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 kernen. andrew is off today. let's take a look at what's happening the last couple days of the trading year. the dow futures are off 43 points. s&p futures down 8. the nasdaq down by 20. of course, we did have the dow break a five-day winning streak last week. the s&p 500 and nasdaq are now on back-to-back losses for this, but the s&p is still on pace for its best year since 2021 at this point. let's look at what is happening with the treasury market. there are a lot of questions there as yields continue to rise. right now, it looks like the

ten-year is sitting below 4.6%. the two-year at 4.30. a lot of questions of what is happening with bond yields and where they will wind up the next couple months. in the news over the weekend, former president jimmy carter has died at his home in plains, georgia. carter was 100 years old. he has been in hospice since february of 2023. >> yeah. >> which is a long time to be in hospice. he was the 39th president. served in the white house from 1977 to 1981. he was awarded a nobel peace prize in 2002 for, in their terms, undertaking peace negotiations and campaigning for human rights and working for social welfare. carter became known as an advocate for homeless when he and his wife, rosalynn started to volunteer to build homes for

habitat for humanity. he was a graduate of the naval academy in 1946. his political career began in georgia where he was a key factor in changing the landscape against segregation as a senator. later, as governor, where he greatly increased the number of black people serving in influential positions. president carter and his death triggered a series of memorial services that will take place in his hometown in plains, georgia and atlanta, home to the presidential library and he will lie in state at the capitol. all of that will be followed by a service at the national cathedral eight days from today. he will then be flown to his final resting place, plains, georgia, after the service. in the next hour, we will talk to evercore's roger altman who

served in the carter administration. that was a couple of decades ago. >> almost 50 years ago. >> yeah. when roger served. >> in '76 when he came in on alls this things. you look at from the perspective of the markets and time of great inflation. carter was the person who put paul volcker in office. kwar quarrelled with his own rty. >> a lot of conservatives voted for jimmy carter. it was a very challenging period and, you know, i remember it well. i was kidding you earlier. not everyone -- not everyone can say they voted for jimmy carter. i did once. i think i was 20 years old when i did it. it followed a tumultuous period.

watergate, nixon, jerry ford. he was a total outsider that people say paved the way for outsiders in politics at this point. plan to a lot of realities. nuanced presidency. everybody is familiar with the -- >> gas lines. >> the overall memory that maybe his ex-emplary life after president. >> sunday school teacher and won the nobel peace prize in 2002 for his work over decades and decades of fighting for human rights and for democracy around the world. >> after that, unlike other recent presidents, he did not shy away from either comments or getting involved in foreign

affairs to the chagrin of both his republican and democratic successors in the white house. a lot of them were angry over things done with north korea. israel, probably, has nuanced memory of certain recent comments when he was president in terms of -- you know, i watched a lot of the stuff he did and said afterwards and some of it i thought was great and some of it i thought was not so great. >> first past president to live past the age of 95. living to the age of 100. >> the first former democratic president to die in 50 plus years. think about it. we're talking lbj? >> i didn't think about it. we should tell you cable tv pioneer charles dolan has died.

he lawned hbo and amc. his companied networks were madison square garden and radio city music hall. a family spokesperson said he died surrounded by his family. we will speak with david zaslav in the 8:00 hour. he started out 1,500 customers in long island and before he sold, he had more than 3 million customers for that cable network. >> big sports guy. saw the creation and he has been watching cable -- on the other side, we'll talk about that. who better to talk about what is happening? maybe mostly talking about charles dolan.

we might ask mr. zaslav about the current things happening in the cable business. long time sportscaster greg gumbel died. he was a play by play announcer who once worked for nbc sports. he hosted the march madness for years. he celebrated his 50th year in 2022. in a statement, his family said he died peacefully after a courageous battle with cancer. he was only 78 years old. i never met him. he was a really classy guy in listening to him. i can't remember anything controversial. always there just to focus on it wasn't about him. focus on the game or the sports and athletes. he was very smooth. funny and gregarious. nobody, i don't think, didn't like him. in south korea yesterday, a

passenger plane crashed killing 179 people are board. two crew members were rescued alive from the tail of the plane. the airport warned the pilots about a potential bird strike. moments later, the pilot issued a mayday call. the plane rammed into a barrier and he exploded. they were looking into the bird strike that caused the failure. and president of azerbaijan says that a passenger plane in that country that crashed last week had been damaged by accidental shooting from the ground in russia. accused some in russia of lying about the cause of the disaster. the crash killed 38 people. on saturday, russian president vladimir putin apologized for the tragic incident in russian air space. didn't say that russian air defenses had shot at the plane. when we come back, we're going to take a closer look at

the markets with just two trading days left in the year. we have your playbook for 2025 next. this morning, the futures are in the red, but not major declines at this point. modest decline was the dow off 30. s&p down 8. nasdaq o 1ff7. "squawk box" will be right back. (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com he looks down at his queen, and says... (in atrocious french) au revoir mon amour. a bientot let's work on that french, shall we? (♪♪)

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the new year, the futures at this hour are a little bit weaker. dow futures ff 32. nasdaq off 22. let's get you caught up with the markets with matt miskin at john hancock investment management. matt, maybe we should talk a little bit about what you do this year before your playbook for 2025. you still got today and tomorrow left to decide to sell losers or do anything to pare your portfolio this year. what would you do? >> we would look at the lower part of equities and trim space in crypto and look into the higher parts of the market and move up in market capitalization. we think the last three months has been more of a junk rally. you see a lot of crypto related stocks and cryptocurrencies do very well. a lot of them do not have

fundamentals by nature. we would take profits there. what we are seeing is great high quality stocks and good roe. that is the place we want to be as we walk into 2025. >> anything specific you would say? >> for opportunities? the technology sector is still the king in our view because of the high quality nature of the company. the profit margins are great. the return on equity is great. the earnings have been great. we don't think we'll get another year to this size of type of returns of 30% type of returns. we go back over time. the s&p 500 just had two back-to-back 25% returns. that is very unusual. that's only happened four times throughout history. the prior three times, the third year was only above 20% once. that was 1999. so, we really need to be going back to the '90s if we want to

see continued 20% type gains. we don't think that's most likely the outcome that we see. if anything, we earn or grind out more mid single digit returns in the year or high quality stocks will be the leaders. we still have high interest rates and we might have moderating economic growth. >> the 1990s, that late end of the year with the three 20% years plus in a row got us to 2001 where you saw the massive pullbacks and declines and drops in the stock market. do you think that's an order or do you think what we have built this time in the markets is based more on strong fundamentals and something that can last? >> the big difference between now and then, becky, is now these companies make a lot of money. that's the biggest differentiate or. it doesn't mean we don't need that or get that kind of lost decade in the 2001 pullback.

i do think there are parts of the markets like crypto that very well could be in the bubbly type environment that need to see some corrective price action. stocks are no longer the risky evident asset class for portfolios. crypto now is. we have been introduced to the high risk asset class. that's where we start trimming. >> we have seen the bond market continue to sell off. that provides a lot of cash for money going into the stock market. you think that will continue to fuel equities in the coming year? >> as of now, the momentum is much more favorable for equities and bonds have been seeing pressure and we do think that is part of the rotation. end of year here, investors are checking portfolios and say why don't i own all of the s&p 500 because that is the asset class of choice for so long. we want to resist that temptation because i know you want to chase.

this has been a year of chasing. momentum is the only way to out perform the s&p 500 this year. we resist that and look at high quality bonds. the bond market is spilling into the equity market. the fact the ten-year is down today is great news. small caps are doing a little bit better this morning. if rates keep going up like this, it will likely cause a headwind for equities. we want to see the ten-year yield calm down. it will probably happen, but that's one of the risks going into next year is rates filtering into the equity market. >> what do you think actually stops the momentum in the markets if you think it is a play that is not worth chasing after? >> it is always challenging. momentum is a brut al factor to keep fighting against. it keeps going. the valuations are rich. the fed has really changed its tone. this last fed meeting was a

different story. they are cutting an aggressive. probably too aggressively down 100 basis points. they are telling you in 2025 maybe one cut. that is a different fed than what was priced in 2024. you have more of a white house put coming back into play here which is a nice development for the equity market, but at the end of the day, the fed could be at risk and rates could be at risk and that could actually cause momentum to slow and rotation in equity markets to occur. >> you think it will be a pretty strong first half of next year? >> the momentum is there. we are seeing the wealth effect. the equity market is up $10 trillion. that is a lot of wealth. crypto is up nearly $2 trillion in market cap in just the last three months of the year. that is helping consumer spending. the holiday ason spending was

likely robust because people felt they had more money in the 401(k) and it does help. it does translate into the first half being solid. the equity market likely as well. as you get further into the year, the fed not being as conducive to the equity arket. federal outlays were up 10% year over year. the government had stealth stimulus that hit all of the economy in 2024. i don't think that can happen again in 2025 given this deficit. that will make it a little more restrictive. it means as you get through the year, there might be a bit more cracks after such a good year. >> you are still fully invested in the market? >> we are. it is a value rally game. you are looking for the best places to deploy capital. i go to europe right now and it is weak economic growth. earnings are only growing 3%. you go to asia and china still

is working its way out of the economic malaise. you have systematic risk. you keep seeing stimulus. they will have another meeting on a meeting on a meeting and they never deploy the stimulus bazooka. you say the u.s. is still the best earnings and economic growth. a stronger dollar. all of these things keep us in the u.s. we just try quality stocks at a reasonable price. that keeps us in mid and large cap. we are not redeploying capital. we are looking value equities core value stocks. on the bond side, i try to hold my bond comments for other programs. after a year like this, it showed it. >> that's right. give the worst advice to the other programs. matt, thank you for joining us this morning. very good to see you. >> good to see you, too. coming up, president-elect

trump urging the supreme court to pause the ban on tiktok in the u.s. details are next. "squawk box" is coming right back. [alarm beep] you make it through security so fast, ♪♪ the agents applaud. your travel itineraries are so well written, they're on the best seller list. and you have access to lounges that don't officially exist. that's why you rent with national, where you can skip the counter and choose any vehicle on the emerald aisle. because travel isn't a competition. except that it is. and you're winning. dexcom g7 sends your glucose numbers to your phone and watch, so you can always see where you're heading without fingersticks. dexcom g7 is the most accurate cgm, so you can manage your diabetes with confidence. ♪♪

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i joined sofi because they've helped millions of members earn more money, save more money, borrow better, and invest for their ambitions. ♪♪ join a generational player. sofi. get your money right. on friday, president-elect trump asked the supreme court to pause implementation of the law that would ban tiktok in the u.s. believe it or not, it was going to happen on january 19th if the app wasn't sold by the chinese parent company. the court is due to hear arguments in the case on january 10th. trump's attorney says the

president-elect doesn't take merits on the case, but asks it be paused while it considers the case and the incoming administration the opportunity to pursue a political resolution. >> the political resolution would need congress approval on this, too. it is not something trump can do unilaterally as president. it's law. it has to go through congress to have some political resolution. >> he has his own people in congress. you got to get to january 20th. >> you have to get to january 20th and you have to figure out who the speaker of the house is and work the issues. >> it will probably be good old mike johnson. nobody else's wants that job. >> i wouldn't want it. in the meantime, janet yellen informing congress on friday she would likely need to use extraordinary measures if lawmakers don't raise the debt limit on january 14th. this is the amount of money the

united states needs to borrow to meet the financial obligations. the debt limit was suspended in june of 2023. that is set to expire on january 2nd. the treasury department can use accounting measures to fund the government temporarily including suspending investments and savings plans for government workers and health plans for postal workers. over the weekend, the debt limit problem was biden's, but now becomes the republicans. he calls it 1929 because in his words, the democrats don't care what our country may be forced into. referencing the stock market crash that kicked off the great depression. that is something you have to think about, too, if the incoming president says it could be bad and look like 1929. >> definitely is aware the market highs at 23 times earnings.

he said, you know, hlways been interesting. >> he called him a good friend. >> good friend. good guy. he said it was one of the dumbest decisions made. >> to extend the debt limit. >> got nothing for it and now back in the republicans hands. he wants it done before he is inaugurated. he wants something to happen. make the biden administration do it. i don't know how that finally plays out. when we come back, president trump, incoming president trump weighing in on the feud among his supporters over h-1b visas. we have that story later this hour. as we head to break, let's look at the biggest winners a losers in the s&p. palantir tops the list at 320%. "squawk box" will be right back.

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good morning. welcome back to "squawk box." live from the nasdaq market site in times square. check the futures this morning. not much happening. we see some red. quite a session in vix on friday, but when all was said and done, it wasn't that earth shattering. down 300 plus points. it was down earlier. >> they took off the market alerts. >> it wasn't great the last couple weeks. two or three weeks. ten straight days with the dow down and nasdaq was up. the 1,000 point day. >> we are not far from the all-time highs. >> we're not. we're not. >> i know you're nervous. >> i have been. i just, you know, we just heard -- that's good. all that trillions the last gentleman was talking about. ten trillion from the stock market. two trillion from crypto. maybe it will be a good christmas season. if you don't have earnings

perform, it's just hard to see multiple expansion. if we're at 22 times earnings. >> we are. >> if you are taking cuts off the table for the fed, which we have been recently, then you don't think multiples expand necessarily. the fed is forced to cut more, it's not going to be for good reason. >> are you are a value investor. you buy low. >> i can't been able to buy anything for 35 years. that saved me a lot of money. saved me from myself. >> exactly. all of us. jimmy carter, the 39th president of the united states, has died at the age of 100 after receiving hospice care in his plains, georgia home. nbc nightly news anchor lester holt looked at the life.

>> my name is jimmy carter and i'm running for president. >> he went from being jimmy who to winning the white house itself. then struggled with crises overseas in a troubled economy at home. a one-term president whose time as ex-president was the longest among the most active in american history. james earl carter jr. he always went by jimmy. was born in plains, georgia. growing up on a farm without electricity or indoor plumbing. he attended the naval academy and studied nuclear physics. carter married rosalynn smith, a friend of his sisters. when his father died, carter left the military career and went home to run the family peanut farm. he wanted something more. he got into politics.

georgia state enator and then governor. in the south, carter was something new. >> time for racial discrimination is over. >> he attracted national attention. >> sign in. >> was still enough of an unknown in 1973 to appear on "what's my line." one year later. >> i am a candidate for president. >> after watergate, the country was ready for a washington outsider who said america deserved a government as good as its people. a born again christian who promised voters i will never lie to you. >> we now have a projected winner. james earl carter of the state of georgia elected the next president of the united states. >> carter narrowly defeated gerald ford becoming the first president from the deep south in more than a century. >> i jimmy carter.

>> he started with a common touch. walk to the white house. a cardigan sweater to talk about the energy crisis. >> there's no way that i or anyone else in the government can solve our energy problems if you are not willing to help. >> he became a champion of human rights. >> no member of the united nations can claim mistreatment of its citizens is solely its own business. >> and the camp david accord showed carter at his best. leading talks with began. achieving a peace treaty in place today. closer to home, carter inexperience and distaste for rough and tumble were handicaps. when the economy tanked, so did carter's popularity.

he seemed to blame americans. >> the erosion of confidence. >> he looked weak. photographed collapsing during a run and it got worse. in iran, scores of americans were taken hostage. >> the candidate for president of the united states. >> ted kennedy announced he would challenge carter for the nomination. the soviets invaded afghanistan prompting carter to boycott the moscow olympics. above all, the hostage crisis consumed carter's final year in office. a mission to rescue the hostages ended in tragedy. >> eight americans had died and unknown number of other americans had been wounded. >> it was my decision to attempt the rescue operation. the responsibility is fully my own. >> still hoping for a second term, carter beat kennedy only to face a more formidable opponent.

ronald reagan didn't think much of carter. jimmy carter lost in a landslide. though he finally negotiated the release of the hostages, they weren't officially freed until he just after he left office. >> you were faced with huge crises. did you fall to your knees and pray? >> often. in it fact, i prayed more per day per hour while i was president than any other four years in my life. >> his defeat marked the beginning of the remarkable post presidency. he established the carter center commuted to human rights and democracy. he even got respect from an old adversary. >> you gave of yourself to this country gracing the white house with your passion and intellect and commitment. for that, mr. president, i thank you and your country thanks you.

>> carter built houses for the poor, he monitored elections and battled disease and worked for peace around the world. sometimes at odds with his successors. he wrote dozens of books and in 2002, was awarded the nobel peace prize. an extraordinary ex-president proud of his years in the white house. >> kept the peace. we never went to war. we told the truth. never lied to the american people. never misled the american people. in general terms, i feel at he's with my term. >> in his 80s, carter was diagnosed with cancer. determined to beat it with his collective demon or. demeanor. >> so thankful and hopeful. >> despite the diagnosis, he continued building houses and

milestones like his 90th birthday and marking the 75th anniversary with alynn. the longest presidential marriage. he brought that devotion to everything he did. for family and country until the end. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com.

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president of azerbaijan blames russia for causing the christmas day plane crash that killed 38 people and urging moscow to accept responsibility and compensate families. for more on this and latest in the russia and ukraine war and other issues as china is dewardric mcneal.

a cnbc contributor. thanks, dewardric for joining us. >> good morning, joe. >> happy new year. we used to have predictions for 2025. i would not ask you to try to do that. let's start with russia and ukraine and how these developments play anything. this is not a total one-off for what we've seen in terms of the russian military and commercial flights. >> yeah, unfortunately, this is a real tragedy. this is not an isolated incident for russia who we now know shot down mh-17 the malaysia airline flight. this azerbaijan flight flight 8243 was clearly impacted by an

air defense system and the longer these sorts of region and conflicts go on, joe, the more likely it is you will have some of these mishaps. most people who travel on a commercial airline believe these air defense systems have the ability to identify a combatant aircraft versus commercial aircraft. as we are seeing, that is not always the case and people do end up killed by military anti-aircraft systems. >> what do you think the future holds under the trump presidency for negotiations between russia and ukraine? is this factor into the negotiations? probably a totally separate, but related, i guess, conversation. >> yeah. i think the real issue here, joe, both sides have given some indication long before the trump election, but particularly after trump's election that they're at

a stalemate and exhausted and looking for some sort of an off-ramp of cessation of armed combat. i will not say cessation of ity it's because there could be things going on in cyberspace and some are looking for cessation of armed conflict. trump says he can solve this in 24 hours. this will not be solved in 24 hours, but i think finding a way for ukraine and russia to likely freeze this conflict in place so you won't have a resolution of all of the concerns that started this conflict, but just a pause which we'll see how long that pause endures, joe. >> dewardric, on your first point of commercial aircraft not necessarily being able to be distinguished from military aircraft that would be coming through. i was under the impression that most commercial aircraft were

being diverted and they would not fly over russian air space s.space. is that the case? if you are traveling overseas, should you assume that? which aircraft are flying over russian air space? >> that's a good point, becky. most of the commercial airliners in the eu and certainly in the u.s. have banned russian aircraft from their air space and rush has resip cipro indica. there are others that fly that. most diverted to the polar routes from asia to europe and so on. there are still commercial aircraft that moves through that space that unfortunately are at risk of being misidentified and targeted. >> dewardric, putin still wants the same thing. i wonder how -- how lasting or whether it could be a permanent

resolution if he has already expended so much to try to get -- be what does he want? a satellite state in belarus in ukraine? if that's what he wants and doesn't get it, why do we think there could be any type of lasting resolution? >> yeah, i think it's not going to be a lasting resolution to this conflict, joe. to your point, putin has lasting designs on ukraine. we will likely get a cessation of armed ies to freeze in place the territory russia already acquired. ukrainians will not look to that as a permanent solution. the danger, joe, to point out with the cessation of armed conflict, each side gets a chance to regroup and recruit and re-arm and go at it again. i hope not and for trump, the risk here is a peace or a cessation that he negotiates

that doesn't hold and will we have key fall like in kabul could be a danger to trump. he has to be careful whatever he puts in place certainly holds beyond his administration. to your point, there is a lot of unresolved anxiety here on the ukrainian part for security guarantees and make sure they will at some point get their territory back and for russia, they have larger designs on all of ukraine. >> we didn't get to talk china. interesting piece in the journal today, dewardric. there's going to be some back and forth. there's no doubt. neither side it seems like is in a position to take, you know, we need each other to some extent. if china really, you know, reacts too harshly, the on-shoring and we won't use -- the rest of the world will find other places for everything. that's the last thing china

needs at this point. let's talk about that next time, dewardric. >> you got it, joe. good to see you. >> what are you doing tomorrow? we'll figure something out. we'll have you back on soon to talk about china. thank you. happy new year. >> happy new year. coming up in the next hour, new york city congestion pricing is set to kick in on january 5th. we will lk ttao kathryn wylde for the partnership from new york. "squawk box" will be right back.

welcome back, everybody. futures exchange has halted contracts tied to wages related to the murder of

unitedhealthcare ecutive brian thompson. whether the suspect acted alone and whether he would be convicted or plead guilty. trading on those contracts halted two days later. kalshi told customers it made the decision after receiving notice from its regulators. it may be paying attention for a second to what seems disgusting. the cftc bans futures trading linked to crimes if the contracts are against the public interest. it declined to comment on a bloomberg report on the contracts. still to come this morning, president-elect trump weighing in on h-1b visas and the feud among its supporters. "squawk box" will be right back. ( ♪♪ ) partnering to unlock new ideas, to create new legacies,

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♪ president-elect trump weighing this on a feud among supporters over h-1b visa workers. he said he supports the program and has used it many times at his properties. the visa program allows employers to hire temporarily non u.s. workers. steve bannon argued the program allows foreigners to take u.s. jobs. elon musk and vivek ramaswamy armed the post benefits the program. he and others built tesla and spacex in the united states is because of the h-1b program.

in a statement on x, musk called for those contemptible fools to be removed from the republican party. he later clarified those in the republican party who are hateful, unrepentant racists. joining us now is tim higgins. tim is a cnbc contributor. tim, this is a pretty interesting fallout to watch among the two factions at work here. obviously, president-elect trump weighing in saying he is in favor of the h-1b visas proposals and plans. does that end the debate at this point? >> probably not. probably still some grumbling. anybody in politics who has been watching this coalition that trump built the past year to win

the white house, suspected there would be this kind of jam-up at the end. the tech industry is dependent upon the high skilled labor whereas others in the country feel like immigration, any kind of immigration, he essentially, is taking away american jobs. so, really these two camps are heading toward collision. i think what's surprising is kind of the level of tenor of the outburst and how excited elon musk got and how vocal he became in defending that position. clearly very important to him. remember, he is an immigrant who became a u.s. citizen. clearly out there swinging very hard going after that program. >> you know, the tenor on the other side of the debate, though, has been pretty

contemptible. all of the appointments to the trump administration to act as a policy adviser on things. there were some pretty racist posts that people saying things like who elected this indian to run america? there are pretty terrible elements that come out and come to play in saying things like, who elected this indian to run america? i have been terrible elements who have come out in play in this. i understand the pushback to that particular sort of vitriol. >> absolutely, ugly, ugly stuff indeed. it is interesting. it is pointed to ain not regraded -- a.i. and not directed at h-1b visas. he was tugging a green card, that is a nuance here, it gets to the biggest issue that throughout the ampaign there was not a lot of nuance when it came to talking about

immigration. it was a huge issue on the trump side. elon musk was out there reeling against illegal immigration saying he supports legal immigration always. i think some of the supporters in the trump world saw it and extrapolated he was on board, fighting that bigger ballot -- battle and clearly he is and when it comes to the nuances. not a lot of nuance was flying around. >> the other side of that debate, we mentioned steve bannon as being someone as opposed to these things as taking away american jobs. some of the of the people who have been supporters on the other side has been like a tomorrow -- laura loomer or matt gaetz. maybe it is not a huge surprise that president-elect trump would come down on the side of some of those high-level business leaders and millionaires said have gotten him elected.

>> it was somewhat confusing because in the past he has been against h-1b visas. earlier this year, on a podcast, he was talking in support of it, the campaign tried to maybe clawbacks some of those comments so there was uncertainty exactly where his head was on this issue. that is kind of what allowed the debate to grow so fierce in the last few days. it was essentially the two camps making the argument in public, this kind of public, townsquare debate on where the public should go in a dramatic way. yeah, so, very unusual to see this happen, but i think in the last few weeks, we have seen how elon musk will be engaging

in these political debates, right? whether it was the spending issue in congress or the house trying to pass that continuing resolution, he did not want it and now this, he is clearly using his bully pulpit to push very dramatically the things he wants politically. >> but having president-elect trump himself weigh-in on this, saying he supports the program at this point, does that silence critics who are also supporters? >> it is hard to imagine them being silenced but it does suggest trump has picked the winner, at least for the moment on the subject. we will see. >> tim higgins, thank you. it is just after 7:00 a.m. on the east coast, you are watching "squawk box" on cnbc. leading our news all weekend, i guess, today, former president jimmy carter has died. he was 100 years old. carter was the 39th president, serving in the white house from 1977 to 1981 in a series of memorial services that will take place in his hometown of plains, georgia. also followed by atlanta and washington, where he will lie in state at the capitol.

that will be followed by a state funeral at the national cathedral on january 9. later we will talk to roger altman, who served as assistant treasury secretary in the carter administration. all right, here we are on the ultimate day of the year, both in terms of the calendar and in terms of the trading days that are leopard to the futures are under little bit of pressure this morning. jail by about 40 points, the nasdaq down by 25. you are watching treasuries and while the trend overall has been for higher yields, the yields are a little bit lower this morning. the 10 year is below 4.6%, sitting at 4.59%. governor frank colin -- let's go to frank holland for more on the movers but i hope you had a great holiday. >> we will start with boeing shares this morning. taking a look, they are under

pressure this morning, down 3 1/3% following the plane crash involving a 737-800 jet. there will be a special inspection of all that aircraft operating in that country after an air crash that killed 170 people on board. south korea's acting president has also ordered an emergency safety section -- inspection of the entire fleet. boeing shares are down nearly 33% year-to-date. we are watching shares of media. nivea is facing rising competition around a.i. chips. the company will launch the next version of computers in the next half of next year, nvidia shares are down 30% year to date over 175%. speaking of big winners that year, pulling back a little bit, down about 2% over last week, down over 1 person.

remains the best performing stock in the s&p 500 today. you can see a huge run-up, up more than 300 50% in 2024. keep in mind, the company has a lofty evaluation in trading, 175 times for earnings. back over to you. >> frank i can't help but look at that. palantir shares up. it is pretty likely in this scenario. >> following their last quarterly earnings,after

joining the s&p, as you point out, up 350% year to date, this isn't really that notable. >> right, right, right. i think what is probably the most notable it is the best performer for the s&p 500 for the year. we just showed the charts of the best performers of the year and the worst performers of the year in the s&p 500. there are some very well-known names at the top of the worst performers, not just a bunch you haven't heard of. walgreens and into were the worst performers in the s&p 500. you're talking about names people know, not fly-by-night names sneaking up on other side of these things. that is something to pay attention to and take notice of. >> two big turnaround stories, ceos are leaving companies. right behind where we are showing these year-to-date numbers, walgreens at the top of the list, intel, a new ceo,

i almost expected to see nike here because they have been under pressure, estie lauder company overestimating their guidance going forward. that stock being hit by just an overestimation of that is. kramer often says if you are gonna set the target, you have to hit the target and in this case, this company has not. beauty is under a bit of a pressure, that is a big surprise to people. >> frank, we will see you later this morning. coming up, two more, just two, trading days left in 2024. we will check out market items to watch heading into the new year. new data on the netflix christmas day nfl games, it could have advertisers demanding more but you have to watch it wherever you are on the planet, thats th ie difference. more "squawk box" when we come back.

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>> futures at this hour, as you can see right across the board, nothing too substantial yet. our next guest says this is a stock pickers market. investors should avoid the broader averages at all costs. let's talk markets now with the chief investment officer of the bonton group. at all costs? maybe you have some of the same concerns we expressed here, evaluations are high. the average could be considered extended after the last couple of years. >> akamai think it all costs

sounds a little dramatic, you're right. it is for those that are looking at a short-term situation. i think the index has evaluation concerns, but long term, returns often do matter, in terms of your entry point in the evaluations are such you could have earnings grow 15% each year, which is what they are projecting to do. if the pe comes down just one or two terms, you give up that turn so we think it is better to be a bit more price conscious and value conscious. >> david, we could go over probably five, six, seven, eight, positive macro developments, light maybe deregulation or an antitrust environment that is much dire than what we have had the past couple of years, but when you throw in all the fiscal spending and all the large estimates from the fed, it explains 22 times earnings. we play it forward, there could be some comeuppance to be expected, especially when part of the deregulation might involve d.o.g.e and cutting

waste out of the federal government which is kind of kings and. >> i a great. it is not just four years, since 2008, both fiscal and monetary excess has been substantial. any unwinding of some of that is an issue. i don't think the fed will be pulling back. i think, in fact, it will tighten by the end of next year. even if they only cut two or three times next year, you are still getting a downward trajectory. to your point, that side of it is a future market problem, not a benefit. at some point, it comes out of the gdp. the payback of what we put in the gdp via deficit borrowing all these years, it is a downward track on future growth. europe is dealing with that. japan got it within 30 years.

>> if you have a president that gauges his performance or its success on the stock market, what will he do to try to get the stock prices higher and what will he be prevented from doing what he wants to do to try to get the market to continue to have an upward trajectory? >> i am tempted to answer what i think he should do, but he will do, i can only answer as to the republican i am, i think he will be cutting taxes. he will be deregulating and he will be pursuing energy independence. what i want to say is that the stock market concern will sort of pull back some of the tariff desires and i am not sure that is true.

i think he will use them as a negotiating tactic and it may very well end up being effective. ultimately, if it were too big, ultimately, like we saw in 2018, i think he will pull it back. i think this president does care about stock market returns and certainly, the market is assuming he does. in 2025, we will get an idea of how right we are but it is a bit unconventional. i call myself a reaganite. >> he is not running for reelection. he probably understands that sometimes you need to, i don't know, get the house in order and not get immediate gratification. do you think he would have the patience to have may be a rough start to his presidency, doing tough things to pay off in the latter part of the four years, or does he need immediate

gratification and be, you know, as you can imagine, the headlines that can be read and, oh my god, we miss bidenomics. we will see that, if the market goes down. >> i think he is prepared for some of it, but i don't think he will be prepared for a longer, you know, run of a downward trajectory of the market. i also don't know if he believes some of these things will back the market. it there is an enhanced about maturity, even a free trader like me, i am not convinced the market will help by getting through withchina. it is with the eu, mexico and canada and he is not doing that right now in the context of protectionism. he is doing it in the context of better support for immigration, crime, drugs and

national security. markets will not revolt at that. frankly, he might get better deals. ♪ ♪ >> the things that will probably be not fails and deregulation, it will be things out of his control like that 80 times earnings trading and the president can't control that. >> may be a i will pay off. it is early. remember the internet? it is unbelievable. it is in every aspect of our lives, definitely better than a fax machine. david, thank you. good to see you again and have you on. hopefully, we will have you on once in a while again. hpy n>>apew year. >> you, too. only come back, remembering the legacy of president jimmy carter. we will talk to roger altman, who served as treasury secretary in the carter administration. "squawk box" we'll be right back. ♪ ♪ it does not prevent covid-19. my symptoms are mild now, but i'm not risking it. if it's covid,

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former president jimmy carter has died at his home in plains, georgia. he was 100 years old. carter was the 39th president of the united states, serving in the white house from 1977 until 1981. joining us right now on the squad newsline is ever coursing your chairman roger altman. he served as the assistant treasury secretary in the carter administration for their saviors, 1977 to 1981. roger, thank you for joining us this morning. >> good morning, becky. >> we have been remembering president carter. i wonder if you could share some of your thoughts this morning, some of your memories? >> first of all, i have very fond memories of him. i owe him a huge debt of gratitude because at a rather young age he allowed me to serve the country for those four years and that was a tremendous privilege that he gave me. i also think fondly of president carter because i think he may better use of his ex presidency than any other president in the history of the country. after all, he won the nobel peace prize as an ex-president. he had decades of focus on eradicating disease, especially in africa, where he personally took on and was almost seen it

eradicated today. as we all know, he was a fanatic about building houses for the poor, working with habitat for humanity, his role as an election overseer all around the world for decades. he wrote 32 bucks. he was a remarkably humble man in so many respects, teaching sunday school in plains, georgia all these years every sunday. of course, creating the carter center itself. it has helped in so many nonprofit ways. it is true his presidency has seen a mixed or has been seen as an unsuccessful one. i think that is, in large measure, due to three huge events of which he didn't have any control. i am referring to the iranian revolution and the disruptions

in local oil supplies in 1978 and 1979 and what it cause, the 7% reduction in imports, triggered much higher gasoline prices and the long gas line so many of us remember. this affected the public. the iranian crisis, the hostage crisis went on 44 days in his efforts to solve that and the failed rescue mission and then inflation, which to some considerable degree was triggered by that reduction in the global oil supply but was fearsome during the last two years of his presidency. at was one lesson, i think, we can learn from president carter's term and president biden's term, it's that americans hate inflation. that doomed him. but, he accomplished a little more than people tend to remember. the egyptian-israeli peace

accord which, in every respect, was historic and has endured today. he was the original focus on renewable energy, at least in terms of presidents. he had a remarkable d regulations agenda, u.s. airlines, trucking and so forth. and the racial and gender diversity of his appointments, which was historical. i think he has quite the legacy, especially as an ex- president. i think it is pretty unlikely that the ex-presidential record, given the longevity of it, and, of course, the way he dedicated himself, will not be matched by anyone else. >> almost 5 decades since his election l, 17 -- 1976 is when he was elected, an awfully long time to be able to be able to

mull things and to work in the world in those ways. you know, roger, the inflation issue is certainly one that marred his presidency. i did not think a lot about it until yesterday and today but we have always gotten credit from him, president carter is the person who put him in that position and also said he would back him and deal with the political fallout. even then, carter was credited with much of the inflation. that was a pretty stunning set of events, too. we were looking back a video earlier this morning, 18.5%. those are times i can even imagine. we worry about 5%. >> 21.5, as i recall. >> president carter deserves credit for making the change that resulted in him going to the fed. remember, bill miller have been chosen by president carter to be chairman of the fed. miller, carter had, under

tremendous pressure, at least he had the courage to move miller, which he did over to the treasury and he became my boss and then to install, when he didn't particularly know and i'll of the high inflation, skyhigh interest rates, we refer to it now as stagflation, and it made him unable to win reelection but he was courageous around that. >> roger, do you remember, again, i was there and i talked about having voted for president carter, my first vote cast for a president was for him. i think i was living in boulder

and i don't know, it had been so disruptive and, you know, everybody was looking for something different at that point. but i always heard he was such a micromanager that he just got totally bald down? no, even though some of the stuff was out of his control, you know, and then ronald reagan came along, who definitely had a much, i don't know, looking at the landscape, i don't know if you can look at it any different then ronald reagan looked at the world and his overriding principles and he made his affect. did you see that micromanagement from president carter that sort of bogged him down ? >> i did see that. i will tell you a quick antidote. early on in the carter administration, the first

month, two or three. a statue has been passed during the prior administration at that point, mandating the decision whether there should be federal support for the alaska natural gas pipeline. the treasury was the lead agency and came to me and my level to prepare recommendations . to make a long story short, we sent a memo to president carter recommending there be federal financial support. in typical fashion, there was an executive summary, two or three pages and then a giant appendix and then hundreds of pages. typically, the president would read the executive summary, too busy to look at the other aspects. a few days later, the memo finds its way to president carter for his signature on approving a. one night i was leafing through the thing. in the back of the memo of his recommendation, there was recommendations on the width of the pipeline. president carter wrote in his own hand in the margin, why should it not be a three- quarter inch pipeline? i never forgot that for obvious reasons.

>> he was a nuclear engineer, yes. he had a real focus on energy. in any event, there was that aspect. president carter, he was not a natural politician in the way, for example, you would think of bill clinton or ronald reagan, as you said. that manifests, that manifested itself in a lot of his dealings with congress. although he had a pretty suggests -- successful legislative record. he was in a natural politician. he was a moral person. sometimes he was rigid and, you know, some of the way his presidency unfolded, was a lack of natural political skills but

on the other hand, he had tenacity. he spent 13 of his own days morning, noon and night at camp david, working on the egypt- israeli peace accord. he was a tenacious person. really, way beyond most human beings, which also played in a sense to what happened. >> very religious. almost, i remember, like i say, i was there for all of this. i remember the playboy interview. i mean, it was like stop the presses. >> he did an interview with playboy? >> yep. it was like, calm down, jimmy. that is what i thought about it at the time. it was almost like a confessional for him to admit to poor rosalynn, he noticed other women. >> the idea to me he talked about how he would never lie and he said afterwards that he

never lied to the american people. it is hard to imagine a person like that surviving in washington, which is out of the norm for the business. >> i have one more antidote. it is what may president carter remarkable. bill clinton it was elected president. i was lucky enough to go back and serve a second time. it was a couple of days before the inauguration in 1993. i am deputy secretary designate and i am working for lloyd benson and carter asked to see benson. it was just before the inauguration. he was in washington and he invited me and we were waiting for president carter to come in. we were notified he was in the building. we were speculating as to what he wanted to talk about. secretary benson, of whom i was very fond, he said, it must be some legislation bill he wants to focus on right off the bat. i thought it was logical.

he talks about guinea worm disease and the importance of eradicating it and how it can be eradicated and how important the cause is and how much of his own time he was spending on it. he spent the entire hour talking about that. he never mentioned another subject. he always referred to it as guinea worm disease. the fact that is the thing he wanted to talk about, visiting, you know, the new secretary of the treasury on the eve of the inauguration of this first democratic nomination administration in 12 years really tells you about his soul. all of those incredible years as ex-president, all of those causes, quite remarkable. >> roger, thank you for sharing all that with us this morning. we appreciate it. >> my pleasure. thank you for having me. "squawk box" wll be'e right back. 's very, uh... - right? - mmm...

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joining us right now to take a look at the ad market is kevin prim, ceo, let's talk this through. i think this was the most viewer heavy situation netflix has ever een but it was fewer people then watched the nfl on broadcasts last christmas. >> that's right. you had a record audience for screaming live -- streaming live sports but yet it was less than last year. that is what happens when you put up a wall in front of an audience. you will lose some. was still quite a large audience for any live sporting event. >> let's talk through what you found in terms of the ads and their effectiveness. >> we measure the outcomes generated by tv commercials. we go to all the media companies, disney, netflix, we are looking at the investment grade behaviors, the following

behaviors driven by the project market share items it sells. what we saw is that an appetizer on christmas day games on netflix, they had one and a half times more total engagement than you got in your average nfl regular season game. you have both a big audience and you had a highly engaged audience. >> meeting they would go find more information or click through and go buy something? >> search, web visits and ad usage. >> you did the best, which advertisers? >> we saw a really interesting mix. was different than the black friday game. >> you were just inspecting people to go straight to amazon and search. >> you you had entertainment ads, very interesting, netflix's own original properties, their own titles did incredibly well. the top 10 ads were a bunch of

netflix squid game season 2 was the top one. >> may be more interesting than the game they are getting blown out in right now? >> they sustained higher volumes. was impressive. you saw entertainment, you saw pharmaceutical ads. we had three pharma ads and were all top ads. >> was that a situation for people going to search more about glp-1? >> yes. >> i would think everyone on the planet knows what these things are at this point. >> now you see high engagement. it is learning more, wanting to know the details and is this right for me and my family. >> do you know which

advertisers performed less well, relatively speaking than the ones whoever performed? >> i actually didn't look at the bottom end of the list ahead of this as much as i did the top end. you know, you will always see an interesting mix. a lot of it has to do with the creative ideas that are being achieved in those 15 or 30 second spots. >> advertising messaging matters. the marketing message still matters in all of these things, but so does sue it is you get at the engagement level that you get back. it was interesting that beyonci■s performance drew the most viewers through all of it. you found the same thing with engagement. >> there is a real beyonci effect. it is fascinating to see that is typically a blowout. we had two, three bad games. i think everyone would agree. blowouts tend to hurt both audience members and the engagement with the app. the second game, which was the bigger blowout, when you had beyonci■do the halftime show, that had higher numbers. you had a real beyonci effect. she attracted more people than the games themselves and she had a halo effect around the engagement of the ads.

>> how do you see this playing out, just as somebody who has watched this develop over time and used to work in old media and now focused on the new stuff, the streaming things that come through. what is your prediction? >> what we are seeing now is a sustained trend. you will see more live sports and other big properties be streaming explosives. take peacock, which doesn't get enough credit for his pioneering work in livestreaming games. it had streamed the exclusive premier league using years ago. know it had a week one nfl game, the second game this season in brazil. that game did 70% better in terms of engaging on a per person basis with ads and necking. last year they had 97% higher engagement. that translates to higher value for the advertisers, which means they are willing to pay more. you will see a positive

feedback loop of media company or the nfl, maybe not as positive for the consumer, who wants a free game to watch, but you will see positive feedback which more money will go to live streaming. spent the lease go will go along with that because they get paid more. >> there is a trade-off and they have to be careful. that is making sure the audience, the fans can still get to the programs they want to see. so far, so good. >> you have possibly global engagement. >> that's right. >> if i were roger goodell, you know, i might be kept up at night thinking exactly about how to thread the needle. how exactly do you want to do it. i think basically it is all good for him. >> that's right. as long as his partners keep

executing like they are in delivering this way. >> how was the talent on netflix? are they new or something? >> they outsource mostly to cbs and fox talent, as well. it was something -- >> their top-tier guys? >> who are you people? >> i guess it matters you know the people that a lot of times you do get to watch, some familiarity that comes with that. a lot of people know us. >> speak for yourself. >> kevin, thanks for coming in today. great to see you. we have treasury secretary janet yellen in front of congress. she will be using measures if the lawmakers don't raise the nation's debt limit. we will get a playbook for reform next. "squawk box" is coming right back. ♪ ♪

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our next guest says the debt level is another change. former treasury undersecretary, now with purdue university, the debt limit law, good to see you, i debt limit law that protects the public from big government is possible. what does it look like? how would it work? >> joe, recognize what a deep hole we are in, $36 trillion in debt. there is no mechanism right now to control what washington spends. the swamp works together with congress to spend as much as possible and whoever is president goes along with that. and so trump, i think president trump is trying to stop that. so you see d.o.g.e. coming up. it was pointed out that it was

spent by the democrats so they should have to vote for the debt increase. that will be problematic in june when the deadline comes up. ronald reagan, who i worked for, he rounded up the votes on democrats and you had to really do things to get them to vote for the spending they had already approved. so we need a new system. i think we could use this opportunity to rewrite and create a debt limit that actually constraints washington so that it can't keep spending like drunken sailors. rand paul did that recent report, $1 trillion of waste that he identified. biden is leading -- leaving the cupboard bare. that is what we are dealing with right now. >> we always raise it because it is in the hindsight, the ira spent the money. why even have it, just get rid of it. and then, on the other hand,

you've just mentioned that both sides use it to try to extract things. i mean, simplistically, it is that democrats won't raise it unless they get this more spending that they want and republicans don't want to raise it unless they get less spending. that is too simplistic. they both like to spend. >> yes. and, when you cut a deal one time to avoid default, it does not last very long. i think what we need is a repeatable process, whether you call that rescissions or impoundment or you call it anything, d.o.g.e. could do this by putting out a long list of things the public would cheer, but it needs to be repeatable, like landing a booster on chopsticks when it comes back from outer space.

you want to do it over and over again. when you do that, people across the country and, i think around the world, would cheer. imagine the acclaim that would come from outside the u.s., if the u.s. government stopped spending all the money in the world, which is what it is doing right now. >> how does it work? i still don't understand. how does the debt limit and reforming the way that works, you know, what are you proposing? >> trump is on exactly the right track, take it to the public today, talk to the public about the debt limit law we have on the books. it is a really bad law. it allows them to spend all the money they want and then say, if you don't raise the limit, we will default on the national debt. you have to at the beginning say, this is a really bad law. we need to rewrite it. we won't one that can actually constrain how much they spend. they can't keep spending,

government spending, growing faster than the gdp. i think one way is just to have a law that says, when you are above a certain debt to gdp ratio, say 100%, that is enough. the public would say, you are exactly right. that is enough. and then that forces congress to make choices. right now, they have no reason to make choices. they just spend on every project. that is what comes out. >> wait that take it that simple? >> someone writes a simple long, can we get to the house with a narrow margin? how would that work to change that? what would be necessary? >> you have to advertise and bring the public on board early because some members, some republican members, say they will vote for any debt increase ever. they are going to be a no vote.

you have to persuade them his will make the country better by actually limiting washington. fiscal conservatives, i think, have to be the core of changing, of changing the law. one way you might be able to do it is to say, look, in june, we will extend the existing debt limit while we negotiate a stronger limit that actually drains the swamp. i didn't say it would be easy. it takes months and months of discussion and negotiation and bringing in the public to say that we want to do this in order to restrain washington. i think there should be penalties on washington when we are above the debt limit. that means no raises for senior government officials so they actually have skin in the game when they are spending money. >> okay. you will get some kind of job other than the one you got? >> well, i would love to, but those are in president trump's control. he is picking really good people. i think we have to recognize

they are forming a very strong administration that can get earthshaking things done. think about energy production. think if you could get cuba to be a free country. that would be huge for the whole world. the u.s. would be admired and our image would go up. i think there is so much work to be done and it started right now. >> canada and greenland has a lot of natural resources so who knows? >> africa has resources. china is controlling those. i think that has to change. >> maybe you could be climates are, i would like to have you in that position because i know how you really feel. anyway, thanks, david. >> the climate spending that is been done this week, this month, by the administration is out of control. >> we've got to stop those storms and the pledge and stuff.

we got to get that in order. thanks a lot, david. coming up, times square is getting ready to ring in the new year and the city is ready to start his congressional -- congestion pricing program. kathyrn wylde will join us on the potential economic impact in all of the battles to try to stop the plan. a programming note for tomorrow, we have a special guest that starts at 8:30 a.m. eastern time. we will talk about a lot of things, including this push for ivtyea to be sold to private entities and other investors. we will talk to marc lasry about a lot of different things. marc lasry will join us tomorrow. "squawk box" we'll be right back. ♪ ♪ at&t, it's super-fast! you locked us out?! and when thrown a curveball... arrggghh! ahhhh! [crashing sounds] we had everything we needed. is the internet out?

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it is 8:00 a.m. on the east coast, and you're watching "squawk box" right here on cnbc. i'm becky quick along with joe kernin. andrew is off today. and the news we heard yesterday. former president jimmy carter has died. he was 100 years old. president biden saying that the world has lost an extraordinary leader, statesman and humanitarian. and in a statement for anyone searching for a way to live a

life of meaning, search carter. a service will take place in carter's hometown in georgia. he will lie in state at the capitol. that will be followed by a state cay neat rail holding at the national cathedral. >> maybe mike santoli can tell us what's happening. mike, things fell off. we were down 20 points last time we checked. >> yeah, they've rolled in the last half hour or so, joe. it's a global move. you see the german market losing steam as well. we are kind of going back to test friday's lows and the s & p futures. you're not seeing the futures move on here. but we've been kind of scissors around this 50 day moving average.

the market obviously lost some momentum. it's not been able to capitalize on what are traditionally, the season ending tailwinds. a little bit of a bracing for whether we're in for perhaps a little more of an uncertain footing heading into the new year. i don't necessarily think there's a lot in this period of time that says that we have to expect anything particular. i even know the santa claus rally period is supposed to be predictive of the following year. we had a bad santa period rally last year. and in fact, the market's up more than 20%. we're playing into mid, early november. and the average stock is basically where it was three months ago. so clearly there's been some uncertainty here with yields. take a look at the dow relative to the nasdaq. this is a six month chart. after the mid-summer peak in the mag 7, you had real economy type stocks. the dow reflected some of that,

and you lost some of that advantage on this 6 month term. it had been the nasdaq megacap growth names that had been supporting the index. now those are coming in a little bit in the last couple of days. obviously, you have a lot of this chatter, did the tech employment situation in terms of, you know, non-native u.s. workers and all the rest of it, i don't know if that's what this is all about. but clearly, there's a lot of noise on the policy front, and i think people are uncertain in terms of their initial concerns of what it may mean for next year after the election. take a look at the ten year treasury yield. it is easing back a little bit. this is a two year chart. so what we still have for the moment is a series of lower highs. but it's not that far below the spring time level. this is what the market's keeping an eye on, at the time, the economy looks like it might be in a slight pause, joe. >> do you have a scale in your

house, mike? >> i believe we have a scale in my house. >> i'm not going to ask you. or do you go to the gym? you look the same to me. >> there's a great distance between the camera and where i'm standing right now. >> did you gain? i know. i have a scale at my house. >> you mean in the past few days? >> six pounds. the average person gains during the holidays. high calorie foods and alcohol, calorie dense, palatable food. decreased physical activity. just big fat people laying around, not doing anything. >> oh, gosh. are you getting us to the point of dry january? start your diet now? >> stress and emotional eating can increase appetite, alcohol. and you gain the weight, mike, and then you don't take it off typically, and this is what contributes to annual weight increases. and it's 6 pounds is average.

i nailed it exactly. >> you put on six pounds? >> i put on exactly six. >> between thanksgiving and christmas. you don't know. >> what happens between thanksgiving to new years? >> you try to drink thinks that aren't fattening, but it's the alcohol itself that's fattening. did you know that? it's not the mixers. that's what he said. >> most of the calories from the alcohol. >> santoly looked at me like i have two heads, because soaking wet you weigh 170 pounds. >> not 170. >> that's what he said. >> becky knows. >> you look great, mike, no question. >> not sure where we got here, but look -- >> i ask you these questions. that's exactly. i took us here. that's exactly how. thanks mike. >> very uncomfortable.

you look great mike, we're jealous. new york city congestion pricing is expected to go into effect at midnight on january 5th. joining us to discuss the challenges facing the program and what comes next is cathy wild. she is partnership for new york city and ceo. she is a frequent guest and contributor here on "squawk box." cathy, happy holidays. it's great to see you. >> thank you, becky. >> you and i do not see eye to eye on this matter. >> we do not. >> however, i value your opinion on this. i would like to hear about where you think things go from now. it's supposed to kick in on january 5th. there are a number of court cases that are still out there and legal challenges to this, not to mention that incoming president trump has said he's not a fan of it. what do you think happens? how is this going to play out? >> well, we are very encouraged by two federal judges that in the last two weeks have ruled in favor of the plan, basically

denying requests to stop the plan, importantly, in judge lewis limen's review, he basically said this plan will be a benefit to drivers, and he bought into what we know to be the case, which is that reduced traffic will result as a result of the congestion pricing, and that's going to mean everybody saves time. you don't like sitting an hour at the george washington bridge or the lincoln tunnel, waiting to come into the city. that time is money. so we're very excited that at midnight next sunday, we're going to see congestion pricing go forward. there is still a couple lawsuits outstanding. but we think that the precedent now has been set that the procedures were right. we had 4,000 pages of environmental assessment and study that the federal government has thoroughly reviewed. we've been at this 20 years since london, our city sister

implemented their zone in their downtown area. it's proven wildly successful. we know ours will too. >> kathy, is the point of congestion pricing to cut congestion or raise money, and do things you'd like to get done with the estimated billions of dollars that could be raised through this? it feels like it would be one or the other. >> no, it's a twofer. all you have to do, i drive in in the morning from brooklyn on the gowanus, and it's jammed, because all the traffic is going through the three bridges. there's now going to be a toll. there's going to be a cost for that privilege. it's estimated that we'll have a 17% reduction in traffic. currently, the speed in midtown during the day is 4.6 miles per hour. this is going to make a big difference. the other thing people have to

understand, particularly businesses have to understand, this is a real benefit for them because you've got 700,000 vehicles a day coming into the central business district. 80% of those are private cars. they have an option. a mass transit option, so the twofer is you save time and money, number one, and number two, we invest the proceeds in improving our transit system. we recently completed a survey of employees of our partnership member companies. their number one priority is reliable and safe public transit. that's what they depend on. very important. >> kathy, i will cite some statistics, and this is stuff i'm taking from the new york post this week. they say more than half of new yorkers are opposed to this even. this is not just a new jersey, connecticut thing, versus new york. that more than half of new

yorkers are opposed to even have the $9 fee that comes into some of these issues. i will say part of -- when you think about it, this idea that okay, it's going to be great, because it's going to cut down on the number of people coming in, it seems rather elitist. someone like you or i can afford to pay $9 every time we want to drive in and do this. it's a big deal for people who are working at businesses at midtown, maybe they're working off hours, maybe they don't feel safe on public transportation in the early mornings or late night. and if you're not somebody who makes a lot of money, it's going to be far more difficult to get to your job. i talked to businesses here in this area who are opposed to the parking garage across the street that says no one's going to park here anymore, they'll park six blocks north of here. there are things like that. are these just unintended consequences? there are some things you can look and think that says this

doesn't seem great for those people involved at least. >> totally understand. and all of those issues have been looked at. i was on the commission that approved this plan and we looked at every one of those issues. we provided exemption and discounts for low income people who have to drive in. for the disabled community. for emergency vehicle s. in fact, this is going to allow emergency vehicles, fire, ambulance, police, to move much more quickly to get to scenes because their time has gone. their time of performance has been damaged by the increase in traffic. we've made cultural decisions in the city over the last years, particularly since the pandemic. we've added bike lanes. we've added bus lanes. we have put picnic tables in the streets, and we've lost street space. there's no magic here. we have no choice but to reduce the amount of cars coming inen

0 the discretionary basis. and for those who have serious hardships they're provided for. every city in the world has introduced congestion pricing. it's not just london, it's oslo and stockholm. every city, before it comes in, everybody thinks it's another tax. once it's implemented, people say finally. we're getting our money's worth. what are the choices for having a safe and reliable mass transit system? we either raise fares or we increase taxes on business. already taxes are 44% of mta revenues. fares are 27% of mta revenues. tolls from the private vehicles coming in are only 13%. >> the one problem with all of that is that people aren't paying the fares -- the

existing fares, especially on buses. the numbers are horrific. isn't it something like half of the people don't even pay the fares for buses? you've got to a lesser extent, the same problem with the subways. i think i would feel better about it if those fares were being enforced for the people who are actually using the mass transit along the way. but i'm shocked at the number of people on buses who are not paying post-covid. >> absolutely. you know, post-covid, people are not paying their rent either because we had a period where the government stepped in, where we had free buses and subways, where we had government pays the rent for you. we've got to fight that back. and the mta, the state, and the city, the governor has made it. governor hochul in new york has made it a top priority to fix that. so we are very hopeful this is going to go forward, that we're going to get people back on the

subways. and paying their their fair share on the buses. you're right, it's 50% of the folks aren't paying on the buses. it's less than that on the subways, but it's still a big increase in fair evasion, we've got to change that. that's law and order, that's respect for a system that we all have to contribute to. and if you can't afford it, there are programs that allow you to pay a reduced fare, if you qualify. so anybody who is serious about a hardship case, they can be taken care of. >> i mean, i would love to see less traffic. that would make it nice to have less traffic coming in. i still feel like it's a little bit of an elitist situation. kathy, i appreciate your perspective. i appreciate you being here. this is all set to kick in january 5th. >> after it kicks in, i think we'll be in great shape. >> not happy kathy. get rid of those bike lanes and

the bus lanes. you won't have any congestion. >> by the way, the restaurants -- >> the mass transit has been mismanaged by the city for years and that's what we're stuck with? let them eat cake? where did she go? where did she go? >> we cut her off. >> oh, she's gone. >> we will have kathy back. it's been a long rni conversation we've had with here. when we come back, we're going to talk about the incoming white house's housing priorities with missouri congressman mark alford. "squawk box" will be right back.

all right, now we want to talk housing as we prepare for what will likely be a new set of policies in the next administration. one new data point on friday, the department of housing and urban development, hud, said homelessness rose a record 18% in the past year, driven by factors like unaffordable housing, inflation, and it says here systemic racism. so this is the biden administration's hud. it's not their fault. not inflation or anything. what do you think of that? missouri congressman republican mark alford, member of the small business. it says systemic racism that's causing it. >> yeah, blame it on everyone else but yourself.

this is a systematic in the biden administration. this is their modus operandi and it's disgusting. the problem is the climate, the cities like kansas city behind me are now following, and that's driven up the cost for a home here by 30% in the last year or so. in fact, from october of 23, to february of this year, there were very, very few new home permits pulled in the city because builders just can't make a profit. their average profit is around 30%. when you add 30% to the price of a house, the price is down. inflation is up on homeowners. it is a disaster in the making for someone wanting to own a home. get this, the median age now for the first time home buyer is at an all-time high of 38 years of age. i don't know about you. the first home we bought i was

28. and it is a way to build equity over the years that is the american dream, and this administration is killing it. >> what do you think is the answer? how can doge play into this? does hud work? i mean, i'm not convinced that, you know, if that's the kind of gigo -- garbage in, garbage out. we have to fund that agency don't we? >> i think it's systemic within all levels of federal government and state governments as well. that's this diversity, equity, and inclusion. look, we want everyone to have an equal shot of owning a home in america. that's when we got rid of red lining years ago. but the barriers right now are inflation, over-regulation and a lack of supply. and this administration, with

this dei initiatives creeping into home ownership, that is not good for potential homeowners. then you have a lack of so- called affordable housing, which i don't think $1,600 a month is very affordable for most families. then you have people who want to come in and build low income housing for certain segments of the population, just to rent. and these type of regulations are driving them out as well. >> the vice president harris had proposals to try to -- i don't know -- somehow increase the number of houses being built. the housing availability. and i'm not sure that that plan, just throwing more money at a problem, but what can the federal government do to increase the housing supply? or does it need to do anything except get out of the way? >> get out of the way. i think on the local level, the

state level, but mainly the local level. you've got to streamline, i think some of these initiatives, are a big deal for homeowners all over. that's why you see homeowners moving out of the kansas city area and into the suburbs. but the density there isn't as much, and it costs actually more per house when you're building on an acre of land than you are in a more dense environment. you've also got to promote affordable housing. and i think a lot of it comes to workforce training. we've got to have the workers going back into the trades. my son is a carpenter. he's done a little house building. but we've got to train people and make home building respectable. not everyone needs a college degree in america. and you can make a very good living carpentry work, finishing work, building cabinets. >> all right, congressman, we'll have you back again to

talk about all of these things. we appreciate having you on. happy new year. >> happy new year to you. >> when we come back, warner brothers discovery ceo david z aslav will join us to talk about the passing of james dolan. he passed away over the weekend at age 98.

this morning, we're remembering charles dolan. the hbo and cablevision founder. he died over the weekend at age 98. dolan's family also owns a company that operates madison square garden and the company that controls the new york knicks and rangers. joining us now on the squawk news line, warner bros. discovery ceo david zaslav. david, thanks for joining us this morning. happy new year.

>> hi. hi becky, happy new year. >> thanks, david. >> just reading on how it all came to pass. you were not around, maybe at the very beginning of the business, but it took an individual even to recognize the idea. >> of this cable media business. first, chuck was a regular guy. he was married for 72 years to his beautiful wife. >> we're having a bad -- >> sunday night dinner, every sunday at his family. he was a regular guy. with great integrity and kindness. but he wasn't a regular guy. he was one of the generation's greatest entrepreneurs. he launched the first urban cable system here n manhattan. and he had this idea, cable was to get a signal.

they did it in rural communities. he had an idea that he could do it in manhattan, in an urban community. and one of the challenges that you had then was the programming wasn't good enough. because you could get most of the networks in manhattan. chuck was just an extraordinary entrepreneur. he created hbo because he knew people wanted something else to buy cable. he would buy movies, and run them all day and type them into people's homes and he called it home box office. it's one of the things that drove cable in manhattan. but it wasn't enough. he came up with the idea that he needed sports. so he went to the owners of the knicks and the rangers, and he asked if he could carry those games on cable. it's hard to believe, but at that time, sports was not carried. most sports were not carried on television. the viewers -- if you put it on tv then people ouldn't come to

the garden or to the stadium to watch. so chuck did something that really changed the sports business. he said, i will guarantee you a sold out house for the garden and for the rangers. any seat not sold, i'll buy. and he put the knicks and the rangers on the manhattan cable system, together with hbo, and that was the model that urban cable followed. and i met chuck when i was 29, because i joined the cable group at nbc. the cable group was nothing. in '89, all the cable groups were losing money, so we needed to find a partner and he was already a giant. so jack said we need to partner with chuck dolan, he created hbo, he brought sports to cable. and the reason we needed a partner was we weren't sure it was going to be a business. so even cnbc, when we launched

cnbc in '89, chuck was our partner. it was 50/50. then we were partnered on bravo and amc and ifc, and we innovated and chuck came up with the idea for original news network with news 12 long island. he was just a great entrepreneur. and a great leader for our business. i don't think our business would look anything like what it does now if it wasn't for chuck. >> yeah, what does it look like now? no, don't answer that. you weren't sure cnbc was going to be a business. what did we find out? of course it is. >> joe, we were there together. >> i know. but we've come full circle, zas, we need this guy now to tell us how to proceed. so let's keep talking. he had hbo, he sells that to time. so he gets some of -- i don't know, he had enough money to

start a cable company itself. and start building out cable called cablevision, then what happened? >> which he did with us. we launched together as partners, bravo, ifv, news 12 long island, cnbc. we were partners by necessity -- in business. and willed a lot of those businesses to be successful. and he went back after doing that deal with the rangers and the knicks back in the day. you know, years later he would go back and buy madison square garden, and become the owner of the knicks and the rangers. then, you know, he would develop his son jimmy to be a great entrepreneur, who recently launched the sphere in las vegas and it was about a year ago that the sphere launched, and i was out there

with my wife. there was a group of us that are very close to the dolans, and who turns the corner at age 97? hand in hand with jimmy, just with his eyes wide open, so excited about the next venture that his son and doing. and it was chuck and jimmy. i sat down, at 97 years old, and we had a talk about this business. you said earlier, where are we now? when we talked about the business, chuck said it's about great content. people will always pay for great content, and they'll always find it, whether it was the knicks and the rangers. whether it was bringing movies to cable, whether it was bravo, or amc, or ifc, whether it was building broadband. so people can consume content on their phones and other devices. with that's the legacy of chuck. and the biggest legacy is, he was just a humble kind guy.

if you shook his hand, you had a deal. that's how we used to do business. we would shake hands and then two or three months later, maybe the deal would get done. but jack would ask the question. did chuck shake hands on this? we did some deals that we lost a lot of money on. we innovated in the early '90 and did what was called the pay- per-view olympics. the olympics were only available on broadcast at that time, and it was tom's idea we can make it available on six different channels, but you have to pay for it as a pay-per- view. then you can be your own producer. well, it was a good idea, but it was before its time, and we lost $100 million. i remember the day after he ended, chuck wrote the check for $50 million. at that time, $50 million was a huge amount of money. but he was a man of his word,

and he was an entrepreneur. he understood, sometimes stuff works and sometimes it doesn't. but you pick yourself up. if what you're doing isn't working, give them movies, give them sports. give them more entertainment. he's a giant in our business. he was respected by everyone, and i do think the business has changed, but it hasn't changed that much. in the end, we still need great content, whether it's sports or movies or entertainment. that's what warner is about, you know? >> david i was going to ask you that. his pride, his passion was cablevision, and there were so many people who tried to buy cablevision from him. i think dick parsons, another great who we just lost over the weekend, talked about how time warner negotiated with cablevision again and again, kept thinking they were going to get to buy it, and he always said no, because he cared about it. chuck dolan cared about it so

much, it was really his pride and joy. he finally sold it to altes, a very rich deal, it made me wonder why he sold at that point. i was wondering if it was something kind of akin to sam zelle finally selling equity office, the properties he owned back in 2007 at the high watermark of $30 billion. do you think that's the reason why he sold? was it a high watermark or was there something else happening there? >> you know, it's hard to tell. the cable business has become more complicated. there are more choices for broadband. more choices with youtube competing. having said that, chuck had built that into a really big powerhouse media company. the knicks, the rangers. they own theaters around the world. they were a leader in broadband, and in cable. they were a leader in cable

programming with amc and ifc and news 12. so you know, i would expect that jimmy probably just looked at it and eventually, you know, the economics that drawed it up were so compelling, they made a decision to sell. >> hey zas, i don't know what we need to do, that more than this, but i needed to ask you -- i'll ask it this way. let's say chuck dolan was still around, looking at what comcast is doing with spinco. looking at cable bundles. looking at this -- now it's called legacy cable, david. what's your idea? what would his idea be about how the future looks? how streaming works into it, how all of this great content, i don't know, does it get consolidated? is it not a bundle?

what do happening. we've got you on. you came on to talk about dolan, now you've got to talk about this. >> look, chuck was a futurist. he was always betting on the future. so is jimmy with the sphere. he would be talking about creating great content and creating it in a way that delights people, and is a way that is easy and comfortable. we currently have a media business where you put your tv on and you have 24 apps and you have to have your phone and google where to get everything. chuck and i talked about that. eventually, that's going to get rationalized, because it's not a great consumer experience. so you need great content and a great consumer experience, and that's what chuck stood for. he was a great futurist. he wasn't always right, but he was mostly right. where is the future of this business going? together, chuck and john and

rupert, they were the three horsemen. >> so what does it all mean, zas, for you, for your company, for brian roberts and what happens for what we're calling spinco, what's it all mean? who's a buyer? who's a seller, who's a consolidator. what's the value? what do we end up with? >> i think what it really means things haven't changed that much. we are a pure storytelling company. whether it's hbo, or warner brothers pictures, or sports, or the channels we have around the world. you have to tell great stories so that when people have a choice of watching anything, they'll watch you. i've always believed that the best content wins. sometimes you can have other companies that have bigger platforms and better algorithms, but in the end, our bet at warner brothers and

chuck's bet for most of his business, was that the best content wins. and he leaves a hell of a legacy. >> he does. all right. well stay tuned. i know you don't want to say too much -- you knew i would have to ask you a couple of things -- and i ask it in a way, what would chuck do? but do you have a plan? >> our plan is to create great content that people love and put them on platforms. i do believe there will be further consolidation, because it's just not -- it's not a great consumer experience. >> it's going to be a streaming bundle? how many streaming companies are going to be left, david? >> ultimately, the consumers are going to decide. in the meantime, we have to make sure that we're telling great stories at warner on the motion picture side, on the tv side, and hbo and max and on

all of our platforms. then i'm sure we're going to be successful. >> would you be excited about your cable entities and their future? >> i'm excited about -- you know, if you look at the food network or hgtv or tlc or discovery, each of those are producing great content that people love. so you know, in ten years will it be on a cable channel? it may. or when people want to watch that great content, they'll watch it a different way, and consumers will decide that. in the meantime, it's been a great run. i had a great run with you guys. we had a lot of great times together, and chuck was a big part of that. he owned 50% of cnbc in the early days. >> what made him decide to sell? >> you mean the cable business. >> yeah, like cnbc and the rest, you guys wound up with all of it. >> on cnbc, he decided to sell

because the business was losing an awful lot of money. we were also partnered with them on bravo and news classics, and all of those businesses were losing money. there were only say 30 subscribers in america, then there were 40, and 45. it hit this point where people wanted to come to cable and the younger generation was watching. a piece of that was cnn and the war, and everyone was watching. there was an inflection point. when we got out in '92, there was another network called fnn, so we bought that network and put them together. at that point, chuck had made the decision to come out of cnbc, and we launched more other cable networks together. >> you have called that

acquisition of fnn the key turning point for cnbc, because i came along with fnn. have you said that before? that was like the key thing for cnbc? david, you've said that. you've made that point. >> the key element was we bought fnn, and then really -- >> he's not going to play. >> you had the war, which everyone started watching cable. mtv became a huge magnet for a younger generation. and subscribers grew and advertisers grew. and it came from a busy all people were losing money, to two decades where people were consuming content in america and around the world. now we're in another transition period. people are consuming more content than they ever had. it's just a question of how are they going to consume it. >> all right, old friend. thanks for your time today. we'll have you back on here and

talk only about this. you come in studio and let us know what the world's going to look like in five years, whether we're all going to be part of it. >> happy new years. >> happy new year, david. >> coming up, we're going to talk markets on this second to last day of the year with tom lee. "squawk box" will be right back. ional, where you can skip the counter and choose any vehicle on the emerald aisle. because travel isn't a competition. except that it is. and you're winning. ♪♪ amazing. jerry, you've got to see this. i've seen it. trust me, after 15 walks, it gets a little old. ugh. stop waiting. start investing. e*trade ® from morgan stanley.

coming up, tom lee will join us. the futures have been deteriorating this hour. check it out, dow futures are now down by 380 points, so we have a market sell-off taking place in this penultimate trading day of the year. s & p futures down by close to 70 points. so we are watching what was a very modest decline when we started the show two and a half hours ago, and down 20 points or so for the dow. really taking on some real pressure this morning as we get closer to the opening bell. we'll continue to keep with this. make sure you are watching this, and by the way, a reminder tomorrow, don't miss halve capital's marc lasry. he's going to be jnioing us 8:30 eastern time. we will talk with him about the markets, and what's happening

in sports. particularly college sports at this point and much more. stay tuned. you're watching "squawk box" and this is cnbc.

careful what you wish for. earlier, we were like, well, there's nothing going on in the futures. we're down 20 points on the dow and had just fractional losses. here you go. it's turned into this. tom lee, significant declines now, especially after what

happened last week on friday. tom lee is here. fund strat global advisers and a cnbc contributor. this is not a santa claus rally. it's not going as planned, tom. >> it's not. i think investors have been a bit nervous since december 18th. that rate decision and worried that the fed may not be as doveish as investors previously thought. but i think fundamentals have remained in tact, so to us, you know, i think this is a bit disappointing, but i think it's a bit of profit taking. some hesitancy around the fed, but i think it doesn't really change at 2025, shaping up to have a lot of tailwinds. >> so this doesn't -- this just delays some of the continuation in a secular bull market that you've been talking about?

>> that's right. i think one of the lessons of 2024 has been we've seen periods of market wobbling and weakness. we know investors get pretty quick to turn bearish when that happens, but it turns out, these have all proven to be buying opportunities. i don't think there's been a lot of signal to me that december's been a weak month. even if we wind down s & p 500 to your end, i just don't think it changes. in 2025 there's a lot to look forward to. >> so what you thought you might have this year being put off. what does that say for the first half of next year? what do you think we're in for with valuations and where multiples are right now. with that in mind, do you think it could be a really positive first half of the year? >> i do think that one of the

things that we're watching most closely is what happens to ceo confidence early next year. we know they've been cautious for the last two and a half years. it's really evident in looking at measures like the ism manufacturing that's been below 50 since october 2022. and that's highly correlated with s & p earnings growth. i do think that's going to recover to back above 50, it is purchasing managers. on top of that, you know, we have an incoming administration that ultimately going to be viewed by markets as pro- business and i think that reignites animal spirits. i think the fed is going to prove to be doveish, even if they're trying o figure out where neutral is, they're still supportive of markets. it's a good combination for what i think is upside for equity. in the first half of next year, i think s & p can get close to

7,000. >> whoa. 7000. you've made some calls about the markets based on inflation. do you think recent worries that it's reheating are misplaced right now? >> i do think inflation worries are misplaced. i know there's a lot of folks calling for a resurgence of inflation, and i know for whatever reason, january typically doesn't seem to be seasonally adjusted away. so we could see what looks like a surge in january cpi. but to me, the drivers of inflation are wages and the fed has said the labor market is not in a place that is inflationary. it's shelter. we know shelter is really just catching up from the gap between where market prices are, which is not as inflationary, to how the statistical adjustors get to where that needs to be. and we know issue insurance has

really distorted cpi for the last two years. unless there's a supply shot coming, i don't know exactly why we would have a second wave of inflation. to me, i think there's down- side risk to inflation in 2025. >> then there's upside risk to a slow down in the economy. >> yes. that is -- there is uncertainty and risk to the economy from both the risk of terrifies. now that's the markets fearful of tariffs. i don't think that's something that should be baked into people's forecast. and of course the second is, if the fed is overly tight right now, that could lead to softness in the economy. but i don't think that that's a -- in that second case, that's when the fed gets invoked. >> tom, do you have any idea why the futures are down 400 right now? we haven't really laid any reason on it. we were saying weakness globally. but do you know anything more than we do? >> i don't. i think that it is not a liquid environment, because we're in

the final two days of the year. and markets didn't do well last week. so i think markets are now sort of pricing in the idea that we could finish december weakly, but strangely, if the last week of december is weak, i actually think it bodes well for a rebound in the first week of january. >> do you think the fed's going to be the most important component of the market next year? do you think new policies potentially coming from the administration? there's a lot of things that people worry about. what, if anything, do you worry about? >> for -- if we look at where there's potential for market surprise next year, i think it comes from the administration. because there's really two efforts underway. you know, one is what could happen with tariffs and immigration and deportations, which i think are -- again, i think markets are pricing too

much certainty around that. i think there is potentially upside surprise if tariffs don't end up being as drastic as many people fear and the second is doge and to the extent that that committee finds cost savings or embarrasses companies. that could be a source of market surprise. i think there's going to be more surprise coming from the administration than from the fed. >> all right, i guess, it's time for us -- no, we're going to get one more break. anything on bitcoin? ann thinks its risk on, risk off. that play on twitter. it does seem to be a risk on, risk off measure sort of sentiment, doesn't it, the way it trades? >> yeah, i think it's historically been more of a risk on asset, meaning the best years for bitcoin have occurred when the s & p's done well. so i think directionally, they're very similar.

but 2024 has proven to be a year where bitcoin adoption has more tailwinds behind it. i think it is a pretty big deal that the u.s. government is potentially embracing bitcoin, even making it a strategic reserve asset. i think 96,000, bitcoin is still a good opportunity. >> all right, tom, thanks. we'll see you next year in the new year. happy new year. yes. "squawk box" will be right back. economy, generation. because grit and vision working in lockstep puts you on the path to your full potential. old school grit. new world ideas. morgan stanley. it's a lot to be a caregiver and a daughter.

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all right. let's get a final check on the markets this morning. you will see right now, look out below. every movement -- every minute, it seems like we are moving lower on this. dow futures are down by 426 points with, s&p features down by 72, the nasdaq down close to 300. good luck with this. let's watch as we get close to the open. right now, it's time for "squawk on the street". good morning and welcome to "squawk on the street." i'm david faber with mike santoli and leslie picker. we're at post nine at the new york stock exchange. of course, carl and jim have the morning off. let's get a look at futures as we wait for the penultimate day of trading ahead. our road map begins with that fact, in fact.