♪ policy stance is now significantly less restrictive we can, therefore, be more cautious as we consider further adjustment to our policy rate. >> be more cautious. those three words sending markets into a tail spin u.s. markets seeing the biggest one-day drop on the fed decision ever red arrows all across the world. however, futures are showing

some signs of rebound. red arrows hitting post-election rally and the deadlock in d.c. adding more uncertainty to the mix. donald trump and elon musk critical of the deal on the table with the deadline fast approaching. it's thursday, december 19th, 2024 this is "worldwide exchange" right here on cnbc ♪ good morning thank you for being with us. i'm holland frank holland. let's get to thursday morning. the theme being confusion and anxiety. take a look at futures big selloff yesterday. a little bit of a rebound this morning. we are seeing green arrows when you look at u.s. futures dow up 15 points

saep up saep and the nasdaq up signaling two cuts in 2025 that is down from the prior expectation of as many as four >> we decided it was the right call because we decided it was the best decision to foster achievement of our goals >> the biggest one-day drop ever according to bespoke the dow riding a ten-day losing streak the longest losing streak since 1974 29 dow stocks at the end of the day lower yesterday. the big winner is united health. it is down 17% since december 4th. the s&p 500 losing $2 trillion of market value since 2:00 p.m. yesterday. that was the fed decision. the ten-year crossing 4.5% we are taking a look at the

bonds. the benchmark at 4.52. moving ten basis points higher yesterday. we have seen yields more considerably higher since the cut in september moving 75 or 80 basis points since then the benchmark at 4.52. we saw a pullback in cryptocurrency take a look at bitcoin below $102,000 up .50%. bitcoin trades around the clock. remember, it is well off the all-time high it hit two days ago of $107,000. right now, up over .50%, but ably lower yesterday trading at $101,000. that is the money set up now we have another central bank decision our silvia amaro and jp ong have the trade. silvia, good morning we begin with you. >> very good morning, frank. the selloff stateside has had

ramifications for the equities this morning let me show you what i'm talking about here it's ftse 100 is down 1.2% we are seeing the cac 40 down similar levels indeed, investors in europe digesting the hawkish cut from the federal reserve. on top of that, as you mentioned, it is very busy for european central banks today in particular, here in the uk where the bank of england is announcing the latest decision at lunchtime expectations, however, suggest they will not move they will keep rates unchanged investors will be keen to understand what is the commentary and what is the outlook for 2025 particularly as we saw the fed downgrading their expectations in terms of rate cuts for '25 as well. >> silvia, thank you very much silvia amaro live in london. now to the asian trader jp ong standing by in singapore jp, what are you seeing?

>> reporter: good morning, frank. not a great thursday for asian stocks no one taking comfort from the prospect of the fewer rate hikes. it is fitting we start in japan today because we got a bit of surprise from the central bank despite the bank of japan to hike rates, they decided to keep rates unchanged. they wanted to see the ramifications of the incoming trump administration the gap differential with the fed. 156 against the u.s. dollar today. despite the weakness in the yen, it did little to support spirits in in tokyo and the nikkei closing in the red kospi down 2.1%. we saw the hang seng down, but not as much. we are seeing a fight back from

currencies from the yuan and testing record lows. jittery is how the markets traded this morning. frank, back to you. >> jp, that is the theme in all markets. jp, thank you very much. turning attention back to wall street. the caution tone from the fed is causing confusion for investors according to jeff gundlach >> i think there is tremendous uncertainty. what will happen with inflation and the deficit and the economy and the base case is one that will not make jay powell's job any easier probably higher inflation through tariffs, at least initially, and the unemployment rate seems like it's heading higher per jay powell's analysis it's a tough period now. >> let's bring in todd gordon. todd, good morning good to see you. >> good morning, frank how are you? >> what did you make of the statements from jeff gundlach

and uncertainty from investors despite the thoughts about a hawkish cut, people were poorly positioned going into the fed decision >> yeah, you know, i don't know if i push back from the beginning to say poorly positioned what an amazing year it's been here things get a little wonking in the summertime and bonus and locking in and the retesting of the 50-day average i'm not that surprised it is a narrow range up. i listened to jeff gundlach intently i do believe bigger picture we're in a secular bull market i believe we're in the a.i. and quantum computing and on the cusp of the concerns we have with budget deficit. i think the concept of real rates has to come no in year

yeah, we're running 4% to 4.5%, but the persistent inflation which leads to real 2% rates which is the same thing it was three years ago. >> okay. some of the things you are leaning on are the idea of tremendous growth or quantum computing or the a.i. trade et cetera forget about what we are looking at ahead housing numbers weren't great. non-a.i. chips were not great. jim cramer said until that gets priced into the market, it will be hard to found the ttom. the bottom's not clear, at least not this morning >> i, i can't help but think back to the last cpi report. reading from the bls, they are saying 40% of the headline inflation was housing, right if you look at the numbers of toll and lennar, toll was a 9%

backlog in homes lennar, dropped 7% and new orders down 3% 40% of the headline rate were already seeing signs we saw building permit numbers and housing starts come off. that is a key driver that's coming off. we might see housing disinflation working against the inflation fight. >> todd, you are clearly glass half full. people are tuning in looking for optimism i want to come back to reality with the dollar. up .75%. since the election, up more than 4% next ar, we are looking at a earnings over 4% is that not realistic that bond yield are moving higher or the dollar is moving higher and there are policies on the table? we don't know the reality, but they are certainly on the table. >> it is such an interesting conversation frank, i was on the show "money

in motion" with the yen uncarry in '08 people immediately assign inflationary expectation from the incoming administration policy the dollar is led higher against the yen which is a carry trade along with the non-dollar yen cross is also going up, that is global managers putting the carry trade on it came off yesterday. aussie yen and kiwi yen. these are all risk-on barometers for the economy. dollar-yen was the cross moving up it is not just a blanket ollar high yield story the ten-year yield we went up to 4.5. this is where we were a month or two ago. we've backed off you know, we got down to sub-4% several months ago that was too low for the strength of this economy the good news is if the ten-year yield goes up and the two-year

yield maintains, that takes the yield curve further out of inversion. that's the shape of a healthy economy. >> todd, we have to end it here. we see money in motion yesterday. i think that will continue great to have you here thank you very much. coming up on "worldwide exchange," more on the selloff and where you can find opportunity. take a look at this chart. the tech trade hit especially hard by the fed, but the question is is now the time to buy? later in the hunt for yield. one sector is moving higher, however, there is a catch. there's always a catch stay with us in the very busy hour of "worldwide exchange. don't go anywhere.

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>> welcome back to "worldwide exchange." big tech coming off a rough section yesterday. nasdaq and nasdaq 100 with the worst day since july chips moving sharply lower this morning, we are seeing a bit of a bounce back nvidia up 2.5% meta up 1% apple still fractionally lower joining me now is the research analyst. angelo, good morning. >> good morning. >> microsoft is a strong buy what you heard from the fed yesterday, has that changed the

price targets on any of the stocks >> it doesn't change our outlook for the price outlook on the stocks i would say you will have a less generous spend going into 2025 there will be more moving parts. i think it limits the potential for further multiple expansion from the levels. it makes things a little bit more difficult i think you have to temper your expectations a little bit for gains or at least the magnitude of gains for the big tech stocks you also have to watch a number of factors and the impact from this change in the interest rate landscape. for instance, what happens to the dollar over the next couple months the x-factor going into 2025 is going to be p and what he does on the policy side. looking at things in a vacuum right here, we wouldn't necessarily change our outlook on any of these. >> not necessarily change your outlook. todd gordon told us it is not as

important, but the rise in dollar will hit the earnings outlook of the companies when you look at meta, the fact that interest rates are higher, that could impact their business, especially when it comes to small business advertisers. in your mind, which of the mag seven stocks is more likely to be hit harder than the other ones which one is likely to do better >> i'll make this other point here when you look at rotations within the market as well, i say big tech is better positioned to handle swings from interest rates out there given the business model >> they have been a safety trade, angelo. >> exactly. >> which one is doing the best and which one is hardest hit >> i think the two names that are set up going into 2025 are nvidia and microsoft i think the one that might be a

little bit kind of daunting or the one that would be a little bit more selective is apple given the multiple expansion on their side given the fact it is a hardware company and they have to deal with potentially a stronger dollar here as well right now, going into 2025, we actually like microsoft and we like nvidia set up a lot, especially with the relative under performance you see in both names here in the second half of this year. nvidia has a umber of catalyst going into 2025. of course, of course, you got ces and gtc that we think will help that stock. >> one last question before we let you go going from four cuts down to two cuts does that change the cap ex with the spend? we heard satya nadella saying they have enough chips right now. we see other companies produce their own chips. when it comes to the cap ex and higher cost, does it change the

outlook in any significant way >> not for big tech. the free cash flow they are generating and the opportunity tied to a.i. here over the next three-to-five years is going to force the companies to an aggressively spend s i think the cap ex outlook remains favorable here >> angelo zino, thank you very much still on deck on "worldwide exchange," big money movers in micron with the chip selloff we have e thfull story when "worldwide exchange" returns don't go anywhere. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions

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welcome back time for the big money movers. three big stock stores ice of the morning and a bonus one. shares of micron down 14%. the chip giant issuing a an underwheming outlook for the quarter. the street estimates were for about $9 billion the ceo says consumer markets have been weaker, but he is expecting a rebound in the second half. shares of micron down 14%. global chip makers down as well. infineon down 3.5. asml down 3.5%

turning to home builders, lennar missing on the top and bottom estimates for the fourth quarter. the ceo says demand remains strong and chronic supply shortage continues to drive the market, but results drive inn ny affordable issues. shares down 9% ms also looking to apple to integrate into iphone. apple and tencent have not responded. amazon workers across the facility will go on strike this morning. teamsters union said the company has followed to come to the bargaining table san francisco and southern california and new york city and atlanta and illinois represent 1% of amazon's hourly work force. shares of amazon rebounding

up .75%. we are watching shares of fedex this morning the stock has traded lower since the last earnings report under performing on the guidance revenues are expected to be flat year over year forecast expected to fall 2% earlier this year, fedex combined the ground business the margin estimates 1.2%. it is not actually comparable to the big number the question is will the company spin off the freight the goal here is to unlock shareholder value with fedex as a whole trading as a discount to the pure play to carriers. you see xpo trades at 35 times investors look for ommentary o demand with fedex with a 6% rate increase in january. fedex said it would create $2.2

billion in permanent cost reductions shares of fedex are up coming up, former cleveland fed president loretta mester and the fed's cautious tone. we'll have more coming up after this break

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months ago regarding the future path >> he talked about the reason we're not cutting as aggressively is because inflation is too high. that begs the question why are they cutting to begin with >> i listened to chairman jay powell, i think he got more baffled. he was caught in the prediction of the rate cut and that was no longer self vident the data didn't back it up >> that was soundoff of the fresh confusion on the back of the fed's policy call bringing the market rally to a grinding halt welcome back i'm frank holland. loretta mester will be here to talk about the fed's thinking and the day after the selloff. first, a check of the futures. the theme is confusion and anxiety. you can't tell that when you look at futures.

we have seen futures move higher throughout the morning in the green across the board. s&p 500 off 20 points. again, looking at yesterday, we saw historic selloff on fed decision day the s&p coming off the biggest one day drop according to bespoke. the dow riding a ten-session losing streak. the biggest in 50 years. going back to 1974 the lone winner was united health, but it was down 17% since december 4th the s&p has lost $2 trillion of market value since 2:00 p.m. yesterday when we got the fed decision bond yields continue to move higher ten-year yield at 4.52 it moved ten basis points higher since the fed cut, it moved 75 or 80 basis points higher. right now at 4.52.

we want to look at crypto. the selloff hitting that area as well bitcoin trades around the clock. it is well off the high it hit two days ago of $107,000 that is the money set up we turn back to the fed. it's .25 point cut what turned out to be a tough call for the fmoc yesterday. >> i would say today was a closer call , but we decided it was the right call because it was the best decision to foster achievement of both of our goals. maximum employment and price stability. >> after that fed decision, again, a hawkish cut joining me now is loretta mester former cleveland bank president and cnbc contributor loretta, good morning. >> good morning, frank how are snu.

>> first, i want your take on what jay powell had to say a cautious jay powell. also saying inflation is moving sideways a bit of a shift in the language and tone before powell and the fed seemed to be confident. >> he was right to layout the case that look, we brought rates down 100 basis points since we started cutting. now we're on sort of a pause so they can actually evaluate what the economy is going to look like in the next year. given both cyclical factors and i would say structure factors, it makes sense to be more cautious in the rate cutting from here on in. the cyclical factors are the fact as you said the recent inflation news shows some, you know, stickiness and some stalling out of the progress, less progress they expected to see at this point, and moreover, the down side risk to the

mandate have lessened. that is the reason you could go cautiously in the rate cutting the second reason is and the factor is there is some good evidence to think neutral is higher than it certainly was before the pandemic. you have that going up and the projections they gave us yesterday, you see the median long fed fund rate ticked up again. both things are happening at the same at that time. dual mandate, progress not as much as expected or wanted and at the same time, we may be closer to neutral than we think. both of those reasons, i think, say it's time to go slower on these rate cuts. i read him saying pause. >> let's talk about that for a second you are saying there is evidence the neutral rate is higher i think jay powell said it policy is significantly less restrictive now in his mind. as we go forward from four cuts down to two cuts is the second cut, once again,

truly data dependent it seems the fed was determined to see the cuts. do we need to see significant progress inflation close to 2% to get the second cut later this year >> first of all, the projections are always dependent on how the economy actually performs and, moreover, what is the incoming data tell you about the forecast for where the economy is going as everybody knows who is watching this, monetary policy doesn't have an immediate effect they always have to be looking forward. that said, the way i think about this is in the recalibration phase of this, which is what the chair termed it when he started cutting rates in september, i think you come into a meeting if you are one of the members and you sit there saying i come in thinking, right, that we're on this path to getting closer to neutral and it's got to be evidence that suggests we shouldn't go to the next cut now i think the way i would come into the meetings is i need to

see an accumulation of evidence that says we should go to the next cut i come in thinking the base case is we are not going to do anything at the meeting and evaluate whether the incoming evidence sort of takes me off that base says that's the way i would be going in to the next set of meetings i think that is consistent to what the s&p says. i think only two the s&p is good to remember that the forecast themselves for 2025 and especially 2026 haven't changed that much. it's the policy that's appropriate to get to those forecasts that's changed i think that's the way i read it it's going to take a little more restrictive policy than they had been expecting to actually achieve the mandated goals. >> loretta, one last question for you. we have seen a stronger dollar we have an administration with policies, or proposals, how does

the fed view that going into this new year? >> i think they will be evaluating those policies. i think they should be thinking about what are the potential policies that could come out what are those effects, expected effects and thinking about the outlook given those scenarios. of course, they will not react to something that hasn't happened yet, but they should be doing that evaluation. that will inform their outlook and appropriate policy going forward. as the chair said in the press conference, some of the s&p projections did, some members and participants did incorporate some earliest estimates of what they think fiscal policy will look like in the projections thaegs that's right. you have to think about the potential policies and effects on the dual mandated goals of price stability. >> that is what wall street is thinking this morning about what

is going to happen next year low loretta mester, thank you. >> happy holidays. >> happy holidays to you we got the fed perspective let's get the market view with vance howard of howard capital >> thank you, frank. good to see you again. >> the rates changed and after the action we saw yesterday, is this a buy the dip moment or could the market fall more after this >> i think you pew buy the dip r sure i think you got a golden opportunity to pick up great stocks that sold off to an unrealistic level to buying. i'm bullish into 2025. the rate cuts, whether you get two or three, look at the trend. the trajectory of trend is down. that is a positive thing for what the markets should be looking at.

>> vance, it is easy to say buy the dip, but we are getting less cuts doesn't that change the story with financials and other cyclical sectors >> it does i like the banks, but they got beat up yesterday. that isn't a bad thing it is a good buying opportunity. i would look at o'reilly auto parts t. is parts. it is away from tech that is a good inter termediatee that is one of my favorite stocks for 2025. >> i want to touch on something. i don't think you and i have talked about, but the small caps bullish on small caps. they did rally after the election for a number of reasons. after the big selloff on small caps, small caps hit on every

part of the market how do you view that part of the market >> frank, you and i have been talking bengal about this for ms and months and months. it is volatility it is hard to talk about the trade. it is like riding a crazy bucking bull i i i think you have to ride the volatility volatility has been high on small caps. >> vance howard, great to have you here turning now to the developing story out of washington, d.c. the federal government moving closer to a shutdown after republicans scrapped a bipartisan spending bill following pressure from president-elect trump and elon musk emily wilkins has the latest on the story. emily. >> reporter: frank, with less than 48 hours to go, the shutdown is looking likely after

the you mentioned president-elect trump killed the bipartisan bill that would fund the government until mid match.h they were meeting late into the night. some hard-line members have called for reduced spending, lawmakers have said that billions are needed for disaster relief and assistance for farmers. now to further complicate matters, trump is demanding that lawmakers find a way to reduce the debt limit before he takes office he posted on truth social that to bring the mess of the debt limit into the trump administration rather than allow it to take place in a biden administration any republican that would be so stupid to do this should and will be primaried. of course, remember, in 2023, republicans and democrats did move the debt ceiling debate to the start of 2025.

in the past negotiating that debt limit, it has taken months. lawmakers were not expecting to deal with that issue until the summer as the biden administration thinks that is the deadline to move up government spending. if the government shuts down on friday, millions of federal workers will go out pay, including tsa and others staying home during one of the busiest travel times of the year goldman sachs says that would reduce economic growth by .2% every week it lasts. frank, it could depend on what we see in the next few hours, but we certainly seen weeks long shutdowns under the trump administration before and the last-minute demands on the debt limit and scuttling of the bipartisan bill, there is a serious discussion of what he and johnson and musk will come up with that cannot only get the support of republicans, but also get the support of democrats

remember, it has to pass in the senate that's democratic controlled and there is a huge economy mark over washington right now. >> the clock is ticking. i feel we will talk to you tomorrow emily emily wilkins live in d.c. thank you very much. coming up, the top trade for 2025 the sector the ceos beevlie is the best place to put money in the new year we are back in just a moment and unforgettable scenery with viking. unpack once, and get closer to iconic landmarks, local life, and cultural treasures. because when you experience europe on a viking longship, you'll spend less time getting there and more time being there. viking. exploring the world in comfort.

welcome back to "worldwide exchange." let's look at the biggest laggards on the s&p yesterday. look at mara holdings down 12% tesla down 8%. game p stop down 7%. we saw palantir and crowdstrike fall between 4% and 7% despite that massive selloff we saw post fed, tech is dominating the markets and cfos believe that will continue in 2025 according to our cnbc survey 33% believe tech will have the biggest growth over the next six months the number two answer you see here is energy 22%. that's despite estimates for earnings to be negative year over year in the next two quarters 30% of cfos are concerned about

consumer demand. a quarter say overregulation is the biggest risk to the business consumer demand and regulation were tied at 36% last year this year, china tensions and trade policies are significant factors for a quarter of respond respondents. yesterday, the fed cut 25 basis points of the hawkish commentary jay powell citing inflation moving sideways and the fmoc signaling two rate cuts next year down from four cfos are saying 19% say the central bank is doing an excellent job. you see the total is .75% saying thumbs up. two-thirds say hitting the inflation target will not happen

until 2026 15% predict it will happen in the back half of 2025. that is also leading to some recession fears. 7% of cfos expect a recession in the second half of the 2025. one-third believe in 2026 or later. you see the number right there however, more than one-third, 37% believe the fed can achieve a soft landing they are optimistic the fed can control inflation without pushing the u.s. into a recession. it is important to note a year ago more than half of the cfos expected a recession to happen in 2024. coming up on "worldwide exchange," one word that every investor needs to know. yields catching a bid on the back of the next where all yields are not created equal stay with us we'll be right back.

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as jim cramer says, there is always a bull market somewhere of the 19 s&p stocks that ended the day higher, a large number were healthcare. significant that up 17%. this morning in the pre-market, we see shifts. cigna is flat. cvs and humana higher over a .25%.

we are watching the ten-year yield jumping ten basis points leading investors to rethink their expectations for rate cuts >> there's a lot more confusion now than there was a couple of months ago regarding the future path, but the squaring of the two-year treasury yield and the fed funds rate is now complete >> let's bring in nancy davis. nancy, good morning. good to see you. >> good to see you >> we just played a sound bite from jeff gundlach he said the belly of the bond of the yield curve. agree or disagree? >> that is taking the safe route. the middle there's a lot of interesting things going in on the curve we still have the inverted yield curve. two/ten and forward space is also inverted.

what that means to your viewers if you own long dated bonds, you take more risk and get paid less yield. so, it's a tricky time for markets because a lot of the two-year as jeff pointed out, has already been priced in it's closer to where expectations are and all the, you know, not all, but now we only have 35 basis points of cuts priced in to 2025, which is wild, right, when you think about when we came into 2024, the market was pricing in six cuts this year so far, we've had four the fed has under delivered. then in mid-september, in 2025, the market was pricing in if you look at fed funds futures, over 150 basis points and now we're down to 35 just with a little bit f jaw boning. >> a big shift in expectations since the fed last cut -- not since they last cut, but in

september, yields moved higher 75 or 80 basis points. the idea of the proposals in the trump administration may be inflationary we have seen the bond market react to the inflationary policies with the hotter than expected inflation reports with ppi. you want to wait for the yield to move higher before you invest in bonds or are bonds simply not attractive >> there are a lot of types of bonds. i think inflation bonds are a good deal. real ields are high. i love to, you know, educate people that the cpi is the only way that treasuries with inflation protection tips get reset. it is the cpi index. that's not the only way to measure inflation, especially when a third of the index is rent. >> nancy davis, thank you very much. coming up, our next guest

says the next member of the mag seven should be included that's coming up next.

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welcome back to "worldwide exchange." turning attention back to the markets. here to help make sense of everything we saw yesterday,

victoria greene of g squared private wealth she is a cnbc contributor. good morning, vicky. >> good morning, frank >> let's start with the fed decision yesterday were you surprised we got the hawkish tone from jay powell >> i think the 25 points was expected the rip the band aid moment was the dot plot we like that we wanted to see this ripped band-aid come off. if you have a growing economy and stable labor market and even though it is a little bit sticky and inflation where you need it to be, they were not con grew end. the fed needed to rip this band aid off. if they have strength in the economy and lower with tariffs, we have to reset expectations. they could not leave the dot plot >> you sound optimistic.

i want your word of the day. how do you see today shaping up? >> it was speed bump i don't think this was the end of the line. i think yesterday was an ugly speed bump if you tend to drive fast like i do, every now and then you hit a speed bump and miscalculate and bottom out the car and look to see if the ffler is still attached you continue to drive up on the bull market. this wasn't the end. it was an ugly, nasty speed bump yesterday. >> is this a buy the dip moment? we saw a huge selloff in small caps i think the fact we go from four to two cuts would change the thesis on that in your mind, what areas are buy the dip? what areas are you holding off >> i love buying large caps. everybody loved broadcom two days ago, how could you not love it today

if you have an opportunity to buy at a discount and cash on the sidelines, i would doubt the selloff to 10% i know small caps sold off higher we love the large cap. financials are a buy we like the technology sector and the mag seven. there's nothing wrong with them. nothing broken small caps might be a little more rate sensitive. they tend to have higher cost to debt lean into the large cap names. >> with that in mind, what is your pick for us today and why >> it's netflix. i have been beating this netflix jump forever i love that company so much. for me, look at everything they have done. the pricing tier from $7 to $23. they are growing their margin still. they are growing with revenue 15% growth rate last quarter they are pushing into live sports you have ways to raise revenue traditional streaming and crackdown on password sharing.

ad supported tier. we saw how that worked for amazon the jake paul fight, although difficulties, was a huge win the christmas day nfl lineup you got to love it >> i love that jake paul. put it in the rear-view mirror one last question before we let you go bond yields and rise in dollar does that concern with you the earnings estimates for next year >> some. we are expecting above trend growth next year and i'm not concerned yet. obviously, we're watching some of the canaries if they're going to bite, especially for u.s. nationals. the bigger risk for them is the u.s. dollar rising is a drag of 100 basis points to some companies if the dollar remains this strong. for us, yields, as long as it stays below five, i'm not concerned if we creep from 4.50 to 5, then i get concerned

>> i want to double check. give us notes before the fed decision blackstone and broadcom. a buy on blackstone and broadcom >> absolutely. i love those companies i think blackstone is using this to trade debt. you can't beat them. >> that will do it for "worldwide exchange. deal wasn't done after elon musk pressured republicans. details straight ahead stocks tumbling yesterday. ten straight declines in the dow after the fed cut interest rates by a quarter point, but signalled a slower pace of cuts next year. tiktok has a court date. the supreme court will hear

arguments in january just nine days before the app is scheduled to be shutdown in the u.s. it's thursday, december 19th now and "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. here we go, folks. yesterday was a day for the markets. you've now seen the dow down for 11 sessions in a row the longest losing streak we've seen since 1974. the longest we've seen since 1974 you are seeing a