it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." stock futures enter pressure to cap off a rough week for wall street. a driver today is the december jobs report and what it could mean for interest rates. the reason behind donald trump's fixation and the possible outcomes. and a.i. spending is boosting the chipmaker and the

growing cost of the california wildfires. it is january 10th, 2025. you are watching "worldwide exchange" here on cnbc. good morning. thanks for being with us. i'm frank holland. before we begin, a live look at los angeles where crews are making marginal inroads to containing at least five wildfires. the palisades burning 20,000 acres and destroying at least 1,000 buildings. officials say that fire is 6% contained. much more on this and the staggering cost coming up later this hour. first, we turn attention to wall street and a check of the u.s. futures after the stock market was closed yesterday for the funeral of president jimmy carter. futures in the red across the board right now. s&p down .30%. nasdaq down under .50%. the major averages on pace for a

losing week. nasdaq on pace for back-to-back losing weeks. we will talk about that with our guest shortly. the ten-year yield approaching 4.7%. it's at 4.6. the 30-year close to a 5% yield. its highest level since november of 2023. the jobs report today expected to be a market mover for both bonds and stocks. oil and natural gas moving higher on expectations of higher demand this winter. take a look. we are seeing wti crude up over 2%. similar story for brent crude. both trading above 70 bucks for wti. 70 for brent crude. natural gas moving higher up 3.75%. we move to action overseas. we have silvia amaro tracking all the action.

good morning. >> good morning, frank. thus far, we have seen a mixed session for european equities with investors very much waiting for that jobs report to understand how to position their portfolios. all in all, if we take a step back, it has been such an interesting week for markets. let me show you how asian markets fared week to date amid the growing concerns around higher bond yields. we actually had basically red across all of the major bourses in asia. if i bring you back to europe, let me show you how we are on track to finish the week because it is a different narrative from what we witnessed in asia. at the moment, those numbers do suggest we could end the week on a positive note over here in europe despite the growing concerns around inflation and higher rates for longer. no doubt, that has been the main market narrative this week. let me show you how european

bond yields are also faring with the pressures in the treasury market continued overseas. europe did not escape that either. we are still looking at higher yields across the board. i want to take you to what is happening in the uk. the yield on the ten-year gilt at the moment tracking 4.85%. we have seen this yield on the ten-year gilt actually tracking levels that we had not seen since 2008. analysts here, frank, are saying it's a mix of two things. it's what's happening in the united states and also concerns with the fiscal position in the uk. we will see what will happen in the trading day. >> thank you, silvia, very much. speaking of the united states, the monthly jobs report coming out at 8:30 a.m. eastern time. job growth expected to slow, but growth overall. calling for an increase of 155,000 non-farm payrolls over

227,000 in the previous month. so, barring any reinvestigations to the october and november numbers, the u.s. added 2.1 million jobs last year, or roughly 179,000 per month. to compare, 3 million jobs created in 2023. let's get more sight with dana peterson. >> good morning. >> i want to get your perspective. the estimate is 155,000 jobs and wage growth 4% year over year. what does that say to you about the economy and what will the fed say about that when they make their decisions later this month? >> i think it says the u.s. economy is doing fine. i do believe we are at full employment. anything north of 100,000 is probably really strong. again, 100,000 was kind of break-even payroll the level that you needed back before the pandemic to have full employment. that number might be a little

bit lower especially given the fact that companies are retaining more of their workers because of retirements. i think the labor market is strong. >> all right. you say labor market is strong. there is something you are looking at and i want your take on it. you are looking at the unemployment rate for 27 weeks has ticked up from .47% and now about 1% at least in november. .3%. why is that important? >> the highest it has ever been in the last 20 years was 4.5%. that was certainly during the pandemic. actually, no, it was during the great recession. so, there is some relevance here. the point is it's up. a lot of that reflects people jumping back in the labor market or reentering at a time there aren't that many jobs to go around. remember, companies gutted their work forces during the pandemic

and spent three years getting people back to the office. those people are back and the thing is it is more difficult. anyone who is coming in at this late stage will find it more difficult to find employment. i think anyone who has run out of unemployment insurance which lasts for 27 weeks and they can't find a job, that's the friction in unemployment we will see. when you look at the level of payrolls, it's extremely high. i think most people who want a job have a job. >> i want to go to the wage growth 4% year over year. you say labor costs are a problem right now. don't we want a strong consumer to continue in the economy and strong income growth for people to go out and consume and buy cars and it will also help them weather these higher nterest rates overall? >> it's really about perspective. absolutely, we want people to

feel secure. that is fuelling consumption. we saw everyone afraid of recession in 2023 and weakness in '24. we didn't see that because consumers are working and wages are higher and they had savings and a reason to spend, especially on services. however, it does mean that inflation is higher. we think that for companies, those wage costs are just passing it on to the customer and certainly that's causing inflation, especially up core services. that feeds into what the fed does with interest rates. when you look at what's driving inflation on the services side, it is housing and insurance costs and also the wage pressures. it's good and bad. we think as long as you continue to see those types of pressures, the fed will remain on the sidelines and say we don't need to cut interest rates that much. we need to be gradual with this and that's where they're going to head. >> dana peterson. thank you very much. you have a great day. >> you too. we have more to come here on

"worldwide exchange," including td cowan's case for the stocks leading the charge. first, we go live to california for the latest on the deadly wildfires and historic costs. plus, land grab. what donald trump was ntand former staffer thinks about the rhetoric around canada, greenland and the panama canal. we have a very busy hour when "worldwide exchange" returns. stay with us.

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welcome back to "worldwide exchange." we are turning back to the breaking news. raging california wildfires. the number of people killed continues to rise. the palisades fire alone burning 20,000 acres and destroying more than 1,000 buildings. officials say that fire is only 6% contained. complete coverage by dana griffin in altadena and our contessa brewer with the staggering costs. dana. >> reporter: good morning, frank. five people have been confirmed dead, but the medical examiner received ten reports of fatalities. they are working to get to the locations, but because of the safety concerns, they have not been able to respond to the deaths. out here in altadena, we notice a stronger law enforcement presence. we see more black and white patrol vehicles. they have the red and blue lights on. there are several check points

down this road. you can see them off there into the distance. we got stopped several times even coming here. usually they check media i.d., but they are being particular for crews working to put out gas lines. overnight, the california national guard did deploy to the fire zones and many at corners like this. some in the vehicle. you have many standing guard trying to prevent people from entering these evacuation zones. that was a major issue yesterday. we saw several people just walking in. they couldn't drive in, but they walked in. you couldn't tell who was here to look around or who lost homes. that was really confusing and there's now a curfew in effect until 6:00 p.m. to 6:00 a.m. every day until they get the areas opened back up. right now, they are also warning people to not fly drones in the

area. one drone hit a firefighting aircraft and that aircraft is now down and not in service. this really impedes the firefighting efforts here. fire continues to pose a challenge for firefighters. luckily the winds are not gusting like we saw before. so, they really hope to get some progression on containing this fire. frank. >> dana griffin live in altadena, california. thank you very much. we turn to contessa brewer with the latest on the economic cost of the deadly fires. contessa, good morning. >> the short answer, frank, we are still figuring it out. jpmorgan analysts in a day doubled the estimates of insured losses to $20 billion. that likely will go higher. twice as much of camp fires of 2018 which previously held the record for insured losses. accuweather is forecasting damage and economic losses to be

about $50 billion. again, ian bess and others say it is to early to tell. they are bracing for the impact in california. of the publicly traded companies, jpmorgan says allstate and chubb and travelers have the most exposure to the fires. those are down significantly in the extended trade. because these fires have done more damage in residential, it limits the commercial side. you have chubb and aig and kinsale could get hit from this. the more the fire spreads, it could impact the reinsurance. the carriers will have surpassed the deductibles or attachments. if you look at arc capital and renaissance re, we will look at

meaningful impact. the jpmorgan analysts are not changing the buy/sell recommendations. this is a big near-term problem because it overshadows any promise of higher prices in rates in california's future. that is something that california had been working on. moody's and others are calling into question the impact on the state's insurance market saying the increased recovery costs will likely drive up premiums and reduce the availability of property insurance. this is likely to be a big earnings event for this year as we go through the first and second and third quarters. it takes time to process claims and things like that. frank, we will be watching for the earnings reports and when the insurers start to report the fourth quarter and end of year results. >> just really dramatic pictures of the fire. so many displaced from their homes and terrified by what they're seeing. we want to get back to the insurance and.

reinsurance, insurance for the insurance companies. when do we see payouts for people affected by this? is it expected to happen sooner because of the sheer devastation? >> it is really because of advances in technology. already, from the slew of inn insurers, the renters or homeowners to file a claim on their phone. sometimes these checks can be cut within a matter of days. certainly, what you will see insurers do is write checks to people for living expenses. those are covered not only if you have damage to the house and house has been destroyed, but sometimes those living expenses are capped at 30%. people forced to evacuate may find their homeowners policies cover the living expenses while forced to be away from their homes. >> i wish all the best.

contessa, great to see you. still on deck on "worldwide exchange," the new way bank of america is helping investors meet their financial goals. we'll have that story coming up. . i saw the prevagen commercials. after a short amount of time taking prevagen, i started noticing a difference-- i stopped taking prevagen and i found myself slacking back so i jumped right back on it. i've been taking prevagen for about two years now, and i've found a huge difference. prevagen. at stores everywhere without a prescription.

(grunting) at morgan stanley, old school hard work meets bold new thinking. ( ♪♪ ) partnering to unlock new ideas, to create new legacies, to transform a company, industry, 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. welcome back to "worldwide exchange." new this morning, bank of america announcing a milestone in the business to turn depositors into investors. it has grown to more than $500 billion in client assets.

a third of the depositors are from the millennial and gen z era. they started investing at 19 years old and that's more than a decade before the average investor. joining me now is aaron levine at bank of america. aaron, thanks for being here. >> thanks for having me. >> let's start off with this. you are a big consumer bank. core business is consumer deposits. half of the revenue for that with the net interest income. the money you make on the loans. why would you want people putting money in investment accounts? >> think about what is important to the client and how they achieve the long-term goals. for us, it is banking, lending and investing. that is the north star ten years ago making sure our clients have access to all three.

we have fantastic relationships from the banking standpoint, but clients say i want to save for retirement or my child's education. you have to invest in the future for that. we want to make sure they have access to it. >> we are looking at the growth of accounts in the last 10 or 15 years or so. almost $15 million. you want to look at the younger people. a third gen zers or millmillenn. why target them? >> i'm proud of the team and it is a great day to hit the 500 billion mark over ten years. they have done a hell of a job. for us, we have clients across the spectrum of age. young investors are important because for us it is about financial education and about helping young people understand how to think about long-term goals. it is not gambling or hits. it is being diversified and how

investing is part of the broader financial picture. to do that, you have to think about, you know, what is the goal you are setting for yourself and the timeframe. we work hard with our clients to set those parameters as opposed to just trading. >> as we all know, if you start earlier, you have more money through compounding. i want to go to a.i. not a robot, but a.i. how are you using a.i. to help them? >> in 2017, we launched merrill guided investing. when you use that offering, the portfolios that you actually get to invest in are all generated by the chief investment office. the same team that works with the high net worth clients and private bank clients. it is creating portfolio management and based on your parameters and risk and return

and series of questions you're asking, then we use the portfolios created by our team and brings it together and does it in an initial way and low-cost way. we say if you want to talk to someone, you can walk in and actually have something to say. is this the right model and how does this fit into the broader picture. robo is not the right term. digital. >> on the web site. >> a digital model for sure. we incorporate the human element. >> using a.i., in general, which way are they pointing investors in individual funds or stocks? would they advice people to buy bitcoin? >> you are setting the risk tolerance and the time frame. we have about 25 different portfolios that have been constructed from conservative to aggressive. it gives a range of choices and

it is about evaluating. every client is asked to look at it once a year. that model is great. we have a self directed platform to make their own decisions, but provided a ton of research. >> i want to talk broadly about the business. you oversee a big part of bank of america business. we have the jobs report coming up. expectation is 4% wage growth year over year. what does that mean for the core business for banking and checking and savings account business? >> it is great that clients and customers are feeling pretty good. we have elevated deposit levels from pre-pandemic. they are still 9% or 10% pre-pandemic. there is a lot of capacity with people have home equity loans they haven't used in a while. unemployment at 4%. it's just strong. we're seeing the spending levels. all signs point to a fairly

strong consumer to drive a strong economy. >> i need a very short answer from you. we have a fed decision later this month. does a pause or does it cut? does the tone impact your consumer banking business at all? >> everything affects everything. the reality is interest rates if they come down a little bit, there is a benefit of mortgage business. there's benefits to both sides. >> aron levine, thank you for being here. interesting program for younger investors and savers. coming up onwodwe "rlid exchange," why innovation would be the key to broadening of the market in 2025 highlighting some key stocks along the way. we'll be right back after this break. stay with us.

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panama canal be returned to the united states of america in full, quickly and without question. i'm not going to stand for it. so to the officials of panama, please be guided accordingly. >> that was president-elect trump last month with one of the recent declarations demanding the u.s. grow its global footprint. welcome back to "worldwide exchange." i'm frank holland. marc short will layout the motives with the president-elect's statements and

actually help us parse which one of the statements are in fact the real deal and which ones may be trolling or used for leverage. quick turn back to wall street after equity trading was closed yesterday for the funeral of president jimmy carter. take a look. in the red across the board. the s&p down .13%. the dow down .25%. nasdaq down under .50%. with the major averages on pace for a losing week and the nasdaq on pace for back-to-back losing weeks. a lot of pressure on the market. rate pressure is a factor for the weakness in futures and this week so far. take a look here. the yield on the ten-year approaching 4.7%. 4.692% highest level since april. the long bond, 0-30-year close 5%. highest level since november of 2023.

the november jobs -- excuse me, the december jobs report is coming up in the show. oil and natural gas moving seung- higher. wti and brent crude up 2.5%. natural gas moving higher since we last checked up 4.5% right now. that is the set up. we turn attention to the top story this had morning. president-elect trump and ongoing war of words with outgoing prime minister trudeau and talking about turning canada into the 51st state is a distraction. last night, the president-elect taking the chance to further needle his canadian counterpart. >> i called him governor trudeau. they should be the 51st state. the people of canada like it. >> in addition to the latest call around canada, trump reit

rating the idea of greenland. >> we need greenland very badly. the look at the russian ships and china ships. they're all over the place. the panama canal is under discussion with them right now. they violated every aspect of the agreement and they morally violated it, also. china has basically taken it over. >> let's take a deeper look at what could be called trump's growing land grab. pippa stevens and megan cassella has more. former chief of staff to mike pence, marc short joins us. megan, good morning. >> reporter: good morning, frank. trump's complaints are on four areas of friction. trade deficit and what he calls a flood of i mmigration and fentanyl and what we pay for

canada's defense. here's what he says. the latest data this week runs through the first 11 months of 2024. canada is the u.s.'s second largest trading partner. in that time, $700 billion of goods exchanged over those 11 months. we want to run a trade deficit in goods, but a surplus in services. in total, the deficit was $55 billion. economists now don't mind trade deficits and that one isn't that big. it's the ninth largest that the u.s. runs from the bilateral trade deficits. canada sends us a ton of energy. more than 60% of all u.s. crude oil comes from canada. it is cars and car parts tropical crossing the border and consumer goods and lumber. fentanyl does not appear to come from canada all that often. in the first nine months, u.s. customs and border control

seized 40 pounds of fentanyl and 16,000 pounds from the south. not a comparison there. in terms of immigration, you see that trend here. for context on the southern border, that number is 2 million in counters annually. ten times as much as we are seeing from the north. as for defense spending, we can't breakdown our defense spending by how much specifically benefits canada. i can tell you this, nato recommends countries spend 2% of gdp on defense. the u.s. spends about 3.4%. canada spends 1.4%. that puts it on par with countries like belgium and luxembourg. frank. >> megan cassella, thank you very much. we turn to pippa with the grab around greenland. >> reporter: good morning,

frank. president-elect trump wants access to shipping routes and location in the arctic which is important as tensions with russia and china flare. greenland has 25 of the 40 minerals deemed important including lithium and graphite which are key for batteries and cell phone s. china currently dominating that market and with tariff threats and possible retaliation, greenland could be another supply source. the country has vast oil and gas reserves. as arctic ice melts, shipping routes could be accessible cutting transit times and costs and avoiding bottlenecks like the panama canal. two key routes, the northwest passage and trans arctic route.

russia reopened military bases in the arctic and u.s. access is key. the u.s. has had a presence in greenland since the early '40s and own the pituffik space base which monitors the space monitoring. the atlantic council told me the focus on greenland is about economic competition with china and making sure the u.s. has control of key elements to make advanced tech to counter china's rise. frank. >> pippa stevens, thank you very much for that report. for more insight into trump's motivations, let's bring in marc short. former chief of staff to mike pence. thanks for being here. >> good to see you. >> every report i read when it comes to the panama canal and greenland and canada, it is actual demands and a point to

get leverage and trolling. what does that say about the president-elect's upcoming administration before he is in office, he is making demands and maybe just trolling? >> frank, he enjoying the trolling and bringing attention back to him. i don't think it is an accident that the focus on panama was the same week of the passing of jimmy carter and his state funeral because, obviously, that was a big part of the carter administration giving away the panama canal. i think there is heightened concern about china and i remember in 2019 the president sent vice president pence up to iceland for an arctic summit to talk to some of our allies up there about the concerns we had about china's growing investment and i think that megan's analysis was great about the fact that there has been a continued concern that china is not only investing in rare earth minerals, but the shipping

routes that russia was engaged in, too. there is a national security component with greenland and the rest of it is trolling. when it comes to canada, the biggest import is oil and gas which is an industry favorable to trump and the notion of having tariffs on the imports will reverberate negatively with the association with president trump. we have to wait and see how that goes. >> you were part of the first administration. i want to get a sense, were any of these a priority for that administration and how much meaning should we put into the idea of the president-elect's first ambassador picks were for greenland, canada and panama. >> greenland was the conversation and concerns about the arctic circle and investments by china and russia. that was a conversation. to what extent was about us

acquiring or taking over, but more of the security level. there was not a conversation about ma or making canada the 51st state. i think some of that is trolling. there is juxtaposition as well. frank, if you look at some of the decisions they made in the transition, joined with the biden administration to oppose a merger for u.s. steel benefits china by hurting japan who is our closest ally against china, it allows china to have 50% or more of manufacturing of steel globally. today, the trump administration focus on the prosecution. don't forget, he filed a brief with the supreme court that is being heard today about tiktok. you know, the first administration, the first trump administration said tiktok was

spyware. now he wants to abandon the legislation and allow china to own tiktok. the initial decisions have been pro china. >> it sounds like a big switch with philosophy and tiktok. during the first administration, it is nationalism and protectionism and america first. now the president-elect has his eyes on the entire world. can you talk about the change of philosophy? >> the campaign in 2024, i think he was very clear of wanting to bring america back and advocating a far more isolationist policy. before he gets sworn in and the transition, he is talking about acquiring greenland and canada and panama canal back. that would be aggressive policy. >> marc short. a lot to cover. we will have you back on the

show many more times this year. a lot of developments with the administration. thank you for your time and insight. >> thanks a lot,ra. fnk coming up on "worldwide exchange," the bearish call with advanced micro sending shares lower. amd shares down 2%. we're back in just a moment.

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now. the nasdaq down a .25%. time to look at the week to date dow gainers. 3m, chevron and united health. the week to date laggards. verizon at the top. the bottom. travelers and nvidia and honeywell and salesforce. time for the morning call sheet. we begin with goldman sachs. the chip maker has under performed most of the peers in areas including data center gpus. bernstein ing they are rmo fisher. the bio-sector could face headwinds. piper sandler moving nike to overweight. the urgency to clean up the marketplace should translate to a more visible recovery. coming up on "worldwide exchange," we have the one word that every investor has to hear

today and the stock pick every investor needs to know. plus, a possible player in the bio-bid for the parent company sending shares higher. seven & holdings up 5%. we will have details on the high profile asset manager may be throwing his hat in the ring. that's coming up. stay with us.

welcome back to "worldwide exchange." time for the big money movers.

taiwan semiconductor fourth quarter revenue beating the forecast as it beats the strong demand for all things artificial intelligence. shares up 1.5% now. revenues rising 4%. the company will report next week. tesla with the model y in join an today. it has a longer range of 4590 miles per charge and starting price of $36,000 according to the webo social media account. it has lost sales momentum from chinese rivals and weaker global be manned demand for evs. and apollo is looking to take a stake in the seven & holdings. it could provide $9.5 billion of equity buyout of the parent

company of 7-eleven. shares of seven & eye right up 7%. the mystery chart is up 7%. that name coming up next. if you miss us, check us out n your podcast apps. stay with us. much more after this break.

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welcome back to "worldwide exchange." quick check of u.s. stock futures in the red across the board. we showed you earlier. the s&p and nasdaq down .25%. dow looking to open 45 points lower. on the track to end the week in the red. all this action as investors await the critical jobs report. economists are expecting 155,000 net new jobs. a step down from the november surprise 227,000. the unemployment rate expected to hold steady at 4.2%. today's jobs report comes about two weeks ahead of the fed's next rate decision. investors pricing in it with almost 100% certainty the fed will pause its rate cutting campaign according to data from the cme.

that sentiment growing the fed governors and ichelle bowman and patrick harker all looking to slow things down. join me now is lisa from td cowan. >> good morning. happy new year. >> down week on wall street. what is your word of the day? how do you see the last week shaping up? >> the word of the day is choppy. i think we see that in the data you have been laying out through the show. i think we need to bear in mind choppy means you need to pay attention, right? it is not inherently bad. it just means there's movement and you have to navigate carefully. choppy is the apt word and it represents the market in which it is building in apprehension. there are a lot of signaling and earlier guests pointed to that to. we see a lot of resilience in

the data, but we don't want it to be too hot or re-accelerate inflation and you don't want to get into territory where you see rates being hiked which is not our anticipation. i think all of those things are what you are seeing right now. >> so, you have to navigate this market. you think it is a little bit choppy. how do you navigate bond yields at 4.7% and long bond at almost 5%. the rise in rates on the long end of the curve is the biggest threat to the bull market. if so, how do you navigate the market? >> by the way, we don't think the rate environment is necessarily going to change any time soon. i think that's a fair point for sure. i think, again, it comes to navigation and selectivity. i think if you look at the equities markets and you look at stocks, i think you really try to identify names that are leading through innovation and that are disruptive and

predicating their innovation in particular on bigger trends that they're seeing whether they're a demographic or otherwise. they are really responding to an unmet need or bigger forces driving forth category growth or even the emergence of new categories. >> lisa, you are leading me in this direction. what's your pick today and why? >> yeah, we pick fresh pet. i think it's a really interesting name. one is not in large-cap territory. that is interesting in itself to talk about because i do think there's an opportunity this year for investors to take a fresh look at names that perhaps aren't being talked about every day. as i say, fresh pet is a name that is disrupting by providing fresh dog food and is really available through special packaging and special technology. it has a competitive moat around

it in that way. it is responding to the fact that consumers are spending an increased amount on pets and pets is something they are putting more resources to and it tie into the trend where kids are less focus for a huge portion of the population. we are now pushing 50% of the population in the u.s. of people under 50 who are saying they don't expect to have kids. they are investing in their pets. i think it is an area area and i think these are the kinds of, you know, solid operating models, but with really exciting growth ahead that we would like to look into. >> that was a surprising stat. half of people under 50 don't expect to have kids. that's a big shift in the united states. >> 47%. >> nearly 50%. >> 47% and that's up from 37% only in 2018. it's a very, very pronounced trend. >> i do have to ask one thing about fresh pet. i saw the move on the chart. a lot of growth in the last year. what with the valuation?

it trades 107 times forward earnings. that's a lofty valuation. >> it's grown a lot. you expect that in that profile of company disruptive innovate or. we say it's 25 times ev to ebitda on the 2027 ebitda. we think it will grow another 25% this year. i think structurally with the innovative names which are smaller and in an environment that is more conducive to m&a, you have to look at historical, you know, premium in that space and be thinking about what big consolidators might be looking at. for a lot of reasons with the organic growth and structure side, we think the valuation is merited. >> i'm a pet owner. i love this stuff. i tried some, it's terrible. >> as a person you tried it?

that's not what water e're recommending. >> awful. expectations for the jobs report if it is hotter. we had upward revisions from previous reports. what are you expecting today as far as the market reaction? >> we'll actually a little on top of consensus there. listen, i think that the market is hopefully not going to be a very, very quick reacting today. as i said, choppy and people are looking to navigate it. you know, we are expecting a pause on rates as well. i think as you say, that's become the consensus. it's such a weird week in the market because it has been a short week with equities closed yesterday. so, you know, i don't expect it to be a great day in trading, but i don't certainly don't expect to reach levels. >> i don't think we had a full week of trading in about a

month. >> yeah, that's part of what's going on here. >> we have to get going. lisa thomas, thank you so much. here's what to watch. the jobs report and latest look at consumer sentiment and constellation brands and delta report this morning. don't miss the ex-clusives with the delta ceo at 7:10 a.m. that's going to do it for us on "worldwide exchange." thank you for watching. you have a great weekend and a great day. good morning. the death toll from the california wildfires rising overnight. we'll take you live to the frontlines of the blaze. the supreme court will hear oral arguments today in a case that could decide the fate of tiktok. details are straight ahead. a busy day ahead for the markets. we'll bring you earnings from delta airlines with exclusive interview with ceo ed bastian

and the december employment report. you forgot about that. it's friday, january 10th. still don't know about jobs in december. it's 2025. i keep telling myself that. "squawk box" begins right now. good morning, everybody. and welcome to "squawk box" right here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. as joe mentioned, it is a jobs friday and we are awaiting that number just two and a half hours from now. it's pretty wide expectations about what that number might be. i think the range is anywhere from 120,000 up to 268,000. so there's some big guesses as to what that might be and obviously has a big impact on what the federal reserve will do from there. dow futures this morning are indicated off by just over 50 points. the s&p futures down by 1, the nasdaq indic