5:00 a.m. here at cnbc here is the top "five@5. we begin with the markets and making it a month to remember. futures in a bit of a holding pattern after the rally. the surge fueled by jay powell signaling the fed may pull back on the rate hike strategy as soon as this month. this is a bombshell. sam bankman-fried speaks and talking to our own andrew ross sorkin on the collapse of his crypto exchange.

must watch tv. and china announcing easing ca restrictions we are live in beijing. and elon musk making peace with apple it is thursday, december 1st, 2022 you are watching "worldwide exchange" here on cnbc stick with us. good morning i'm frank holland in for brian sullivan let's kick off with the check of the markets and how they are shaping up on the 1st trading day of december. futures in a holding pattern down right now s&p just slightly in the green nasdaq slightly in the green moving slowly negative to pos positive stocks rallying on the back of the statement from the fed chairman pulling out of bear market

territory. the dow and s&p both gaining more than 5% in the month. the nasdaq up more than 4% on the heels of the rally by stocks, let's get on the bond market yields are lower than they were yesterday. the 10-year treasury at 3.62 it was 3.75 yesterday. we still have the inversion in the yield curve. a lot of people are calling that a recession indicator. turning to energy. oil moving higher over the week ahead of the opec plus meeting wti is sitting at $80. earlier it was $74 brent crude at $87 a barrel. look at crypto on the back of sam bankman-fried speaking out on the collapse of his firm. andrew ross sorkin doing amazing in the interview bitcoin topping $17,000.

ethereum and xrp are down this morning. we have seen a rally this week all three of those moving higher. let's go around the world with joumanna bercetche in the london newsroom the with the look at asia and the early trade in europe. good morning, joumanna >> frank, asian markets taking the cue from the u.s. stock market yesterday you see the indices ending in the green. also more talk about potential easing of covid measures out of chinese authorities to be confirmed. that is giving another boost to the chinese equities shanghai composite .50% higher hang seng is .75%. for the month of november, hang seng was up 20%. that is the biggest jump in 24 years. switching to europe. the picture is more mixed. you can see we are tilting toward the green, but not as much as we saw in the u.s. the ftse 100 is above the flat

line dax is up .40% eurozone final pmi numbers coming in. the flash numbers higher than the final numbers. that was disappointment to the market not so much with the uk where the inverse was true people are moving ahead and thinking about the next ecb meeting. we heard from the fed yesterday and investors thinking they will go to 50 in europe, they think the ecb could squeeze out another 75 basis points the focus on this market is what happens at the all-important december meeting at the ecb. >> joumanna, thank you very much we appreciate it let's get a check on the top stories with silvana henao good morning, silvana. >> frank, good morning let's start with salesforce. a leadership shakeup the company revealing that bret taylor is stepping down and leaving one person in charge taylor was promoted from president and chief operating of

our officer a year ago is start age new company. the company's fourth quarter forecast falling below projections as it expects to take a $900 million hit in sales because of foreign currency effects. speaking to jim cramer on "mad money" they discussed the need to pivot amid changing conditions >> you have to constantly reshape the company. we reshaped part of the company. we will continue to reshape the company. you have to look at everything as the market is changing. every industry has a different charac characteristic some are buying aggressively some are subdued because of what they are going through you want to invest in the industries and products doing well and pull back in the products that are not. that is the ebb and flow of how to december with the crisis. tiktok ceo says the social

media platform is taking greater steps to keep data secure. speaking at the new york times events, they say they plan to lean on oracle because of the strong security concerns no foreign government has asked tiktok for investor data as they face scrutiny over the data practices. and sam bankman-fried speaking out on the collapse of ftx. sam bankman-fried joining andrew ross sorkin via video feed from the bahamas at the event trying to dispel belief he tried to swindle customers. >> i did not try to commit fraud. i was excited about the prospects about ftx a month ago. i saw it as a thriving and growing business i was shocked over what happened this month reconstructing it, were there things i wished i had done

differently. >> sam bankman-fried's comments. >> the long and short of what happened and i'll start by saying to make a distinction here you look at the u.s. platform and international platform the u.s. platform with american users. to my knowledge, that is fully funded and solvent. >> frank, sam bankman-fried's comments come under stcrutiny later today. >> amazing interview with andrew ross sorkin. he said what do your lawyers think about this and he said it is a bad idea. >> i think we're all kind of waiting for more and want to hear what he has to say. >> i'm waiting for "squawk box" i think andrew missed a career in the law see you later on thank you, the silvana. stocks coming off the rally

on suggestion from jay powell that the central bank is ready to slow the pace of the rate hiking campaign with hikes coming as early as this month, or the slowdown, i should say. powell reiterated to tame inflation while avoid overtightening. >> i don't want to overtighten my colleagues and i do not want to overtighten i think the cutting rates is not something we want to do soon that is why we are slowing down and try to find our way to what that right level is. >> joining me now is bill stone from the glenview trust company. >> thanks. >> listen to what jay powell had to say he didn't come out and say we're doing anything the markets like his comments. in your opinion, based on the bounce yesterday, are those comments that pif out that everybody is looking for >> i think it is not quite yet

he clearly was measured in his speech he said moderate the pace. that gives people confidence that you will just see "just" .50% in december. then the market at least is thinking that you will move down again to just a .25 in february and another .25 in march >> the comments came the day before the pce report out at 8:30 a.m. this morning in general, the markets would take a softer than expected pce. a better number. it is hard to say. lower inflation as a sign the fed might do what jay powell is suggesting is he trying to give the markets momentum what is the motivation to say this the day before we all know they are watching? >> i'm not sure the timing is what he was looking for. what he is trying to do is hope

to get us to a soft landing in the economy. you talked about it earlier. the yield curve or many yield curves are still inverted. that is the strongest signs we have that there will be a recession. obviously as chairman, he would love to manage that soft landing if he gets softer inflation numbers. it makes it more possible. it is certainly going to be a difficult chore. >> i'll ask you the question we discussed earlier. bond yields. how will the pce impact the yields >> i looked at it a bunch over history. in one sense, we are asking the wrong question if you are an investor, what you really think is vexing you is bonds. powell comes out and says more dovish things.

bond prices move up. stock prices go ballistic in areas that were crushed in yields i said whenever we go into recession, do bond yields always fall and does inflation always come down? the answer is surprisingly no on both counts. most of the time it does again, the boogie man is inflation if inflation stays high it is obviously hard to know if that inflation number stays high that's what you have to key on which is why the number today remains extremely important. >> a lot of things are hard to know in the market this year we have pec comiepce coming out today. do you have a protection bond yields would top 5% this year and now that doesn't seem likely where do they go >> if you make me pick, i'll say

we end up going higher again the only reason i say that is looking at history when you have seen inflation cpi above 5% and gone into recession, you still see generally speaking the yields move higher still they may not necessarily move a lot higher, but i look at the risk/reward when we build portfolios that's what we care about. i would be mindful of maybe not getting too excited about chasing and trying to make money on the lower yield you will make plenty of money on the lower yield on the stock side you saw it yesterday that is the key to when you are putting together a portfolio >> bill stone. by the way, you were supposed to be here. we have a chair for you here i thought you were coming in >> i didn't know that. i'll come again some time. that would be awesome. >> i hope so thank you. have a great day when we come back on "worldwide exchange. bracing for opec the likelihood of the oil block to cut output amid price

pressure. and congress pushing ahead with efforts to avoid a crippling national rail strike the latest on the next steps with days to go until the deadline. and mark zuckerberg speaking out against apple with the war of words with fellow tech giant. his comments ahead when the busy hour of "worldwide exchange" returns. stay with us nd of up to $26,000 per employee. all it takes is eight minutes to find out. then work with highly qualified professionals to fill out your forms and submit the application. go to innovationrefunds.com to learn more.

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all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. well, we fell in love through gaming. but now the internet lags and it throws the whole thing off. when did you first discover this lag? i signed us up for t-mobile home internet. ugh! but, we found other interests. i guess we have. [both] finch! let's go! oh yeah! it's not the same. what could you do to solve the problem? we could get xfinity? that's actually super adult of you to suggest. i can't wait to squad up. i love it when you talk nerdy to me. guy, guys, guys, we're still in session. and i don't know what the heck you're talking about. welcome back watching the price of crude after the 3% gain yesterday. the best day since early

november and trading close to $80 a barrel number of factors at play including the opec plus decision this sunday. early reports indicate no changes. talks at a standstill right now. investors in energy buyers are watching any move from the white house after the spr drawdown levels at the reserve sitting at the lowest levels since the '80s joining me now to discuss is matt smith for the americas at k kepler good to have you here. >> thanks. >> where do you see oil going? a lot of people speculating oil would spike with the production cuts that was dependent on china opening up >> in terms of china, that is the most bearish issue for the

year china is weighing on the market. in terms of where we go through the end of the year here, you've got opec meeting p comieing com sunday if they cut, that would support prices the day afterwards, we have russia sanctioning kicking in. we have the end of the spr in the u.s. those three factors are supporting crude for the end of the year. >> moo people understand when you cut production, that causes prices to rise how big of a cut could happen? what would would be in the best interest of opec and opec plus >> everything we heard in opec in recent months, they want to support prices around the $90 level. we saw them cut or make a minor cut in september prices were close to 100 $100 in october, they made 2 million barrel cut a day now closer to the $80.

we are going to get a cut from them if we don't, we will get rhetoric >> brent crude at $86 a barrel you say they want to get to $90. we know the sanctioned russian oil is bought, not siphoned, it is not illegal, but asian countries are buying it. what does it do to get the price up to $90? >> we hhave sanctions kicking i next week. the situation is that seaborn crude from russia is not dropping it is dropping into the eu 27 countries. it is heading to india and china and turkey we are not seeing russian crude export drop. >> the price we are seeing in oil is the idea of china reopening and obviously big consumer of oil. is that priced in or is that

something to lead to a big pop we have eunice yoon coming up later that china is trying to pivot softly from the zero covid strategy >> that is why with we saw prpr pr prices come off in the last month. it seems they will keep the zero covid policy in place until the second quarter of next year. we should expect china to be a bearish influence. >> interesting we have brian sullivan going to the opec plus meeting. are we expecting any shockers? give us a story we are not talking about p? . >> if they don't cut, they will insinuate they will cut closer to $80 or $90. that is something we should expect >> matt smith, thank you

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welcome back to "worldwide exchange." now to developments out of china where leaders are announcing a new stage in the fight against

covid potentially signaling a shift in the zero covid policy which sparked unrest in recent days eunice yoon is joining us with the latest from beijing. good morning, eunice >> reporter: frank, good morning. the comments were made by china's top lockdown enforcer. the vice premier who is referred to as the lady of lockdowns had convened a meeting of health experts where she said that omicron is less pathogenic and skipped using the term zero covid. all of this coincides with the state media today of downplaying the aftereffects of long covid which is something that chinese people have been really concerned about after barraged with the messages the past lthre years that covid is extremely dangerous. we saw cities around the country

dropping or easing somewhat their quarantine protocols two cities that are important for the global supply chain said they will allow the quarantine at home of some close contacts and here in beijing, it isn't official yet, but local authorities have been telling residents that even some infected people can quarantine at home if they meet certain conditions instead of taken away to government isolation facilities there is progress made in the city of guangzhou which is known as iphone city where the foxconn plant is located they will ease restrictions today. a signal, frank, but we still don't know about the timing and pacing of the easing >> eunice, another question. we have seen so much unrest

there. some of it is hard to watch to be honest. what is the latest with the protests we have been seeing across china >> reporter: the latest is that they all have gone silent. we know the leadership has paid attention to these protests. most likely trying to mitigate the protests by easing up on the zero covid protocols, but not admitting they are making real changes because the message is optimizi optimizing at the same time, the authorities are not showing they are willing to tolerate protests at all the security around the capital as well as other cities is very tight. there are more and more reports, frank, of protesters getting nabbed and called. i had a discussion with one protester who said that they were stopped actually in traffic

by police and questioned and had to open up their phone for the police and get held for a little bit. a lot of that is happening because the police are looking for the people who organized these protests they are going into people's phones and looking at some of the foreign apps that have been used because they are encrypted to organize these events >> very serious situation. eunice, you stay safe. thank you for your reporting still ahead, another tech ceo taking shots at apple. the new comments from spotify ceo as he renews his fight with the tech giant. if you miss our broadcast, checitk out on our podcast with brian sullivan we'll be right back.

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stocks rallying on the back of the powell suggestion that the fed is ready to pull back. sam bankman-fried discussed the collapse of ftx as lawymakes look at the downfall our ylan mui has the response from washington. and tech titans divided on apple. mark zuckerberg launches criticisms it is thursday, december 1st you are watching "worldwide exchange" here on cnbc

welcome back to cnbc and "worldwide exchange. i'm frank holland in for brian sullivan on the first day of the trading month here and futures are pretty much flat yesterday, stocks rallying on the back of jay powell's signal of the slowdown in rate hikes. dow surging 700 points that wrapped up a strong month for stocks dow and s&p gaining 5% nasdaq up more than are 4% let's get a check on the morning's top stories with silvana henao. good morning good morning, frank. let's start with the house the house has voted to block a potentially crippling rail strike in the vote backed by 250 members of the house, representatives passed a bill to prevent stoppages in the railroad work before the december 9 tdeadline the bill combined them to a

september agreement brokered by the biden administration which includes paid days for members, but not paid sick leave. elon musk met with tim cook yesterday at apple headquarters. musk and cook had a good conversation and they have resolved the misunderstanding saying cook was never considering pulling twitter from the app store. this follows musk's criticism of apple on monday where he argued the policies were against the spirit of free speech and news he may make his own smartphone and this is different from mark zuckerberg speaking out the new york times event yesterday, zuckerberg challenged the tech giant over the control of mobile device. >> the profits go toward apple they have the majority of people in the u.s. have iphones

certainly the most majority of the economic activity on phones goes toward that i do think it is problematic for one company to control what kind of app experiences get on the device and spotify ceo daniel ek alleged the iphone maker says it gives itself every advantage and stifling innovation and hurting consumers consumers. ek tagged several business leaders and highlighted the anti-trust complaint the company filed four years ago alleging the 30% cut from purchases has caused spotify to artificially inflate its own prices. >> a lot going on. >> so much. >> i don't know if big tech is turning into a soap opera or wrestling match.

thank you, silvana. turning back to ftx's collapse congress is set to hold a hearing on the collapsed crypto exchange mon ylan mui has the look at the fall from grace in washington for sam bankman-fried. ylan, a lot going on here. >> reporter: frank, sam bankman-fried has become persona non grata on capitol hill. now lawmakers are tries to distance themselves from him look at the agriculture committee which is the committee holding the hearing. sam bankman-fried has given to two top lawmakers. debbie stabenow and jon boozman. they are donating the money to charity. five other committee members got

cash from sam bankman-fried. john hoven will send it to whatever reimbursement program set up and dick durbin and teen tina smith will give away to the non-profit but cory booker has not responded to multiple emails and he brushed off the question when we asked about it in person. in the interview with andrew ross sorkin yesterday, sam bankman-fried defended his donations. >> i wasn't viewing it as a partisan exercise. most of this was not donating to one party to beat the other one p in the general elections here. >> reporter: frank, he said he spent most of the money in primaries and focus was on p pandemic politics. >> andrew actually asked him were you trying to buy influence. his answer doesn't matter for

today's hearing. the question is are these senators going to face questions or possibly congress member or people he donated to questions if he was able to innfluence whn it comes to cryptocurrency >> reporter: frank, he did not have anything before congress to regulate there was no application he had an application to the ftc to clear customer transactions that is why this is important, the hearing before the agricultural committee today we will hear from the head of the ftc and lawmakers will ask if he could have done anything differently or if he missed things in terms of oversight of ftx and meetings he had with sam bankman-fried and whether or not the agency needs more power in order to properly regulate digital assets this has become the chief fl

flashpoint in washington with cryptocurrency is the regulator the s.e.c. or ftc? sam bankman-fried had been in favor of a bill that is coming out of the committee that would have given tmore power as you can imagine, frank, the cftc did not do its job. we will hear about the questions andmakers are goin back to the drawing board with bills to see how they incorporate lessons learned from ftx. >> ylan mui, thank you for the latest from d.c. for more on the hearing and sam bankman-fried's comments, let's bring in tracy wang from coindesk >> thank you for having me >> a lot of bombshells in there

and a lot that shocked a lot of us >> you know, i was at the dealbook summit yesterday. i have to give props to andrew ross sorkin. i thought he brought the fire and all of his questions were fair the question right now with sam is was this whole ftx fiasco calculated fraud or criminal negligence when sam answers certain questions of the $8 billion in missing customer deposits, he is very much going for the, you know, i did not knowingly commit fraud. i did not knowingly comingle funds. you know, there are two types of people in the world. either you believe sam is a liar or you believe him and he really didn't know what was going on. >> i think one of the other questions is why is he still in the bahamas if he did not do anything wrong andrew pushed him on that as well coming up later today, the one

witness in the senate hearing we have been talking about is ross behnan from the cftc what do you expect to hear from him? >> the cftc was friendly with sam bankman-fried and the agency that the crypto industry as a whole wanted to be the regulator for crypto rostin behnam has egg on his face we saw the agricultural committee which heads over the cftc and a lot of those members received donations from sam bankman-fried. the question now is will lawmakers try to distance themselves from the relation they have with sam bankman-fried and also, you know, there is a bill right now in congress that -- sorry, at the senate committee that was proposed by

senator stabenow that will basically decide whether or not the cftc will get certain powers to regulate spot markets the question is do you throw the baby out with the bath water you have a piece of legislation that sam bankman-fried was heavy handed in terms of helping advise on and now the question is just how much of that still stands in light of what we now know about ftx and sam bankman-fried. >> i want to connect the dots. senator stabenow is a participate with the bill that makes the cftc the regulator she received $25,000 from sam bankman-fried as a donation. is there a conflict of interest here in general, we saw blockfi declare bankruptcy and sam bankman-fried's comments and the outrage with ftx

>> one narrative that could be at play is this bill had not gone into effect yet ftx collapse came before there was any real clear legislation the cftc will lobby for itself they want to have the power to basically regulate crypto. the s.e.c. has its own agenda and these two agencies have been battling it out. the cftc will not cede to the s.e.c. and they will argue that because of ftx's collapse, this legislation is more necessary than ever. >> tracy, one last question. i don't know about you, but my head is spinning from the sbf interview. the question is where does crypto go from here especially in the last month of the year? we have seen a bounce, but what is the outlook does bitcoin go above $17,000 or

below? >> usually markets are forward looking and when the cracks in the ftx empire first appeared, we saw a giant decline in the price of bitcoin, which is the largest market cap cryptocurrency from $20,000 to as low as $15,000. over the past week, it has rebounded up to $17,000. the market priced in the collateral damage of ftx's collapse unless there is new information that comes out in the coming weeks, i think, you know, the blockfi bankruptcy is probably already teaken into account. >> we found the title of your next book. thank you so much, tracy coming up, the big money movers shares of one ftsoware provider

is up double digits ahead of the open that name when "worldwide exchange" returns after this

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time for the big money movers top stock stories of the morning. first up, snowflake. stock falling on the back of weak product revenue guidance. despite beating on the top and bottom lines in the fourth quarter. they expect $535 million and

$545 million for the quarter speaking with jim cramer, the other frank, frank's csnowflake ceo, speaks out. >> we look at the formidable numbers. people react strongly. that is under stood. we live in the reeal world we go one day at a time. next up is okta. they passed the wall street expectation on the top and bottom lines giving the software provider a boost. shares up 13% right now. next, pvh shares taking off on relate knew. the owner of calvin klein saying it expects refs revenue to hit e

higher end of the range. shares up 9%. five below jumping after the retailer beat third quarter estimates and raises fourth quarter forecast shares almost 9% higher. let's stick to the retail e here several companies reporting today. melissa repko is here with more. >> thank you, frank. >> we sit by each other in the office >> yes >> kroger. i'm a big shopper that cooks at home what do we expect with the merger with albertson's? >> prices have been going up and that is something it has seen impact numbers it is at risk of losing shoppers walmart and aldi and dollar general is attracting people kroger has been in the news

because of the acquisition that would be interesting on the call >> i misspoke. ak acqui acquisition. dollar general what do you expect from the discount >> dollar general is reporting this morning they may benefit from being people more affordability focus. they are known for having a low price. if people are pulling back on spending, especially on households where the budget is tight, they could lose sales the third thing to watch is they have a new ceo the first time he will oversee earnings he just started at the gbeginnin of november. >> i haven't been in dollar general store in while is the price moving up >> you see people trading down looking for value like walmart has seen or they have a core

customer pull back where they put less in the baskets. >> and ulta beauty i heard a lip stick indicator which is a gauge on the economy. with people back out and about, what is the outlook? >> with ulta, it boils down to if people see beauty as a need over a want. you mentioned that as the budgets get tight, people look for affordability. sometimes a tube of lipstick is something they can buy if they don't go on vacation gift giving is popular in the beauty category. that is a dynamic to watch >> anything else we should pay attention to what else is going with retail in the last month of the year? >> we will see a lot of retail earnings coming up lululemon is coming up and rent the runway retail earnings keep coming and they offer clues where consumers are still willing to spend.

>> lululemon joe kernen is getting excited. he is an owner of the pants. melissa repko, thank you very much >> thanks, frank speaking of kroger, catch the first interview with the chairman and ceo on closing bell he talks to sara eisen to talk about the push for albertsons. on deck here on "worldwide exchange." stocks looking to keep the fed rolling as the new month gets under way. we layout what to watch. it is pro week and it is a new way to trade with the pros real trades and real money on the line joins us on cnbc.com/protalks for a new cnbc experience. "the tick" with dominic chu. "worldwide exchange" is back in a moment now for your whole body. plus, fast-working crepe corrector

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welcome back a busy day to kick off the trading month. we have a slew of reports on deck 8:30 with the jobless claims and consumer spending and core pce price figures. that is a big one. at 9:45, manufacturing pmi and followed by construction spending and ism manufacturing figures at 10:00 we mentioned we get earnings from dollar general, kroger and ulta beauty. the fed speak continues today. lori logan and neel kashkari and michael barr we will see what they say after jay powell's comments yesterday. those fed speeches facing for focus on the back of jay powell's signal to slowdown the rate of hikes.

for more on the trading day ahead, let's bring in michael sheldon at rdm financial group michael, good to have you. michael, i think you may be on mute there we go. it's early we have technical difficulties. great to have you here let's get into it. jay powell's comments sparked a rally on wall street dow up 700 people liked what he said although it was a suggest or signal is this the pivot that people are looking for? >> i think powell's conversation yesterday was anticipated and it didn't disappoint. basically what the fed did yesterday reinforced market expectations it is likely to raise interest rates by 50 basis points or half of 1% of the upcoming meeting the fed raised rates by 75 basis points in each of the last four meetings this is the start of the shift

of fed policy. we think short-term rates will rise to 5% in the first quarter next year. it is an important shift, but not the end of the cycle tjust yet. >> we have the pce report today and if it is better than expected, how will that set up the market day ahead >> i think the inflation data -- the fed is raising rates because it is trying to attack high inflation. that is the story throughout the year that created a roller coaster for the markets. short-term rates from 0% to 4% mortgage rates have gone from 3% to over 7% at one point. in terms of inflation, as the economy starts to slow and you see that more in 2023, inflation will come down ultimately and that will leave the fed to move to the sidelines in the first quarter of next year some time trying to figure out the

inflation data from month to month is challenging in his testimony yesterday, fed chairman powell said some of the data last month was better we cannot count on that every month. the trend over the next several months will show inflation is slowing as the economy slows. >> i think the consensus is that the american consumer saved the economy. americans continue to spend although we're all talking about recession and the stock market declining. me included. >> it is the holiday season. >> i have been buying for me how do you see in the pce report and what will it say about the american consumer and the outlook going forward? >> it is fore is important to kn eye on the u.s. consumer the consumer has been resilient. that is one thing that held up the economy so far employment and wages are a lagging indicator. you cannot deny the fact that

employment has grown over 200,000 per month for 22 straight months. the unemployment rate right now at 3.7% is just off the lowest level since 1969 wages are still rising at a decent clip. all of that is providing a decent tailwind for the consumer as you get into early next year, there are economic headwinds if you look at the leading indicator which has been down over the last several months and the yield curve which has been sharply inverted there are signs that the economy could slow next year and that could put pressure on the consumer at least in the first half of next year. >> michael sheldon, we appreciate the insight have a great day >> thank you all right. that will do it for us on "worldwide exchange. dr rs rkbox" with joe, becky and anewossoin coming off that big interview with sbf is coming up next

good morning stocks jumping yesterday really right into the close after fed chair jay powell, i guess, he confirmed that smaller interest rate hikes could start as soon as this month which is something he said last time. we might go higher in the end. as a result, the dow in a new bull market. up 20% from the lows elon musk says he resolved the misunderstanding with apple ceo tim cook tweeting from apple's headquarters he said the company never considered removing twitter from the app store. does that look clean scuzzy looking. and sam bankman-fried admitting to andrew that he didn't do a good job protecting

ftx customers. >> there was no person who was chiefly in charge of positional risk of customers on ftx that feels embarrassing. >> much more on that interview straight ahead it's thursday, december 1st, 2022 is that right? >> yes >> "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 and andrew ross sorkin, who is back after dealbook congratulations, andrew. >> thank you >> that was amazing. i could no