let's get over to wilfred frost in london for the latest on brexit, following a delay of today's voteporter: following a big selloff yesterday in the british pound, the sterling did start the day well as the fallout from theresa may's decision to delay the vote on her brexit plan had calmed a little. in the last hour, we have seen a selloff, touching a 20 month low. angela merkel added her name to the list of european leaders that told theresa may in no uncertain terms there can be no serious re-negotiation of her deal secondly, because rumors in westminster have risen that enough conservative mps have tabled their call for vote of confidence in the prime minister we'll wait to see whether that rumor is true or not what does it mean for what happens next deutsche bank estimates, they came out with a note, saying relatively high compared to some 50% chance that theresa may gets her deal through parliament in some form or another, though that is down from 65% previously 30% chance that theresa may gets ousted, up from 10%, and 20% chance there's a second referendum today, european equit

wilfred frost reports for us from london. >> reporter: u.k. prime minister theresa may called off a make or break final vote on the brexit plan which was due tomorrow because she feared defeat. >> if we went ahe and held the vote it would be defeated. we wier, ore, defer the vote schedule for tomorrow and not proceed to divide the house at this time. >> reporter: she was mocked in parliament as she explained her reasons why. >> i listened very carefullyo what is being said in this chamber and out of it to what has been said in this chamber an i out of by members from all sides. from listening to those views it is clear that while there is broad support for many of the key aspects of the deal, o one issue, on one issue there remains widespread and deep concern. >> reporter: she now heads to europe hoping to make concessions from european leaders, particularly on the irish back stop, something that seems difficult based on this tweet from the president of the european council who id, we will not renegotiate the deal but we are ready to discuss h

wilfred frost in london. back with you later. >> and our thanks to larry adam for being here for the hour and david ellison as well for xhepgt on this market. >>> still ahead on the show. we'll continue to talk about what we saw. the fade of the rally. dow closed higher by 157 points. how much does it have to do with the fed? president trump taking aim at the fed saying jay powell and company would be foolish to raise rates next week. up next we'll debate whether trump is correct and whether the fed should alter its rate hike plans. >> and management explains how one social media good night is trying to deal with fake news and hate speech on its platform. will it feel like the wheend of a journey?p working, or the beginning of something even better? when you prepare for retirement with pacific life, you can create a lifelong income... so you have the freedom to keep doing whatever is most meaningful to you. a reliable income that lets you retire, without retiring from life. that's the power of pacific. ask yo

let's get to wilfred frost with a rundown on the markets and update on the fast moving brexit situation as expected earlier this morning, prime minister theresa may has delayed the crucial vote on her brexit plan that was due to take place tomorrow >> if we went ahead and held the vote tomorrow, the deal would be rejected by a significant margin we will, therefore, defer the vote schedule for tomorrow and not proceed to divide the house at this time >> reporter: three crucial developments here. we have not been told the date for the fresh deferred vote. that's causing much ire in the house of commons number two, she dodged the question as to whether she was just seeking verbal assurances by european leaders or changing legal techs xt, something that opponents say is crucial if worth negotiating at all and thirdly, took a further leg lower, the pound, when the speaker of the house seemed to suggest he wasn't sure he would let the prime minister delay tomorrow's vote, unless they held a vote to delay the vote. again, a lot of uncertainty, down about .8%. as we approach the close, european

we're live at the nasdaq market site in times square i'm melissa lee with joe kernen and wilfred frostour guest host is joe terranova. he's also a cnbc contributor we want to start with the markets after that crazy ride we had yesterday. the dow swinging 871 points in total to close 260 points higher, this after having been down 611 points intraday this, by the way -- >> at 2:40 >> i saw the whole thing unfold. you picked it up it was insane. this is the biggest two-day percent gain in three years, now trading 3% higher for the week still down 9% in the month of december taking a check on how we're following through this morning, it looks like green across the board. the dow looking to add 136 points to this two-day tally s&p looking higher by 18 1/2 the nasdaq up by 46 points if we hold this, what a way to close out the week >> i was watching. kind of closely yesterday i was thinking we talked about it earlier, will we be down 600 or up 300 it didn't look possible. i saw on twitter, i saw zero hedge, love it or hate it i follow it now. this one line at 2:30 or so. this is the highest

wilfred frost is live in london after theresa may survived yesterday's confidence vote.lf. >> reporter: she celebrated that victory according to reports with two glasses of red wine and packet of potato chips, but today it was back to work. work meant traveling to brussels to try to improve terms of the brexit deal, something that will not be easy, judging by comments of various eu leaders today, including president macron of france who said we cannot renegotiate what was negotiated over months. we can have a political discussion but not a legal discussion there remains a lot of uncertainty over the likely shape of brexit. for that reason sterling is lower today than it was at the weekend, albeit rallied 24 years ago on the news of prime minister may's victory news that the ecb would end the bond buying program is lower on the session today, after president draghi struck a lackluster tone on the economy >> the latest data and survey results have been weaker than expected contribution from external demand and several specific factors. while some factors are likely to unwi

parliament tomorrow let's get right now to wilfred frost live in london with more wilfred, good morningter: hi, brian that's right the u.k. can now decide to call off brexit without e.u. approval sterling initially jumped on that news. it's now essentially flat. there remain massive hurdles on the u.k. side before the u.k. government would maybe decide to do that or not so as you say, in the meantime, all eyes on the parliamentary vote tomorrow and theresa may's brexit plan. if she wins that vote, then the u.k. would lead the e.u. in march of next year her withdrawal agreement would be approved. we'd like to see sterling rally on that news because we would avoid the disorderly no deal brexit if she loses that vote there are five possible outcomes that could follow the first, renegotiation if her loss is only small, she may be able to go back to brussels and try to get fresh terms of a deal. number two, no deal. that remains the default option if nothing else happens albeit mps would try and stop it. number three, a change of prime minister by changing the leader of the conservative part

wilfred frost is in new york city now in a cnbc exclusive wilfred?> thank you very much i am joined by the ceo of bank of america you may hear background noises of protests about immigration against jamie dimon downstairs ignore that. apologies. great to have you with us. >> great to be with you. >> i want to start where i started with tim sloan an hour or so ago. clearly there's more bearishness. when you talk to customers, does it match up with that or are they positive? >> it doesn't match up what you're seeing, i think you have to back up. as we came into '18, there was a view of synchronized growth, and as you get to the end of '18 and think of '19, the basic predictions, ours go from 3% to 2.7 growth the world is basically flat. not only are economies slowing, but there's a half full, half empty view. >> let's get into what the consumers are doing. over the holiday, consumers of bank of america, debit, credit cards spent 6% more than last year, up 7 or 8% from the year before seeing strong continued growth spending cash, year to date through en

fighting for her job and will fate a vote of no-confidence from her own conservative party today wilfred frosts joining us live from london on what we can expect >> yes uk prime minister theresa may will be facing a vote of confidence among her own mps as leader of the conservative party. and therefore as prime minister, to too. >> has confirmed he has received 48 letters from conservative mps, so now there will be a vote of confidence in my leadership of the conservative party. i will contest that vote with everything i've got. >> that vote will take place around 1:00 p.m. eastern time today. it's been triggered because 48 of the 316 conservative mps have called for it. she now needs to win 158 or 50% to back her. if she does, her power will increase because she won't have to face another vote of confidence from her own mps for another 12 months. sterling here over two days is down since rumors of this vote of no-confidence started to pick up about 16 hours ago. but it's up today over the last couple of hours. why? senior cabinet ministers have come out loud and clear to back her. just think

will she pull the brexit vote scheduled for tomorrow wilfred frost will join us from london on that andng at how market swings are impacting economist projection on fed rate hi hikes. but we'll start are rick santelli and the latest economic data. >> we're looking far read on october job openings and labor turnover known as jolt 7.079 million. this is the fourth number in this data series that has seven million or higher handlement it's the only time in history that we've had seven million the first one was in july. this is the second-highest ever so we continue to monitor that in certain areas the feel-good indices and the jobs numbers maybe avoiding what we saw last friday seem to be very powerful. the response in the marketplace is nil as most investors continue to concentrate on the volatility that emanates from global equity indices. carl, back to you. >> thank you, rick santelli. let's get to steve liesman looking at how economists are digesting the big swings in the market good morning, steve. >> not well is the answer. some economic commentary turning more pessimistic in respons

we'll come back to you, wilfred frost is in london for us.head, exclusive with former ceo of athena health, jonathan bush, taking a look at the premarket, two big days of big reversals, we are back in a moment. this isn't just any moving day. this is moving day with the best in-home wifi experience and millions of wifi hotspots to help you stay connected. and this is moving day with reliable service appointments in a two-hour window so you're up and running in no time. show me decorating shows. this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you move with the best wifi experience and two-hour appointment windows. click, call or visit a store today. >>> welcome back, an update on our story on monday involving the bitter dispute between qualcomm and apple they extend into a chinese courtroom which many existing models of apple iphones in china. as we reported on that day, jim and i reported on monday a couple of days back, qualcomm view the order as straightforward. saying that apple could no

wilfred frost is in london tonight. wilf what's the time line what happens next as it pertainso brexit. >> reporter: well more uncertainty as it pertains to t brexit i answer, sue. one of the big questions we had coming into the vote of confidence for the prime minister was that if she won what would those that had tried and failed to oust her do next? would they call in line and go ong with the brexit plan or continue to try to oppose it? it's clearve from comments we had in the last hour that it's the latter they wish to do continue to oppose her plan for brexit. and when you consider the mess overall it looks difficult for theresa may's brexit plan. tonight she got 200 votes from her 317 mps in her party. but there are 6 seats inotal in parliament. so she seems a long way fromg gett her sort of middle ground plan for brexit through parliament. the british pound rose today because she won the leadership vote. >> right. >> but itown weeko date, month to date and year to date because of brexit uncertainty. >> and invest

others saying she will not wilfred frost joins us right now.tion whether that vote goes or it doesn't. if it does go, what are the odds that it passes >> reporter: yeah, becky i'd say most of the reports i've seen in the last five minutes say that the vote is in fact ahead. we can come to that towards the end. as you say, if it does go ahead and theresa may wins that vote, then the u.k. will leave the e.u. in march of next year under the terms of her withdrawal agreement. we'd likely see the british pound rally off of that because a no deal disorderly brexit would be avoided if she loses that vote in parliament tomorrow there are five options of what could happen next. the first is she tries to renegotiate herself. that seems unlikely unless her loss in parliament is very small. the second, no deal. remember, that is the default option if nothing else happens between tomorrow and march but mps would try and block no deal. number three, a change of prime minister by changing the conservative party within the own mechanisms number four, a cross p

goldman sachs haven't. >> good story, thank you for that, wilfred frost at the floor of the new yorkack, shares of j&j down again after the report on friday said the company new for decades about asbestos in its baby powder. don't miss alex gorsky with jim at 6:00 p.m. eastern time on "mad money." white house trade advisor peter navarro will talk to rick santelli later in the hour >>> as we go to break, look at the top laggards of the s&p which is on pace for i wsttsor close of the year. the future of technology investing lies beyond the tech sector. it's about technology transforming every sector. ♪ at pgim, our bottom-up approach uses a technology lens to identify long-term winners. from energy... to real estate... to retail. finding such opportunities for alpha is the true value of active investing. and around the world, you have a partner in that pursuit. pgim: the global investment management businesses of prudential. the global investment management ♪ there's no place likargh!e ♪ i'm trying... ♪ yippiekiyay. ♪ mom. ♪ >>> welcome back to "squawk on the street." time for our etf

i'm kelly evans along with andrew ross sorkin and wilfred frost.ichelle caruso-cabrera is also joining us >> the gang is all here. this is like a post-christmas party of sorts >> usually it would be jokey, relaxing, memories of christmas. >> not today >> this week did not start that way. >> just now the futures turned lower. we were down on monday 600 and change >> 2.7% on the s&p after the close, after the terrible week before and the terrible month. >> here's your implied open. we're fluctuating around the flat line. s&p implied lower a half point stock markets in europe are closed this morning. overnight in asia, stocks in japan rose by 1% after tumbling 5% on tuesday's session. china shanghai composite fell by a quarter of a percent >> worth noting for the year to dated we are down more than 20% on shanghai. japan is down about 20% year to date as well big declines around the world for all markets. >> for a while it was just shanghai, now it's everybody >> treasury yields, a lot of change here as well. the ten-year treasury yield, 2.729. we've

you're not going to want to miss it, wilfred frost sitting down exclusively with wells fargo ceo tim truce between presidents trump and xi jinping. >>> as we head to break, top performing -- actually, there they are, the top performing stocks in the s&p. waste management and alexion, autozone ♪ ignition sequence starts. 10... 9... guidance is internal. 6... 5... 4... 3... 2... 1... ♪ i am a techie dad.n. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. >>> welcome back optimism giving way to the trade truce with president's tweet storm saying, quote, i'm a tariff man wilbur ross spoke to ""squawk box"" and added further color on the trump/xi meeting listen. >> i do believe if they live up to the indications they had with president trump, everybody will be very happy. what's unknown is how much of that was just 40,000 foot level talk between two presidents and how much of it is

wilfred frost is covering it all for us from london hi, wilfred. >> reporter: hi, tyler yes, indeed. her career is up in the air but far less than it was late last night or early this morning. why? because so many of her mps have publicly backed support for her during the course of today she needs 50% or 317 of her mps to -- 317 is the full members. she needs half of them, 159. over 170 have done so during the course of today. that's in part because she has offered them a compromise. she said she'll take the party through brexit but she won't stand for the next scheduled election in june 2022. so what's going on next? well, the mps will begin voting any minute now not in the house of parliament. they've been asked to make one simple choice of two options, i have confidence of theresa may as leader or i don't have confidence of theresa may and then we wait for what the number is of sir graham brady sterling, the betting markets and consensus here in parliament, around parliament is that she will win. the question is by how much. guys >> wilfred, thank you very much. wilfred frost foll

wilfred frost speaks exclusively with john waldron. the inversion of the yield curve causing problems and one of the factors sparking today's selloff. >> yes it is. steve joins us now with a look at exactly what the yield curve is signaling >> yeah. the trouble with the yield curve it has done a good job of signaling recessions the good news, not quite there yet. take a look at the longer term history of the 210 spread. those are the recession bands. you can see when it passes below the line there we'll circle those areas there. there it is. it is within 13 to 17 months later. you get a recession. okay how did we get here? it was pretty all of a sudden. what happened since then in the 210 spread of which the two gave us seven basis points and the ten year, plomost of it the decline. it happened after it seemed like the fed was not going to go much further. people went in and bought that here are some of the gathering clouds u.s. china trade said what happened on sunday people weren't precisely sure. more weakening globally. the questio

wilfred frost joins us from london with where things stand wilfred. >> parliament has rarely been as it was yesterday against the prime minister left and right, leave and remain there was widespread disbelief at the prime minister's decision to deny a vote on the brexit deal even though she said the deal was the best that could be achieved >> i've listened carefully to what has been said in this chamber and out of it. to what has been said in this chamber and out of it by members from all sides >> she now heads to europe to try to improve that deal, something that will be incredibly hard, particularly after comments like this from jean-claude junker saying there is no room for renegotiation he went on to offer only clarifications, unlikely to be enough to placate prime minister may's opponents. but she has bought herself a few weeks of breathing room. she has not had to face and lose a vote on her brexit deal, she has not seen a vote of no confidence triggered against her. sterling sill suffered heavily yesterday. more because of uncertainty over her future than brexit itself, becaus

i'm kelly evans along with andrew ross sorkin and wilfred frost.helle caruso-cabrera is also joining us >> the gang is all here. this is like a post-christmas party of sorts >> usually it would be jokey, relaxing, memories of christmas. >> not today >> this week did not start that way. >> just now the futures turned

we're live at the nasdaq market site in times square i'm melissa lee with joe kernen and wilfred frostova. he's also a cnbc contributor we want to start with the markets after that crazy ride we had yesterday. the dow swinging 8

i'm melissa lee with joe kernen and wilfred frost sitting in with us for the next two hours is mike santolilook at yesterday's record breaking rebound the dow logging its largest one-day point gain in history. the 4.98% gain was the biggest upside percent move since march of 2009. it was the biggest post-christmas rally for stocks ever retail led the way shares of wayfair, kohl's, dollar general jumping more than 7% amazon stock up 9.45%, wiping out declining from the christmas eve selloff. the stock pairing some of those gains this mor

prime minister theresa may survived a confidence vote by her own party late yesterday williams wilfred frost has the latest from london. >> the uk prime minister secured 200 votes in her favor, 117 against. she cannot now face a similar challenge from her party for 12 months sterling was up yesterday. the gains were capped by the size of her victory, which was less than she would have liked >> while i'm grateful for that support, a significant number of colleagues did cast a vote against me, and i've listened to what they said following this ballot we now need to get on with the job of delivering brexit for the british people >> so the prime minister is heading to brussels today to try to improve her brexit deal >> for my part i've heard what the house of commons said about the northern ireland backstop. when i go to the european counsel tomorrow i will seek legal assurances that will assuage the concerns that the members of paraphernaliament ha parliament have on that issue. >> the challenges to her brexit deal may still remain. late last night this comment from a member of her own party sa

are closing abroad with the question of what's next for brexit a key driver in today's action wi wilfred frost the latest. >> that internal conservative party no-confidence vote in theresa may will take place between 1:00 p.m. and 3:00 p.m. eastern time the latest betting market odds suggest an 87.5% probability that she will get the 158 votes of our 316 mps, 50% needed in order to win now, sterling has rallied on that news as have uk and european equities. the confidence coming from the fact that some 180 of her mps have come out to support her publicly during the course of today, more than she would need for victories. now, for markets to be wrong, you'd need to see a large portion of them lying publicly and voting against her privately, which seems highly unlikely by the way, it's important to put the rally in sterling in context. the pound is still down week to date, month to date and still down over the last three months, down some 4.5% from its three-month high why is that? even if theresa may's power is enhanced with victory tonight, the chances of her middle ground brexit deal passing

wilfred frost alongside sara eisen. straight to the markets, the s&p 500 intraday chart, right before the fed decision it was up 1.1% at 2:00 p.m. we were expecting a dovish hike, bullet market did not think it was dovish enough in tone. we sold off twice in the last couple of hours, firstly on the decision itself. we then recovered a little bit as the start of chair powell's comments were fairly dovish, but towards the back end we did hit session lows we were down over 500 points at one point on the dow we're down 1.25% on the s&p, over 2% swing in the last hour or so. >> big move across assets. you're seeing buying of bonds and pushing treasury yields lower opposite whatever you saw initially. the dollar pretty much flat, climbed um the basic takeaway, yes, rate hike that was expected by the markets. they moderated the fed outlook in terms of growth for 201 cut the number of hikes expected or interest rate increases expected in 2019 from 3 to 2, but, again, didn't give investors enough to cheer about, and in jay powel

wilford rosz is staross is stang by tell us about the defeat >> she suffered four out of four wilfred frost. >> it's parliament, this never happens before this comes after the government called to publish the brexit plan the british pound has fallen sharply. it was up and down 0.4%, recovered a little since then that 1.4% swing to the down side why? because the legal advice will be published in full. it's thought that won't help may in her quest to convince mps to vote for her brexit deal, which happens next tuesday the 11th of december guys >> before i let you go, you have spoken with two big bank ceos today, wells fargo and money hasn't at banc of america. the message that they convey to you on where we are right now in the world, how the economy looks to them was what >> very, very positive i asked both of them as my first question, the tone from the market's very, very bearish. when you speak to your customers and the data you see, does that match up both were very, very relaxed about the state of the u.s. commitment whether that was in relation to trade or interest rates. tim sloan eve

i'm melissa lee with joe kernen and wilfred frost sitting in with us for the next two hours is mike santoli. let's look at yesterday's record breaking rebound the dow logging its largest one-day point gain in history. the 4.98% gain was the biggest upside percent move since march of 2009. it was the biggest post-christmas rally for stocks ever retail led the way shares of wayfair, kohl's, dollar general jumping more than 7% amazon stock up 9.45%, wiping out declining from the christmas eve selloff. the stock pairing some of those gains this morning >> checking on the markets right now, pointing lower after that positive move yesterday. we are about 350 points lower. around 1.5% for each of those major indices. yesterday we gained 5% for the dow and the s&p. in asia, positivity in japan after a very poor christmas day performance. up 4% today. hong kong and shanghai both lower. european trade less positive than that. the dax down 1.5%. france flat. the rest of europe showing declines european trade has been closed the last two sessions. so this the first trade since the christmas eve decline

theresa may may be looking for a better offer for her brexit divorce deal wilfred frost will tell ushether she is likely to get it. as we head to the break, here's a look at the biggest premarket winners and losers in the dow. i'm ken jacobus and i switched to the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy. and last year, i earned $36,000 in cash back. which i used to offer health insurance to my employees. what's in your wallet? ♪ there's no place likargh!e ♪ i'm trying... ♪ yippiekiyay. ♪ mom. ♪ ♪ >> british prime minister theresa may pulled a vote yesterday on brexit, it was kind of embarrassing, you know why someone doesn't vote on something. she didn't have a chance she hoped for a better deal. the european commission president says there's no room for renegotiation. wilfred frost will join us now from london to talk about this you have an ifb in before we went to break? you can tell me if you went to the wolseley after your report i assume you've been there already. >> i have not, joe i did have the ifb in, i heard you mention teasing to

are top performers [ bell ringing ] >>> welcome back everyone to the closing bell i'm here with wilfred frostfinished up the day on wall street it was a rally day after a big week on wall street. the rally continued off of that trade truce that was declared in argentina between president trump and xi the dow closing higher by just under 300 points s & p 500 rose up and it was broad as well. the nasdaq gained 1.5% russell 2000 up 1% not quite as bilge as gains we saw overflight still, a worldwide celebration of that cease fire coming up you'll hear and get his take on the feds rate hike time line. >>> oil prices climbing sharply higher a big clang out of opec. we'll discuss that there hoping oil prices will stay low. he'll tell us where he is placing bets on the show advanced my koe devices and discovery was the laggard there. joining us to talk about the market day managing direct to have nice to see you. >> we did get a big rally last week more than 4% for the s & p 500 did that take away the headlines? >> i think we used up some of the fuel you had people leading very negative we had the bi

tomorrow, wilfred frost is live from the goldman, sachs conference and will be joined by tim sloan. "squawk alley," bank of america ceo brian moynihan will join wilfred speaking of "squawk alley," jon fortt is in san francisco and has a look at what's coming up in a few minutes from now. jon? >> that's right. major indexes are off highs, china connected stocks in particular are higher this morning. we will check into those, including apple, and look at what might be coming next. that's coming up on "squawk alley. (toni vo) 'twas the night before christma, and all thro' the house. not a creature was stirring, but everywhere else... there are performers, dancers, designers the dads and the drivers. there are doers of good and bringers of glee. this time of the year is so much more than a bow and a tree. (morgan vo) those who give their best, deserve the best. get up to a $1,000 credit on select models now during the season of audi sales event. >>> welcome back to "squawk on the street." stocks are holding on to gains this morning, off the best levels of the day, honing in getting a bum

squawk on the street" is next ♪ >> good morning, i am carl quintanilla, i am with sara eisen and wilfred frostdavid is off cramer is going to join us by the phone. europe is up 1.2%. japan closes the year down 12. they are closed on monday. oil is back about 45 our road maps begi begins with street futures is foipointing to a higr open >> cramer says the recent volatility is about as bad as he has seen cramer joins us. why he says jay powell is getting schooled >> stocks are poised to open higher this morning. the rise of all three major averages recovered to post some ol l solid games. if we are going to erase the whole 1931 thing, we got to get about another 4.4%. >> yesterday, 2:17 p.m., the dow is down 611 points and 200 gain in the last hour so at 3:00 p.m. and it was a straight line up going positive the last half hours. to gain back almost 900 points, biggest dow and nasdaq rehearsal in ten years does that mean we are still in a bear market or does it mean it could be the making of abbott. we did have the two back-to-back games. there is some following through. this is the end of the ye

once again wilfred frost in london now we are joined to discuss with fred this issue how much is thisuccess theresa may has in pulling this deal off and trying to deal with the i don't knnorthern ireland e >> one of the things we're seeing with the protests in france and what's going on in great britain is that nationalism is populism. sometimes that has an ugly face in the united states its existential in europe. you can't pool sovereignty in the european union in a situation where you have so much nationalism and populism i think that's what the vote will come down to in the end in the uk i don't think the eu is going to give much ground probably not enough ground for theresa may to get her parliament vote, and then the question becomes do you have a second referendum months ago i argued with larry kudlow before he was in the white house on this program that i thought ultimately the british would come to their senses and have a second referendum and stay in because it's in their best interest. i wouldn't bet on it, but there's a higher probability >> it's hard to say it's in their i

i'm morgan wilfred frost will rejoin me in just a moment as well as mike santoli. look at how we are finishing the wild day on wall street the dow has finished down just 77 points. this is after being down earlier in the day similar story. we saw this late afternoon rebounds there finishing down only four points the level there is 2695. the nasdaq actually finishing the day in the green 7188 similar story for the nasdaq the russell 2000 finishing the day down .02%. u.s. china trade, the flattening yield curve and in the past half hour or so this report that the fed considers slowing down the pace of rate hikes we have two big exclusive interviews coming up this hour we have ibm ceo and doug mcmillan we are recovering from all of the angles we have bob tracking the big movers here. we have been keeping an eye on tech >>> let start with you this is 2632 as i recall the important thing is we bounced. we saw a bottom at the close for the european markets it was down 1,500 points in two days we turned around not just because of what we are told we had headline movers. t

. >> hi, i'm wilfred frost, the biggest shopping day in europe, called boxing day and how about here we'll break down the numbers and with the nasdaq firmly entrenched in bear market territory, we'll look at the biggest forecast names that look to benefit the most. "closing bell" starts right now. ♪ come and get your love ♪ come and get your love >> we should have boxing day. >> we should i said that this morning on "squawk box," should be a national holiday. >> did you know lou vega was german i thought he had a second song, but just the one. >> i chose "the macarena." we'll get to all the stories we mentioned in a moment. rally day for a change on wall street we're near session highs right now. the dow is recouping 95% of monday's brutal losses, worst christmas eve performance for stocks s&p and nasdaq getting all those losses back, it looks like. >> we're on pace for our best i don't think we say best boxing day but best after christmas trading day rally since 1973, if that's a thing, but a positive thing nonetheless. the doug, as can you see, up 3% and the nasdaq pushing 4%. we'v

. -- goldman sachs financial conference wilfred frost is standing by >> reporter: thank you very much i am joined by the founder and chairman of and ceo. the former president of institutional securities at morgan stanley, starting off with the market as it is today, it's down some 3% as we speak. coming off a week where we had a good news a dovish fed, oils stabilizing in a trade truce do you feel like markets are overreacting to the down side of the moment a bit overly bearish or not >> i think we are in a period of volatility we need to understand that's the new normal for now we've had periods of littrelatiy low trade agreements in china, that will hang over the market whether or not the fed is going to tighten, how often, how quickly we are also looking at some economic signals which suggest that maybe the economy is slowing a little bit so all of this as it goes through in its process, it will create swings in the market and we're coming off periods of inroads that will be tranquil in price movements. i think this is closer to a more normal environment than we've experienced prev

welcome to "the closing bell q i'm sara eisen wilfred frost rejoining me let's look at how we are finishingp this trading day. worst in history for a christmas eve close. dow down 639 points. 21,801 is the final close. all sectors in the red falling sharply. the nasdaq down 2.21 it fell into bear market last week it's down 23% from the recent highs. russell 2000 index has been underperforming all year long. it is down 2% almost on the day. wow. treasury secretary steven mnuchin spooking investors earlier after calling the heads of the largest u.s. banks to reensure investors that they have ample liquidity coming up we'll get more information from roger altdman all 30 dow stocks closing lower today. nike the biggest decliner. energy got obliterated across the board. bob pisani has been on the floor of the nyse. bertha coombs is at the nasdaq bob? >> the santa claus rally is off to a terrible start. i told wilf we never had a christmas eve down 1%, let alone 2% if you look at sectors, defensive names were down very big. utilities, wreathreits, consume staples. the dow laggards today, procter

banks confirmed ample liquidity is available for lending and consumer markets joining us now is wilfred frost took their heads of communications by surprise none of them knew about these callsuntil the treasury secretary started tweeting about it the bank ceos themselves were also taken by surprise >> the fact that the call came or they put out an announcement? >> the call was happening at all. i think ones it happence it hapy knew by the end of the call an announcement would be made one source said that the ceo cited four reasons as to the reason the market pulled back, china, the shutdown, italy, brexit, trade wars that's the reason the market is down on the topic of liquidity, this is the general message, markets are functioning fine, but there are pockets of illiquidity two big things bank's own liquidity is not in question they have been forced to boost capital levels, and liquid assets as a portion of that have risen it used to be 10%, now it's 20% there's no question thabout that on the flip side, the market itself is more illiquid because of automatic trading and the like on that topi

theresa may surviving a confidence vote, but her brexit deal still in jeopardy wilfred frost has theatest >> theresa may did survive a no-confidence challenge to her leadership she gained 200 votes against 117 votes against her. she cannot face another challenge from her own mps for at least 12 months the margin of victory for theresa may was less than she would have liked >> while i'm grateful for that support, a significant number of colleagues did cast a vote against me, and i've listened to what they said following this ballot we now need to get on with the job of delivering brexit for the british people >> so the prime minister is heading to brussels today to try to improve her brexit deal >> for my part i've heard what the house of commons said about the northern ireland backstop. when i go to the european counsel tomorrow i will seek legal assurances that will assuage the concerns that the members of parliament have on that issue >> she will continue to face opposition to her middle ground brexit deal in parliament. a member of her own party, jacob rees-mog saying she clearly

wilfred frost is there he joins us with the highlights. >> yes, indeed tim sloan was positive on the>> today we don't really see a lot to be concerned about. now, we're concerned anyway, that's what we do. but when we look at the consumer, you know, the statistics that we gave in terms of debit card activity continues into the fourth quarter. i was just looking at the hole i did season numbers we continue to see employment increasing we continue to see wages increasing we continue to be optimistic it's unlikely you're going to see the same gdp growth we saw in the second and third quarter. >> he even said if unemployment rose 1.5% or if gdp growth fell to zero, they still wouldn't secret costs rise. which was interesting given how much these stocks have pulled back and the broader fears out there of being late cycle and economic growth. we will hear more from tim sloan live in an exclusive at 10:15 a.m. and john waldren live at 12:15 >> a lot ahead of you there. talk to you soon >>> wilbur ross joined us earlier this morning talking about the trade progress president trump made over

british prime minister theresa may facing a no-confidence vote this afternoon wilfred frost joins usith more >> yes uk prime minister theresa may will face a vote of no-confidence from her own mps as leader of the conservative party and therefore as prime minister, too. >> sir graham brady confirmed that he has received 48 letters from conservative mps, so there now will be a vote of confidence in my leadership of the conservative party i will contest that vote with everything i've got. >> that vote will take place at 1:00 p.m. eastern time it was triggered because 48 of her conservative mps called for it she will need to win 158 votes or 50% in order to stay on as prime minister if she does, her power will increase a little because she can't face another vote of no confidence for another 12 months let's look at sterling over the last two days. it is lower compared to 16 hours ago when rumer rumors of this vf no-confidence picked up but it's higher today why? because she has received votes of public confidence from a wide range of mps including senior cabinet ministers like jeremy hu