it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." the fed kicks off the final meeting of the year with nearly u man in must expectations for a rate cut for 2024. the dow riding the longest losing streak. it's a different story for nasdaq. and broadcom with a new high and nvidia slide hits 10%. why micro strategy founder is calling for bitcoin in 2025.

and a critical deadline for shipping shipping. december tuesday, december 16th, 2024. you are watching "worldwide exchange" here on cnbc. good morning. i'm frank holland. we kick off with the futures. in the red across the board. the dow with the losing streak. the nasdaq at the all-time high. looking at futures. in the red across the board. s&p down fractionally. looking like it is down .25%. the dow down 80 points. off the lows of earlier today. the nasdaq down as well. down about 13 points. we are looking at two stocks on the move today. they are both chip stocks. broadcom and nvidia. broadcom closing at a record high yesterday after the 11% pop. it is up 1.5% in the pre-market. the stock is up 40% since

earnings last week, while nvidia, the other side of the coin here, down 11%. more on the two names throughout the hour. nvidia is the orange one taking the move to the down side. broadcom with the spike. trading at an all-time high. we'll talk more about this throughout the show. we have to talk bitcoin hitting a record high this morning. look at the moves in bitcoin. bitcoin trading -- actually, i think this may be a different chart. i'm sorry. this is bitcoin. trading $107,000. wrong title. right chart. bitcoin trading at 107,000. let's move on to the bond market with the fed meeting today. decision tomorrow. benchmark at 4.42. we will continue to watch the moves and talk to our market guest about the moves in the bond market. that's the money set up. let's see how europe is shaping

up with the trading day getting under way with silvia amaro. silvia, good to see you. >> very good morning, frank. so far, european equities are mostly lower this tuesday morning. investors trying to wait and see really what will be the message from central bankers this week. of course , we will hear from te fed, but also in europe, the bank of england and norges bank and swedish bank as well. let me move across the equity space in europe. the ftse. we are tracking .70% lower at the moment. this after wage data earlier today actually showed an increase and it led to traders cutting some of the bets in the potential rate cut from the blank of bank of england. in terms of what we are hearing from france, the cac 40 is

marginally higher. we need to look at political turmoil. we heard from the bank of france and central bank there warned of the domestic political uncertainty will add to global volatility and downgraded the growth next year by 30 basis points to 0.9%. let's see what france is going to do in terms of their fiscal policy going forward. no doubt that is still an important market narrative as you look at the cac 40. frank. >> silvia, thank you very much. silvia amaro live in the london newsroom. turning back to the u.s. markets, the s&p 500 closing yesterday below the all-time high it hit this month. the market breadth is narrowing. according to deutsche bank, that's the longest run of that type in about 40 years. the markets were driven by the mag seven without nvidia. that group rose 2% and closed at another record high. joining me now is partner at the wall street alliance group.

adele, thanks for being here. we set it up. the market is actually trading at a high valuation. 22 times forward earnings. i want to ask you, how do you play the market with the narrow trend we are seeing and tech rose back to dominance and leadership? >> i think that we feel that it has risen back to dominance right now. that is the biggest risk in the market right now with the overconcentration in tech. we saw this with nvidia which is already in correction territory. we really feel that going into 2025 investors should start to take this opportunity and broaden their scope a bit. >> broaden your scope a bit. i have to ask the fed is expected to cut tomorrow. if you look at the cme fed watch tool and 95% expect a cut. if we have a hawkish pause or dovish pause in january, does this change the thesis that the

rate cut path is not as straight as we thought and less cuts than previously thought? >> we think we most likely still get three cuts of 25-basis points each because we feel that under the trump administration, they will have several deflationary factors in play. the growth in the u.s. will be greater than the rest of the world so the dollar will be stronger. with the a.i., we will see production increases. trump is serious about scaling back are government expenses with the appointment of elon musk. all of these fact ors are deflationary. >> this is contrary with the weaker dollar and the tariffs andprotectionism. a lot of people going into d.c. saying they are going to cut

spending. it is a longer term agenda and plan. what about the bond market? do you see them reacting? would that impact the cyclical trade with the bond vigilantes make their voices heard and we saw yields rise? >> i think that -- i think yes those factors are in play, but i think in the u.s., we will still see greater potential and i think that is why we should start to see deflationary factors outweigh the other factors. for that reason, investors should try to derisk their portfolio and improve the breadth and overall portfolio. >> i want to talk about that. you are saying your customers, your clients, derisk portfolios, but now is not the index investing. obviously, if you want to invest, there will is spi.

medium target is a 7% rise. the eps estimate is 14% growth. why wouldn't you park your money in the index and let it ride? if this happens, this is good. what other way is there to play the market? you are trying to overplay the market in tech. what's the other way? >> i think that if you look at the spy index fund, that is 40% inn vested in tech. going into 2025, there are two phases in the market. the first phase is consumers and businesses will scale back until we get some new clarity on what the policies are. that will cause a pullback in the first half of 2025. less regulation, less taxes and the market goes up. investors could get defensive right now and play offensive. when you play offensive, you want to go in other areas, not just tech. we will start to see more of

what we are seeing happen with nvidia in our opinion going into next year. >> in all fairness, if you get the expectations for the s&p next year after two strong years, that's pretty good. >> it would be good. we feel there's more potential in areas like financials, utilities, energies, which we feel out perform the tech sector. >> aadil, thank you for being here. time for the check on the top corporate stories. silvana henao is here with those. silvana, good morning. >> good morning. tiktok is asking the supreme court to step in and block the federal law to ban its use in the u.s. unless the china based parent sells it. they are calling for the court to make a ruling before the january 19th deadline. the appeal coming the same day tiktok ceo met with donald trump in mar-a-lago with trump telling

reporters ahead of the meeting, he will quote take a look at tiktok. today, trump is set to meet with netflix ceo sarandos. no official word from mar-a-lago. meanwhile, carl watson was sentenced to nearly ten years in prison on conspiracy charges. in the sentencing, the judge said quote the quantum of dishonesty in this case is exceptional. watson will appeal the ruling and said the trial was unfair from the start. >> what started as a very unfair and selective prosecution and led into a really egregious railroad of a trial. has has ended up. how does elizabeth and i drive a

15-year-old car and eats chipotle and puts money into his company ends up with ten years? even if you believe everything they said, which you should not, the average person for this gets something like two or three years. workers at the amazon delivery station in skokie, illinois voted yesterday to authorize a strike becoming the third union to do so against amazon in less than a week. the union had given amazon a december 15th deadline to agree do come to the table and bargain for a contract. frank. >> silvana, thank you very much. see you later in the show. coming up on "worldwide exchange," we have a lot more to come including wells fargo's mark smith is sticking with semiconductors pite the dropoff. a look at the surge in corporate break ups and the key shipping and shopping deadline. what you need to know before the end of business today.

later in the show, more on bitcoin record rally and the factors that could fuel the next move higher. a very busy hour still ahead when "worldwide exchange" returns. ♪ ♪ ♪ ♪ whether your phone's broken or old, we've got you. with verizon, anyone can trade in any phone, any condition. it's your last chance to get iphone 16 pro with apple intelligence, on us.

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ago. the announcements comes alongside the other spinoff announce presidents including comcast and media rival warner bros. a lot of speculation with the fab business and the future of alphabet as the justice department bears down on the tech giant. joining me now is the european deals editor with the financial times. ivan, great to have you here. >> good morning, frank. thanks for having me. >> ivan, we detailed the spin announcements. as we go into 2025, do you expect more of these spin announcements? >> these carveouts and divestitures have been a theme for the last 18 months. it feel there is is more to come with the major companies. warner bros., comcast, intel that you mentioned in the exploratory phase of the breakups and restructuring.

the conglomerates are falling out of favor with investors. corporate bosses are looking to fend off activists and boost their stock price. this is one of the first alternatives that they're often turning to. i think we'll see this trend to continue to play out a bit longer. >> you know, one widely covered, at least by me story, is xpo. they spun off two. chairman brad obs is maximizing trade value. so, if you are saying a lot of the companies, they believe they are trading at a conglomerate discount, what is the ompany spinoff? the spin co and what happens to the main company, the company that remains, how does that play out? >> it is a lot simpler to breakup a company on paper than go into the real world and you have the company keeping the core business and spinning off one might be the non-core

business. maybe the slower growing assets. you know, those types of processes are very complex and the remain co, times can be a viable, standalone business to stand on its own on the stock exchange. sometimes it can be attractive to our buyers and you realize some of the parts discount. in many cases, the remain co still has further m&a to do to become a standalone business. for example, just yesterday in london, we had canal plus, which was a spinoff of vivendi. split off and dropped 20% on the first day. the breakups can be quite complicated and ften times value is created and stock pops.

>> so, let's look at this recent example which is honeywell. again, y spinning off the aerospace unit. what can we take from this situation with honeywell. a lot of the spins are led by activists or companies in your mind looking to maximize shareholder value? >> activists play a major role. even the threat of activists where companies try to get ahead of that what they ticipate the demand. with honeywell, elliott coming in with a major bet and clearly that catalyzed the second after elliott's investment was announced. we have seen that this other situations, too. unilever with the activist come in and the company is now spinning off different parts of the business, including ice cream division. >> okay. very interesting.

coming up, fedex reports it's earnings. they may announce a spinoff. ivan, thank you very much. coming up on "worldwide exchange," the new chip game. the look under the hood of nvidia's struggles and iwef are heading from bear territory with that stock. stay with us.

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welcome back to "worldwide exchange." it is, of course, the holiday season and 106 million packages

are shipped per day from thanksgiving to christmas. that's a 29% increase year over year. >> started on cyber monday and each monday, it has increased. we have kept in constant contact with shippers. we increase capacity and make sure we have enough resources to deliver the ckages safely. >> that was the representative from fedex. they count walmart and gap and wayfair as customers. holiday surcharges are expected to be a driver of profit and margin as fedex charge the same retail customers additional fee per package over the june volume over the holiday peak. you see the numbers right there. we see a record number of retail ares using gig retailers to deliver same day and next day.

shipt and jitsu and veho. i spoke with the veho ceo who spoke about the delivery speed and provide customer data. >> it is a shift in the markets thinking about logistic cost center. it is a pure commodity. the question is how do i spend the least to think about how i maximize return on shipping. >> overall, the increase in daily bonds is expected to be a positive for ecommerce for companies during the pandemic. others would benefit from the strong holiday peak. we are showing some of the board here. strong sales with lower inventory and a number of companies are telling me they are seeing a pull forward of freight ahead of potential tariffs. i'll be out at the fedex facility later today. as we head to break, we are

watching the home builders and etf ahead of the home builder sentiment which is coming out at 10:00 a.m. today. send trying communities and kb home down big over the pt as month. "worldwide exchange" is back right after this.

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i've said we'll just keep buying forever. every day is a good day to buy bitcoin. we look at it as cyber manhattan. i would have bought manhattan 100 years ago every year for the past 0 years. you pay more than the person who bought manhattan before you. >> that was micro strategy co founder on cnbc yesterday talking about the continued investment in bitcoin. bitcoin up more than 50% since the election and as you see here on the chart, gaining more ground this morning. welcome back to "worldwide exchange." i'm frank holland. coming up, we talk to the ceo of coinshares on the fact that he believes are fueling the rally. first, the check of the u.s. stock futures. take a look at the board. they were in the red earlier. similar situation. the dow hitting the lows of the

morning. 30 points lower. nasdaq off eight points right now. back to the dow. the dow riding an eight session losing streak. longest since 2018. the laggards on the dow. at the top of the list is nvidia. we will talk about the chip sector in a second. followed by disney and united health and jpmorgan chase. we also want to check the bond market as the fed kicks off the two-day policy meeting today. we have seen yields move up approaching the fed meeting. questions about what happens after the meeting. the cme fed watch tool with the 25% chance of a cut tomorrow. you see bitcoin pulling back from the level earlier. trading just below $107,000. earlier this morning, above $107,000.

remember, bitcoin trades all around the clock. more on bitcoin's momentum coming up later in the show. that is the money set up. back to the big money movers. we continue to watch shares of broadcom after it soared 11% yesterday. hit an all-time high. it is up 1% in the pre-market. this stock up more than 44% in the last week alone. opening with a market cap well above $1 trillion. that's the expectations. the move coming in contrast to nvidia who was arguably the tip of the spear in the red-hot chip trade. look at the two stocks. broadcom up 50% and nvidia down 8%. nvidia in correction territory. down 10% from the most recent 52-week high. cnbc senior technology reporter arjun kharpal is joining me on this. arjun, why is this gaining so much strength? >> reporter: the latest quarter,

broadcom's revenue was up 51% year on year. nvidia, meanwhile, posted over $35 billion in revenue up 94% year on year. broadcom trades at a higher pe, but nvidia is getting backing from investors. there is a sense that investors are looking for the next nvidia. the company that will give them the outside returns riding this a.i. wave. you are seeing that rotation happen there. it is important to note also that broadcom and nvidia are not necessarily an apples to apples comparison. there is still no real challenge in this space. meanwhile, broadcom is designing custom chips for google, amazon or microsoft. why the hyper scalers need the chips, they are looking for the custom silicon design to used for certain tasks or processes.

they sell the services through the cloudy division. one reason is because of the broadcom ceo who said the hyper scalers developed chips on the broadcom platform deployed over the next three years. the company has received a price target increase from wall street. all of that helping broadcom rally to over $1 trillion. frank. >> we are looking at the chart here. broadcom open up over $1 trillion. a lot of people, including dan on fast money last night, saying it is the faithful eight. he wants to show broadcom in the mix. it is interesting. the company is up on earnings when they missed on semiconductor revenue. they saw weakness in other areas of the business outside of a.i. when you look at investors and analysts, what do you think of the other parts of the business separate from a.i.? >> those other parts of the business, frank, are still struggling. the market is giving this

company right now a pass because of the excitement over the a.i. future. you have seen this with a lot of companies actually over the last couple years. as soon as they start talking about a.i. and investors' ears perk up and they look at the part of the business that's growing. i think there is a lot of hope right now that the growth broadcom is seeing in the a.i. side of the business can help offset the more legacy or traditional parts of its business. one of the interesting things it was talking about was the forward looking forecast. that looked quite strong and continued as i mentioned to talk about there so-called hyper scale customers. these are the amazon, google, microsoft of the world and demand they are seeing from there. there is a sense from many from wall street that raised price targets that this area of the chip and a.i. play that nvidia isn't necessarily playing in that actually they might be able to see strong growth here. that is really supporting these big moves in the stock recently.

>> big moves to say the least, arjun. broadcom going up in a straight line. arjun kharpal, thank you. turning back to the broader markets with ten trading days left in 2024 with the major indices hitting record highs. look at these charts. s&p up 27% year to date. the expectation of another fed cut tomorrow and fuelling the market in 2025. our next guest says they look attractive into next year. michael hahn at citizens wealth. michael, thank you for joining us here. >> thank you. >> i got the pages here. we have to start here with the mag seven and big tech. maybe the faithful eight. how do you view the a.i. focused stocks? the stocks closely tied to the trade? are you worried they are getting frothy or hot or expectations

have gotten so high they can't possibly beat them? >> we still think there is room and in the early innings. it is hard to make the argument we don't have pockets of valuation across the markets. there is absolutely the potential of any point in time with the pull back with any name. longer term, this is an advantage for the u.s. which is dictating where we see the larger scale valuation dynamics between u.s. and foreign markets. >> your clients are high net wealth individuals. i'm sure they take advice from you, but also have some of their own ideas. where do they want to put cell phone put their money? i think every investor with two years of bull runs are looking for other places of opportunities? >> our clients run the gamut. post election, there is a mind set across the group. you have some elated and some concerned about the incoming

administration and what it will look like for broader markets. the theme is unpacking and being objective about the trends emerging. you look across the asset classes and there is a considerable degree of momentum and they want to continue to invest in the areas and they want to fine tune portfolios. >> momentum and risk on are two different things. are they looking for risky things with bitcoin or other areas of the market? >> i would tell you some of that growth component in the broader sector in the growth segment, but also pairing that and thinking of ways you can actually reduce overall portfolio volatility and achieve strong returns. >> your 2025 investment outlook, you look at the valuation and forward pe of the u.s. small and midcaps and large cap which is 22 times forward earnings.

is 12, is that good? with what we are seeing with the shift in the global economy, what is good? >> that's challenging to unpack. valuations are a terrible timing mechanism. we had this exist for the better part of the last 10 to 15 years. you have cheap international valuations. that makes it compelling on a longer term basis. we don't see the impetus for the cyclical uptick to shift where you want to move from u.s. large cap to the international markets. however, it is becoming more and more compelling. >> what about the upheaval we have seen with the leadership and pretty large international markets? i'm talking korea, germany, france. the indices have moved over the last month or so and they are performing better or in line with the s&p. what do you make of the upheaval we have seen in germany and france and german dax up 3.5% over the last -- month to date,

not the last month. and france up 2%. out performing the s&p. if you are advising investors, how do you do that? >> i think the near term, the market outlook is the an accommodation to a larger degree than here in the u.s. that is always a backstop for the markets. i think this is just a lot of shuffling the chairs on the deck this point in the year. >> the fed decision coming up tomorrow. your view? >> i think the fed should establish a position where every meeting is live, but look at the incoming data. i think the fed will push their hand into a cut and as we think about 2025, it is about setting expectations toward a higher neutral rate at that point in time and allowing the market to recap. >> michael hans, thank you for being here. we appreciate it. coming up on "worldwide exchange," the mag seven that bmo is clialng as the top pick

for 2025. we will show you that name when "worldwide exchange" returns. don't go anywhere.

welcome back to "worldwide exchange." we start with morgan stanley upgrading quest agnostics. citi is raising price target on the tko group from 137 to $1760. citi has talks with the wwe

properties. bmo capital naming amazon the top pick for 2025. bmo citing ongoing free cash flow. time for the global briefing. germany's parties will reveal the manifestos today ahead of the snap election in february. this follows olof scholz losing a vote of confidence in parliament. and waymo will begin testing in tokyo. reuters reports walmart is teaming up with meituan. it will provide delivery services for walmart and the giant will be featured on its app. coming up on "worldwide exchange," the one word every investor needs to hear today and the stock pick every investor needs to know. and wall street rolls on to

continue to test new highs. the investor of coinshares lays out if the 2024 most men momentum will carry over into the new year. we'll be right back after this.

welcome back to "worldwide exchange." you see the chart here. bitcoin hit a all-time high this morning crossing the $107,000 mark. among the catalysts for the

latest move is micro strategy. the future tied to the bitcoin success being added to the nasdaq 00 at the start of trading next week. michael sayler talks about the sector as a whole. >> enormously legitimizing bitcoin for the crypto industry and cro strategy. we have now more than $100 billion in open interest in the options market. we have more than $100 billion market cap. we have more than 100% volatility. we have running 100% for the past four years. we are holding $46 billion of bitcoin which is up 150% year to date. i just think it is a tremendous milestone for us. >> saylor added the forecast for bitcoin is to appreciate 29% year resulting in a $13 million

coin by 2035. the spot bitcoin etfs with investor inflows since the trump win. joining me here is the custodian of the spot etf. good morning. thank you for joining us. >> good morning, frank. thanks for having me. >> let's start here. $13 million by 2024, i should say. pretty bullish outlook from michael saylor. does it really have that trajectory to keep going up and to the right? >> michael is well known for making big assumptions and it has served him well so far. i say we are not in the business of providing market price advice, but we think it is going higher than where it is right now. we are on the right track. >> okay. as we see bitcoin move higher,

have we seen flowing move? are we seeing more people invest in bitcoin etfs or are ey holding the asset itself? >> we are right now 12 weeks in a row of converting net flow of the bitcoin etf sector. i think the last time we went that far in terms of net flow, it was in 2021 at 15 weeks. there was not bitcoin etf at the time. we will see where we go from there. definitely, the administration coming up in january or february is holding on. >> some of the etfs you have is wgmi. of course, spot coin and dual bitcoin ethereum future. we don't talk with ethe recently. ticker is btf.

when you invest in this, what do you invest in? >> it is a basket. the bitcoin and ethereum. you are not investing just in bitcoin or ethereum. you want diversified exposure equally. >> if you invest in this, you get a combination of both. when you look at ethereum -- i'm sorry? >> that's all right. >> we are looking at ethereum. do you expect it to also see such a bullish run like with bitcoin? there is so much excitement with cryptocurrency, but it seems a majority focused on bitcoin. do you expect ethereum or solana to rally as we go into 2025? >> we need to step back a little bit and understand what is happening in the u.s. the u.s. has been deprived of product in crypto since 2014 when the first application came in. what happens now is bitcoin is the biggest share of the lion's share. the first approved by the

market. the s.e.c. is resistant to approval anything else. as a result, the decision not to risk the product. it was a disservice to the market not to represent in terms of education of the market is important to understand what we are listing. the product and s.e.c. started giving more room for issuer to issue the coins properly. we will see more activity around investment demand for the coins as well. >> before we let you go, can i ask about micro strategy? this your mind, when you look at that stock, is that a way to play bitcoin or is that something different? >> no, it is a refinery for bitcoin. people buy equity or bitcoin, if

you are a bond holder, you convert. if you want to buy the option, there is a bit of everything for everybody in the micro strategy play. it depends what you are looking for. >> thank you very much. >> thank you, frank. coming up on "worldwide exchange," the slice of tech our next guest is expecting strong performance from despite the la we'll reveal our mystery chart coming up after this. don't go anywhere. (inner monologue) my kids don't know what they want. you know who knows what she wants? me! with empower, we get all of our financial questions answered. so you don't have to worry. empower. what's next.

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welcome back to "worldwide exchange exchange." as we close in on the 6:00 hour, here are the stories we are tracking this morning. the government has days to get a deal done before the midnight deadline. reuters is recommending changes for support for charging stations. those include the $7,500 tax credit elimination and imposing tariffs on all battery materials globally. bloomberg is reporting mccormick is in talks to buy sauer brands for more than $1 billion. back to the markets. the final policy meeting of the

year. the s&p and nasdaq closing up. the mag seven index hitting a record high. let's bring in mark smith at wells fargo advisors. mark, good to see you. >> good morning, frank. thanks for having me back on. >> mark, let's talk about what you are seeing in the market. what is your word of the day? >> my word of the day is dollar-cost average as a term. clients i speak to have trepidation going into 2025 with the market at all-time highs. getting rid of the trepidation, put something in the market every other week d you'll get whether you need to be. >> that is a good strategy. you are looking to buy tech or cyclicals especially with the cut we are going to get tomorrow?

>> i know this is the story we heard the last couple years because of a.i., but we're in the first or second inning of the a.i. play. many corporations when i talk to clients are in charge of implementing a.i. haven't begun to implement it in the companies fully. i think it has more legs to go. so, i would dollar-cost average into the games you know. nvidia and amd. all of these companies have a lot more room to run. >> so, that's your pick for us today. semiconductors is your pick. i want to ask why. we will show the chart from the election. it has been a choppy run since the election. it is a cyclical sector. why is that your pick for us today? >> my pick again is because momentum. they have the momentum over the last couple years. if it you look back over the last couple months, you would say they have gone too far. i do think the fundamentals have the semiconductors in a great

place. what i just said, you know, companies in the u.s. still haven't implement ed the technology. if you look at the story overall over five or ten-year outlook, semiconductors have quite a bit more room to run. valuations are high. i would go there. i like the financials. you mentioned the fed is going to be lowering rates. i think the fed will do well in the lower interest rate environment. people are looking at mortgages and taking debt on credit cards with rates lower. i like the financials as well. >> any concern of the hawkish pause tomorrow with the fed decision? the rate cut path may not be as smooth as we thought? >> it's possible. look at the current administration. many of their policies are going to be inflationary. the fed is listening to that, but they have to look at the data. the data is stating to them they

have to cut, but i do think when the new administration comes in, they will change course pretty quickly given what president-elect trump is talking about. >> mark, i want to ask about the global markets. we will show a chart for south korea, germany and france with the leadership upheaval. when you are looking at investing in international markets, does this upheaval, does that change the thesis or attractiveness? important to note we are showing the chart month to date. despite the headline, dax and cac out perform the s&p. >> listen, if i'm looking at international, i'm looking at asia. not the european continent because they have not rebounded out of the pandemic. if you see anything out of the administration that looks friendly toward the chinese party and the country overall, you will definitely see a huge upside in many of the stocks

that we know. alibaba, baidu, et cetera. they not only cover china, but the continent of yash asia. >> how are you seeing the opportunity in china? >> i like chinese tech. if you look at, you know, for example, a company like alibaba compared to amazon, it took quite a while for amazon to have the prolific rise. alibaba hasn't been close to that type of rise. i'm bullish on chinese tech given 1.4 plus billion people there and the opportunity they have around the continent of asia as a whole. >> mark smith. great to see you. thank you very much. >> happy holidays. before we go, here's what to watch. we get the latest read on retail sales and on home builder sentiment. the kickoff to the markets. the federal reserve kicking off the two-day policy meeting.

according to traders, a 95% chance of a cut tomorrow. what is the tone of the jay powell news conference? we have to wait and see. all morning long, futures have been in the red across the board. a bit of a change. nasdaq moving higher up ten points. the dow would open more than 100 points lower. that does it for "worldwide exchange." "squawk box" starts right now. good morning. the fed kicking off the two-day meeting. we talk portfolio strategy ahead of tomorrow's rate decision. we might talk about the editorial in "the wall street journal." jay powell has one question. one question for jay powell. why? why are you cutting? we have been asking that question quite a bit. government funding talks hit a snag on capitol hill. we will tell you what is holding up a deal to avert a government shutdown ahead of friday's deadline. it comes quick.

nvidia shares now fall into correction territory. that means 10%. that move putting pressure on the dow futures which after all is said and done, it closed lower yesterday. eight straight sessions for the dow. it's tuesday, december 17th, 2024. "squawk box" begins right now. ♪ ♪ good morning. welcome back to "squawk box" here a cnbc. we are live at the nasdaq market site in times square. i'm andrew ross sorkin along with joe kernen. becky quick is reporting live from the bank of america. >> good morning, guys. we will talk about a lot of things at bank of america. i'm here on the new york trading floor. this happens as the fed kicks off the final meeting of the year.