it was 5:00 a.m. welcome to worldwide exchange. investors getting set for what could be the biggest market moving event since the election went nvidia reports its latest quarterly results today. we have to keep things to watch. president-elect trump reportedly narrows down the field of candidates while naming a few more controversial peaks. and shares of walmart prime opened and all-time highs as another big consumer name get set to report. plus sources tell cnbc comcast

is giving the green light for a massive spinoff. what does that mean for the industry? and later the new fuel fueling bitcoins record run. this is wednesday, november 20, 2024. you are watching worldwide exchange on cnbc . good morning and thank you so much for being with us. i am contessa brewer. let's kick off this hour with a check on u.s. stock futures after we saw a mixed session yesterday. the s&p posting back to back games. right now you are saying everything in the green. key stock of the morning we are watching nvidia reporting results after the close today. will tell you why this could be

the quarter's most important market moving event. let's get a check on the bond market with a 10 year yield. and vestas monitoring heightened tensions with ukraine and russia. yields right now at 4.42%, just slightly higher. big coin coming off a fresh all- time high of 93,600 yesterday. big coin moving higher by a third of a percent. later this hour we will tell you what happened that could add some fresh fuel here. let's see how europe is shaping up. dan murphy is in abu dhabi with the early action.>> reporter: good morning. traders in europe weighing the geopolitical risk as we see ukraine pushing american missiles into russia. the u.s. embassy in kyiv warning of a significant attack.

risk assets seem to be putting that to one side. we have the markets track high after three straight sessions of declines. traders will be money into places like construction and basic resources. specifically in the uk inflation unwatched as well surging to 2.3% in october. what is interesting here is analysts also say it likely shuts the door and december rate cut from the bank of england. also, we've been looking at the a.c.b. out with its latest review. a start -- stark warning. growth and financial instability remain vulnerable. we could be staring down the barrel -- merrill of what they call a new debt crisis. that is the latest.

back to you. thank you. let's get a check on some of the morning top stories, including president-elect trump reportedly closing in on a pick for treasury. bring us up to speed.>> reporter: that is right, multiple reports this morning. trump is set to meet with kevin wash and mark rowan today with the f.t.c. reporting rogue one has emerged as the top contender. this is morgan stanley speaking with our cnbc cali saying the plan hurt economic growth a great deal well into 2026. sources tell cnbc our parent company comcast is moving forward with a plan to spin off its cable network with a announcement expected as soon as today. sources that comcast will

retain ownership of bravo, nbc broadcast network and the peacock streaming service. the spinoff is expected to take roughly a year to complete. we will have much more on this later in the hour. sales of netflix sets help when a fresh all-time highs after disclosing it mike tyson-st. paul fight was the most dreamed global sporting event of all time with 65 million live concurrent streams and 108 million total viewers. >> it really appears to me streaming in this whole life situation is going to become bigger and bigger and we are going to keep the records be sent. thanks. turning back to the big event of the week and the one that will likely drive the market action in the near-term. nvidia results out after the bell.

and bank of america highlights this week that the chip giant will likely drive nearly 25% of the earnings growth for the third quarter. let's get more of this and the broader market with the chief global strategist at principal asset management. what is remarkable to me is we have massive global headlines. the ratcheting up of the tensions between ukraine and russia. yet largely it seems we watch the market shock that off in favor of looking at corporate earnings. do you think that is going to be how the markets interpret the near-term? that it is earnings that matter, especially nvidia ? >> i think it does make sense. there is a lot of uncertainty, but typically the market always returns to focusing on the

fundamentals. earnings, what is happening with inflation and what the fed is going to do. we've already seen the market starting to really consider what is happening with nvidia, given that is the largest company. >> where does the u.s. stand in terms to economic strength and prospects compared to the global outlook, what we've seen in asia or europe? >> this year we have seen this continuation of u.s. exceptionalism and it looks like 2025 is going to be no different. my basis perspective the u.s. economy is considerably stronger. what we think about europe and china they both have economies that are struggling. on the other hand there's a question about whether or not the u.s. needs it. when you start taking about

paris, that's when we think about the globe. it will be more likely to have a more negative impact on places like europe, mexico and asia. >> how are you positioning for the fed moves to come and rather hour change in leadership in washington, d.c., and we've seen jay powell saying he's not going anywhere when trump takes office once again, but if it influences the policies of said governors will also distribute does not contribute to these decisions? >> this is the key question everyone is trying to think through. we are going to believe what powell says. we do believe there is going to be consistency, but the fed is going to have to consider making some of the inflationary impacts of policy proposals. of course they want to wait and

see, but there is one to be considerable caution. there is already uncertainty about how much stimulus the u.s. economy is going to me. when you add in the additional uncertainty being presented by the proposal of significant tax around the world it probably does me there likely to tread very cautiously. we are expecting them to slow down their pace of rate cuts as we get into next year. >> one of the big risks? >> one of the key things we have to watch is what happens to inflation. as we've seen the numbers come through it is becoming apparent the path is proving to be very stubborn. a lot of the policy proposals that have been talked about are typically quite inflationary. if we were to see that takeoff in the fed will start to cut rates will that certainly would

be a very significant challenge for markets next year. >> good of you to join us. thank you. for more you can head to cnbc.com for exclusive insight and analysis. we have a lot more to come including how my next guest is turning chaos and opportunity with one dividend paying pick. buffers why target may be a better by then walmart ahead of his earning reports today. plus, much more of what trump called does make some call trump's questionable cabinet picks. and later what comcast reported cable network spinoff means for the stock d mpitn. busy hour still ahead when worldwide exchange returns.

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target reports third quarter results in a little more than one hour. investors may focus on what the retailer says about the holiday season after walmart signals it is off to a tar -- good start. joining me now is the senior research analyst at jane holly and associates. great to see you this morning, jessica. what we saw from walmart sparked an amazing reaction. give me the broad scene.

are you expecting to see movement on target? >> what we saw in q2, there were improvements. with q3 we are positive. what we saw was the consumer discretionary category starts to move and that is where target has been hurt previously. that is where we still remain positive in general. >> if you were going to make a budget conscious choice you might choose walmart over target? >> walmart you might initially go for groceries. there discretionary has improved in concern -- terms of apparel. >> we've been hearing and some of the food categories that customers were budget conscious are looking for those store brands, those private labels. target has a big private label offering. >> that has been improving with

good gather, how they speak to the consumer about these brands. that is still the biggest part. if you think of grocery as a whole walmart is still a bigger part of that business. >> we are heading into the holiday season. universal has a new movie coming out on friday, wicked. in fact i am told today is wicked wednesday. here i am wearing witchy grain. target has these new rollout products. dave.taylor swift. they got some of these big name, hot movers. i guess we are in the holiday shopping season. i haven't shopped, but i guess everyone else in the world is. >> been spacing out. in terms of wicked, anything with stanley cup that has brought out that collaboration people have been driving it.

if you going to target you see signs. they have had a stampede of people come in for these sought after items. i think for the holiday season what they do have lined up will be traffic drivers. >> where the pitfalls for target? >> from third-party data there has been a slowdown in the store and that's where we've seen a concern around that. are they driving enough that will take away items from walmart? is the consumer necessarily doing two shops and a sense? the thing is target is really good. >> and i mentioned the promotions, the targeting that target does with its promotions, does that help or do you closely watch how much they're spending on promotion versus the benefit? >> we watch promotions very

closely. target in terms of circle days last month, they had very targeted promotions. it wasn't anything terrible. 30%, you usually want that as a healthy promotion for your assortment. they have been very strategic. it hasn't been too much to be concerned about. >> you also said you didn't see a lot of markdowns on women's apparel and things like that. i want to ask about another big company. tjx reports this morning as well. how does that line up with what you've seen this morning? >> tjx in terms of the off price umbrella we have continued to be conscious. a trade down is still happening. tj in general is very good at pulling away from categories the consumer may no longer be interested in. we seem to pull away from pat

and home. footwear has been a little difficult, but then you have the beauty category which is fantastic. >> beauty is the key for everyone. what does that say about our vanity? tjx up 2% in the premarket. thank you so much for joining us. from government efficiency to rocket launches elon musk and president-elect trump boldly going into the unknown together. and the grinflncmu owg inuee sk is having on cabinet picks after this. and the grit to make it happen, morgan stanley can help create the future only you can see. [crowd cheers] [music out] when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know that's especially true when you're looking for a medicare supplement insurance plan. that's why

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welcome back to cnbc. we are watching shares of microsoft up just slightly, hosting its annual ignite conference this week. unveiling new features for products such as copilot, azure and teams. touting the presence of a.i. across all of its products. >> there is not a single application that is not going to be an a.i. application. you are seeing a real catch up growth. applications are all being morphed by the new platform. >> to see the full interview head to cnbc pro at cnbc.com . president-elect trump not slowing down billing key positions including one rumored front runner for the treasury department landing in a

different role. megan, give a fall since up all the wheeling and dealing happening in mar-a-lago.>> reporter: hey, good morning. there is a whole lot going on and a lot of movement. some new names becoming official including the one you just hinted at his howard fitzgerald -- i'm sorry, howard lutnick being tapped to lead the commerce department. no longer in the running for treasury. we also learned dr. oz has been tapped to lead the centers for medicare and medicaid putting him within the department of health and human services reporting up to robert kennedy junior if both are confirmed. and we learned linda mcmahon the wwe cofounder and a major

trump donor will be tapped to lead the education department. of course an agency trump, musk another set pledge to abolish. trump says she will be overseeing that effort. but the howard lutnick position does raise questions about the tray portfolio. it says in the announcement howard will have additional direct responsibility for the office of the u.s. trade representative. that will be a shift has directly. this would require a change in law to move it. more questions than answers they are about what exactly that will mean. as you hinted, this does take lutnick out of the running for treasury secretary. we are down now to four names on the shortlist. we know that timothy senator

bill haggerty spent most of yesterday with the president. and bloomberg now reporting somerset to be here today to talk about treasury. a lot of moving pieces as they try to get this team set. >> we were watching as former president and now president- elect trump was with elon musk to watch the launch of starship. are you getting a since what the perception is about how much influence elon musk has with trump?>> reporter: it is an interesting question. almost every time we have seen trump it seems like elon musk is always right there. the president-elect it makes some jobs at musk over the

weekend saying i just can't get him to leave, which sounds like is he actually trying to get him to leave? thing you saw something like the spacex launch, trump taking much of his day to attend that. as for the actual influence that musk is having there is a report that musk has been on the phone with some of those world leaders. we also know that musk has pushed for a few appointments that didn't happen. he tried to endorse rick scott. he was pushing howard lutnick to take the treasury slot. he has major involvement. his actual influence we know it is at least limited in some ways. >> what you think the holdup is on nominating somebody for treasury? >> trump has been looking to fill two key requirements

sometimes in conflict with each other. he wants to make sure someone who fully embraces his agenda and fully commits. that is something that trump and others feel steven mnuchin slow walks in the furst administration. he also wants to choose someone who won't the market. he does not want to disrupt the positivity we see since he was elected. you cannot always find someone who has a full throated embrace of tariffs saying they want a universal tariff and that they will implement those, but is also a friend of wall street. >> fascinating to watch. coming up, the new fuel feeding bitcn'rerdois co run . we will be right back.

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blackwell is in full production. the demand is insane. everybody wants to have the most and everybody wants to be first-period at a time where the technology is moving so fast it gives us the opportunity to really drive the innovation cycle so that we can increase capabilities, increase, decrease cost and energy consumption. we are on a path to do that and

everyone is on track. >> that was the nvidia c.e.o. last month touting demand for the blackwell chipmaking news this week. mss will be looking for updates on that one. it is a big moment. you can see the shares down in the premarket. welcome back to worldwide exchange. i am contessa brewer. coming up, the key numbers will be looking for and the seismic impact the stock could have on the broader markets. let's kick off this half hour with a check on the u.s. stock futures. we are seeing green across the board. we did see the nasdaq brief plea turning negative. actually it has turned negative. the nasdaq looks like it could open lower by 14 points or so. the dow jones industrial futures indicated higher by 39

points. watching shares of the big stock story today nvidia reports stocks after the close down a 10th of a percent in the premarket. will keep an eye on that. the bond market with a 10 year yield recouping some of yesterday's early losses as investors monitor heightened tensions with ukraine and russia. yields higher at 4.14%. and bitcoin off a fresh all- time high, moving higher for half of a percent. we are also watching bitcoin etf option contracts. it officially began trading on the nasdaq yesterday. data shows more than 350,000 contracts were traded with about 80% being bullish suggesting a potential bulls for crypto, perhaps to $100,000

and green across the board this morning. nvidia reports his latest orderly results after the market closed today. egg of america saying today's report could be a bigger market moving event than the release of the next u.s. jobs report. even the fed policy december in december. more on the big number to watch after the close. >> reporter: nvidia shares are up 200% this year alone. can the momentum continue post earnings after the bell today? last quarter nvidia put up sales that more than double than the previous year and they also beat analyst expectation. yet the stock fell 6% the next day. this earnings cycle investors are worried supply of the next

generation blackwell c.p.u. chips will be limited. these new chips are complex and require new design modification. you also have recent rumors of them overheating. that has some investors worried shipments could be delay. that is why the january quarter guidance is so important. nvidia will need to guide at least $37 billion in revenue to prevent a potential stock sellout. demand is high but so are investor expectations. let's bring in the i/o fondly analyst who has joined our air in the past calling for a $10 trillion market cap for nvidia by 2030. it just sounds funny to say that. great to see both of you ladies today.

bank of america wrote up this big note about watching the options and what they indicate. what are you saying with the options on nvidia? >> the financial markets super bull this year. options traders are positioning for a ammoth move. they are pricing in around a 12% move tomorrow alone. putting the number into context the average move over the past eight earnings releases has been around 9% up or down and a 12% move would be a move around $400 billion for nvidia. people are really bracing for fireworks after this report today. >> you're looking at a company that now has about 3.5 million in market value, up almost 200% this year. when you're looking at the fundamentals and where it could go what gets your attention?

>> so many things right now. furst and foremost big tech continues to grow. we are tracking over 200 billion this year, over 300 billion next year. you cannot overstate the importance of this. this is where all of the demand is coming from. they continue to spend. secondly, when you look at pricing power hopper was priced about 40% lower than what we are tracking for blackwell right now. when you look at the pricing power and then what you want to layer in our the supply chain signals. we are actually on the other side of that debate around brother there are supply chain issues or not. what i am seeing from taiwan semiconductor right now is a surge in high-performance computing segment as a fad that i watched very closely.

numbers are indicating 2025 is going to be a very big year for a.i. and nvidia. >> are you concerned about the reported problems with overheating with the servers? >> not concerned at all. it was well understood blackwell is pushing the outer limits of what a.i. chips are capable of. it is assumed that there will be need for new components, new processes, it is call cholos capacity. those things are consumed with the fact that they are pushing the upper limit of capabilities. in addition they will also be pushing the upper limit of revenue next year. when you look at it combined this is the kind of thing as an investor that i want to see. >> analysts are expecting about

$33 billion in revenue, 83% growth over last year. what we have seen in the past is when nvidia moves not only does a move the whole market, but specific companies in that beer, which companies are you looking at? if you see the massive moves the options are indicating which others could move in tandem? >> one thing that makes nvidia's earnings so important, and to your point people do watch this. it is such an important indicator for the broader a.i. trade and the semi conductor sector overall. i think people are going to be watching companies throughout the second there were clues after this earnings report. >> you point out this is not even close to the rest especially in terms of the profit margin for this company.

>> absolutely. it is the operating margin and the cash flow. it is double the majority of the mag seven. 17 points ahead of microsoft. i do want to say that q3 is somewhat irrelevant. all i should be on 2025. this is when blackwell is arriving. it is really important for investors to understand at this point we are 7/4 in. the new generation is coming out and that is what investors should be focused on. >> beth kindig, thank you for joining us. gunjan banerji, good to see you. coming up robinhood. details when worldwide exchange returns. and deliver solutions that meet complex needs.

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welcome back. let's get to your morning call sheet. bernstein raising its -- it cause a stock a top crypto deregulation trade. right now you are seeing robin hood up in the early trade. a pivotal research group raising its price target on netflix. pivotal siding the success of

the mike tyson-jake paul fight in the expectation the streaming giant will accelerate its live program offerings. they say it is the biggest livestreaming audience of all time. netflix up half a percent this morning. consumer prices jump by an annual 2.3% fueled largely by an increase in domestic energy tariffs. shares surging in japan on report the retailer aims to complete a buyout in march. nhk reports the eto family plans to raise $52 billion to take the parent of seven -- 7 eleven private. and china's benchmark rates remain unchanged. the market closing higher today while the chinese one has been under pressure with the threat

of new u.s. tariffs. the one word every investor needs to hear today. and the stock pick every investor needs to know. plus more on your big-money mover. this networks parent company comcast and a plan to spin off some key assets. we will be right back.

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this mondays big-money mover is comcast. shares are higher by 2 1/3%. a source tells cnbc the company is moving forward with a plan to spin off cable networks including cnbc with an announcement coming as soon as today. alec sherman has been on the phone i understand all night long. what do you know, alex? >> i think the announcement is going to come before the bell this morning. look, this is going to be a test run for the entire american media industry that almost cable networks. comcast is the furst major media company to spin off cable networks. it is not every cable network. it is going to hold onto bravo, the entertainment network that powers a lot of the networking of peacock. other than that every other

cable network including the very network that we are on right now will be spun off into a new company. the plan is comcast and the rest of the assets underneath comcast which is peacock and bravo trade higher because they are not encumbered by these long-term declining assets. the question will be how does this new spun off company trade on the public markets one wall street knows that the long-term future of cable is likely not a right one. then, this vehicle, does it become a rollup mechanism for other cable networks from existing media companies. >> like what? >> it could be the turner networks that come into this, possibly when the sky dance

deal closes, if it closes for paramount. that company owns a ton of cable networks. perhaps they could be rolled into this. stars alliance games. perhaps stars, that premium network could be rolled into this. the idea would be built up for scale and potentially pay off a large dividend to investors because these things still make money and are all profitable assets. cable is probably a one-way train in one direction. that direction is declining as the world shifts to streaming. >> is there a bunch of mergers with all of these different spun off networks? is there more value if you were to sell golf channel separately from usa? >> they are our several possibilities of what could happen. one is the rollout play that i laid out. another possibility is you

could start taking a couple of them at a time and start selling them to private equity. what i just described, a business that is profitable but declining is usually a private equity play. that is another outcome that certain cable networks could be sold off and basically milk for cash or maybe even taken in a new strategic direction. the issue is that a lot of these companies already have very deep relationships with peacock. we will need to see if those relationships extend through licensing agreements. >> in the meantime to figuring out how this works especially how do you split off msnbc from cnbc becomes a bit of a sticky issue, but not unsolvable. leadership changes have already

been named. i know you are going to have a busy day. thank you for joining me on that and getting us that up. coming up, the stock taking a hit on the back of one of president electrons nominations. our next guest adding to her portfolio. the name? and here is the mystery chart next. we will be right back. (♪♪) (♪♪) everyone has goals and dreams. and everyone deserves a way to get there. wherever you're going, getting there starts here. state street. invest in your future with spy, the world's most traded etf. (♪♪)

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welcome back to worldwide exchange. we are looking for earnings from nvidia, target, tjx, palo alto networks and snowflake. we also hear from several fed officials including michael barr and michelle bowman. there is a pair of exclusive c.e.o. interviews you will not want to miss. furst up and -- ed bastian point and david solomon is on money movers at 11:00 a.m.. the markets coming off a positive session as investors shifts focus. nvidia's earnings after the close. let's bring in jenny harrington, also a cnbc

contributor. jenny, how much enthusiasm do you have for nvidia today? >> i feel like i am the perpetually wrong person to ask. i always think it is overvalued. by the way, no knock on the company. i just think there is a lot of positivity baked into those shares. again, i am a dividend manager whose use values. >> where are you finding opportunity and value? >> beneath the surface of this market we have seen tremendous amount of chaos. one of the stocks that we just added is canagra, down 9% since the announcement was made that r.f.k. jr. was going to leave health and human services. why? because he says things like mcdonald's is poison.

what you have saw our fast food companies all traded down dramatically on his nomination. meanwhile you have a company like conagra waiting for something like this, knowing we just could not be in 2024 without weird things happening. knowing something was not their share price down. you have this for things like orval redenbacher, burrs joyce, but i got pulled down with the rest. now you are in stock with a 5.3 dividend deal. sorry, go ahead. >> finished that thought. >> you are trading at nine times earnings. it should have 3%-4% ahead. i would expect a return in the 8% range for many years to come. for me that is really compelling in this chaotic landscape. that is what we are looking

for, things that are getting shaken out where the evaluation is really compelling and not incorporated into the share price. >> elon musk push for more government efficiency and it is leading some people to think there may be some eradication of certain departments, which then would lead to leases being canceled on government buildings and things like that. you are also looking for opportunity around some of that real estate? >> right. one of the other companies in the portfolio if easterly government properties. they own things like d.e.a. buildings, .c.e. buildings. super interesting. the stock was down nearly 20% after the department of government efficiency was announced. there was this broad brush. the reality is they cannot. the c.e.o. went out last week and reached out to individual investors and did an amazing mini roadshow.

here is the reality of how government efficiency could even work. they have $5 billion in rental revenue to truly essential government buildings. for example the e.p.a. building tests water. you cannot be like we are going to be efficient and cancel the lease. you can't do that. the department of ed is at risk. that is real. he's like that is going to turn into condos. but the easterly portfolio is supersafe. there should be nothing as a result. >> those shares up a quarter of a percent. jenny, great to see you. thank you. as we close in on the 6:00 a.m. our a few stories we are tracking. multiple reports president- elect trump is set to meet with kevin warsh and mark rowland

today as he waits his pick for trump secretary. rowan has emerged as a top contender. qualcomm says it expects to generate additional revenue by 2029. the company says 4 billion could come from pcs, something the co discussed while speaking with cnbc yesterday. >> we are really focus on diversifying the company. we said there are many markets that could benefit from our technology in addition to mobile. we see the opportunity to start scale revenue on pcs. and the mike tyson-jake paul fight on netflix might not have been blockbuster, but it was a blockbuster for netflix because it attracted a lot of viewers. the streaming company says it was the most streamed mobile sporting event in history with

65 million live concurrent streams and 108 million total live viewers. netflix shares are set to open in a fresh, all-time high, up about half a percent. and now the end of worldwide exchange. here is kwok box. four

good morning, everybody. welcome to "squawk box" on cnbc. i am becky quick along with joe kiernan and andrew. this morning u.s. equity futures are in the green. these are modest advances at this point. dow futures up by 55. the nasdaq up by two. it comes after a mixed session for stocks. yesterday the dow is down by 120 points. the 500 was up by 4/10 of a percent. the nasdaq was up by about 1%.