it is 5:00 a.m. here at cnbc global headquarters, welcome to "worldwide exchange." weeks ahead of today's cpi report, also, washington weighs in on wall street, sending shares you know moving lower. also say for now, trump's pick, chairman powell to finish out his term as chairman. also, google on a quantum computer breakthrough peer later, following an a.i. boom, inside look at one of the largest uranium mines in the

world. you are watching "worldwide exchange" right here on cnbc. and good morning, thank you so much for being with us. i am frank holland, getting you ready for the day ahead. u.s. stock futures with the doubt with a four day losing streak, the s&p coming off back- to-back losing sessions. we see the s&p up fractionally by about eight points, the dow is down about 40 points in the future is now, and the nasdaq is up almost 50 points now. we are also checking the bond market after today's november cpi report. we start with the benchmark 2.4, pretty much holding steady to the market we saw yesterday. and we got to look at bitcoin, working its way back up to $2000, below that level, turning about 8000. remember, bitcoin trades around the clock to me for the week, down just about 1%. also keeping our eye on

shares of alphabet this morning after 60% drop in shares yesterday on its willow quantum computing chip. shares of alphabet are up one and just about a 3rd%. the big move this week, up over 7%, and u.s. steel coming off a ugly session report. the white house will officially moved to block its sale of to japan's nippon steele. u.s. steel down about a quarter of a percent week to date, your thing a big drop after that report, down more than 8% on the week. much more on that story throughout the hour. that a is your morning set up. our silvia amaro is in london with much more. good morning. >> good morning, frank. i have to say, at this stage, we are looking at a cautious approach really among european investors. let me show you how the different voices are trading. the ftse 100 is marginally

below the flatline, a little on the side of other portions, but overall, a cautious approach is european investors are also awaiting the key cpi print. let me take you to the different sectors, because there are a couple of important stories this morning. in terms of the top gainer at this stage, immediate best- performing sector, up almost 8/10 of a percent. the key story this morning is on the worst performing sectors. let me take you there as well and you will see we are seeing quite a lot of pressure on retail names. retail sector, the worst performing sector at this stage, down almost to.5%. earlier today, we heard from inditex, the company reported a strong start to the holiday season, posting a 9% revenue growth in the six weeks to december 9th. february to october sales growth 7% to 28.8 billion euros, missing analysts' expectations. the spanish fashion group reiterated its full-year outlook. however, because it had missed

expectations, we are seeing the stock down roughly 6% in early deals, putting pressure across the sector. let's see, frank, whether perhaps the cpi in the united states will change a portion for some european names thus far, overall a cautious approach ahead of us. >> a lot of caution in the markets in the u.s. as well, sylvia. great to see you. silvia amaro, live in london peer time for this morning's big-money movers, top stories this morning. we start with shares of dave and busters, now that more than 15%. the company announcing chris morris has resigned after two years, the move comes after the arcade chain reported a significantly wider loss than its second uarter as shares decline against shares of dave and busters are down more than 15%. also, power giant ge or nova moving. the company raising in sales and part

profit margin guidance, but the outlook came in below street estimates. vernova also estimating its quarter dividends at more than 10% a share. also share buyback program, but still, shares down. keep it locked for cnbc with vernova ceo joins scotts transit just after 9:00. shares of game stop are popping after a third quarter profit in the face of falling sales. game stop says, it may north of $70 million in its second quarter, a regular loss of $3 million just a year ago. the retail felt from 1.1 billion a year ago. shares of game stop up more than three naprosyn . let's get a look at the top stories, including one key member of the incoming trump administration weighing in on powell's future at the fed. good morning. >> pay hello, frank, good

morning tea. speaking with cnbc on a life on capitol hill yesterday, trump's pick for secretary, got bested, discuss the future of his speculation about him being pushed to step down. listen in. >> the president said on sunday that-- and i am in complete agreement, j powell will serve out his term as fed chair on may 25th. >> and bessent's comments marked a turn for the comment founder who has previously floated the idea of a shadow chair to run the bed. meanwhile, president-elect trump naming his pick to lead the federal trade commission in a truth social post announcing andrew ferguson as his choice for the chair of the competition watchdog. ferguson, who is currently ftc commissioner, and was appointed by president biden would replace lena con next month. we are watching shares of walgreens coming off a newly

18% up yesterday this on a "wall street journal" report. the company is in talks to sell itself to private equity firm sycamore partners. that deal could be completed early next year. a spokesperson declined to comment to cnbc on the report and frank, despite seeing its best day ever, shares of walgreens are still down over 60% this year. >> a really interesting story there. this i did this company might be taking private stock. kind of interesting the change in their business model, a lot of pressure from amazon and other companies there. thank you very much. we will see later in the show . the s&p 500 posting back- to-back losses for the first time in three weeks, possibly on nervousness ahead of cpi. questions about what it could mean for the fed next week. the max 7 continue to turn higher, more than 60% today.

big tech are two major themes will drive the market in 2025. joining me now lisa thomas, deputy head of research, good morning. >> hey, good to be with you, frank. >> if you don't mind, let's start off with the max 7, what is it say about the market? i know it is only a couple of days into the week, up 70 naprosyn, but the market is actually down one and a half percent. what is that telling us now? >> listen even though a.i. has obviously but the market for a couple of years now and those stocks in particular, the reality is, it is the tip of the sphere in terms of the a.i. story. the focus for a.i. for a good while now has really been on compute. i think what you will be hearing so much more is about a.i. new capabilities, and really use cases and business models around those use cases, we will be hearing a lot more about agent take a.i., how different companies can get workforce

multiplication from deployment of a.i. , and i also think we are going to be hearing about a.i. use cases in things like autonomous vehicles. there are so many different markets that a.i. can touch, not surprised to see that that is continuing to push things forward. >> when it comes to a.i., you are also looking at the evaluation piece of it. talking a lot about evaluations here on cnbc, i was fortunate enough to talk errol rogers, the s&p trading about 20 times for earnings. in your mind, how does this impact the evaluation of market and the trades we get to see going forward, in what a lot of people feel is kind of a frothy market? >> it is frothy. we expect to see continued investment in a.i.. we expect to see another trillion dollars deployed in a.i. over the next few years. there is no question that those evaluations are unprecedented.

i also think we are talking about technologies that are unprecedented, and economic impacts that they could have that are really of an order of a magnitude we have never seen before in terms of the cost savings they could offer for companies. i think we are in an era of new paradigm, to some extent, and i am not sure that the old playbooks really apply when it comes to a.i. in particular. >> speaking of new, you actually just released your 2025 theme, a new report, a expanse of a really interesting read, lisa. i will get to one of those, one of those is emerging unpredictability, exactly what does that mean for investors? >> i think it means that things will move a lot. there will be a lots of headline noise. i think that has the potential to whipsaw investors. we also think there are a lot of themes enduring, principles, and dynamics in during within that.

if you keep focused and don't allow yourself to be with side by those, i think investors can have a steady hand even though there's going to be a lot of different headlines, as we have seen even in your lead in. i think we know we are going to be in an era of tariffs in the new administration. i think we just need to be hardheaded in trying to understand exactly how those are going to impact. i think also not to be overreactive. there tend to be a lot of quick reactions around u.s. politics in particular, and the spread globally. i think what we do find is if you really, really try to stay true to fundamentals , there is going to be a lot to do, as you have said in some of the lead in this morning. >> lisa, to your point, these are proposals. we can't ever wrap. we don't know what will happen, at least not until january 20th.

we are seeing consumers spend. we talked to about how it is the consumers propping up the economy in the market. which shifts are using and how should investors play those shifts? >> a. i think the most interesting one is the so- called silver tsunami. you have an aging population, the 65 plus population is going to be almost a quarter of the population by 2050. there are a lots of different things that come with that. as people get older, and this is a part of the population that commands also a tremendous amount of wealth in the country. i do think that those preferences and shifts will manifest. things like people are showing a strong preference for aging at home. home renovation trends, things like that to help people prepare for longevity in the home. i think you are also

looking at things, even coffee. we expect the coffee market to actually grow tremendously. as it turns out, people drink a lot more coffee as they age, which explains why i always feel tired, but can never sleep. there are a lot of things big and small that come from that. also, certainly the birthrate is a factor as well. we see that in things like increased pet spend. we think that market is going to grow tremendously. its presence in so many different ways. >> 2025 themes out today. by the way, i think you are talking to a whole bunch of people that work on this show, always tired, but still can't sleep. great to have you on the show. >> take care, bye-bye. a lot more coming your way worldwide exchange, including the one word investors have to hear and know. a real market impact to

president-elect donald trump's tariffs and what they could mean for one sector. after a year of starts and stops, amazon finally rolling out in one major u.s. market. later, d.c.'s antitrust wave is hitting wall street. we break down what is at stake for companies involved and for the investors with possibly millions at. a very busy hour ahead. do not go anywhere. ♪ ♪ (vo) whether your phone's broken or old, we've got you. with verizon, trade in any phone, any condition. it's your last chance to get iphone 16 pro with apple intelligence. get four, on us. on any unlimited plan. only on verizon.

welcome back to "worldwide

exchange." president-elect donald trump has vowed to impose more tariffs during his first run in the white house. 25% on canadian and mexican imports and 10% from other countries. that could have a significant impact on global shipping. evercore is estimating, this could leave late to an overall tariff average of 17%, the highest since the herbert hoover administration. unless you are talking about "all in the family, you don't hear about herbert hoover too much. did you use to watch that show, "all of the family?" >> a little before my time. >> me too, but i did watch reruns. i don't mean to send your rivals, but 17% overall tariffs . overall, give us a quick look , is this really meaningful, or is the right going to move no matter what? i was talking to the ceo, and

he seems to think it will move either way. >> good morning, happy holidays. absolutely, the freight will move. given the skill of tariffs, it might early. there will be a rush to get some freight early. you build it up and you have a period of where you kind of soften that freight. we have been in a recession for two and half years. if we start getting growth, or higher demand that is really the key we want to take away from this. we might get some free shipping that will affect the flows. >> you put out a note a few weeks ago looking at the transport general, mostly upgrading stocks. it is important to note, when it came to companies in the quote, unquote freight businesses, basically you moved freight from china, the u.s., other countries, you actually lowered prices on those names, we are talking about sage robinson, our company we have on the show quite a bit.

by raise the price on them, or just about anything else? >> when you look at the brokers, we will start seeing higher demand and more freight moving, spots will go up. like i said, we have been in a freight recession for 2 and half years. we've seen this in 2012, 2019, this is to an f years we are into this. if we finally see that demand going up and spot prices going up, the brokers tend to get a squeeze here for a brief period, you will see a squeeze and that is why you have that shift. we are moving toward those categories if we see demand go up. >> it is a disruption potential. people have to find different ways to move there freight, isn't that a tailwind for them? >> we are bullish on some of the names you mentioned. we highlight, that disruption is helpful for a mere term period, especially when you have tariffs that can implement and you need to move quickly. when looking at long-term and the immediate move of raising rates , the margins get squeezed in that initial part and you've got to readjust. >> what about the possibility

of another strike at the gulf coast ports? kind of tense negotiations there. they have certainly not made a lot of headway. both sides releasing statements on automation near the port operator saying, how important it is. >> this is something not resolved. we thought it was resolved a couple of weeks ago when they pushed out to january. this automation is a real issue . you've got to get that resolved in order to get the freight flowing. you will see another pre-shipment starting to shift out west. we are starting to see the west western whales starting to build off of that. the warehouse building in anticipation of not only tires, also the potential for another east coast strike appears >> truckload truckers get about two thirds of their volume from manufacturing, industrials. you gave us the biggest price target increases. when you look at how they have been moving, it has not reflected on how tariffs will boost volumes, and

manufacturing increasing in the u.s., what is going on there? >> that is about the future of growth. if we start getting policies, regulations, things that will encourage manufacturing domestically, as you just mentioned, two thirds of the freight is manufacturing, that will boost demand for those truckload carriers. >> the deadline for that port deal is january 15th. keep your alarm clock ready. we may have to bring you back. a lot to talk about. i want to add me coming up friday, i will be interviewing the ceo ch robinson, following the company's investment day. we will talk about tariffs, and i have a story on cnbc .com looking ahead to investigate, a lot to talk about. freight moves from china to the u.s., they also move about 10% of freight from mexico to the u.s. i like talk at 7:30 a.m. eastern on squawk box friday. inflation in one area of the economy, the conference board dana peterson es tsehe

biggest threat for the fed's 2% target. we will talk about it. stay with us.

and welcome back to " worldwide exchange." a market change for you and general motors. the automaker scrapping its rowboat taxi program after investing nearly $10 billion in it over nearly a decade. shares of just about 1 1/2 percent.

also watching shares of amazon, hi again, trading at all-time highs, amazon is officially kicking off its drone delivery program. k roni has that story. >> reporter: amazon first touted this futuristic drone idea a decade ago. in 2024, it is now become a reality. amazon is now officially using drones to deliver packages here in phoenix and says, it plans to roll out to other major cities next year. these aircraft are meant for relatively small items, things that fit in a shoebox and weigh five pounds or less. the example we saw you was a jango game. you play about $10 extra to use a trial and point out where you want the drone to drop on your property. amazon uses sensors on the ground and air to make sure it is safe to drop the package from about 12 feet. amazon executive david carbon joint after spending nearly 2 decades at boeing. they've made design changes over the years and one change was noise. he said, the newest version was 20% quieter with a different sound. >> in your house, they are

laughing and carrying on, it brings a smile of price, and then you have a winding in your house, you shut the door and don't want to hear it. the level of noise, when you think about the noise level, probably the same level that has a different feeling to it. the feeling that this drone is a lot quieter, i would not say soothing, but it is muted. >> reporter: he says, navigating airspace has been the biggest hurdle. amazon got air approval for its mk 30 drones. >> we are not the only ones that will be in the air. you got your traditional folks in the air. we will need to have a regulator come up with rules that ensure we are not blocking airspace to any one participant. >> is integrated with the same fulfillment center, which helps these packages get out the door to the drones quickly. inside the warehouse, they pack these boxes with more of a buffer to absorb the shock of being

dropped from a drone. amazon's goal is 500 million deliveries in a year within 30 minutes or less. so far, they have done thousands of drone deliveries like the one behind me. there is competition, others like google and walmart are successfully rolling out similar drone programs. kate rooney for cnbc business news in phoenix. coming up, a texas judge deals a blow to the info wars. if you missed "worldwide exchange," check us out on apple, or spotify podcast apps. more "worldwide exchange" coming up after this.

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the u.s. economy is doing very well. we are in a very good place with the economy. we were the last central bank to cut and we are on a path to bring race down to a more neutral level over time. >> we talked with andrew last week in his final public remarks before the fed decision next week. later today, we get the cpi inflation report for the central bank. welcome back to "worldwide exchange." i am frank holland. in the second hour, what it could mean for hopes of a cut. first, the market alert, a similar picture, the s&p just up about six points. the dow looks like it would

open about 50 points lower. the nasdaq, doing its best, but still has up about 30 points. with the nasdaq and in the green coming back off back to back sessions, let's look at some of those nasdaq gainers. those shares up to half percent. barbell technology, a chipmaker, those shares are up 1.7%. alphabet, one of the big stories yesterday, up me not to present after releasing its quantum computer chip. we will talk about that more throughout the show and maybe throughout the week, quantum computing may be coming. we want to get a check of the top corporate stores, including the body administration reportedly waiting new moves against russia. silvia amaro is back with that story and more. >>, frank, good morning. bloomberg is reporting the white house is waiting new, harsher sanctions against russia's oil industry just over a month before donald trump

retakes the white house. the report says, while details are still being worked out, the biden administration is targeting oil exports to weaken a key revenue source for the kremlin. biden has avoided this type of movable worries that it could lead to an energy spike in costs ahead of the election. the man charged with killing united healthcare ceo brian thompson remains jailed in pennsylvania as executors in manhattan work to extradite him to new york. appearing in court yesterday, luigi mangione's lawyer said, his client will fight extradition and instead wants a hearing on the issue. now, since the killing of thompson last wednesday, shares of united health, cvs, and cigna , have all fallen more than 6% as insurance companies face a wave of negative regular rhetoric. and the bid to buy info wars has been blocked. a

texas bankruptcy judge rejecting the deal after a two day hearing the siding infowars has not received the best bids possible. the onion ceo says, his company will continue to seek a way to buy infowars and its assets, frank. >> an interesting story there. a lot of controversy surrounding alex jones. it will be interesting to see how this all plays out. turning back to what could be the big market mover of today, november cpi. the final fed meeting of this year. economists are expecting progress when they get a metaphorical brick wall. prices, excluding food and energy holding steady at 3.3%. that is of course well above the fed's 2% target. joining me more is dana peterson, chief economist at the conference board, good to see you. >> good morning. >> i think the question is,

does the cpi report matter for the fed decision next week, or is that quarter cuts going to happen no matter what? >> that quarter point cut is uncertain at this point. yes, inflation has been stickier than expected. we have seen it released all of the last few months and it is about insurance costs, wages, and shelter costs not falling as quickly as we would have hoped. i think the story for he u.s. economy is still great. we have seen the labor market data hold steady, and also, it seemed like consumers were out there spending, but not too much that i think the fed would not want to at least cut rates one more time. >> now, we are showing the odds for a quarter point cut at the meeting next week, 86%, a lot of uncertainty on wall street. if you are saying the cpi is meaningful, how important is ppi? a lot of times we get so built up, we don't talk about ppi with the same magnitude or give it the same importance. in your

mind, is that just as important when it comes to the fed's decision? >> it is less important because what businesses face aren't exactly what they passed on to consumers. sometimes, businesses will cut costs elsewhere so they don't have to pass the entire increase want to consumers. what we have learned the last few years is, businesses really don't have the margins to absorb buyer costs. we are seeing that flow through inflation. the greatest cost for them is labor cost, that is coming because many companies are experiencing labor shortages, having to bid out wages and benefits in order to attract and retain talent. >> you mentioned that business is don't always pass along some of the increases that they are facing to the consumer. nfib came out this week, a lot of optimism for small businesses, but at the same time, they pointed out inflation is causing them to raise prices. does the fed look at things like that when it comes to pricing? >> absolutely. small businesses employ roughly 2/3 of the population. it is

very important what is going on there. even large businesses are passing on costs. again, companies realize that consumers are only going to take so much. they have seen inflation slow, but certainly, the price of goods and services, that level is much higher than it was pre- pandemic. businesses have to be much more careful in terms of how much they extend or increase prices relative to their own costs. >> last question, expecting a rate cut next week. after that, is in a steady path? do you think there will be pauses? how do you see that all playing out? >> we definitely think there will be pauses next year. we have changed our own outlook as we thought the fed might get to its terminal rate probably july of next year. we pushed that out to october. we are not expecting cuts in january. they will probably come back in march. there's a lot of uncertainty. you have those underlying pressures already there, and

then policy uncertainty. what does trade policy look like, what is the school policy look like? and any of those actions that have been proposed happen, some of those things are highly inflationary. i think it will be meeting by meeting and highly independent. >> great to see you as always, thank you very much. coming up, the biden administration carrying out a final antitrust administration in its final days. we will look at the deals that the outgoing white house may be eyeing. also, cnbc ahead of its financial advisor a good one. i had the chance to speak with john rogers about the stocks he is seeing opportunity in. those names include smuckers, amnesty entertainment, and royal caribbean. he says, he is bullish on stocks and the higher end consumer. >> people are willing to spend for experiences. it is really unusual to see no downturn at all, no sense of people getting more cautious

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block the sale to nippon steele citing national security concerns. albertson seeing a built block of the more than $24.6 billion dollars merger with kroger and we have the information also reporting, google is asking the u.s. government to break up microsoft's exclusive crowd cloud agreement with open a.i. meanwhile, president-elect trump says, he is tapping andrew ferguson to lead the fcc, succeeding lena khan. joining me is for me official with the ftc and department of justice, good morning, good to have you on the show. we kind of just laid out those different developments. let's start with the one i think a lot of people ave been talking about, lena khan leaving the ftc, obviously the biden administration coming in and president trump taking

over, what kind of ftc do you expect to see with andrew ferguson? >> i think for a president who ran on prices being too high, workers facing a real problem with wages, antitrust is going to be a key tool in making the economy work. i am not predicting we have got teddy roosevelt here, but we will have an aggressive antitrust regime. >> i have to say, david, we had a herbert hoover reference, and you have got teddy roosevelt. what does that mean when it comes to antitrust? it means the biden administration was aggressive, but also did it in a bipartisan basis here next tuesday, there will be a hearing in the senate judiciary committee about the bipartisan path to antitrust enforcement, showing the way that republicans and democrats have come together on mostly key principles that we need much more aggressive antitrust enforcement. >> president-elect trump has been very vocal, also opposing nippon steele buying u.s. steel

. we know where he stands on that, but what about other things? hypothetically, would he be against albertsons and kroger at least in the midwest, everybody calls it kroger's, kroger emerging? how would you see that playing out, and he believed this deal could somehow reemerge? >> no, i don't so. i think this is definitely getting married, which is where it should be. it is a merger that poses anti- significant competitive effects and there was no good fixed to the competitive problems from the merger. plus, there was a real skepticism by the ftc that the approach of the cutting and pasting to allow parties to merge with a good policy. that is a real change in past administrations. i think for the most part, the trump administration will follow that policy that piecemeal to investors do not serve somebody competitive problem for merger spirits >> cannot ask this question

from someone that used to work at the ftc, is this a problem for him to merge and have to compete with a giant like walmart? >> no. consumers basically suffer. you allow a firm to become bigger because it is supposedly going to compete better with someone else. the problem is, you are giving the market power and that market power is going to result in higher prices. by the way, there is no better example of this that pharmacy benefit managers, where the obama ftc allowed them to merge , because they wanted to create entities with greater buying por. the result is excessively high drug prices, which are costing consumers every day. >> what about open a.i. and their deal with microsoft, google reportedly filing a complaint, believing that exclusive deal should be broken up and we look at a trump administration, with a probe into something like that? >> that will be very

interesting. this is a new area that demands a lot of attention. basically, what is at issue here is that microsoft has taken its old playbook from 25 years ago of arrangements, using its market poll on one market to try and leverage in another market. that could stifle competition in a.i. and certainly deserves very careful attention. >> david, thank you very much. appreciate your time and insight. >> take you, very much. on worldwide exchange, a one word that every investor needs to know. more than 150 stories underground, taking you inside one facility looking to capitalize on the surging energy demands from artificial intelligence. we will be right back. ♪♪) (♪♪) everyone has goals and dreams.

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welcome back to "worldwide exchange." the key to meeting the man is uranium. we have an inside look at one of the early winners of the energized race in northern saskatchewan. >> reporter: good morning, frank . we are about 1600 feet underground at the world's highest grade mine. this mine alone supplies about 11% of global annual uranium demand. it is a really challenging deposit, being that chemical had to develop an entirely new mining technique. >> to get to the uranium,

workers go down 450 meters. by comparison, the empire state building is 443 meters tall. they drill upwards into pockets of the uranium rich board, shooting water at high speeds to extract the material. it is transported underground through a series of pipes , ground into a sand like substance, and pounded to the surface. we got an exclusive look through the mine's unique drilling process. >> parts of this have already been mined. if you look at the ceiling, you can see where the jenna bourne system drilled upwards, and now because they have got all the or out of that cavity, it is filled with concrete. cigar lake developed a specialized mooring system to access this very high grade of uranium. the system runs along the tracks so they can move it along the length of this tunnel. cameco is the biggest uranium producer in the west and cigar lake is the second largest mine. this industry overall is fitting from a whirlwind of tech

, most recently from big tech. >> became very fast. all of a sudden, a year and half ago, we started hearing about these hyper spheres, microsoft, nvidia, meeting you too, needing massive amounts of clean electricity and being responsible for the electrons that they were going to use. let's take a look at nuclear and say, hey, we want to be in on the nuclear piece. >> reporter: cameco does not expose how much of the uranium goes to the u.s., but it is the leading distributor in canada, which supplies about 30% of the u.s.'s uranium with geopolitical tensions rising, including around nuclear power, minds like this one are becoming increasingly more important here we will have much more from the saqqara lake mind, and meeting that energy demand when it comes to a.i. and that whole day all throughout the day here on cnbc. she will hit on the potential impact of president-elect's proposed tariffs , all day today on cnbc. coming up, up more than 7% this week. our next gut sa, esys

it is head and shoulders above the competition in one key state. we will reveal our mystery shock right after the break.

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welcome back to "worldwide exchange." we close in the 6:00 a.m. hour with a few stories we are

following this morning. scott bessent discussing jay powell's future at the fed. >> as president trump said on sunday, and i am in complete agreement with him, powell will close out and we will see him february 26. and google unveils its willow quantum computer chip. take a look at shares, up over 1 present, one of the best performers on the nasdaq in the premarket. also watching walgreen shares. it served surged yesterday, the best day ever. the company in talks to sell itself to equity partners, pulling back a bit, down just about 4%. general motors scrapping its rowboat taxi roadway program after investing nearly $10 billion in the program after nearly a decade. shares are up just about 1 1/2%. spacex's evaluation continues to soar. we are up over one and a half

billion dollars after the company and its investors agreed to buy 1.2 5 billion of insider shares. a collection of tom brady's personal items pulling a total of $9 million at auction. that includes rolexes, jerseys, and his final college game jersey going for under $800,000. turning our attention back to the market, stocks getting back on track with the nasdaq and s&p with the dow on a four session slide. futures right now still a bit of a mixed picture as it has been all morning long. the dow looks like it will open about 60 points lower the nasdaq up about 44 points now. joining me with a look at the trading day ahead is patrick armstrong, chief investment officer with more than $8 billion in assets under management. good morning, thank you for having me here. how do you see today shaping up? >> my word of the day is insignia, referring to the

trade wars, you have chun's probe into nvidia yesterday, which is not too largely material, but the nature of it is and it may lead to something much more significant in the future. >> man, hit us with the a.c.t. word, patrick. i had to google that one myself. let's go to the markets, we mentioned the s&p and nasdaq coming off of back to back losses. what are you are tripping to the weakness we are seeing week to date? >> leading up to this month, you had a rally around optimism of trump and his policies, deregulation, pro growth policies and the last few days you are seeing maybe the consequences of the policies coming as well. tariffs, trade wars are the negatives that may come with this new administration. i think the market is giving back some of the games, because it was largely thinking about the positives. for the next few months, i think it will be positive. trump clearly wants to win.

he uses the stock market as a measure of his success and quick fixes is what he will do. maybe long-term consequences is what will suffer, but i think in your time, the markets will probably tread higher the rest of the year. >> how much of that is depending on a fed rate cut coming up next week? we showed numbers of 80% tracking next week that believe they will get that quarter cut. today, we have cpi here do you believe the cpi report put that in jeopardy? if we get hawkish commentary from jay powell after the fed meeting, how does that impact the trade? >> it is going to impact it and the fed will be in a quite period, so they will not be able to comment on it and will have to make things to cnbc or "the wall street journal" . we do get the cut. our view is, next year you will not get as many cuts for the market. our base for the u.s. economy is a no lending economy where

growth continues to outstrip potential growth and over 2025, based on strong consumer demand, strong, robust employment backdrops, it a very strong inflation number will have the fed thinking how they will communicate. >> patrick, you have a pick for us, what is your pick today, and why? >> alphabet. anytime you look at a great company, 35% profit margin, growing at 80%, and compare that to the s&p 500 that has got a 12% profit margin, growing 7 to 8%, why is alphabet trading to the s&p 500 to a 12 month floor basis? does not make sense to me. alphabet.a jump on that. that is an indication of the moon shots that will come with the billions, hundreds of billions this company has put in place in various aspects. the economy i am expecting such in for advertising revenue and

it is an option on many other technologies using a effectively right now. it will continue to do that. >> patrick for us today, alphabet shares up more than 1 present. thank you very much. is a quick look at the futures. we mentioned a mixed pick this morning. the dial actually moving lower look like we open about 60 points lower. good morning. markets weighting key inflation data, we will get you ready for the consumer price index, that's due at 8:30 a.m. eastern. a key pick for president-elect trump's administration, and from what we talk about all the time here, andrew ferguson is his choice to replace lena khan at ftc chair on the same day that kroger and albertsons deal was blocked by a judge. what it could mean for antitrust, mergers and acquisitions. two major deals are in

jeopardy, a judge blocked the kroger albertsons deal over competition concerns and president biden will reportedly block nippon steel from buying u.s. steel. it's wednesday, december 11th, 2024 and "squawk box" begins right now. ♪ good morning. and welcome to "squawk box" right here on cnbc. i'm andrew ross sorkin, with joe kernen and becky quick with is off today. dow looks like it will open down about 57 points, the s&p 500 up about 8 points, 7.5 points. treasury yields, you are looking at the ten year note seeing just at about 4.2, the two-year treasury at