♪ breaking news, global governments in crisis. politics impacting investors. south korean opposition parties call for the president's impeachment after he briefly declares marble law. that president now accused of treason. the defense minister resigning. this is all triggers what many see as the biggest south korean crisis in decades. financial markets are still reeling. france, the government on the brink of collapse as the prime minister face acinoconfidence vote after months of failed negotiations. back on wall street, we're

listening to jay powell, final comments fed's last rate decision of the year. the big wednesday morning, december 4th, 024. you're watching "worldwide exchange" right here on cnbc. ♪ and good morning to you. thank you so much for being here with us. i am frank holland. a lot to get to. first, a check of u.s. stock futures with the s&p and nasdaq sitting at record highs. i feel like a broken record. we say that quite often. take a look these days, on track for more records today. all three indexes solidly in the green. the s&p up 15 points. the nasdaq up as well over 120 points. the dow looks like it would open 200 points higher right now. a look at the biggest dow gainers in the pre-market. salesforce at the top of the list after a q3 beat, guidance coming in better than expected. and it's adding more than 250

points to the dow at these levels. basically all the gains in the dow right now pretty much. salesforce shares up 13% followed by merck, nvidia, microsoft and boeing. salesforce the big story when it comes to the dow this morning. much more on that in just a moment. the bond market, aread on ism services. the benchmark at 4.25. yields moving a few basis points. not a lot of movement. last but not least, bitcoin breaking just about 96,000 this morning. right now well above 96,000. right now 96,880 essentially up 1 1/3%. week to date, bitcoin slipping down more than .5%. that is your setup for this morning. now we want to turn back to this morning's breaking news in the french government on the brink of collapse as this prime minister faces a no confidence vote later today.

charlotte reed in paris following the latest developments on the ground. charlotte, good morning. let's begin with you. >> reporter: good morning, frank. we're here. we're witnessing maybe the final hours of the government here who will be facing a vote of no confidence here in parliament where we are standing. so by dinner time, this government might be toppled. of course, this government after weeks of negotiations around the 2025 budget, michel tried to reach out to other political parties. his government is a minority government. he did manage to bring on board particularly the far right party. so now the vote of no confidence is supported by both the left wing and far right opposition. so now we have to wait and see what happens. the question is what next? then president macron will have to appoint another prime minister. and the question is, who might that be? and also, this parliament will remain as it is until at least next june or july next year

because it has been this summer, they have to wait one year for another dissolution. the parliament refrains as fragmented and divided as it is now. the question is what prime minister can be able to reach potentially majority, compromise with other groups and tackle the big issue here which is the public finances. deficit is above 6% here at the moment here in france. the barnier was trying to bring back to 5% next year. he needed to reach out to other parties. at the moment he doesn't have the support. >> charlotte reed live in paris. thank you very much. time to get the market reaction from sylvia. bond yields rising above what we see in greece. >> absolutely. but let me start with how we're moving on the equity front for the time being. we have seen actually quite a lot of resilience over the last couple days despite the political turmoil. at this stage, we have cac up .3%.

one guest yesterday explained to me one of the reasons behind this resilience is the fact that the companies are international focussed. so they could be less implications for them in terms of the domestic turmoil. we'll see, of course, over the next couple of weeks as well. but i want to take you to the euro. this is an interesting part of the market, too when you think about the political turmoil in france i should say. at this stage, we have the euro just marginally lower against the u.s. dollar. but look at this figure that i came across. between june when we had the last event of political turmoil in france, just a couple months back, half a year ago, the single currency since then is down nearly 4% over this period. so, even though at this stage we're not seeing massive moves, overall when you think about the recent events of political instability in france, they have put pressure on the euro, too. they have contributed to it. indeed, overall down 4%.

and when you look at the bond market, too, this morning, though, we are seeing a little bit of steadiness when you think about the moves between the french paper and the german, the benchmark. of course this year was going to happen next because investors are very much concerned about the fiscal position of france. the second largest economy in europe with an overall budget deficit of about 6%, just this year alone. can they rectify that going forward? well, the investors will be watching out for that. >> yeah, certainly. our sylvia amaro live in london. thank you very much. we're following the fast-moving story out of south korea. opposition parties submitting a motion to impeach their president after he briefly triggered martial law. joining me now is wall street bureau chief tim martin. >> good morning, frank. >> i'm looking at the markets.

the kospi, closed down 1.5%. as we continue to see this play out, how do you see the markets reacting in south korea and how is it going to impact investors all around the world, including here in the u.s.? >> well, you know, when the news first came out that the president was declaring marble law, the stock market locally here thought they might not open on wednesday. yeah, investors weren't happy about a 1% fall, but it could have been worse. there were some fears that maybe the stock market might have to close down or the losses might be so severe that they would have to halt trading. look, we're going to enter a period of political uncertainty. that's not good for investors and for the big companies that are not only dealing with a potential leadership vacuum here at home, but they're looking at the u.s. with president-elect trump and south korea has so much exposure whether it's electric vehicles or semiconductors, just a lot of question marx. and those question marks grew bigger after yesterday's developments. >> yeah. i'm sure there are a number of questions. by the way, our data team

pulling some stats related to all this political turmoil. the dollar hitting a year high. actually a two-year high i should say against the south korean won right now. export weakness out of south korea. how is this playing out domestically in general with also all this political turmoil. what do you see as being the longer-term fallout from an investor perspective? >> south korea's economy is so dependent on exports. a weak won is not great in the short term or long term. the central bank kept an eye on whether the won crossed a certain threshold against the dollar. i think broadly, lock, south korea would like to have a strong won versus the rest of the world. >> we're seeing a board right now. i don't know if you can see it, some of the most notable south

korean stocks at least for u.s. based investors. samsung and sk hynix, it closed up just about 2%. in general, why would a chip maker close higher with all this turmoil? >> well, sk hynix, there's certainly no political read through based on what we have seen the last 24 hour. they're a very close partner with nvidia. we saw that intel switched up ceos. so there's some turmoil within the industry but sk hynix looks strong. the best nvidia chips have sk hynix products or many do. they blossomed in this ai era. >> tim martin, korea bureau chief of the "wall street journal." i know it's a busy day for you. thank you for making time to talk to us. you have a great day. >> you too. moving on, the political turmoil in france and south korea is adding to investor

worries and uncertainty all around the world. joining me now is mark, chief investment officer. good morning. great to have you here. >> good morning, frank. good to be here. >> well, this is a day, mark, we need to start with the global markets whether the tension in south korea, some of the political uncertainty in france right now. how are you viewing global investing specifically those two markets, of course. >> yeah. you know, for us, yesterday was a bit of a wake-up call, right? so, while of course we're following the companies and how they're trading overseas, but what we're really now having to focus on is what the impact would be on some of our favorite companies here in the u.s. so, if you look at the -- you put up those four big companies from south korea, if you look at the exposure that some of our let's call them favorite stocks over here, little bit eye opening. if you look at the companies of what the impact might be if that

political turmoil played out a little bit and disruption of the supply chain could occur, there could definitely be some big implications. we have our eye on that very closely. yesterday was certainly a wake-up call. >> it was a wake-up call. specifically to france, the cac up almost half a percent. many of the notable french companies have international exposure. european investing. second time this year, the snap elections a few months ago. is it changing your view when it comes to specifically european investing and the european markets? >> yeah. for us we've been having -- we've been watching closely currencies. the dollar has been very, very strong and as you pointed out earlier, the dollar has been strengthening against the euro. nd this is going to put again further upward pressure on the dollar. which on some level is good for u.s.-based companies that are sourcing abroad.

but in terms of this incoming administration, you know, it's clear that the incoming administration would like to see the dollar cool off a little bit. that will be a little more of a challenge. but having a political discord in one of our largest trading partner certainly not going to be -- certainly not going to be easy going forward, especially with global trade on the docket for the incoming administration. >> yeah. by the way, we're looking at the chart right now. the euro falling 5% to the dollar so far year to date. mark, going to pift vot to the . we have jay powell speaking later today. his last time he's going to speak ahead of the next fed meetings at the summit with our andrew ross sorkin. what does he have to say? or what can he say to keep the rally going as opposed to perhaps putting cold water on it. markets are trading at highs right now. a lot seems to be on confidence. we'll get that rate cut coming up.

>> yeah. so, you know, this i keep referring to this week as naughty or nice week. we have all -- this huge raft of employment numbers starting yesterday with jolts. we have adp number at 8:15 this morning wall street time. and then, of course; you know, later in the week we have the employment situation and i think a lot of that stuff is going to inform how the fed behaves in exactly two weeks and determine if they're naughty or they're not so naughty, maybe their nice. nice in this case would be the 25 bases point cut that most of us are including as our base case. i think there's still a 70 plus -- north of 70% probability, according to futures. but next year, i think the market is factoring in another 50 bases points. so the market has pretty low expectations at this point. i think powell's goal should be to sort of maintain that sort of confidence that this 75 bases

points could be our baseline. but of course, next week we get cpi numbers. and so you know, there's a lot that can go into that meeting. we still have some fed governors speaking slightly hawkish. so i think you know, powell's game should be to toe the line that we're all sort of making as our base case at this point. >> right. i don't know if it's confidence in the cut, confidence in the economy, abmall spirits right now we're looking at futures nasdaq up .5%, a lot of confidence in the markets right now. good to see you. we have a lot more to come including three stocks that stephanie link says are poised for a rebound in the year ahead. first, much more on salesforce and the blowout quarter and what that could mean for the rest of the sector. plus, president-elect trump considers one of his top cabinet picks. higher interest rates just in time for the holidays. what a number of credit card companies are doing to squeeze a stretched consum. ve by urhe"worldwide exchange" returns.

"worldwide exchange." get a check of this morning's top corporate stories. our silvana ha now is here with you. >> intel, we are seeing shares higher after closing down more than 6%. yesterday right now we're seeing shares up close to 1% in the pre-market. and this after reuters reporting that the company has already begun evaluating a handful of

outside candidates for the open ceo job, including former board member lip butan. now sources also tell reuters marvel technology ceo matt murphy is in the running. microsoft is asking the inspector general at the ftc to investigate whether the agency improperly leaked confidential information regarding a possible anti-trust probe in the tech giant violating its own rules. bloomberg first reported last week the agency has opened a broad investigation into microsoft, looking at everything from its cloud and software offerings to ai and cybersecurity. cnbc has reached out to the ftc for comment. and president-elect donald trump is reportedly considering florida governor ron desantis as a possible replacement for pete hegseth to be his pick for defense secretary. now according to "the wall street journal," trump allies increasingly think hegseth may

not survive any more scrutiny into his past and this the next 48 hours could be crucial to his fate. desantis previously served as a navy lawyer in iraq and the guantanamo bay detention facility. nbc is working to independently verify that report, frank. >> a lot of developments there. silvana, thank you. we'll see you later in the show. moving on, time now for your big money movers. we have to start with this one. it's salesforce, the leading stock in the dow this morning after the company reported q4 guidance that topped analyst estimates for strong demand. marc benioff saying the new agentforce system has a deal pipeline in the thousands listing fedex, ak censure building digital labor forces with that tech. sales of salesforce are up 10%. pure storage is also surging this morning. take a look. those shares are up over 21%

after third quarter results beat expectations and also raised revenue outlook for the year. the company also said it secured a design win with cloud provider for its direct flash technology. again, shares of pure storage are up over 21%. trifecta, okta shares also jumping up 17% as the cybersecurity firm's third quarter numbers also topped expectations. the revenue guidance was also above estimates. public sector and large customers are adding to meaningful top line growth. again, shares of okta up over 17%. and another one for you, marvell, seeing strong ai demand in the third quarter. the outlook coming after marvell announced a five-year deal with amazon with broad range of data center chips. shares of marvel up over 13

sbrs. a race against tariffs. what could be some of the most disruptive trade policies in a generation. we havalthdeilwhe l e tas en we come back. stay with us. historic cities and unforgettable scenery with viking. unpack once, and get closer to iconic landmarks, local life, and cultural treasures. because when you experience europe on a viking longship, you'll spend less time getting there and more time being there. viking. exploring the world in comfort.

♪ welcome back to "worldwide exchange." we have a market flash for you on gxo logistics. shares down nearly 8% in the pre-market following an announce from the the company that its

ceo malcolm wilson will retire next year. also according to reports, gxo will no longer seek a sill and will remain a stand alone company. shares are down nearly 8% of gxo. dow transports outperformed the market since the election, but they have underperformed during the first trading days in december. you can see right here. down about 2% yesterday. however, a number of transport companies tell me they are seeing freight volumes and rates move higher. so take a look right here. this is some rail data showing some of the pull forward with volumes spiking double digits in recent weeks. the last one a bit elevated because against thanksgiving of last year. still, double digit moves in recent weeks. i also spoke with dave boseman, largest freight mover in the china to u.s. lane, he tells me the company has seen a tariff pull ahead in recent week plchs in part, this is a quote, we're working with our customers in pulling some product forward

base on tariffs, but some are continuing to move products in the same lanes. i spoke with the largest port in europe in the netherlands, companies are racing to export to the u.s. ahead of any potential tariffs. >> there is a general concern that those tariffs will definitely impact the supply chain. the customers in general are preparing with shipping more goods and making sure they can benefit from a non-tariff related situation. >> and here to look at tim pact of potential tariffs on the u.s. supply chain is senior analyst covering transports for citi, good morning. >> thank you for having me. >> we're seeing the pull ahead or push ahead if you're over in europe. what does that mean for the u.s. supply chain and what stocks could potentially benefit? >> great question, frank. we're really operating in this

environment of policy uncertainty right now. where everyone just sitting around waiting for the next administration to see how serious they are about these tariff threats that they have spoken to rhetorically, but trump it's always a difficult thing to know what's real in terms of the rhetoric versus what's actually going to be put into practice. as you mentioned, it has resulted in this pull forward demand. and that probably results in some strong fourth quarter results out of a handful of carrier. if we look at union pacific, for instance, we have seen a real uplift in their volumes that consumer products coming into the west coast ports. a lot is asian merchandise coming into the united states that's really been the target of trump's ire. certainly you have seen it there m there in union pa sick and lesser extent for the east coast rails and little in trucking rates. now the trucking market is still weak. but you have seen a little bit of a temporary uplift in some of the rates as shippers perhaps

prepare for that uncertainty going forward. >> i want to go to two stocks that a lot of analysts have pointed out are sensitive to the idea of tariffs, u.p.s. and fedex. we'll show their performance since election day. this idea this pull forward, do they actually benefit from this? and fedex in particular, do they benefit on the parcel and where they move b to b goods and do they benefit on their trucking side or simply on the b to b goods pull ahead? >> that's a great question, frank. so, you know, u.p.s. and fedex are some of the more complicated stories in our coverage with regards to tariffs. b2b side, that stands to benefit if we get this boost in domestic manufacturing activity a lot of people are looking for. clearly u.p.s. and fedex have a lot of exposure to cross border shipments. that stands -- that's really at

risk if some of these tariffs come through. and so, generally speaking we're a little bit more cautious on that from a near-term perspective. that said what we do like with regard to fedex and u.p.s. both stocks are cheap relative to our overall coverage. we have buy ratings on u.p.s. and fedex. we think they're worth taking a look at but are cautious because this uncertainty is still hanging out there. until we get to the second half of next year, i think we're still a little bit cautious on where that goes and what's the best way to play that. >> we're short on time, but one thing i have to ask you about, a potential strike at the eastern gulf port. over the recent days both sides in that dispute, port operators and union put out statements that seem to be indicating they have their feet dug in the sand. is that something that a lot of these companies that you court are worried about, something that investors should keep their eye on? >> absolutely. it kind of feels like we're living in groundhog day here. the east coast ports had a

threat, threatened strike couple months ago. now we're doing it again. and that also frankly is probably part of what you're seeing in terms of the pull forward volume. it's hard to see how this doesn't get resolved at some point, but now we have a lot more political uncertainty in that mix where as previously i think biden was a little more willing to be aggressive. now he is probably going to step off a bit. so this could drag on longer and be a little uglier than what it has been in the past. >> negotiation deadline on january 15th. so a lot to watch when it comes to that. ari rosa, always good to see you. thank you very much. >> nice to see you, frank. thank you. coming up on "worldwide exchange," the latest on the french no confidence vote, the political turmoil that's rocking the markets in sth kea aouornd of course the investor reaction. we'll be right back after this break. for a limited time, get iphone 16 pro, on us. and ipad and apple watch series 10. all three on us. only on verizon.

your business needs a network it can count on... even during the unexpected. power's out! -power's out! power's out! comcast business has got you covered, with wifi backup to help keep you up and running. wifi's up. let's power on! let's power on! -let's power on! it's from the company with 99.9% network reliability.

let's power on! power on with the leader in connectivity. get wifi backup for your business, or get started with comcast business internet. and for a limited time, get an $800 holiday bonus. call today. ♪ ♪ ♪ something has changed within me ♪ ♪ something is not the same ♪ ♪ ♪ ♪ it's time to try defying gravity ♪ we would love for you to be our elphaba. we want you to be our glinda the good. ♪ ♪

♪ we are witnessing the greatest transformation in business in our history. this is a moment in time that we are seeing the creation of digital labor. and it's amazing what's happened at salesforce. >> that was salesforce ceo marc benioff "mad money" talking to cramer on the state of the company on the back of his quarterly results. investors clearly liking what they're seeing. shares out of the open, they're up over 13%. lb. lb. to "worldwide exchange," i'm frank holland. much on the earnings and the key

factor our next guest says will help to drive the momentum. first a check at u.s. stock futures. the s&p and nasdaq are once again hitting record highs. let's take a look. the s&p up 13 points. the nasdaq just up almost 120 point. but the real story, it is the dow this morning up 200 points. but keep in mind that the biggest gainer, the biggest gainer that is salesforce. salesforce is leading the dow on the back of its results. much more in a moment. but important to note that salesforce alone is adding 250 points to the dow this morning. shares up 13.5%. it is the big story in the markets this morning. much more on that coming up in just a second. we're also watching markets overseas. first story, in france, lawmakers will hold a no confidence vote against the prime minister's government over a budget dispute. cac is up fractionally. a lot is due to the big companies in france having a lot of international exposure, not being that exposed to domestic

turmoil. the cac up quarter of a percent this morning. the dax and the mib are up three quarters of 1%. then we have to look at south korea. that country's president facing calls to resign after his failed attempt to declare martial law. the kospi leading regional losses down just about 1.5%. you can see right here at the bottom of the list the kospi down 1.5%. the nikkei up fractionally but the shanghai composite both under slight pressure right now. and also we're looking at the bank of korea saying it will boost short-term liquidity and use measures to stabilize the currency market as needed. take a look. the u.s. dollar rising against the korean won. right now week to date, up 1.5%. right now not a lot of movement. you see the big spike right here following that call for an impeachment in south korea and their president. we'll continue to follow this story throughout the show. now we want to turn to this morning's big money mover.

it's salesforce. shares are taking off, adding more than 250 points to the dow at these levels. topping fiscal third quarter estimates. the earnings came up just a bit short. outlook also likely driving the action today. salesforce expects current quarter ref knew to come in between 9.9 and $10.1 billion compared to street estimates calling for 10 billion. speaking with jim cramer on "mad money" marc benioff, talking about agentforce and what investors and analysts view as a key driver for future growth. >> everything is going to be enhanced through this agent mechanism. that's an incredible opportunity that we're able to harness the power of generative ai that we have seen and we're delivering something absolutely incredible and shark ninja will be a huge success story based on this idea. >> and joining me is cfra analyst anglo. good to have you here.

>> thanks, frank. good morning. >> i want to get your take on the quarter specifically when it came to agentforce, what you saw when it came to adoption and also the longer-term prospects. we were talking about this actually just yesterday. analysts from morgan stanley they believe that agentforce can increase revenues for salesforce by .5 to 2% by calendar year 2026. >> yeah. you look at agentforce here. it's essentially not having any impact to the numbers right now, right? they signed about 200 deals in the october quarter. that represents only -- that was done in about a week of launch. now when you kind of look at the guidance here for the january quarter, again, we're starting off essentially a base of $0 for agentforce. but what's more important than the 200 deals that were signed is what the potential is here in the future in terms of what they have in the pipeline. this is more of a kind of consumption-based business model where as the traditional business model focussed more on subscriptions. that's important because of the

fact that you know there's definitely concern out there on the sas side of things that productivity improvements will have an impact on subscription side of things. so as we kind of look ahead here, these 200 deals will lead to thousands and thousands of transactions at potentially $2 per transaction. as we kind of ramp here over the next couple quarters and years, if you're a believer that these 200 deals turn into thousands and thousands of deals you could see millions and billions worth of revenue here from salesforce on agentforce. it will take time. >> anglo, i may interrupt you for just a second. obviously agentforce is a big story this quarter, but one of the other stories for a lot of analysts and for yourself is the idea of margin expansion at salesforce and beating expectations. the fact that they're unveiling new products and also hired i believe 1,000 people to roll out agentforce and still able to beat on margin expectations.

how meaningful is this for this company that faced activist investor pressure to be more profitable and improve those margins? >> yeah. it's been a story here for the last two years or so as far as the margin expansion story is concerned. it's actually been a great story here given the fact that growth rates have been decelerating sharply here over the last two years. i think kind of more importantly, we do continue to expect margin expansion to take place over the next two to three years and will happen at a slower clip than what we have seen in recent memory, more importantly is going to be the stabilization on the growth rates which we're starting to see here over the last quarter or so and into the january quarter. and our view is if we can start seeing some sort of acceleration with incremental ai monetization going into calendar 25 and more importantly into calendar to 26, that will help further fuel that margin expansion story. >> what's the read-through tech sector, other companies that have ai agents. i'll go back to the benioff

interview, but he basically said that microsoft's co-pilot was trash. i'm paraphrasing, that's really the message he was trying to get out. they don't use it in microsoft. when we're talking about microsoft, shares are up, other companies that have ai agents, what's the read-through on this salesforce report? >> yeah. listen, the read-through is this is early days and a lot of upside potential here. not only over the next 12 to 18 months but more importantly the next 3 to 5 years. early day, you won't see much on the revenue side of thing. investors are starting to read through on the software side of things where it's an area that has really underperformed over the last 12 months, up until recently on the belief that new structural head wins related to software. benioff will always continuously bash microsoft and what they do because they are key competitor of theirs. but microsoft will benefit from this trend as well.

so investors right now are just trying to read through the tea leaves and look through some of the near-term head winds and look through and see what the potential is again going into 2026 and beyond. as you kind of looked into this business model here, the upside potential we think is significant on the software side of things and shows you there is -- there will be winners out there on the ai side of things for sas. >> we have to watch that software sector that had a strong couple weeks. anglo, great to see you. thank you very much. >> thanks for having me. coming up, more on one of your morning's big money movers. look at this chart. marvell technology, shares up over 13%. bullish calls on the back of earnings. stay with us.

there are some feelings you can get with any sportsbook. ohhh! the highs! no, no, no. the no, no, noooos - oooooooo! the oh, oh, ohhhhs! now whatcha wanna do with this? but the feeling that, no matter what, you're taken care of. ohhh, i just earned a hotel suite! hee! you only get that here. at the sportsbook born in vegas, where they know how to treat you right. who you talking to jamie foxx? bonus bets. exclusive offers. real world rewards. betmgm. download and bet today.

>> and welcome back to "worldwide exchange." it is time now for your morning call sheet. number of price target increases on marvell technology following earnings. morgan stanley moving from 82 to $102. barclays, 118. wells fargo going from 110 to $130. another post-earnings upgrade on pure storage piper sandler moving to or weight. says the stock has what it calls pure opportunity ahead with further upside. also, raising price target for daiwa on nvidia 125 to 160. coming up on "worldwide

exchange," we have the one word that every investor has to hear today and the stock pick that every investor needs to know. plus the holiday gifts potentially coming at a higher cost. new details when how credit card companies may be putting a bigger squeeze on consumers. we'll have the details right after this break. stay with us.

welcome back to "worldwide exchange." holiday shopping season starting off with a bang. record-breaking numbers for black friday and cyber monday with many shoppers likely

putting their purchases on credit cards. but, those deals, they may have come at a higher cost. cnbc's banking and payments reporter joins me now with why. right now, hue, those rates, they're at record levels. where are they going from here? >> they're staying high. and so this is about the law of unintended consequences, frank. so back in march, the cfpb said we'll put a cap on credit card late fees. they're hurting struggling americans. they'll be at $8 versus average of $32. what the industry did as a result of that, we're talking about credit card players like brint financial as well as citi and barclays, said we'll increase the aprs annual interest rates on these credit card products and introduce new fees as a result because we're not getting paid adequately for the amount of risk that somebody will stop paying back their credit card bills as a result of this. >> so, it's really interesting. so they raised them on the idea of these regulations being put in place but they may not

actually be put in place. >> yeah. so frank, basically it was set to go into effect in may. it was going to be law in may. and this was going to affect the entire industry. really reordering the profit levels of the industry. and the courts basically intervened and said we'll put a freeze on this and it's been on hold since then. and the reason why people don't think it will ever happen, i haven't spoke on the a single person at a regulatory agency or wall street analyst think the rule will actually happen is because you know we have trump administration coming in. these people are not likely to hold and continue this fight that's been going on. so as a result, you have a case where a rule that was supposed to help americans safe up to $10 billion in annual fees is costing americans in the form of higher aprs and more statement fees. >> let's put a number on this. some cards gotten up to 36% this year. are we going to get up to 40 or

ease back a bit with the idea this new administration will more than likely not keep up this same fight. >> they'll maintain at record levels. it's based on the prime rate, which is a rate that should be going down over time as the fed cuts interest rates. but they'll slow walk those decreases as a result to maintain their profitability in all likelihood. >> let's bottom line this for consumers. a lot of personal finance people say you can negotiate your apr. call the credit card company and something you can do. is this a situation where people can negotiate? are they adamant at keeping rates a in the level? >> if i were a customer, first thing is to be aware of what the rate is. people aren't aware, don't read their statements that they have 36% interest rates on some of these cards. they should just selectively choose cards that have lower interest rates. more often just pay off the bills if possible, frank and not rotate these debts. >> hugh son, very sound advice, always pay your bills.

great article on cnbc.com. the beaten up tech player, chart is down 10%. we'll reveal this mystery chart coming up after the break. if you haven't already, follow our podcast. check us out on apple, spotify or oerth podcast apps. much more of "worldwide exchange" coming up right after this. (♪♪) (♪♪) 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 dia, the only etf that tracks the dow. (♪♪)

the only etf that tracks the dow. ♪ with verizon, trade in any phone, any condition. for a limited time, get iphone 16 pro with apple intelligence. get four on us. only on verizon. ♪ ♪ ♪ something has changed within me ♪ ♪ it's time to try defying gravity ♪

♪ ♪

♪ welcome back to "worldwide exchange." here is what to watch today. a busy day of economic data. weekly mortgage rates. adp report. the fed's latest gauge book. earnings from dollar tree, foot locker, american eagle and five below. and st. louis fed president, richmond president tom barkin is sitting down with steve leesman at the cnbc cfo summit. and we'll hear from head chairman jay powell, expected to be the last public remarks before the fed meets in two weeks. high profile name taking the stage at the deal book conference. we'll also hear from ken griffin, opena-i sam altman and former president bill clinton. wall street will look to break out today from a sluggish start to december. the dow lagging behind the s&p and nasdaq both notched session highs again. the dow could open up 200 points

higher. with that, let's bring in chief investment straet gist and portfolio manager at high tower and also a cnbc contributor joining us on the news line. always great to see you and also great to hear from you. good morning. >> good morning, frank. >> what's your word of the day? how do you see today shaping up? >> well, my word of the day is 2025 s with an s. and that's looking out to 2025 and looking for opportunities, those that have lagged. i want to be clear, at least between now and the end of the year, i think you let the winners ride because we do have a strong economy, consumer spending, ism manufacturing is recovering. so i think the seasonality and those things that have worked will continue to work. online retail, amazon, energy transformation, that's eaten and quantum services. financials and parts of tech. but for 2025 i am looking for opportunities. and that is why that's my word of the day. >> all right. by the way, we're looking at some of the positive data points that your looking at. holiday retail sales. the fed's gdp now read 3.2%.

you mention the ism number. i want to lean on the ism number, better than expected but still in contraction. i know it's in contraction still. but is that a bullish sign when it comes to those two cyclical sectors? >> ism is up 200 bases points to your point, still below 50 in contraction. you're up 200 basis points month over month and the new orders up 300 bases point. that's your leading indicator. so there have been pockets of manufacturing that have worked. the energy transformation as i mentioned, anything tied to the grid. but now you're seeing a broadening out within the industrials. i think that's very encouraging. >> steph, i want to get to your picks. hit on two of them. let's start off with one of them in the gaming space. give us your pick in the gaming space, why are you picking this name? >> las vegas sams on mccow turning around and the company turning around its operations in mccow. that 60% of their business. and they had fits and starts.

they have done a lot of renovations over there. i think the renovations have peaked. as a result, the lost market share they can see a reversal in 2025. we have a spring catalyst because they have an analyst day in mccow. they will be very up beat. 40% of their book is singapore and that's humming. >> we're showing a five-year chart. anybody watching it have right now can see that las vegas sands is below its pre-covid highs pretty significantly below. what will lead the stock to get back to that? is that what you're seeing or just improvement? >> look, it's down 27% in four years. to your point, exactly. i do think, though, that they are getting their act together in terms of mccow, they'll gain market share as renovations stop and they end and get more people into their facilities. and at the same time, i think the traffic numbers have been very strong. >> cybersecurity, i'll name this for you. zscaler. show a chart since the

crowdstrike incident. it's lag the rest of the security sector. why are you bullish on this name despite a bunch of hiccups when it comes to earnings? >> i think a lot of these cybersecurity companies go through hiccups. zscaler is going through one now. trillion dollars between now and 2030 for cybersecurity. ctoed are spending on a ishs i cybersecurity. they beat and raised and had 30% bookings growth. i think it was anover reaction. it plays catchup in 2025 and so this is my favorite. and i own crowdstrike, but this is my favorite because of the rick/reward. >> steph, one last question and we have to go after this. software, salesforce report. are you more bullish, the same, less bullish on software. do you think it's run its course or do you put more money and allocate more money in software? >> put more money in software and actually in hardware. i think you'll see strength in technology this year and into next year. >> by the way, salesforce the

best performer in the dow this morning. steph link, always great to see you and in this case hear you. have a great day. thank you very much. closing in on the 6:00 a.m. hour, a few stories we're tracking this morning. we'll begin with reuters reporting that intel has begun evaluating a handful of outside candidates for the open ceo job including former board member lip butan. and marvell ceo matt murphy. marvell those shares are higher. seeing strong ai demand in the third quarter. right now those shares are up 13.5%. microsoft is asking the inspector general at the ftc to investigate whether the agency improperly leaked confidential information regarding a possible anti-trust probe in the tech giant. violating its own rules. cnbc has reached out to the ft-c for comment. multiple reports that wells fargo is exploring the sale of the san francisco building that is its home to its headquarters. the reports add the lender is looking to move another building -- move to another building in that city. and prudential announcing

executive chairman charles lowry will step down as ceo next year. he will be succeeded as executive vice president andrew sullivan. one more look at the futures before we let you go. we have been mentioning in the green, salesforce the best performer in the dow. really driving the gains there. that will do it for us here on "worldwide exchange." "squawk box" starts right now. good morning. salesforce is helping with the dow. that's right. salesforce is in the dow. all be darn. we'll show you the quarterly results. when i make jokes about not knowing things. i actually do know about whether there's online newspapers. some people -- i don't know. zero sense of humor. comments from ceo marc benioff helping this morning. he was on cramer last night. south korea in turmoil. the country's president facing an impeachment bill after he

declared martial law and reversed the move hours later. and president-elect trump's pick for defense secretary in jeopardy and the new person that might get named very interesting. reports say trump is considering some other options amid growing concerns over pete named very interesting. reports say trump is considering some other options amid growing concerns over pete hegseth's personal life. it's wednesday, december 4th, 2024. exactly three weeks until the 25th. huh? huh? even though it's early. "squawk box" begins right now. good morning,