it is 5:00 a.m. at global headquarters stocks pull back from all-time highs. heat today will be that november jobs report, possibly market moving data just days ahead of the fed's final rate decision of this year. president-elect trump makes good on his promise to name a white house crypto czar. plus, chevron pours cold water on his call for drill, baby, drill, and it's a big

mover and a battleground stock we are talk lululemon. it is friday, december the 6th, 2024 you're watching "worldwide exchange" right here on cnbc and good morning to you. happy friday as well thanks for joining us. i'm frank holland. let's get started with the futures. as we always do. after a bit of a rough day for wall street, the dow's worst day in more than a month, a fixed picture right now. the s&p and dow both down fractionally right now the nasdaq just up fractionally, ahead of what of course, is a very big moment later today, the november jobs report we'll talk about that much more in just a bit. the dow remains the sole lagger. we'll show you the chart right now. lagging the other two major indices, the s&p is up three-quarters of 1% the nasdaq, the best performer, up 2.5%. on a seconder basis, we continue to watch the ramp up for

consumer scretionary you see big moves after some earnings reports something else helping to boost this sector is lululemon we'll talk about that much more in the show. week to date show, not a lot of upside performance this is bitcoin. i apologize. bitcoin. wrochk wrong chart, but you get the idea take a look at bitcoin while we're here down three-quarters of 1%, back 100,000, ding 98,000 three-quarters of 1% we'll talk about consumer discretionary. it's friday. you have to cut us some slack. we go to europe and asia we start with sylvia amaro she's live with the action in london save us. get us over to europe. >> well, first, let me say how this was such an interesting week really. it was actually dominated by a political turmoil. plet let me start with what we saw in asia today, looking in

particular at the south korean ones down a half of a per acceptability. this is as we continue to monitor the political instability there after the president actually imposed a marshal law, and that was shortly reversed a couple of hours later. at this stage, what's happening is that the president is expected to face an impeachment vote tomorrow. let's see what will happen, but no doubt it's one of the main narratives as you think about asian forces, but let me bring you back to europe and see how we're trading on the european continent because speaking of political turmoil, we also have some of that happening on this continent. looking at the hunt at this stage, it is up 1.2% this as we continue to wait for the announcement of a new prime minister over in france. yesterday we heard from the president, even macron saying that he's not going to call for a presidential election, that he's going to finish his mandate despite this instability at the government level, but looking at

the bourse, it has been doing well throughout the week with investors very much focused on how the french companies are more outward looking, looking at overseas performance and perhaps could actually not be very impacted by the domestic political turmoil, but i'm sure we'll have more news for you on that front next week, frank. >> silvia, thank you very much our silvia amaro, live in our london news room. it's a busy day overseas and a busy morning for wall street it's time for our big money movers we'll look at ulta look at that, up over 11.5%. the company topped seams estimates for the most recent quarter. the retailer fighting off fears of growing competition and growing demand for makeup and skin care products also raising its four-year outlook over 11.5% docusign issuing upbeat sales

guidance with a new range coming in above analysts' expectations. docusign continues under its multiyear transformation shares up 15% right now. new customers increased 11% year over year. and sales of a.i. servers, they're helping hbe's bottom line, recording a record revenue that came in above street expect -- expectations the business hit 1.6 billion beating all estimates. shares of hbe up just about a half a percent turning over to the broader markets, investors appear to be playing cautiously ahead of the big data point this week of course, that's the november jobs report as we pointed out. futures right now, essentially flat the nasdaq is turning very fractionally lower as i'm talking right now. it's forecast to show a rise of 214,000 in payrolls rebounding from the small jobs gain in october that were really those numbers. they were really impacted by both hurricanes and the boeing strike

investors are pricing in a goldilocks scenario where the numbers are not so hot where they threaten the odds of a federate cut and they're also not so cold that they raise concerns about the economy traders are pricing in just about a 70% chance of a quarter-point cut at the fed's meeting in two weeks joining me now to discuss, chief market strategist at asset management great to see you >> nice to see you, frank. >> what are your expectations for the jobs report? we're going to talk much more about it later in the show do you think the jobs report meets expectations, and is this still a market mover even though we just heard from jay powell at the summit just, you know, this week, and also it seems like this cut in december is pretty much baked in. >> i agree with that i don't know that barring another big swing either positively or negatively, is really going to change what the market has priced in i think what we're going to be looking most at frankly is what's happening with wage growth because if we anticipate how the u.s. might evolve next

year, of course, we the fed, still very much focused on inflation, on services, and on wages, and if we do see a market that still is relatively constrained, i.e., maybe there's an uptick in wage growth, that would suggest if subsequently there are more immigration restrictions in the u.s. or any other measures that might restrict labor market supply, that could feed through to wages and ultimately to inflation, and that will certainly be a concern for the fed. >> you know, dan, let's talk this through a bit the estimate for wage growth for these upcoming report, 3.9%, slight cooling from what we saw which was, like, 3.99% essentially 4% wage growth year over year. what does that mean for investors? is that something investors need to be concerned about? we have heard some companies in the food and beverage space and hospitality space, and having to raise prices due to those wages. >> well, you know, we're now in an environment where we've got wage growth and inflation, a little bit more inline

core inflation in the u.s. is running about 2.8% if we do get this 3.94% wage gains, you at least have 1% growth so i think certainly in terms of consumer demand, that's going to be supportive after having to go through several years where you had negative real wages due to the high inflation previously thanks to covid. so from a consumer point of view, should be supportive and positive in terms of corporate profits, you also have to keep in mind what do we see on the productivity side? and here, you know, we can mention a.i. does ultimately this help work companies more officially? they should be able to support that differential between wage growth and inflation if they're able to generate more productivity with the workers that they have >> let's get back to the markets. i know you're bullish on small caps right now we're going to show a chart of small caps since the election. they are a leader. they're leading the s&p and the nasdaq 100, i should say, but when you look -- actually, it's changed just not by a lot, but

small caps ing in line with the nasdaq 100 is that surprising at all? small caps, cyclical sectors, and expecting to benefit from rate cuts and also benefit from the sentiment that we'll do more domestically that we'll have tariffs. the thought is they're trading in line with tech and not that different from the market. is that a surprise to you? do we see that changing going forward? >> well, i think it's a matter of perspective, and when we depreciate or anticipate over the medium term really that tech is going to outperform, that earnings growth that you have within the tech sector, that should drive prices. the comparison then for small cap should be towards say the non-type part of the s&p 500 thing about russell value, and there i think if we look at the comparison, small cap holds up better we would anticipate high earnings growth from small cap relative to that part of the market, relative to value next year, and we do think that is going to be supportive for price gains. >> all right

daniel morris, always great to see you. thank you very much. >> thanks, frank all right. for much more, head over to cnbc pro at cnbc.com/pro for exclusive insights and analysis. we have a lot more to come including the sector that oppemheimer says you just need to invest in but first, the surprising part of the market that's seen nearly $1 trillion of investor inflows. you look at where the biggest gains are going. plus, battleground lululemon is up ahead of the open. could today be the start of the illly for the yoga pants maker we wl debate. and president-elect trump's call to drill, y drill over the next four years. we have more ahead stay right here. trust. hang out. and check in.

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buy one line of unlimited, get one free for a year with xfinity mobile. and see “wicked,” in theaters now. all right. welcome back to "worldwide exchange." the etf marketing a major milestone just moments ago annual inflows for etfs, they crossed $1 trillion for the first time ever according to reports, emonstrating the bullishness of investors this tracks the s&p 500. we've seen the inflows grow by $11 billion so far this year the qqq which track the nasdaq 100 has that inflow of $26 billion in 2024. those two, those remain the most popular etfs, but there's also a rise in factory etfs as they try

to beat the market this is due to portfolio performance, and this is made up of 100 stocks that they give the highest momentum score it's up 50% while inflows have spiked more than 1,200%. let's talk about this with the director of research great to have you here. >> great to be with you. >> so we hit the milestone right here on "worldwide exchange," and we're up to $1 trillion. your reports are showing similar data what does that mean? we're talking about investors and the fact we hit this new milestone this year, far surpassing the previous record >> you're right. we passed the record a few weeks ago. i was on cnbc talking about it with you, but we've seen continued acceleration throughout november and heading into december. that's a tremendous sign, a great accomplishment for the etf industry, and for investors. we're really excited to see adoption we've seen retail investors move into the etf space, advisers further embrace etfs,

institutions lap institutions latch onto it and you mentioned the largest etf inflows this year. they've tracked the same s&p 500 we're showing on the screen. ivv has passed over $50 billion. voo has $100 billion of net inflows alone. it's been great year for the etf industry >> all right we've both seen more diversification when it comes to etfs i mentioned one of them. is that generally people trying to beat the market and what direction do you see that going in are we going to see more of these specialized etfs as opposed to index funds which tracks the s&p 500 or the qqqs >> i tend to think the equity etf space in a few different buckets. we have spy. we have those factory etfs you mentioned the momentum etf that has performed well. there's also some quality etfs, quil has been very popular this

year v flow from victory shares has crossed a billion dollars. it's a relatively new etf. those are trying to outperform, but on an index-based approach, and we have actively managed equity gaining traction. one of the firms is leading the charge with product development. they have an etf tcaf that's gathered over $2 billion in the last 12 months black rock's had success capital group has had success with etfs. we're seeing more active etfs, and we think that will be popular in 2025 as well. >> something else we talked about earlier on the show, is bond etfs and you're tracking the agg u.s. aggregate bond etf with a rate cycle happening next year do you continue to see inflows to those bond etfs >> we do we had a record inflow we hit that in september this has been a record year across many levels for the etf industry

agg and its peer, bnd offer core bond expose posure, but we have seen investors take on more interest rate risk they can do so with treasury etfs like tlt, and take on that risk with an actively managed etf. fidelity is popular, and we've seen investors move out of money markets and move into cash-like, but higher yielding etfs mint, this just crossed its 15-year anniversary. we really think fixed income etf will remain relevant for investors in 2025. >> we're almost out of time and i want to ask you one more very quick question we're also seeing private credit and private equity etfs. explain that when we're talking about those kind of etfs, what are those investing in how does that work >> so bond locks launched one of

the first etfs earlier this week and it's investing in clo's focus on the private credit market it's adding liquidity to a less liquid market, and it's those bond markets within the fixed income space we're excited to see how this area develops, but this is one of those leaders. >> todd rosenbluth, great to see you. great to have you on, and a bit of a historic moment thank you again. >> thank you coming up here on "worldwide exchange," a bit of a wild week for gaming stocks. robin hood's outspoken ceo r contessa brewer is going to break down the story of this company trying to step on the toes of the one of the biggest gaming companies in the world. she'll be here with us we'll talk more about it don't go anywhere.

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all right. welcome back to "worldwide exchange." turning to one of the big money movers it's lululemon, its shars up more than 8% after posting a fiscal earnings in sales and the top and bottom lines both now coming in ahead of estimates today's premarket move however just doing very little to put a dent in what's been an otherwise rough year shares down more than 20%. actually down more than 27%. while things may now be looking up, this read is still not quite sold when nearly a third of analysts covering this stock sticking with neutral or sell ratings. joining me now to discuss, is piper sandler, anna andriva, and

also btig's consumer service analyst, coming with a by rating and a 430 price target great to have you both here. anna, i'm going to start with you. pretty strong earnings from lululemon. why are you sticking with your price target that's, like, a bit lower and a neutral rating what are you not seeing in the stock that makes it a buy? >> yeah so great to be here thanks for having us so historically, the number one driver of lulu's multiple is u.s. comp, and the company reported flat u.s. sales they don't break out the comps anymore, but that implies a comp in the u.s. is still negative. so that's pretty disappointing essentially despite, you know, product being improved as management talked about on the call, u.s. comps did not change sequentially they talked about strong results over black friday, but that's really the industry. black friday was strong across the board, and you still have

two-thirds of holiday and the quarter ahead of us. also, you know, lulu is making some investments right now they are investing in marketing. so we are concerned that they're operating margins at 22% which is really a record high, could see some erosion basically we're waiting on the sidelines so see where u.s. comps could really turn to positive. >> all right over to you in this scenario you're the bull on this name so anna makes some pretty strong points about the u.s. business, however, lululemon is coming out with new products and they are seeing growth in international markets which are kind of see at this point for the company which is getting much more mature as the growth markets give us a sense of why you have your price target at a buy despite some of the concerns she raises that are relatively valid. >> yeah. so we think the international is a huge growth story. i agree with you there, but i would say i agree with anna in that the focus really is on the u.s. business, and it's not where it needs to be the company has admitted they have a problem, but they're fixing it, and i think what we have been seeing is really

encouraging that q1, q2, they were diagnosing the problem. q3, we're starting to see some level of improvement, and it sounds like into q4, they're getting their fair share of holiday business which i think is interesting at a time that yes the industry has been strong over black friday and over thanksgiving, but their main competitors were heavily promotional during that period and they're getting their fair share of traffic we're seeing green shoots within the u.s., particularly in women's business and in leggings which are areas that have been weaker and both seemed to turn a quarter in q3, which i thought was encouraging and you have that goal post of q1 when they are telling you that product will be optimal. we'll know better if it's working or it's not very soon. it's imminent we get this product back where it needs to be, but we're seeing all the signs and empg verything told you that would happen, it's been going in the way they told you it would roll out. >> we're showing lululemon's stock move compared to some of its competitors and that

discretionary retail space lululemon trading at about 26 times forward earnings in your mind, is that elevated or do you believe it's going to show earnings that's going to justify it >>st that that's been the biggt question is trying to find the biggest multiple if you were to look back, less than 12 months ago coming into the year, this stock was over 30 epe. it's now into the mid to high-20s and gotten into the high-teens range it's tried to find where it's going to settle. i think part of the reason why it's not at peak is people are trying to figure out if the u.s. business is going to take a leg down, if it's stable here, or if it can reaccelerate. arguably it can reaccelerate within the next one to two quarters maybe not back towards peak, but assuming it gets back towards peak, but closer i'm somewhere between where it is now, and the places where it was earlier in the year. >> back over to you. are you concerned at all when you're looking at lululemon about its valuation and also competition. names like alo and viori

i never say it right how big of a concern is that when it comes to lululemon, especially its u.s. business >> lulu is a fantastic brand, but it's never been at this juncture of maturity as it is currently in the u.s this is an over $6 billion in sales business in the u.s., and competition including viori and alo and some of the others has been, you know, pretty vocal opening stores in its markets very closely as well as in alo's case, you know, promoting like they did over the black friday weekend. so i think this is, you know, a concern. the cost of incremental customer acquisition for lulu are becoming that much more significant, and lulu's marketing spent about mid-single digits is very low compared to competitors. so we do think there could be some investments ahead for lulu

to reaccelerate that growth, and i do agree with janine that it appears that there's some green chutes this holiday, with the business, especially yes, you know, women's did improve sequentially by two points at the same time, men's did slow, but so far we're not seeing evidence from this new merchant team quite yet. that is still ahead. that's coming in 1q, and we don't have a ton of confidence that this is the right team for the business quite yet, and when it comes to valuation, the multiple has expanded from this high teams level over the summer, you know, pretty significantly to your point. it's about 25, 26 times currently, and i do think we need to see sales acceleration, and specifically in the u.s. for that multiple to move higher >> all right i think we're going to have to wait and see right now lululemon share is up. anna and janine, thank you both very much.

>> thanks so much. and you don't want to miss a cnbc interview with calvin macdonald. that's coming up on "squawk on teonhireet" lar ts morning. president-elect trump doubles down on his crypto agenda for what he calls an a.i. and crypto czar. we'll be right back with that story. don't go anywhere.

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exploring all kinds of events, and i think there is a lot of people that have been talking about the potential for sports event contracts and taking that into the regulated space, and a lot of our customers who index on millennial and gen z are interested in sports in general. so we're keenly looking into that space nothing to announce just yet >> mm-hmm. that was robin hood ceo speaking at the investor day weighing a possible move into the ultra competitive sports betting landscape. welcome back to "worldwide exchange." i'm frank holholland how they're trying to walk a fine line and not gain the undue attention of regulators. our contessa brewer will break down that story. we'll break down the futures with the major averages pulling back just a bit from their all-time highs take a look. in the red across the board, the indices down fractionally. for the week, the dow remains

the sole lagger down a third of a percent. the s&p up three-quarters of 1%. we also want to check the bond market ahead of today's jobs report take a look at yield we start with the benchmark, the ten-year we won't show it roogt ight now. we'll look at oil. there they go. yields pulling back just a bit from what we saw yesterday, had the jobs report very fractionally, just a few basis points you you can see the two-year right now, 4.17%, and long bond 3.14%. we saw the lay planned output. look at oil, still pulling back despite that decision. wti just down over a half a percent. the international benchmark, a similar move to the downside last but not least, we have to talk about bitcoin it is back below $100,000 for what's been a wild week for crypto you see this big move to the upside this is basically 100,000-plus, and got up to 102,000, and a

move to the downside, down three-quarters of 1%, and trading 98,000 per coin. all right. that is your morning money setup. now let's get a check of some of this morning's top stories including a batch of white house appointments silvana henao is here with more. we have a lot to cover president-elect donald trump has chosen former republican senator david perdue to be the u.s. ambassador to china saying he brings valuable expertise to help build our relationship with china. perdue served as a senator from 2015 until 2021. he's also held executive roles at reebok and dollar general trump is also tapping venture capitalist david sachs to be what he calls the white house a.i. and cryptocurrency czar and will be tasked with creating a legal frame work for the crypto industry

sachs sacks was an employee alongside elon musk and hosts the "all in" podcast, and sticking with the president-elect, u.s. energy giant chevron says it will cut capital spending next year and dial back its u.s. oil operations in what appears to be in direct defiance of trump's drill, y, drill pledge this will be the first operational draw down for chevron since the pandemic oil crash. and elon musk's xai has raised $6 billion in few funding valuing the ai startup at $40 billion. in may, they valued the company at just $24 billion, frank >> thank you very much. moving onto this morning's top market story, and the upcoming november u.s. jobs report they expect added 214,000 compared to just 12,000 from october, though labor strikes and weather, they were largely to blame for what was the worst

jobs report since december of 2020 the unemployment rate expected to tick up to 4.2%, and today's report will be the last economic data point before the fed's final rate decision of the year coming in in about two weeks on december 18th. joining me is julia pollack. great to have you here >> good morning, frank. >> the estimate is 214,000, but you have a different forecast. what is your forecast and why? >> well, let me unpack that number for you for a second. the magic number to watch is 284,000. if that's what we get, then the fourth quarter is on pace to show stable job growth since the second quarter the second quarter and third quarter were basically flat at 148,000 monthly gains. so if that's the average -- if that's what we get, we're averaging on that pace for q4. what economists are basically saying that this 214,000 estimate, the slowing trend that we saw over the course of the

year is continuing and what i'm most nervous about is the breadth of job gains is continuing to narrow they have been extremely narrowly concentrated over the last couple of months. we can see a lower number than that >> so you think we could see a lower number than 214,000? let's get to what you're talking about is the job gains narrowing. there are certain sectors that are driving the gains, things like hospitality they've certainly seen a lot of gains over recent months when you say it's narrowing, what do you mean do you expect to see weakness in certain sectors? is it seasonal weakness or is it what you believe is might be structural weakness that's going to continue into 2025? >> so even ignoring the dismal report that we got in october, just looking at q3, 113% of the job gains came from just four supersectors which only account for half of employment the other half of the labor market wasn't just treading water. it was moving backwards and losing jobs, and that is why so many job seekers are still having a really tough time finding work this is a great labor market

with unprecedented job security if you have a job that you like, but if you are a newcomer, if you are a new entrant, if you are a new grad, it's actually quite tough to find new work >> hm. that's a difficult setup for a lot of people graduating as you just mentioned one of the sectors driving the gains is government. we have a new administration coming in, pledging, you know, efficiency with the doge, the department of government efficiency how can you see the government hiring going forward >> so government hiring this year has been unusually rapid, and so has hiring in the health care sector. if job openings and online job postings are any indicator, those are both likely to -- to normalize and slow back to the normal prepandemic pace anyway even before the new administration steps in, and that could lead to even slower gains across the market, if even the bright spots are slowing now what does that mean for new

job seekers? at least now many are actually managing to switch industries. about half of the job seekers who are finding jobs right now have switching to a different industry than the one they started looking in. >> this bottom line for investors, what does this all mean for the fed december seems more thooik an ly to happen, but what about going forward? >> so of course, for a while, inflation data was coming in unexpected, but that has changed. the last couple of months were hotter and so markets are now pricing in far fewer cuts than initially thought. it seems like the next decision will likely -- more likely than not be a cut, but it's border line, and the fed may slow the pace of cuts afterwards, which would not be good news for job seekers and workers, or investors. >> all right julia pollak, it's great to have you here today enjoy your weekend. >> thanks, frank coming up here on "worldwide

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welcome back to "worldwide exchange." we start with goldman upgrading to buy from neutral believing the firm is one of the best positions to capture recovery in discretionary spending they also called the gena.i. capabilities best in class bank of america also namings a

dn astrazeneca the top pick. shopify is up to buy from hold and raising its price target to 140, from the upside from current levels loop is underappreciating, and not only serves merchants better, but also in sales and customer service it's time for your global briefing the gdp rising in the third quarter. the previous estimates growth was led by higher household consumption, government expenditures and changes in inventories. the central bank keeps its interest rate unchanged, but it's affecting easing monetary policy, but cutting the cash reserve ratios it's moving to india's economy slowing. the gdp growth falling to 5.4% in the third quarter that's the slowest pace in seven quarters and the leader of south korea's ruling party is calling for president yoon to be removed from power for trying to impose marshal law early they are week.

he ordered the arrest of prominent politicians on the grounds they were acting as anti-state forces which the president's office denies. the opposition party has scheduled an impeachment vote for tomorrow. coming up, we have the one word that every investor has to hear today, and the sector pick that every investor needs to know plus, robin hood ceo opens the door to a possible sporpts betting expansion putting gaming so hanies on alert, but doing alis best to walk a fine line with excited investors and with industry regulators we're going to have that full story when "worldwide exchange" returns. don't go anywhere. 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. custom scans can help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley (♪♪)

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and welcome back to "worldwide exchange." sports betting is already a crowded industry, and it could become even more so. robin ceo vlad tenev this week opening the door to essentially having sports betting through the prediction markets, speaking on "squawk box" yesterday. tenev trying to hread the needle and explain the difference between sports betting and vents contract. >> if you read the headline, it makes it sounds like we're doing sports betting we launched a product for the election, the presidential election markets which are cftc regulated swaps, derivatives. >> right >> and so the question was, do we intend to expand the range of that and the answer is yes. we want to launch a much more comprehensive event offering the regulated sports derivative would have to be approved by the

cftc >> you're not a competitor of draft kings yet. >> i wouldn't expect us to launch sports betting soon, but i also wouldn't rule it out. >> all right said he wouldn't rule it out it could mean intense competition. contessa brewer is here with more industry reaction good to see you. >> good morning, frank yeah we're not hearing anything on the record from draft kings and fanduel in response to vlad tenev's interview. my sense is they're watching to see how all of this plays out, but draft kings ceo jason robbens saw the boom in popularity for these prediction markets during the election. he said on the earnings call last month, he sees opportunities because the framework is different it's not licensed as a betting product. it's licensed as a financial market, and he said for sure, draft kings would look at that ahead of the next election, and think about this draft kings can't offer sports betting in the three most

populous . california and texas have not legalized sports gambling. the seminole has tried a monopoly in florida for its hard rock brand, but the trading commission regulates the predictions markets. it's a federal agency, so what if draft kings could suddenly offer trades on whether or not the jets beat the dolphins on sunday somebody's got to win, and bypass the state regulations and then reach tens of millions of potential new customers. meanwhile, chris grove, a well known investor in the gambling industry told me robin hood and predictions markets are meaningful threats to draft kings and fanduel. the massachusetts gaming commission told me it has seven licenses allotted for sports betting and said robin hood is welcome to i apply for one, fra. >> a lot of buzz, but not a lot of motion yet. i want to go to something you mentioned including that company. why don't gambling rules apply

to the prediction markets? they were betting on odds of the outcome of the election. why doesn't it apply there >> you know, it's interesting because the cftc did not want to allow them to offer these elections contracts, and they sued and the court basically said, it's not gambling, and the court sided with kalshi and said gaining by its definition is not the same as gambling, and therefore it could move ahead. that case is still pending on appeal it's not a done deal yet, but kalshi offers a lot of racket -- contracts on whether hurricanes are going to hit, how many there are going to be, and there are some of these sports contracts up on offer now. now the offshore market which is not regulated by the cftc has seen some real problems come up. we know france has cracked down and there's been an investigation by the fbi into the ceo because americans are not supposed to be able to place

trades on poly market. we'll see how this plays out, but the interesting point is this bypasses state regulators who have said no to gambling on elections, and have been in some cases, you still have a handful of states that don't want sports gambling, and will have to see whether this bypasses all of that, frank. >> contessa, one thing jets/dolphins, who's paying attention to that? people want to talk about the eagles you got to play to the show. you know i'm an eagles fan. >> if you are from philly, yeah. >> contessa brewer, thank you very much. coming up, oppemheimer sees more upside through the end of the year we'll ll you where the firm says you should be positioned in the final days of 2024 fir gngo bes chief investment ofceisoi t here to weigh in follow our podcast check us out on apple, spotify, or the podcast apps. much more "worldwide exchange" coming up after this

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and we're here with "worldwide exchange." the jobs report at 8:30 a.m. eastern. we hear from federal fed officials before their quiet period ahead of the policy meeting on the 17th. that includes bowman, and fed president mary daly. back to the market stocks looking to regain positive momentum after taking a bit of a breather yesterday. the s&p and the nasdaq, both of

them snapping four-day winning streaks although both are still on track for the third straight positive week. take a look at futures in the red across the board all three indices down fractionally right now let's bring in the chief investment strategist at oppemheimer. great to see you good morning >> good morning, frank great to be on the wax with you. >> let's start off what's your word of the day? how do you see today shaping snup. >> -- up >> resilience is what we're looking for. in that sense, we're looking for resilience in the jobs numbers we're looking for resilience within the equity space, and we think based on what we've seen this week thus far with only -- not even a haircut, but just a little trim yesterday overall, this looks very positive >> all right looks very positive. what are you expecting from this jobs report? the estimate is 214,000. are you expecting, you know, the actual number to meet that estimate and also is this still really a market mover we heard from jay powell at the deal book summit we'll hear from fed officials today. the cut in december pretty much

seems like it's going to happen. is this still potentially something that could move markets? >> yep we have very much expected we're going to get a cut in december we think that -- we think that the fed is very much saying that it is in the process of trimming its benchmark. at the same time, i think today in the immediacy of when the number comes out, if it's disappointing or if it's hotter than expected, you know, we could see a little rumble in the market, but we're not looking for anything that would be substantially market-moving. essentially what you're looking at is that resilience, economy, no recession, moving towards sustainable economic growth at a pace that doesn't have a lot of inflation in it and allows for a very low unemployment rate. >> we're talking about valuations i'm looking at the s&p trading at about 23 times earnings the nasdaq even higher the small caps even higher than that

above 30 times forward earnings. how big of a concern is that in the market if the rate cut is disrupted by inflation or changes in the job market? >> the rate paths were disrupted by something dramatic in terms of much higher than a level of stickiness than inflation. i think without a doubt the market would -- would get jostled somewhat from that, but we actually think that here we are, essentially what we're seeing is the fed has done the job. it's been remarkably sensitive this fed funds hike cycle at avoiding a recession, and very much watching its -- its dual mandate. essentially having a good economy without untoward levels of inflation, and a low unemployment rate or what is called full employment, in essence, running 3% to 4%. we think that near term, there's always the potential for some

volatility in the immediacy of it all a number that could jostle somewhat, but we do think that the overall call is supported by fundamentals here, and also by investors who are investing for need, intermediate to longer term who can sustain some volatility in the market if they see it, and then actually if we get some volatility, opportunity to look for babies that get tossed out with the bathwater. >> john, what is your pick for us today and why >> the pick for today is consumer discretionary we continue to like it as i recall it was the best reforming sector yesterday. it's been a sector that has been very much disappointing for a lot of this year and then suddenly is getting quite a bit of play. we have been big believers in it we always say, don't bet against the u.s. consumer, but time when they feel flush, they spend like sailors who have been on a long term of duty when times are tougher, they buy private label. they buy at discount, but they

keep shopping, and we think the -- the economic balance sheet of the consumer remains remarkably good considering how long we have been in the fed funds hike cycle since march of '22, until just recently in september and most recently in november, where we saw the beginning of the rate cuts >> all right, john great to see your pick today, especially after earnings have a great weekend. >> as we close in on the 6:00 a.m. hour, a stories we are tracking ulta ulta beauty sharings, the retailers fighting off growing competition and cooling demand for makeup and skin care products shares of lululemon as i just mentioned, surging in the premarket. they are up. let's take a look. they're up 8% last time i checked. the company beat on earnings, and raised its four-year guidance that comes in ahead of wall street estimates. and bitcoin options tratders

looking to be hedging their bets according to the tracker amber data, it puts on bitcoin with strike prices of 95 and $100,000 they've surged options far outweigh any bets against bitcoin s of this morning. and the powder is drying up a built. investors have poured almost $140 billion into u.s. equity funds since last month's election that's going to do it for us here on "worldwide exchange. "squawk box" is starting right now. have a great weekend countdown to the jobs report is on we're going to get you ready for the number that could impact the fed's decision on rates later this month but, i don't know, already has been the election. still matters, though, a lot. the doge team meeting with lawmakers on capitol hill. we're going to talk about the potential cuts to government spending and keith gill, the trader known as roaring kitty, sparking

a mini meme stock rally yesterday. we will show you his -- listen carefully -- a cryptic post, not a crypto post, but it could have been a cryptic crypto post, but it wasn't, just cryptic. friday, december 6th, 2024 and "squawk box" begins right now. oh good morning, everybody. welcome to "squawk box" right here on cnbc we're live from the nasdaq market site in times square. i'm becky quick with joe kernen and andrew ross sorkin it's friday. we're feeling it >> today >> i-yay. >> i better not do that. >> i don't always know what day it is. i always know when it is friday. let's see what is happening with