it is 5:00 a.m. at cnbc global headquarters. here is the top "five@5. the stocks shifting after the dow did something for the first time since april. and in whchina, protesters r taking to the streets to call for xi jinping to step down. we are live in beijing. and shoppers out in full force as black friday sales hit a record. more fallout with adidas

after the deal with kanye west. and bob iger is set to tell staff at the all hands meeting today. it is monday, november 28th and you are watching "worldwide exchange" here on cnbc good morning i'm seema mody in for brian sullivan let's take a look at how stocks are faring we have just hit session lows in pre-market trading dow indicated lower by 239 nasdaq off 132 s&p down 38. stocks coming off a winning short week all 1100 s&p sectors ending higher with utilities surging more than 3% on friday, the dow closed at the highest level since april 21st it is the midcaps with the biggest gains. s&p 500 and s&p 400 midcap out

performing among the biggest gainers is lattice and crocs and gap. let's get a check on bonds and where-ye where yields are faring. 10-year treasury is below 4% in energy, oil with big moves there coming off the third straight week of losses. down almost 12% this month down 3% at this hour on the growing concerns around china. crude as you see is falling on the reports that we're getting overseas. in cryptocurrency. let's see what is happening with bitcoin and ethereum bitcoin is down as well as ethereum. let's get the latest from

the european session with joumanna bercetche it looks like red arrows. >> seema, that is right. focus on the demonstrations in china against the zero covid policy that set the tone for global markets. it is a sea of red shanghai is down .75%. we opened weaker by the end of the session, we recovered. hang seng down 1.6%. it was down 4.5% at one point. tech names coming under pressure with jd.com and tencent and alibaba under focus today. the red spillage has knock-on effects. japan is down .40% we focus on the weakness of the yen. over here in europe, it is similar. a lot of red ftse 100 down .23% minors in energy and any company

with commodities exposure is under selling pressure dax is down 1% also volkswagen came out and said production in one of the chinese factories has been disrupted due to the flare up of covid. this is the theme coming up. cac in france is down 1% watch out for the luxury names with hermes and lvmh with a lot of exposure to china as well today is definitely a risk-off session of what is happening in china. seema. >> joumanna, on that note, to our top story. unrest in cities across china amid countries over increasing covid lockdowns and restrictions in an unusual show of defidefia democnstrators are calling out

for xi jinping to step down. we have eunice yoon with more. >> reporter: it is rare to see them in so many different cities, seema. the security is extra tight today here in beijing and shanghai after the protests really showed a very strong sense of defiance among the people here. arguably the most resistance we have seen since the crackdown on tiananmen square in 1989 protests held in beijing and shanghai and guangzhou and chengdu and other cities the focus of the public anger was mainly directed at the covid controls there were indications that people were angry about other things as well in fact, people were holding up white paper which they were saying is a protest against

censorship some calling for xi jinping in shanghai to resign now the leadership here as signalled for the most part it is sticking by the zero covid policy it is willing to curb some of the most excessive measures and state media has been running editorials today and yesterday zero covid is science based and effective. that they also have been warning local officials against what they describe as excessive covid layers now for context, according to the blame on local officials is a common tact we see with beijing leadership when they want to protect themselves what is different this time with beijing trying to move ahead with zero covid, but with a precise approach is the wild card of the virus. whether or not these more relaxed tactics can control it

there are three scenarios that people are looking at. the best-case scenario is china goes ahead with the slightly more relaxed policy, but the covid numbers kind of stay around where they are or don't move up very fast. in that case, beijing could muddle through and make it seema, there are two other scenarios. one where the covid cases jump and then beijing is shutdown and sends a message across the country for protesters to silence them or the covid cases jump and the government is not able to keep control and we are faced whith a public health crisis in china. >> which option will they take ultimately >> reporter: it is really difficult to know. at this point, we do think that beijing, as it is indicating, is going to stick with the middle

the road approach and hope it works. the big question is whether or not the local people are going to really be okay with it. we really don't know there's been a lot of negotiation on the ground on the local level. it has been a lot of anger toward the covid controls. what is worrisome for a lot of the beijing leadership is they could spread for example, they have been saying they want freedom from the covid controls, but freedom of expression. they want freedom of the press some have been saying they want freedom to play video games. it sounds privfrivolous, but it sounds how intrusive the government is in people's lives and the leadership if they don't keep a lid on it it is anyone's guess to where that could lead for them >> in the meantime, stocks and

bonds responding chinese stocks are also dual listed in the u.s. down at this hour. eunice yoon in beijing on the protests that are rocking be global markets at this hour. let's get to some of the other corporate stories with bertha coombs. good morning, bertha >> good morning, seema another black friday in the books and p the numbers are in adobe states consumers spent $9 billion in shopping on black friday up 2% compared to last year. electronics and toys and exercise equipment was high. buy now pay later increased from the prior week 80% adidas ceo and other senior executives discussed as far as four years ago the risks of an

ongoing business relationship with kanye west. now known as ye. one they feared could blow up any moment according to the report, a 2018 presentation to the executive board highlighted the risks of working with west and detailed mitigation strategies should the company need to cut ties with the rapper who now goes by ye legally. adidas leaders balked at the concerns and continued to work with him which raked in $2 billion for the company a year. and bob iger is holding a town hall with employees today at 12:00 p.m in a memo, iger says he will discuss the future of the company and answer questions about what with lies ahead the all hands meeting comes one week after being reinstated replacing bob chapek after less than two years in the job. people are anxious >> he is wasting no time

bertha, thank you. when we come back, getting set for a busy week for the markets. cate faddis is here with her take and where two stocks could make you money. and more unrest in china and what it could mean for veor orwi exchange" is back after this

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♪ the world looks ♪ ♪ mighty good ♪ ♪ to me ♪ ♪ because tootsie rolls ♪ ♪ are all i see ♪ ♪ becomes a tootsie roll ♪ ♪ to me ♪ ♪ whatever it is ♪ ♪ i think i see ♪ ♪ becomes a tootsie ♪ ♪ roll to me ♪ you are watching "worldwide exchange." that ad debuted in 1976 and ran for more than 20 years my next guest says it is relevant today for you and clients. catherine faddis at fernwood inve investments. i looked at the price to earnings ratio 42 times forward earnings. a lot of people saw it as a potential acquisition target it never got sold. >> it hasn't got sold. it could still get sold. the ceo, i believe, is over 90

people are watching to see what happens at that point. you know, yes, tootsie roll sells candy. they have a number of brands tootsie rolls and charms and pop. >> it is an interesting trade. one we don't talk about. interesting company. how would you gauge the consumer all of the data suggests the consumer was looking for deals, but they did buy >> i would say that the consumer has been stronger than expected. if you target reported and walmart indicated a weak holiday season so far we have not seen that numbers are confusing wi with in-store taraffic and

online. >> your other pick is john san felipo is the lower-end consumer doing well and that's why you should be joined with these stocks? >> that's right. lower-end consumer will do better these products are sold at walmart and dollar tree and target food, clothing and shelter this is the economy we are in right now. jbs is another one we really like they sell nuts fisher peanuts. in this economy, we think they will do well with. also when people are walking away from tech, ftx, crypto, here is something basic. you can buy. they make money. they generate free cash flow only down 3% this year trading at 17 times earnings we think this is a good one to

hold >> lastly, the broader market, cate, broad session lows in pre-market trade on china with protests erupting in different cities how do you see the story panning out? >> china has always been opaque. it is hard to know what is going on they do a very good job of letting us know what they want us to know and keeping away what they don't want us to know it is hard to know in a general sense, i think the overall market and we're in a trading range despite everything that happened this year, we are down 15% to 16% a year i think the market could get stronger through january and all bets are off. >> you are bullish with five weeks left in the year cate faddis, thank you. coming up, congress returning to work today and there's a long list of to h-do items tomp iact your money we have more coming up when

"worldwide exchange" returns

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say “yes” to nature's bounty advanced gummies and jelly beans. the number one brand for hair, skin and nails. with two times more biotin to bring out more of your inner beauty. get more with nature's bounty. let's get a check on the other headlines. nbc's frances rivera is in new york with the latest >> seema, good morning a rescue in maryland after a small plane crashed into the high voltage power tower in montgomery the pilot and passenger were taken to the hospital with serious injuries the plane was suspended for

hours as crews worked to remove them. and residents are warned to boil water houston issuing a boil water notice to 2.2 million people a power outage caused the water to fall to unsafe levels all schools are closed in the district today the mayor believes the water is safe, but the notice is required while testing water. and riots in brussels after the 2-0 loss to morocco after the world cup. people torched cars. police used tear gas to disburse the crowds belgium is still in the tournament they play again on saturday. seema, those are the headlines thank you, frances to washington and congress which is returning from recess today house and senate democrats

hoping to check off the to-do list before republicans take con tr tropi control of the house in january. brie jackson has more from washington >> reporter: with a handful of working days left before the congress begins, democrats are trying to get as much done as possible while they still have control of both chambers with the new era of divided government in january, there is an aggressive push for president biden and democrats to get through their lame duck session legislative to-do list. >> i'll try to get rid of assault weapons. >> reporter: after the shootings at a virginia walmart and a colorado gay nightclub, there are renewed calls for congress to pass tighter gun laws. >> this is a choice to allow this to continue to happen and laws passing like red flag laws and assault bans are popular >> reporter: mental health, not

weapons is the problem according to represublicans >> there is support to fund mental health perhaps and law enforcement groups to better identify these troubled people before they commit crimes. >> reporter: as the clock winds down on the democrat control of congress, the party is looking to take action on election laws and protecting voting rights >> we need to look at the job. >> reporter: lawmakers are on track to codify protections for same-sex marriage. >> on the march to final passage. >> reporter: on the list of unfinished business, keeping the government funded past december 16th and preventing a government shutdown also on the to-do list for democrats this lame duck session, confirming more of the president biden judicial nominees seema. >> thank you

unrest erupting across china amid lockdowns we will bring you pictures from the ground and what it means for companies doing business there next. if you haven't already, follow our podcast if you missed "worldwide exchange" check us out on apple or other podcast apps. we will be rightac bk. ♪ ♪ well would you look at that? ♪ ♪ jerry, you've got to see this. seen it. trust me, after 15 walks it gets a little old. i really should be retired by now. wish i'd invested when i had the chance... to the moon! [golf ball bounces off rover] unbelievable. ugh. [ding] i had a bad relationship with my student loan. the interest was costing me... well, us... a fortune. no matter how much we paid it was always just... there.

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futures under pressure after another winning week on wall

street investors bracing for a number of key economic data points this week including the november jobs report. unrest growing across china as demonstrators push back against covid-19 lockdowns and restrictions some calling for xi jinping to step down. and historic inflation doing very little to dent consumer appetite with black friday online shopping. the record-breaking numbers and sector winners ahead it is monday, november 28th. you are watching "worldwide exchange" on cnbc. welcome back i'm seema mody in for brian sullivan kicking off this half hour with a look at u.s. stock futures just off session lows with the dow indicated lower by 192 points we were down 230 when we started the show safe rahaven trade is the focus with the japanese yen higher we have not seen this move in

some time. the big focus this year has been the depreciation in the currency you see it is slightly higher by 1% in the bond market, yields are lower. that is the story with the 10-year treasury at 3.66%. in the oil markets, some significant moves in the energy complex on the growing concerns of what is happening in china. wti at $74. brent crude is down nearly 3% at $81. nat gas is down by nearly 6% to the top stories we are seeing this morning. let's get to bertha coombs who is back with those bertha, good morning >> good morning, seema chevron getting the green life fro light to pump oil in venezuela again. this comes as the president and

opposition coalition agreed to the relief program and efforts to hold free and fair elections. in political news, donald trump making headlines after dinner at mar-a-lago with ye and nick fuentes trump is saying he did not know ye was bringing fuentes as his guest. amazon is closing operations in india it will exit meal delivery and service that provides bulk delivery of package goods to small businesses the decision comes amid andy jassy's cost cutting campaign. >> you think india was supposed to be the market the tech companies look to. at this point, when cost cutting is in focus, you have to look everywhere >> exactly bertha, thank you.

bertha coombs. back to the top story. unrest erupting in cities across china amid the lockdowns and restrictions for covid-19. some demonstrators openly calling for the ousting of xi jinping. more now from sky news beijing correspondent helen smith. >> reporter: people facing up to the authorities as nightfalls. they stood largely in silence. words can be dangerous here. their presence alone spoke volumes. the roads are blocked here by police blockingprotesters that hasn't stopped rhundreds o people showing up with a white

paper paper. it is hard to express how incredible these scenes are in china. the catalyst is the fire on the other side of the country. covid rules trapped those inside ten lost their lives the final straw for many, it seems, in a zero covid pressure cooker among the crowd, we met the group of young friends brimming with passion and incredibly brave. people spontaneously applauded

her for speaking and chanted free the people. there's a sense people are angry. is that right? >> people are upset. it's not really like we are angry with other countries >> reporter: our interview was cut short by this. >> to the left to the left. left >> reporter: the police charging arre arresting. everyone who could, ran. gradually police pushed the crowds back and back they did not disperse. the heavy handed crackdown could

h well come next the authorities have much to concern them protests like this are playing out across multiple cities chants the ruling party to fall genuinely unheard of some came with flowers they could not lay and a clear message. >> and you have hope you will achieve the change you want? >> reporter: scenes like this may be expected elsewhere, but not in china everyone here is taking huge risks and it is extraordinary. nearly three years of covid restrictions are wearing the party will be watching, but so, too, is the world. helen smith, sky news.

>> our thanks to helen smith to sky news joining us is the managing director dewardric mcneal. knowing what we see in china on the ground is historic, right? >> good morning, seema watching this, this weekend, as much as i have watched china the last several years, this was jarring for me to watch such courage and passion and such frustration with the policy, seema, that seems to have no end. there's been no statement of how or when the country will exit zero covid policy. clearly, you have seen the weekend where the people have reached their limits unfortunately, i don't know how xi and the party state removes themselves from the corner they

painted themselves in. there is no way to stop the surge through this particular policy there seems to be no indication they will move away from it in the near term. >> there was some indication, right? they cut the travel bans and airlines had individuals who tested positive for covid could still land or disembark in china? some indication in the last two weeks they were starting to move away from the economically disruptive zero covid policy you look over the last week and that suggests that perhaps china is not packi bac that suggests that perhaps china is not packing down there is a flip flop >> you have two things going on. the rhetoric and 20-point plan released on november 11th did do things to try and alter and make it a covid zero light policy that wasn't a signal they were moving away from the policy. as you suggest, the minute there

was a little opening in the policy, we saw a surge or spike. the surge is coming. virus numbers. they went back to these sporadic lockdowns. i don't think this is going to really do what they want it to do with respect to fighting the r h virus. i don't know the alternative china's health system is not able to handle the surge instead of spending time on the psr tests, why not spend the time to get the people vaccinated and open up the borders and allow western vaccines to help fight this. none of that seems to be the case from the central government at the moment. >> similar to other covid whawaves in the united states and other countries, atsome point covid cases peak the response from the wall street strategists from goldman

sachs and morgan stanley and bank of america raising outlook on china did they get it wrong? >> i think they were way ahead of the skis here i understand what people want to see happen, but hope is not a strategy certainly not an investment thesis i would pin my money on i think there is a lot left here with respect to how covid will play out in china and how the government will respond to protests and what the international reaction to that response will be so for me, i'm still fairly bearish on china as an investment prospect in the near term middle and longer term, i suspect, companies should start to deploy the china plus one strategy people have been talking about. for a long time, we thought that was india. we heard in the previous

reporting that may be a challenge. there has to be a way to really readjust supply chains so china is not a single point of failure. >> in the meantime, what messaging should we expect from the chinese leadership these are not just aimed at relaxing covid policies, but people are pointing to the chinese leadership how will the leadership respond if at all? >> i don't suspect we will hear much in terms of the verbal response i think you will see that as these protests allow to continue, there will be issues we are seeing that now it is moving away from covid zero to calls for xi to step down that's dangerous you know, at any point in time the party wants to crackdown on this in a big way, they can. i suspect they will at some point. it may not manifest itself as a physical crackdown

over last several years, china has amassed a number of tools. geo location data and ways to track their population social networking data there may be quiet ways china goes about quashing this it will not have the results that people are calling for with respect to xi jinping. china doesn't work that way in terms of a grassroots overthrow of a leader. xi jinping has shvanquished allo his competition. >> when things were getting better dewardric, thank you coming up, forget gifts for family and friends we are talking about the stocks you need to have on your holiday opngist this cyber monday. "wex" is back after this go spotlights. go stadium lights. emerson software helps clean energy

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the countdown to christmas is on. black friday shopping this weekend officially kicking off the holiday season shoppers spending a record $9 billion online up over 2% year over year according to adobe electronics and toys are the growth drivers despite the budget conscious consumers this year forecasts for cyber monday indicating similar outcome with

analysts expecting $11.2 billion in sales today for more on what to expect, let's bring in scott muskin. scott, your take on the black friday numbers the rising interest rates and lowdown in the housing market and inflation. the american consumer is spending >> it is amazing to see. i have been doing this three decades. never count the consumer out in the united states. incredible their propensity to spend blows your mind. they will continue to spend the way we see, we will put up significant debt for consumers as we looked at this last night in the client letter, if you look at heating oil in the northeast, up 150% natural gas up 60% food apparend home up 20% this has an impact on consumers

households under $100,000. >> amid higher spending, we saw more consumers uses that buy now pay later function does that tell you as much as people are spending, they are looking for a way to spend that money over time? does that say they are being conscious? >> they are stressed and they want to spend. we see as much as so much concern with the consumer, real expenses are rising at a good clip 2% in the third quarter. i think the consumers are digging deep and trying to figure out thohow to afford ite under the christmas tree if they have to go into debt to do it, that is what we are seeing the question is does it last do we see momentum that we saw black friday with cyber monday do we see it last through the holiday season or when the first

heating billcomes and you are paying $1,400 to fill up a heating tank we need to slow down >> you conducted a number of channel checks and photos of what you saw across the northeast. tell us where did you see the most foot traffic and what does that tell us about the best stock picks in retail? >> i think the discounters is where we saw the best traffic. tjx, tj maxx walmart. the walmart reported strong results. the biggest was best buy best buy was busy. their comps are trading down, but thought the quarter would come in okay of course, stock has taken off it goes to your point. the consumer wants to spend on electronics and we did see that. i think overall, if you step back when the bell rings on the holiday, i think it will be the

discounters do well. walmart. they have done an incredible job. it doesn't get talked about with merchandising. given consumables cheaply, it doesn't talk about the team has done on the merchandising side on the home goods and apparel. >> there is still so much demandemand and delays for apple your read on which retailers an exposure to china and what are the concerns and if the factories can get back to 100% in terms of productivity >> it is the holiday issue it is an issue as we get into next year. all of these retailers import heavily from china target and walmart and costco.

a lot of the electronic goods made there what you will see is if we get big lockdowns and factories closing, that will impact product availability next year we import almost everything now. it goes to the core inflation rate with prices and supply chains will impact prices coming in it is interesting to watch pretty incredible to see what is going on >> scott, i want to get your thoughts on what is happening in the oil market and how that could help the consumer. right now, crude has touched a nearly one-year low. energy has been the best pe performing sector with the run up in oil and gas prices how could this impact the u.s. consumer knowing gas prices have come down significantly from where we were four months ago? >> we were on the consumer over what the fed has been doing.

our consulting arm has been trying to advise clients it is a tough environment. normally when the yield curve gets this steep, and when you see the fed jacking up rates, it is a guarantee for recession fan that is our call for 2023. if you see gas prices coming down and we talked about heating oil and natural gas. if these pressures come off with food at home, that could give the economy the whole soft landing. it is interesting to see how it breaks gas prices coming down is on the consumer we saw that in august. sentiment picked up with the breakdown in gas prices. if we get the prices coming down for households, it could give a soft landing scenario. >> wti crude breaking below $74. scott, thank you

i appreciate it. coming up, u.s. stock futures are under pressure this morning. we will talk about the reasons and look for buying opportunities. if you haven't already, follow our podcast. if you missed "worldwide exchange" we have it ceroved on apple and spotify and all of the podcast apps we'll be right back.

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if you just missed it, the intraday low for wti crude at this point is $73.86 per barrel. we are flnearly at a one-year lw welcome back you are watching "worldwide exchange." we have more in store this week. fed speak from john williams today. tomorrow we get earnings from hp and workday. on wednesday, a slew of economic

data adp and jolts report and third quarter gdp and pending home sales. jay powell expected to speak at the brookings institution at 1:30 p.m we get earnings from salesforce and box. and thursday, manufacturing pmi and earns from kroger and ulta and doll general and friday with the jobs report let's get a final check on the market the dow is now down 212 points nasdaq down 112 points joining me now to discuss is victoria greene at g square private wealth are you reevaluating your picks in your portfolio knowing protests seem to only be getting

louder >> you know, i think we are avoiding china there are too many wild cards. they are hard to judge on the macro. i don't think it will change the covid policy china's government has been focused on that. i know there has been upheaval with the regional government has been doing and the main government i don't have hope of that recovering any time soon it is damis dangerous i think apple will be short 6 million iphone plus. i think right now it is too much macro risk for us to be enticed into the chinese markets >> beyond apple, there are other names in large cap tech or is it best to look elsewhere with four weeks left in the year >> i think it is early on large tech we think it is equity duration we want profits now. we are stick ittiing with the ve play the market hasn't been evaluated

yet. we are up 13% from the bottom. over the summer, we were up 17% off the june lows and we crashed. until we clear that hurdle, we are in the down trend and making lower highs which pushes you to lowerlows. we like energy and health care and financials and stables we think big tech is early interesting to see what salesforce to say if they can crack out of the down trend. >> i love your note. we like big old ugly cash cows ibm. what are other names >> ibm, jpmorgan chase, costco shout out to my people there one of the favorites to play in the difficult market we like conoco and exxon and chevron. that will take three-to-six months before that hits. look for companies paying dividends with good balance

sheets we don't want anybody that nmigh struggle or have futures profits to invest. we want profitable now it is boring channel your inner warren buffett and don't chase. fomo is a dangerous thing for investors right now because it is hard to sit on your hands in a bear market rally. it's a trap. >> since october 12th, we rallied. interesting with the wti crude and oil in general your take on the economic front. has inflation peaked what could we get from the november jobs report as we better understand the health of the consumer >> i think the jobs report should be decent deceleration is the term of the fourth quarter no longer pivot. decel deceleration i think powell will walk back this week. i think you swill see

the market is expecting a 5% terminal rate. to rollover in 2023 and the fed is convincing people it will be higher for longer. we possibly see inflation slow it is early to expect help from the fed. if you look at the 10-year treasury versus 3.6, you have a disconnect on the bond market. >> do you have a top pick in retail i ask because of the better than expected black friday sales. >> depends how we spend it and how consumers spend. $1.92 billion. mastercard came out with good numbers. the consumer is healthy, but they are stressed. some spending is because of inflation. if you bought a toy last year, this toy costs 15% more. some numbers are bumped up because people are spending

more, but they have to >> well said victoria, i love this conversation and energy. victoria greene. have a great day dow is down 220. yen is up 1% we are tracking the market closely. that does it for us on "worldwide exchange. "squawk box" is next

good morning developing story in china. unrest growing tough to follow what is happening. we will take you there live. in the u.s., holiday shopping season in full swing. new data shows record online spending from black friday we will tell you what people were buying. another one. animated flop for disney "strange world" brought in $18.6

million over the holiday weekend falling short of the $30 million it was estimated or expected it's monday, november 28th, 2022 is this the jobs number this week "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen andrew is off today. we have been watching the u.s. equities you will see red arrows. this is causing concern around the global over what is happening in china you saw the session down in asian trading and in the early trade in europ