it is 5:00 a.m. at cnbc global headquarters and here is your top five at 5:00. a stock's strong start to the week continuing to fizzle a bit on omicron concerns and economic data futures are fighting for gains this morning key on the top of investors' minds today, inflation data out in a couple of hours, potentially, potentially, coming at the highest level in 40 years. in washington, the senate clearing a key hurdle in that race to raise the u.s. debt limit with just days to get that

job done . >> new data on the rising risks of rising temperatures and the dramatic impact on local economies, especially lower income communities and the ongoing supply chain issues and crunches set to potentially dampen the holiday spirit thisyear as toy shortages leave some parents scrambling for gifts it's friday, december 10th, you're watching "worldwide exchange" right here on cnbc good friday morning i am dominic chu in for brian sullivan here's how your money and the global markets are setting their day up stock futures right now indicating some modest moves to the upside but they're very stable right now. some modest moves. the dow jones implied higher by about eight points we'll call that unchanged the s&p up by 7. and the nasdaq 100 up by 28 or so points here overall

so watch those trades. modest moves to the upside to maybe close out this week. the major indices following the spread of the omicron variant. right now the dow is flat while the s&p dropped .75% technology was the big loser with the nasdaq down about 1.75%. still all three indices looking at strong gains for the week the dow and nasdaq up close to 3% the ten year treasury note yield climbing back about the 1.5% mark currently 1.5% benchmark for the 10-year note yield the two year just about .71 bases points let's get a look at the crypto space withbitcoin back below that 50,000 mark we seem to be moving right

around these levels, hovering around the 50,000 mark, currently bitcoin price is 48,490, 2% upside there. ether about .5%, $4,121 there as well let's go worldwide julianna tatelbaum is in london with the latest look at the early trade in europe. good morning >> dom, good morning we're off to a subdued start in europe, every region is trading lower. we have third of a percent down for the german index the cac down about .4% we did get some data out of the uk this morning, the economy grew by just 0.1% in october these are according to new official monthly if i rfigures, despite strong performance from the health care sector and strong second-hand cars sales.

the stoxx 600 up 3% on the week, on pace to break a three-week losing streak. so we have had a positive run into the end of the week from a sector perspective, this is the picture in europe we have a few sectors above the flat line, autos up 1%, basic resources and banks on the down side retail, industrials and health care down. investors here closely going to be watching the u.s. inflation print this afternoon so a little bit of a holding pattern here as well >> julianna tatelbaum live in london thank you very much. have a nice weekend. to this morning's top stories, silvana is here with those now. >> happy friday. the senate has cleared a key hurdle in the race to raise the u.s.'s debt limit. lawmakers voting to allow the chamber to raise the limit with a simple majority. that measure heads to president biden's desk for his approval. the senate and house will have

to hold separate votes to change the debt ceiling, both are expected to do so early next week before the wednesday deadline volvo announced a new partnership with north volt to open a research and development center as well as a new manufacturing plant in sweden. the move is part of a more unan $3 million investment by the auto maker saying they will develop and produce sustainable batteries to start electric cars shares of beyond meat grilled in the market after taco bell reportedly cancelled a planned test run with the company. the fast food chain was not happy with samples of the product in october another test run could still happen beyond meat announced in had february it had a multiyear deal with the company including the

kfc and pizza hut chains. back on wall street investors are waiting for the latest reed on november inflation. estimates are calling for a 6.7% rise in consumer prices from the same time last year. a read, by the way, that would be the highest since june of 1982 and if you strip out the cost of food and fuel, prices are expected to have risen about 4.9% year on year. a read that would also hit multi-year highs in this case the highest reading since june of 1991 either way you get the idea. consumers are getting hit hard, listen to what hormel's chairman and ceo told our own jim cramer last night. >> a number of our influx have started to moderate for a number of our products. when you think about the labor increases we've had. increasing in our package, other supplies, getting the product

shipped, as you mentioned. that inflation is real, significant and it's being passed along in the form of higher pricing >> while the consumer gets squeezed, for stocks it's all about the fed and what it might do in the face of a white hot read when it comes to plans to taper bond purchases in what could be the first interest rate hike in years down the line. joining me is mark fleming this has been a double-pronged attack for investors that they've had to deal with for a while. the concerns about omicron and then the concerns about inflation and the fed. which, in your mind, is going to be the biggest dominant theme in the coming, say, six to 12 months >> the theme from the market's perspective will be the fed. we've had a decade now of extremely low accommodative monetary policy, both tapering and low rates.

the policy will go away and probably we will pull forward a rate increase. i don't know that that necessarily affects things or affects the real world what's going on is supply shortage and things like that affected by the pandemic and omicron again. the fed has a lot less ability to measure that. i just looked up this morning 10-year yield at 1.5% with inflation around 6 or 7. in 1981, '82, the ten year yield was over 10% so there's a big disconnect there. >> no doubt, mark. but a lot of that, and it's rightly pointed out, a lot of that has to do with the fed itself, right? we're still in pandemic-era policies and forget about that, we're still in great financial recovery crises going back to 2009, 2010 so maybe the policy normalization, is it long overdue or can we expect volatility to happen just because we haven't seen any kind of real normality to interest

rates or monetary policy in years? >> i've forgotten when normal last was, actually seems this is the new normal, like you said, ten years of it absolutely, it's been time to remove the tapering certainly. if you look at the bonds, mortgage prices with housing so high, we don't need accommodative monetary policy in places like the housing market and we haven't needed it for a while. overdue possibly the impact will be whether it can bring down inflation that's more difficult, raising rates and removing the policy so accommodative doesn't immediately translate into lower inflation because a lot of that inflation is driven by things in the real economy, less the financial economy. >> let's talk about this notion here that inflation, it is a real threat. there's no doubt about it. we've been feeling it everywhere it doesn't matter what you buy,

things are going up in value but how big of a threat is it down the line? how persistent do you think it is i'm trying not to use that t word that fed chair jay powell is trying to get out of the lexicon now at this point. >> temporary or transitory or not. i think one of the most interesting things about inflation at the moment is we used to believe that what really made it come to bear or hold for the long run, in other words not be transitory was expectations and expectations about inflation in the future would drive your desire for wages now and you get this wage inflation spiral concept. but there's interesting research that says maybe that doesn't come first it's the chicken and the egg problem. does expectation drive current inflation now or does current inflation drive expectation. research says we're not clear if it's the chicken or the egg that came first that means we're having a hard time trying to understand, as

economists, that, you know -- whether it will hold for the long run or not. sort of the great unknown at this point but like you said, it's clear it affects the individual today and we're seeing that prices are more expensive i find it interesting that we take out food and fuel, that's probably some of the most important things that people see in their own experience and that's where they feel and begin to expect what prices will look like. >> two of the things i really only have to spend on, food and fuel for me. mark fleming, thank you very much have a nice weekend. >> thank you. when we come back on the show, check out what's happening with the metaverse the stocks could get a boost as we switch into the virtual world. and what's taking a bite out of shares of one ecommerce company. and later elon musk unloading more shares of tesla details on how much more of the stock he's sold off. we have a sybu hour when "worldwide exchange" returns after this

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welcome back to "worldwide exchange." it's a word on the up the of nearly everyone's tongue in technology metaverse. while the company formerly known as facebook appears to be the poster child for what could well be the next internet, many other companies are only dipping their toes into the water right now. but that's not stopping some on wall street from firming up and firing up some of those buy signals on a technology they say

could disrupt human life as we know it today. joining me now is one of the meta bulls, simon powell from jeffries i'm seeing you and you're a person, you're not an avatar so how big of a metaverse person could be if i don't see you in a characterized format right now >> look, i think the way to think about this dominic, for those of us who were around in the late '80s and asking what is the internet going to beuld be so we can only imagine what it could be at one end of the spectrum it can be highly transformative and dis dis disr disruptive the way to think about it is all human activity that hasn't moved online is about to move online in the next five to ten years. you'll be able to choose to live your life entirely in a digital world or in a hybrid of digital

and physical. >> it's interesting. if there was a company, i would say, that is so well positioned for this, it would be facebook, now meta platforms, because i remember the early days of farmville when people used to go online and buy and spend money on things like virtual sheep and cows and tractors and equipment and everything else. but just how big of a deal is this and how do companies cash in, and who's going to be doing it >> well, the point you raise is interesting, and the question is to whether facebook or other big tech players are going to dominate this or not is up for grabs. because when you talk to people building things like the sand box or decentral land, at the heart of their version of the metaverse is decentralized web 3.0. so it's not controlled by one company, it's controlled by the group, it's linked to the block

chain. and it sits on decentralized servers. so i think that debate is still up, in terms of whether it's going to be decentralized or centralized. >> so if you were to say you're going to make an investment thesis out of the future of the metaverse, where would the core portfolio be would it be meta platforms who else makes up the infrastructure of what could be this metaverse, this kind of decentralized peer-to-peer world of interacting because we know everybody kind of comes in on the periphery, brands can get in some way by selling goods, but who makes the backbone of what you think the metaverse will be? >> you touched on it, take yourself back to the late '80s, what did you want to own from 1989 to 2000 you wanted the ciscos of the

world. the same is true for the metaverse. the chip makers, a huge amount of computing power, the device manufacturers, the people making the vr headsets. it's all about infrastructure for the next few years and then it moves onto software, who's going to develop the technology and the platforms, and then it moves into the use cases and i think it will follow a similar route as we saw internet late '80s into the '90s into the last decade where it was about use cases. i think the metaverse can play out the same way. >> who are those companies is it nvidia, amd, is it cisco again? who does it this stuff >> it's all the chip makers you mentioned because the computing power required to get us into the metaverse, the amount of artificial intelligence going to be needed to create digital

twins that are going to represent you in the metaverse, that computing power is probably more than we previously envisioned so if we think about sell side predictions for what's needed on chip sets required for mining cryptos and then throw in a bull case on the metaverse, there's significant potential upside from a computing power perspective. it's definitely chip sets. it's definitely 5g, it's definitely much more server farms, much more cloud it's just much more computing that's needed as a backbone to give you this three-dimensional immersive world and then it's all the stuff happening in virtual reality headsets look at the occulus, look how quickly it's selling, what potentially apple might bring to the market in 2022 in terms of a vr headset >> simon powell with the latest on the metaverse there thank you very much, have a good day. >> thank you still on deck for the show,

the other word outside of metaverse on the tip of everyone's tongue these days is yes, inflation as google tells employees higher pay is not on the way to help with rising prices >> announcer: today's big number 391. that's how many i.p.o.s have priced this year, according to data from renaissance capital. that's up about 90% from the same period last year. at vanguard,

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welcome back to "worldwide exchange." time now for your big money movers three stock stories of the morning. stock number one is chewy. those shares are falling after the pet ecommerce company reported a wider than expected loss in the third quarter. revenue did match estimates. citing supply chain disruptions, labor shortages and higher inflation for the weaker numbers but its ceo telling jim cramer last night on "mad money" there are improving signals on that front. >> the port congestions are starting to alleviate. and then labor and material is anybody's guess at this point. we're reacting to something like that in real time. >> keep an eye on the chewy shares, down about 11% right now in the premarket stock number two is oracle those shares taking off after

second quarter earnings and revenues topped expectations, and forecasting an upbeat third quarter citing a rebound in i.t. spending those shares are up 11% in the premarket trade and stock number three is broad com. shares are climbing higher on its fourth quarter earnings and revenue beat as well the chip and share company providing strong guidance for the quarter ahead and raising its dividend and announcing a new stock repurchase program all kinds of things happening, that's leading to a net 6% gain for broadcom in the premarket gains. still ahead, a look at the insider buys, including the biggest stock purchase ever seen as part of this segment brian does every friday. re aip it's by one of facebook's founders we'll be right back.

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welcome back to the show i'm dominic chu in for brian sullivan this is "worldwide exchange. and here's how your money and investments are looking as we are halfway through the 5:00 a.m. eastern time hour. right now stock futures are pointing to gains but they're modest ones. the dow implied higher by 1 point right now, s&p by 6 and nasdaq by about 18 to 19 the major indices falling thursday as investors digested weekly jobless claims data and restrictions targeting the spread of the omicron variant. the dow ending flat. the s&p dropped .75% and the big loser was the nasdaq down about 1.7%. still all three are looking at strong gains for the week. the dow is up roughly 3.5% and the s&p and nasdaq are up nearly 3% at this point let's dive into the sector gs

with a look at the three sectors in big focusfor this week here technology and energy on a year-to-date basis, you can see some of the gains there. those two sectors were the biggest gainers over the last one week period. consumer staples an underperformer this year was also the worst performing sector this week. the moves on a year-to-date basis to show you the context, that cyclical trade, economically sensitive one, is starting to come to life again in certain parts of the market turning to the megacap technology and services trade driving that take a look on a one week bases at shares of apple, microsoft, and alphabet, the biggest in the s&p and nasdaq, they've been driving a lot of the action. that white line for apple up 8% at this point. it has been seen in many different lights over the course of the last couple of weeks

during bouts of volatility to the upside and down side, is it a safety trade a growth trade? it seems to have been both at one time or another. let's bring in john najarian, a cnbc contributor, a guy you'll see a lot on the halftime report. thanks for being here this morning. what's caught your eye over the course of the last week? has it been the mega cap tech trade? have you seen a lot of activity there? >> we certainly have, dom. you're right you talked about apple and how it helped lead tech back it held onto those gains yesterday. that was very impressive to see apple. it was either within ten or 15 cents of up or down at the end of the day yesterday, dom. and that's pretty impressive given the just whack that a lot of people gave to some of those mega tech names, mega cap

teches apple they continue to bet on upside calls all the way out to nearly christmas, dom. not just very, very short term like december 10th today, but out a week, two weeks, all the way to the end of the year they're betting 175, 180, 185, those are all numbers. you and i both know why, because anything over what is it 182, dom, puts it at a 3 trillion market cap i think that's part of what is driving it but then it's speculation on the ev that they may be involved with, whether they make it on their own or not i think that's a lot of the speck that's got apple shares bubbling higher. >> we know there's certainly a lot of retail and institutional interest in apple specifically it's a magnet, it's the biggest company out there and it gets a lot of traffic where else are you seeing it is it just in the mega cap names or can we go down the spectrum

here to other parts of the tech and com services market that you feel are getting more attention now that have not been getting the attention that apple has over the last several months now? >> well, earlier in the week, dom, snapchat, for instance, whether or not it was what chris and her daughter, kim kardashian are doing with snapchat right now, whether that was something that people either anticipated or knew about and the stock made a pop and held on, like apple. i think it was only down about a dollar yesterday and it made a dramatic move, say 47 to 52 in two or three days. that's a pretty decent pop that's not a mega cap but we know the troubles that twitter has had of late with dorsey departing and people wondering what's going to be happening with socials in particular, whether it's meta or whether

it's something like snapchat, people are willing to speculate on some of those names, dom. i'd also point out that oracle, which used to be one of the main stays just like apple is now that we'd always talk about. if you spoke of tech and didn't speak of cisco and oracle, you weren't talking about tech but oracle a lot of upside speculation and calls, obviously they blew out the earnings we had the december 90 all the way up to the 94 calls i think the stock touched 100 in the afterhours last night. and that just kind of shows you that people are still, even on a week where you're up 3.5%, you have people betting on some of these stocks into earnings and they were richly rewarded for that on that bet anyway. >> john, oracle has been one of those -- it's not that we don't talk about it, it's almost a

$250 billion company now, a software giant but it's been the steady performer that's gone up and up it's up like 37%, i'm looking, year to date for shares of oracle there have been trades like that throughout the course of the market that have arguably rewarded and compensated investors in a way that could have at least stemmed some of the effects of the inflation we're seeing on the consumer front. you look at the inflation number we're expecting today, you look at the stock market overall, do investors have to be in the stock market just to counter the effects of inflation >> certainly if they have the money to be in the stock market and it doesn't take millions, obviously, but that's why etfs are so popular, quite frankly because a lot of folks with $1,000 to invest up to 5 or $10,000, it's difficult to trade a single share of apple and a couple of shares of microsoft

and amazon and things like that. so i get it. that's why cathie wood did so well in the past years it's why a lot of those etfs or exchange traded funds in the tech sector. even my buddy kevin o'leary i think he had one of the hot tech plays last year for an etf and rewarded any investor in there without having the deeper pocket that is you need to be fully invested in the stock market you're making a great point, dom, it has been a great way to offset 6% inflation, which is the number we had last quarter was, what, 6.2% or something like that. if you want to offset that, you need some sort of asset that's appreciating if you're a renter, you're not getting it from your house so the stock market is probably the next best place.

>> thank you very much we'll see you later on today, jon. appreciate it. >> thank you to this morning's top stories, silvana is back with those. >> democratic senator elizabeth warren is calling for an investigation into the company formerly known as facebook she wants the justice department and s.e.c. to focus on allegations the company misled advertisers, investors and the public about public safety and ad reach on its platform and whether that violates u.s. wire fraud and securities laws. the call by warren comes a day after fellow democratic senator maria cantwell called on the s.e.c. to see if the company violated the law against unfair or deceptive business practices. google executives are acknowledging worker worries about inflation but have no plans to boost pay to help combat rising prices cnbc has obtained audio of a

meeting earlier this week that was focussed on the company's strategy for next year which the question was raised. executives say while they are paying high labor costs they've shutdown the idea of company wide adjustments. and elon musk continues to unload tesla the ceo has sold another $963 million worth of tesla stock, marking the fifth straight week he sold shares tesla has been sued by a second female employee over claims of sexual harassment. both lawsuits allege a hostile work environment against women at the u.s. factory. turning to the ongoing supply chain crisis now bleeding into the holiday toy retail scene. the toy insider reporting that some of this year's hottest toys are not available online, leading consumers to frequent more brick and mortar stores rather than the ecommerce

players like amazon and walmart. joining us is senior editor of the toy insider with the update. james, what exactly is the hot toy right now that you cannot find and that you have to go to these local stores to get? >> absolutely without question moose toys has the magic mixes magic mixing caldron that's been out of stock since october. very hard to find. and a couple of other items, the lol omg house of surprises there's a few united states that are really hot and you're not going to find them unless you're lucky. >> these things, as a parent, i have two small children, i'm looking for some of these things if i can find them what exactly, then, has been the impact of these supply chain issues on shelves? is it regional, where exactly

can you find things or not find things do you just say that the ecommerce players are the ones that are most impacted by this what exactly is the -- i guess the huge ripple effect that this has had on the toy business? >> you know, the overused word is unprecedented, but it really is because going into fall we thought we were going to see these mass outages and what it became was a regional thing you'd go to a target store in illinois and find packed shelves but then a target store in new york was completely empty. it was all the domestic issues with trucking and rail and such that had really kind of exacerbated the whole issue across the country, but then, now, we hit black friday and cyber week and all of the major players started getting huge shipments of inventory it was like literally the ships had come in, because walmart and target, of course, charlottesville erred theichart

their own vessels. so now here we are second week of december and the shelves are getting packed with merchandise that should have been here september, october so there are great toys on the shelves at brick and mortar but a few of those top hot items like we discussed are going to be really hard to get because they're already floating around the secondary market, the flipper market, the scalpers that's a huge deal right now so those products are hard to come by, but at the same time you're not going to find the shelves are empty and there's no christmas. there's lots of great toys out there. >> all right the toy insider with details on how supply chains are being impacted thank you very much and good luck this season. >> take care. coming up the latest installment of the rising risk series from diana olick and the economic disparities faced as a result of climate change

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welcome back new findings just released to cnbc shedding fresh light on the debate over whether rising temperatures are impacting lower income communities more than wealthier ones and the data has implications not only for the health of residents but the health of local economies as well diana olick explains in her continuing series on the rising risks from climate change. >> reporter: on a sering summer

day in new york city, volunteers fanned out in cars with special sensors tracking both heat and humidity from the crowded tenement and the truck lined streets on the bronx to manhattan's upper east side. they were proving that poorer neighborhoods are hotter. >> as community members that fight for justice, we can now say there is actual data that says we see, you know, and feel heat differently than everywhere else >> reporter: bronx native melissa barber has fought for community gar dens like this one to redesigning the bronx waterfront to literally cool the area around it now working with columbia university researcher liv yune, she's using heat mapping to make a casefor change with local officials and real estate developers. >> how the data differs is we are getting granular data,

street level data where what exists right now is satellite data. >> reporter: one afternoon in july there was a 7 degree temperatures in south bronx and manhattan. >> historically red lined areas certainly they have less infrastructure that is conducive to cooling they have less green spaces. this is an exception in the south bronx. >> when we experience heat here, many times we experience it anywhere from 10 to 15 degrees hotter >> reporter: the sensors were provided by oregon based capa strategies a climate data and analytics firm that works with the federal government, local municipalities and nonprofits. >> heat is one of the most insidious killers in cities. it kills more people than any other natural hazard. >> reporter: he says climate

change is upping the ante as local economies shutdown more often from the heat. >> we're seeing longer durations of the heat waves and more frequent heat waves come through. yet we're still using one single number to tell us what the temperature is for a city or a region >> reporter: the data helps communities target their financial resources towards reducing temperatures. for example, like creating more green spaces, lighter colored roof tops, more space between buildings and more cooling centers. >> we want to empower the local citizen scientists who participated so they own the data >> reporter: new york is one of 12 cities participating in the heat mapping campaign, which is in conjunction with the national oceanic and atmospheric administration the findings also show that the hotter it gets the greater the heat divide and temperatures are rising globally last july was the

earth's hottest on record. dom. >> why is this data so valuable in the hands of certain people out there maybe like real estate developers you mentioned this idea you have to space out buildings you have to change the way you zone things how do developers use this data? >> reporter: well, because they're the ones who are going to be able to make the change. cities are only able to do so much and developers are always looking for that next great, hip neighborhood if they can look at this data and prove and say redeveloping, adding the green spaces, making the buildings set in a different way so there's more space between them, they can make that case that this neighborhood is going to be more valuable, not just more healthy but more valuable to their investors and the city as well and that could form these partnerships that would be the one way to change these. >> the evolution of business and real estate because of climate change diana olick, thank you for that. we appreciate that. on deck john stolpus lays

out the day ahead. if you have not done so, please follow our podcast, check us out on apple or stipofy, "worldwide exchange" audio format we'll be right back.

welcome back to "worldwide exchange." time now for your weekly exclusive insider buying segment where we highlight the top five stocks being bought the most by their c-suite level executives with their own money, the data comes from insiderscore.com. and as always we're counting you down from number five to number one. number five, best buy. its chairman buying about $2.1 million worth of stock as the stock came down in price from recent highs. so a best buy by number four is dick's sporting goods, the executive chairman steps up with his first buy in

seven years buying nearly $3 million worth of shares number three is docusign, its ceo stepping up, first ever insider buy, picking up just under $5 million worth on that recent weakness in shares and a note he was a seller at $230 per share earlier this year. the number two stock on the list this week is allegheny corp. a $5.5 million buy by the incoming ceo, has been an insider for a long time, though. this is his first buy since 2012 and the number one this week, asana, biggest ever insider buy we've seen in more than a year, the ceo going big, buying about $89.2 million worth of asana, he's now bought more than $400 million worth of his own stock over the long-term this stock was at about 143

bucks a share about a month ago. check that out, asana. there you go, best buy, dick's, docusign, allegheny and asna we do it every friday, you'll see it only here on cnbc and cnbc insider pro back to the broader market futures indicating slight gains at the opening bell. dow implied higher by roughly 8 points, s&p 6 points and the nasdaq by 21 this as investor await what could be the highest year over year inflation read since the ronald reagan administration, reagan was in the white house 1982 joining me, how worried should we be john, do people need to own stocks to hedge against

inflation? >> dominic, we would certainly say that people need to own stocks here. in our viewpoint stocks are excellently positioned, diversified in a diversified portfolio represented with growth here. growth we think is a good way to position for this in the fourth quarter what we've seen is technology, consumer discretionary, and materials have been the best performing sectors in the fourth quarter thus far and we think that's the way we need to roll considering where the economy is moving towards the next new normal. inflation should be, you know, the t word -- well, we have to say we think inflation will come down next year as the supply chains begin to heal better. >> it's interesting, john, going back to the early days of my wall street career, back during the dot com era, people referred to things growth at a reasonable

price. but back then it was hard to find growth at a reasonable price, reasonable price being the key. today people complain about being able to find growth at a reasonable price where is there the reasonable price in the market? >> you have to look. you have to really dig but we think it's in growth at a relatively reasonable price and we feel you find it in core technology and you find it in a combination within consumer discretionary of companies that are involved in that -- bringing together bricks and mortar and ecommerce. we also think you need to own value meantime because the value should really pick up in here, you want to own energy, materials and the financials as well because we'll get a steepening yield curve we expect next year but not dramatically so. >> so how exactly do you position the portfolio if you're looking at all of those different pieces are there certain places you want to be more exposed to

you mentioned the cross roads of ecommerce and brick and mortar, you mentioned some of the backbone type stocks, what's the overweight there >> dominic what you want to consider in that overweighting, for instance in technology, you really want to own the chips semiconductor is very important. you heard jon any jerian earlier, we agree with that. and your guest talking about the metaverse ties that all in together the metaverse may be early for investors to look at at this point for more conservative investors but at this point we like to say you want the core technology names that are everyevery day in your life because i manage money for the firm, oppenheimer does not want me giving names right now. but just think of the names

you're familiar with, the ones that are profitable, have excellent cash flow and bring innovation to the table whether it's through acquisitions they make or expanding the services they offer. >> so john, if inflation is not exactly as transitory and we do think that the fed is going to raise rates, would you now be just cyclically underweight bonds in the coming months and years. >> we have been cyclically under weight bonds for several years now. we are not firm believers that interest rates are goingto ris significantly. but we expect them to rise within a more normal level but within that normal concept we've come to live with since 2009 and as a result of that, we just think, for bonds to feel comfortable, you know, you have to be short on duration or you have to look for bonds within credits that have an opportunity to see the credit rating improve

and some potential for capital appreciation because the coupons just don't satisfy our need for growth. >> all right john thank you very much have a nice weekend, sir >> thank you that does it for us on "worldwide exchange. "squawk box" picks up the market coverage coming up next. have a great weekend, everyone this is elodia. she's a recording artist. 1 of 10 million people that comcast has connected to affordable internet in the last 10 years. and this is emmanuel, a future recording artist, and one of the millions of students we're connecting

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good morning, stocks futures they're a little bit muted ahead of today's big inflation data. forecasters expecting to see the biggest yearly jump in prices since 1982 one starbucks store in buffalo, new york voting to un unionize, what it means for the company and a look at the rise in power for american workers. down goes frazier. no in this case down go the

boilermakers as rutgers knocked off the number one team in the nation in college hoops. heard from mr. quick, he said he cried like a baby last night in a stunning buzzer beater i hope kyle saw it i have rutgers red on. >> i did >> i couldn't bet on it since it's a new jersey team so i didn't lose money. >> that's why we won. >> it's friday, december 10th, 2021 and "squawk box" begins right now. good morning, everybody. welcome to "squawk box" here on cnbc we're in the red we're in the red go rutgers we'll talk about that in this case but i'm becky quick along with joe kernen and andrew ross sorkin u.s. equity futures this morning