it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5. record watch stocks look to open at all-time highs and new key voting members from the fed about the central bank's next move. search at intel with pat gelsinger out as ceo plus, a judge throws out the massive pay package for elon musk once again. later, upheaval in the auto market and what mark ford says about the shift in the industry.

it's tuesday, december 3rd, 2024 you are watching "worldwide exchange" here on cnbc good morning thank you for being with us. i'm frank holland. let's get you ready for the trading day ahead. we get you a check of the stock futures. the s&p coming off the 54th record close this year you see in the green across the board. nasdaq slipping fractionally in the red while i was talking. the dow looks to open up 35 points higher. the key stock to watch is intel. a laggard in the etf yesterday intel announcing the ignatio of pat gelsinger after a troubled tenure. look at shares rebounding a bit this morning. they closed lower yesterday up over .50% right now. take a look at this. this is the number to watch. the stock since pat gelsinger took over as ceo down more than

60%. among the company's struggles, laying off 15,000 employees last august and kicked out of the dow last month on the other side of the coin, we have super micro. it is higher this morning after 30% pop yesterday on news that the committee found no evidence of misconduct at the server maker. huge pop to the upside pushing the one-week performance because we're in the second day of the week. in the pre-market, shares up 7.5% we will continue to watch the stock this morning we are also watching oil ahead of the opec production decision meeting. look at the oil market you see wti, the benchmark, up over 1%. still below what is a key sentiment level of $70 a barrel. brent crude is the international benchmark. still below $75 a barrel also up just about 1%. we have to look at bitcoin

we continue to follow bitcoin. massive surge since the election it is actually down .50% still below 100,000. it just got to 100,000 it is trading at 95,350. down .50%. week to date, we're in the second day of the week, up 4.5%. that's the day let's get to europe and silvia amaro with the look at the action what's going on overseas today >> so far, frank, we are seeing green across the board it has been mostly a positive day so far for european equities i would like to indeed pick up on comments i made to you yesterday starting with the political landscape. at this stage, the cac 40 is showing resilience really many .6% despite the political turmoil. we'll have a no confidence vote

on the government over the next 24 hours let's see how that will evolve i also told you about the performance in the auto sector this morning, we are looking at stellantis actually performing quite well up 1.6% yesterday, the stock was down almost 9% off the back of the news that the ceo had resigned with immediate effect over the weekend. i also want to get you up to speed of what is happening in asia earlier today we actually saw relatively strong performance for some of the asian bourses. to give you a little bit of context in terms of what happened in the asia equity session, we are actually seeing chip stocks across europe and most of asia moving higher today after the chinese commerce ministry announced curbs on the chip exports to china. the chip maker asml says the decision would not impact their financial guidance that has actually propelled the stock this morning

however, the move hit chinese semiconductor names during the asian session with the new trade curbs likely to hit the ability to develop new technology. let's see how this will continue to develop, frank, but no doubt, also important developments here when you think about the outlook for some of the chip names. >> also the political developments and we have to keep an eye on france and the cac silvia amaro, thank you very much. time for the check of the top stories that includes new concerns ahead of the final fed decision in 2024 silvana henao is here with that and more silvana, good morning. >> good morning, frank christopher waller is still leaning in favor of another interest rate cut later this month. cautions of possible inflation trouble ahead. listen in. >> recent data have raised the possibility that progress on inflation may be stalling at a level meaningfully above 2%.

this risk has raised concerns that the fmoc should consider holding the policy rate constant at the up coming meeting >> and this as new york fed president john williams in comments to reporters late yesterday said he is still anticipating rates to fall over time, he is unsure what the fed will do on the 18th. the data is in for cyber monday according to adobe analytics, shoppers spent $13 billion online yesterday that is ahead of the forecast of $13.2 billion. last minute deals and buy now pay later options helped drive that one-day surge another loss for tesla ceo elon musk. a delaware judge again striking down musk's 2018 pay package ruling he improperly influenced the board when it adopted the plan six years ago this is the second time the now $56 billion pay package has been

rejected, frank. >> i want to go back to the blaubz black friday story we have to disclose. did you shop >> other people. i shopped a little bit. >> just a little bit it's me and you. we spent $13 billion. >> that's right. >> silvana, thank you very much. turning back to the markets. u.s. stocks coming off a mostly positive start to december with the s&p and nasdaq closing at record highs it was the 54th of the year for the s&p. those gains from the mag seven, mainly meta and tesla gaining 3% joining me now is janet mui at rbc brewin dolphin. >> good morning, frank >> i want to ask you, i think this is the debate on wall street the market is expected to rally throughout the end of the year that is the consensus. what is the best way to play that rally

is it the mag seven or the cyclical names they are trading neck and neck since the election >> hi, frank yeah, i think this is an interesting question there is still a lot of debate around it. my sense is if the fed continues to cut, if the u.s. data continues to be robust, we will continue to get updates from the non-farm payroll number. i think there is a goldilocks scenario i think it can spread across to smaller and midcap stocks. we have seen a strong rally in midcaps and small caps it is a question if that can ify going forward. i think it can be the case because most importantly, what we think about is the animal spirtsz. spirits. i think that will support the stocks in the area >> janet, it seems like you are

saying something a little bit conflicting here you say strong animal spirits in the market, but some parts of the market need the rate cut isn't that based on the confidence in the new administration policies and the strength in the economy? if we have a strong economy, why do we need the rate cuts >> absolutely. the case is that the current interest rate environment is restrictive. if you think why they were raised in the first place was due to high inflation. we understand the rent component is the biggest part of the services inflation it is high confidence it is slowing down why do you need interest rate at such an elevated level that is the point that the fed is trying to make as well. i think if we still have an easing cycle environment, it just really helps additionally that animal spirit environment

it is multiple issues happening at the same time it really helps at the margin as well. >> okay. waller is leaning to a cut the he expectation is for a cut. if we continue to get a cut or confidence with the cut, what about the financials they had a big run up since the election >> i think the financials should continue to do well. i think, of course, lower interest rate is the best news for banks. at the same time, what i talk about is the animal spirits. the banks are the primary beneficiary. we know the m&a capital market shows a lot of backlog with the interest rates high. the animal spirits weren't there before i think that would help the investment banks if we see that

activity and a strong economy and continual credits and growth, et cetera, that would be great as well. i would say cyclical sectors like industrial which would benefit from domestic reshoring and investment in manufacturing capacity financials, i think it will continue to benefit. >> one last question our jim cramer, who watches the show, we hit on the best performing stocks in november. he came out with the best performing stocks throughout the rest of the year obviously one month left some of the names. here are some of the other names. i put a variety of names from his top ten that will do good in december palantir, eqt, mckesson. and warner bros. discovery any names that you like or sectors that you like going into the last month of the year >> well, first of all, i'm not a

stock analyst. i can't provide a comment on those stocks that we don't actually cover i will say in general, i think that artificial intelligence is a main focus i think the first stages about the infrastructure build up of the chips. i think the next stage perhaps more so next year is finding out who the winner is on the monetization of a.i. i would say the area that utilizes a.i. to monetize and commercialize. >> that is another big theme salesforce is coming up after the bell january et mui, thank you very insight and analysis. we have more to come the tech stock not in the magnificent seven that victoria greene says is on her holiday

wish list. and the ceo of xometry and his predictions for the month ahead. and the auto ev giant could overtake one of detroit's big three. former ceo marc field is here. and salesforce earnings on deck the metric to watch in that report we still have a very busy hour when "worldwide exchange" returns. stay with us (♪♪)

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>> welcome back to "worldw exchange." shares of xometry have moved higher up more than 40% today, the company shares predictions for 2025, including a forecast that near shoring will accelerate for the 600,000 small and medium manufactures in the u.s. the ceos are investing heavily in artificial intelligence joining us now is randy, the ceo and co-founder, on the board you are everything, randy. good morning thanks for joining us. >> frank, thanks so much for having me. >> your data shows three of four manufacturing companies are investing heavily in artificial intelligence has that changed how they are using the tech since the election with the idea we'll see

some increase in tariffs >> absolutely. first prediction is the resurgence or more reshoring of american manufacturing alongside that reshoring is increase of usage of a.i. and robotics that's going to be important because we have to increase our productivity a.i. can help us accomplish that the third leg of the stool is more vocational training we need more people in america in manufacturing vocational training is key to that. >> everybody says a.i. is doing something. what are they using a.i. for are they using it to figure out where they put production or where they figure out what state to source this or that from? let's get more granular. >> we use a.i. to create pricing for buyers and suppliers to create liquidity in the marketplace. we also use a.i. to ptimize th match with the customer. there are many ways to make

things and price and speed a.i. can accomplish that if you are a manufacturer, you are using a.i. to improve productivity and use it to maximize profitability >> we just highlighted the stock up more than 40% since earnings. that happened to fall on election day i want to ask you your personal opinion of tariffs and how it impacts your business and business of your customers bmw, dell, general electric. i want to note you are republican you ran for congress about a decade ago. >> i did i want to go back to what you mentioned. manufacturing and revitalizing american manufacturing that is important for the national economy and defense manufacturing spurs innovation in critical industries we need to revitalize manufacturing. >> is it a definite tailwind for your business in particular? >> policies that promote

american manufacturing will be helpful to xometry and our country. >> you sent us notes you said the proposed tariffs will still be lower in the history of the u.s. over the last century we had a chart from schwab these were higher from 1930. are you concerned the tariffs may hurt business going forward and hurt domestic manufacturing? the tariffs could be onerous or inflationary any concerns with the manufacturing sector with the chart there with the higher tariffs or higher proposed tariffs i should say >> ultimately the president is pro business and pro trade he will use tariffs alongside other tools to promote manufacturing and american business and promote free trade. ultimately the president will

balance that and find the right mix. >> what about the rate cuts? to help boost liquidity out there and lower the cost of capital? >> you know, the more we can spur innovation and enable customers and companies to invest in the future, that is good for american moving and the american economy >> randy, ceo and co-founder of xometry. good to see you. thank you. ahead here on "worldwide exchange," one software stock falling behind while the rest of the sector continues to roar we have the big money movers coming up right after this stay with us makes trading . with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley power e*trade's easy to-use tools make complex trading less complicated.

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good morning i'm frances rivera with the nbc news headlines controversy keeps mounting for pete hegseth an article in the new yorker details a whistleblower report alleging public drunkenness and harassment by hegseth. this was between 2013 and 2016 when he was president of the non-profit concerned veterans of america. hegseth was frequently drunk in public on the job having to be carried out of events and restrained from going up on stage at a strip club. he fostered a hostile work

environment. in another episode described in a separate letter from the previous job, hegseth is alleged to have been drunk in a bar while on official tour chanting quote kill all muslims hegseth eventually stepped down. nbc news has not verified the report or seen the documents hegseth's attorney declined to comment to nbc news, but an adviser said the accusations are outlandish claims by a petty disgruntled associate. the whistleblower report was contributed by several employees at the non-profit. the trump transition team referred nbc news to a previous statement by hegseth hegseth was on capitol hill yesterday meeting with tommy tuberville he told reporters he was not concerned about the many

allegations. meanwhile, president-elect trump warned of serious repercussions if the hostages were not released by the time he takes office he wrote on social media there will be hell to pay in the middle east if it doesn't happen the president-elect announced in the social media post his pick arkansas businessman warren stevens as ambassador to the uk. he backed candidates other than trump until this year. for your news headlines, frank, we send it back to you. >> frances, thank you. frances rivera in new york city. we have three big stock stories of the morning we start with the mystery chart. zscaler under pressure this morning despite the better than expected results for the quarter. before the pre-market moves, zscaler shares were down 6% this year compared with the tech software itg 20% pop since

january. u.s. steel under pressure after president-elect trump plans to block the deal. trump said he is against the u.s. steel being bought by a foreign company. he added he will make u.s. steel strong and great again shares of u.s. steel down just about 7% microchip technology is lowering the third quarter sales forecast and closure of the plant in tempe, arizona. the company says orders have been slower than anticipated especially for the auto business the closure will impact 500 workers. general motors is selling the stake in the battery plant in lansing, michigan it is moving way from the pure electric future. it will recover the stake in the

company. shares are up 1.5%. right now, we want to take a moment to remember art cashin who passed away yesterday at 83 years old. cashin was the floor director at the new york stock exchange. he is the man the washington post called wall street's investigation version of walter cronkite cashin's success was attributed to charm, wit and intelligence and refusing to adopt many of the conveniences of the modern world. cashin was also linked to the new york stock exchange tradition. leading the singing of the 1905 song "wait until the sun shines, nelly. art is a fan of "worldwide exchange." a great person every time i saw him at the new york stock exchange art cashin passed away at 83 years old. we wish the best to his family

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there's been some, you know, challenges beyond cost and quality, honestly and the slow uptick of evs. electric architecture is hard to execute.

the company is big know how. we are already at 20 million ota. that will be a more important capability for the company there have been surprises, but as i said, we're really well positioned in the short and midterm. >> that was ford ceo jim farle farley on the earnings call ford dealing with the space and performance of the ever growing list of competitors. welcome back to "worldwide exchange." i'm frank holland. coming up is mark fields who will speak about high profile c-suite shakeups. let's kickoff the hour with the s&p. the nasdaq is falling a little bit more fractionally to the red down about four points rye ight now. the dow off the highs.

opening up 20 points higher. actually 16 points higher. the s&p up under a . we want to check shares of intel on the news of pat gelsinger's resignation. take a look at shares this morning. a rebound. shares are up .50% we want to check the bond market ahead of the jolts report. benchmark at 4.21. same story for the two-year and 30-year. we want to ook at bitcoin. trading at about 95,350 right now. down 4.5%. it's the second day of the week. we are also watching shares of salesforce. the dow reports after the bell the stock rallies after 30% since the last earnings report despite revenue guidance below estimates and announcing another high profile departure this time cfo amy weaver

salesforce will see revenue grow 16%. salesforce announced agent force in september and announced a consumption based model charging customers $2 per a.i. conversation writing in a note, we are optimistic with the a.i. force and adding a tailwind to the revenue forecast to the calendar year in 2026 salesforce reporting after the bell today. we want to switch to autos stellantis shares are recovering this morning after losing ground today. they fell nearly 7% yesterday following the surprise exit of carlos tavares he lost the confidence of the board. there was a front office move at nissan the cfo is stepping down after a

profit warning and cut of thousands of jobs. byd passed ford for the first time to take sixth place in global sales byd, the first chinese automaker to surpass the big three let's talk about the global auto industry with mark fields. former interim ceo at hertz. mark, how are you today? >> good morning, frank. >> mark, you are a real car guy. a real auto guy. i want to talk about somebody else who was an auto guy ceo carlos tavares kind of got in hot water a lot of people thought he kept production too high. what is the path forward withdee >> the first order of business for stellantis is to hire a new

soirz. ceo. you really need somebody that has a lot of manufacturing and product development and quality and supply chain experience to come in and prioritize, define the reality for the team and stabilize the finances pick the team, the senior team that he's going to use for the turn around. determine what's core and non core and be a great communicator and re-recruit the employees to give them what success looks like in the short-term and the long term. they have a number of issues to work through you know, part of it, frank, is self inflicted part of it is just the industry dynamics all of the oems are under pressure with the transition to evs and lack of demand versus what they forecast part of it is self inflicted they grew inventory too fast and

were overzealous with production they have a lot of fights with the stakeholders, whether it is dealers or suppliers or the governments where they're cutting jobs they have a big bill to fill over the next year or two to turn around that business. >> so it sounds like it's a long laundry list of things that need to be done you led the turn around of mazda. and ford itself. as we see the competition from the chinese ev makers. what has to happen with the u.s. automaker? the so-called big three automakers to make them competitive in a very changing landscape? >> first and foremost, what the western automakers here with ford and gm had strong product portfolios on the i.c.e. vehicles trucks, suvs they are develop positioned. ford has a strong business in

the commercial business where they sell transit vans and other trucks but i think it's important they -- they need to you know, decide and they are deciding to compete with byd on cost they have a little bit of an advantage right now because here in the u.s., because of the tariffs that the government has put on, you know, evs and new vehicles coming from china, it gives them a little breathing room to fully understand the cost base of the chinese vehicles and then, you know, work really diligently to try to match that cost base i think the other advantage, that they have, frank, that they should really focus on is the western automakers truly understand the u.s. buyers that's the real advantage. the chinese do not for example, the chinese have a lot of electronics, a lot of software in their vehicles you know, they know their chinese consumer, but that may

not be as appropriate here for the u.s. so, you know, the fords, the gms have time. they can't squander it because they have to compete with the chinese automakers, including byd globally they have to get competitive >> mark, i want your take on how tariffs will shape the western automakers path forward? my understanding is when it comes to the manufacturing of the automobiles here in the u.s., there's parts and things that go down to mexico and back to the u.s a lot of back and forth. how is the tariff, possibility of tariffs, i should say, how can that impact the supply chain and work flow and everything else >> you are exactly right, frank. when you look at the mca agreement, the trade agreement here in north america which was done during trump's first administration, there are rules

around north american content. a percentage of the content can come from mexico and come from canada for vehicles sold in the u.s. when you think about trump's threats on tariffs, you know, part of it is just, trump is all about staking out a negotiations position and threatening, as you know, 25% tariffs on everything coming from canada and mexico including cars that would have a significant impact on the u.s. automakers because, as you said, when you look at the supply chain, a lot of parts, including a lot of finished vehicles, come from mexico for example, gm is the largest importer of vehicles from mexico into u.s. to support the u.s. sales. ford is the least dependent on mexican made vehicles. so, it could have a big impact not only initially on the price of new vehicles, but will have a big impact potentially on the

content in those vehicles because of the supply chain and how it has been built around the continent. everybody is focused on trump's tariffs. the thing to focus on is the end of '25 and '26 where the mca is up for renegotiation. >> one last comment. the profit warning and cutting thousands of jobs . >> nissan's case, there are industry factors that i mentioned, but self inflicted wounds one of the biggest things impacting nissan is the product lineup they don't have any hybrids. that is the issue here in the u.s. that is the most profitable market the ceo had to go in front of the markets and lower guidance for the second time in a year. that's never a good thing. then, when your cfo report edly is stepping down or being

replaced, that's really, really difficult and during a time in which they have huge debt coming due in the next two years, i think they have $1.6 billion next year and another almost $6 billion the year after you know, like stellantis, they face a major, major turn around while they're experiencing some management turnover. it's a big challenge. >> mark fields, we appreciate you being here we appreciate the insight >> you bet, frank. coming up on "worldwide exchange," tit-for-tat we will have more details coming up after this break.

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choose gold bond. welcome back to "worldwide exchange." time for the global briefing looking at shares of asian chip makers shrugging off the rules at curbing beijing's ability for chips. taiwan semiconductor rising between 2% and 4%. this is after the ban on materials from being exported to the u.s. on the back of the biden administration curbs also in china, bloomberg reporting exxonmobil weighing the gas stations sale in singapore for the 60 stations could raise just about $1 billion.

coming up on "worldwide exchange," the one word every investor need to know today. and going private again. details on the plans for fddreie mac and fannie mae we'll have details after this break.

welcome back fannie mae and freddie mac have

been in conservatorship since the crash of 2008. more than 15 years later with president-elect trump set to take over the white house, conversations about their future are starting to pick back up our diana olick is here with details. diana, good morning. >> reporter: good morning, frank. the conservatorship was never intended to be permanent those whofannie and freddie to be public again the conservator in the first trump administration spoke about the plan >> we spent millions of dollars on plans we have two paths. path one is congress comes in and government creates a guarantee. we tried that route. didn't happen. unlikely to happen the other route is how do you build up these companies in such a way that the balance sheets are strong enough and quality of

the assets are strong enough that you get close to being risk free >> reporter: now his plan was 8% capital on the balance sheet in front of the mortgage backed securities increase credit quality on borrowers. the gses have been building considerable capital, but the pandemic did cost them billions of bailouts. i spoke with mark zandi who said without explicit guarantee, mortgage rates would go up 75 to 100 basis points and more for lower credit borrowers he said president-elect trump wants the stock price up for the shareholder friends like bill ackman calabria disagrees >> at the end of the day, it is shareholder incidental i don't believe anybody in the administration is looking to help them or hurt them

>> reporter: calabria says this is not high on the priority list for the president and it may not happen zandi says the most likely scenario is the gses stay if conservatorship and adds privatization is a solution looking for a problem. frank. >> a lot of what this means for mortgage rates when can we expect movement? if this is realistic, when would it happen? >> reporter: it is not a 2025 issue. they say it is possibly on the president's top ten list, but not in his top five list it could take several years and possibly be one of the last things in the term coming up there is consider chatter. a lot of talk and articles written on this in the last couple weeks it will be on the agenda, of course, we still need a new fha director when he gets in office. it will be a while it will be interesting to see. >> interesting the conservatorship wasn't meant

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welcome back to "worldwide exchange." here's what to watch today the jolts report out at 10:00 a.m. eastern we have the reports from salesforce ubs holding the global tech conference in arizona with nvidia ceo jensen huang speaking at that event. we have the big monthly jobs report we are taking a look at futures. you see a mixed picture. the s&p flat the dow is opening up 11 points higher for more on the trading day ahead, let's bring in victoria greene at g squared private wealth and cnbc contributor and friend of the show >> good morning, frank. >> what is your word of the day? >> my word is knee-jerk.

jolts is my least favorite employment indicator if we have a miss, it expands out to 7.7, take it with a grain of salt. this is a small sample size. 30% of respondents are replying to the surveys of the 33 million businesses in the united states, we have 21,000 respond ents here do not allow yourself to knee-jek knee- knee-jerk in panic it is supposed to be a lead in indicator. step back. take a breath if jolts takes back hot or cold >> take a step back. on a serious note. knee-jerk is your word of the day. let's talk about the fed they are mulling a possible rate cut in the next meeting later this month we heard from waller who is leaning to a rate cut. how important is this? >> i think it is important

we want slow and steady rate cuts we want this playing out like the mid 1990s. i don't want to see 200 basis points of cuts next year i want 75. i want slow and steady a lot of pauses. that means labor is stable this will help continue to stimulate and get the mortgage market less frozen lots going happen. it looks like they are going to cut. this morning, it is priced in at 72.5% probability of a cut we will see what the employment data comes in. i think employment data is important to them. they are worried about the labor market falling apart >> the jobs report on friday is very meaningful for the market right now, i want to get to your pick what is your pick for us today and why? >> my pick today is blackstone i think they're one of the best companies to own in the financials they are a less traditional financials they are in the alternatives universe we are seeing the trend of

alternatives alternatives are now going beyond institutions and private pensions and family offices. they are looking more to the retail investor and every day investor they developed new products with interval funds and lower minimums the fee based revenue and not exits and what they are paid on the 2/20 the fee revenue continues to grow you may see that private credit sector grow and attract more people looking for higher yield. i think absolutely 2025 blackstone is a great pick to hold. >> blackstone is your pick i want to bounce this off you. jim cramer came out with picks for december i'm show you a few of them one is palantir. eqt and warner bros. discovery any of these stocks bullish? >> i like palantir people are talking about them

being the next nvidia. i think eqt with the natural gas play not a bad place to be we think natural gas plays are improving. number two, the electrification of the power needs with the data centers is a boon. those are ones i'm attracted to and think they have more upside next year. >> victoria greene, thank you. great to see you as we close out in the 6:00 a.m. hour, christopher waller is in favor of the interest rate cut at the next meeting, but the inflation could be stalling out. trump against the u.s. steel plan being purchased by nippon steel. and adobe alytics reports $13 billion spent on cyber monday and elon musk's pay package

struck down by the judge this is the second time that pay package has been rejected. bloomberg reporting that spacex is in talks to sell shares to boost the company around $350 billion. one more look at futures a mix the picture right now. the nasdaq trading slightly lower. the dow and &p fractionally higher that does it for us. "squawk box" starts right now. >> good morning. shares of u.s. steel are lower after president-elect trump talked about nippon steel. and elon musk loses his bid to reinstate his pay package and elon musk is considering a tender offer to value spacex at $350 billion. it's tuesday, december 2nd, 2024

and "squawk box" starts right now. ♪ good morning, everybody. 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 joe kernen andrew ask is off today. you will see the dow indicated up 11 points s&p is flat. the nasdaq off 13. yesterday, we saw the s&p and nasdaq move to new highs the dow was off 120-125 points let's look at treasury yields. the ten-year is sitting just around 4.21. we have breaking news from blackrock.