good morning, it's 5:00 a.m. at cnbc and here's your top five at 5:00. buckle up, the market's volatile week rolls on after yesterday's omicron led u-turn, futures are higher this morning. breaking news on the covid front as the biden administration announces new steps to try and clamp down on cases. and shutdown stalemate, congress appearing at an impasse over a potential deal to keep

the government open with the clock ticking for a deadline. and what's in a name square announcing a rebrand. and seeking relief at the grocery store. what it will take to bring food prices down as they hover near ten-year highs it's thursday, december 2nd, you're watching "worldwide exchange" on cnbc. good thursday morning, everyone i'm kayla tausche in for brian sullivan this morning. we start with breaking news. the white house with new steps to fight covid this winter as officials confirm the first omicron case in the u.s. a nine point plan to keep covid in check these new plans include stricter travel requirements, expanded

testing and booster programs and a focus on keeping schools open. first on travel, beginning early next week. international travelers will be required to test negative within one day of departure, that's a change from three days no testing or quarantining on arrival will be mandated at this point. but the mask for transit and public transport will be extended until march 18th. the white house is also requiring private insurers to reimburse for at home tests under the c.a.r.e.s. act we're told the reimbursements will not be retroactive. they're looking at getting more shots in arms of five to 11-year-olds and opening new clinics.

and instructing pharmacies to schedule shots as family units it's unclear how these efforts will move in needle with delta hospitalizations still high and omicron seen as inevitable the white house won't hesitate to adopt them if they implement well also stands to be seen whether any of the new measures will run into legal challenges as some of the private sector groups see what they can implement when it comes down to it let's turn to the money and how the global markets are setting up the day stock futures pointing to a higher open after a volatile last few days. this after the market made a 180 on wednesday on word of the first omicron case here in the u.s. the dow shedding 1.2% after climbing earlier in the day. a similar story for the s&p and nasdaq, each gave back nearly 2%

to close, down by 1.2% and 1.8% respectively some of the biggest losers of course you can imagine this, travel stocks. mounting a comeback along with the broader markets this morning. domestic airlines up around 1 to 2% in the premarket. we'll see if that holds throughout the day, especially as we get more news for the new travel restrictions or requirements for travelers coming into the united states. seeing a similar story for cruise stocks, royal caribbean up 3.5%, carnival upnearly 4% as we're looking at new optimism or perhaps a settling in of the expectations that omicron is here in the u.s. but perhaps has milder symptoms. and hotel lagging a bit, but still in positive territory. you can see hyatt up close to 1%, marion up 1.2% let's go worldwide now, julianna tatelbaum is in our london news

room with a look at the early trade in europe. what are you seeing? >> reporter: kayla good morning. you talked about the day of two halves yesterday, european markets closed up shop before the selloff on wall street so the stoxx closed up 1.67% the german market rallied about 2.5% so this morning red across the board. a catch up trade after the selloff we saw in the u.s. late yesterday. red across the board we have bounced off the lows of the morning so a little bit of positive sentiment has been building over the last couple of hours. the losses are broad based we have every sector trading lower with the exception of oil and gas which is now flat. on the down side technology underperforming down about 2.8%. you have the chip makers selling off most heavily i want to highlight two stocks this morning

the drug regulator approved a new covid-19 antibody treatment. the medicine will be used for people with mild to moderate symptoms who are at risk of developing severe disease, the u.s. fda authorized emergency use of this treatment back in may. we have shared trading lower also royal dutch shell, they've launched a buy back strategy a total of 7 billion is expected to be returned to shareholders with more details around the remaining proceeds expecting to be announced early next year kayla, back to you. >> thank you so much interesting to see u.s. stocks bucking the losses we are seeing in europe. interesting to see if that holds throughout the day let's stick with the market now. which look, at least early on, that they may be in a recovery

mode today speaking with sarah eisen yesterday, arc invest ceo cathie wood s says benchmark stocks and sectors may be at high levels. >> we are not in a bubble. we are not in a bubble our strategies would be flying if we were i think we have not begun rewarding innovation for what's about to happen. the two best performing sectors this year, energy, i'm a little off here, roughly 50%, financial services up roughly 35%. two best performing sectors. we think those two sectors probably are going -- are most in harm's way. energy is another one. anything associated with the traditional transportation sector, and that includes rails. we think will be in harm's way >> let's get some reaction now

to cathie woods' comments with este duec, good morning to you >> good morning. >> so first, let's start in the near term and what you are seeing in the markets today. i think there were some parti participants who were surprised to see the market, perhaps not expecting an omicron case in the u.s. even despite the biden administration and many public health officials saying it was anything but inevitable. how do you think this plays out over the course of the next week and the next month >> at the moment it feels like a bit of a lose-lose scenario from the market's perspective if you have omicron and it spreads a lot, you have risks on growth and if you don't have or symptoms are milder and it doesn't have an impact on growth you have a fed that could be tightening more aggressively i think we're going to sort of

play that out over the coming days i do think that growth momentum is strong, is going to stay strong, into 2022, that we're going to see this -- any effect you have from omicron this month pushed -- with growth pushed back into 2022 the first quarter. we've seen companies and consumers really adapt to every new variant that's arrived so markets need to digest this a little bit we need more information about omicron and how it reacts with vaccines and how it is with severe illnesses but once the market processes that we'll be moving higher again. >> we've seen in some of the early data from europe, that the head of europe's cdc equivalent said that the majority, if not all of the cases of omicron that have popped up there, have seen mild or no symptoms whatsoever is that an early positive

indicator in your view that perhaps this is a much more mild version of the virus and it could lead to more heard immunity globally? >> absolutely. it's one way of looking at it within i think the sample size right now is still a little bit small to make that kind of assessment i think as it spreads we're going to have more data and a better idea of how it reacts it does seem that the initial indications are with your two or three doses of a vaccine, severe illness should be avoided. so yes, we're moving closer towards herd immunity. at somepoint i think we're moving from a pandemic to an endemic situation. this is going to be with us for quite some time. we've learned to live with it better, fight it better. but, of course, if it is a milder version then that can only be seen as a positive >> how do you see this impacting

inflation? we're just getting to the point where some of the supply chain log jams are beginning to ease, the factories are back online and the process seems to be getting smoother but do you expect factoriries to shutdown again and labor shortages again? >> i think that's one of the risks mainly because china is sticking with its zero covid policy and if omicron is more transmissible and it does spread into china somehow, when you could have renewed delays in terms of production and shipping coming out of china. so we have to keep an eye on the asia story and china in particular otherwise, i think anecdotally speaking we're -- steel is becoming more accessible, semiconductors are becoming more accessible, the prices paid and

backlog are moving downwards which is encouraging opinion it is going to take months for this to improve but it does seem like we're on the right track >> we appreciate your views this morning. thank you. when we come back on "worldwide exchange," some of your morning's top stories including a new warning from apple over one of its most popular products plus diving into energy's recent rough patch. whether the sector has room to run and where the opportunity may be and the collapse of enron 20 years later. looking back and laying out the key taaws.keay very busy hour still ahead when "worldwide exchange" returns

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welcome back to "worldwide exchange." let's get a check on some of your top stories outside the omicron variant. a bill to prevent a government shutdown facing opposition from

a group of senate republicans ahead of tomorrow's midnight deadline to get a deal in place. the lawmakers are threatening to delay action on the plan unless it bans enforcement of the biden administration's vaccine and testing mandate for large employers. mitch mcconnell telling reporters i think we're going to be okay when it comes to reaching a deal. also, apple is reportedly warning suppliers over demand for the i phone 13 demand as weakened they said apple throwing support behind temporary waivers for some trump era tariffs on key products. the company filing eight public comments on the matter, which could lead to exclusions on tariffs of apple watches and mack pro components. and chevron said they'll

increase to $15 billion as major energy companies see a jump in profits from higher oil and gas prices chevron announcing an increase in the share buyback from 3 to $5 billion per year, up from the 2 to $3 billion range set in july still on deck your big money movers, including shares of one data analytics software company taking off on quarterly results. >> announcer: today's big number $15.5 billion. that's how much banks earn from overdraft fees in 2019, according to the cfbp. three banks raked in 44% of the total.

and welcome back to "worldwide exchange. thank you kayla for filling in for a bit. time for your big money movers, stock one is square, soon to be known as block the company led by jack dorsey is changing its name to block, saying it describes the businesses better than the current name it also aligns with dorsey's interest in cryptocurrencies an the block chain.

the next is snow flake issuing a bullish sales outlook for the quarter. stock three, five below, the shares are rallying after better than expected third quarter results. sales rising 15%, despite challenging supply chain snags they're not the only one it's been a rough week for the energy sector as with the rest over omicron variant energy is among the sectors trading below the 50 day moving average, but take one step back, it's still the best performing sector this year, up 42% as oil and gas prices have risen even with the recent volatility let's bring in janine way. analyst at barkley's thank you for being here. >> thanks for having barkley's, frank. a lot of volatility due to omicron, oil not the only sector seeing that volatility prices up 2% right now

is this the time for consumers to jump in or are you concerned about the demand with the variant? >> that's a good question. overall we remain constructive although like you just said, prices are likely to be more volatile in the near term than we thought given the omicron variant. but our companies are equipped to handle the volatility in the market. >> oil prices have spiked over the last year. i have a look at regular unled, go to the pump it's about 50% higher are we reaching peak oil is this where demand reaches peak or is there more demand out there pushing prices higher. >> it's up in the air given where the omicron variant is it's early, we're still assessing the data we don't think we're at peak oil right now. but i think between seeing how omicron variant is going to play

out and seeing what happens with the opec plus meeting that's going to determine where supply and demand is going forward. in terms of demand, we're really focused on civil aviation. that is the key driver to increasing oil demand growth next year. and governments, they've been quick to enact travel restrictions internationally and so we'll have to see kind of how that turns out but oil strategists, depending on how the omicron variant plays out, he could see 500,000 barrels a day to 4 million barrels a day disruption >> we don't know which way the variant discussion or trends are going to go, but do you have any picks that you would select either way, whether omicron continues to hurt demand or impacts demand or if demand continues to go up or even if we reach the benchmark of $100 a barrel oil >> either way we're going to see

volatility in the near term. but we still think that medium term oil demand fundamentals are in tact. because of that we favor the large cap over the integrateds over this time we favor the large cap because they have lower break evens, somewhere around the 30 to $40 range, which can stand down side to oil price in the near term. and so if you look at the large cap emps, we think now is the time, a great buying opportunity, in order to look at phillips and pioneer natural resources, both high quality companies, also a good opportunity to add to the higher names such as devon energy and marathon oil that are also higher quality. >> i have to ask you again, i'm going to press you on this one, you dipped around it, could we get to $100 a barrel oil, is that something we could see in

2021 or at least the first quarter of 2022? >> our forecast doesn't call for $100 oil but there's a lot going on in the near term. we have strong fundamentals supporting oil demand outside of this new omicron variant creeping up and we're just going to have to see but we think that demand is going to recover eventually. we don't think it will be $100 right now but we have to see what happens with opec and the new omicron variant. >> we'll have to see the flight restrictions and potential flight restrictions coming in the future could hurt that demand thank you for your time. still ahead, another wild day taking shape for stocks with tech taking it on the chin whether it's time to dive back into the sector and if you haven't already, follow our podcast, "worldwide exchange," check us out on apple, spotify and the other podcast psap and "worldwide exchange" will be right back

another action packed day taking shape in the markets, futures pointing to a rebound. we see the dow looking like it could open up as much as 200 points higher following yesterday's selloff. the biden administration announcing new steps to try to slow the spread of covid as the u.s. faces its first case of omicron. paying at the grocery store, where relief may come for your wallet it is thursday, december 2nd, you're watching "worldwide

exchange" right here on cnbc good morning, i'm frank holland in for brian sullivan this morning thanks for join ing us, here's how your money and investments looks right now. stock futures in the green, the dow could pop as much as 250 points, the s&p opening about a half a percent higher after the market made a total 180 on wednesday on word of the first omicron case here in the u.s the dow shedding 1.3% after climbing 1.5% earlier in the session. similar for the s&p and nasdaq which gave back gains of 2%. big selloff. sticking to stocks and drilling into tech. you see here, check out the action on the nasdaq since friday of last week, that's when we found out about the variant, down 2% friday, up nearly 2%

monday, and down every day since tuesday. names we talk about all the time getting hit hard check out meta platforms twitter, changes in management and things like that pay pal down 41% tesla off from its high. that's not stopping investors from buying further into elon musk's ethos. >> they have created barriers to entry that are higher than even we understood as we're learning more about their battery technology, the artificial intelligence chip. how they're using data and understanding corner cases like no other company can, as they moved -- as it moves towards it autonomous strategy. >> let's get much more on this

bringing in joe calina good morning >> good morning. thanks for having me >> we'll talk about cathie wood in a minute but let's talk about the broader tech sector. it's been hit by the omicron variant. earlier this year was hit by rising 10 year yields. where are you at on tech what's working, what's not working in tech? >> it's an interesting back half of the year to say the least one thing that jumps out is the choppiness within the group. it's either been names like alphabet and microsoft and apple providing the massive leadership in terms of large caps semis have been on fire. under the hood, it's like the grim reaper has been knocking on doors one by one slowly. started with the spacs, came around to the unprofitable tech and made its way to the payment space. the cloud is the last shoe to

drop hence you had a long list of names trading down 10% >> you mentioned the names but i want to pivot to the payment and fin tech when the pandemic started wefrp all going to get rid of our cash, use our cards and our fin tech apps. why are these payment apps being hurt i thought the digital spending was supposed to be sticky. why aren't they seeing the narratives they're only going to see the revenue grow and engagement grow? >> if you look at visa, master card, these are the legacy names in the payment fin tech space. one issue, fundamentals have been underwhelming w, lackluster quarters and down sided guidance, when they last reported but negatively impacted by the choppy recovery. it depends where you're located geo graphically, as we know now

with omicron rearing its head, another kind of roadblock and hiccup for the group in terms of things returning to normal that can is being pushed out. so still somewhat of a lack of corporate travel return to anything what it was a couple of years ago. and i think from -- in a world where factor rotation is more pronounced, they're not growth, not value, so they have no identity and investors have shown no appetite for those type of stocks and hence they're all just crashing towards 52-week lows yesterday >> difficult time for that space. we're saying that payments and fin tech aren't working, the s s.a.s. space, software and service sector, being hit as well what's working where would you put your money >> unfortunately -- not unfortunately but it's like the simple names have been outperforming. alphabet still my number one

pick, up 69% year-to-date. for three reasons. they're benefitting greatly from recovery in the search business and that fuels revenues there. youtube remains the crown jewel of the entire business as well and their renewed focus on cloud. so they're still a distant three behind azure and aws but i wouldn't be surprised to see a splash in cloud. so alphabet is still my horse, microsoft is number two, and then you guys have touched on it, apple down 2% with negative iphone demand chatter. >> something everybody is watching, you and i spoke on the phone yesterday. you brought the heat about this, the arc -- the arkk behind the nasdaq this year, what's your take on the etf and cathie w

wood's investment strategy >> that's the great mystery. obviously she's leveraged to unprofitable tech. she was a lever to the covid winners whether it's tell doc or zoom i don't know that many people who thought coming to 20 21 as we return to normalization and reopen that these stocks were going to continue to work to the degree they did in 2020. and the thought process is a mystery. adding to the twitter, continues to average down in charts, which is just telling us that there's something -- there's something going on in these stories and the charts are telling she has nailed it, tesla you have to give her credit on tesla. that's obviously a 10% in her flagship etf if you strip that out, performance down 50% probably versus the benchmark, which is

astounding when you're bringing the long book. >> thank you for being here. >> thank you. let's turn to the latest developments around the omicron variant. silvana is here now. >> good morning. let's start with the steps by the biden administration out earlier this hour to try to contain covid headed into the winter months, that includes stricter travel requirements and next week, international travelers will be required to test negative within one day of departure. a senior administration official said no protocol for testing or quarantine upon arrival will be mandated at this point, but the mask mandate is extended until march 18th the administration is also expanding testing and booster programs and focussing on getting more vaccines into kids to help keep schools open. the white house's plan comes as the u.s. faces the first case of the omicron variant. the cdc said the patient is a traveller who returned to

california from south africa late last month. the patient is in isolation and contact tracing is under way state leaders are assuring residents they're prepared for the variant. and japan is reversing course with its plan to not allow foreign citizens within the country. they have withdrawn the request for airlines to stop taking reservations for inbound flights this month they faced criticism the plan went too far back to you. thank you. turning to food prices they've been climbing this year. the latest data showing since the start of 2021, inflation due to food prices increased 3.3%. there have been supply chain trouble at stores and higher prices for consumers and a number of factors could be behind the surge, including covid shortages and the just in time economy -- using air quotes

you can't see -- joining us now is veronica from the american farm bureau federation thank you for joining us is there one key reason we're seeing higher food prices? is it we're all stocking up? is it supply chain what's the cause >> no. like a lot of issues in the economy right now, it's multifacetted. the thing unique about agriculture that makes it more challenging than other areas of the economy is that we have such a long lead time because of the nature of our business it takes months and months and years to grow the food that you end up seeing in the grocery stores so the supply chain disruptions have an impact for longer than maybe consumers might expect >> so let me ask you about just our food supply in general according to your data, all food inflation has gone up 3.3% year-to-date, our average is

2.4% this is incredible food inflation. is this good for farmers it's not good for consumers. when i go that bill is a lot more than it used to be. >> unfortunately, the share of the -- the price that you pay at the grocery store, the consumer, only about 7.6% of that is attributable to farm costs so unfortunately farmers are not geting rich in this situation. the other cost is transportation, warehousing, retail, all of those elements being immatpacted by the disrupn to the supply chain. so certainly the disruptions felt throughout the economy. making it more difficult, of course, to unravel the problems that we're seeing today. >> obviously you can't see the future, but omicron is weighing on the minds of a lot of people. a lot of people are thinking

about stocking up, a lot of supermarkets are shifting what they put in stores, whether it be toilet paper, we mentioned that just in time inventory is going away in favor of just in case inventory do you see more inflation for food in the future >> one thing i'll mention, yes, agriculture has a long lead time but we're a good industry. farmers have continued to farm, to go about their business so the supply chain disruptions really aren't on the food production side. so no -- we have no concerns about the actual availability of food sometimes it might just be a little bit of a longer lead time >> may have just lost veronica from the farm bureau great data, appreciate her being

here a shuffle in the board room for disney a and a look at your other top stories. stay with us

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welcome back now for some of this morning's other top headlines, beginning with disney, naming board member susan arnold as the incoming chairman of the board replacing bob igor facebook asking the ftc to dismiss an anti-trust lawsuit. facebook arguing that the ftc has no plausible factual support for its claim that the company has pushed up prices in the social network market. also pushing for the chair to be recused from the entire matter we work will restate financials for the spac. so or the of 2020 and 2021 after spienfinding it used the account. management concluded there was a, quote, material weakness in internal control over financial reporting. shares of we work dropping on that news.

the company said the material weakness existed at the spac sponsor and does not carry over to we work 20 years ago today, december 2, 2001, enron filed for the bankruptcy it was the largest ever to that point. it threw nows of people out of work and destroyed retirement savings and it changed the way all of us looked at big corporations scott cohen is back in houston this morning good morning, what have we learned in the past 20 years could we ever see enron happen again? >> reporter: yes the short answer, frank, is it can happen again or something like it. even though, yes, we have learned a lot of lessons as we stand in front of what used to be enron headquarters in houston. here in houston there are a lot of believers still in enron's

business model we talked to them over the past couple weeks, pretty much all of them say it was a great place to work, but they concede the company made some fundamental and obviously fatal mistakes chief among them pursuing growth at all costs there was a lot going on in the business in the 1990s, a lot of achieving growth at all costs. but enron took it to extremes. there was a decision to not pursue the top credit rating but obviously more borrowing power would have helped the company 20 years ago enron also focused on deals, insiders say often at the expense of the fundamentals. that can look good from the outside until it doesn't or as was the case at enron until ju juries find those deals were criminal and don't take the lesson take a

backseat there was a desire to follow the rules but former prosecutors say it didn't go far enough and that left room to cheat. >> what's changed is, there's now a huge infrastructure that's designed to stop that before it becomes a big problem. so a lot of companies have large compliance functions that are empowered and report, for example, to the board or to the ceo. and that wasn't the case before. >> reporter: in the wake of enron, congress passed the law that mandates things like auditor independence and company officers signing off on financial statements and there's compliance in there as well that can be maddening for companies, but the biggest lesson of enron is no matter how stable you think your business is, that's what they thought here at enron. >> important point there you covered the collapse of

enron in real time what were some of your takeaways from from such a huge landmark business event >> reporter: this is one of those stories that stays with you, because we all have this cari caricature image of what enron was, a house of cards that just collapsed. but there was a ton ofbrain power here, this is the company that invented modern day energy trading. they were doing video on demand and streaming video years before there was anything called netflix or zoom for that matter. all of those things that they were doing and as i said, there was, if you talked to enron insiders a desire to follow the rules, it was a serious business but it's a lesson on how things can come apart when you don't pay attention to important details. and a lot of people that i still talk to these days would like to have a lot of things back to do again.

>> i imagine especially in today's climate with governance, one of the big issues with enron. scott, thank you. another roller coaster trading day taking shape keith lerner is going to lay out how you should navigate the volatility if you haven't already, if you missed "worldwide exchange," check us out on apple, spotify or other podcast apps. "worldwide exchange" will be right back

and a live look at rockefeller center right now, the tree lit up last night, not lit just yet, a couple of minutes away from there, it's going to be a beautiful sight. great tourist traction, it'll be interesting to see how omicron impacts it i bet we'll see it. we have to get back to the markets and what's another action packed day on wall street futures right now in the green

dow looking like it could pop as much as 300 points, s&p up .75%. and the nasdaq up almost .5% yesterday the averages did a u-turn on word of the first u.s. omicron case, closing with sizable losses for more let's bring in keith lerner from truist advisory services thank you for being here. >> good to be here. >> you're seeing choppiness ahead, let's talk about what it means, how long it's going to last, and i know you're bullish on small caps. we've seen downturns on the russell 2000 where does the choppiness end >> on friday we saw a volatility shock because there's uncertainty around the new variant, it's going to remain

uncertain, that creates a headline driven market with a lot of back and forth. but i will say, we are encouraged by what we're seeing the last couple of days. markets are all about where things come in relative to expectations and we are now moving to more of an oversold market and investor expectations have been reset we saw the aaii retail sentiment gauge showing the highest amount of bearishness in about a year when we tie that together with the vicks spike we saw on friday, where the markets had been up 18 out of 19 times when we've seen volatilities spike up more than 40%. as you look forward 6 to 12 months we should still have a constructive view of the market. >> you're saying you have a 6 to 12 outlook being constructive but choppiness, end of year, into the first quarter, where do we see that playing out? >> i think it's the next few weeks but still a decent chance

we'll see santa claus this year because we reset the expectations so much, the market is set up for positive surprises. if you think about before the variant hit, the market had climbed almost in a v-shaped recovery of about 9% since early october. we saw the average allocation by newsletters to the market at 70% or 73% recommending an equity allocation, that's down to 18% so choppy near term, headline driven but ultimately we think that we'll get through this. listen, frank, think about the last two years of this market. we've gotten through this pandemic, and even though we've had the delta variant, other concerns, profits are at all-time highs markets are at all-time highs and consumers have adjusted. i think we should still have optimism in the market. >> you know what else is all-time high, inflation you're looking at different areas to get a hedge on inflation, one area is rits, you

see it as a combo of a tech and growth play and defensive play you have to explain that one. >> it's an interesting sector. it has the characteristics that you mentioned. it has the defensive play that has an above average dividend yield. it has a reflags side of it with the real estate side, the commercial real estate a lot of read impacts have had towards the economy. so we think that's a good kind of balance play where you think you'll have this back and forth that will offer some stability in the market. >> interesting stuff there any other areas where you're looking at right now obviously so much change in the market, anything else that you're looking at that you think investors should keep their eye on in addition to rits >> since we have choppiness, a barbell approach makes sense but i think small caps, trading around a pe of about 14, which

is near a multiyear low is also attractive as we move past the other side of this variant, you know, to go ahead with that versus the more defensive plays. so that's an attractive play. >> one more question before we go let's get technical, don't always do it we'll do it this morning you have 4550 as the support level for the s&p, now below the 50 day moving average, what do the technical indicators say to you? >> on a short term basis that's a bit of a negative. but as we get to the old highs that's 10% upside, we have strong support around 4300 which is closer to the moving day average. and the amount of stocks below the 50 day moving average in the market is about 30%. historically over the last year that's been a good place to start legging back into the market because we're a bit oversold i think the risk/reward has improved doesn't mean we can't see more

downside but as we look through towards the end of this month this is an opportunity for investors to move in but expect the volatility to continue real term. >> thanks for playing hurt you have the torn meniscus. >> thanks, joe. >> that does it for us on "worldwide exchange. "squawk box" is next andrew, joe and becky all healthy. every day in business brings something new. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the most reliable network

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good morning, breaking in the last hour, and it's early, the biden administration announcing new measures to combat covid over the winter and it could affect your travel plans. details straight ahead we're learning more about the first confirmed case of the omicron variant in the united states a vaccinated traveler from california

vaccinated mean? three, two j&j? and major league team owners voting for a lockout after the kleb collective bargaining agreement expired. we'll tell you what's happening next major league basketeball, i get talk sports. great day. it's thursday, december 2, 2021, and "squawk box" begins right now. good morning, everybody. welcome to "squawk box" right here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. we're going to start with the markets this morning after yesterday's big selloff. it was something to watch. because the dow had been up by about 500 points, but towards the end of the session it dropped rapidly,