but in december. dow is now up .47% to be exact and despite some big down days the nasdaq in december is a bit lower. it's a crazy week for crude oil as well with as many swings and oil is higher right now and oil is higher by about 3% so --

talking more about oil coming up in the first hour of "squawk box. around the world things are getting warmed up in europe let's see how they are rounding out their week they've also had a crazy week. julianna tatelbaum is standing by in our london news room with the early trade. how does it look >> good morning. it certainly has been a wild ride in europe as well similar swings to what you've seen in the u.s. this morning we have green across the board but fairly contained so european equities are moving higher no massive moves in either directions and the gains are fairly broad based this comes after a down day yesterday so we've been sort of moving out of lock step with the u.s. with a little bit of a lag. the previous session we saw a really strong rebound, the stoxx 600 rallying about 1.7% this morning rebounding to a slightly lesser degree. breaking it down from a sector perspective, it is a mixed

picture at the top of the board you have oil and gas 1.3% higher moving in lock step with the price of oil, travel and leisure rebounding this morning up about .9% but that sector has been hit hard on the omicron concerns here in europe the big news yesterday new restrictions coming into place in germany and more restrictions potentially on the horizon. brian, back over to you. >> julianna tatelbaum in london, looks like a mixed score card there. thank you very much. to another developing story breaking overnight chinese ride hailing giant didi said it will delist from the new york city six months after going public but that is not the reason it is taking its stock and going home. eunice yoon joining us from

beijing with more. eunice >> reporter: thanks, brian didi said it's moving its listing to hong kong the company didn't cite any reason for the change but chinese regulators expressed their concern it could be a national security risk given the potential exposure to u.s. authorities and its treasure drove of data. didi said it will ensure its shares are convertible it will hold a shareholder meeting for a vote and immediately pursue a listing in hong kong. but what's unclear is whether didi with yoould be accepted by hong kong stock exchange, it has a reputation for being tight with its i.p.o. regulation in fact, there's a lot of speculation that one of the reasons why didi chose new york was because it wasn't able to meet those strict requirements in hong kong with permits as

well as other paperwork. the expectation at this point now, brian, is that didi is going to pursue a dual primary listing in hong kong within the next three months and that it would be de-listed by june of 2022 from new york >> that is a big deal there and certainly a big company. are you hearing or reading that there are other companies, china-based companies that could follow suit and do the same thing? >> reporter: absolutely. i have been hearing that a lot of the chinese companies here have been talking about how there has been so much more pressure now from chinese regulators because of the regulators' concerns of national security and then coupled with that, there's been a lot of discussion today about how the s.e.c. is tightening its own regulations to have greater american scrutiny of chinese

companies or foreign companies and potentially getting kicked off the exchanges in that way. so there's been a lot of discussion about that. you can see it reflected in the share prices of tech companies in hong kong jd, companies that have dual listings really were hit hard today and in addition to that, there's been plenty of concern that chinese companies are going to have a harder time raising money. >> eunice yoon live in beijing thank you very much. we'll see if other companies follow sort of the trade war on equities continues thanks to your other top story this friday as cases of the covid-19 omicron strain pop up in new york city and apparently have been here for a few weeks. silvana is here with that and more good morning. >> good morning. so new york state confirming at

least five cases of the new variant hours after cases were detected in minnesota and colorado the majority of the cases were detected inside new york city itself and surrounding boroughs. minnesota's case was found in a resident who recently returned from new york city google said it will no longer require employees to return to corporate offices on january 10th according to an internal email. the company said it will wait until the new year to assess when u.s. offices can safely reopen at full capacity. according to a new study out of the uk, six different covid-19 vaccines are found to be safe and effective when used as boosters the trial looked at the safety and efficacy of seven vaccines given after two initial doses of either the astrazeneca or pfizer vaccine. brian? >> and that covid-19 case, the

gentleman involved apparently had been here november 19th through the 21th if he brought it or got it here, that means the cases have been around maybe longer than the headlines may have suggested sil silvana, thank you >> you got it. >> we'll see you in a few minutes. when we come back, much more on your trading day ahead. plus elon musk breaking the $10 billion mark, but this one when it comes to his stock selling spree. and congress waiting until "the 11th hour" to avert yet another government shutdown to tell you what they agreed on when we return right after this.

small businesses like yours make gift-giving possible. now, comcast business has an exclusive gift for you. introducing the gift of savings sale. for a limited time, ask how to get a great deal for your business. and get up to a $500 prepaid card with select bundles when you switch to the network that can deliver gig speeds to the most businesses. or get started with internet and voice for $64.99 per month with a 2-year price guarantee. give your business the gift of savings today. comcast business. powering possibilities.

good morning, welcome or welcome back the senate late last night passing a bill to fund the american government through mid february, averting the risk of a shutdown the 69 to 28 vote funds d.c. through february 18th. it came just hours after the house passed the measure with the support of just one republican also happening, elon musk's stock selling spree stretching into a second month. new disclosures late yesterday showing the tesla ceo selling another 934,000 shares, valued just over $1 billion musk has now unloaded more than $10 billion in stock since his selling began on november 8th after polling his twitter

followers about whether or not he should sell 10% of his tesla stake. and buzz feed will raise roughly $16 million from a public funding monday after the spac it was merging with suffered a wave of withdraws in june they announced the plan to go public but since then the company has seen about 94% of its $287 million funding dry up as investors fled the deal ouch now let's get to the market and your money let's talk about what the bond market may be telling us last night on fast money scott miner told us that the bond market, which remember has a negative real yield may be suggesting the american economy goes into recession in the next few years. for more on whether the new year can usher in a new leg, let's bring in thomas graft.

welcome to the program i don't know if you caught that interview, if not, no worries, but scott miner saying the way we have negative real yields, he thinks the bond market is pricing in a recession in the next couple of years would you agree? >> i don't know that i would say the bond market is pricing in a recession. however, it is definitely true that real yields being negative indicate some pessimism in the bond market. i think that's more on point is the bond market thinks the economy can only handle a few rate hikes and after that happens, the fed will have to back off and that will keep real yields negative. >> i half-joked last night on the program, thomas, that jay powell has had more flip flops than a jersey shore beach shop he went from being dovish to super dovish to being fairly

hawkish, shortly after being confirmed. the bond market seems to be reflecting some of that change what do you make about the apparent big change of heart by the fed chair and where the bond market may be going? >> i think in powell's heart he wishes he could stay as accommodative as possible as long as possible but reality didn't cooperate i think certainly he thought inflation would have subsided a good bit by this time, instead it's accelerated at a certain point facts are fact and the central bank has to defend its price stability mandate. i don't know that he's changed his mind of what his preferences are or really that it has a lot to do with the confirmation. i think he has to react to the facts as they are. >> is there any reason to own treasuries at all right now when you're getting negative return on your money? >> i'm a bond guy, so i have to

answer a certain way look, i -- >> there's other -- thomas, there's other types of bonds, there's high yield bonds other bonds. many of which are yielding decent returns. >> we're really cautious on interest rates generally i actually don't -- i don't know that i agree with what the bond market is saying that the economy can only handle a few hikes. also we're not totally sure that inflation will subside all that much on its own. and even if it does subside or even if the economy can handle only a few interest rate hikes, they should stay where they are, so there's not a lot of upside to it. you're eluding to high yelield bonds, other places to be that can serve that anchor within a portfolio that don't have to be pure government bonds. >> so we like to call these

opportunity fridays here at "worldwide exchange. where are those areas? somebody out there that maybe wants to own fixed income for whatever reason. they're older, they want to maintain their money, not looking to grow it as much where should they be right now >> we mention one area we like, which is government backed mortgage bonds tend to out perform pretty well as interest rates rise there's less refinancing opportunities to you earn more interest on the mortgage that's a good spot to be if you want pure safety short duration high yields so high yield bonds inside of three years or so are also a good bet economy is in good shape, earnings are great maybe the growth won't be as strong as it was this year in 2022, but there's no real reason to think there's going to be stress in the credit market. so stay in that short range, that should perform pretty well. and we still like corporate

bonds broadly. but those spreads are really, really tight i think being in less cyclical things still makes a lot of sense. >> yeah. and if you believe that -- if you're out there and believe in watching that the world is going to have an omicron downturn or downturn generally and you want to preserve your capital, bonds can be a great place, government backed ponds, certain corporate bonds we are watching them thomas graff, thank you for coming on. >> thanks for having me. coming up, it is your weekly insider buys and another day another spac but this one is less than stellar results. firefighter maggie gronewald knows how to handle dry weather... ...and dry, cracked skin. new gold bond advanced healing ointment. restore healthy skin, with no sticky feeling. gold bond. champion your skin.

to our 300,000 employees at cvs health: thank you for demonstrating the power of purpose. through your work, your caring, your dedication to being wherever you're needed, becoming part of families, bringing more confidence to the comeback, and delivering the essentials to people's doors, you give over a hundred million people the chance to achieve a healthier life. thank you for bringing your heart to every moment of health. ♪♪

welcome back, time now for your big money movers. the three key stock stories of the morning. stock number one, grab, trying to regain lost ground after going public yesterday after a record breaking $4.5 billion spac shares lost more than 20% on the day after, opening at just 13 bucks. ouch grab backers include soft bank's vision fun, didi who we mentioned earlier and toyota stock number two is marvell technologies, surging in the

market marvell is a semiconductor company not the comic book company. that stock is soaring up 17% and ulta beauty is higher right now. the retailer crushing estimate coming in with earnings of $3.93 and my friends, that is more than a dollar above estimates. that stock up just over 5% let's step outside the world of money and business. get a check on some of this morning's other key headlines, including the latest on the scandal surrounding nfl players caught faking their vaccination status phillip mena is in new york with that and more. >> reporter: good morning, we'll get to that in a second. but first a disclosed document shows the u.s. justice department is investigating claims of sexual harassment by andrew cuomo he was facing investigations by several new york state district attorneys. the federal probe was disclosed

in a document that kathy hochul signed so the nfl is suspending antonio brown three games without pay for violating the league's covid-19 protocols as well as for what the nfl is calling misrepresenting the vaccination status this comes after the tampa bay times reported that a former personal chef alleged brown got a fake vaccination card before the start of the season. the nba announced los angeles lakers forward lebron james has cleared health and safety protocols after missing a game this week james tested negative eight times since returning a positive test that led him to missing tuesday's game in sacramento the league now says the test was a false positive and the initial sample returned inconclusive

results when tested. burger king is celebrating its 64th birthday and offering the whopper for the original price from 1957 at just 37 cents. today and tomorrow the promotion applies to members of the chain's reward program and can be ordered on the app. 37 cents, i don't think you can get an extra slice of cheese nowadays. >> you're basketball guy, our rockets aren't doing well. but did you see the memphis grizzlies between the oklahoma thunder by 73 points >> yeah. >> they won by 73. >> the grizzlies, too too. you think the 96 bulls with be the warriors from five or six years ago, no. it was the memphis grizzlies hovering around 500. that score i couldn't believe it i had to double check that was

real wow. >> it's like a bad high school game some team overwhelms the poor local team that doesn't have enough players 73 point victory in the nba. alternate headline, phillip mena dunking on the city of memphis they're on line one. >> i love you memphis. >> have a great day. >> you too. >> he loves you memphis. take care. as we head to break, a special programming note next week we are at the world petroleum congress, the biggest oil and gas conference in the world. first time the wpc has been in america in decades we have a great lineup we'll be speaking with the ceos of chevron, pioneer natural, baker hughes, bob dudley add diamondback to that list, mike summer it's going to be a big day monday and tuesday all day live

from houston check it out we're back right after this.

small businesses like yours make gift-giving possible. now, comcast business has an exclusive gift for you. introducing the gift of savings sale. for a limited time, ask how to get a great deal for your business. and get up to a $500 prepaid card with select bundles when you switch to the network that can deliver gig speeds to the most businesses. or get started with internet and voice for $64.99 per month with a 2-year price guarantee. give your business the gift of savings today.

comcast business. powering possibilities. - [vo] we are a nation that has overcome, a union that is no stranger to adversity, but we've always found strength when it was needed most. the strength to protect, to defend, to sustain, to heal, to teach, to unite. we are strong, over 300 million strong. and together we're at our best. join us for america's 250th anniversary in 2026. visit america250.org. it is jobs friday, expectations they're high. but are there enough workers to actually grow the american economy more futures are mixed ahead of it. no shutdown for now, the senate sealing a deal to keep d.c. operating but another deadline

looming large. defending beijing. why one massive chinese company is losing new york and more may follow it's friday, december 3rd and this is "worldwide exchange. welcome or welcome back, and good friday morning, everybody i am brian sullivan, thanks for joining us here. why don't we get to it and get a check on your money after a wild week for stocks. we're seeing futures calm down a little bit today not giving us a hint which way the market way go, .1% in the red. nasdaq may be more we'll see what happens all this after another big day for stocks saw the dow surge 600 points, ordinarily 2% for its best day since march yesterday's move capping off

what has been really a wild, we'll call it, five days for stocks going back to the last friday black friday massacre on wall street when the dow, on a half day of trading, thin volume, lost 900 points. but if you factor in 900 down friday, up a little bit monday, down big tuesday and wednesday yesterday up 600, just going back, well, the last couple of days, call it wednesday, thursday the dow is actually down over that period, but if you want to be optimistic. we're higher by about a half percent so far in december i know it's only december 3rd but i'm trying to be optimistic on a friday. we don't normally do the rbi on friday but if we did, i guess this could be it check this out, new data from bank of america this morning showing five of the biggest u.s. tech stocks accounted for 71% of the nearly 21% gains for american stocks so far this year you can probably guess the

names. and this goes back to this market structure idea we've talked about a lot over the years where there's only a few stocks with all the weighting. so investors better hope that trend continues and those stocks keep performing. we like to call them opportunity fridays here on "worldwide exchange." trying to bring you some new stock or investment ideas. here are some more for you courtesy of rbc capital markets which updated the u.s. small cap growth ideas list and popped on new names. we read the report so you don't have to. four new small caps, ready cerence. they see an attractive entry point for this beneficiary of vehicle connectivity kratos defense shift 4 payments they are a growing player in the payment space. and finally surgery partners

rbc likes their outpatient surgery model especially in a post covid world there you go four new small caps that rbc loves. we'll keep an eye on all of them for you. something else we're keeping our eye on is that more cases of the new omicron variant popping up in new york silvana is back with that and more >> new york state confirming at least five cases of the new variant just hours after cases were detected in minnesota and colorado the majority of cases were detected inside new york city itself and surrounding buroughs according to governor kathy hochul minnesota's case was found in a resident who recently returned from new york city google said it will no longer require employees to return to corporate offices on january 10th, that's according to an internal email seen by cnbc. they reel wait until the new year to see when offices can

reopen at full capacity. according to a new study out of the uk, six different covid-19 vaccines are found to be safe and effective when used as boosters. the peer reviewed phase two trial looked at the safety and efficacy of seven vaccines given after two doses of the astrazeneca or pfizer vaccine. brian, back to you so some potentially good news there. >> absolutely. >> we can use it silvana, thank you. >> you got it. let's turn back to the markets as we look to close out the week defined by whiplash let's keep things in perspective. the major averages still up strongly for the year. a hole headed into the last month of 2021. also the last trading month because december tends to be the last month of the year joining us is one of cnbc's top financial advisers and our friend michael farr. kind of got a little jolted by the music, michael good to have you on the program.

i think the market got a jolt. a new covid strain which apparently has been floating around new york. do you think that omicron is going to be the defining mover of the stock market as we get through the winter in the northeast? >> good morning, brian thank you for having me this morning. i was shockedby your observation that december tends to be the last month of the year i think that's important to keep in perspective. >> shocking. >> i like that it's shocking, yeah. look, yeah look, omicron is in the headlines. but i think we might be missing here how well the market is digesting new covid news sadly over the years, brian, we've seen events of terrorism around the world almost brushed off by markets as markets understand how to interpret this data, compute it markets are nothing more than pricing machines they are

dispassionate at what they do. and the new covid surges, so far as long as they stay in certain rails markets react and say the reopening stocks are going to trade off, hospitality industry they go down on a new surge. when we put it in perspective, they start to come back. we saw technology surge, the stay-at-home stocks. the market is adjusting to covid. i think that's a positive thing. when we begin to adjust then you begin to look at the market, what's going on with the economy? i think we'll have a strong jobs number this morning and i think you'll see the fed continue on its path to removing accommodation, and i think it's the right thing to do. basically i'm feeling fairly optimistic but i think there's volatilities with us. >> i don't know if you caught it we did it two days ago here on we wex, did it last night on fast money. i showed how when the delta

variant news hit may 7th, between the 7th and the 12th, the s&p 500 fell 4.8%. going into yesterday morning from when the omicron news hit, the s&p was down 4.8%. whether that is just some random, dumb number or the market playbook, either way, to your point, the market has kind of learned to deal with this, because there's probably going to be another one or a number of other strains after omicron. >> probably. right. i think that's right >> so as investors we have to get used to it, it stinks. it's terrible. we don't want to deal with it we want it to go away but as investors we're going to have to deal with this >> we're not going to fold up tent and just go away here the big point underlying all of this is how much money the consumer has the u.s. economy is based on the consumer, the consumer is flush with cash, spending money, over

$4.5 trillion sitting in money market funds right now these dips are being bought. earning season was good. this was not all on higher multiples. we're seeing earnings and fundamentals drive the prices. yes, the volatility is going to stay with us but i think the market continues to move higher over time >> we're up 14% i think since then great job by our team popping that graphic up. 14% since that intraday low on the delta news michael farr, terrific to have that wisdom and insight of yours, because calm is key and you are calm my friend, thank you. >> calm is key thank you. >> it really is. mike, one of our top 100 financial advisers out there join the firms of the top 100 list on december 8th for our own

financial adviser summit you can register to attend virtually at cnbcevents.com/fasummit. there's some of the guests time for your weekly exclusive insider buying segment where we highlight the top stocks bought the most by c-suite level execs. this is not stock buybacks, this is different these are people buying shares of their own companies with their own money. it is often seen as a bullish sign in fact, 15 of the stocks we highlighted in the past year are up 25% or more this year not bad. so let's go. your top five insider buys this week courtesy of insider score verity roup. the hanover group, $618,000 buy by the cfo you notice there's been a lot of insider buying in insurance and

re-insurance companies lately. stock four, air transport service group, a $998,000 buy by a president of a subsidiary. the largest ever insider buy at that company now we and the million dollar club stock three kyndryl holdings, this is the i.t. services firm spun off from ibm. multiple insiders buying 1.74 million of that stock oeg, oil and gas company, a board member buying 4.3 million. not a lot of insider buying here, so watch eog the most this week, establishment labs holdings. esta a huge $4.5 million buy at the costa rica based breast implant maker. it was done by one of its members of its board there you go the names, establishment labs

eog, kyndry, atsg. remember it's a segment you'll only see here on wex or cnbc pro, so sign up today. coming up, didi bending to dual pressure from d.c. and beijing, trying to take steps to satisfy both elon musk hitting the $10 billion mark when it comes to his stock sales. and with a government shutdown averted now in d.c., coulthre wk bed e alor just beginning? dow futures down about 100 points we're back after this.

growing up in a little red house, on the edge of a forest in norway, there were three things my family encouraged: kindness, honesty and hard work. over time, i've come to add a fourth: be curious. be curious about the world around us, and then go. go with an open heart, and you will find inspiration anew. viking. exploring the world in comfort.

welcome back let's get some of the money movers on the ride today didi says it will de-list from the new york city fewer than six months after going public. their shares have been under pressure since the i.p.o. in june, lost half their value the the company, along with other u.s.-listed chinese conglomerates have been under fire from beijing and u.s. lawmakers over international disclosures, and national security concerns. names to watch like ten cent and alibaba.

elon musk's stock selling spree continues into a second month. yesterday he sold shares valued at just over $1 billion on thursday the stocks began selling in november after polling twitter viewers whether he should sell 10% of the stake shares of docusign disaster this morning offering weaker than expected guidance the ceo said the pandemic era boom is wearing off. customers returning to what he called, quote, more normalized buying patterns. docusign stock is down big -- i can't see it but a lot of downgrades on docusign and ollie's bargain outlet getting hit hard. falling short of wall street estimates. meantime, the senate late last night passing a bill to fund the government through february, averting the risk of a

shutdown amid a bid by some republicans to delay the vote amid protests against vaccine mandates in that bill, one that may cause thousands of government workers, maybe even nurses, to quit. the deal funding the government came hours after the house passed the measure with the support of one republican. but the work may be just beginning as the federal government closes in on the borrowing limit. one treasury says we will reach in 12 days joining us is the director of policy research at bti, isaac good morning so much going on i try to read it all, i can't. you do you write a lot of it. where do we stand as of this morning, december 3rd? >> good morning. look, as of this morning, congress avoided a self-inflicted wound they passed a funding bill that will punt that deadline into mid

february and to tell you the truth, that might be the easiest of their tasks over the next few days we still have to deal with an annual defense bill, which they're hoping to finish by the end of the year. they still want to move forward on the president's build back better legislation and as you mentioned, we still have that pesky debt limit to deal with in the next few days so congress did its job, but it did the easiest part of the job and still a lot of work to do over the next few days >> what do you think is job number one, isaac? >> look, i think it's the debt ceiling. and, you know, by and large my message to clients has been don't worry about the debt ceiling. my view is that when lawmakers are quiet about the debt ceiling and we don't hear much saber rattling, that's generally good. that means there's some negotiations going on in the

background and it's been very clear thus far that senate minority leader, mitch mcconnell, does not want to play chicken with the debt limit this round so i'm not concerned about the debt limit i think that lawmakers will ultimately address it, most likely through either a suspension or a numerical increase to the limit. but they actually have to do it now, brian right. so it's a question of what mechanism they're going to use to move that debt limit higher the chatter at the moment is that they're going to try to use the annual defense bill, referred to as the ndaa, to lift it. >> yeah. >> but they've got to actually move forward because the clock is ticking >> yeah, i was actually going to bring that up next because, you know, we haven't talked a lot about defense, but it's a massive sector it's basically reinvented the real estate market around

washington d.c., the big defense companies are all headquartered there. do you think the massive defense bill does get done in its current form >> the simple answer is yes. we've had about 60 years straight where congress has been able to clear that annual defense bill, the ndaa i think they'll do it again. it may slip into next year by a few days, but that doesn't really matter. the core message for investors is clear another $770 billion or so that's going into different priorities under the defense umbrella and thankfully, i think that lawmakers are going to start a little bit earlier next year on this process to ensure that we don't have to deal with it around christmastime it's nice we have the midterm elections to pull forward the activity >> we're exactly -- i literally was going to bring up the defense bill you brought it up, i was going to bring up the midterms, you brought it up. we're so kiz met, isaac.

a wild stab in the dark, both parties might be eyeing next november isaac, thank you have a great day coming up the november jobs number, also politically important by the way, just a few hours away but here's an uncomfortable question how much does it matter for the markets right now. tom porcelli is here and with a different spin on what is always called the most important data release of the month if you haven't already, be sure to follow our podcast it's called -- you got it -- "worldwide exchange. dow futures down jt de10usunr 0. we'll be right back.

welcome back many ceos along with yourself clearly paying close attention

to today's job numbers here's what leaders told our correspondent susie welsh at this week's cnbc leadership exchange >> it is an opportunity to, you know, even if the labor force is shrinking to be more competitive. >> i think that every company has got to think about retention very seriously and the solutions no matter what they are aren't coming fast enough. >> people want to be in control of their future more than ever before because so much is changing around them at the moment we're overly engaged with our employees, whether it be through town halls, performance dialogues, virtually and in-person. >> welcome back. let's talk about that jobs picture and what investors want to see in today's report and maybe what they don't. joining us is tom porcelli, chief economist with rbc capital

markets. not to take anything away from our news or coverage, 8:30 with the drama, but does the jobs number matter right now? >> you know, look, i think it's a completely fair question any given month we want a broader sense or pulse of the labor backdrop, that's what this report provides, a broader sense. i think a micro way from the claims data you're roughly back to where you were pre-pandemic, which is saying a lot. again we're getting really close to that. but i think for me, with this jobs report i think it takes on a little less importance just given powell's pivot of late i think it's pretty clear they're shifting away from worry about the labor backdrop more towards inflation. i would suggest that next week's cpi report is more important than this report we're looking for 500,000 jobs looking for the payroll report to improve, that's all great

but it's more about inflation than it has been about labor now. >> yeah. right on i mean, if we get a number it's 500,000 a quote weaker than expected or 700000 i mean, a quote better than expected i don't think it matters what matters is how much these workers are being paid and how much that wage inflation, which is likely if not to be permanent, you don't give somebody a raise and then cut their pay. this could be permanent wage inflation in a good way. >> you're spot on. what we need to bear in mind is this it's the year of 22 progressives, i think some of the heat comes off the wage pressure we've seen of late but whatever that's worth because much of the benefit has been achieved wages are meaningful higher today than if you created a pre-pandemic baseline. if the pandemic never happened,

you're wildly above what wages would have been today had the pandemic not happened. so i do think some of the heat will come off and i recognize the labor market is tight. keep in mind alls we're doing in a lot of ways is going back to where we were prepandemic. which is to say some of the tightest labor markets we've seen in a generation and that kept a pressure of under tone in place. we do think that, much as we saw right before the pandemic, it will feed into that sort of putting a floor underneath inflation. we said this many times. as '22 progresses, inflation is going to slow down i think that's a fore gone conclusion we're not going to remain at these lofty levels but you're putting a floor under the inflation above the fed's 2% target and that's an idea that people are going to start to embrace. >> inflation hasn't run this hot

since '92 when mortgages cost 10%. shocking the jobs number comes in hot, cold, we move on is omicron what you're watching tom? in that jobs number is hospi hospitality. if people get nervous -- i don't think there will be lockdowns, i don't think the public will stand for it, but if people get nervous, leisure and hospitality can be the first to go. >> certainly that will show up in less hiring even with delta we still saw for the most part, persistent hiring in the leisure and hospitality space i think the heat can come out of that. where omicron will really show up is in the distribution of spending right. so, you know, the thing that really punctuated the onset of the pandemic is people loading up on goods, spending. even asdell a was emerging we saw a shift. we thought we'd see a shift to

services spending but we didn't. we saw load up on goods spending it's the interesting pull from services to goods services that will be interesting to watch with omicron. >> wage inflation. seeing travel stocks down about 1% tom, we always appreciate you getting up for us early on "worldwide exchange. thanks, have a great day. >> appreciate it you too. >> that jobs number coming out at 8:30 eastern time full coverage on squawk. next week i'll be in houston most of the week with big interviews catch us there we'll leave you, though, with futures down about 100 points have a great weekend squawk is next

it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

good morning, and welcome to friday yes! no no welcome to jobs friday

i'm sorry. welcome to jobs friday stocks are relatively muted after yesterday's 600 point rebound for the dow. we'll show you what's moving and the omicron variant has arrived in new york. the state confirming five cases in the nyc area. one in manhattan as well we'll bring you the latest, but there's probably more than five. plus shares of docusign plunging more than 30% after forecasting a rapid slow down in growth. it's friday, did i say that, december 3, 2021 and "squawk box" begins right now. good morning, welcome to "squawk box. this is cnbc i'm becky quick along with joe kern,