it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." more red arrows for wall street after the worst day in a month. futures under pressure. tech hit the hardest after the friday's 1% slide on the nasdaq. dan ives from wedbush is here. mark zuckerberg going after apple and tim cook for lack of innovation and what he calls arbitrary rules. historic launch aimed at taking on elon musk and spacex is scrubbed in the final minutes. later, the response to the california wildfires getting

more political with one week to go until inauguration day. it is monday, january 13th, 2025. you're watching "worldwide exchange" here on cnbc. good monday morning. thank you for being with us. i'm frank holland. we begin with a look at u.s. stock futures with the markets falling after the friday's stronger than expected jobs report that led to the upside in yields. that is one that is rattling are investors. take a look. we are deep in the red across the board. s&p down almost 1%. the dow would open 160 points lower. right here, the nasdaq down more than 280 points. down just about 1.5%. right now, i want to look at the pre-market action on the nasdaq 100. take a look at those stocks moving the index lower. arm holdings down 4%.

similar for alantir and micro strategy. let's look last week. it was and down week overall. the nasdaq down two weeks in a row. here is the percentage moves. the dow falling more than 1.3%. the s&p down almost 2% last week. the nasdaq down almost 2%. russell falling 3.5%. now in correction territory. this weakness on wall street contributed to the rise in the bond yields. the 20-year not showing here, crossing the 5% mark. the benchmark at 4.78. we will continue to talk about that throughout the show. we will talk about oil. they are sharp upside moves. wti up 1.3%. brent crude up over 1% as well. some big moves also sentiment

levels with wti above the 70 buck a barrel mark. ies bullishness. bitcoin is under pressure today and also an interesting note here. one year since the launch of bitcoin etfs. bitcoin trades around the clock. that is the set up. let's see how europe is shaping up with the trading day. silvia amaro is in london with the early action. silvia, good morning. >> good morning, frank. well, first and foremost, let me say we have seen a lot of pressure for global equities so far this monday morning. indeed, as investors continue to track higher bond yields. let me show you first and foremost what happened over in asia. the hang seng finishing the day down 1%. the kospi in south korea down similar levels.

overall, asian investors are digesting the fact we are seeing a stronger dollar and, of course, with ongoing concerns of an incoming trump administration will mean for some of these companies. if i bring you back to europe, some of the narrative is still also the case for european investors. overall, we are also down so far this monday. we have the italian market down 1%. in switzerland, we are down similar levels exactly because investors here are also concerned about higher bond yields going forward. however, here's the difference for you between the u.s. and the eurozone. we heard from one ecb official over the weekend saying they actually do not want rates to remain too high for too long. so, we are likely to see here further disparty, frank, with what the ecb is doing and saying and what the fed might be doing this year as well. >> silvia, thank you very much. silvia amaro live in london. time for the check of the

top corporate stories including mark zuckerberg calling out apple and tim cook. silvana henao is here with that. silvana, good morning. >> good morning, frank. that is right. speaking on the joe rogan experience, zuckerberg said app apple hasn't invented anything great and now sitting on it 20 years later. listen in. >> they are not on their game in releasing many innovative things -- the good news is the tech industry is super die that many dynamic. if you don't do a good job, you will get beat by someone. >> zuckerberg added if apple stopped applying the ndom rules, meta stock would double. and johnson & johnson

looking to buy intracellular. the deal could come as soon as this week. intracellular focuses on nervous system disorders. johnson & johnson is not moving much in the pre-market. frank, a moment ago, oil is hitting a four-month high this morning on a fresh wave of u.s. sanctions against russia announced after the market closed friday. now the new sanctions target the country's energy giants, including more than 180 tankers and another dozen russian energy officials. the treasury department says the sanction tankers are part of quote shadow fleet that avoided existing export restrictions. and jpmorgan chase ceo jamie dimon spoke with "60 minutes" and he says one reason donald

trump is retaking the white house on bitcoin which dimon called a ponzi scheme. he is sticking with his script. it has no trinsic value. on the issue of a successor, dimon doesn't have one in mind. >> that's a statement in itself. nobody in mind. silvana, thank you very much. turning attention back to the markets. the u.s. markets are feeling the pressure from the stronger than expected jobs report. futures are in the red. the nasdaq falling 1.5%. dow down 1.3%. the s&p down 1% in the pre-market. the yield on the ten-year yield is hitting a ten-month high. it is raising the stakes for the wednesday cpi report with the hot rate on the core rate can move the stock and bond market and have a major influence on the federal incoming rate decision. joining me now is jeremy

schwartz at wisdomtree. >> great to see you, frank. >> we see a lot of volatility in the market and declines in the markets. do you think all of this has to do with the fed and people having less confidence in the fed cutting one time this year and definitely having less confidence in them cutting two times this year? >> as you said, the bond yields is all about the bond yields. the ten year, we were on with you in december and saying we could get to 5%. i think that's still our baseline that we get from 5% to 5.5% at the high end. now it would be a normal and healthy economy. it is possible we have the yield curve uninverted, but the ten-year is around 50 or 55 basis points higher. the normal is 00 to 120. that would be another 50 basis points hawaiier higher from he. that does put more competition. the earnings yield is less than

the ten-year treasury compared to tips. there is more competition. >> you are saying the bond market is creating competition. not necessarily the bond yields have a fundamental reason to selloff. i do want to ask, we see so much mania in the markets. we see the a.i. trade. are you seeing sentiment has shifted so much that people thought there was no alternative to anything but equities because of the possibility of a reasonable mind set or are they scared of the volatility and equity market? >> you know, the stocks are also the present value of cash flow. you get a higher discount rate and it brings down valuations. the quantum is its own world. the mag seven is 30 times earnings. the quantum is on future expectations. those are really speculative stocks. if you look at the core s&p 500

and tech stocks surrounding it, you just talked about zuckerberg's comments and apple. some of those are not cheap stocks. they have to deliver on the earnings. they have been. they have been delivering. they deserve the 30 times earnings for the mag seven versus the 17 times for everything else. as that ten-year peaks out, that's where you get another move higher in the markets. it is, again, a healthy economy that's driving the ten-year yields higher. >> you are saying once the yields peak out, you can get up to 5.25. once people feel it is stable, the bull market continues. mike santoli had an interesting article over the weekend. any thoughts about the volatility just being normal or overblown? the blue line is the average bull mark. it continues for 800 days. the continued line is the orange line is 600 days.

do you get the idea you are seeing churns in the bull market and we have more room to run and the short-term volatility is maybe overblown? >> i think it's all natural from what we see going on now. we think this pull back, as he said, the ten-year can go higher. eventually, you will get this rotation. we haven't seen that value or small cap. that is relying on the fed because they are the ones paying the rates. the valuations are being pressured a little bit which is normal and healthy. as people get confident the yields stop rising, we get continued -- >> jeremy, we are almost out of time. you talk about the wisdomtree wtf. you believe it will reaccelerate. what is sparking in your mind as we go to 2025? >> what i love about this fund,

they do a lot of dividends and buybacks which is around 7%. you have a 13 pe. ten points lower than the s&p. these are ten points less and they are doing buybacks. the companies and management are voting with their feet and buying back their own stock if big numbers. 5% is a big number. we think that's a good way to protect from the high valuation in the market. >> wt pick today. jeremy, thank you very much. we have more to come here on "worldwide exchange," including the one word that investors have to hear today. first, california governor gavin newsom says the wildfires could be the costliest in u.s. history as he looks ahead to what the response could look like with donald trump returning to the white house. and jeff bezos' is scrubbed.

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introducing powerboost, only from xfinity mobile. now that's big. welcome back to "worldwide exchange." we turn to a developing story and the california wildfires. governor gavin newsom saying this could be the costliest natural disaster in u.s. history as people in the state continue to mourn the lives lost.

with fears of the santa ana winds picking up to fuel the fire, the response to the crisis is political. speaking with nbc's "meet the press" newsom is weighing in as trump threatens to withhold funding from the state if they don't change the water policies. >> he has done it to new mexico and puerto rico and back before i was governor if 2018. he has been at this for years. it transcends states. that's his style and we take it seriously. >> nbc's jay gray joins from us pacific palisades with more on the story. jay, good morning. >> reporter: yeah, good morning, frank. the politics is one side of this, but the devastation is significantly the other and at the forefront. you can see it behind me. it is overwhelming and some spots unimaginable.

here looks like the aftermath of a bombing and other areas with nothing left. there is growing concern about the potential for another firestorm here. over the last 24 hours, a dip in the winds and progress along the frontlines of the l.a. wildfires. >> hand crews and engine companies out there scouring the edge to continue to put the control lines in to make sure we have no fire progression or limit as much as possible. >> reporter: but the fight here is anything but over. san that and an winds potentially fanning flames and igniting and scattering embers. >> we are focused on two things. containing the fire and saving lives and protecting property. >> reporter: so much here has already been lost. entire communities gone. >> to see it this way.

>> reporter: look, guys, this area locked down as so many areas are. the national guard posted here is,000 additional troops brought in overnight. law enforcement and firefighters constantly patrolling the area looking for hot spots and dousing them and preparing for the next vere wind event which is expected this afternoon. frank >> jay gray, thank you very much. still ahead on "worldwide exchange," the favorite sector here, but this week, the make or break or the banks and a rush of earnings reports. you don't want to miss this one. hugh son is going to be here with us.

welcome back to "worldwide exchange." quantum computing stocks under pressure here. rigetti computing down 17%. quantum computing inc down 9%. ionq down 15%. mark zuckerberg raising doubts with the entire space while he was speaking on the joe rogan podcast. he says it is a way off from

being useful. also interesting things to say about apple. we'll hit on that later in the show. turning to the space race. jeff bezos and his space startup blue origin are calling off the glen market this morning. the rocket and the program aiming to take on elon musk and spacex which is dominating the commercial space sector. we have have morgan brennan wit more. >> reporter: the glen rocket is on the launch pad, but it won't make its first flight today. more than two hours into a launch window that opened at 1:00 a.m. eastern, bezos' space company stood down. no word on when they will try again, but last night, i spoke with blue origin ceo inside the rocket factory in his first on camera interview since taking the helm over a year ago. i asked the amazon veteran how competitive blue origin can be

in a launch market that is dominated by rival spacex. >> we made a lot of progress ramping up manufacturing. we have continue to to make progress each year to get to rates we need to satisfy the demand that i think is out there for space. as it relates to spacex or any other provider, i think people under estimate the market for space is going to be. as the price comes down, in every industry, when the price goes own, innovation and demand goes up. i think spacex is scheduleful and other companies that haven't been successful. >> reporter: new glenn is twice as powerful and will fly again later this week and new glenn is designed to be reuseable. it will attempt to land the

booster when it does finally launch. reuseability brings down the cost. nasa and the pentagon and amazon are customers. for blue origin, developing space tugs and lunar lander, this rocket unblocks as limp puts it, the quote road to space. the company is building and it is foundational to the broader vision of millions of humans living and working in space. frank. >> what an idea. morgan brennan with the latest on blue origin. morgan, thank you very much. coming up on "worldwide exchange," big tech under pressure this morning. dan ives is here to breakout the troubled playbook with the fed's path and the stocks you need to own. first, tax season is here. all month long, cnbc has what you need to know. here is sharon epperson for the

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president-elect trump answer ran on a position of too much regulations. that obviously, for people who have been in the industry a long time like myself, with we have to get back to the middle. >> that was bank of america ceo brian moynihan last month talking about the outlook for his bank and others under a second trump administration. bank of america preparing to report this week. welcome back to "worldwide exchange." i'm frank holland. first, let's kickoff the check of the u.s. stock futures. the markets falling friday after the stronger than expected jobs report that led to the upside move in bond yields. take a ook under pressure.

s&p down 50 points. the nasdaq down more than 1% in the pre-market. we want to look at the biggest laggards in the nasdaq 100. micro strategy followed by palantir. down 4%. arm holdings and applovin round out the top four on the laggards on the nasdaq 100. more with dan ives in a moment. he's actually sitting right here. russell now in correction territory. the s&p 500 falling four out of the last -- excuse mow me. five of last six. the s&p down almost 2%. nasdaq down 2.5%. russell down 3.5%. that weakness on wall street attributed to the rise in bond yields.

10, 20 and 30 years down. the 20-year crossing the 5% mark. we have to look at the energy market. energy prices moving higher. u.s. sanctions on russian oil. wti up about 1.75%. brent crude up 1.5% right now. we have to look at bitcoin. bitcoin is under pressure this morning. yield pressure is a big part of it. today is the one-year anniversary since the launch of the bitcoin etf. down 3%. we turn attention back to stocks. specifically the tech sector which is hit hard by the rise in bond yields. notching the second straight losing week. despite the worries of rising yields and the fed's rate path, dan ives and wedbush with a note saying tech stocks have the potential to move higher this

year laying out his thesis and top ten names you need to own in the space. dan ives sitting here with me. dan, 20-year hitting over 5%. the real thing we are looking at is the 10-year at 4.75%. putting a lot of pressure on tech on top of the rising dollar. how do tech stocks move higher with the set up? >> i think there are two things playing out. one thing, fundamentally, cap ex and what we are seeing is strong on the consumer side. that is actually better than expected. we will see that in the earnings. we've gone through this in last few years. the ten-year bond risk off. we will have these moments. our view is these are the opportunities to own the winners. frank, i only think we're halfway through the bull market. >> i want to talk about palantir. under pressure again. after the best performing stock

in the s&p last year, we continue to see a selloff and the stock under pressure. are you concerned about the valuation like so many other people? they believe the valuation is too high and it is difficult for the company to live up to the lofty valuation. >> if you miss the valuation, you miss the last 20 years. palantir, i continue to view as the next oracle or next salesforce. when i look at a.i. revolution. when i look at numbers. $2 trillion of a.i. cap ex in the incomes few years. where karp plays out the white knuckle periods. i think this could be a three-digit stock as it plays out. these are the times that you look at the winners and how to own them. >> you and i talked about this before. i'm looking at the one-week chart of the dollar. we did get a spike after the jobs report. it was still moving higher last week. i know you are bullish on tech.

you are always bullish to be fair. out of the top ten, which do you see as most likely to be i am pangt -- impacted by the rise in dollar? >> apple will have headwind. i think the street is already factoring in some of that in terms of estimates. i don't think this becomes that dramatic if we actually start to see this curtail, but it just comes down to, frank, a month from now is a different picture because of the fundamental picture that plays out in tech as this actually is seeing strength being led by the a.i. revolution. >> we have seen a lot of weakness in tech, dan. we have seen mike's article over the weekend. if you look at the average bull market, this bull market has more to go. tech doesn't seem like it. do the concentration.

tech is the engine moving it forward. if we go to the next fed meeting and the fed continues to be hawkish, that seems to be the inflection point. >> that's also why you have a diversified view in terms of oracle or microsoft or high growth names like palantir or tesla and others. our playbook has been you use these opportunities to own the winners. i get the bears will come out. the bond market, the ten-year will ultimately dominate. that's why we're only halfway through the bull market. it is not time to hit the exit. >> not just about the fundamentals. which one tells us where the

tech trade is with the sense in the bull market and confidence in the a.i. trade? >> i think microsoft along with nvidia. those are the best in terms of barometers with a.i. that stock has been under pressure. ultimately, look at apple. apple with zuck. specifically coming out of china. >> you mentioned zuck. we want to play zuck on the joe rogan podcast. >> because they have been so off their game in not really releasing innovative things. the good news about the tech industry is it is super dynamic and things are getting invested. if you don't do a good job for ten years, eventually, you will get beat by someone. >> your take. aggressive take from mark zuckerberg. ever since he started the mma classes, he is a different guy.

a chain on. a different thing. in all seriousness -- >> mma battle with cook and apple. it comes down to 30% with the commission and what they're taking and this is -- we're seeing this game of thrones play out with meta and apple and across tech because of where we're going into it. it's frustration from meta's perspective. for apple, as we talked about, this is the year they have to ultimately not innovate, but the consumer innovation goes through apple and zuckerberg recognizes that. >> dan ives, great to see you. sorry about penn state. you are muted today after the penn state loss. >> tough loss. we'll be back. >> dan ives, thank you again. coming up on "worldwide exchange," the key test for the marketplace with the tsunami of bank earnings. we'll have latest coming up

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welcome back to "worldwide exchange." brian moynihan has an optimistic view of the trump administration with one week out from the inauguration. peeking speaking to the financial times, he cited regulatory push back. u.s. banks have been pushing the watered down rules requiring them to hold more capital. moynihan's comments come as banks prepare the quarterly results starting tomorrow.

for more on what to watch, let's bring in hugh son. hugh, good to see you. >> good to see you. >> yes. you say wall street's back. why is wall street back this quarter? what's the reason? >> the setup for banks is not as good and it has to do with wall street. if you look at trading and asset wealth management, they have tailwinds in the quarter. jpmorgan said they expect q4 banking to be up 45% and in trading, mid to high teens. as you know, stock values were close to record all last q4. you will have that market really lift the asset wealth management division of the big banks. jpmorgan is one example. other big banks have similar numbers here. you have wall street powering the q4 results and probably into 2025 as well, frank.

>> let's talk about earnings. i'm looking at some of the earnings. morgan stanley eps expected to increase 99% year over year. what's the catalyst for the big upside moves when it comes to profit? >> yeah, so, it really is investment banking and trading and rebounding off more one or two years as interest rates are really high during the 11 rate hikes we had in that hiking cycle. as we et off that, the earnings are good. for morgan stanley, in particular, they get half of the revenue from wealth management. as we know, you know, they basically get a fixed percentage of a lot of people's overall assets under management. as those rise, their fees rise, frank. >> we have seen a big jump in financials after the election. a lot of what brian moynihan was

talking about with the regulatory environment. how much is baked in for the friendly regulatory environment? some of the gains have eased back. >> there's room to run. those gains have pulled back because of what's happened in the bond market. that moderated enthusiasm for the big banks. i'll be very clear. there are three or four different key regulatory bodies yet to be named by the trump administration. we have the fed and chair of supervision. that was barr being replaced. heads of the fdic. as you get those people named and understand who those people are and views about regulation and perhaps deregulation, i think we will see renewed enthusiasm for banks. it is a game changer. one example is basel iii. it will increase in the order of tens of billions of dollars.

if as some of the potential appointees for these regulatory bodies expressed capital neutral, that is tens of billions of dollars these banks will have to potentially give back in share buybacks or other activities. it is a huge deal for banks. i think that will be expressed over the next couple months. >> hugh son with earnings. thank you very much. coming up on "worldwide exchange," the one word that every investor has to hear today, plus eetening the deal over s.a.l.t. the strategy to get tax relief for blue state homeowners. stay with us. we'll be right back. - right? - mmm... this store doesn't have agentforce, so an ai agent didn't tip off the stylist as to what i might actually wear. - yes. - oh. that's a commitment. [glass knocked] hey bud! whaddaya think? you know, people can see you out here.

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continuing to educate ourselves and broaden our minds. (vo 2) viking. exploring the world in comfort. welcome back to "worldwide exchange." republicans from new york, inning new jersey and california meeting with president-elect trump in mar-a-lago about a salty usual you. we have emily wilkins with more from washington. nothing like a political pun. >> reporter: trump promised lawmakers he would ensure the current $10,000 cap on deducting state and local taxes would be raised, the so-called s.a.l.t. tax. dozens of republican lawmakers

went to mar-a-lago to hash out the path forward on the larger bill. you can see the members of the s.a.l.t. caucus there meeting with trump. s.a.l.t. has been a contentious issue among republicans as a whole while lawmakers from new york, new jersey, california say the cap is hurting middle class workers, other republicans brand it as a tax break information for the rich. no doubt, raising the cap would reduce the federal income and increase the debt. the republicans got the buy-in at the start. it is critical for them to do that. congress member james comer was in mar-a-lago this weekend told me earlier last week that trump is likely going to be needed to get any bill across the finish line. >> i'm for whatever the president wants. i think that he certainly will have to take a big lead in getting this passed. very difficult, as you know, to

get legislation passed with the majority of where we can't lose any votes. >> reporter: trump also told lawmakers he wants to kill new york's congestion pricing. biden cleared the program for the environmental review and the trump team and lawmakers are looking into ways that trump can stop the program through the highway administration. lots of discussions, frank. we will see what comes if republicans are able to unify and get this package done. >> emily, listening to you reading a lot of reports. i want to ask this. rest republicans these republicans that met to talk about a.l.t., is it a chance they can withhold their votes if they don't get something on s.a.l.t. passed? >> reporter: i talked with a couple in the meetings. they said we need to see something significant. it can't be double ing the tax from $10,000 to $20,000.

we need to see something big to impact our constituents. there are probably five republicans willing to vote against a bill, the complete overall package if they don't have a significant increase in the s.a.l.t. cap. we don't think they will get unlimited again. they say they are willing to negotiate in good faith, but their constituents need relief. if you do the math and you have all five stick together, that is more than enough to sink a bill in the house ing no democrats vote for it. >> big for homeowners in new jersey and california and new york. emily wilkins, thank you. coming up on "worldwide exchange," jeffery's david zervos is standing by on the rates that are elevating the markets. if you haven't already, follow our podcast on apple, spotify or other podcast apps.

stay with us. much more after this break. business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities.

welcome back to "worldwide exchange." as we close in on the 6:00 hour, here are the stories we are tracking this hour. johnson & johnson is focused on buying intracellular. bloomberg says the deal for the company has a market cap of $10

billion could be reached as soon as this week. shares of intracellular are up 30%. jamie dimon says tariffs, if used properly can help settle national security and unfair competition. in an interview with cbs sunday morning, dimon says he has not spoken with the president-elect about the tariffs and he would likely takeover as chairman when he eventually steps down as ceo. the biden administration is delaying the enforcement over the nippon steel and u.s. steel to june. europe's largest pension fund sold the entire stake in tesla in the third quarter last year. the spokesperson for the fund said it was due to issues it had with ceo elon musk's pay package. turning back to the markets. futures are under pressure following the friday's jobs report. much better than expected there. critical is wednesday's cpi

report. as you see here, a sea of red to kickoff monday morning. s&p down 46 points. the dow down 148 points. the nasdaq still the hardest hit down 1% over 240 points. chip stocks hardest hit in the pre-market. nvidia and qualcomm and broadcom all in the red. for more, let's bring in david zervos of jeffries. good morning, good to see you. >> good to be here. >> what do you make of the weakness in the pre-market? we saw weakness after the better than expected jobs report with bond yields spike. is that continuing over into monitor day or is something els play? >> it is continuing and it feels a little bit rough, but i think the important point of what you just said with bond yields is long-term interest rates did not spike. 30-year bond at 4.93%.

it spiked to 5%. it is back to 4.95. it is almost unchanged from where it was prepay roll. what is mogollon ving is the fr. people are getting nervous that the fed will have to stay much higher for much longer. that's actually not going to be the right signal for the fed. so, the interesting thing about the price action said to me on friday and is continuing today into monday is even though we saw this unbelievable strength in the u.s. economy and people are optimistic about the strength going forward, they are getting increasingly worried the fed will have to make a mistake and they are getting nervous of the prospects for growth. >> i'm looking at the chart. it did spike on friday after the jobs report, but 1.5%. a huge move for currency over that period of time. you talk about the concentration in the market.

these big tech stocks get revenues overseas. do you think the strength of the dollar would hit the earnings? is that something that is not priced into the market? is that something you are watching? >> watching the dollar closely. that is tied into the yields. for sure, the markets are going to get nervous about that ever strengthening dollar. that is putting us in a less competitive position in the united states and that is making it harder to do business with that competition. that's going to weigh on every stock, not just the tech stocks, but anybody that looks at valuation globally is saying these stocks look even more overvalued relative to their competitors overseas. that's going to be a tricky thing to deal with. that is also a sign that it's not inflation expectations or credibility or some story that the u.s. is losing control of the policy vis-a-vis inflation.

if that was the case, people wouldn't be flocking to the dollar. this is not an inflation story. this is the story the fed is getting -- i don't want to say tricked, but forced to stay a little too high a little too long because they're getting mixed signals from the market and there is also a potential for a little battle with the trump administration and jay powell as we saw before in the trump 1.0 administration. >> david, we don't want to get too far ahead. let's focus on today's action if you don't mind. i want to get your word of the day. the word of what we should expect today or this week. >> i think the word of the day is the university of michigan or umich as we call it. that piece of data got under the skin of the market on friday. it was a huge spike in the long run expectations from 2.8% to

3.5%. it is generally revised down. that has the market very nervous. we're not seeing that in the price action. we're seeing that as a scare. meaning people don't think inflation expectations are doing that, but the reason why the fed is going to be a little more stubborn in terms of its rate moves in 2025. that's just got people pricing in a mistake more aggressively. i think that's how i'm going with it. that piece of data to me is the word of the day. the thick ng that got the marke rattled. >> david zervos. thank you. here's what to watch in the week ahead. earnings season ramping um.p. we get results from united health. we get the fed beige book. storm is the earliest day.

jpmorgan with the health hannah gutierrez-reed healthcare conference. a ban on tiktok to take effect here in the u.s. one more quick of futures. the dow would open 160 points lower. that does it for "worldwide exchange." "squawk box" starts right now. good morning. stock futures pointing to a nasty open ahead of a busy week for investors and near 700-point drop on friday. the dow coming after a couple of weeks of some tumult in the averages. we get you ready for the key inflation data. meta ceo mark zuckerberg blasting big tech rival apple. we'll show you his comments straight ahead. we take you to southern california for the latest on the

wildfires as firefighters brace for more dangerous wind conditions this week. it's monday, january 13th, 2025 and "squawk box" begins right now. ♪ good morning, everybody. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. the gang's all here. we're ready for the week. joe mentioned the u.s. equities are not looking hot. the dow futures down 175 points below fair value. s&p futures off 50. the nasdaq is off more than 250 points. what a way to start the week. good morning. stocks were down on friday after the hotterha