it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." concern over the traditional year-end rally as markets face a dual threat. a $15 billion steel deal in president biden's hands and he's on the clock. netflix going all-in with sports. will the company score big or fumble? and the worst performing sector and meet your new room made siri. apple making the leap from the smart phone to the smart home. it's tuesday, december 24th,

2024. you are watching "worldwide exchange" here on cnbc. good morning. thanks for being with us. i'm frank holland. let's kick off the future with the stock futures. the dow coming off the third positive session in a row. the nasdaq and s&p with win streaks. the s&p up about 5 points. fractional moves to the upside. the dow would open up 13 appointments higher. nasdaq up 35 points as well. we take a quick check on apple shares. they are continuing to test record highs. apple up in the pre market. up 33%. you are seeing big upside moves with apple. palantir shares are climbing. the best performing stock in the s&p 500 this year. it got added to the indivisible

well. pulling back .75% of 1%. we are checking the bond market. take a look. the benchmark at 4.59. since the cut, moving basis points. more on the pressure that treasuries are -- excuse me, yields on treasuries coming up in a moment. also checking oil prices this morning. take a look. outline oil prices up .50%. bitcoin hovering around the $95,000. lower year to date. you see bitcoin moving up over 1% right now. trading below $94,000. month to date, it has fallen 3%. over seas and a mixed session. shanghai and hang sending moving up. the hang g up 1%.

shanghai moving 1.25% higher. we turn to the trade in europe this morning. the dax, remember, germany is the biggest economy in europe, pulling back. the cac and ftse up .50%. the mib is flat right now. that is the money set up. let's get to the top stories with silvana henao. silvana, good morning. >> good morning. nippon steels bid for u.s. steel is now in the nds of president biden after the foreign committee was unable to reach consensus on the dial. the president now has over two weeks to decide on the deal. he has previously expressed opposition to the takeover. the valuation of elon musk's a.i. startup surpassing $40 billion. x a.i. says it raised $6 billion in the latest funding round and

the company says the money would go to products and infrastructure likely referring to the groc model. and 2024 is a ceo exit year. 327 ceos departed companies. that includes former boeing ceo dave calhoun and intel's pat gelsinger. this year's number tops the previous record in 2019 of 312 exits. frank. >> interesting trend. interesting to see if it continues into the new year. silvana, thank you very much. see you later in the show. turning back to the markets. the traditional year end rally. the ten-year yield at the highest level since late may. we mentioned it earlier at 4.859. moving 20 basis points higher since the hawkish cut from the

fed. the dollar trading at 108. moving higher right now. for more on this, let's bring in the ceo of global vested advisory. good morning. good to have you here. >> good morning. thanks for having me. >> let's start there. here on "worldwide exchange" we have been looking at the rise in the dollar and headwind for equities. how do you view the rise in dollar and rise in bond yields? up 20 basis points since the hawkish cut. >> we have to be ready for this. i think we will see more volatility and uncertainty next year and i think the rise in the dollar is going to end up helping the u.s. markets overall. the main point is around uncertainty next year and i would like to talk about some of that. we saw some volatility last week and i do think that continues. we will see how things play out. >> you know, a lot of people talk about volatility going into year end at the same time in the

quote/unquote santa claus rally. people are expecting a strong end to the year since 1969 with the santa claus up more than 1%. i want to talk to you. what will cause the volatility that you are looking for? we have macro events going on and political movements. what are you looking at when you are talking volatility? >> that's exactly it. the first part is the interest rates and interest rate path. we talked about that. it was a more hawkish cut we saw last week. next year will depend. are we going to see the two cuts first in march and later in the year or are we going to see no cuts at all? that has to do with it. earnings is another big part of it. the a.i. related excitement that we've seen in the last couple of years, does that broaden out? are we going to see an impact on company profitability? are we going to see an impact on this a.i. related investment? that is something else that

we're looking at. maybe yes, maybe not next year. then you mentioned the new administration coming in. we know the topics or themes that we're going to see addressed around immigration or the tax cuts or tariffs or trade policy, deregulation, of course. we don't know the severity or the substance or timing. all of that creates the uncertainty and volatility. >> i want to get to your pick here. we love a pick here on "worldwide exchange." we see bond yields rise. a lot of people think bond yields will rise is that creating competition? >> the bond markets might be becoming attractive. that is an issue for equities. we did see that in 2022 when rates started to rise and the bonds yields started to rise. i do think we have an impact on equities based on the rise in the bond yield.

obviously, going back to don't fight the fed and impact on the bond yields, of course. absolutely an impact on equity markets. >> i want to get to your pick for us. interesting stock. it has more than doubled year to date. do you see more room to run? >> i think so. we think they're close. the revenue has been impressive. 40% year over year revenue growth. i do think they have a lot more room to run. so, they're an a.i. powered digital marketing platform. they help brands engage and they do a lot of very targeted messaging across multiple channels. they optimize campaigns in real-time. what we do think can play out next year is the application of a.i. that is a theme for the year.

this is a company we will see great things from. more room to run for zeta. >> pulling back right now. great to see you. i enjoyed the conversation. have a great holiday. we have more to come on "worldwide exchange," and one word investors have to hear today and the stock pick every investor needs to know. first, netflix on the nfl and will the streaming giant be able to score? more on the dismal year in the energy trade and our next guest says could provide opportunity in the new year. and shares of honda sending that stock urging. shares republican right now. we have a very busy hour when "worldwide exchange" returns. stay with us. help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley. ♪♪

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get the 5-year price lock guarantee, now back for a limited time. powering five years of savings. powering possibilities™. welcome back to "worldwide exchange." netflix has presents under the tree on christmas day. julia boorstin looks at what this could mean for nfl media rights. >> reporter: the nfl's $150 million deal with netflix marks the first time netflix live streamed a major league sport. if the games work technically and reach a global audience for the nfl, it sets the stage for the nfl's continued global expansion and potentially even more lucrative deals. these christmas games comes as the nfl plans eight

international games next year, up from five this year as the nfl continues to grow to 16 international games. >> netflix is specifically important to build our sport internationally, we need to bring the best product to the markets. that's the combination of live games we're playing there and we need media to reach there and reach there effectively. as i said before, each media market is different in the international markets. >> reporter: if tomorrow's games are successful, it could give the nfl more reason to renee dpoesh yat early. it can opt out after the 2028-2029 season and could expand the partnership with netflix for a new package of international international games. as for the technical part of the games after the mike tyson and jake paul glitches, the ceo and nfl commissioner are in good

talks. back over to you, frank. >> let's talk more about netflix push into live sports and the media rights and other content with the tech media and telecom analyst. great to have you here. >> good morning. thank you for having me. >> ted says netflix after years of not getting into live are now getting into live because people love it. you know what people don't like? glitches and problems and issues with the games. what is the expectation with the games on christmas day? not to mention the mariah carey concert and beyonce concert. a lot going on here. >> a lot going on. it will be a blockbuster event. everyone will want to tune in. you hit the nail on the head. it is all about delivering for fans on a global basis. this will set netflix up for future success not only in live, but particularly in the area of sports in general. you know, they are steadily

built up to the moment in the well documented issues that have been talked about. it has addressed some of those issues. now we will see on christmas day if netflix can deliver on the promises to fans on a global basis. >> let's say all of the technicals go amazing and the game goes well and the sound sounds great for the beyonce concert. what about the business part of it? to broadcast an nfl game is expensive. i'm seeing estimates of $150 million to broadcast these two games. what has to happen to be profitable going forward and what happens in the streaming space? >> there are a number of things to untangle in that question. the first is the actual cost of the rights themselves. that is hefty and can vary by game and the sports. that's no easy feat. as you talked about, it's in the hls. then you have the production

costs associated with each of the games and the associated costs with the actual delivery of that. so, i think, you know, when you look at it from that basis, you need to think about a viable financial business model to be able to deliver that element of a sport on a global basis at scale. there are a number of factors. you need subscriptions and you need to attract new subscribers and a key part beyond subscriptions is the advertising which is another key pillar of the netflix financial strategy. it is no cidence it is moving to sports. it is coinciding with the grander plans of advertising. when you look at five or six years down the line, it becomes

attractive. netflix beyond subscriptions alone. >> let's talk subscriptions nor. more. if you want to watch nfl games, you need seven subscriptions at $1,500 per year. i have the sunday ticket. i justify i'm not spending money at a restaurant. overall, this $1,500 for sports and media rights overall? i imagine if people have to pay so much, it is harder and harder to get them on all seven of the platforms. somebody has to suffer sooner or later. >> that excludes the broadband internet cost to stream the matches to the devices whether in the home or to your cell phone. there are a number of challenge there is that need to be addressed. the biggest challenge right now in sports, as you put there, looking at my research, is the

fragmentation that exists for users. users are being forced to sign up to a number of streaming services which means different billing cycles and support the services by downloading different apps. it is fragmented. if you look at what is happening in the uk, boxing day, amazon is going to be streams premier league soccer, not football, soccer for the last time as part of the rights portfolio. for next year, we are returning back to the most nopolistic vie with sky sports. having to fork out huge sums of money. if netflix can get this right, they will be a great appetite for the nfl to work closely toward a smaller number of

streaming providers. all points to a streaming future. >> paul, great to see you. thank you very much. enjoy the holiday. >> happy holidays. coming up on "worldwide exchange," bad news for spirits and beer makers. will the new year bring new opportunity to this group of stocks? you see the down moves with ab-inbev. stay with us. brian gomez coming up with that. so whether you're courtside trying to hit the over... or up here trying to hit the under. whew! 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. it's been a bad year for big booze. most are down double digits year to date. we just showed you the chart. brian gomez is here with us about the beaten up sector. brandon, good morning. good to see you. >> good to see you, too. investors souring on the group. lows back to may of 2023 before the bud light boycott. 2015 is about tariffs and consumer behavior. investors are watching president-elect trump's tariffs on mexico and canada. you have trade groups petitioning for broad exceptions for tequila. if trump and european officials don't reach a deal there. on changing alcohol appetites, you see why investors are

starting to back out. what does it mean for the trade? for investors keyed in on tariffs, modello brand stand to be hit hardest. molson and ab-inbev are durable. down year to date as you can see. frank, stronger numbers last quarter and a host of upgrades could signal a bottom in the category. diageo is looking to do the same with ciroc. the company offering no comment. frank, it is clear investors interested in cleaning up the balance sheet headed into 2025. >> as we head into 2025, i want to ask you what is creating the headwinds for the alcohol space? during the pandemic, we were stuck at home and a boom in alcohol sales.

what is going on now? >> we talked about the trends and folks say it is glp weight loss drugs and then you have consume rs spending less. it is interesting with premium alcohol sales. those are actually steady for the year. when you look at the more well drunk lower shelf products, those aren't selling as well. consumer trends are changing and how much money they are choosing to spend on booze. we see q4 a strong quarter for sales. we will see what happens in the new year. >> big boom in non-alcoholic drinks. i'm not a drinker. why drink a drink that doesn't have anything in it? >> you have energy drinks with zoa. a lot of trends to keep tracking. >> brandon gomez, thanks very much. as we head to break, checking on shares of taiwan

semi. shares are up 80% this year while the u.s. listed stock has nearly doubled. taking a look right now. the u.s. shares pulling back about .75% of 1%. over in asia, tting cle toos a new all-time high. stay with us. much more after the break. did you ever worry we wouldn't get to enjoy this? [jeff laughs maniacally] (inner monologue) seriously, look at these guys. they are playing great. meanwhile, i'm on the green and all i can think about is all the green i'm spending on 3 kids in college. not to mention the kitchen remodel,

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we have one product that nobody has really to the extent that we do. it's called oil and gas. there is no country in the world that has more. we're number one. i brought it to number one during my first term in terms of production. we're going to be number one plus. we'll do numbers that nobody will really see before and when that happens, prices will start coming down. >> that was president-elect trump arlier this month touting his energy plan for when he takes office. wti own 3%. welcome back to "worldwide exchange." i'm frank holland. we will have more on the energy landscape for 2025 and the pockets of that sector that may be poised to out perform. first, we kick off this half hour with the check of u.s. stock futures. take a look. you see a bit of a change. the dow pulling back a bit.

fractionally lower. s&p up higher. same for the nasdaq. off the highs of earlier for the nasdaq as well. a couple of stocks to watch. nvidia coming off the first back-to-back gain of 3% since august. you see nvidia shares are down fractionally. for the week, having a strong week up more than 7% ver the past five trading days. we are also watching broadcom on track for the best month ever. shares up 40% in december. you see the upside moves following earnings. this stock has continued to rally throughout the year. month to date up more than 45%. pulled back a bit after earnings. again, a big month to date for broadcom. people thought the money going into nvidia is now moved to broadcom. take a look at needs. a lot of the upside moves. benchmark at. 4.59. and bitcoin hovering around the

$95,000. it is lower for the month. take a look. down 3% for the month. right now, up 1%. bitcoin trades around the clock. that's the money set up. we iron turn to oil and gas. pippa evens is looking at what risk and reward is up big and small. >> reporter: good morning, frank. energy is the second worst sector this year and the lack of catalyst for oil, 2025 is all about nat gas. it hit the highest level in nearly two years and looking forward, two key tailwinds for prices. the first is lng growth and the second is generative a.i. that could translate to upside for gas focused drillers. at the expense of more oil focused players. now president-elect trump has talked about increasing lng exports so cheniere is the name

to watch. they are the second largest producer of lng globally. and finally, pipeline companies should be on your target. they have out performed this year and for investors who don't want to take the price risk, it is a way to bet on the energy sector and demanded growth from a.i. plus, it is really hard to build an intrastate pipeline. if you have infrastructure already in the ground, that is seen as a premium advantage. frank. >> it has been a brutal december for energy, but despite that, our cnbc cfo council survey, we asked those top decision makers believe will share the biggest growth in the next six months and a fifth of them saying energy behind tech although energy is the worst performer in the s&p 500 this year. let's talk about what lies ahead for oil and gas and energy

stocks with leo mariani. he joins us on the cnbc phone line. >> thank you for having me. >> president-elect donald trump has been saying drill, baby, drill. what does that mean? >> i think he has a policy to try to increase domestic output of oil and gas for sure over the next several years during his administration. the early signals from the producers out there is that folks are not planning to do that in 2025. we don't have all final budgets yet for next year, but there are some companies that have reported initial indications of spending. certainly, it looks like it could be flat to down in terms of u.s. capital spending in oil and gas in 2025. really, the issue is oil prices have been quite weak over the past several months while

service costs and fields have been sticky and remain a little bit elevated. returns have suffered a little bit and producers are not looking to get aggressive on the oil side. gas prices have done better in terms of natural gas. we could see pick up there in 2025. >> leo you layout a lot of headwinds there, despite headwinds, there are opportunities. can you give us some of your topics in the energy space? >> yeah, look, over the last month or two, we favored natural gas and focused equities. those stocks have done quite a bit better. one that we like into 2025 is coterra energy. ticker c-t-r-a. the company offers a mix of oil and natural gas. really nice gas leverage next year. we think gas does better than oil in 2025. really nice dividend which we think grows next year.

fairly aggressive buyback program. generally out perform production targets. that's one of our favorites. in terms of the oil names, these names have been beaten down hard as you pointed out particularly in the month of december. we do think the oil stocks are poised for a bounce as we roll into the first part of '25. we think the real losers here in '24 could get bought in '25. two names are conocophillips and diamondback energy. both names have come under significant pressure and offer significant returns in terms of dividends and buybacks. those names are poised to be better in 2025. >> leo i want to ask about a big rise in bond yields. in some cases, some areas of the market are attractive when they are not getting a rise in bonds.

is that making oil and gas stocks less attractive? i'm looking at the earnings estimates for next year. it n'tdoesn't look great. including q4. look at q1 of next year, 9.5% lower year over year. when you look at this sector, is it in your mind a difficult investment just looking at the earnings estimates? >> look, that's clearly going to be a headwind at this point in time. obviously for fourth quarter, it is largely baked in. commodity prices are largely set. you have a week to go here. there certainly could be a small side surprise. we will see how that plays out. the oil markets have been lending bearish for some time here the last several months. look, they could be modestly better. one of the keys in the first quarter could be the return of more significant sanctions on some of the largest global oil

producers. most notably iran and you also have russia and venezuela. trump might put pressure on all these countries as he gets in office in january and february. that could offer a boost to oil prices. look, i think there is a strong probability earnings are down a bit year over year, but i think a lot of the stocks have seen an extremely bearish bent. it might be better at the end of the day. >> you see an upside for the earnings? >> i think that is fair. earnings is pretty much predicated on what commodity prices do. if oil prices weaken, oil will be ugly in the first quarter. we think oil will do marginally better in the first quarter which could help a bit. at the end. day, you know, oil prices are difficult to predict. we think first quarter to see volatility here and perhaps a

little bit upside. >> leo mariani, thank you. >> thank you. coming up on "worldwide exchange," elon musk looking to further capitalize on a.i. red hot demand. new figures on how much his x a.i. startup my now be worth. "worldwide exchange" will be back in just a moment.

time for the global briefing.

shares of honda jumping 12% in japan. they rose 17% and the automaker announced plans to merge are nissan. they announced a $17 billion stock buyback. honda's u.s. listed shares are higher in the pre-market. chinese markets are rallying as reuters reports beijing is reported a bond sale of $400 billion next year as they ramp up the stimulus. the proceeds will be used for equipment upgrades and funding innovation driven sectors such as a.i. and spacex is looking to outfit iag with wifi. they have not made a final decision and looking at other providers including amazon. amazon plans to launch its first operational satellites for wifi

early next year. coming up, the one word every investor has to hear today and the stock pick every investor has to hear. and why apple is betting big on your home. as we head to break, a look at the highlights from cnbc over the past year. stay with us. >> this is a place where news is broken. it is full of actionable and accessible ideas. >> we are live from paris, france. >> you pulled off the biggest ipo in history. >> you thought this was andrew? it is me, david. >> this is where the rubber meets the road. >> cnbc has never been so busy. ♪ >> i go back to china. what are you doing now? just alibaba? >> everything. everything. >> it looks fake to me. >> what is your workout regimen? >> it is all about moving, moving, moving. >> i will push this button. we have takeoff. >> we are live from the new york

stock exchange. >> the best day for stocks in two years as president trump is elected once again. >> bitcoin on a tear. ♪ i'll be there for you ♪ ♪ >> we have a superstar in house. >> he just walked in the door. >> this is the greatest shown o earth. >> don't ever give up. if you rest, you rust. 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.

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exchange." apple doubling down on the smart home efforts in the year. we have steve kovach with more. >> reporter: frank, good morning. apple is making another move at the smart home after the last six years. apple supports smart appliances right now, but it is a side show after home pod for voice control and iphone apps that control stuff in your home. apple well take another crack at the smart home market is due to grow again next year. according to the research firm idc in september, it is expecting 0 million smart home devices next year. apple is going to play a part in that according to bloomberg reports, it will start with a smart home hub. it sounds like an ipad with stripped down features. you stick it to your wall and it

let's you control the appliances. apple is working, according to the report, on the new version of the home pod for voice controls. analysts at tf international securities, scoops what apple is working on. he says apple is working on a smart camera to compete with google and ring brand. apple is working on a door bell to let you unlock your door automatically as you approach using the facial recognition on your iphone right now. frank, these sound further off, but the point is the smart home platform is able to work from iances from any manufacturer. apple, by the way, has been laying the ground work for the launch for a couple of years now in the smart home push partnering in 2022 with amazon, google and samsung and other tech companies to work on something called matter. the smart gadgets can use to

talk to each other no matter what device you're using. it is still not expected to be a big business for apple. iphone sales are showing lackluster growth the last couple quarters, but services growth is growing. they could use this to push more icloud on top of the hardware sales it has now, frank. >> a lot of interesting stuff here, steve. what is the projection for sales? the alexa home devices and things like that. what is the outlook? >> reporter: let's talk about what's the most important one is for the iphone. it is a new category. we don't have much of a prediction of what these new kind of home hubs will look like, but the iphone still really matters. that's the biggest question hanging around tim cook's neck so to speak because sales don't seem to be growing as quickly.

i know you had our friend dan ives at wedbush talk about this and he is bullish on the artificial intelligence launch to spur a big upgrade cycle. we haven't seen much evidence of that yet. we have to wait to get through the rest of the month and december wraps up and apple reports in five or six weeks before we get that real answer. >> steve kovach, thank you very much. coming up on "worldwide exchange," our next guest thinks the hottest trend of the year is the best bet for 2025. we will reveal our mystery chart coming up after the break. if you miss us, check us out on spotify or other podcast apps. much more coming up after this.

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welcome back. as we close in on the 6:00 hour, here are the stories we are following this morning. nippon steel's bid for u.s. steel is now in the hands of president biden after the committee on foreign inn vestme in the u.s. was unable to reach assessment. the president has two weeks to decide on the deal. shares are down over 3%. nippon steel shares up 1% right now. the valuation of elon musk's a.i. start up with surpassing $40 billion. it raised $6 billion in the

latest funding round. the public is looking for help to improve the stress test on banks. the fed will seek comments on making the test more transparent and keeping capital requirements consistent year to year. bank of america settling come employ iance issues. bank of america had problems with sanctions and suspicious activity monitor. and 2024is the ceo exit record. 327 ceos exited companies including dave calhoun and pat gelsinger. back to the markets. the stocks look to build the holiday shortened trading week. we are checking futures right now. taking a look. we are seeing the dow has pulled lower in the red right now. the s&p and nasdaq are higher.

let's bring in ivory johnson founder of delancy management. ivory, good morning. happy holidays. good to see you. >> happy holidays to you, too. good morning, frank. >> ivory, how do you see today shaping up? what is your word of the day? >> my word of the day is liquidity. it is interesting. global liquidity peaked in october and dropped pre- precipitously. the reason it is important is there is a 70-day lag of global liquidity and bitcoin. nasdaq is equated to global liquidity as well. i think we will have a choppy month or so. that is a phenomenon. it will re-accelerate, but in the short-term, it could mean more volatility. >> more volatility going forward. how big of a factor on the thesis is the rise of the dollar? since election day, the rise is

up 4%. the bond yields up 1% since the election. moving higher, but 20 basis poi since the hawkish cut. how big of a concern is that overall as we look into 2025? >> not too concerning. when the dollar goes up, non-dollar users have a harder time getting access to credit, right? we also at the same time gone from rate expectations from four rate cuts to one or two. i'm not concerned because global liquidity will re-re-accelerate the government has to refinance 30% of its debt next year. at the same time, there is $2 trillion of deficit spending. all this has to be monetized. don't forget china will have a 4% budget deficit. they pledged loose monetary policy. we assume that liquidity will rebound and yields are going up because there is an expectation of growth and inflation.

>> you are not concerned about the impact of yields and the dollar on the equity market at all? >> not in the short-term. in the short-term, yes. i think in the short-term that's going to cause volatility. i think the liquidity is going to rebound in 2025 for the reasons i just mentioned. >> i got you. it's one sector in the short-term that is most impacted by the rise. the dollar up 4% since the election. that's a huge move for currency. >> the dollar going up isn't good for gold and it's probably not good for bitcoin. those two sectors are probably the ones i would be most concerned about. i wouldn't be surprised if we saw crypto back off from here at least for the short-term. those were the two i would be most concerned about. >> i have been talking to a few traders. i want to ask you do you think bond yields are come petition f the equity market?

>> i don't want to make predictions of where i think it goes. i think more of a barometer of where we see inflation. don't forget, index is up 6.7% in the fourth quarter. inflation has re-accelerated. particularly if you look at core inflation. that's a function, too, of wage growth. wage growth has gone up 4.5%. that might get exacerbated because 4 million new workers come into the country every year and a shortage of labor. 75% of is from the service sector. i think yields will be low because we know there will be gdp growth. gdp doubled since the first quarter of year and we know inflation is going to be sticky going forward. >> ivory, i want to get to your pick. what is your pick for us today and why? >> i think it's -- i think it's bitcoin. nasdaq to some extent also. bitcoin because when you increase liquidity, we are

debasing our currency. we have $7 trillion of debt that has to get refinanced at higher rates. we have to monetize that debt. that means the fed prints money. i think people don't realize the federal reserve is the largest owner of u.s. debt. it's not china, it's not japan. it's the federal reserve. they are printing money in the open market and that is used to lend the government more money. we are debasing our currency. that will accelerate in 2025. not just what is happening in the u.s., ut globally. when you buy bitcoin, you are trading something in abundance. it is 21 million coins ever mined. 3 million to 4 million have been lost. there are reasons to buy bitcoin notwithstanding crypto is the big investor in the latest presidential cycle. they don't just have a seat at the table, they actually bought the table. they are tipping the waiters.

that might influence policy and create adoption rates. we have seen the bitcoin act where they want bitcoin to be a reserve asset. that's a narrative, but policy also, don't forget, if you have tax cuts, and they have to borrow money to pay for the tax cuts, again monetizing the debt increases bitcoin. >> ivory, you are bullish on bitcoin. your pick is bitcoin. ivory johnson, enjoy the holiday. >> same. here is what we are watching. new home sales and manufacturing in the richmond area and business activity in the philadelphia region. as we have been mentioning, a shortened trading day with the markets closing at 1:00 p.m. in observance of christmas eve. we have been talking about it all morning long. the dow has slipped lower into the red right now. looking like it would open seven points lower. s&p and nasdaq higher. we want to look at treasuries as well. this as a big rise in bond

yields since the election, buff since the hawkish cut from the fed. the benchmark at 4.59. a lot of talk about the yields and bonds becoming competition for the equity market and putting pressure on the equity market. okay. that is going to do it for "worldwide exchange." thank you for watching. i hope you have a great holiday. "squawk box" starts right now. good morning. the futures are mixed pointing to a flat open, but cooperating because when we look at them, there's some red and there's some green. so, it's perfect. not much happening. this does kickoff, christmas eve and it is the start of the seven-day santa claus rally period. the last five trading days of this year and the first two of next year. the fate of nippon steel's deal to buy u.s. steel is now in president biden's hands. he has 15 days to decide whether to approve or reject the

acquisition. and banks are warning people about check fraud scams around the holidays and urging consumers to practice safe checks. it's tuesday, december 24th, checks. tuesday, december 24th. yup, also known as christmas eve. "squawk box" begins right now. ♪ >> got some questions. >> good morning. welcome back to "squawk box" here on cnbc. live at the nasdaq market site in times square. i'm andrew ross sorkin with joe kernan. merry christmas, happy hanukkah. it's all happening. >> that tie, it's festive. not festivus but -- >> this is what i was discussing yesterday. i almost wore -- s