it is 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5. failed with less than 24 hours to go until a government shutdown donald trump and elon musk now placing blame. now the president-elect places an ultimatum to the european union. and back on wall street, the futures are lower. just hitting session lows a short time ago. and a turn around at nike.

fedex citing weakening u.s. demand shares are popping this morning. we'll tell you why it's friday, december 20th, 2024 you are watching "worldwide exchange" here on cnbc good morning thank you so much for being here with us on this friday morning i am frank holland we will get you ready to start the day with the check of the u.s. stock futures hitting session lows after a mixed day for stocks yesterday the dow snapped a ten-day losing streak red across the board the s&p down 50 points the dow would open up more than 200 points lower nasdaq down just about 260 points right now volatility is spiking at its highest level since august adding to that this morning is a triple witching friday more than $6 trillion of options expire today and if that's not enough, it is a rebalancing day

for the s&p 500 and the nasdaq 100. we are going to keep our eye on volatility now we look at the bond market let's start with the benchmark as we always do. we are about to switch to it in a moment the benchmark moving higher throughout the week several basis points if you look since that cut by the fed back in september, it's up 90 basis points right now, coming in at gain again, moving higher we get the latest reading on pce. the core expected to hold steady below 4.3%. we showed you the yields moving higher throughout the week after that fed decision. we have to look at bitcoin falling back below $100 1 0 $10i morning. down 1.75% bitcoin trades around the clock. now we go from the macro to the micro to the big money

movers we start with fedex. shares moving higher despite the lower outlook for the year second quarter revenue fell short, but profits and margins fell solidly shares of fedex up more than 7%. we are watching shares of nike after reported better than expected numbers for the quarter. cfo on the earnings call reining in the optimism. he expected sales would fall double digits in the second quarter. shares of nike right now are down more than 3%. we are watching shares of u.s. steel the company forecasting a surprise loss for the quarter. now expecting a q4 between 25 to 29 cents the street looking for adjusted profit the demanding environment in europe remain weak shares are down over 5.5%.

we turn to washington now and breaking news. a donald trump-elon musk bill failed in the house with 38republicans voting down the bill now less than 24 hours until the government funding bill runs out, lawmakers are all placing blame. nbc news' brie jackson is joining us from washington good morning >> reporter: good morning, frank. the finger pointing continues after president-elect trump blew up hakeem jeffries called that proposal quote laughable the chaos continues on capitol hill >> on this vote, the ayes are 174. one voting present 2/3 not in the affirmative the rules are not suspended. >> reporter: the house rejecting

a plan backed by president-elect donald trump to keep the federal government up and running through march 14th the slimmed down measure included millions in disaster relief money and aid for farmers while cutting pay raises for lawmakers. but? >> it was ridiculous to put on the floor a bill to raise the debt limit to an unlimited amount for two years and it should have failed i'm glad it failed >> reporter: democrats denounced the influence of elon musk who president-elect trump picked to cut government spending. the billionaire slammed the bipartisan spending bill as a steal of your tax dollars. >> before elon musk uprooted the agreement, agreement was reached in good faith between democrats and republicans. we're the legislative branch of government >> reporter: as talks continue, some conservatives are demanding more cuts. >> i want leadership always the

ones who are obstacles to cut spending to pony up and explain why they won't agree to the spending cuts we said we should put in place. >> we are elected to pass a budget we are constitutionally mandated to do. we abdicate that duty every time >> reporter: congress must act soon or a shutdown will go into effect this weekend. if a shutdown does happen, the federal government would be unable to pay its millions of employees, including service members just before the holidays hundreds of thousands of government workers could be furloughed frank. >> brie, we saw strong pushback by republicans when it came to the trump-backed bill. what are the next steps with the shutdown looming >> reporter: back to the drawing board today. the house and senate are back in session. speaker johnson said more work will continue to try to find a solution

democrats are also going to meet this morning to discuss their next steps that deadline is 12:01 a.m any bill that goes through the house must also pass the senate. >> brie jackson in d.c brie, thank you very much. we will have more the breaking news story later this hour with the former chief of staff to former vice president mike pence, marc short. we will have more on the deal that got rejected by the gop lawmakers. turning to president-elect trump with a heavy hand in the debt deal, but also with the trading partners overseas. silvia amaro is in ndon with more on this story silvia, good morning >> good morning, frank indeed, let me tell you about the story we are monitoring closely today. basically president-elect trump took to truth social to say the european union will be buying more american oil and gas or they could be faced with higher

u.s. tariffs now, i want to tell you why this is not as dramatic as it may sound. basically, european officials have already indicated in recent times that purchasing more energy from the united states could be the area where they find compromise with the american president now, let me show you comments i've gathered this morning one official told me this could actually be a positive exactly because they believe this is the area where they can have a compromise and a solution to avoid steep tariffs on european goods. another source told me this morning i am not surprised with the comments from the incoming president. if we need energy, this is a good option. let's see how this develops, frank. no doubt, an important development amid the arrival of donald trump at the white house. however, i want to take you to the european bourses to show you how we are moving so far this friday morning

indeed, we have red across the board. the ftse 100 down .50% the dax in germany down 1.1% there is an lot on the minds of investors whether it is the comments by donald trump about the eu or the potential shutdown of the u.s. government and the incoming pce data. let's not for get get this is ay time let's see how we fare by the end of the month. >> silvia, great to see you. have a great weekend. and with the drama in d.c. over the looming deadline with the shutdown now the tariffs against the eu deep in the red for all three indices right now. let's bring in ross mayfield at baird. good to see you. >> good morning. >> to let's talk about it. you know, when it comes to the idea of the government shutdown in your mind, how does that impact sentiment with investors and also the fact we saw so many

republicans republicans push back against the trump-backed bill? do you think this changes the sentiment when it comes to investors? >> i think you got it spot-on. a shutdown in of itself is not a big deal for the markets i think the issue is elon musk's influence and a narrow margin in the house to actually pass legislation especially with different factions i think this will weigh on sentiment. i think we'll get a couple of years that look like 2018 with tariff threats and in-fighting in the congress and it could lead to lower sentiment and a choppy market. >> at the same time, the dollar is rising, ross. we have been covering this on "worldwide exchange" for a bit when you see the rise in the do the dollar, the equities going

into next year may be too high >> yeah, i think donald trump said he would like a weaker dollar to be more competitive in the global trade market. i think that veal is really har do after the fed came out the other day with higher interest rates with the stronger economy than most of the rest of the world and our u.s. stocks are, you know, vacuums for global capital. it will be very hard for the dollar to stay in the weakening stance here with the boost in stocks with the set of characteristics in the market. i think it is very hard to see a weaker dollar in 2025. >> i want to go back to the fed decision the hawkish cut we saw the hawkish cut was expected, but the market is reacting i was talking to cramer and he said people were badly positioned and others are not priced in. i want to show you the cyclical. the small caps are negative

since the election down 1.5%. i'm looking at industrials down 3% since the election. in your mind, when we are looking at the cyclical sectors, is there one that you're actually or are you bullish on any one of them? we see investor confidence with the exception of financials really shift >> yeah, i think financials and industrials remain good places for capital. shifting higher quality within those sectors. over the full, you know, presidential cycle or the next couple years, those are good places to be industrials have secular tailwinds. financials, deregulation and m&a is strong. the one i would fade is the pro small business story is nice, but the higher for longer rate environment is a headwind. the fed reinforced that is the world we are living in >> ross, we are almost out of time core pce the estimate is 2.9%

last month was 2.8%. is that concerning if we see that come in line and the tick up of inflation after what jay powell had to say? >> i think it is less concerning for investors specifically what jay powell had to say. we got the selloff with the high are for longer if inflation stays sticky around%, it reinforces what they said. >> ross mayfield thank you very much. good to see you. >> good to see you. turning attention now to another developing story this morning. luigi mangione is in new york this morning to fate face federal charges. mangione arriving via helicopter yesterday after waiving extradition from pennsylvania. he faces murder and terrorism charges. new york city mayor eric adams was near the helipad when

mangione arrived we have more to come on "worldwide exchange" and tiffany mcghee has her forecast. and a close look at fedex post pop much more on the debate in washington with less than 24 hours to go until a shutdown and what it means for the future of elon musk and d.c. influence. and later in the show, berkshire hathaway sthaps up more of this stock we will reveal the name for you in a very busy hour when "worldwide exchange" returns stay with us there are some feelings you can get with any sportsbook. ohhh! the highs! no, no, no. the no, no, noooos -

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welcome back to "worldwide exchange." fedex shares moving higher with the strong beat on profit and margin the big catalyst for the upside move is the spinoff the fedex freight. fedex trades at a discount to xpo and old dominion fedex as a whole only 14 times the spinoff is expected to happen in the next 18 months analyst sraised questions. >> fedex freight benefits a lot by being part connected to

fedex. we are going to make sure the linkage on the commercial side and technology side going forward. >> joining me now is dave with bernstein. dave, good morning >> good morning. >> i know it was a late call i want to start with the spinoff. rob made sure investors that even with the spinoff and freight being a separate company will work with the rest of the fedex. do you have questions about the execution of the spinoff some colleagues raised questions yesterday. >> the challenge is really going to be staffing the company and what the costs would look like right now, we have an idea of fedex freight profitability would look like. i think investors are questioning how much additional cost is in there and what the proformas look like. the market is struggling the sum

of the parts if you take freight, how do you value that when you think about the weaker numbers adding in additional costs, there is some real questions i think building around how this is going to work and what ultimately the p & l of the company will look like >> i was talking to peers and other analysts, they said this is the most important quarter for fedex in years keep in mind, we had the pandemic and rob take over as ceo. for this to be such an important quarter puts a lot of weight on it i'll show a chart since rob took over as ceo. we will show u.p.s. in the same chart. fedex up and u.p.s. down is that a report card on the performance of rob is that a read of u.p.s. what does this chart tell us >> you have a lot of stuff going on during that period of time that was specific to either company. what the chart is telling you

with respect to fedex, the market likes what it's hearing from the new ceo about prioritizing shareholder return. for decades, analysts looked at fedex and doing what it was good for itself and not focusing on returns. raj and his team are underlining the idea with shareholder interests first. that is a tremendously positive story in investor perspective. when you think about u.p.s., they had a shift in the cost structure because of the teamster deal in the period. the difference there, i think, with u.p.s., on the domestic side, they have better visibility into lower cost going forward because of the way that contract pulled forward costs.

so, historic performance is a little bit less reflection of the markets perception or grading of the companies and recognition there is a positive change at fedex and some concern about how u.p.s. is going to manage that bridge with the new cost structure >> one last question for you i want to look at the ltl sector the ltl trucks moving higher fedex spinning off the pig evident ltl. xpo up .25%. old dominion up fractionally specifically when it comes to competition and pricing? >> i think there is a marketplace that fedex freight being part of the bundle of the broader fedex corporation hasn't been as disciplined when it comes to setting rates and when it comes to managing capacity.

so, there certainly is a view a stand alone freight that's focused on the pot bottom line they have to make decisions. fedex freight will add 300 sales people in the transition process before it becomes a separate public company that doesn't say there is much of a share in the last couple quarters if you look, they are under performing the ltl if they are more aggressive, more share focused, that's what we need to watch the discipline to rationalize versus to take the share prior to the eventual spin off. >> it sounds like a number of questions going forward for fedex. big day for the stock and ceo. dave, good to see you. thank you very much. coming up on "worldwide exchange," a season for strikes and the latest to join the picketin le.

we'll tell you coming up after this break stay with us

welcome back to "worldwide exchange." time for a check of the top corporate stories. silvana henao is here with those. good morning >> good morning, frank the workers union representing 10,000 starbucks bar istas will strike demanding better pay, more staff and improved

schedules. the union says the strike could reach hundreds of stores by next week the company says it is ready to return to the bargaining table we are seeing shares of starbucks slightly lower in the pre-market president-elect trump has transferred his entire stake of shares in trump media to a revocable trust of which he is the sole beneficiary according to regulatory filings, trump did not receive any money for the gift of $114 million shares to the trust. trump closed 35.41 per share yesterday making the value of the transferred stock more than $4 billion and berkshire hathaway boosting its stake in occidental petroleum and sirius xm.

this was berkshire's first occi purchase since june. >> looking at shares of occi up over 2.5%. very interesting moves silvana, thank you very much right now, as we head to break, shares of micron after its worst one-day selloff. stock closing down the chart down more than 16% yesterday. it is lower again this morning over 2.5%. much more on this story and everything else after this break. stay with us

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very disappointing to us that all but two democrats voted against aid to farmers and ranchers and against disaster relief and bipartisan measures that were negotiated and decided upon >> the musk/johnson proposal is no serious it's laughable extreme maga republicans are driving us to a government shutdown. >> that was the house speaker and minority leader blaming each other for the failure to get the deal done before tonight's midnight deadline. welcome back to "worldwide exchange."

i'm frank holland. marc short will be here to see if the shutdown can be avoided we'll get into all of that coming up shortly. we kickoff the hour deep into the red the s&p down .75%. the dow is down 280 points the nasdaq is the hardest hit down more than 1%. with that, we take a look at the nasdaq 100 laggards. you see tesla down over 4% super micro down 3.5%. app love applovin down. shares of fedex are higher after the earnings missed, but posted strong beats with profit and margin the catalyst for the upside move, sharp spike to the upside, the spinoff of fedex freight, the biggest ltl carrier in the u.s. we are also watching the vix

we have the triple witching options expirations. right now, you see the vix at 25, almost 26. you see a big, sharp move to the upside this week we have the fed decision and a lot of things going on big moves with the increase in volatility again, just about 26 we will talk about volatility a bit later in the show as well. we are checking the bond market with the read of pce coming up later today. 4.54 it has moved sharply to the upside after the rise in bond yields hit 4.57. easing back slightly right now that is the money set up we turn attention to washington and some breaking news this morning. a donald trump and elon musk backed bill to avert a government shutdown failed in the house last night with 38 republicans voting against the measure and two democrats in in support now less than 24 hours and no

deal in sight, lawyer makers onh sides of the aisle are placing blame. elon musk tweeted it rests squarely on the shoulders of hakeem jeffries. the president-elect said, quote, congress must get rid of or extend out to 2029 the ridiculous debt ceiling. without this, we should never make a deal. the pressure is on whoever is president. again, a post on truth social from the president-elect house democrats plan to meet this morning to discuss next steps. steve scalise adding we will keep working to explore other options. joining me is former director of affairs under president trump is marc short mark, good morning >> good morning, frank thanks for having me >> marc, i want your take here

38 republicans pushed back on the bill backed by president-elect trump and elon musk what does this is a about washington right now >> i think it says a lot i think this eventually will get solved, but it puts for jeopardy around the speaker vote that mike johnson has in a few weeks. i think more consequenconsequen will be difficult to pass tax relief i think markets assume it will happen what you are watching happen right now in the republican conference, should give investors concern about how that will go next year. this weekend, the continuing resolution is something that actually illustrates a failure of congress to get its job done. it's been 30 years since the clinton administration, since congress passed appropriations bills on time. a handful of republicans asked why they opposed it.

a handful on principle will vote against the continuing resolution i think a big unforced error here from president trump's team is to say now we want to throw the debt limit into the conversation on the one hand, you are saying this spends too much money you have to cut it out, but raise the debt ceiling indefinitely so i can spend a lot more money there are some with concerns about abdicating their power and giving the executive branch unlimited power. >> i know you have your finger on the pulse of what is happening in d.c. with lawmakers and i imagine you still have ties to the executive branch i want to go back to the lawmaker angle on this why do you think the debt ceiling was a bridge too far do you think they thought it was hypocritical >> it has been a bridge too far for congressional republicans. they say we have $36 trillion in

debt that's $100,000 on the back of every person in america. what do we do to get control if you are lifting it indefinite knitly, you say from the legislative branch, you say we no longer have a say. you are saying this is a check we have and it has been used in the past as leverage to actually get spending cuts. i think there is a large chunk of republicans who don't want to give that up >> this is the first policy initiative or policy push i should say getting this bill passed in your mind, what does this is a say about trump and musk >> it is my understanding that speaker johnson had pre-viewed this with president trump's team and with president trump before he brought his original bill that elon musk and team tanked i think it does create a lot of

concerns for legislators how the next couple years will be. i don't think that is too much of a surprise about the chaos. as i said before, frank, when the new congress comes in, the republican margin will be one in the house. to think this isn't somehow foreshadowing how difficult it will be to extend that tax relief should be a big concern for a lot of people. >> you worked on the trump white house. you know, president-elect trump can definitely be mercurial. i'm glad you are laughing. the fact this was a bit of a failure, and a public failure, took, could it put a strain on elon musk and the president-elect? >> it's possible i think this is an unforced error. elon musk has been brought in to find cuts in spending. that is a different role the legislative strategy here is to say i'm calling on house republicans to do this the way i

want it. what's missing in that equation is the fact that right now, until next january, senate democrats still control the senate mike johnson has to get a deal done with democrats. next year, can get a deal done across the aisle with republicans. right now, you are basically going to have the democrats in the senate have a lot of say in this and they have been fairly quiet on this. that's why mike johnson put forward the original bill he did. it's not simply an intraparty exercise among house republicans. >> speaking of house republicans, you alluded to this before, what does this potentially mean about the future of house speaker mike johnson? >> i think it creates a lot of questions. again, when the new congress comes in, his margin is thinner than now all you need is a couple of members to defect. if there is a sense his incoming relationship with the president is rattled

i think that opens up a can of worms about potentially looking for a replace. >> marc short, i appreciate your time i know you have your finger on the pulse of d.c i think you will get some calls as you laughed at mercurial. marc short, thank you very much. coming up on "worldwide exchange." nike facing rich pressure aheadf the open our next guest says challenges may only continue for the stock. stay with us ♪ ♪ ♪ (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." we are turning big money mover which is nike. as you see here, it pulled back following comments from new ceo elliott hill hill added turn around efforts may stall as they clear out the excess inventory shares of nike down 4% let's bring in the research analyst at cfra. good morning good to have you here. >> thanks for having me. >> you lowered your price target what is it is it the discounting or the inventory issues what made you make that move >> i think a couple of quarters ago, we were so positive on nike

we thought they could plow through the period and do well now they are guiding for significant gross margin compression and seeing weakness in china down 11% year over year we think it is time to take a pause on nike. it will take a couple of quarters to work through this and get more, you know, more guidance from the new ceo. >> the beats on the top and bottom line are surprising for people i think it is important, north america, down 8% was it -- i'm talking about revenue, by the way. was that discounting or something also or competition? if you look at the charts for the hoka brand or on-on, i don't wear either one. i like nike. the chart has moved very well and more people wearing those. which is it in your mind >> you know, they stated it was promotional activity this quarter and they think that will continue into next quarter so, that's the main driver of

that obviously, you are seeing revenues down. they are trying to, you know, lower their inventory. so their summer books are going to be down as well so, forward guidance is not good in terms of revenue or margins this is kind of what they said they would do in july when shares tanked $20 overnight. you know, this is kind of what we expected. we have been neutral on shares for a while now. we think, you know, this is going to take some time. they are still a great company they have an incredible balance sheet. they bought back $1 billion of shares this quarter. they still have $7 billion or so on the share buyback program it's a great company we think they have a great brand, but we just think now is not the time. >> all right zach warring, changing the price target thank you very much.

appreciate your time and insight. nike shares moving lower in the pre-market coming up on "worldwide exchange," one word every investor has to know today the housing market and the fed factor with the scal bk rate plans when it comes to buying a house we'll be right back after this break. at least, not the way it could work. your people are buried in busy work. and you might be thinking... can ai make it all work? it can. on the servicenow platform, ai transforms your entire business. because when your people work better, everything works better. so, let's get to work. idris elba works here? mm-hmm. ya, he's super nice.

welcome back to "worldwide exchange." a rough week for home building shares of lennar suggest

troubles for the housing market. others like dr horton and toll brothers are down. that after the fed cutting the interest rate a quarter point on wednesday. you see they are back above 7% to make sense of all this, let's bring in diana olick diana, good to see you >> good morning, frank. >> mortgages back above 7% what does that mean for the 2025 outlook for the home builders? >> frank, i'll tell you it's just not good. the expectation is mortgage rates would move lower this year the implication is 5% range by the end of the year and stay next year. that is not the forecast now we are looking into the 6.5% to 7% range next year what this really means, you can see it in lennar's report. i want to read a quote from the chairman stewart miller. he said the housing market that

appeared to be improving as the fed cut short-term interest rates proved to be challenging as demand remains strong, he said results were driven by affordability and limitations of the higher interest rates. those were well above expectations to give you an idea of what has changed. we have seen mortgage rates go up nearly 50 basis points in the last two weeks since september, they are up over a full percentage point if you are buying the median priced home around $400,000, the monthly payment with principal and interest is $220 more today than back in september, frank. >> a lot of mortgage rate pressure on the businesses is there any relief in sight we have seen pulling back on commodity prices would that trend continue and would that help the top and bottom line of the companies >> for the home builders, they are seeing higher prices for

land, labor and material lennar spun off their land business because they want that off their balance sheets really, when you look at a potential labor shortage with whatever immigrations policies in the new administration and inflation is strong on the home builders need to buy to build your home. it is not they can pencil in the cheaper homes. dr horton specializes in the lower priced homes they are able to do it because they are the largest home builder. it is tough to pencil in cheaper homes. they have been buying down the mortgage rates which helps get buyers in the door the stocks will get hit hard if they don't start to see sales come up. new homes sales do better because of the mortgage rate buy downs. as you saw from lennar, they are under pressure toll brothers are doing better

because they're in the luxury category the ceo said it demonstrates the power of the luxury brand. that's where the action is in the market right now. >> diana olick with the house i market thank you. coming up on "worldwide exchange," the retail stock our next guest is putting on her list we'll reveal the mystery chart coming up right after this or, hitting that win with your crew. ohhh! yes, see defense! or way up here with a same game parlay. yaw! betmgm's got your back. get your welcome offer. and play with the sportsbook born in vegas. all these seats. really? get up to a $1500 new customer offer in bonus bets when you sign up now. betmgm. download and bet today.

welcome back to "worldwide exchange." the market under renewed selling pressure across the board. s&p down .75%. the dow down .50%. nasdaq down more than 1.25%. joining me now is tiffany mcghee tiffany, good morning. great to see you >> good morning, frank >> tiffany, i want your response markets, at least futures, deep in the red right now i want your word of the day and what you think is causing the action in the pre-market >> it is probably a lot of things causing this action in the pre-market, but my word of the day is ms. it is ripe for the season and retail especially apparel brands need to take notes from kim

kardashian's brand skims she renamed the space lounge and it is selling out like hotcakes. second, she is the queen of collaborations she drops a new collab and everything sells out in minutes. these brands need to take note >> that's the word of the day on the retail sector and other companies as well. again, markets lower right now when it comes to futures how do you see the rest of the trading day shaping up and what do you think of the hawkish cut by the fed how do you see that in the markets going forward? specifically cyclical sectors? materials down double digits since the election. >> listen , i think we saw a reaction in the markets right after the election results so, i think i was on right around that time and i think i said then this is the knee-jerk

reaction to what we think is going to happen and what we think the incoming administration is going to do. now we're seeing some things kind of level out and i think this volatility may continue i think it really will continue into next year when the new administration takes -- gets into place and we really see this shake out listen, i think that a lot of, you know, wall street nerds as i call us, are projecting growth next he year, but we will see volatility over the short-term >> let's get to your pick and why. >> i know you just had on someone talking about nike my pick is nike. you know, they just dropped earnings and beat on the top and bottom line for the quarter. revenue year over year was down. listen, here's the one thing nike cannot do nike cannot not sell sneakers.

sneakers were down last quarter in store and online. they forgot who they were. they focused on online sales and discounts which hurt them. this new ceo elliott hill has this clear plan to turn things around he started off, i think is cool, as a nike intern they will focus on sport and performance which is their lane, right? they also will focus on supporting the distribution partners foot locker and dick's if you are buying nike for the retirement portfolio, you have time right now, nike is almost 30% down it is on sale. >> one last question before we get you go, tiffany. pce is coming up today core pce is expected to tick up one basis point. for someone invested in the equity markets, does that concern you about sentiment and what that could mean for the fed's path going forward >> listen, we hope that the fed

would cut three and now i think the dot plot says the anticipation is about two. we really want the fed -- we're really paying attention to the rate at which the fed is cutting. yes, of course, pce is the one metric that the fed really pays attention to when it's cutting rates and decision about policy. yeah, i think we will see a reaction to this, but the hope is that the long term things will kind of, you know, level out and we stay on that path for those three rate cuts. >> tiffany mcghee, good to see you. your pick is nike. pop after earnings, but trading lower right now. confident in the business and company. thank you very much. >> thanks, frank before we let you go, we have one more market platform. shares of novo nordisk

shares are down more than 20%. they are getting hit right now on ointing weight loss data shares of eli lilly up 8%. novo nordisk shares falling on disappointing data when it comes to the weight loss area. that is it for "worldwide exchange." "squawk box" starts right now. good morning it is 18 hours until midnight and a shutdown is now looming. a last-minute deal to fund the government was defeated in the house after 38 republicans ignored president-elect trump and voted against it we're going to take you live to washington plus, starbucks baristas are going on strike today. details straight ahead. and the faa banning drones in the state of new jersey what the department of homeland

security said about that move. it is friday, december 20th, 2024 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 andrew ross sorkin joe is off today let's check out what's happening with the markets because it has been quite a week. right now, you will see the futures are under pressure again. dow futures down by 267 points nasdaq futures off 300 points. the s&p is down 50 points. it snapped a ten-day losing streak the longest we have seen in over 50 years hower,