investments look right now dow futures up 350, nasdaq up 103. of course all the major averages coming off an incredible month of outperformance in november despite a mostly lower session yesterday. but who cares. the dow in november up nearly 12%. seeing its best monthly gain since january of 1987. the s&p and nasdaq both up around 11%, their best month since april. but the real star has been the small caps, the russell 2000 leading everybody up a whopping

18% in november for its best month since its creation and within the small cap space, check this out, four stocks in the s&p small cap 600 doubled just in november unbelievable here they are. number one, sm energy. a lot of short covering. still sm energy up 178%. these are november, folks. gannett up 141%, who says the media is dead. cooper standard up 136%, and the triumph 2k3wr50u7 group up 107%. wow. meantime another big story line that we're watching today has to do with oil and opec. the larger opec plus, russia and a bunch of other nations, will delay their talks until thursday amid a growing rift over whether or not to extend record pruks

cuts in proouks cuts into the n. it is confusing so here is where we stand number one, opec continues to debate more production cuts. their extension. right now they are cutting 7.7 million barrels a day. that cut deal set to expire by about 2 million barrels on december 31st. they are talking about extending that 7.7 for another three months the problem is, the not even is taking it the same way some opec member, i'm eyeballing you, united arab emirates, want increased output or compensation for what they view as overall lotting their share of the cuts and of course the opec plus meeting, basically russia and a bunch of other companies, they can bless the deal, that will happen on thursday it is expected that opec and russia will be able to reach some kind of a deal to extend the cuts by another three months

come january but there is a big market risk if they don't. yesterday the xle oil and gas etf fell nearly 5% and many big name stocks were down even more. opec's decision has a big impact on the american oil and gas industry and vice versa. as u.s. production surged to nearly 13 million barrels a day, opec was forced to reacts and cut its own production but as prices collapsed, u.s. production has tumbled with it.u its own production but as prices collapsed, u.s. production has tumbled with it which means opec has a little more flexibility but you if it cannot real a deep, prices could fall and stocks would likely go with it let's get more analysis from that lthat helima croft, the number one opec expert that is

not a member of opec itself. i look forward to getting back to the stale cookies in the opec basement jammed in with 250 other dole league colleagues so what should we take away from the no deal? it does appear that there is at least tension there. >> brian, drama opec is nothing new. we've had meetings run late, we've had delegations walk out, but we haven't had a multiday delay in the opec plus meeting so it shows that there are significant strains between countries like the uae, saudi arabia, you have countries like iraq who basically say look, our cuts are unfair, we're too cash strapped to have to make these deep can cuts and pay compensation, you have countries like kazakhstan saying let's just bring on the extra 2 million barrels. so there is a range of differences. that said, i don't think that anybody wants to have another

march 6 scenario where they can't reach an agreement and oil prices tank. that said, are they a little complacent with the vaccine news, some countries believe, you know what, oil will rise anyway, maybe we didn't have to sit down our barrels >> and the drama is very different which is why we have to and i'm sure we'll get back there, but it is a big difference when the iranian minister storms out of a building being yelled at by journalists and i guess now somebody switching off their zoom as a sign of protests >> yes i'm out. >> do you ultimately believe that they will get a deal done today in. >> i don't think that they will necessarily get it done today because we're not having a meeting with opec plus until thursday so we actually have multiday drama. they are not technically scheduled to meet today. they will have informal talks today. so we could be having a situation where we didn't know the outcome until thursday because russia really does have to weigh into make this agreement stick. the other thing to be watching is there were reports that his

royal highness threatened to resign as opec co-chair yesterday. so we had a lot of news stories coming out of that meeting >> i saw that. i thought it was one of the more surprising things that came out. almost like either -- i don't know if it was a sign of protest or cononciliation. how do you read that he would threaten to resign that co-chair >> i would read it as a sign of just how deep the tensions were yesterday. his royal highness has a policy, saudi arabia will cut more, but everybody has to pull their weight and so i think it is a sign of how tense the negotiations were. i do think again that we'll probably get an agreement on thursday but they are certainly making us the sweat it out >> but they have to have something done on paper to present to opec plus on thursday they will continue to talk today to try to get to that point. so hopefully we'll now a little

more today, correct? >> well, we've had multiple opec meetings where they couldn't get the agreement done when the ministers from opec were just meeting and then everything was solved at opec plus. you have actually had situations where alexander novak has had to broker from between opec nations. so it is not unusual to have everything solved at the final meeting of opec plus >> and let's not for get, novak is now deputy prime minister of power. >> and i think it shows the importance to vladimir putin of opec so that is why i don't think that the russians want to let it fall apart, i think they want to take credit for actually holding the group together >> helima, not quite the same not being there, but awesome analysis as always we'll see what they can get

done take care. thank you. >> thank you new developments this morning on capitol hill and push for extension on special pandemic unemployment benefits for some 12 million americans. it is an important story ylan mui is joining us now with the scoop. this is a big deal to a lot of families what can you tell us >> well, we got the first look at a new push by democrats to prevent unemployment benefits for millions of workers from expiring at the end of the year. senator mark warner of virginia and about 30 of his democratic colleagues are sending a letter today to the leadership of both parties calling for an extension of two critical programs, one of them provides an extra 13 weeks of unplimts bemployment benefith other one employs unemployment for those who don't normally qualify. and they cover an limited 12

million workers and their last payments is expected to do the day after christmas. the letter reads that we know it was the bipartisan intention of these emergency unemployment programs to provide all workers access to a safety net during this crisis. now, whether this could be an opening to restarting those stalled stimulus talks remains to be seen i do know that rn with aer is pa warner is part of a group of about a dozen senators that have been talking about measures that could pass along side a gechl government spending bill next week and i'm told it does include the jobless benefits as well as renewing the paycheck protection program but beyond the pandemic, democrats say that we need to revampg or vamp o revamp our unemployment system so that workers like uber drivers get covered.

and our social safety net needs to match the way our economy works now. >> and we have seen some fits and starts certainly with this issue over the last couple of months will this latest push from your reporting or maybe just your sense, your feel, lead to anything material? >> spydy sense means that there is one way to pass a bill. make it really big and so everybody can be happy with it, that strategy clearly did not work so now it seems that the strategy people are looking at is to make it really, really, really small and strip it done to the two or maybe three or four provisions that can get bipartisan support so it is not really a deal, it is just passing individual items. this is something that so many workers will be struggling with during the holiday season. and that could have a big impact on the economy going forward so this is one area where you

might be able to see some movement >> yeah, hospitality, travel and leisure, depression, not recession, just got to get to the spring and the vaccines and we will get there. but those families got to be made whole ylan mui, great reporting. thank you very much. coming up, honoring some of the brave frontline worker, how one company is giving a little thanks to those in the thick of the pandemic a feel good story, and we have it for you

welcome back it is time for your top trending stories on a tuesday, welcome december by the way. let's talk trending. a four day work week, football foregoing primetime for just prime, and honoring our frontline workers. seema mody is back with some of the toptrending stories. let's go, what have you got? >> one part of the nfl's post-christmas triple header won't be airing on tvs the december 26 match-up between the 49ers and cardinals will be available on amazon's prime video and twitch platforms the move is a part of amazon's recently expanded coverage agreement with the nfl giving streaming rights for thursday night football through 2022. as well as one additional exclusive late season game and also catching our attention, unilever testing a

four day work week the goods giant is trying out the concept with employees in new zealand with the potential to expand it worldwide the head of the new zealand arm says workers will be paid for a full five day working week and, no, that does not mean that they will be putting in 10 hours a day the four days they are working. starbucks is recognizing frontline workers, the company says that they will offer free tall coffees hot or iced to thank the health care community for its significant efforts amid the ongoing pandemic the gesture is available at participating starbucks stores hopefully other companies will follow their lead. these are individuals keeping our hospitals up and running as so many states deal with the second wave. >> and by the way, many of those folks working around the clock, so they probably need that caffeine boost and huge thanks to all of them i know this has been a tough year for so many people, but they are out there putting their own lives by the way at risk even with all the gear, it is

not 100% safe. so some feel good trending stories. we could never do the four day week, right? although i kind of sort of had a -- >> you did you got a big thing on your beat right now, opec. so we get it >> i'd rather be there, but fantastic, see you soon. thank you very much. on deck, shares of zoom falling despite what most would consider some pretty dog gone stellar results. the growth concerns that may hinder one of the hottest stocks dow futures up 350 these days, we want sophisticated but simple.

cutting edge made user friendly. in other words, we want a hybrid. and so do retailers. which is why they're going hybrid, with ibm. a hybrid cloud approach with watson ai helps manage supply chains while predicting demands with ease. from retail to healthcare, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm.

shares of zoom are off about 5% following third quarter results. these numbers along with 40s

quarter guidance topping most analysts' expectations but investors are focusing on moderating revenue growth as vaccine hopes move us closer to a return to normalcy or some sense thereof. despite that 3r50e mpre-market , shares of zoom made people a fortune this year, up 560% year it date. most people probably hadn't even heard of zoom a year ago joel, i mean it not knocking zoom i maybe passingly heard of it. and now not only does everybody know of zoom, everybody is probably on two to three zooms every day. but is this going to be a one year wonder? honestly, in a year, two years from now, are we going to be doing this what is the long term forecast >> yeah, it is kind of sad that we're on zoom multiple times a day, but it is where we're at. and zoom is not going away anytime soon it is a company that people will

look back on as being part of the revolution and shift towards just how people communicate. but ido think that there is going to be major focus the next six months, clearly the covid narrative has shifted to the vaccine from lockdowns, schools will be open, colleges campuses will continue to reopen. and i think uses in terms of when it comes to education and personal will decline and zoom will become more heavily reliant on kind of the enterprise side of things. so it will be interesting to see how that holds up. but the company crushed it, but they were a victim of their own success. revs were well short of expe expectations eps beat was only 32%, this is massive. but in the prior quarters, we saw 100% plus beats on the earnings front as well

so again, just couldn't meet the high hurdles and here we are and you look at the stock, it has been making lower highs going back to when it peaked in mid october and if it can't find support around 400 bucks or around the 100 day, i think that it is in for some pain in the near term. >> those numbers are so spectacular that any other company would trip ove themselves to have them. you wonder the growth that we just talked about was priced in by the smart money back in july and august probably if not sooner than that >> exactly and i think zoom right now, and we'll see how the stock acts today, but this will be a big problem i think for a lot of the names in the software cloud complex in 2021. we all know that cloud spending as been pulled forward by 2 to 3 year, now they will have to start to degrgrow into the valuations that the street has put a tag on so i think that is why people are looking for other pockets of the market specifically within

tech, what are potentially better opportunities i'd argue the next 20% i think you have a better chance of buying bitcoin or some of the ev plays or solar or semiconductor than zoom going 20% higher from here so i think that that will be the biggest challenge in 2021 for the winners of 2020, what will be the next catalyst to push it higher >> and is there any kind of a buyout bid in a zoom price, a protection, a bottom and i don't mean now because i don't know how many people will come in and buy zoom at these prices. we all see what is coming. no offense to zoom, i hope i never had another zoom or skype or microsoft teams meeting again. i want to do it in person. but at some point would the stock get cheap enough that microsoft might come a calling >> potentially i mean, potentially. people are kind of leaving slack to die not that long a go and

then here comes salesforce to scoop them up. but you never know, right? google mass a ton of cash, they could make a move if they want to beef up some of their offerings. i haven't heard zoom as a takeout candidate especially not now, trading at 47 times sale, but there is a price for everything so you never know. it is a revolution arary produc, they have become a noun and verb all in one incredible story probably need to see the stock come in a lot more before m and a becomes a reality or a talking point. >> yeah, listen, xerox was a hell of a story at one point, became a verb. and so they have entered our lex con as that type of a thing. certainly we're all zoomed out jom, thank joel, thank you and coming up, zoom's cfo

will have more on that company results i assume that she will be zooming into the squawk team, that is at 8:40 a.m. eastern time time for your morning rbi. we're getting really random and really down and dirty. literally. because while everybody loves to focus on the shiny new toys in the market, bitcoin, faang, tesla, zoom, quietly some traders are really digging the exact opposite lastly. big old things that come out of the ground hitting a new high right now, if you haven't been paying attention, copper and nickle also corn, it popped to a new high and getting even more random, cocoa, coffee, and even, yes, palm oil which goes in to 70% of all foods spiking lastly hot rolled steel, it has been red hotluhot. lum better than ober is up 30% h

so get ready to pay more for pretty much everything you buy, prices for almost everything will go up in the next few months maybe a lot. and, hey, while money may not grow on he trees, it apparently can be made from trees and rocks. and plants random but interesting all right. back now to the broader markets. more normal things like stocks, the dow coming off its best month since the late '80s and small caps best month since the russell 2000 was created all the way back in 1984 bitcoin within striking distance of 20 k after hitting an all-time high. joining us now, oppenheimer asset management chief investment strategiy john stol 16789. i was trying to show that there is asset inflation out there if not straight up inflation coming moisture do you watch other parts of the market as any kind of a tell for what the equity

markets may do >> when you look at the commodity prices, we think commodities are reflating. if you look at a chart that takes you back to 2007, 2008 as we entered the crisis, the crb index from the levels that it was at that point was about 19 different commodities, everything essentially from aluminum to zink including oil and gold, the whole bit. you will find that that is significantly off about 40% from its highs. but now you have reflation occurring when we were looking at the potential of a depression in march, being portrayed by some groups in the market. and now with the vaccines coming out, we have a real opportunity to see a recovery in the u.s.

and around the world and we think order books are filling up for commodities. of course there is always speculation that you have with it but once we are in the process of economic recovery, you will find that there is plenty of commodities as a result of what technology has done. and you will also find that inflation in terms of the ability of companies to raise prices with immunity, that is limited because of competition, labor is globalized and also faces robotics and algorithm so less likely to demand extremely higher wage, we think inflation is not the issue, but you have to consider reflation is what we're working with and that is a good environment for equities, but not a good environment for fixed income its. we don't think yields will rise

that much. >> i spoke with three port operators and they said volumes were soaring up 20%, 40% is there any area of the market though where -- help us make some hone before we say good-bye what looks like a good value still to you and your team >> we've got to think industrials and financials look attractive, but don't give up on the growth areas in technology, and we also think that consumer discretionary remains as something that you want to own because people got to shop >> and they will shop and this port story is pretty incredible, the commodities inflation story, i think that will be a story that may play out over the next few months always a pleasure to have you on, and welcome to december. >> right >> 42nd month of the rear. we made it look forward to seeing you again. it has been a red hot market, the stock market doesn't care if

it is december or november, dow futures look like the momentum, wind in the stock sails will continue today a lot of vaccine optimism and even stimulus hopes out there. we'll see you tomorrow squawk andheanarupex t gg e nt. [ whispering ] what's this? oh, are we kicking karly out? we live with at&t. it was a lapse in judgment. at&t, we called this house meeting because you advertise gig-speed internet, but we can't sign up for that here.

yeah, but i'm just like warming up to those speeds. you've lived here two years. the personal attacks aren't helping, karly. don't you have like a hot pilates class to get to or something? [ muffled scream ] stop living with at&t. xfinity can deliver gig to the most homes.

good morning and welcome to december hopefully the last month of 2020 futures are trading higher as investors look to continue last month's historic gains we got back all of yesterday's losses and then some a group of senators are making a pitch for a stimulus as

powell and mnuchin prepare to testify before congress. this happening today and tesla is in the driver's seat, the carmaker will be added to the s&p 500 in a single step later this month as i said, which is december, which presumably is the last month hopefully of 2020. "squawk box" begins right now. ♪ ♪ you know you're the mastermind, run, run, rudolph, round out ♪ good morning, everybody. welcome to "squawk box." never too early for christmas music. here we go, december 1, i'm becky quick along with joe kernen and andrew ross sorkin. we're ready to go and hope you are too because check it out, futures are sharply higher dow futures indicated up by about 370 points these are moves that just began an hour and ten minutes ago. you can also see the s&p 500 up

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