it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." record highs. stocks coming off their 57th record close of the year with one more key data point in focus this week. stocks in china surge as beijing eases the policy stance in more than a decade and promises more stimulus. shares in europe catching a tailwind on that optimism. tariff man. president-elect donald trump doubles down on tariffs and offers a new take on the future

of the fed. plus, why one money manager is urging crypto caution with bitcoin right near record highs. and later, billionaire steve cohen closes the deal and it's a big one. the richest contract in sports history. the mets. it's monday, december 9th, 2024. you are watching "worldwide exchange exchange" here on cnbc. ♪ ♪ good monday morning. thank you for being with us. i'm dominic chu in for frank holland today. let's get a check of the u.s. equity futures with the s&p and nasdaq sitting at record highs. right now, the futures are indicating a modest lower open. dow lower by six points. s&p down 3 to 4 points and nasdaq 100 down 21. checking in on the bond market ahead of the big november consumer price index report.

yields on the 5, 10 and 30-year treasury notes at the lowest since october. the ten-year note yield rising to 4.16%. the two-year note yield rising slightly, but a proxy for future fed policy at 4.11%. the 30-year long bond at 4.35%. that is the state of play on the treasury side. oil prices after back-to-back weekly losses and uncertainty in syria, are current by big. wti up $67.97. that's up about 1%. similar percentage advance for ice brent crude futures. $71.80. on the yptocurrency front. bitcoin hitting the $100,000 level. we are off 1.5%. roughly off on that price.

a quick check on the european trade. at least the cac in france up .3%. the dax index on the deutsche bourse. around the world, a wild session wrapping up in asia. on late session swings in hong kong and south korea. our jp ong joins us in singapore with the wrap up. jp. >> reporter: good morning, dom. we start in china because it was a topsy turvy start. we got the report from local state media that quoted vigorous

action to support the economy. counter cyclical adjustments and more fiscal policy. one of the biggest monetary policy shifts for china since 2011. hong kong had an hour and change to react. if you see the intraday chart for hang seng, we saw it rebound from the big major losses earlier this morning and closed almost 3% in the green. a lot of optimism in hong kong and a set up for mainland china tomorrow. the kospi at the lowest levels in 13 months. all because of the political turmoil. just to recap, the president in tokyo survived because of the botched attempt at martial law last week. the investors confiscated his

passport in trying to ill will he illegally ing martial law. they had to declare a budget for 2025. they had to pass this. this becomes critical for south korean markets. we have seen stocks react negatively. dominic, back to you. good morning. >> jp ong with latest. thank you very much for that. we continue to monitor the developing story in syria after rebels captured the city of damascus. reports that bashar al assad has now fled the country and according to russian state media, arrived in moscow where he and his family have now been offered asylum.

president biden talking in the national address yesterday calling it historic opportunity, but one quote of risk and uncertainty. joining me out cnbc news line with more is jared mals irks n withthe wall street journal based in ice stanbul. now turkey is looking alongside israel and others protecting their interests. take us through state of play on that geopolitical front. >> reporter: number one, the fall of the al assad regime is a set back for iran who has spent years propping up that regime and sent war planes to help preserve the regime and now both of those countries really with the profound rolling back potentially of their presence in the region and ability to

maneuver and shift military assets around. this is a huge win. the turks have backed rebel groups for years. it also potentially relieves pressure on the southern border where there have been millions of refugees trying to flee following the millions of others who already left the country. on a broader geopolitical level, this has the potential to shift the global balance of power. this entire situation happened because russia is under pressure. it is pouring military resources in the war in ukraine. iran has been bruised after israel went on the offensive against its militia allies including in lebanon. we are seeing the reshaping of the region. >> jared, there's are times now

wraugth with issues. whether it be territory or holistically. >> it is a fluid situation. what we have seen so far is the rebels led by the largest group based in northern syria working with some of the other more mainstream rebel groups from the south along with the u.s.-backed groups to take damascus. how that plays out is unclear. one question is how they handle the u.s.-backed syrian forces which control most of northeastern syria in the fight against isis for years. those are all questions that become clearer in the coming weeks and months.

right now , millions of yrians are ing this as a victory. >> all right. jared malsin in istanbul, thank you very much. we appreciate it. back on wall street. two key reports on inflation and consumer price index and cpi and pp ppi. traders do not think anything will deter the fed. futures are pricing in 83% chance of a quarter percent move down from the 68% chance of a rate cut ahead of the friday jobs report. they are also getting more clarity of the future at the fed. in the interview yesterday on nbc's "meet the press," donald trump says he will not try to

replace jay powell who's term runs through 2026. >> he said he will not leave the post if you ask him to. will you try to replace jay powell? >> no, i don't think so. i think if i told him to, i would. >> you don't have plans to do that right now? >> no, i don't. >> joining me now is luke. luke, did those comments sway you or does this feel like it is a situation where the markets are trying to sus out what future fed policy could look like in a trump administration? >> firstly, good morning, dom. we have been constructive on risk assets. i think what we are seeing coming out of the most recent u.s. election is optimism of the growth dynamics in the u.s. anything that takes out the

risks associated with the new policy going to look like in the new year is going to be supportive of that. the underlining fundamental picture is healthy. >> if you are saying the trump comments have taken a little bit of uncertainty out of the equation right now , what is th main force of the fed investing philosophy? do we have to see interest rates continuing in the new year and how many do we have to see? >> i think we're likely to see continuation of normalization of policy. i think that december cut is highly likely as you stated. i think our expectation is another two 25-basis point cuts and get in the 3.5% or 3.75% change. that is different from where we were six months ago. the expectation of the cuts of the fed bouyed optimism with the

fed. recognizing that there are inflationary forces on the horizon. we see trend growth 2% and moving higher into next year, that is driving fundamentals which underpins equity in the u.s. >> luke, that looks like a rising tide lifts all boats. is this going to be back in the magnificent seven mega cap stocks? where do you think the equities are? >> we see the broadening set. the growth into the u.s. in the smaller cap space is where with see the most opportunity. you do have the normalization of policy from the fed that does feed through margins. this is a floating rate debt

asset class. as you see rates come down. maybe we will not see rates move quickly down. the counter to that is we see growth pick up more accelerated than expected. that is feeding the emand for the smaller caps. given the spread in the small cap, you had the market with the subset driving the utcome. we think the catch up trade is big for small cap space. the normalization of multiple and consolidation across the large cap space is likely as we go into next year. >> small cap and large cap. luke barrs, from goldman sachs. thank you. for more on what is driving the markets and trading day head, head to cnbc pro at cnbc.com/pro for insights and analysis. we've got a lot more to come

on "worldwide exchange," and the sector ripe for one company. and urging with caution with bitcoin near the all-time high. the case for the cryptocurrency next. and unrest around the world. a fresh focus on the defense sector and the one stock not like the others. later on, the latest developments around the investigation into the murder of health insurance executive brian thompson. we've got a very busy hour still ahead when "worldwide exchange" returns after this commercial break. ♪♪ amazing.

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it's been a momentous week for the cryptocurrency this week. largely in optimism with the incoming trump administration will look to be kinder to the sector overall from the regulatory sfientd.tandpoint. bitcoin's rise has been stunning, but our next guest says investors, especially those in gen z shouldn't give in to the fomo. joining me now is founder and ceo and author the book "wealth in the key of life" and on the

financial advisor council. good morning. why is n the right time to join in on the craze around bitcoin? >> yes, overcon sense administration concentration is fomo'd up. you can wait a little bit. wait until things calm down a little built. there is a lot of money rushing into the cryptocurrency markets right now. folks are not anti-crypto, but they are crypto cautious. >> all right. preston, i've spoken with a number of advisers over the last month about the rise in bitcoin, especially since the election. they say you shouldn't be putting money into it. there is a case or allocation factor at play in the coming months or years. the idea that as it becomes more established, if you put direct

investments in cryptocurrency, you should allocate part of your investing -- just a small percentage -- in some of these. does that make sense to you? >> yes, that makes a lot of sense. that said, concentration in portfolios can create wealth and kill it. overconcentration of crypto in the portfolio could be not somewhat dangerous, i don't want to stoke fear. the average drawdown is about 74%. there is one thing to gain 7% to 12% over time, but the same for losing 100% to 200% with the volatile drawdowns. you talk about the portfolio allocating, a core satellite approach with the investments in the satellite approach and get the alpha kick from something like cryptocurrency assets. >> preston, are you allocating for certain suitable accounts to

cryptocurrency right now? >> i'm telling my clients across the generational board to invest in crypto. when we're talking about traditional and defi markets, they are susceptible to behavior finance. when you talk about fomo or herd mentality, you want to be disciplined with the approach. dom, the young folks are overallocating their portfolios because they have time and less risk or more risk capacity than of gen x. overallocation would make their portfolio a little dangerous. >> preston, before we let you go, is it in the crypto itself or exchange-traded funds? >> sometimes it is easier to invest into the etfs themselves. they are more liquid.

that said, for those that are more sophisticated and can handle ill liquidity delay, we suggest investing in the cryptocurrency. >> preston cherry, thank you very much. see you soon. >> thank you, dom. ahead on "worldwide exchange," apple's latest software update is expected to launch as soon as today and will finally let siri talk with chatgpt. is it already pred io icntapple shares? find out when "worldwide exchange" returns after this.

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welcome back. turning back to the developing story in the political unrest sweeping across several global hot spots in israel and syria now overnight. russia and ukraine and the ongoing tensions with the u.s. and china, both technologically and in the military aspect of things. while the u.s. is not directly involved in every single conflict, rising threat levels and the incoming trump administration is putting a stock sector in focus. defense. investors are pushing the growth etf ticker shld up 40% since january since the s&p 500 with one name in particular leading the charge. that would be350%

this year versus rtx and lockheed martin respectively. joining me now is the global head of research. if you look at the way things have shaped up, it is no surprise defense has been on an upward move. do we think as though the current prices reflect the geopolitical state of uncertainty we just had syria developing over the last few days. do you think defense is the place to invest? >> dom, good morning. good to see you. absolutely, the weekend's news from the middle east is a good reminder of the olar and geopolitical landscape we are operating in right now. the catalyst that have driven defense stocks are heavy across the board.

that is driving fundamental growth for the defense stocks. the beast that we focus on is the digital transformation of defense which is just getting started and is at an inflection point. we have seen that from palantir this year. we think the story is much broader than that. many of these traditional defense companies would likely start to participate in that going forward. >> palantir is one of the main drivers of the whole trade right now t. now. it is not a traditional name. how do investors go at this? do they take the etf basket to it and ride the index higher or look at the out performance in the newer plays on defense as opposed to the legacy names we all know? >> absolutely. look, palantir is unique in the sense they have been able to

carve out the market minant position. that trade has already played out. we encourage investors to take a more diversified approach going forward. when you talk about the digitalization of defense, there is a lot more to that story beyond just software. there is a unique interplay with hardware focused systems and software. a lot of the companies, lockheed and raytheon are integrating a.i. and technologies in the back end there with the advanced weapons systems as well. they are currently trading at industrial level valuations which really presents an opportunity. our advice to investors is to take a diversified approach and play the macro story and digitalization story and avoid overconcentration in specific names. >> one other point before we let you go, there have been pockets

much out performance globally. many of these we see in the u.s. indices. you look at the european names like rheinmetall. is there others at play? >> absolutely. the defense story is a global one. global military expense difficult turs will grow for the tenth consecutive year. we expect a 4% to 5% growth especially with europe. there is significant under investment and the contractors are in a very good position to capitalize on that trend. this is a global story. >> all right. thank you very much. see you soon, sir. >> absolutely. always a pleasure. coming up on the show,

billionaire steve cohen loosens the purse strings for a major league record. details ahead.

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i can say that if you look at my pre-covid, we're the greatest in the history of the economy. i had a lot of tariffs on countries. in particular, china. we took in hundreds of billion and we had no inflation. >> that s president-elect donald trump pushing back his policies will go more good. welcome back to "worldwide exchange." i'm dominic chu in for frank holland. let's kickoff the hour with the check on u.s. equity futures are the s&p and nasdaq sitting at record highs. the s&p is implied lower by 4 points. dow down 17. the nasdaq trade down 21.

also watching bitcoin after hitting the 100,000 level over the past week. nearly $104,000. in a wild session wrapping up in asia, we saw hong kong close sharply higher on bullish comments out of beijing with regard to stimulus policy. hang seng shares and everything else carry higher by%. fxi is up 6% in the pre-market trade here. the crane shares is up 8%. alibaba and jd.com and u.s. shares moving to the upside. apple said the design software update will be released today and finally let siri talk with chatgpt. our steve kovach is here with details. how important is this for apple users and by extension, apple

shareholders? >> it's a big one for openai, dom. the launch could come today. that's chatgpt coming to the iphone. it is integrated into the software. this was announced in june at the worldwide developers conference. since then, a lot has happened in the openai space. openai is a $157 billion company after the fund raise. it has been shedding top executives and cofounders. mira murati and others over the last few months on the screen now. it is facing new legal threats including from elon musk whose rival xa.i. is suing the company saying it abandoned the not-for-profit mission as it transitions to for profit. bloomberg reports that apple is not paying openai for the partnership. openai can still benefit.

it means openai is getting exposure to tens of millions of iphone users integrated into the software. when more people get apple intelligence on the phones, that is going to be over 1 billion users. this helps grow the product amid the compute power. it is still not making any profits. sam altman said there are 300 million chatgpt users right now. the apple side, here's what they get out of it. chatgpt is the best of the models. as far as how it works, a lot of what you do on apple intelligence is apple's own a.i. model. if you stump apple or siri, you have the option to use chat gwyneth gpt.

they mentioned google's gemini as an example that could be coming next. by the way, microsoft is a quiet winner the. chatgpt goes to the microsoft azure cloud. sundar pichai said microsoft will benefit from the azure cloud. let's talk about what to look forward to next year. china still has to approve apple intelligence. chatgpt doesn't operate there and it still doesn't have approval for the a.i. level. meantime, chatgpt is important, but the most important features will come next year. more coming to siri and third party apps with apple

intelligence. dom. >> thank you, steve voe kovach. let's bring in our ain guest. how do you view this mega cap technology landscape from the investing stand point? >> i think apple shares bake in the a.i. fueled upgrade cycle. you are looking at the high multiple relative to growth. i think the problem is the disconnect with the hardware rollout with iphone 16 in september and the software for a.i. coming out in december is only for consumers in the u.s. and potentially never coming out for users in china makes apple not the best play for a.i. i much prefer amazon because amazon stands to benefit from

the cloud and they can lower the cost of the fulfillment center. >> how do you then, if you advise comments, how do you construct a portfolio around a.i.? you are obviously overweight certain parts of the market. how do you change the thesis based on the companies evolve their product? can a.i. become rated? >> absolutely. i think the challenge is to determine who is going to get gold from using artificial intelligence as compared to who is selling the picks and shovels. amazon has done well as enterprises are increasing efforts to artificial intelligence in the hopes it will have a positive impact on

revenue and profits. you have to look at who will general benefit. there is clear potential for google with the competitive concern there on openai. again, the challenge for apple is will there be an upgrade cycle for iphone? it will be a slow developing one given the disconnect with the hardware and software rollouts. maybe there won't be an a.i. upgrade cycle. >> tom forte, thank you. espn is reporting that mets owner steve cohen has negotiated the most valuable contract in sports history signing free agent juan soto at $765 million paycheck over the 15-year span with no deferred money.

also inn send centives could br up to $805 million. the deal tops shohei ohtani's contract with the l.a. dodgers signed just this last december. as we follow the money and sports and intersection of business, head to cnbc.com/sport. coming up on the show, the hunt for the killer of united healthcare ceo goes nationwide. the search and the fbi isnylvement and what the compa doing to keep its employees safe. "worldwide exchange" is back after this.

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viking. exploring the world in comfort. welcome back. the search for the gunman who murdered united healthcare's brian thompson is now a national manhunt. we have bertha coombs with more. >> reporter: good morning, dom. the fbi is offering a $50,000 reward for information leading to an arrest in the tragic killing of brian thompson. new york police releasing photos of the man wanted for questioning in the case in what appears to be a taxi. authorities believe the gunman left new york city by bus soon after wednesday's shooting. this weekend, divers combed the waters in central park in search of the weapon after police

recovered the shooter's backpack and found monopoly money. it is not clear if there is a message in that, but in minnesota, united health care boosted the security. they are partnering with local law enforcement to ensure a safe work environment and reinforce security, unquote, as thompson's shooting as ignited widespread criticism online over united health care's insurance practices and the industry overall. brian thompson's family nd close friends will gather for a private funeral service. dom. >> bertha coombs, thank you very much for that. ahead on the show, the one word every investor needs to know today and the stock pick every investor needs to know as well. and president-elect donald trump's incoming cabinet could be the richest in history.

robert frank will tell us how the multibillion dollar cabinet will tackle the ethics and interest issues it will face. we'll be right back after this. ♪ i have type 2 diabetes, but i manage it well. ♪ ♪ it's a little pill with a big story to tell. ♪ ♪ i take once-daily jardiance... ♪ ♪ ...at each day's start. ♪ ♪ as time went on, it was easy to see. ♪ ♪ i'm lowering my a1c! ♪ and for adults with type 2 diabetes... ...and known heart disease, jardiance can lower the risk of cardiovascular death, too.

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welcome back. president-elect trump is an see him an see him a ban of billionaires. will they also have the golden touch when it comes to their

jobs? robert frank is with us now with the so-called golden cabinet. robert. >> reporter: dom, good morning. the trump cabinets has more billionaires than any in history. from linda mcmahon and jared isaacman, the billionaires have a combined net worth of $13 billion. that is not including elon musk or his billionaire ambassadors. those worth $100 million or more and those like scott bessent and dr. oz. trump is still the wealthiest in his cabinet with the net worth of $6.4 billion. $4 billion of that coming from his stake in djt or truth social. the record wealth in the cabinet creates ethics issues and

divestitures. howard lutnick won't be selling shares in the open market, so it is possible he could transfer shares to some kind of trust or family related trust. chris wright will have to sell about $40 million in stock in liberty energy and scott bessent will likely step down from his hedge fund. since musk and ramaswamy are not members of the cabinet, they are not bound to the same laws. dom, this is going to be interesting to watch given the conflict of interest rules and how they divest and handle assets. of course, going forward, how they handle potential conflicts of interest. >> robert, can you take us through the mechanics again? if they have to divest the financial interests they have at their respective companies and funds, what do they do with the money if you are not going to

put it in a family or family trust or some other trust instrument? >> reporter: if you actually sell the assets and divest, you have to put it in an approved investment which is typically treasuries or vanilla index on index fund. there is publicity. they do pay capital gains taxes, they are deferred, not avoided. for now, that could be a benefit for these people if they divest. at least, immediately, they don't have to pay the capital gains tax on any gain they had in the asset they sell. >> especially with asset prices as high as they are across the board. robert frank, thank you very much. see you later on. coming up on the show, sticking with president-elect trump and the taffporis licies. we'll have that story when we're

back.

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welcome back.

check on u.s. equity futures with the s&p and nasdaq sitting at record highs. nasdaq coming off the best week since early november adding $1 trillion in market cap. investors digesting comments from president-elect trump speaking with "meet the press" weighing in on fed chair jay powell and his penchant for tariffs. >> they cost americans nothing. they made a great economy for us. they also solve another problem. we will have problems having to do with wars and having to do with other things. tariffs. i have stopped wars with tariffs by saying you guys want to fight, that's great. both of you will pay tariffs to the united states at 100% and they have many purposes, tariffs, if properly used. >> so joining me now is sarat

sethi. sarat is also a cnbc contributor. thank you for the early wake-up call. take us through the philosophy on investing given what you expect to see from the incoming trump administration. >> dom, if you look at one of the things on the bullish side is we will have uncertainty taken away from regulation and we'll have more m&a activity and capital markets activity. that is reflected in the financial services area. you have seen the whole area on finance go up. stocks like morgan stanley is up in the last three months. however, the other side of it is with the president-elect's administration, you have some uncertainty in certain areas where we don't know what's going to happen with the appointments in healthcare and consumer staples. we think those areas are great

opportunities because fundamentally. trade is down 15 times earnings with 4% yield. fundamentally, we have seen growth in the earnings with the multiple compression. on the consumer staple side, nestle is down close to 25% year to date. again, there's that overhead hang of what's going to happen with certain food stocks and what's going to happen in terms of regulation and here you have a global company that's doing very well in a lot of areas, including chocolate and coffee, et cetera. opportunity is the key word here with the investors looking underneath the market which is pretty much close to an all-time high. we do find areas that investors with put and allocate capital. >> sarat, that is your word of the day that we are showing. opportunity. that's what that is.

you mentioned the financial services side. we have seen that run-up with the idea of deregulations could help the financial services sector. we see it in the big banks. there are others outside the money center banks with jpmorgan and citi that you are seeing opportunity in financials? >> i mentioned blackstone. i think one of the things we're seeing is asset managers are doing well. you just saw blackrock buy hps. all of these companies are going to really do pretty well in the new administration in terms of the ability to create assets and be part of the whole wealth management machine in terms of acquisitions as well as delivering through the spigot. >> okay. now the point about the interest rate dynamic is also going to be at play as well. we have a big rate meeting coming up. the consensus is the quarter

point rate cut. how much does the market need the rate cut and to what degree in 2025? >> i think you have embedded the quarter point cut. the reason is how much for next year? if we still have a strong economy and some type of inflation, i think the growth part of the market will do great. what the market is telling you is we have growth behind it. if things are slowing down, i think you could see a pull back in the market and especially highly valued areas such as technology or the high pe stocks will come down. i think you have to balance look at that. we think the economy is just fine. you want to be on the growthy side, but you want to have growth at a reasonable value. >> the garp trade. growth trade. thank you so much, sarat. as we close in on the 6:00

a.m. eastern time. . you can see some of the stocks the move. shares of apollo and workday on news they will join the s&p on december 23rd replacing qorvo and amentum. that's the market for you. keep it here. "squawk box" starts right now. good morning. president-elect trump speaking to nbc's "meet the press" about tariffs and jay powell's future. highlights straight ahead. turmoil continuing in it syria. rebel group took over the capital ousting president bashar al assad whose family controlled syria for 50 years and fled to moscow in secret. deal talk to reshape the global advertising industry. it's monday, december 9th, 2024.

"squawk box" begins 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 kernen and andrew ross sorkin. happy monday. happy new week to you. let's take a look at the u.s. equity futures. not much happening ahead of the opening bell. the dow flat. s&p futures down 5. the nasdaq off 36. last week, the s&p 500 and nasdaq with up. for the s&p, that is three weeks in a row. the dow was slightly down last week. not a lot of movement on friday after the jobs numbers. if you look at the treasury market right now, we are be low 4.2% for the ten-year.