it is 5:00 a.m. here at cnbc global headquarters. here is your "five@5." the pause in the rally is continuing today. the history suggesting the recent run may be getting started. and china's central bank looking at a new course. the pivot the pboc is roceady t make a move. a . and shein is looking to a new ipo.

and looking for the red hot tech in our lives. and disney is looking for the latest stumble comeback from the recent release. it is tuesday, november 28th, 2023. you are watching "worldwide exchange" on cnbc. good morning. i'm frank holland. let's start your day with the check on the u.s. stock futures. stocks coming off a negative session yesterday. a bit of a mixed picture. the dow would open up 27 points higher right now. we just saw the s&p cross into positive territory. just fractionally into positive material. the nasdaq still in the red. we want to check the bond market with the ten-year yield at 4.39. the same place we saw than the better than expected inflation

report. the 2/30 is easing back from a few days ago. we are looking at a bump with the energy market. wti is up 1.25%. trading at $75 a barrel. brent crude at $81 a barrel. natural gas is flat. the rally may just be getting started according to bmo capital. analysts are seeing a trend with the s&p surpassing the 4,550 mark. that move being seen as a positive sign for a second year of a bull market. bmo adding over the past 60 years, once the stock market climbs above the bear market low, it almost albany mways is followed by gains. let's bring in mark avallone this morning for this

conve conversation. >> good morning. >> what is your take on bmo's take that we are on pace and signals for another rally? >> there is a lot of good news and momentum. there have been whispers of lower inflation. that means the fed can take its foot off the gas pedal and choking the economy. if people think this is a one-way market and happy days are here again uninterrupted, they should be cautious. we want to see what quarterly earnings will look like and continued lower inflation print closer to the fed's 2% target. there are some global factors out there that are concerning. we're optimistic. we're in line with bmo's thinking. we feel investors should stay within the investor profile. >> mark, you want to see how

earnings will turn out. we are wrapping up earning season now. we had 95% of companies reporting. i'm looking at the numbers. eps is 7% higher year over year. what else do you need to see from earnings? >> that's a great question. i want to keep in mind the fed rate hikes have a lag effect. that should be hitting us right around q4 into q1. i'm looking at the recent wage gains which happened in certain industries and health care and airlines and the autos. the industries will deal with higher wage costs. all industries will deal with the refinance of debt at the higher levels and lag effects for consumers who have run out of the excess money. we see it with the slight rise of delinquency especially in subprime lending. we think the lag effect may be a negative factor going forward or

something to keep an eye on. >> higher cost of capital is something else that you are looking at right now. historically, the cost of capital is not that high, but it is compared to the great recession in recent times. why will that i weigh that weig markets? >> when you refinance debt, that was at 2% and you had an income statement and you are refinancing at 5% or 6% means there is an impact on earnings. i also think we have the goldilocks with oil coming down and no bad news in the oil market. i said earlier that i'm invested and we're on board. i just think that people are so excited to think inflation has trickled down and the fed will all of a sudden give the massive amount of liquidity and it is game on gagain.

i don't see markets that way. i think there can always percolate. the uncertainty is created by such an active fed and not be some impact. a few months ago, we talked about banks failing. nobody saw that. i'm pointing out that investors should look at warning signs and be cautious and stay within the risk profile. as i wrote in the note, enjoy the party and enjoy punch, but you might want to know what's in this that punch before you drink too much. >> mark, one thing you want to talk about is the fed. bloomberg reporting that people are pricing in cuts of 2.5% from the fed next year. how much of that is powering the rally we have seen? how much of that do you believe is behind what we're seeing? >> where will those rate cuts come from? you just said earnings have been strong. yes, the consumer is slowing a bit. do you think after the debacle

the fed caused with inflation they will run out and lower rates two percentage points? we think they will be cautious with giving candy to this market again. this is not going to be the 2008 to 2021pe period where it was unabated liquidity which led to the massive inflation spike and what we're dealing with now. we have a economy that is reasonable and strong and not enough for the fed to say we're lowering rates and reversing the actions we fought so hard for. investor expectations should be manage in the area of lower rates and look for level or longer, not lower. >> mark avallone saying be cautious. thank you. >> good to be here. we are turning to the latest in the middle east. the truce with israel and hamas

appears to be continuing. nbc's brie jackson is joining from us washington with more on the story. >> reporter: good morning, frank. under the terms of the renewed truce, hamas will free 20 more women and children during a pause in fighting. emotional reunions under way as hostages head home. including israeli american's young cousin and mother. >> they have no home to go back to and they lost their father and their older sister. >> reporter: there is renewed hope more families will reunite now israel and hamas extend the temporary truce through thursday morning. >> we will take advantage of every hour of every day to help the people of gaza. >> reporter: the biden administration urging more to release humanitarian aid and

more hostages. on capitol hill, congress is getting back to work for funding for two war-torn countries. israel and ukraine. >> we don't have the luxury to pick and choose our national security challenges. on the other side of the world, iran is propping up hamas and helping russia's campaign in ukraine. >> reporter: the path forward is unclear. republicans want tougher border policies in exchange for any ukraine aid. they are blasting democrats who want certain conditions on support to israel. >> this sort of cynical, short-sided politics has denied the american people of real border security. >> reporter: the clock is ticking for lawmakers to act before the end of the year. secretary of state antony blinken is making another trip to the middle east this week which includes stops in belgium and israel. >> brie, you mention secretary blinken is going to israel.

what is he planning on talking about? >> reporter: he will push for more humanitarian aid in gaza and pushing for more release of hostages. this is his third trip to the region since last month. >> brie jackson in d.c. thank you. time for the check on the top corporate stories with silvana henao. she is here with those. silvana, good morning. >> frank, good morning. shein is moving forward with the long rumored ipo. cnbc learned the chinese-based fast fashion giant filed to go public in the u.s. next year. it is unclear how much the company is currently worth, but it was last valued at $66 billion. sources say shein has tapped goldman sachs and jpmorgan chase and morgan stanley to be lead underwriters on the offering. binance founder is staying

put in the u.s. temporarily. a federal judge granting the request to prevent zhao to leave before sentencing in february. zhao plead guilty and is free on bond. and disney's latest movie "wish" pulling in $36 million during the box office. that is below the expectations of $45 million and $55 million. "wish" faced competition from "hunger games" and "trolls." i did not hear a lot of good things about the movie. i did not go to the movies. i did not leave my house this weekend. >> i watched football. christmas is when i go to the movies. i take my little sisters to the movies. >> that's a good time to do it. >> it's a great time. i didn't have to.

you know what? i don't have to. silvana, see you later on. coming up, more to come on "worldwide exchange," including the one word vinvestors have to know today. and looking beyond the boom of obesity drugs. anjelica peebles is here. and could the ip on o freeze be thawing? it is not just shein, but there are others in the mix. we'll tell you what it is when "worldwide exchange" returns.

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welcome back to "worldwide exchange." we are seeing the dow hitting the highest levels of the morning. the s&p is fractionally higher. let's see how europe is shaping up with julianna tatelbaum in the london newsroom with more on the early action. julianna, good morning. >> frank, good morning. great to see you. here in europe, we are looking at modest losses in the equity market. similar to yesterday. you can see the majority of regions are trading lower. cac 40 is down .40%. similar for the ftse 100 in the uk. investors reviewing kmecomments from the ecb. christine lagarde spoke before

parliament and they were not starting to think about cutting rates. today, another ecb member saying rate hikes are not necessarily over. perhaps that digested by the investment community in europe and contributing to the sentiment in equities. breaking it down by sector, you see a particular selloff in media and food and beverage and heal healthcare. household goods sector down 1.5%. oil and gas is also holding up .40% ahead of the opec summit and cop-28 summit. the banks are up 15 basis points. overall, frank. downbeat start to trade this morning. >> thank you, julianna tatelbaum. we are going to turn our attention to china. the country's central bank

charting a new path with the world's second largest economy. the pboc expects to see the 5% growth this year. we have jp ong with more this morning. >> reporter: good morning, frank. to be fair to china, it is possible they have a very high chance of hitting the 5% gdp target. so far, for the first nine min months, the gdp has increased and they could hit the 5% mark or beat. that some of the comments may be worth taking note of and that is the fact that the premier feels there is a need to restructure and pivot the economy from being p dependent on the property sector. that raised a lot of questions over the last couple months.

it is about 30% of china's gdpf. there are stresses and default there is, it could bleed into the economy. a lot of the growth is driven by investment in infrastructure and real estate and fixed assets. when china saw signs of a s slowdown, they pumped money into the growth funds. this could hinder the sustainable groewth in the futue and pivot away from that sector to look at others to drive growth. one was high-tech manufacturing and green economy and relying on the chinese consumer to drive growth. that is sticky. we know the chinese consumer has a higher savings rate compared to other countries in the world and continuing to drive growth

through the there's domestic an spending. that is what faces managers in beijing who try to generate the transition for the economy. frank. >> china may maintain the 5% growth target. how does china plan to achieve this with the current debt levels? >> reporter: the question is, as we mentioned, frank, they are up 5.2% year to date. if they achieve that in the last quarter of the year barring any economic shock from china in the last three months of the year, they could just meet that level. you are right to bring up the question on the rising debt levels. according to the bureau, when you look at china's non financial sector debt compared to gdp, it is 300% of the entire economy. it does show there are questions

as to whether or not the debt is manageable and if this is sustainable or hazardous not economic health. the pboc governor doesn't think it will bleed into the economy. this can be painful and tricky if that is what scchina wants t do. it is three times the size of the world's largest economy. >> jp ong in singapore. great to see you. coming up on "worldwide exchange," the big money movers and one buy now pay later player getting a big boost on strong acfrayons.blk id mth we will show you that name coming up.

welcome back to "worldwide exchange." take a look at rockefeller city. a day away from the tree lighting. this is the before picture of the tree before the lighting which is a big event in the new york city area. time for the big money movers. z-scale raising full year guidance. the security company is reiterating the earnings forecast as it looks to grow the go-to market. take a look at shares which are down 6.5%. we are watching shares of irobot coming off the decline yesterday after the eu anti-trust commission raised concerns over amazon's planned

$1.7 billion acquisition of the company. it may rejstrict competition. shares right now are actually up 1.5%. looking at the chart with the decline yesterday. and this is the mystery chart. shares of affirm extending the double digit rally as investors see positive signals from the consumer on black friday and cyber monday. the survey from adobe shows buy now pay later options over the weekend increased by 20% compared to last year as holiday spending figures hit record highs. shares are up over 2.5%. time for the check on the headlines outside of the world of business and your money with nbc's frances rivera in new york. frances, good morning. >> hi, frank. good to see you. good morning to you. we begin with the impending return of former president trump to the witness stand. trump will testify on monday,

december 11th as the final witness in the $250 million tax fraud trial. he testified three weeks ago and the former president appeared to lose his cool and appeared to attack the judge. he denies the charges that he and his family members lied about the company's worth to get favorable loan terms from banks. and millions are facing heavy snowfall which made for treacherous conditions across the roads. temperatures are plunging across the northeast. it was quarter after quarter of turnovers by the vikings on monday night football. vikings joshua dobbs threw four interceptions which gave the bears the chance to overcome their struggles. the bears hit the game-winning field goal with seconds left.

you know, frank, that is how they have been doing it since '93. >> i'm spin it positively. defensive battle. great defense. frances, great to see you. still on deck on "worldwide exchange," a fresh setback for meta and the ftc with the bite out of the look at the consumer stat today which is $12.4 billion. that would mark a 5% jump from black friday last year. we will look at thbot at e osth is getting that ecommerce stocks a jump when "worldwide exchange" returns. stay with us.

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a family trip to the team usa training facility. i don't know how to thank you. i'm here to thank you. it is 5:30 a.m. in the new york city area. there is more ahead on "worldwide exchange." here's what's on deck. november rally losing stream as of late, but investors turning to the growing speculation for the potential for rate cuts by the fed. the look at growing demand around a.i. as companies fight for your business with a bevy of personal iized tech. and we look to the oweowe

obob obob obesity market and the latest drugs. you are watching "worldwide exchange" on cnbc. i'm frank holland. look at the mixed picture for this half hour. the dow turned into positive territory. you see it has gone back into negative territory. dow off the highs from earlier. it would open 20 points higher. nasdaq is down fractionally. moving lower from the top of the hour. we want to look at the bond market. the ten-year yield at 4.41%. two basis points higher from early this morning. energy is trading at $75.75 a barrel for wti. off the ties of earlier of $81 a barrel for ice brent crude. that is the morning money

set up. we want to hit on the ecommerce moves. following black friday and online spending hitting a new record. wayfair and etsy climbing between 3% and 9% yesterday and tacking on more gains today. etsy up 3%. wayfair is up 9%. we will watch the stocks as we get cyber monday figures today. etsy is up pretty big for the year. down on the year 30%. that rally continuing for wayfair. we want to shift gears with the top corporate stories with silvana henao. >> good morning, frank. ipo market showing no signs of slowing down.

r reddi, it is working with morgan stanley and goldman sachs on the listing and considering a valuation of 15 b$15 billion. other names include rubrik, a start-up and skims holds a valuation of $4 billion. more legal action against meta platforms and allegations of the underaged users. the u.s. court denying the motion filed by the social media company to take over the legal battle the with the ftc who has accused meta the misleading privacy information to parents of underage users. ftc can push to make money as those in inn stagram fights wit tiktok for the users. and tesla is in legal

trouble with the labor relations board getting a lawsuit over illegal ly firing employees. the labor board alleging tesla allowed unlawful use of technology in the workplace and illegally denied the union organizing request from the employees. >> silvana, thank you. we turn now to another part of the tech space. we are two days away from the one-year anniversary of chatgpt going public. we are focusing on the companies impacted by a.i. and who may emerge on top. it is about tpersonal technolog and consumer trends. joining me now is joanna. great to have you here.

>> good morning, frank. >> a lot of offerings with a.i. and personal tech. chatgpt is the most talked about one. we look at the personal consumer a.i. which is the best in your opinion? >> it is tough. chatgpt came out a year ago and every big tech company followed. we had google and bard and microsoft with the chatgpt model. we had a number of companies lining anthropic and meta. everyone has gotten into the game. i still believe openai chatgpt is ahead with the product features superior. they have been able to roll out smaller types of features which enhanced the bigger language

model. they enhanced the quality of the model with new models with chatgpt 3.5 and gpt 4. >> i want to shift to google. google is the leader when it comes to search. their a.i. offering is google doc inclusion. what is your view? >> a.i. is going to be wherever we are working. if you are writing an email, you will have generative a.i. built into that. google was quick to do this in the suite of products. in g mail, you are likely to see that little button that says write for me or whatever it is you want it to do for you. that has been a really big strength of google. i think also the big challenge google has is how they integrate this in search. we have seen them do that slowly

and they will continue to do that. >> okay. i want to come full circle. we have microsoft's bing, but it is powered by a.i. is there a difference with bing and openai? >> there is. you will get a lot of the models. answers may feel the same. the way that structure of the answers come is similar. what you have with openai is they are releasing newer models and products first with chatgpt and their suite of products. microsoft is quick to have that technology. this is all part of the billion dollar partnership they have together which made the headlines last week. you will get a lot of the same functionality. >> you mentioned others in the game. anthropic is one name you put out there. we hit on the big company personalized a.i. bot. is there something you should

check out from another company? >> anthropic is a good one to try. ultimately, you will have a number of agents or bots in your life. whether it is in your gmail or word processing or part of another separate tool. we have seen chatgpt in different apps. shopping apps or instacart or snapchat. they will touch on all these places and you will not know what's behind it. you know you are chat ting with an a.i. bot. >> last question. openai and chatgpt. is it as good as advertised? is it everything we thought it was going to be? >> look, i think we need to think about the fact this was a yearing ago and when people first started using this, they were blown away. i have not been blown away by a product since the iphone.

you typed in a product and got human-like answers. answers that could have been written by a friend or colleague. there are issues. they hallucinate. things are long and unwieildy ad un untrue. >> joanna sterns, thanks for being here. coming up on december 6th, you can join cnbc and leaders on the future of a.i. and how this will transform the business of work. scan the qr code to learn more or go to cnbcevents.com/work. and moving beyond the obesity drugs for jpmorgan chase.

anjelica peebles joins us with more. >> thanks for having me. jpmorgan chase is rating six companies that are overweight in the obesity space. one name jpmorgan chase is calling out is denali. analysts see several opportunities in the next two years including data from the als drug in the first half of 2024. another company to watch is immunocore. they like the melanoma drug and the experimental cancer drugs. and then jpmorgan chase looking at insme sd. they are looking for a drug to treat a chronic lung condition in cystic fibrosis. mirum and biocryst is also on

the list. >> what differs these from other companies out there? >> i think what is interesting is that before the bio-tech boom and early years of the pandemic, people were pumping money in any name they could find and buying into the idea of the company's pipeline and drugs they were trying to develop. here are these six companies which improved products or drugs in the pipeline. they are being tested in humans and they could come to the market soon. it shows the investors are looking more concrete stories. catalysts with data reads and things that could move the stock in the near term is what investors are looking for in the market. >> we have to ask about obesity drugs. the idea is to talk about companies outside of obesity

drugs. people want to be thin. they want to be in shape. how big of a market is it for the obesity drugs? >> it is fair because it could be the biggest pharmaceutical market we have seen. analysts say it could be $100 billion. i don't think that is a reason to just completely ignore all of the other areas. we are talking about diseases like als and cystic fibrosis. these are important diseases and could be lucrative opportunities. >> we talk about consumer spending especially after thanksgiving. a lot of people would love to take a pill or shot and lose a few. >> if you could, but it may be an expensive shot. >> maybe. angelica, thank you. welcome. thank you. great reporting. >> thank you. we have a news alert for you. goldman sachs ceo david solomon

speaking in london saying the geopolitical tensions are a headwind to growth. adding the u.s. and china tensions could be more significant to the world than any other and could take years to resolve. david solomon speaking about the u.s. and china tensions and what the headwind that could be for the u.s. economy and global economy. coming up, the steps the central bank of china is taking to shore up the economy. we a few top trending stories before we go to break. taylor swift's eras movie is set to hit streaming next month. i assume the blank space is a song? >> it is a song. not a full-blown swiftie. sneaking snacks is easier.

doritos is creating software to mute the sound of crunching chips. it separates the sounds of voices and crunches. wow. things people are working on. while the ultra wealthy are moving to miami, pennsylvania is the ultimate destination. a new report ranking pennsylvania as the number one place to retire and florida with one city in the top ten. within the best cities in pennsylvania, it holds seven places. top five? philadelphia has to be one of them. hometown. i'm not retiring any privtime s. the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪

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welcome back to "worldwide exchange." time for the morning call sheet. rbc upgrading boeing moving it to out performance 275 a share. rbc believes the setup is favorable after supply chain disruption. shares of boeing up 2% right now in the pre-market. hsbc initiates estee lauder is the buy rating. you see the chart with the decline right here. it presents an opportunity to get in before the potential rebound. shares off estee not moving in

the pre-market f. also time for the global bri briefing. people's bank of china expects to reach the growth target of 5% this year. it will be difficult to maintain the growth rate of 8% and 10% going forward. the governor warned against real estate and called for sustainable sources of growth. volkswagen is set to announce layoffs as part of the $11 billion cost cutting plan. the carmaker says it is no longer competitive with the structures and high costs. this as volkswagen is looking to bust e boost the efficiency across the company in ev investment. and barclays considering to drop thousands of clients

because they are under pressure to return more capital to investors. coming up here, the one word every investor needs to know today and the key factor our next guest says could chill the rally heading into december. if you missed "worldwide exchange," check us out on apple orpofy sti or other podcast apps. more "worldwide exchange" coming up after this.

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wielcome back to "worldwide exchange." time for the wex wrap-up. shein filing for a u.s. ipo. the company valued at of $6 billion. and binance ceo must stay in the u.s. until he is sentenced in february. and disney's comedy "wish"

failing to impress bringing in $31 million. the big win for 3m and dupont defeating a mass class action lawsuit in the role of forever chemicals. 2,000 ohio residents would have been able to sue as a group. and virgin will fly overseas using only sustainable aviation fuel for the first time today. and amazon looking to purchase office space in miami ahead of the bezos move from seattle. the company is searching for 50,000 square feet of office space as he gets in on the ultra wealthy moving to miami. here is what to watch. data on hconsumer home prices ad

speeches from austan goolsbee and christopher waller and michael barr. look at u.s. futures today. at the moment, we are seeing them well off the highs of earlier today. s&p dipping back in negative territory. nasdaq is going up into positive territory. a lot of movement on both sides. for more on the trading day ahead, let's bring in malcolm ethridge. great to see you. >> good to see you, frank. >> give us a sense. we had the rally with the pause yesterday. what is your outlook for the day ahead? >> i wouldn't be surprised to see the rally that we had throughout november start to fizzle as we turn our attention to what the fed is going to say in a couple of weeks at the december meeting. i think it is important to the fed they pour as much cold water

as possible on the ex-excitement we have been feeling and expectation we will have rate cuts next year. i look to the december meeting to be hawkish. that will spell a selloff for the market. >> you are seeing some pressure ahead, potentially for the market. with that in mind, i want to focus on today and your "wex" word of the day. >> the word of the day is impressed. i have been thoroughly impressed by the market's ability to sustain the rally through november. we are up 9% to this point so far this month. the markets were really starting to sour in september and october where treasury yields were spiking and investors seemed to be going away from stocks. suddenly, we find ourselves watching most of the magnificent seven catch fire again this month. >> you are impressed by big

tech? you mentioned magnificent seven. looking at earnings season, eps up 7% higher year over year. when you look at it, it is tech and communication certain servi. do you see that continuing to move into q4 and 2024? >> i do think tech is unique in the sense operating margins are fat. if you just consider what other sectors require in order to turn a profit, tech doesn't have the same overhead challenges and they don't manufacture anything. if i ship software to one person, it doesn't cost much to ship that to another user. tech is always looking good from the eps as long as the rest of the market has any potential to be possible s. it is not a surprise. i imagine for the next 12 mplus

months, we see a sustained bullishness. we will get rotation away from the magnificent seven names that have led through 2023. >> you are looking at mega cap tech name outside of the magnificent seven and an a.i. play. adobe earnings coming up two weeks from now. why is this a good stock to buy? >> adobe. of the names that are at all-time highs, all of the names trading well and adobe could go higher from here. irrespective of a bull market or tipping into a bear market tomorrow. that is the ability to lean into a.i. and creator space. they embraced it and it paid off well. they debuted firefly at the right time as we start to hear authors make more noise about

where they are learning the big tech companies used their work to train a.i. models, adobe owns the content it uses for the generative a.i. tools that the copilots it uses to create different art. it will become more valuable as the treasure trove of creatives they own. >> we are expecting a 5% increase of sales over the cyber monday holiday. we get that number tomorrow. what does that tell you? does that give you sense of the direction of the market? >> not so much. i think we also expect black friday and cyber moneyday to do well in the states. it is more of the same knee-jerk reaction. we are following the same playbook as years past. i would not look too much into it. >> malcolm, your pick is adobe. cautious for rest of the year. we will wait and see.

thank you. thanks for joining us on "worldwide exchange." great to see you. we have "squawk box ownership c -- "squawk box" coming up next. you want to be able to provide your child with the tools or resources they need. with reliable internet at home, through the internet essentials program, the world opened up. fellas, fellas. that's how my son was able to find the hidden genius project. we wanted to give y'all the necessary skills to compete with the future. kevin's now part of this next generation of young people who feel they can thrive.

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good morning. the cease-fire between israel and hamas has been extended twos days. fast retailer shein is planning to go public. and "sports illustrated" is under fire for publishing articles by fake writers with a.i. generated profile picturs. it is tuesday, november 28th,

2023. "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 becky quick along with joe kernen. andrew is off today. yesterday was a pullback for the markets. you saw with the mixed futures this morning. dow futures up 20. the nasdaq up 8. the s&p is flat right now. treasury yields as we have keeping track of these with the ten-year yield at 4.4%. two-year yield at 4.87%. we see pressure on yields from yesterday at this time. on the "squawk planner," we have the