it is 5:00 a.m. here at cnbc global headquarters, welcome to "worldwide exchange." here's your five at 5:00. the trump trade takes a breather. more losses at the open. now washington, president- elect trump chooses elon musk and former rival turned ally vivek ramaswamy to lead a new agency focused on government agency. also brit coin just briefly toughs new market milestone of $90,000 and got some detate this morning over that rally's staying power and wait means for competing assets like gold and silver. plus, when the trump trade

fundamentals and investors readying for the latest read on u.s. consumers prices and later a big day for the big money movers including activists pushing one industrial bellwether to fresh all time hies. it's wednesday, november 13th, 2024, you are watching "worldwide exchange" right here on cnbc. and good morning and thank you so much for being here with us, i'm frank holland and get you ready for the trading day ahead and start with a look at u.s. stock futures with the nasdaq and the s&p both of them breaking a five day win streak and take a look. right across the board we're looking at the futures market and actually it was just a second ago. very quickly down fractionally and dow would open about 40 points lower and again the nasdaq just peeking into positive territory up very, very fractionally. the russell 2,000 coming off 2%

loss yesterday and its worst day since early september. pulling back just a bit as well and you can see here a lot of movement in the premarket we're looking at the futures of the russells. kind of rising as we're getting closer to the bell but you see a big dip in the overnight hours and also check the bond market ahead of today's cpi report. economists expectinged line prices to tick up year overyear and last month and core expected to hold steady at 3.3%. a look at yields. the benchmark you can see here big move to the upside from yesterday moving about ten basis points higher that being seen as investors responding to the trump proposals and remember, this is a read on inflation expectations. when we talk about the cpi coming up later today. also checking crypto coming off a record-breaking day. bitcoin, very briefly topping $90,000 just before the stock market closed yesterday. bitcoin up more than 20% since election daylight now you can see a bit of a pullback. down just around 2% 5% and remember bitcoin trades around

the clock. since election up day up over 25% you are seeing here a lot of big moves to the upside and the very slight pullback recently. also talk about the other crypto coin getting a whole lot of attention. it's a very interesting acronym. also keeping an eye on another trump trade name that's tesla of course. shares lower this morning after sinking more than 6% yesterday but keep in mind the stork is still up more than -- stock is still up more than 30%. almost 35% since election day again big runup on the election and then a bit of a pullback recently and talking again a lot about tesla and much more coming up. now actually right now. all right, that's your morning mown setup and now back to the trump trade and unwind of a theme that's caught the eye of our own jim cramer on mad money last night. >> ceo elon musk is tight with the president-elect. the stocks took a breather

today falling 6%. there are plenty of scalpers out there who bought tesla the day after the election and they are not even sure how the company is doing. for them this was short term trade and they sure as heck hit the eject button today. sell, sell, sell. >> and we're seeing some more of to selling here in the morning. and joining me now is anthony denear ceo of webol. fixed incomes and futures. anthony, good morning. >> good morning frank. good to see you. >> start off with the trump trade specifically tesla you just heard, you know, our own jim cramer talk about it. lot of reasons being attributed for that decline in tesla. some people think it's the rise in bond yields and other people think that now elon musk you may have taken on one too many side hustles. with the department of government efficiency. what is your take on this as far as the retail trade or impact and what are you seeing on your platform? >> i don't know if elon musk can ever take on to have. it seem like always has -- a new business up his sleeve. so i would dismiss that. i think from a retail

standpoint, especially ahead of the election, we saw a lot of derisking going into november 5th. and now if you go back even a year and a half to two years in a rising rate environment we saw unprecedented levels of cash being hoarded by retail investors. the yields started coming down and the election became a risk on event especially for retail. tesla has been one of the number one stocks for retail investors always and just trump's alignment -- elon musk's alignment with the trump campaign just put tesla on the forefront for a momentum change. so we saw whole lot of money coming out of cash that's been sitting in cash prior to the election. the election provided that catalyst to create an event and whether it's tesla, whether it's bitcoin, whether it's spy, right? retail was looking for momentum. and they had plenty of cash to throw at it. >> all right. again, pull back yesterday moving a bit higher in the

premarket right now. and other parts of so-called trump trade. just looked at the russell 2,000 futures basically flat this morning and saw transports trade a bit lower yesterday. what are you seeing on the platform with all the trades that kind of came in vogue when we got closer to the election then certainly after the election? >> sure. well, when there's a major fundamental inflection, the markets cannot reprice fast enough. right? and retail is always the forefront of that. right? whether it's chasing momentum, whether it's chasing that speculative trade, you know, you put the session on cramer yesterday, that they were scalpers out there. listen, the stock went up 35% for tesla, you see transports following suit just because, you know, the dow is that major indicator. the fact we're seeing retail get involved in these momentum trades is not surprising at all. platform like us, we cater to a lot of speculative trades at times. and we saw volumes that have been through the roof so if i

take the volume of the week prior to the election, versus the volume post election, we saw more than a 26% increase in overall volume. and that's a broad based volume number whether it's transport names, russell 2,000 names or individual stocks like tesla. >> all right. so you are saying a lot of this isn't surprising and has anything happened on the retail investor side that has been a bit surprising to you? following the election, any flows or either in or out that you kind of were like huh, i didn't see that one coming? >> yeah, so bitcoin etf has always been popular for retail. but we just saw an explosion over the last week in terms of demand. where it became some of the top traded symbols on platform which typically it's dominated by tesla and nvidia and microsoft and apple and of course spy and the qs. this time we're seeing the bitcoin etfs as customers want exposure to a space where they see deregulation, and instead of regulation buy enforcement from the sec, there's this i think change of mindset that

we're going to start seeing some pro crypto adoption. and some quality regulation coming from the next administration. >> our anthony denier. great to see you, thank you very much. >> thank you frank. all right, for more on what's driving the markets head over to cnbc pro for insights and analysis. now to washington and a developing story as president- elect trump continues to fill out key cabinet positions andtizery roles ahead of the return to the white house. perhaps most critical to global investors is trump is seeing elon musk and ramaswamy to lead a new department of government efficiency or doge for short. brie jackson from washington. >> good morning frank. as you can see, president-elect trump is wasting no time with making these choices for his administration. and he did announce that elon

musk and vivic ramaswamy will head up a new department of government efficiency. it would exist outside the government he says and give advice about overhauling federal agencies and now as you may result, musk has said that he wants to cut $2 trillion from the federal budget. which is more than the -- the discretionary budget of $1.7 trillion. although he has provided very few details about what he'd like to cut. mr. trump said that he wanted the epartment to help deliver drastic change and gave them a deadline of july 4th, 2026 if the department to conclude -- for the department to conclude its work. back to you. >> very interesting stuff and really interesting date there. picking the fourth of july of 2026 for the deadline there. what about some of other appointments? we're hearing some chatter about florida senator marco rubio possibly being in the cabinet. >> former president trump -- president-elect trump has said that he does plan to pick senator marco rubio for the

state department. he also says he's chosen fox news host pete hegseth to run the pentagon. he is a combat veteran who was involved in veterans advocacy before beginning his television career. this was a surprise pick. the statement trump described him as tough, smart and a true believer in america first. and the president-elect also chose john ratcliff his former intelligence director to lead the cia. frank? >> all right. so a lot of action going on as part of this trump transition. great to see you brie as always. thank you very much. our brie jackson live in d.c. by the way, if that acronym is familiar i just said it a short time ago. also the name of a crypto token we saw its price spike during trump's announcement late last night before easing off the high. we're to take a look right

here. elon musk hosted "snl" and actually kind of dissed doge coin and it bell but up 92%. falling back and bit right now but again huge pop. we have more to come here on hoe show including the one word that -- "worldwide exchange"including one word that investors have to hear today. plus why gold is losing some of its shine now that donald trump is heading back to the white house and the alternatives is set that ome people say could be taking its place. later getting ready for today's inflation report. and the growing pressure on j. powell's inflation right as trump prepares to take office. we have a very busy hour still ahead when "worldwide exchange" rern n'gonyere. jerry, you've got to see this. i've seen it. trust me, after 15 walks, it gets a little old. ugh. i really should be retired by now.

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connectivity is a big part of my boys' lives. it brings people together in meaningful ways. ♪ ♪ all right, welcome back the "worldwide exchange." small caps tesla and shares of trump media. there's one class that's not feeling the love. that's metals. gold silver and copper and number of others which were trading at all-time highs until last week take a look at the chart. they're now down between 5% and 7% since election day. no surprise. gold slide goes hand-in-hand with the bitcoin surge and also speculation that trump administration may lock to build a new crypto reserve. joining me now with more on the metals complex is max layton global head of commodities research at citi. max, good morning. good to see you. >> good morning. thanks for having me. >> all right, so i mean you know we just showed the charts there and gold has been going down and bitcoin is going up.

so i thought before the election, a lot of the rise of gold was just due to uncertainty over the election and geopolitics. now that the election has been settled, why specifically are we seeing gold decline and bitcoin rise up in your mind? i know you are not a bitcoin analyst but with the thesis on gold at least? >> yeah, i think a lot of it is about trump looking like he's -- going to have a red sweep. and lower deregulation or higher deregular ration and lower tax requirement -- deregulation and lower tax environment has led money into equities and money into bitcoin and money out of gold. and, you know, on top of that, some part of gold's rally was momentum based algorithmic machine buying and some of that is coming out. and you know, critical to the gold outlook in the very near term is just how much of that money has come out in terms of momentum sellers. and how much more is to come out in the very near term. >> okay. so you know, i know we're not

on the gold standard anymore. the u.s. still holds gold but also a lot of other central banks buying gold. is the idea of creating a crypto reserve really threaten gold at all? other central banks buying so much gold. that headline alone just a serious threat to gold in your mind? >> i don't think it is in any way a threat to gold. at all. i think -- the quite a material and it has gone on since then. and it's got many, many more years to runour opinion. it's -- it's led by china of course. but also a number of other countries across the rest of the world are building their reserves pretty -- pretty aggressively. >> yeah. fort bitcoin doesn't roll off the tongue like fort knox. other metals for example silver. it rallied all year partly due to its industrial applications actually. things like data centers and

solar panels and electric vehicles. what's your thesis when it comes to silver going forward? we've seen some pressure on the ev market in the u.s. here obviously but do you have a price target for silver? where do you see it going from here? >> so yeah, so -- i mean, we think obviously we're having a pause in the bull market in gold and in silver. and that may continue for the next couple of weeks or so. but ultimately, the underlying drivers of, you know, both the gold and silver bull market we think still is in play. the u.s. labor market has been slowing down the past two years very gradually but it's been slowing down very clearly and that's because interest rates are high. and you know, what this -- they're still very high by historical standards and well above neutral. and because of that, you know, over time you are going to have concern about asset price declines. coming back -- coming back to the fore over next six to nine months. and you know, as that happens people will be buying gold and

silver to hedge the downside risks. the other part of it is obviously you know -- the central bank's side of things. and the energy transition lead by china which is driving a big deficit in the silver market. and supporting higher highs and higher lows in silver. >> you know a big thesis with silver, very quickly, what's your outlook when it comes to copper? also has a lot of industrial applications and also housing applications here in the u.s. >> yeah. look, i mean medium term we still think the copper outlook is pretty bullish but hey we have to wait and see how big the tariffs are. while we wait and see how big the tariffs are going to be and the timing of them, and -- you know, we think cop receiver going to trade lower here and trade down 8500 in the next month or so. we think. >> okay. so you see a lower trade. another area you just mentioned tariffs and kind of leading me to the next question. soft commodities. you actually had a lot of

commentary when it came to that. things like corn, also soybeans. how do tariffs play a part in that? china imports a lot of coin and soybeans from the u.s. and also import a lot of things like that from brazil. how does this story all play out? i mentioned this a week or so ago, china is actually the biggest pork importer in the world. and our u.s. farmest really depends on the trade of exporting pork to china. >> sure. i mean, you know, lot of attention during trump's last term and for all the reasons you mentioned. overall we're thinking that, you know, trade tensions would be bullish with china. but also corn. it's strands and has the potential to strand robust. u.s. harvest supplies. and you know on the other hand it should support brazilian prices for these commodities. >> all right. max layton. we covered ground there.

great to have you on and thank you very much. >> thanks for having me. all right, coming up here on "worldwide exchange," we have your big money movers and the publicly traded rival that is breathing down spacex's neck. stayitus wh . we're going to reveal that anymore coming up. name coming up. ry single race, we pursue our peak potential. our people fuel that pursuit. our technical and operations teams collaborate in smartsheet to get the car to the track. we don't focus on results. we focus on what leads to results. with smartsheet supporting our operations, the results will come.

and welcome back to "worldwide exchange." the time now if you are a big money mover is three big stories of this morning. shares with cava are topping

for the third quarter and also reporting a double digit pop in store foot traffic and better than expected guidance. sales are up 40% over the last year. mostly attributed the 73 new restaurants the company added. same store sales also up more than 18% and shares up over 16.5%. just kind of a fun fact here also above 350 times earnings. also spotpy this morning is also higher. the streaming service total monthly active users for the most recent quarter came in at 640 million up 11% year over year and top and bottom line results however did fall a bit short. still the stock is up big almost up 6%. and spacex rival rocket lab. announcing the first customer for the first neutron vehicle. shares of this company, they've nearly tripled over the past three months. big pop right now up over 32%. coming up here on

"worldwide exchange" getting ready for today's inflation report and the growing pressure on j powell's inflation right. as president-elect trump prepares to take office. and if you have not already follow the podcast, if you missed "worldwide exchange" check us out on apple and podcast and spotify and other apps. much more coming up on the show, stay with us.

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your money is being wasted and then the department of government efficiency is going to fix that. [ cheering and applause ] we're going to get the government off your back. and out of your pocketbook. and -- america's just not just going to be great. america is going to reach heights that it has never seen before. the future is going to be amazing. >> that of course was tesla ceo elon musk at president trump's madison square garden rally last month and touting the potential creation of the department of government efficiency. now reality as trump is tapped the world's richest man to gut government waste. welcome back to "worldwide exchange." i'm frank holland. coming up this half hour much, much more on musk new role adding to the very lengthy resume. but first a check of u.s. stock futures following yesterday's pause in that postelection trump trade rally. whatever you want to call it. take a look. in the red across the board in the futures market right now.

the nasdaq was briefly just -- very fractionally in the positive early and dow opening about 20 points lower. nasdaq down about five points. small caps and russell 2000 is coming off the 2% loss yesterday. less all features are trying to get back some of the losses just kind of flat lining right now just fractionally lower right now as you can see. kind of moving higher here in the premarket. and the futures right now. we're going to keep an eye on them through the show and see if they turn positive. bond market ahead of the report today. much more on the data coming up in just a moment but first a look at yields he benchmark at 4.42%. moving about ten baby points higher yesterday and also seeing the long bond also seen as a read on inflation and also moving just about ten basis points higher as well. right now yield of 4.55% and we got to look at crypto coming off the record-breaking day. bitcoin briefly topping $90,000 just before the stock market closed yesterday. bitcoin now up more than 20% since election day.

i mean you where r just seeing the big moves since election day big spike up with the trump trade enthusiasm continue to build despite the pause yesterday. since election day, bitcoin up just about 26% right now you can see the pullback falling back just about 2.5%. remember, trades around the clock and we also look at the bitcoin etfs this morning. taking a look at them right here the i-bit one of the most popular ones also down about 2.5% and remember they track bitcoin. all going to be down the same as the asset class. down about 2.5% as well and similar story across the board. the bit wise one down just a little bit more than the rest. but again, they do track the asset. and we want to watch another trump trade. that's tesla. taking a look at shares right now you are seeing a rebound this morning in the futures up 2.5%. since president-elect trump was elected, those shares are up nearly 34%. again, big part of the trump trade right here tesla. all right. this morning, we're also

talking about another big part of the market. of course that is the cpi report. that's coming up later today. and as we look ahead to the cpi report investors are waiting for the latest read on inflation and it could pact the fed's thinking and headline inflation is rising 0.2% month over month matching september's increase and year over year. core cpi expected the rise 0.3% from september and 3.3% year over year. with president-elect donald trump's return to the white house elon musk endorsing a call this week by republican senator mike lee to allow the president to influence monetary policy. posting on x with the #endthefed after fed chairman powell said he would not resign if asked to. dana peterson is joining us now. great to have you on board. >> good morning. >> so i think the question that's kind of hang over the market with the whole story is

there's something meaningful that investors need to keep in mind with the tension between the president-elect and the chairman of the fed? >> the important thing is that the fed is given independence by congress. you literally need an act of congress to take away the infence from the fed. as long as that doesn't happen to fed can operate monetary policy in line with its octoberives and a dual mandate and that's 2% inflation and maximum employment and also main taping financial stability. that's kind of their third unofficial mandate. >> all right. so everything you are saying is 100% factual of course. dana, president-elect trump though is known to be a bit of a maverick and i want to play a quick sound byte from the last fed press conference and we heard j. powell basically answer the question in a very direct manner if he would resign if president-elect trump asked him to. we're going to play it here. >> some of the president- elect's advisors have suggested that should resign. if he asked you to leave, would you go? >> no. >> can you -- follow up on --

do you think that -- legally you are not required to leave? >> no. >> do you believe the president has the power to fire or demote you and has the fed determined the legality of a president demoting at will any of the other governors with leadership positions? >> not permitted under the law. >> not what? >> not permitted under the law. >> thank you. >> so just dana, back to your point. it would take congress -- we did have a -- looks like a complete red sweep here. also just that tone from fed chair j. powell after the previous tensions between him and the president. could lead to some unexpected consequences. is there anything as this continues to play out that investors should be mindful of at all. does this influence the feds' decisions on j. powell's decisions going forward? >> as long as congress is not making any changes to the fed's ability to be independent. fed is going to continue doing what it's doing.

certainly data dependent looking at what's coming in with regard to gpd and inflation this morning and also the labor market. looking at financial conditions, are they loose or tight? the fed is going to continue doing what it's doing. there will be challenges in terms of what the path of rates look like next year. and a lot of that is going to be dependent upon which policies come out of the new administration. >> also have cpi today. that's parts that seem to be stickier than other parts and one of them is really insurance. just one part that stays the same and double digit increases in recent months. how is in fed going to view a possible uptick in inflation slight as it may be. how does that influence the decisions going forward? >> chair powell said that inflation is still elevated and not at the 2% target and i think underneath that there was aned a mistiness that yes there's stickiness especially in the core and some of it

comes from insurance costs. certainly car insurance is higher because cars are smarter and housing insurance is higher because we keep having these really bad weather events and droughts and flooding. things like that. also health insurance is rising as our population ages. that's something the fed can't really control. the other piece of inflation i think that's really putting up pressure on the core is still wages. and that's because wages even though they're not growing as fast, they're still quite elevated as companies are some of the -- still struggling to keep workers especially as babyboomers retire. the fed is going to be paying close attention to that. our shelter cost inflation is going to continue to slow. if you look back at housing prices about 18 months ago that pretty much tells you where shelter costs are headed and that's downward. >> dana peterson from the conference board. great to have you here. thank you very much. >> thank you. all right, coming up here on "worldwide exchange," two titans together on stage as the ceos of that void yea and soft

bank announce a new ai partnership and as we head to break we're watching shares of honeywell pushing into a fresh all-time record high with the 4% pop yesterday going all the way back to 1963 when the company officially took the name of honeywell and revealing it's taken in large stake in the company and is pushing for its aerospace automation units to be spun off. taking a look at the stock right announcement you can see shares are up about a half percent and week to date up more than 7%. stay with us, we'll b right back.

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time now for the global briefing and soft bank says its telecom unit will be the first to get chips using nvidia's latest blackwell design. ceo holding an event in tokyo today featuring soft bank chief who is pushing to expand the company's exposure to the artificial intelligence wave. >> partner with you is incredible. and to -- really, really happy that we're doing this. this is completely revolutionary and this is the first of its kind to transform the tele-communications network. the communications network. into an ai network. >> shares of the holdings jumping in japan today after confirming it's received a buyout offer from a member of its founding family. bloomberg reports the owner of 7-eleven was considering a management buyout worth about $58 billion. seven and 7 says the offer is now being reviewed by a special

committee. also, just eat take away is surging in london after striking a deal to sell grub hub to wonder. just eat has been looking to sell since 2022 after buying it in 2020 for more than $7 billion. coming up we have the one word that every investor needs to hear today and the stock pick that every investor needs to know. plus high borrowing costs doing little to slow the home building for one group of buyers. detas on tilhose big, big spenders. they're coming up after this break. stay with us.

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welcome back to "worldwide exchange." elevated interest rates hitting home buyers but not buyers of home builders. m&m activity is soaring and one group of overseas buyers is showing plenty of appetite. our diana olech joins us now. >> exceptionally strong housing demand that started with the pandemic combined with low existing supply have accelerated builder acquisitions and m&a is having a record year in dollar volume and close to a record in the number of deals. builders simply need more land and operations as they used to account for one in six home sales. now it's one in three. >> the big guys want to get bigger and get into more markets and more price points and more types of products. and as they're doing that, they're finding the most

efficient way is through acquisitions. >> whelan notes the big builders have gone from a 30% market share five years ago to 50% today. half of the deals she's done this year are with japanese buyers. which she argues is not a bad thing, because they focus on value engineering. >> they'll take the house plan and they will reverse engineer it to remove any waste. so they build it twice. the first time in 3d and in doing that, they can dramatically reduce waste by as much as 30%, 20%. they often use factories where they will precut all of the wood that's going into the house. >> as for the new administration coming into the house, whelan says it will be interesting to see if they can open up more federal land or force more local land to become available. builders need land potential mass deportations though could hit the builder work force hard. but she says that would force the builders to be more

efficient which could allow the japanese to get more market share with the businesses that they own because they are more efficient as she said. frank? >> you know really interesting story diana. i have to ask you, why are the japanese so interested in u.s. home builders? is there any particular reason. >> it's a great business for one thing as we said there's so much demand but also they have much lower borrowing costs. they're getting some great deals here and they're buying up builders and they can make them more efficient. they're opening up factories doing prebuilds and perhaps teaching some of the u.s. home builders to be a little bit more efficient as the competition heats up. >> diana live for us this morning. always great to see you. thank you very much. >> sure. all right, coming up here on "worldwide exchange" the sector on the next guest says investors need to watch if president-elect trump's tariffs they actually become a reality. that's our mystery chart right there and mr. trump calling on the ally elon musk to come fix washington's love of spending

as the tesla's ceo adds another job to his lengthy resume. we'll and right back.

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welcome back to "worldwide exchange." we close in on the 6:00 a.m. hour here's the big stories we're following this morning. we begin with jeff bezos continuing the sale of amazon shares and the company's

founder selling another $1.2 billion worth of stock in recent days. bringing his total sales in the month to nearly $3 billion. shares of spirit airlines, they are plummeting over reports it's nearing chapter 11 bankruptcy after merger talks with frontier group fell through. before this morning's move was already -- spirit was already valued below $500 million. also watching shares of them announcing they've renewed their contract to focus on the ou toggle mine in mongolia. one of the largest cold and copper gold deposits in the world. also shares of rivian are soaring after announcing the joint venture with volkswagen. the agreement will involve vw models using their software and electrical architecture. directv announcing it's abandoning the bid for dish assets after a group of bondholders renews today accept the terms of a proposed debt offer in the deal.

and openai co-founder returned to the company three months after announcing he was stepping away. at the time brockman said he would be gone through the end of the year. all right, turning our attention now back to washington, d.c. and a big developing story. president trump -- president- elect trump unveiling more picks to fill key cabinet roles and some advisory roles in his next administration. also asking elon musk that a new title to his resume. cnbc's senior technology correspondent joins us now live from europe's largest tech conference in lisbon with more on this story. good morning, good to see you. >> good morning frank. and look, top of mind here is what the incoming president means for various areas of tech from crypto to ai. now just on what you were mentioning there, president- elect trump has said on tuesday that elon musk and former presidential republican candidate vivek ramaswamy will lead a new efficiency role which they're dubbing the department of government efficiency or doge after the -- crypto currently known as doge coin at this point.

now we don't really know much about this new department of government efficiency and president-elect trump saying the group would pave the pay for his administration to quote dismantle government bureaucracy. slash excess regulation and cut wasteful expenditures and restructure federal agencies. trump didn't really specify where the cuts would take place or where the department may be formed and it's not expected to be a government office and instead the president-elect said that musk and ramaswamy will work from outside government to offer the white house, quote advice and guidance and trump said the group's work will conclude no later on july 4th, 2026. now musk posted on x that all the actions of this department will be posted online for what he calls maximum transparency. he also said the public can give feedback and of course just a word on doge which rallied after this announcement. the value of that cryptocurrency has more than doubled since election day. outperforming bitcoin. musk has been a big advocate

for the cryptocurrency also dubbed a mean coin. frank? >> as you just mentioned the department of government efficiency also could be an acronym for doge. i want to ask you, you are at europe's biggest tech conference there in lisbon. who are people thinking -- what are people saying about trump's plans? just tell me what you are hearing there on the ground. >> reporter: yeah. lot of bullishness around cryptocurrencies and the crypto industry upset of course about how the sec has handled the industry. they're hoping under trump it may be -- perhaps lighter touch regulation and enforcement actions on that front. but of course top of mind here is also other parts of trump's policy. china and the u.s. and their battle over technology. including over ai. the u.s. is looking to cut off china from key technologies like advanced chips a policy that's continuing with the new administration. while many have said china remains behind the u.s., brad

smith the president of microsoft was discussing relationship when it comes to tech. let's listen in. >> there's an opportunity to increase the speed of exporting so we can bring our technology to the world faster. let us bring it to the middle east and africa and the rest of asia. we should get moving faster and that will be good for the united states and the rest of the world. >> the key is to get ai adoption increasing and increasing a lot faster to put forward digital transformation. that's all the chatter here from the ground at web summit and plenty more conversations of that nature going on here for now frank, back to you. >> all right, great to see you as always. live from the biggest tech conference there in europe there in lisbon. great to you. we get weekly mortgage apps and latest cpi data and also watching from earnings from cisco and sonos. also a trio of central bank chiefs are going to speak today and also senate republicans are

set to elect the new majority leader when house republicans will also hold their leadership vote. and then president biden and president-elect trump. they are set to meet in the oval office. also want to be sure to join the cnbc delivering off investors summit in new york city today to get ideas and analysis to help you deliver meaningful returns. there's still time to sign up. just go to cnbcevents.com/deliveringalpha. how the trading day is shaping up on the back of the postelection rally. right now the futures market and earlier a bit of a pause and seems to be the same right now. all three major indeseize in the red. for more keith learner at truist wealth and mark malik. good morning to both of you. keith, i'm going to start off with you. what do you make of the pullback in the so-called trump trade? >> yeah. first, great to be with you, frank. i think we need some perspective. let's zoom out. we had the biggest one day postelection rally in history. and for the month we're already

up 4%, 5% after being up 25% for the year. so to me, this is really normal and this is digestion and someconsolidation and we still think the underlying trend is positive and likely to see more gains before year end but some choppiness is to be expected. >> your word of the day for us was going to be usa. in your mind, this you know, america first policies and things like that, i think we kind of saw a bit of a kind of a negative response to some of these proposals in the bond market yesterday and we saw bond yields spike a bit. is that a concern for you going forward? just pressure on the equity market is what we're looking at. >> yeah. so first thing on the team usa, we've been overweight equities before the election. for several years and we've seen more recently that's amplified after the election outcome. and then to your point about really on the short term, these yields on the ten year as they approach 450 i think that's going to be a bit of a

challenge. credit spread are really well behaved and yields are moving higher and economy is evil cent. that poses a short term challenge for the market and you are seeing that today. >> mark, over to you. very similar question. what doing of the pullback with -- do you think of the pullback with the so-called trump trade? of course tesla is rebounding a bit this morning. >> i think that -- you know, clearly we have a little bit of a buyer exhaust but i think lot of us have stepped back and sharpened our pencils and, you know, a lot of the trade that we saw last week leading up until before prior to yesterday, were just continuations of trends and factors that we've been following leading up to the election. i think though you know, let's say there are 400 -- 400 anomalies to the efficient market hypothesis and one of the most powerful ones is moment bumyou you know momentum can't operate along without strong fundament l that is behind them. taking a look at what happened and i think they're -- you know, giving some second thoughts to some of the things

that went on earlier in the week. bond yields are certainly putting pressure on the markets as well. and of course you know, the bond vigilantes are back out. i think they sat on the sideline for a few minutes watching things play out but they're back and they're putting the message in and equities are responding. >> cpi report coming up later today and normally that would be like, you know, all be on pins and needles waiting for that to happen. it doesn't seem to have the same weight as it did in previous weeks and months but in your mind, is this a market mover and if it is, what could be impacting if we get a hotter than expected cpi report? >> you know, i think you are right. i think people have sort of put cpi on the backburner a little bit. i mean, inflation has been coming down. the trend is going in the right direction. however, you know, the market is on pins and needles. and at this point, for just about everything, i mean, you see the ten year longer maturity and ten year yields responding to certainly the potential for inflation and of course the tariffs are hanging over everybody's head. no one knows what to expect.

i mean, we are -- we've all been talking about it and we know that they could be possibly inflationary. but it brings it back certainly, you know, into top of mind. and definitely i believe if you have some hot inflation numbers today, i think you can see further pullbacks and you can see, you know, the bond yields extend their gains. certainly beyond 450. i mean just look at the technicals you can see that there's a little bit of room on the upside. and today's print could certainly make that happen. >> okay. all right. this is a fun part and we get a double dose of picks. keith, you first. what's your pick for us today and why? >> well, we like -- we still like technology. and you look at technology you have to actually go a little bit below the surface. the software side is starting to be leadership and just as an example, not stock pick because you know i'm not a stock pick. they just automated the underwriting by major insurance

company from two weeks to three days. beyond semiconductors in the infrastructure side. >> so you are saying you play it with software. by the way the popular software etfs up about 13% over that since election day. chips actually lagging only up about 3% or so. and in your mind is the chip trade cooling off? >> it is cooling off but also much more divergent. the haves and have notes and the areas that are more leveraged to ai are doing better. to your point about software. we've had a big one. i would said a little bit of the pullback even if we had a hot cpi report. we'd be looking at that as an opportunity for software because we think that will resume leadership. >> mark, bringing you in as the closer, your pick for us today. i know you have a sector you want to watch right now. >> yeah. so you know, i agree with keith. we -- we mike to focus we believe that technology presents the greatest opportunity going forward. but selectively, as implied

because yeah it's not necessarily an everything rally in technology. we have to now look more closely at supply chains and that's certainly over hanging the chips industry and the industry. but we see a lot of opportunity there going forward still. and we still like the -- the ai ecology. >> got it. mark and keith, great to have you on and thank you very much. that does it for "worldwide exchange." squawk box starts right now. good morning. president-elect trump announcing the creation of the department of government efficiency, tapping elon musk and vivek ramaswamy to lead it. details straight ahead. senate republicans vote today on the next majority leader. we'll take you live to washington for the latest. i don't know what that portends. first we showed scott. and cornyn. i think it is a three-way race.

there he is. and the fed's neel kashkari said only an inflation surprise derail a december rate cut. don't know, the ten-year saying something. more data on that today from the october consumer price index. it is wednesday, november 13th, 2024. "squawk box" begins right now. good morning, everybody. and welcome to "squawk box" right here on cnbc. we're live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. we have been taking a look at what's been happening with the equity futures this morning. right now you see red arrows. this does come off a down day for the markets yesterday. the s&p 500 and the nasdaq both breaking a five-day winning streak. this morning you got the averages