♪from now on♪ ♪our troubles will be miles away.♪ ♪and have yourself♪ ♪a merry little christmas♪ shop pandora jewelry and receive a free sterling silver bangle as our special gift to you. . here is your top five @5 after the recent omicron rough patch. the speaker of the house avoiding a shutdown. now the senator's turn to make it a reality call it evergrande 2.0 failing to make good on interest payments another supply shock for apple reports show details and one

credit card issuer making a big bet on crypto. you are watching cnbc. >> good morning wherever you are watching us in the world us. i am courtney reagan in for brian sullivan looks like we are in for a positive direction right now 61 points. s&p 500 higher by about 10 this morning's action does come on the heels of another solid day for wall street. s&p and nasdaq surging seeing their best days since march. in the driver's seat was tech. oil coming off a big day with a

more than 3% gain there. get a look at what's going on in the oil market now wti crude adding a little above $70 a barrel in crypto and bitcoin trading. let's see if we can hold above this key $50,000 level at least on coin base there. we'll talk more about that later on in the show let's check out what's happening overseas julianna tatelbaum is live in london good morning >> that's right. courtney it has been quite a morning. in germany, elected to become the next chancellor of germany ending a 16-year tenure by angela merkel. this morning, he'll be sworn in. a tremendous day in europe indeed

turning to the markets edging higher. tracking what you are seeing state side yesterday was a strong session the stoxx 600 gained nearly 2.5% you said you were seeing the strongest trade since march. the strongest day since november 2020 when that news came out from pfizer. that day the vaccine proved to be effective combatting the virus you've got utilities, health care on the down side with a pull back banks down and retailers down about 8% the overall market extending the rally. courtney >> we have a green day in

europe good morning congress is looking to increase that debt limit. around 9:35 p.m., the house did a proof the process to bypass the threshold to raise the debt ceiling. instead, they can do it with a simple majority vote they could consider increasing the limit by $2 trillion that could be enough to last through the midterms the senate needs to vote and does have the backing of the chamber's top republican >> so i believe we've reached a solution to the debt ceiling issue that is consistent with

republican views of raising the debt ceiling for this amount at this particular time and allows the democrats to own it which they are happy to do a new report out projected it would set off a stock market crash that would set off $19,000 from a typical 401 k. treasury yields spike 1.46%. adding to a spike of nearly $100,000 to the loan there is optimism congress will meet itsdeadline that's right.

this is unnecessarily complex. the only thing they are able to agree on is how they are able to raise the debt limit there are a lot of people in wash that say this is a sign the system is just flat out broken there is momentum that would create a path way that any support or passage of that bill is far off >> everything seems to be a heavy lift these days. >> to beijing now. another developer trying to make good on interest makers to

members. call it evergrande 2.5 w -- 2.0 >> this company is called kaisa. the company suspended its shares today no reason given. kaisa said in the past, it was going to be able to work out some off shore debt payments they are the second largest borrower evergrande missed an $82.5 million interest payment that was supposed to be made in a 30-day grace period which expired on monday. the company has not said

anything one tid bit saying it is hoping to push into ev's, the it health ministry has not yet a proved the ev models that further disbanded hopes for its future >> i know evs are hot and all. is the government taking any action with regards to evergrande because of all of this that is why investors are quite disheartened saying it is invited in local

authorities and state enterprises to work out some finances and officials have indicated that problems we have seen have been isolated. even today, the state media has pointed out that these problems are going to be able to be managed. the china security's journal said the needs are being met and maintaining stability in the market is critical >> a complicated story thank you for following that for us when we come back, much more on the everything rally and market rally not enough going right now at stitch fix shares tank down 24%

later, exclusive with the ceo of diamondback energy straight from the houston conference straight ahead when we return.

time now for your big money movers three stock stories. shares of pager duty pops. the company reporting more than

$72 million in sales also higher by 11% shares of dave&busters higher in the open also saying its business continues to recover from the pandemic low it seems nothing can help shares of stitch fix. shares unraveling. down 24% after the online personal shopper company issued four-year guide engs that didn't match investor expectations. coming up short. earnings and sales did come in above estimates shares down 65% this year. stocks look to build on momentum this morning, all three major averages are marching back

indicating they are open all off the highs. down 3% it is great to have you here tech may not have been the biggest gainer in total but yesterday, it certainly had a banner day it certainly did good morning it was really classic behind the dip moment back to where we met with omicron. the market has suggested the varied story we have to look at the business. when we start today, the state

in the positive tone, the news is incrementally positive. that will be the next big focus. >> what about the fed policy here do we still need to make considerations with potential volatility ahead but it is still about how fast and how long it

will take we dare to make some progress suggesting that news where we get it from here. we are going to have to normalize the policy we are actually in a different stage now. i think it also comes along with more tighter policy that improves today that's what we are dealing with. we may be coming slowly out of this pandemic. i hope that's the case we'll get an updated number on inflation. the inflation number is really key. if you look at the survey.

they are pointing to even higher transmission consumers have been really righ those will think about the big tech names in that environment some of those who have done historically well should mod rate next year we are dealing with this high inflation rate >> do you have any other suggestion for our audience

looking to put money to work >> it is really interesting how we rebound from the black friday low back to this record high the u.s. stands out to the rest of the world that opportunity will be we are not just leading with a reopening here or globally if omicron does advance, we'll get a shut down here in emerging markets. the value has come up this year. you want to look at that as well just outside of u.s. still on deck. d company extending its weeken by 12 whole hours and a new way to enjoy america's favorite cookie

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new shop >> oreo wants to become wine's favorite cookie. teaming up with barefoot to create a limited edition red wine available starting tomorrow and includes flavors of chocolate and cookies and cream. united arab emirates is cutting its workweek for government employees to being five days to four and a half. to be more in line with western schedules. the uae currently has a friday to saturday weekend. new york is facing a cream cheese shortage. that is part of a supply chain

problem. dai are dairy suppliers saying many or thes they've placed have come up short. there is a bagel store near me and they have really long lines and the best schmear >> we have to stock up i just want cream cheese for christmas if anyone wants any ideas. ahead, new details on the pfizer vaccine and its effectiveness on the variant

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markets looking to make it a three pete stocks look to build on this momentum making a key step forward after the house sends the plan forward. speaking of capitol hill, greing

calls for more regulation of the digital assets amid wild swings inprices we are half way through. indicating we'll have a higher open the nasdaq clearly higher and up by nine this morning's action comes on the heels of another strong day in the driver's seat was tech withmore than 3.5% gain.

the two-year at 0.69%. a key step towards raising those steps. >> lawmakers in the house passing a bill that would allow the senate to raise the debt ceiling with a simplemajority vote blocking efforts for weeks to take up any bill that would provide an increase to that bill minority member is confident he could have enough gop members. saying it could reach the limit on its ability to borrow to finance the obligations as soon as wednesday on the omicron front, scientists in south africa say the variant

significant reduces antibody's created by pfizer and biontech's vaccine. people who have recovered from getting sick may have more protection from the disease. six ce o's including the head of coin base will testify members will call on the ceo to be more accountable to customers and to stress the potentially transform tiff impact cryptos could have on the u.s. economy apparently, you can now gift crypto easily. you can gift someone a wallet,

if you know how to do that probably something most teenagers are looking for this 408 day. >> probably no supply chain shortage there you have been early all the way. at least you want your voice to be heard so long as they understand the rules is that the rules they want to get across

looking at this as more than technology the u.s. has always been a leader in innovation what we don't want to see is stifling that and seeing all those jobs and new companies go off shore. asia is a big hub and taking on the marketshare. >> all of us have really grown in our understanding some think it is still just used for elise yit purposes some opening their minds how far along are they in understanding, really the

evolution of the currencies and assets >> some are very, very far along like in wyoming. very far along in the understanding and has been a huge voice for the cryptocurrency in washington some that thinks it still used for more elicit purposes mit did a study saying less than 1% of bitcoin assets have been used for elicit purposes as opposed to less than 3% of u.s. dollars. actual $100 bills. if you are going to use bitcoin for an elicit purpose, it is probably the worst thing you can do because the blockchain follows everything.

>> everybody says, boy it is a regular lated industry most of the people in the industry do. the u.s. as the leader or the u.s. should be the leader in that as long as there is clarity around that. are cryptocurrencies the purview or does it go along the financial services area. i hope, where does this fit and we know the rules. maybe some of these rules need

to be tweaked. >> before i let you go working on a higher open we know more about the fed policies and intentions. >> omicron is likely to be less severe there is still protection from the vaccines now we have a little more clarity about the policy investors say the taper might come faster. the market has been pricing in all year that probably means that inflation is some what under control or at least what the market is saying and is not going to erode the savings

i think this is a really good time for risk. saying bk, you are wrong o other is worse it is not without indigestion. feel pretty positive about risk outlooks here. >> oh, good. thank you for joining us >> let's get a check on the headlines outside the world. >> we start with a high-stakes video call president biden warned president putin not to invade ukraine. warning the urs would pursue strong economic meez measures.

jussie smollett case facing six felony counts after claiming two masked men attacked him yelling racist and homophobic slurs. >> coco channel slamming them for an $825 advent calendar including small items such as stickers, a key chain. unhappy customers shared that they expected much more. saying the controversy was a shame and the brand never intended to upset shoppers

you know how she says, i don't care what you think about me, i don't think about you at all from that brand and prices they shouldn't be surprised. >> $825 for some stickers, i can kind of understand that one. coming up, ceo of diamondback energy as we head to break, more top stories. the company formerly known as facebook is allowing employees to hold off on returning to offices. it will give workers the opportunity to delay a return to as late as june. ford's ceo is doing whatever it takes to double capacity for the electric version of the f150 pickup truck ford has nearly 200,000 retail

reservations for the vehicle set to arrive early next year. kellogg plans to hire permanent replacements after striking employees rejected the latest offer the majority of the 1,400 union workers rejected the latest five-year offer. "worldwide exchange" is back in a moment

time now for big money movers visa is launching a consulting service to help navigate the world of crypto and helping to ramp up mainstream use of the crypto apple production of the check giant's flagship iphone 13 falling short of projections according to a report by nikkei. adding assembly stopped completely during the golden week holidays in early october when operations are usually running overtime ahead of the holiday season and next chargepoint shares are falling to $235 to $240 million.

the ceo will have more on company's results coming in an exclusive conversation on cnbc at 1:00 p.m. eastern time. brian sullivan is sitting down with a number of ce o's where they've been in focus across the globe some say the original faang. an important time to be speaking with cnbc, so thank you. everybody seems to be wondering one thing. why is the u.s. and producers like diamondback not drilling more oil right now >> it is a good question u.s. is growing production and specifically, we are probably going to reach an

all-time high in production over 5 million a day. the question of why we are not growing is that we've pivoted from the industry from a business model that has created growth now the greatest question who is growing the concern >> everything becomes politicized, as you know saying they won't produce more as a punishment. they are making very hard core demands you've got a lot of macro fundamentals more importantly, you've got

investor sentiment saying they are enjoying the returns and they are not telling us to grow either we have to see how the covid omicron plays out too because it is going to have an effect on demand you are not going to see those guys and growth. >> saying there is growth in the permian basin. one thing i've learned in this business, there is good rock and not good rock. from what i understand, you have the tier one acreage three things i want investors to know we've emerged from this stronger than ever. we took advantage of 2020 and really honed our processes into our business the second thing is that, look

in a commodity-based business where you don't control the price of the product, the best operator with the lowest cost and best execution wins. that's been our stock and trade for 10 years from an environmental perspective they want us to lead in terms of performance there is no oil producing country in the world working at reducing emissions and continuing to earn our environmental process to activate >> i'll put on my activist hat saying that is just green

washing. >> ghg emissions is primarily around flairing. two things one what the companies are in control of the second is what the midstream guys are in control of 60% is because our mid-stream partners haven't kept pace the first thing is in flairing we are going to eliminate that we are well on the way of doing that the second thing, emissions of methane are the most punitive

thing to the atmosphere. we all know the statistics for diamondback, we are going to cut that we are well on our way of doing that we have 800 tank batteries we are going through and changing out pneumatically controlled devices and changing that to air. that's going to make a dramatic reduction. >> can you do that without spiking oil and gasoline and look, we are not chasing to an end process we are going to hold to a five-year goal reduce gh emissions and methane emissions. >> the original faang and die mand back. thank you.

>> our thanks to brian sullivan and all the hard work he and his team are doing there in houston. it is a very big conference. markets looking to do a hat trick. laying out why a more challenging environment could be ahead for stocks the reminder ahead today we'll look ahead to the opportunities in 2022. key investment and challenges await. still time to register we'll be right back.

>> welcome back. the dow right now is indicated lower by 17 points

s&p 500 higher and just about flat nasdaq holding on to some gains. recent technical signals do suggest a challenge for stocks she's probably not surprised about these moves. katie, great to see you here today. what are the charts telling you about maybe we shouldn't be so excited? >> it is a nice rebound for sure it managed the rising 50-day moving average and positive. there has been significant loss of breath or participation meaning over the last month or so, fewer stocks indicated up. that didn't take much of a toll

but over the holiday, we did see a pretty big pull back the impact was really very minimal in terms of the engagement we used if you look at the interterm, there is some deterioration. enough to suggest we are in for a more difficult q 1 that was again the case yesterday. that has not been the theme som of the ratios that we track are

starting to look a bit stretched. we don't react to that we have not seen that down we are over weight technology. we have seen a little bit more rotation everything is really led on the down side we did see a lot of break downs there. really the small and midcap front. those are localized. they have a major impact there is a little chinch in the armor or the marketplace >> i'm anxious about what it is we are goingto hear.

those that have relieved themselves, we'll probably recommend reducing exposure. for the s&p 500, if we were to see it dip below that 45, 46 again at the same time as we see the vixx pull back and increased risk which is the next support so those are the levels we are watching >> you have some new long ideas and new short ideas. can you share some of those with our viewers? >> in our latest run, we did

discover that we like more setups on the defensive front. sectors like staples, utilities and rates. they are the source to breakouts of new highs that chart you see is reaching a new high it seems to be gaining relative strength we are seeing a shift and favor in terms of long's on the short side, we are seeing more shorts set up more stocks have lost enough momentum there definitely a lot of ideas on both sides of the market right now. >> it looks like some of your newly long ideas >> those right those are still low. thank you for helping us set up the market day as we look towards the futures and see we

have lost a little steam the nasdaq is indicating a higher open. the s&p 500 about flat to slightly higher. the treasury market yield trading at 1.434%. the two-year 0.677 looking at crypto. leaders are scheduled to go to d.c. to discuss regulation below that $50,000 level at 49,400 we see either is slightly higher looking at oil prices, slipping down down about 1%. ice brent crude also lower about 74.87. that does it this morning for us "squawk box" is coming up next

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good morning it is quiet. too quiet. relatively calm after the 1,000 point rebound. erasing the selloff that began on black friday. pfizer shares lower after a small study in south africa show reduced efficacy of the vaccine against the omicron variant. a set back for the vaccine mandate after a court ordered a halt for the order of even federal contractors. thursday, december 8, 2021 "squawk box" begins right now

let's start with the markets the dow was up from the 350-point day we saw the week before. the s&p up by 2% nasdaq the big winner up by 3% 461 points for the nasdaq. that was saying something. check out the moves. you'll see the moves for the week to date up 3.3% for the dow. up by almost 4% for th