from pandora jewelry. this is called momentum. and there's no off-season. just work that builds on itself over and over and over again... becuase the only way is through. it is 5:00 a.m. at cnbc and here is your top five at five. here we go again stock futures down big over 500 points we could wipe out all and more of the gains from yesterday. this as the ceo of moderna and some new comments overnight casts doubt on how well the current vaccines will work against the latest strain of covid. also worried fed chair jay powell as he prepares to testify in front of congress today alongside janet yellen oil also hit back below 70 but does this all but guarantee

opec stops adding to the market. and ceos speaking out about the supply chain president biden vows to do more, but is there anything anybody can do it is tuesday, november 30th, and this is "worldwide exchange." good morning, good afternoon or good evening and welcome from wherever in the world you might be watching i'm brian sullivan thank you for joining us on what will be another very busy day on wall street. let's get to it on this final trading day of november. stock futures are down sharply across the board we're seeing dow futures off just about 500 points. nasdaq futures off about .6% if you want to find a silver lining at all, we are actually a little bit above session lows. you can see we hit those right around 1:00 a.m. eastern time this morning

it is being attributed by some traders to what appear to be new comments from moderna's ceo to the financial times saying that he is worried about a, quote, material drop in his vaccine's effectiveness against the new covid strain ber 245 coops will have more on that in a moment it could be options activity or other technical factors also, either way the markets are nervous again. the ten year yield continuing to be below 1.5%, oil getting knocked more than 2% oil traded here just over $68 a barrel we'll get more on oil and what opec may now do on thursday. not looking hot for crypto, bitcoin in particular as well. the cryptos, again, we had the everything rally we talked about it, everything had come up at the same time, it appears that when the selling

hits, it's kind of the sell everything rally as well although i will say that ethereum is actually just up -- we'll call it flat but up a couple of ticks. and the gold and silver, which have been a safe haven trade, people get nervous, tend to buy gold and silver, we are seeing that too gold is up just under $14 an ounce. sell the risk assets, buy bonds and buy gold this morning here that's here. let's check around the world, in europe as well a lot of red arrows there, too let's get the trades, the headlines, julianna tatelbaum is in our london news room with that good morning >> good morning. european equities have been tracking basically what you've seen in u.s. futures as you just outlined currently we bounced off the lows of the morning but we have broad based selling taking place. red across the board from both a regional and sector perspective. this follows a rebound yesterday with european equities staging a

pretty solid recovery after friday's steep cselloff. the moderna ceo comments getting a lot of attention here. a lot of analysts saying he didn't say a whole lot new, yet the comments seem to be spooking investors. spanish equity down about 1.8% this is the sectors this morning, red across the board. leading losses, oil and gas down about 2.7%, along with the pullback in oil prices travel and leisure down about 2.6% on the other side of the board we have health care, media and utilities proving the most resilient parts of the market. the names getting more traction as investors sell the cyclical reopening stocks brian, back to you. >> you know, i'll come back to you quickly here, because again the interview in the financial times, he did sound maybe a

little more alarmed than he was in the interview on cnbc yesterday. i read the article and he's not saying we're in big trouble, he's saying people are worried we have an inflation number coming out of the eu which is about 5%, german inflation record high going back 30-some years. there's concern about monetary supply it is not just about this new covid variant, it appears. >> brian, absolutely i think as i said, there wasn't a huge amount new, yes, he sounded a little bit more down beat than perhaps what he said yesterday in the cnbc interview, but certainly the other factors are front of mind here in europe what we heard from various authorities they are stepping up measures to accelerate booster campaigns and the primary vaccine campaigns as well, perhaps that's why we're seeing the markets bounce off the lows

of the morning >> we'll see by the way, just a reminder to everybody, when the delta variant was named a variant of concern, the s&p fell just under 5% we're down about 3% from the first concerns about omicron, so we have to wait and see how that plays out. julianna tatelbaum, thank you very much. let's get more on the comments from moderna's ceo as well as a few other key headlines. be be bertha coombs is here with that. >> the ceo echoing comments he made on cnbc yesterday now predicting that existing vaccines will be less effective attacking omicron than earlier strains of covid-19 and he's warning it will take months before companies can manufacture new variant specific boosters at scale. speaking with the financial times he said, quote, there's no world, i think, where the effectiveness is the same level. we had the delta variant,

adding, quote, i think it's going to be a material drop in efficacy i just don't know how much because we need to wait for the data but all the scientists i've talked to are like, this is not going to be good the comments come just hours after fed chairman, jay powell, in prepared comments to senate lawmakers ahead of testimony today said that the recent uptick in covid cases poses a threat to the u.s. economy and muddle an already uncertain inflation outlook. on the booster front, meantime, the fda could reportedly authorize boosters from pfizer and biontech for use in 16 and 17-year-olds as soon as next week right now only those 18 years and older are eligible for boosters and this coming as the cdc is now upping its recommendation on booster shots. telling all adults they should, quote, should get boosters

adding the emer emergence of th omicron variant shows the importance of boosters and prevention efforts needed to protect against covid-19 earlier language said all adults may get boosters now they're emphasizing, brian, go ahead and do it. >> there we go we don't know if omicron is more ver lint thanks bertha, we'll see you in a few minutes. let's get back to the markets. looking like another tough day for stocks let's bring in the ceo of commerce street capital. dori, good to have you on. clear the markets are nervous, whether it's entirely on the new strain this morning or other things, i want to remind our audience the s&p 500 fell 4.5% from may 6th through may 10th when we had the similar headlines about the delta variant, we're up 10% since that time do you feel like the market is kind of redoing the playbook

from some of the other scares of this kind that we have had >> absolutely. it's fear driven at this point we don't know a lot about the omicron virus. we don't know, other than that it's spreading, it seems to be, out there. and about a dozen countries, and that it has mild symptoms. and so we seem to know less about it than we do delta at this point the market hates uncertainty it just doesn't know and it wants to get its hands around it and it can't i think that creates buying opportunities. >> yeah. and again morgan stanley said omicron will become the new delta. delta is basically covid at this point, or believe was, they believe omicron will become it and probably something after that you said buying opportunities, were you and your clients buyers on friday, yesterday, were you

buyers long-term on any weakness in this equity market? >> i think we're under -- there are several areas we're focussing. first of all, you know, the market's been extremely strong, expected earnings have changed on the street about 23% this year if you look at the s&p, that's about what it's grown this year. so the multiple's been high all year but it hasn't expanded. it has been fundamentally based. so when we get these dips like this on fear, it's a great time to buy energy. it's a great time to buy banks, which have been trading at a discount to the rest of the market, and it's a great time to buy consumer staples where you can get some really good deals >> you're a buyer of energy, even with oil prices falling, you think it's a long-term, a positive bet >> absolutely. we've got a supply problem here in the u.s with limitations on drilling and

fracking on federal land, this pushes a positive that those energy companies, someone like a pioneer, but you can still do well on a chevron. and oil is -- you know, no one knows for sure, but oil is probably going to go higher from here, that's the general consensus. you have opec looking at, you know, forcing pricing up as much as they can right now, so all the stars are kind of aligned for higher oil in the near future and we're very bullish on energy stocks. >> we're going to be talking a lot about energy, big oil conference in houston next week, couldn't be more timely. we'll be on the ground dory wily on the ground, adding calm to the market this morning. thank you very much. when we come back, much more on this morning's actions, stock futures down about 500 points. nasdaq off about.6%. plus why your next guest says a

worldwide vaccination push and not travel bans are the best weapon in fighting omicron and later on, the early results are in for monday's online shopping spree and maybe it wasn't as much of a spree as you might have thought a lot more to do oil down, crypto down, we're back rig aerhihtft ts. ♪ (man) still asleep. (woman vo) so, where to next? (vo) reflect on the past, celebrate the future. season's greetings from audi.

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market alert because it could be another tough day for stocks, not looking quite as bad friday as it did at this hour but we are seeing stock futures down fairly sizably, futures off about 1.3% nasdaq holding up better that index down about .5% it is being attributed by some traders to comments by the ceo of moderna overnight suggesting he is more worried than previously thought about the efficacy of the moderna vaccine on this new omicron variant as well as you can see, we are seeing the energy complex get hit hard as well. many of the oil stocks are down, price of oil down more than 2% this is not helping moderna as well shares of moderna are down just about 3% on that news. although i will note that pfizer's shares are indeed higher more on the markets and your

money in moments the top other corporate stories, here's a bit of a shocker, i guess online sales growth was flat year over year for yesterday what is typically the busiest online shopping day of the year, going back to the age when computers were a new thing according to adobe as of 9:00 p.m. last night consumers spent $7.1 billion online, that number expected to grow between 10.4 and 11.1 billion once the final tally is in. that may be because so many people got back out to physical stores this year and just didn't sit online like last year. it has been a rough few months for pure play ecommerce names like stitch fix, posh mark, chewy, they're all down. look at those numbers, not pretty and walmart ceo's is praising the government for trying to

ease supply chain bottlenecks, highlighting decisions around extending port hours is having a positive impact on the flow of goods inland he's seen an improvement through the flow increase. although world port says the number of ships offshore is not smaller they're pushing further offshores instead. and glencore is asked to spin off the coal business they could realize more value if it separates that business from the others as we showed you, oil is back down again here and globally this morning. it is on concerns about global growth over supply hitting at the same time as the release of the strategy petroleum reserve crude oil down 2.5% here and in

europe all this, by the way, occurring just two days before opec plus meets on thursday. could this downturn in prices along with the release of the emergency reserves, give opec the ability under its deal, the ability to pause let's talk about it with the chief opec correspondent for energy intelligence and somebody -- one of the few people that come on i have said i can see at every single opec meeting back, of course, aimeena when we did those things you had a piece out saying there's a decent chance that opec and russia and his highness will take a pause. >> brian, thanks for having me on the show. now it's really unclear what the final degs decision is going to be you know how tricky the meetings

get. for the time being the statements that we've been seeing from novack and his highness is that they are not concerned about the virus mutation they've kind of down played those concerns however, there are factors, issues in the markets to be addressed. you mentioned the sbr release, the huge drop we saw on friday, and including an internal report that we had a look at at energy intelligence, which came from the secretary and will be presented at the jtc, which includes concerns over a faster than usual buildup in stocks by 2022 so all of these issues, brian, i would suspect are going to be discussed thoroughly by the group. but however the final decision, it's really difficult to say at the moment >> yeah, and they're looking -- they look about a year out and according to your article, they're looking at potentially a million barrels a day of excess supply on the market globally by

the tail end of next year. opec is not worried about tomorrow or next week. they're worried about, you know, the next six to 12 months and when they look out, apparently, according to you and some others, amena, they don't like what they see. >> absolutely they don't like what they see. we know the prince likes to take a cautious approach and pre-ep pre-emmive approach to markets the drop on friday, this is a reason we're seeing the technical meetings get delayed because they want to observe the market more. they want to understand, is there a structural problem in this market that needs to be addressed by a policy change or is it just a one-off case and they could just continue with the increments one note on the increments, brian.

the increments of 400,000 barrels a day, we all know and we've seen various secondary sources indicate not the full 400,000 is being delivered to the market it's under that because a lot of opec countries can't meet their kquotas p so in any case, it's been short of 400,000. >> good point. the reality is because some countries have let their facilities idle they do not have the ability to hit the 400,000 a day. amena, i will see you virtually on thursday on the opec call thank you for your incite, we appreciate it. >> thank you. as we head to break, let's get a check on the macro markets once again and some of the players inside of this market. dow futures off nearly 500 points again, concerns about some of the new covid variant, omicron coming out checking airline action as

well we are seeing the airline stocks down 2.5 to 1% so not a big hit to the airlines like we saw last friday when they were down 7 to 10%. cruise lines got hit harder last friday they are in the red but they are not down again as much as they were on friday oil down 2%. markets off 500 and dow futures. we are back. grab another cup of coffee, wex returns right after this our clients come to us with complicated situations that occur in their lives. for them it's the biggest milestone, the biggest accomplishment, the sale of a business, or an important event for their family. for them, it's the first and only time. we have seen this literally thousands of times, in thousands of iterations. ♪ ♪

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welcome or welcome back, everybody. and good tuesday morning, i guess. grab another cup of coffee it could be another wild day on wall street. we are seeing futures down on the dow, 500 points. that's about 1.5%. the nasdaq, it is holding up better as technology has lately. futures off just about .6% it is on concerns about the new strain, omicron. kind of shades of may when the delta strain news hit and the s&p 500 fell about 4% before rebounding we're down about 2% from our highs coming into today. we'll get more on this and show you charts in the rbi. in the meantime let's check the other top headlines outside of the world of money and business alone. for that phillip mena in new york good morning. >> good morning. a federal judge has blocked the biden administration from enforcing a vaccine mandate on

thousands of health care workers in ten states. the ruling said the regulations from the centers for medicare and medicaid services were issued improperly. the court also said the agency did not have the authority to issue its vaccine mandate without congressional approval the temporary ruling applies to the ten states that sued over the mandate. bill cosby's prosecutors have filed a petition with the u.s. supreme court to reinstate sexual assault charges filed against him. the actor was released from prison in june when the conviction was overturned in the pennsylvania supreme court, due to a prosecutor saying he would not prosecute due to lack of evidence when kevin steele wrote the overturning of cosby's conviction will have far reaching negative consequences cosby's spokesperson called

steele obsessed with the actor and the football coaching continues to spin, lsu is tapping notre dame's brian kelly to fill their head coaching position next year kelly is the winningest head coach in fighting history, and will take over an lsu program whose last three head coaches all won national titles. the athletic reports that kelly told his notre dame team that he would meet with them in the morning. this comes one day after oklahoma head coach, lincoln riley filled usc's coaching vacancy. big names hopping programs, brian. back to you. >> yeah, still waiting for my name, my team, virginia tech to get a new coach as well. apparently there will be some availabilities phillip mena, thank you very much. >> all right on deck, the latest in the new developments around covid and what your next guest says may be the best way to combat this latest variant of concern, maybe also a little good news

from his state of georgia as well not a lot of good news in the equity markets, dow off 500 and oil down as well we are back after this

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we are seeing a market selloff again today, not quite to the level we saw on friday but we are seeing dow futures off about 505 points right now just off our session lows. nasdaq futures look to be holding up better, you can see fair value slightly in the green. dow futures down about 1.5%, again on global growth concerns all surrounding perhaps, according to traders anyway, some new concerns about this covid strain keep this in mind also it's easy to say here's why stocks are down or up you have inflation running hot uk inflation, eu inflation nearly 5%. you have the u.s. dollar being stronger we had these underlying options moves on friday, which accentuated the down slide, some of it got sorted out yesterday you'll see easy headlines saying it's this or that when the market is far more complicated

than just one headline as futures go down, bonds are getting bought we are seeing the ten year below 1.5, at 1.42% the european markets doing what our futures are doing, they are in the red across the board. crude oil is down 2.5% back just above $68 a barrel we have this opec meeting on thursday, just talked about it, will this slide, will the concerns, the release from our emergency reserves give opec the ability to pause its deal and not put 400,000 new barrels a day onto the market every month like it planned to do. we have to tune in on thursday and find out bitcoin down about 1,300 bucks, but ethereum is actually slightly higher right now. there's your markets let's get to this morning's top stories and developments including more around the covid-19 strain called omicron bertha coombs is here with that.

>> moderna's ceo is predicting that existing vaccine will be much less effective attacking omicron than earlier strains of covid-19 and he's warning it could take months before pharmaceutical companies could manufacture new variant specific boosters at scale. speaking with the financial times he said, quote, there is no world i think where the effectiveness is the same level we had with the delta variant. adding, i think it's going to be a material drop in efficacy, i just don't know how much because we need to wait for the data but all the scientists i've talked to are like this is not going to be good on cnbc yesterday he said he's also concerned about the speed at which omicron could become the new dominant strain worldwide. >> i think it was a big surprise to the scientific community. i don't think many people would have predicted such a big jump in evolution in one variant.

what we also know is that it's taking over delta in south africa very quickly, which took over beta. it seems to take a couple of weeks for this new variant to take over so that's something to keep in mind >> now, his comments come just hours after fed chair jay powell's prepared remarks were released in a statement to senate lawmakers ahead of his testimony today, he said the recent uptick in covid cases poses a threat to the u.s. economy and muddle an already uncertain inflation outlook. in the booster front the fda could reportedly authorize boosters from pfizer and biontech for use in 16 and 17-year-olds as soon as next week, according to "the wall street journal," right now only those 18 and older are

el-jonathan eligible for the boosters right now the cdc says people can get a booster but they're urging people to get a booster when available with the omicron we have a week or two before we have more concrete data about what really is going on with this strain >> it's going to take some time. and let's talk about it right now, bertha, thank you for more on the concerns around the new variant and the current covid that still exists in the united states, let's bring in dr. carlos del rio from emory university school of medicine doctor, thank you for joining us always value your insight here like delta back in may, there's so much we don't know. there's a lot of scary headlines. we hear words like variants, mutations, spike proteins. you're a doctor, i'm not, and i guarantee you, 99.9% of the audience watching is not from a doctor's perspective,

what do we need to do? what do we need to know? and maybe, does the media need to be a little more patient around this? >> brian, first of all, thank you and good morning i think there are a couple of things that are very important number one what you mentioned previously is delta is not gone. we still have a significant problem with delta in our country. a lot of transmission. we have no evidence yet of omicron being diagnosed in our country. it will be it will be here. but at this point rather than worry about omicron we need to worry about delta. we still have a lot to do. we need to get our covid vaccine if we haven't been vaccinated. if you have been vaccinated get your booster, continue to wear a mask in crowded indoor spaces and continue to do things we talked about the most important thing to remind people is this pandemic is not over. >> yeah. and an important point dr. del

rio, is it also important -- if not say sullivan you're wrong -- a lot of folks i talked to, they will not go on the screen, they said this is endemic, omicron is the latest strain, there will be another one after that and another one after that they do find some hope, the more mutations mean it might be weakening, more transmissible but less severe, less worrisome in its outcomes, what do you think will happen? how long will this go on >> without a doubt, you know, covid is here for a long time. we're not going to be over any time soon and i think a lot of places are going to seie covid transition to a disease, we are going to see new strains emerge, new variants emerge. as the ceo of moderna said this is an unusual strain, a quick evolution, but it has a lot of

mutations. we have a lot to be learned on this omicron strain. but what i hear from colleagues in south africa, yes, it's transmissible, causing a lot of cases, slight increase in hospitalizations already but i hear in many of the people getting infected, the disease is not as severe and many are already vaccinated individuals so i think the most important thing is if you're vaccinated, you may not prevent infection but probably with the vaccines not being as effective with this strain you probably still prevent severe disease and hospitalization. >> this is such an important point that you are making. again, i'm trying to learn from you and many other experts on the air and off the air as well. we hear things like more mutations in the headlines or on tv, that sounds scary, doctor. we hear things like variant, these are scary words nowadays but does more mutations

necessarily mean more dangerous? >> well, we don't know some of the mutations that this virus has do increase transmission, do decrease, you know, the efficacy of antibody treatments, the efficacy of vaccines but we don't know if the virus, by having all these mutations is in effect compromising its effect to do other things. so it may be it's more transmissible but less severe. we don't know. what i think we need is patience to let the science tell us what's going on. people are looking at this the good news is as information is evolving we're learning it, communicating constantly with scientists around the world and learning quickly what's happening in south africa, europe and other places that will help us inform what we need to do. here in the u.s. it's clear, we have to get people vaccinated, boosted, we have to continue wearing masks and i want to emphasize the importance of testing. rapid testing is very good at

identifying this variant and using testing more effectively is a good way to prevent transmission in settings, including for example in family gatherings. >> exactly do the test doctor, leave us with good news. i know seasonality is a dirty word, you had a terrible spike in georgia a couple monthsago. the data i'm seeing the cases and hospitalizations appear to be way down. correct? >> yes we're doing okay in georgia right now. seeing a nice reprieve from this infection and we're hoping to continue it this way >> good news, leaving us with a little bit here with so many unknowns dr. carlos del rio, thank you, sir. have a good day. cases across the south are way off, 90% in come cases as well spiking in the northeast and upper midwest. dow futures are doing the opposite, they're down about 500 points oil is down.

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you can see a lot of red on the screen, if you want to find a silver lining, dow futures off the lows just a bit but still up more than 400. a quick check on your stories outside of the omicron variant a federal trade miscommission ws information from walmart, amazon and others to see how they're dealing with the supply chain crisis they also asked proctor and gamble, tyson food and craft and kroger for information they want to find out what the companies are doing to fix the problems and how they allocate product among stores when products are scarce. and elon musk taking to twitter, musk writing, oh man this year has been such a supply

chain nightmare and it's not over he added quote we'll provide an updated product road map on the next earnings call he had previously said he would stop speaking on tesla's quarterly conference calls an fda advisory panel is set to meet today to review merck's experimental covid pill. the agency will decide whether to grant emergency use authorization ahead of that meeting. fda scientists said their review found several potential risks with the treatment in use around unborn children but remember some antiviral oral treatments appear to be on the way. let's turn now to the american consumer. shoppers apparently not in the mood to spend all day online in front of a computer screen, clicking on deals on monday. early figures show that flat sales along with retailers hoping that west coast shoppers

would swing in late to save the day may not have happened. courtney, it's not all bad it means maybe people got out into, you know, the mall and small business and not just on the computer >> absolutely, that is true, brian. from some of the numbers we saw this weekend, store traffic was strong but you mentioned the peak hours 7:00 p.m. to 11:00 p.m. pacific time the data doesn't show those hours. so as of 9:00 p.m. eastern or 6:00 p.m. pacific cyber monday, online sales were $7.1 billion that's flat compared to last year, according to adobe analytics. the firm expects the final tally to be between 10.4 and 11.1 billion marking the biggest online shopping day of the year, although depending on the final total it may not be higher than

last year. this does come after a 1% drop in online sales year over year on black friday and flat growth on thanksgiving day online remember, though, this is compared to 2020 when the pandemic, pre-vaccine, really poured an accelerate of sorts in online sales and kept many shoppers at home plus early shopping this year, likely played some role. many retailers reported stronger than expected sales ahead of the holiday season and adobe estimates more than $99 billion was spent online that's up more than 13.5% from last year. staying on par with those levels from last year isn't that troublesome. but yes, it is disappointing from the expectations we had seen from the expected 5% growth from the shopping holidays discounts have been smaller, averaging about 12% off instead of 27% last year plus consumers, frankly, have

shown the willingness to pay the fueler prices. adobe said out of stock messaging is up 258% compared to 2019 rackute reported spending through its platform was 20% higher than last year. with department stores, health and beauty among the top trending categories. these are early figures. we'll see if the west coast pulled through but there's different ways to look at the results. it may not be all that bad when you think of how strange of a year last year was as the comparison year. >> you know how much i love the day that we will not call something er monday -- cyber monday you know i can't stand it it goes back to the age when no one had a computer at home, i have to go to the office and secretly shop online kind of like black friday, you wonder with covid and everything else going on, are these huge

two days, are they going to change permanently what's your retail radar telling you, courtney? >> yeah. i think it already has started to change, brian i think black friday, with each subsequent year does get a little bit smaller when it comes to traffic in the stores the last two years are a little hard to play with, because they ended up reclosing the retailers on thanksgiving so that pulled back traffic back into black friday but i do think even though it is still the biggest day of the year, black friday, for in-store shopping it's smaller than it used to be and cyber monday we don't need to go to work to use the high speed internet to shop, we can do it from our phones in our puockets to do it any day. it just allows retailers to put a sign post in to mark these big days >> just nice, get back to the

stores small businesses, so much of which in the northeast got closed last year, seeing old friends and faces perhaps going what's that donut place in centerville, ohio? >> bill's donuts. >> bill's. bill's donuts. going there and seeing your son-in-law. >> mom and dad drove us this thanksgiving this. >> got good folks. that's high quality ohio stuff right there. >> i know. it sure is. as we head to break, a programming note join cnbc's pro talks with cathy wood. she shares her best ideas for 2022 that's tomorrow at 10:00 a.m. eastern time at cnbc.com/pro we've done a few of these events they're worth your time, sign up, scribe these are long interviews. very cool. dow futures off the lows, still down more than 400

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today's rbi has to do with, what else, the markets and your money and the global attention on the latest variant known as omicron. that is how it's pronounced it's omicron it's not omniron or anything else. it is injecting incertainty in the markets and has world leaders tripping over themselves to do more to stop the spread. despite the uncertainty, wall street is not convinced that omicron is going to be a major story in a few months. deutsch bank put out a flat survey yesterday asking thousands of clients around the world with regard to the new variant by the end of the year do you think this will be either largely forgotten about, still an issue but only moderate importance or the biggest topic

in financial markets the responses, 60% said still an issue but only moderate importance 30% saying it would largely be forgotten about. doubt that only 10% of people responding thought it would be the biggest issue out there. maybe because they're optimistic due to history on their side the world health organization labeled delta a variant of concern may 7th. the market quickly turned down, falling just under 5% on the s&p 500 in just a few days while all the headlines got sorted out once they did, markets bounced back with the s&p 500 at least coming into this morning up about 10% since then could this become worse than delta? of course, it could. there is a ton that we don't know and excess mutations, words like variant, mutations are making

people nervous but we have come a long ways from the early days of the virus and we're in a better position to respond to the continuing developments in the fight against covid. but the market is saying, this may not be that big of a deal by the end of the year. that's the market. we shall see random but interesting let's dive further into this and the trading day taking shape. joining us once again is indicate battis. it's good to have you on, kate a lot of red on the screen, a lot we don't know, a lot of guesses out there. how do we keep calm and market on, i guess? >> well, brian, i'm not that concerned about the red. the backdrop you have to remember is, we have had a very strong year. before this, the market was due to be up 25% so i think the market is using this omicron to take a pause and say, let's just hold on a second in the meantime, brian, there

are lots of bargains out there that's what i'd be focused on. >> yeah. and the macro markets are one thing. like we said earlier in the show and i tweeted out, there's many things at play, omicron will get the headline, there's options activity, it's the end of the month, options rollover as well. there may be other things headed into the market. one thing we love about having you on is you always bring new ideas. you're not afraid to take a flyer on some beaten up names and roku has gotten rocked lately and not in a good way >> i'm buying roku it's down 50%. 50%. hard to believe. people are concerned about they thought -- they viewed roku really as a pandemic play, tv sets are up, the price of tv sets is up 40% year on year.

they're also concerned about supply chain roku does have equipment, the supply chain issues. they're also concerned about advertisers. the bottom line, roku has 50 million users the company is trading at 10 times revenue. it's here to stay, streaming is here to stay, i'm a buyer of roku, brian. >> we love having you here to stay we know you got up early for us. so many headlines with the market we have to get going. i want to talk about another pick we'll have you on soon, bumble, don't give it away -- i just did kate, we'll have you on soon >> thank you. >> that does it for us on "worldwide exchange. dollar is on the move, bonds on the move we'll get the squawk gang picking up coverage next we'll see you tomorrow here on

"worldwide exchange. have a great day where's mom? she said she would be home in time for the show. don't worry sweetie, she promised she'd be here for it. oh! nice shot! thanks! glad we have xfinity. with wifi speeds faster than a gig. me too. [claps] woah! look! [chuckles] mom is on tv! she's amazing! [screams and laughter] yeah! xfinity brought us together after all. get started with xfinity internet and ask about wifi speed fast than a gig. click, call or visit a store today.

good morning, so much for the rebound, stock futures plunging after the moderna ceo reiterated the same omicron concerns that he told us about yesterday. this time i guess maybe it was in print i don't know we put it in print too crude prices and oil stocks are falling as are yields. travel stocks are down

stay-at-home stocks, though, as you might imagine are rallying plus the twitter transition. how the stock reacted to news that jack dorsey is stepping down and brian kelly is leaving notre dame, that's weird it's tuesday, november 30th, 2021, "squawk box" begins right now. good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. as joe mentioned we are watching the markets under pressure once again this morning saw a little bit of respite with the dow up about 236 points. the s&p was up by about 60 points which is 1.3% nasdaq up by almost 300 points,