it is 5:00 a.m. at cnbc global headquarters. here is your top "five@5." stocks looking to stage a turn around tuesday after kicking the trading week off in the red. calm returning to china overnight after weekend protests that called for president xi to step down. elon musk taking on apple over claims the tech giant is pulling back ad spending on the platform and may kick it out of its app store. disney ceo bob iger having a tough talk with employees about the road ahead after chapek.

and why yesterday may have been the biggest online shopping day of all time. it's tuesday, november 29th, 2022 you are watching "worldwide exchange" here on cnbc good morning welcome to the show. i'm dominic chu in for brian sullivan let's get a look at the equity futures. futures are. pointing to a muted open s&p up 6 points. nasdaq higher by 46. we are toward the lower end of the future trading range we'll keep an eye that momentum. checking on the bond market. yields are infocus with the global growth narrative. 10-year treasury is a little

below 3.68%. 2-year treasury is 4.43% the 30-year treasury long bond below 3.73% in energy, oil prices trying to see a down turn. we have seen longer term down side risk in oil prices with the economic slowdown narrative. in today's trade, u.s. bench market wti with a 2% gain. 2% gain for ice brent crude. in cryptocurrency. bitcoin and ethereum still very much talked about right now. we're seeing a bid for cryptocurrency bitcoin above $16,000. up 1.765%. nearly 4% gains at ethereum.

let's check on the overnight action in asia and europe. predominately positive with the asian trade. joumanna bercetche is in london with the latest there. good morning, joumanna >> that's right, dom we have seen a rebound in chinese equities stocks overnight and not because of the change in the covid policy, but because regulators loosened the property sector to raise equity financing. this led to the jump in property names up 10% in the shanghai composite. up 2.3% total. the profperty sector up is 2.1%. and the pboc cut the rrr providing extra liquidity. we are seeing a recovery in the tech names in the hang seng. food and service up 8% to 10%.

in europe, the picture is mixed. we started off in positive territory. now dipping to negative. ftse 100 in the uk is the bit of green up .60%. commodities and minors leading there. dax is down .20% in germany. we are keeping a close eye on the german preliminary pci numbers coming out today the numbers have been disappointing which is a surprise spurring a rally in fixed income the swiss index as you see is down .20%. one stock we are watching is credit suisse. the stock is now at an all-time low. dom. >> joumanna bercetche with the latest on the london trade thank you very much for that to the top story this morning. relative calm returning to china overnight as joumanna reported demonstrations over covid rules and calls for xi jinping to step down so far failed to materialize for the second straight day eunice yoon is joining us from beijing with the latest there.

eunice >> reporter: dom, residents were focused on any comments from the top health authority that could potentially lead to some easing of covid curbs the good news is the health authority will ramp up vaccination efforts among the elderly, but stopped short of a mandate which people believe is needed to get the vaccination rate higher. the authorities have also made comments about the complaints about covid curbs. not commenting on the protests saying that much of the problem was on the implementation at a local level. in other words, we are not really seeing a big difference in china's approach right now to zero kocovid. it is zero covid and trying to ease excessive measures on the local level. one thing that was heartening to

investors was an unverified report or chatter, dom, which is interesting. making it clear this is an unverified report. some discussion about the leadership could be looking for and may have already approved the idea of forming a narrative for the communist party for an exit plan. according to the unverified chatter that has been heartening investors is the idea that president xi has asked the propaganda chief to draft the narrative. it would be bf.8 narrative similar to the flu and the communist party saved 6 million lives and there for the communist party is great this is unverified you could see how the communist

party could be looking for a way to first change the narrative because as of right now, the narrative has been zero covid is the only way >> eunice, what exactly with all that in context, what is the latest on the demonstrations around president xi's covid policies and how beijing is responding formally? aside from the chatter that is going around that you just reported on? >> reporter: formally, the authorities have not mentioned the protests at all. they haven't acknowledged them in any way in terms of what is happening, a lot of the protesters have started to report that they are contacted by police and police have started to look for anybody who was actually at those locations. police presence around places where demonstrators have gathered is very, very heavy

in fact, people are talking about p how police have been stopping and making random checks and looking for foreign apps and vpns and the city where the demonstrations first began you could see that the authorities here are really trying to clamp down on the protests another threat we are starting to see is the nationalist bloggers are starting to blame foreign forces for these protests what normally happens here is we start to see nationalists bloggers blaming foreign forces. state media starts to quote them and blame foreign forces and gets to the top where it becomes more official that foreign forces are to blame instead of chinese people speaking out because they're upset about the covid curbs. >> eunice yoon withdemonstratio.

thank you very much. let's get to the latest top stories with silvana henao president biden is looking to avert a rail shutdown as early as december 9th. the tentative agreement which has yet to be ratified could be voted on by the house this week. the issue is paid time off and sick leave bob iger hosting the first company wide meeting yesterday iger told employees instead of chasing subscriptions with marketing and spending on content, we have to chase profitability. iger said his team wit ll have o take a hard look at costs. blockfi is suing sam bankman-fried over the robinhood

shares he suffered severe liquidity crunch triggered by the failure of sam bankman-fried's ftx exchange. thank you very much. when he come back on the show. fed officials doubling down on higher for longer speak as they try to reverse yesterday's losses. elon musk taking on apple claiming it may kick twitter off the app store. and more on the china unrest and if it is turning any heads in president xi's ner incircle we have a very busy hour still ahead when "worldwide exchange" returns after this commercial break.

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welcome back to "worldwide exchange." looking at futures we are headed for a muted opening bell dow implied higher by 36 points. nasdaq higher by 49 points this is after the selloff and comments from the st. louis fed president james bullard and new york's john williams they need to keep restrictive policies in place for some time. bullard issuing similar guidance saying the fed has a way to go to get restrictive that rising interest rates will likely hold into 2024 in order to gain control over inflation

let's talk more about what this means with the markets from david waddell with waddell and associates we know the central bank needs to put the clamp and tamp down inflation. what does this mean for markets now? are markets now in a position where they can say, hey, we know it's going to come and we can rally ahead or is it still a headwind >> good morning. thanks forego ha having me good to see you. i think the pivot everybody is focused on is the fed pivot. the pivot is the inflation pivot. we had it. 9% of cpi and now 7.7%. it is to the down side we will likely do that for a while. when we have inflation decline, they happen quickly. the fed is lagging on the way up they will lag on the way down.

my expectation and good news that came out of the last release was they will slow the pace of rate hikes they may go higher they may do it for a little longer slowing the pace of rate hikes means the data will matter more. so if we continue to see the slide down in inflation levels, then they can talk tough all they want. the thing i really care about is i look at five-year forward inflation, those are 2.29 right now. the fed target is 2. m-2 is the slowest in years. they have done plenty of work. it is filtering through the system the tough talk is a policy tool for died guidance it is a soft landing if we get one. i'm not worried about it >> david, to your point, it sounds like you aren't calling the peak in inflation. you don't think it will come back in 2023

you mention the idea the forward expectations are low they have been creeping down for a while now. how do you respond to those who say the indicators are not accurate reflections of inflation because of the desk l dislocation in the fixed market? >> maybe they all point in the same direction. inflation is falling, not rising you have momentum to the down side we are seeing what is happening in the housing market. it takes a while for shelter to rollover that is the only thing holding that inflation report up it was 80 basis points or something. i think the evidence is there if you really dig through i get the narratives if you dig in the data and do your homework, you look at history. we're in a period where you see the disinflation that is not what the fed really cares about.

what the fed cares about is the softening in the labor market. it will be the labor stats and if you look at recent jobless numbers, they soften quickly we'll get employment report. hopefully that will be softer. i think the pivot has happened it has happened in inflation that is why the market has rallied strongly it had been overbought i think there is stability here. as long as the dollar stays soft and ten year stays below 4 and we get the rally >> david waddell claiming the pivot is the one in inflation. thank you very much. we trappreciate it. with oil trading near the lowest level, we speak with goldman sachs head of commodities research jeff currie he is live from the clear skies carbonomics conference

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welcome back to "worldwide exchange." time for the big money movers. eisai shares are falling after a report that a woman died after receiving the experimental alzheimer's drug which it is developing alongside biogen. it is unclear if the death was caused by the drug the news is negative sentiment in the shares.

shares of sony nikkei is reporting that the image sense is featured in the series of iphones slated to go on sale in 2023. sony group shares down 1% in japan trading. snap will require employees to work from offices 80% of the time in february the policy comes after the company would layoff 20% of the staff in august to cut costs shares are down marginally in pre-market trade. off to the races shoppers breaking sales records this weekend despite concerns that inflation will force a spending fpull back. adobe reports that people spent $6 billion on cyber money deals. that number is expected to nearly double to up to $11.6

billion when the final tally comes in later this morning. this adding to record spending on black friday and thanksgiving with adobe expecting cyber week to generate over $35 billion in online spending which would be up 3.7% year over year for more on the outlook and the holiday shopping season, let's bring in dana telsey from the telsey advisory group. this is like the super bowl season for you right now the question is is the american consumer in good shape right now and should we expect that to continue the holiday shopping season >> dom, thank you for having me. hope you had a great holiday i think it is the super bowl of my year in terms of retail i think the american consumer is spending appropriately take a look at black friday weekend and it began earlier it began the beginning of the

week on monday if you want to say it, it was the second amazon prime day that took place in october where others discounted around it. we had a successful black friday weekend. the promotions were not overwhelming we have return to in-store shopping and now you go into a lull period until the ten days before the holiday season where it gets quiet because consumers know the longer they wait, the bigger the deal. the difference is retailers have enough inventory there will be inventory out there. they don't have to buy now it will be a promotional holiday season it doesn't seem like it is that aggressive i don't think any more door busters at 5:00 a.m. it is a civil holiday beginning at 8:00 a.m. on black friday weekend. i think the american consumer is doing just fine so far even with the lower to

middle-income consumer expstresd by inflation it is value and brands that make the difference >> dana civilized is a good phrase i'll use that. that is what it was like for me. there wasn't a lot of rushing out. many of the online deals for black friday and cyber monday were started two or three weeks ago. i have stuff in my inbox if it is going to be promotional, but not that promotional and profit margins not squeezed as much, which retailers stand out? >> what i see stand out is the winners in the soft lines area companies likes lululemon. ulta and ralph lauren. i think it is macy's and tjx you have the higher end like c.

you will have a costcos of the world make a difference. we have a holiday season that captures everyone. everyone is at lower to middle income level and you have to offer value. their dollars are stressed with the higher living expenses of rent, food and gasoline. >> as we head to the home stretch and expect discounting happening in the next two to three weeks ahead of christmas, where would shoppers, not investors, but shoppers find the best deals and for what? >> i think you are going to macy's for clothing. i think you will go to the footwear retailers to get some innovative product i think you are going to go to ulta for cosmetics i think you will go to target and you will go to walmart the reason you go is a wide assortment and value at the same

time >> dana telsey with news you can use on shopping trends thank you. we'll see you soon still to come on the show, goldman sachs head of rrmmodities research jeff cu cuie his take on the commodities going into winter. that conversation on "worldwide exchange" when we return becom. go “good night." go boldly. emerson. if your business kept on employees through the pandemic, innovation refunds could qualify it for a payroll tax refund of up to $26,000 per employee, even if you got ppp. and all it takes is eight minutes to find out. then we'll work with you to fill out your forms and submit the application. that easy. innovation refunds has helped businesses like yours claim over $1 billion in payroll tax refunds. but it's only available for a limited time. go to innovationrefunds.com to learn more.

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hawkish fed talk and ongoing unrest in china rattle investors. on the china covid front, officials announce fresh steps to try to shift from zero covid policies amid ongoing backlash. and elon musk going to war with the largest public tech company. it is tuesday, november 29th, 2022 you are watching "worldwide exchange" on cnbc. welcome back i'm dominic chu in for brian sullivan kicking off the half hour with the stocks pointing to modest gains at opening bell. the dow at 45 to 50 points and the nasdaq higher by 59. let's get a check of the top stories with silvana henao >> dom, good morning elon musk taking on apple.

lashing out at the tech giant regarding matters with twitter musk tweeting a series of claims against tim cook and company including saying it threatened to remove twitter from the app store. he likened the move to suppression of free peech. he is calling out the iphone maker for pulling back on advertising on the platform and 35% fee on app developers. leon black is facing a lawsuit. the former head of apollo is accused by a woman of rape at jeffery epstein's new york town townhouse. her client plans to defeat the baseless claims. black stepped down as the head of apollo after review of the ties to epstein last year which found he wasn't involved in the

epstein criminal activity. shanghai disneyland closing again four days after reopening. the theme park making the move amid the efforts to combat rising covid cases it is unclear when the park will reopen this marks the third time this year that shanghai disneyland has been shut because of hina' zero covid policy. dom. silvana henao, thank you goldman sachs hosting the carbonomics in london discussing the issues this year is energy steve sedgwick is joining us now with a very special guest. steve. >> reporter: dom, fantastic. a lot of topics with innovation and affordability. let's go back to the crux of the issue. jeff currie. head of commodity research at

goldman sachs. jeff, you thought the price would be higher of the commodity oil and brent and wti. you have been pcutting your prie target what changed is it about china? >> it a combination of factors first it was the dollar. too much money chases too few goods. the too few goods condition is there and we have less money yen went from 100 to 150 in japan, there is 50% fewer dollars to chase oil that is factor one factor two is as you point out has to do with covid in china. by the way, it's big it's worth more than the opec cut for the month of november to put it in perspective. the third factor is russia is pushing barrels on the market right now before the december 5th deadline for the export

fans you put those three factors together and markets tank. medium term outlook for 2023 is still very positive. we stick to our guns of $110 forecast next year the path between now and next year has uncertainty >> i spent more daysthan i car to remember spending time in vienna to discuss this i did not foresee them scrambling to cut barrels. what will they do? >> they go by the data data dependent they got -- by the way, they got the demand decline right in the month of november. demand is probably heading south again in china given what is going on whether it is -- i think the key point with china right now is the risk you get a forced reopening. that means self imposed lockdowns. people don't want to get on trains or go to work

demand goes further south. they have to deal with the fact that demand is down in china prices reflect it and do they accommodate that weakness in demand i think there is a high probability we see a cut depending on the response out of china this week. >> we have questions from our great friend dom >> jeff, good to see you here. thank you for joining us here on the show i know that you are an economist and commodity strategist by trade. i am sure you noticed the dislocation with oil prices and energy stocks and companies overall. i do wonder from your conversats in your world, how are people explaining it? why are energy stocks so big when oil itself is so off? is there any explanation that makes sense to you >> you know, three reasons i

just gave for oil prices going down the situation in china we know there are high probability they will reopen by 2q of next year. that path to reopening is uncertain. it has a negative impact on prices right here and right now. the equities off that reopening in q2. remember, they are forward looking expectation driven assets and oil is a spot asset dealing with the weakness in china today. second factor, russia is pushing barrels on market in anticipation of the december 5th deadline we know that will pass that doesn't change the balance long term. equity investors looking through. when we think about the situation with the dollar. most people are forecasting a weaker dollar next year toward the second half. as a result, the equity of investors look through i want to point out there is a catch up game going on between

oil prices and the equities. yes, the equities have regained some of the distance, but go back to 2017 and look at the gap between equities and the oil price. there's a big gap that needs to be filled there. meaning the equities are still far below the oil price and looking on a multiyear horizon >> jeff, one more question from me here. when it comes to the oil forecast that you have, often times we talk about the supply side a lot we key on opec plus announcements and speculation. it seems to me though so much of the and a narrative is on the dd side what is the global it economy and who is consuming oil is the predominant narrative in 2023 be more supply driven in oil or more demand driven on oil in your mind >> i think it will be more demand driven given the fact you

will see he is sequential improt with the commodity demand. particularly with the reopening in china look at europe it paid the price for the energy crisis when russia cut the gas output industrial output is down. it is likely to improve as we go into next year also in the u.s., you are likely to see the fed hitting some type of at least slowing down on rate hikes and potentially hitting the terminal rate. that points to sequential impro improvement. everybody believes the supply story of the what is missing the front end oil. that narrative will shift to focus on sequence improvement. >> jeff, it is fascinating the statement you made to dom. the bp and shell and mobile

compared to the under lining oil price. it is solid despite capital going through the roof on both sides of the atlantic. you have a story to explain with the industrials and value stocks and interest rates we are seeing. >> we came up with the term for this back in 2002 in february when dot-com was getting crushed and oil companies were going up. we called it the revenge of the old economy. i thought it was unique to 2002. we are seeing it again today what i'm beginning to realize, this is the typical inflation duration tradeoff. what do i mean by inflation duration go back to the 1960s low and stable inflation very low interest rates. investors chased duration. duration was gillette and coca-cola. and then we have low interest

rates and then they chase dot-com. same story in 2010 you had lbj great society in '68. china in '02 and covid stimulus in 2020. then the revenge of the old economy. inflation starts to rise then you have interest rates go up and higher interest rates do what they cause investors to bring that duration in oil companies and industrials and old economy is short duration tech and growth is long duration think about the idea of low inflation in 2010. now higher inflation and shorter dur duration that is a dynamic. we can go back to '60s to '70s and '90s to 2000s. >> and we are hoping for more of the same we think it is time.

we know the fed is telling us the pace of rate rise is going forward or perhaps not at 75 we are looking at pce this week. if things are changing and the interest rate scenario, what does it mean for the oil majors? >> when we look at the longer term story, the core problem with the old economy is the idea of under invesinvestment this is what we need to deal with we will enter a major cap x cycle both green and oil and metals over the course of the next five to ten years to solve these problems that will put a bid in the old economy companies. >> jeff currie thank you. jeff is the global head of commodity research at goldman sachs. dom, back to you >> thank you, steve sedgwick and jeff currie. coming up, china's next steps for covid. we breakdown the moves by

officials to combat rising cases and whether a pivot on zero covid lerus could come in the next weeksor months. "worldwide exchange" is back after this

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second stday. officials showing no official signs of easing zero covid a policy to create an economic opportunity some time down the road joining me now is robert kuhn. multinational corporation doing business in the region he is the author of the new book "how china's leaders think." robert, this is a scenario custom made for your expertise can you take us through -- i've heard so many times in the last couple days this idea that these protests are the biggest thing since tiananmen square i want to know if this is your opinion because i remember tanks in tiananmen square and we are no where near that right now. >> that's for sure i think that's an accurate statement. it is the largest since tiananmen square, the protests it is not anywhere near the same

significance i think we have to look at the protests differently it is directly as a result of the frustration, understandably so, of the lockdown now for almost three years in different forms from invasive testing on regular basis to lockdowns and shut in an apartment for long periods of time. that frustration is entirely understandable the other kinds of demands in terms of the government and in terms of freedom of speech are there, but they are a small part they are a derivative as opposed to primary that's an important point. the tension for china and the government is opening up and freeing the economy and freeing the people from this terrible anxiety they're under and the likelihood which leading officials say of a significant outbreak

the variant in beijing is significantly more transmissible than omicron and omicron was more transmissible than the original vaccines to the original virus were not as effective as the western mrna vaccines and the low vaccination rate which hopefully is increasing. you put that together and chinese officials were really worried there would be tens of millions of cases and millions of deaths if they would open up. you have the tension on both sides of this really no-win situation. after the 20th party congress, they refined the zero covid restriction. they had 20 different regulations to put in and modified it. they didn't change it, but modified it.

the best predictions still are the minimum time would be after the so-called two sessions in march with the annual government meetings and after that, people were hoping for some significant opening up that's not clear to me that will happen i think we will continue the way things are i don't think there will be a major policy shift they will continue with this differential approach with the lockdowns. maybe a little more than that. i think the protests have gotten the attention of senior leaders. no question about that i'm not sure it will influence them that much obviously, massive force on the streets. i don't expect to see continuation of the protests i think the point was made and it is a powerful point from why part of the chinese population officials will take that into

account, but not suddenly open up and expose themselves we have to wait for a chinese mrna vaccine in order to give the officials confidence of the significantly more opening up and increase in the vaccination rate particularly elderly with the lowest and most vulnerable there may be changes in the policy on the edges, but i do not see a significant change for the foreseeable future. >> robert kuhn thank you very much, sir we appreciate it. as we head to break, a quick programming note pro week rolls on with the special hour long interview with tom lee. he is answering your questions directly at cnbc.com/protalks. it starts at 3:0 p.m.0 p.m. tody a lot of interest in crypto and

markets and overall. "worldwide exchange" is back in a moment for them it's the biggest milestone, the biggest accomplishment, the sale of a business, or an important event for their family. for them, it's the first and only time. we have seen this literally thousands of times, in thousands of iterations. ♪ ♪ i am vince lumia, head of field management at morgan stanley. whether that's retirement, paying for their children's college education, or their son or daughter getting married, our financial advisors need to make sure that they are making objective decisions, every step along the way. every time you hit a milestone, an anniversary, a life event, the emotions will run high. making sure that you have somebody, a team of individuals that have seen it before, have seen every circumstance and seen every challenge, and have your back when you need it most, is one of the most valuable things a financial advisor could provide to a family. i am vince lumia and we are morgan stanley.

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welcome back stocks looking to mount a tuesday turn around after kicking the trading week off in the red. for more on the trading day ahead, let's bring in tiffany mcghee at pivotal advisers and also margie patel for all spring global assets. thank you for being here margie, we will start with you is this a market that is predominately driven by fed speak and interest rate direction and severity >> yes everything the fed says, people watch and the market takes a zip up or down because of that it is remarkable how far treasury yields have come down in the face of conflicting information of the fed

treasuries to me are tele telegraphing the fed will slow down the rate increase >> tiffany, with that in mind, as you layout the investment strategy for clients, is there anything that concerns you about the interest rate macroeconomics narrative? is there anything out there we don't already know or is this just about adjusting and fine tuning positions for clients given the overall story? >> listen, i don't think there is anything out there we don't already know i think the big news is the november jobs report bad news in the job market is good news norews for the fed. the key metrics i'll be watching are jobs added and unemployment rate and the wage growth so we basically need the amount of jobs to go down and unemployment rate to go up and wage growth to go down for the fed to really make a move in the

last meeting >> margie, the inflation story is top of mind for so many out there right now. interest rates have been controlling the direction of the valuations there is now an alternative out there to put your money besides stocks if that is the case, how long do investors have to stay more defensively oriented when can they feel they can go back into the growthier stocks that have been leadership for the last decade or two >> i think what we really need to see is what is happening with the economy. the fed has tightened aggressively a record increase from the beginning of the year to now we don't know how that will affect the economy men many say it is time to jump in if we have a recession, we may

well see earnings go down, too that would say pro stocks would not be able to propel up we are watching and waiting to see what happens >> margie, if i can follow-up on that and that is your case and construct, for evaluating the market, are there still stocks out there that are attractive or you put on your shopping list? >> yes, i think so the stocks are reasonably priced and you never know where the bottom is to jump in we like semiconductor sectors which got hit hard because of the oversupply and weak in demand in pcs. we think looking beyond mid-year, inventory will come through and they will have a growth path. and we like defensives a lot of the revenues are coming from governments and they will

be cut and high quality companies with reasonable dividends. >> that's on her list. tiffany, i wonder if this is a retail centric time of year. the retail narrative is part of the overall market, especially in the last couple months of the year i wonder if retail part of your game plan in the coming months >> it is, dom. i like the specialty retailers they fared well for black friday two names i like and liked for some time is ulta beauty they report this thursday. they fared well despite market declines up 11% year to date. also victoria's secret they report on wednesday with. they are up 29% in the past three months still down year to date. they have decent cash flow relatively fair valuations

they have 20% of the u.s. lingerie market and 30% of fragrance market we think they are positioned to continue to do well. >> margie, one last word from each of you both i wonder the biggest fear you have is the market bottom in or is something else taking us down beyond the lows? >> i think the biggest fear is really the fed the fed historically overtightened to cause recession. it looks like they are on the track because of raising short-term rates by 350 basis points that's my concern if they bring on recession next year and drop unemployment rate which is bad for people who lose their jobs frm jobs we are concerned about the fed activity and risk. >> tiffany, last word to you is the bottom in or do we go lower from here? >> i hope so you know, i think we're going to be in the weird place at least

for the next couple months so, you asked about fear earlier. scared money doesn't make money. as long as you stick to the plan and figure out and plan out your tactical moves in the portfolio from now to the end of year and into q1. >> tiffany and margie, thank you. that is it for us on the show modest gains dow implied higher of 20 points after the selloff yesterday. "squawk box" picks up coverage next we'll see you tomorrow with gold bond... you can age on your own terms. new retinol overnight means the smoothing benefits of retinol are now for your whole body. plus, fast-working crepe corrector

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good morning stocks jumping in china overnight as the rate of new covid infections appears to slow we'll take you live to beijing elon musk is calling out apple saying the company threatened to remove twitter from its app store details straight ahead. and bob iger spoke to employees about the road ahead he had a white dress shirt and blue cardigan. not what he was wearing yesterday. he said the company had to stop

chasing subscriptions and start chasing profitability. navy pants looks like a uniform navy navy pants tuesday, november 29th, 2022 "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 of let's look at the equities yesterday was a rough day for the markets. it was the worst day for the three major indices since november 9th dow down 500