ylan. >> we are learning this news as well here is the full tweet that president trump wrote.he will be retiring at the end of february after having served my administration as secretary of defense for the past two years he said that during jim's tenure tremendous progress has been made especially with the respect to the purchase of new fighting equipment. he said that general mattis was a the great help in getting allies and other countries to pay their share of military obligations. he said that he will name a new secretary of defense shortly, just addeding to some of the changes chaos in washington. secretary mattis now retiring. >> a lot of job openings in that administration thank you ylan and you are saying you think this underscores dissent in the administration. >> i think listen. >> what did you think he was going to say. >> i'm being sober about this. this is troubling. h.r. mcmaster are leaving. the generals were nicknamed by the resistance as the committee saving america keeping the president from his worst inclinations we have a situation right here. >> hold on. >

dan nathan guy adami breaking news on the government shutdown ylan mui has the latest. ylan. >> new reports that there is a deal to perhaps not avert the government shutdown perhaps limit the damage from a government shutdown. this is come from senator bob corker who says that vice president mike pence who was on the hill earlier this afternoon along with mick mulvaney and jared kushner, they met with chuck schumer in his office and agreed to something. we don't know exactly what what we do know is that after that meeting vice president mike pence along with the other represent he was from the white house went over to the house side of the capitol to meet with paul ryan as well as leaders of the servant freed the conservative freedom caucus. that seems to be an indication that the two sides are coming together, the white house brokers the seeds of a longer negotiation here we did get a statement from chuck schumer's office about how the conversation between the minority leader and the vice president went and what he said was that chuck schumer reiterated that any propos

ylan mui in washington. once gep. thanks ylan. see you later. >>> plenty of high profile democrats are talking about running for president in 2020. excuse me. joe biden. elizabeth warren. bernie sanders among them of course. bu so far only one that would be outgoing congressman john laney of maryland has gotten a head start and launched ha 2020 campaign. no t he may have spent last six years in the house of representatives but he does come from the world of american business. after cofounding pair of companies which went public. john harwood sat down with delaney to talk aboutg his shot candidacy and origin during his years as an entrepreneur. >> our companies were growing communityor the loc bank but weren't big enough to be served by the big banks. so i built a business to target just that part of the market. it became a goodized company. we ended up financing 5,000 companies. i took it public. i ran it until i tried for congress. i spent most of my career helping small businesses get tca tal they need to grow. hire people. and

ylan, thank you. a lot going on. we'l g let you back to that ylan mui on capitol hill. and adding to the news out of washington, very late today we efarned these secretary james mattis will retire at the end of february. >>> on this tough day for the markets let's te a closer look at what drove the selloff and what's said among the traders on theheloor of nyse joined tonigh by keith glis president as katonin company. thank you for being with us. >> my pleasure. >> what was the feel down there? and what does your gut tell you abat's going on in this market given the many years of experience you have trading it and covering it? well, i think one of the biggest problems we have is the brkage of the seasonal factors we have been dealing with for years and years. it's been widely reported this is going to be the worst december since the great aresi depr. and december is usually the best month out of the year. when you see that y breakage know something dramatic is happening inside of the marketplace. we startedf course to see the signs in november. and then once we entered k

funding the government expires friday.s ylan muy fomg the story. good to see you, ylan. where does it stand and are we closer to a deal. >> reporter: the odds of a government shutdown have decreased dramatically because as you mentioned the senate majority mitch mcconnell has said he is sure lawmakers will bee to avert a shutdown. the current thinking is that they would pass a short-term ending deal likely to last through february. democrat haves said they would suppor d such al. the big question is, will president trump support it?d he se will see when asked about this today around the ite house. but certainly democrats and republicans now are in agreent what they want to see to move forward. president trump just needs to get >>onboard. we'll see indeed. let's turn to next year, 2019. the democrats will then control theso house. hat are the plans for challenging the republican tax law? >> well one of the big criticisms the democrats have of this law is that to it primarily helps large corporations at the expense of. worke so not only are they upset about the decline c i

good morning again, ylan. >> reporter: good morning, carl.s been an amicable start so far, a handshake and kind of a bro hug. political rivals, at least at this hearing, starting things off in a friendly manner the appearance of mccarthy was a bit of a surprise. he had some strong words for google, however, particularly as it relates to its operations in china. it says that the potential is that google could be used to streng strengthen china's suppression and control. there's some tough words for the big tech company meanwhile the chairman of the house judiciary committee is talking about political bias and his concerns that google has, perhaps, more data on individuals than the nsa we are expecting some volatility but at least they started off with a friendly tone. >> ylan, we will -- yeah, there's three -- i wonder on the spectrum of issues that they may face, privacy data being one, the china expansion, number two, and then this alleged political bias we see alex jones this morning in the hall there. what do you think will get the focus o

ylan, thanks very much for tracking it. ylan mui in washington joining "closing bell" exchange, steve grasso from post nine and our own rick santelli and renee mash rick, we'll start with you every day we get two mark. we get a rally either from the open or later on and then we get a fade what do we make of the jockeying? >> well, today was the longest we saw it go without a reversal, a couple hours longer than we usually see it last. a couple of negative headlines involving cohen. we saw maybe the brexit issue coming to a head, and like wilf said, if this is a tremendous confidence vote on her behalf, the market should rally. if it's not, you are sort of splitting hairs, whether it's 90 votes or 110 votes against that's what i think the market is hedging right now if she wins overwhelmingly the markets should rally into the end of the day. >> you think u.s. stocks are teeing off of a confidence vote for the british brims? >> i think they are trying to tee off of anything. today it was china trade it was brexit. it's a whol

let's bring in ylan mui for more perspective on what's going on in d.c ylan >> reporter: kelly, there are encouraging signs but there are caveats. positive news for investors. first off, soy beans china is preparing to restart purchases and reuters saying that will begin with 500,000 tons of soybeans worth at least $180 million also as bob mentioned earlier, "the wall street journal" report that china is considering holding back from the made in china 2025 program and that would allow foreign companies more access to its markets but there are also multiple reports that the white house is considering a travel warning on china. now we reached out to the state department and they told us that there are no announcements at this time but that the department has long advised caution when traveling to that country. also, the president telling reuters that the arrest of the huawei executive could come up in future trade talks with china. that came up during a senate hearing on capitol hill here this morning and a top department of justice official said that the agency is not a tool for trade

. >> ylan mui, thank you very much at the capitol there >> kelly, this is going to be a homecoming for former president george h.w. bush he's leaving the capitol, that's where he began his political career before he lived in the white house as president, he lived in this neighborhood in spring valley near the national cathedral. that's where he'll come for service as ylan indicated, the former president and his son, but also from people who are close to him brian maroney, the former prime minister with canada where he negotiatednafta which was late enacted by president clinton allen simpson, a close personal friend who served in the senate for a long time throughout the presidency of george h.w. bush simpson can be counted on for humor. we'll get some of that from him and he'll hear from john meacham as ylan indicated wrote his magnificent life, someone that enlisted in the navy and were shot down and rescued and went to yale and was an athlete there and moved to texas and struck out in the oil business that was successful and decided to give back and go into politics with two terms in

for "nightly business report" ylan muy. in washingt >> and from one big company to another. coke has its work cut out for it just like many other packaged goods companies. the downt compo has older brands that need to stay fresh. and if sass era as sarah eisen reports from atlanta, management team has a new wistrategy that it hopes ll do just that. sn this i't the coca-cola we grew ur un the new leadership of james quincey the ceo and to a toon soon to be chairman in april. the company has gone down a the tells the story. fair live with milk. new productse body armor and new products like simply light juices moving away from soda and the core coca-colar app coca-cola and diet coke. wall street is embracing tte st. >> i think you saw out of the summer it became a little softer as w got into september. and so we did see a litdee ine in september. again, 2019 i think is uncertain. you know,f you have lots forecasts out there, whether the u.s. or globally saying there is growth next year. maybe not as much as 2018. a little bit slower but still growth. stil growth in u.s., still

governme government, ylan mui joins us. ylan >> the first order of business is to vote on ending the shutdown two bills, the first would fully fund all the agencies except department of homeland security. the second bill would leave funding unchanged and last only through february 8th both bills are expected to pass the house since democrats will have the majority. from there it will be up to mitch mcconnell whether to decide to bring them to the floor of the senate. his office wouldn't talk about the dem proposals specifically his office did tell me it's simple, he won't send something to the president that he won't sign beyond the shutdown, china is on the president's mind, speaking with xi jinping over the phone and the president said big progress is being made in trade talks. chinese news agency seemed to agree, that teams from both countries have been actively working to implement such consensus and hoping that they can meet halfway the xinhua news agency said xi characterized the negotiations as being at a vital stage

senate ylan mui with the details on the shutdown latest, ylan. >> so more of reports now that senatorow a deal between vice president mike pence and chuck schumer that they cut a deal while having the meeting in chuck schumer's office earlier this afternoon we don't know yet what the contours of the deal might be. but everyone is looking for a way forward as they try to break the log jam here on capitol hill unclear as well if they will be able to pull anything together to avert the government shutdown at midnight. but at least there might be a potential to limit the dang from any potential shutdown back to you. >> all right ylan, a lot of moving parts here we know you'll stay on top of it thank you for the latest maybe possible signs of a deal i mean, how much was this part of the market's plunge this week. >> i think it was just like a little sliver placed on top of a lot of other stuff that the market was worried about. >> i don't know if santa is going to show up, right. >> santa clause rally that is. >> start, right, if -- supposed to start monday. >> it's supposed to start monda

ylan mui has. mo >> reporter: the white house celebrating several new deals. among the trade winds, the u.s. began negotiations with japan and european union. there is a new free tradere ent with south korea and a ew deal pending with ktd and mexico. >> it's my honor to announce that we have successfullyd compleegotiations on a brand-new deal to terminate and replace nafta. >> that agreement is designed to encourage car companies to pay their workers more and make more of their vehicles in north arerica. u.s.rs get more access to canada's dairy market and pharmaceutical companies get more protections for oertain kind new drugs. still, the deal needs to be approved by prcongress. ident trump is threatening to cancel nafta if they don't act fast. bupemocrats are conceptually cal. >> whatsn't in it yet is enough enforcement repay insurances regarng workers. there has not been a law passed in mexico in terms of wages and workonditions in mexico. >> meanwhile, wall street is focused on trade warps. tariffs on fore an steel aluminum, also onn $250 bill worth of chin

> hold on, steve breaking news on the sentencing of former trump lawyer michael cohen let's get to ylan muy for the details. >> new york prosecutors saying that michael cohen, president trump's former personal attorney should serve a substantial prison term as after financial crimes and lying to congress generally he would says 61 to 53 months in prison it's important because it detailed the scope of cooperation with the prosecutors. the cooperation appears limited. it says repeatedly that cohen declined to provide full information about the scope of any additional criminal conduct in which he may have been engaged or had knowledge it also said that he did provide useful information but that he decided not to pursue full cooperation. therefore it said the special counsel can't say that his overall level of cohen's cooperation to be significant. the prosecutors also suggested his reasons for working with the special counsel's office may have been self-serving it said any suggestion that is his meetings with law enforcement reflect a self-less and unprompted about face are overstated guys

ylan mui is there with more. ylan, what do we know about this meeting?rah, we are waiting for those executives to arrive that should happen in the next hour, half hour or so. the white house is billing this as a listening session on industries of the future but, of course, underpinning all of those discussions are the renewed trade tensions after the u.s. arrested one of huawei's senior executives. also mounting pressure on big tech over issues like consumer protection, day privacy and broad concern that some of these companies have gotten too big. the white house says they want to keep the discussion narrowly focused on the areas in which this administration wants to establish american dominance that's 5g, ai, quantum and advanced manufacturing but both sides of the administration and industry are definitely trying to navigate a very rocky relationship here and you can tell by who the white house is putting inside the room among the attendees on the administration side are ivanka trump and jared kushner, of course, but also robert lighthizer and the adm

seemed to be enough for wall street at least for now for more on what this all means let's get to ylan mui. >> reporter: the grand compromise coming out of the g20 is fewer tariffs and more talks. the u.s. has agreed to hold off on raising tariffs to 25% on $200 billion in chinese goods. those are going to stay at 10% while the two sides keep talking. now the chinese have 90 days to come up with major concessions on issues such as forced technology transfers, i.p. theft and other issues that countdown clock starts on january 1st. >> they put on the table an offer of over 1.2 trillion in additional commitments, but the details of that still need to be negotiated these are big numbers, but i want to emphasize, this isn't just about buying things, this is about opening up markets to u.s. companies and protecting u.s. technology. those are very important structural issues to the president. >> reporter: that was treasury secretary steven mnuchin speaking on cnbc earlier today still a lot of questions though over exactly what was agreed to. president trump had tweeted that china would get ri

that means nothing can move forward at this time back to you. >> ylan, that was my question.al gets hammered out, how much time needs to pass before we can get a vote scheduled? >> once they have a deal they can move fast but the house has been told they will get a 24-hour heads up before calling members back in so you're looking to at least one more day best case scenario and that's why we're on day six of a government shutdown. it's clear we'll see a day seven as well. >> ylan, thank you for the update from the white house this morning. ylan mui. >>> the shutdown the backdrop to the recent volatility we're seeing across all major stock indices. this morning lower across the board after the dow's 1,000 point gain yesterday how should investors be looking to navigate these choppy waters? this volatile market and the news from washington with us by phone is former deputy treasury secretary roger altman good to talk to you again. do you think the shutdown in six days -- in itself sixth day is having an impact on the market >> hard to tell but i don't think that is one of the ma

back to you guys. >> diana, stay with us because we wanted to get your take on ylan's story one boostmarket could be coming next year. ylan joins us with the democrats details. >> the salt cap has been extremely unpopular in blue states, a provision that limits income deductions to $10,000 for property taxes some states are clammed slammed. california, new york, new jersey you know that very well. high-tax states but places where democrats picked up a lot of seats during the mid-terms in part driven by the discontent over the caps. democrats want to make sure to address that in the new congress the lawmaker leading the charge, is bill pascrell of new jersey he told us he is working on legislation now he plans to introduce in the new year. in a statement he told us this law targets middle class citizens in my state, stealing state and local tax deductions to pay off corporate executives. we must make the tax code work for all americans and stop targeting blue states. now, the big problem is that capping the deduction is a huge money maker for the government estimated to raise $829 bill

we have more breaking news to get to out of washington let's get to ylan mui for that ylan >> more d.che shutdown it's unclear if republicans will be able to move forward with a short term spending bill to keep the government open through february 8 republicans have been meeting this morning to talk about the path forward nbc news reporting house speaker paul ryan had to step out to taken a emergency phone call from president trump that lasted about 20 or 30 minutes. president trump tweeting shortly afterward that he is upset that he does not have money for his border wall yet. that he signed a spending bill earlier in the year with assurances from republicans that he would have that money by now and he does not so republicans left that meeting without any firm decisions on whether to move forward with this we talked to a member of republican leadership, steve scalise on his way out from that meeting. he said there is a strong desire to give the president the money he needs and the tools he needs to secure the border and build the wall he said they are still in conversations with membe

ylan thank you >>> guys, here is the trillion dollar question is big tech about to be regulated big leaguewhat does it mean. >> bigly, i would say probably something in that category but regardless i look for names in a market like we are in right now, i look for names absolutely slammed. you look for low pe names sold off to the point of ridiculous apple is one of those. it's literally off in the 230 highs down there towards 164 just yesterday there was monstrous call byes coming in. that creates opportunity when you i look at apple it's oversold i look the valuation abcash everything people talk about it's sold off too far? >> in this environment it's easy to see by o why the big dogs are going after these bigly. the google could earn almost $640 a share next year you're tokyo a ratio inside 20 times earnings for a company seeing more regulation, gdpr is come to the soil and companies it's less about regulations, how they internally handle privacy for their use zbleers what if. >> the market will decide. >> what if they are broken up? do you think there is a risk of that. >> as it relate

ylan, the shutdown deadline fast approaching.is the latest >> republicans and senate are still in the middle of that procedural vote that would tie border wall funding to government funding we don't know how long this vote is going to last last i checked, numbers were 43 to 45 with more nays than yeas so we dough know th know that tl be very close. jeff flake has already voted against it bob corker says that he is withholding his vote until he sees which senators come back in town, when they come back in town he wants to chat with all of his colleagues and kind of see where the landscape lies now, the reality here though is that this is all just a political exercise because whether this bill fails on the procedural vote or whether it fails on the actual vote, it is still going to fail. and so that means that there is no real plan in place for owe vefrti averting a government shutdown and senator scott was very straight with reporters, he said it is either money for the wall or a government shutdown it is that simple. gop leadersh

let's go to ylan mui good morning, ylan >> good morning, sara. they're scheduled to vote a bill this afternoon that includes $5 million for the border wall that'll not get the democrats support. president trump pins the blame on democrats today, shut down today if democrats do not vote for border security. president trump's solution for all of this is for the senate to change its rules, allow republicans to pass the bill with a simple majority instead of 60 votes. now the pressure is on mitch mcconnell. a few days ago, he was assuring washington that there would be no government shut down. a lot of senators left town and now they're coming back to washington and they're not happy about it when susan collins of maine heard the news yesterday, she told reporters, quote, "you are ruining my life. the shut down would affect 25% of the government and roughly 800,000 workers and key agencies and treasury departments and irs, those would go unfunded president trump would cancel his plan trip to mar-a-lago and stay in washington if a shutdown occurs no o

ylan mui looks at that part. >> the government shutdown could wlast all theay into the new year. president trump's spoke toak reportering a surprise visit to the troops in iraq where he doubled down on the comments he made cistmas day. he said no money for the border wall, no government spending bill. >> moug do you think the shutdown wl last, mr. president. >> whatever it takes. i mean we'll have aall. we'll have safety. we need safety for ou country. >> this is a partial shutdown. and affects about 2025% of the government. about 800,000 federal workers aren'tch getting a pk right now. and about half of them still have to show up for workanay. on when some of wall streetct favorite data points are released. new home sales and a report on internationa trade andretail won't be released this week. data on construction spending set to come out next week could be affected. hour the labor department is not part of the shutdown.ns that mea the job support is still on for january 4th. presumptive house speaker nancy pelosi says she will hold on a vote on the bill to reopen the governmen

. >> thank you so much probably back with ylan in the next few minutes, depending on developments out of d.c. mike wilson, something you said pique might interest you said folks are coming out of the woodwork saying we're going down 40% or whatever are we close to the bottom g to have this massive think woosh down we are oversold are we close to the bottom, do you think? >> for some things, absolutely and to the point, this bear market didn't start two months ago. it started about a year ago as asset markets started topping one by one even their policy is changing now. we look at a lot of different things, i would tell thaw growth has been the other concern we've had not just financial conditions, tightening, that peaked in the second quarter of this year. we think the global economy going to bottom in the first or second quarter of next year. once again markets are discounting machines i think it's very interesting, emerging markets have outperformed the s&p for two months so if things are so bad, why would that be happening? i think what's going on now is we've got to sift through,

what are we in day five yla ylan mui >> it is day five. the shutdown could last threw the new year president trump spoke to reporters in the oval office yesterday and refused to back down from that demand of any government spending bill include money for the wall >> i can tell you it is not going to be opened until we have a wall or fence, whatever they like to call it. it is all the same thing >> president trump says he'll visit a part of the wall that's under construction in texas. the definition of the wall he alluded to may be shifting he suggests that he can be open to border fencing. in an interview today, nancy pelosi accused the president of fear mongreling and fear tactic. once they take control of the house, the president said that federal workers want him to keep the shutdown going until there is a wall. however, one survey by a federal employee union, 78% of its members were concerned of covering their basic expenses, rental and mortgage while their paycheck is on hold. the house still needs to approve it the question for these

i want to go back to a tweet ylan just mentioned.ent trump saying shutdown today if the dems do not vote for border security is there any room for maneuvering between the two sides with that? >> there's always room for maneuvering. but i think our leadership has made it clear there is not going to be any money specified for building a wall. the absurdity of this is there was money in the last budget that was provided to the administration to work on border security they haven't spent any of it another $5 billion, if it were allocated to them, they wouldn't spend it anyway. this is about placating donald trump's media supporters it's not even about implicating his base this is about limbaugh, laura ingraham, and those he's afraid of offending >> how big of a problem is it if the government does shut down tonight? >> it's always a question of how long it lasts and it's a question of who you are. if you're one of the 400,000 federal employees that would be furloughed and going without pay for the period of time, it's a significant effec

ylan mui is in washington. >> reporter: republican senators went to the white house to meet with trumpcourse they're going to talk about the border wall and government funding, in addition to senate majority leader mcconnell, chuck grassley, lisa murkowski, susan collins, mike lee. that's a diverse mix of senators, moderates and conservatives. gives you an idea of how wide ranging that discussion is likely to be now, president trump has been putting pressure on mcconnell to invoke the nuclear option. this would allow them to pass legislation with only 50 votes and that means they would not need democratic help in order to get the spending bill done but this is not a road mcconnell wants to go down, and there's also not support within the republican caucus to make this move already this morning we have seen at least three senators come out against it, jeff flake and orrin hatch tweeted their opposition, senator lamar alexander put out this statement. i want to put a stop to this practice of the senate breaking its rules to change its rules. i will not vote to turn the senate into a rule

for that, back to ylan mui in washington >> reporter: carl, he is signaling the company will not moverd with plans to operate in china here's what he told the texas congresswoman sheila jackson-lee. >> we don't have a search product there. our core mission is to provide users access to information and getting access to information is an important human right we are always trying hard to provide that information but right now there are no plans to launch search in china. >> reporter: no plans to launch search in china. some of the most pointed questions he faced are around this dragonfly project that received internal and external criticism, trying to frame google as an american company, upholding american values. we'll see if that's enough for lawmakers. a ways to go >> i hear a hedge. they certainly built a model for doing search in china, so they plan to build it but perhaps have not specifically planned to launch it. for now, let's go back to atlanta. sara eisen live at coke headquarters, following her interview with the ceo, james kwin quincy looking at coke's product road map >>

ylan mui looks in the crystal ball to see what 2019 could bring. >>> trade turmoil rocked the marketscan bebe it will continue in the new year first china deadline drama robert lighthizer leading the negotiations with beijing and the two sides are facing a march 1st deadline to reach a deal at stake, u.s. tariffs on 2$250 billion on chinese goods and retaliation from china deal or no deal, expect plenty of posturing and lots of testy tweets along the way second, expect a rocky road for the new u.s. mexico and canada trade deal the usmca will need approval by congress next year but so far democrats have been skeptical looking for stronger labor and environmental protections. finally, bilateral trade deals look for the trump administration moving forward on bilateral deals with other countries. trade talks with japan and european union may ramp up if they go well that could put the brake on the threat of new auto tariffs. the administration could lift duties on foreign steel and aluminum one thing is clear trump sees tariffs as a way to gain the upper hand in negotiations >>> sears coul

everything is fine the odd part is nobody in particular was asking if everything wasn't fine ylan muias more on this. >> it has been a wild weekend here in washington there is the shutdown going on there's a shakeup happening in the cabinet. like you said, i want to start with this cryptic phone call that secretary mnuchin placed to the six largest bank ceos. he put out a statement saying that the banks confirmed they have ample liquidity available for lending and that they have not experienced any clearance or margin issues, and that markets continue to function properly. so the big question is here why did he put out this statement? is this a routine phone call that the secretary has with ceos or could this be related to the news over the weekend that president trump looked into firing fed chairman jay powell mnuchin pushed back against that saying the president never suggested firing jay powell. mick mulvaney made the rounds over the weekend saying the president understands he doesn't have the legal authority to do so but no one saying that the president didn't inquire into firing

over to ylan mui >> reporter: they are here to make their pitch to the administration as the white houseeighs additional tariffs on autos we saw one ceo arrive. i asked him how he thought the meeting would go >> we are very positive to have a chance to talk to the organization and let's wait and see. real positive. >> reporter: do you think they'll move forward on tariffs? >> we hope so. >> reporter: that they will move ahead? >> no, that we can stop tariffs. >> reporter: in addition to volkswagen, daimler is expected to attend. president trump is not expected to be there. however, secretary wilbur ross, robert lighthauser and larry kudlow are expected to attend. some of the keys you can expect them to make they're likely to say they invest $48 billion in the united states and already employ 70,000 workers in the u.s back over to you >> squawk alley continues in less than three minutes. we stay with you to and through retirement. i get that voya is with me through retirement, i'm just surprised it means in my kitchen. so, that means no breakfast? voya. helping you to and through retireme

let's get to ylan mui. >> reporter: the white house is saying republican house members will meet with president at noon today in a statement, press secretary sarah sanders said at this moment the president doesn't want to go further without border security which includes steel slats or awall the president is continuing to weigh his options. republicans have been thrown into disarray as there's been a strong message from rank and file members they do not want to go home without voting for a border wall. we spoke with representative mark walker, one of the leaders of conservatives in the house. he said there was a strong rebuke against the short term spending bill that passed the senate that would keep the government open through february 8th. they want to take a hard line stance and make sure they get a chance to vote on the border wall back over to you >> it is david i hate to ask you a question like this. i don't know your wall technology knowledge, what are steel slats versus a wall? >> reporter: there's talk of a concrete wall, what counts as a border wall. the bill that passed the

dow is down 2% and ylan mui has more on trouble for tech as silicon valley ceos have a meeting todayh the trump administration first, jackie deangeles with breaking data. >> interesting day for oil we await a final decision from vienna you can see the losses are paired, and that's because the eia was out with weekly inventory report, delayed because of the national day of mourning yesterday what the number signifies is that even if production in the united states and globally is at high levels, if demand is there to meet that production that the oil market could find balance. u.s. production numbers, 11.7 million barrels a day, that stayed stable. it hasn't risen in three, four weeks. that's something investors are watching still in the session, down more than 3%, closer to 4%. $50.93 back to you. >> thank you deird deirdre bose has more on the cfo arrest. >> it can effect the supply chain. meng wazhou is sought for extradition by the u.s., related to u.s. sanctions. also december 1st, president trump and president xi had dinner the embassy in canada demanded her immediate release, a

ylan, thank you. >>> when we come back, why one tech portfolio manager says he is not recommending anreturn to tech stocks just yet what is he waiting for e w l ndut thdois back up 152 >>> i'm frank holland. he's your cnbc news update at this hour. the death toll from last weekend's tsunami in indonesia has risen to 430 nearly 1500 more were hurt and another 159 remain missing aerial footage revealing the devastation on the country's south sumatra coast. >>> and japan is deciding to withdraw from the international whaling commission and will restart commercial whaling next july it will be hunting for whales only in its territorial waters and exclusive economic zone. australia says it's extremely disappointed with that decision. >>> a spokesperson for the russian foreign ministry says the planned withdrawal of u.s. troops from afghanistan is a step in the right direction but the kremlin says it will believe it when it sees it. >>> pope francis celebrating forgiveness during his blessing in front of 25,000 worshippers in st. peter's square this morning. he said st. stephen, the first ma

ylan mui is live outside with more ylan. >> reporter: mary barra will be facing a tough audience here on capitol hill meeting with ohio congressman tim ryan the lawrencetown plant scheduled to close is in his district. he's also meeting with senator portment and sherrod brown we're expecting her to arrive at any moment now portman said that the company should not only keep its plant in lords town open but if it should bring other production back to the ohio valley, that would be a good thing. now sherrod brown is a potential presidential candidate, and he had already been threatening action against gm over its layoffs. sherrod brown said that if companies reduce their workforce, if autoworkers reduce their workforce, he feels that the corporate tax rate should be raised on their foreign earnings on the flip side, he said that he would give consumers a $3,500 rebate if they buy american cars now, this bill isn't going to be going anywhere, but it does give you a sense of the political pressure that barra is goes to be facing as she tries to work the charm offensive here on capitol hill

happy birthday ylan mui in washington for us.ara, some more comments you win today on the sourcing. >> this is the kind of day where big investors are weighing in the latest comments come from nelson peltz of trian. he weighed in on the trernry secretary saying this reaction to the treasury secretary is ridiculous, saying the administration is overly criticized, and for investors to blame the treasury secretary for doing his job and being transparent is ridiculous and inappropriate. he's in support of the treasury secretary. the idea there is some big investors -- yes, peltz has met the president and has ties with the white house, he does not agree this is out of line for the treasury secretary to be calling about bank ceos talking about conditions and the economy. he says this is the sort of thing that big invests want to see the treasury secretary doing. >> absolutely. it's all about messaging it was just poor messaging that's what it was we just didn't need to come in today on a holiday shortened day and week where many people

. >>> several other headlines out of washington, ylan mui joins us no now. >> we have a stalemate inhe shutdown late last nigh tweeted this, we need border security, and you can't have border security without a wall president trump did have lunch with conservatives over the weekend. jared kushner was there, mick mulvaney, but no democrats attended so it doesn't look like he's quite ready for compromise vice president mike pence met with the top senate democrat, chuck schumer. after it was over schumer's spokesman said we remain very far apart. both chambers are adjourned until thursday and the president canceled his trip to mar-a-lago. the first lady is coming back to washington from florida so they can spend christmas together defense secretary jim mattis is leaving on january 1st, that's two months earlier than previously planned it comes after his biting resignation letter and then the news that president trump looked into whether he had the legal authority to fire fed chair jerome powell. as you mentioned, not just secretary mnuchin pushing back on this story but mick mulvaney sa

government shutdown he says will last until congress meets his demand to fund a border wall or else ylanui joins us this morning from washington. >> good morning. the president made those comments during the talks with reporters in the oval office after he made calls to members of the military. he also had a last-minute stocking stuffer for the treasury secretary and the fed chairman he told reporters that both of the men have his full support. >> do you have support in secretary mnuchin? >> yes, i do very talented, very smart person >> what about the fed chair. >> we'll see they're raising interest rates too fast that's my opinion. i certainly have confidence. >> president trump acknowledged the fed is raising rates because the economy is strong. he suggested that's a form of "safety. the president has been holed up inside the white house amid the government shutdown. he's frustrated he's not down in florida with his family. he's mad about the market selloff. he doesn't like the stale mmateo government spending. here's what the democrats put out heading into christmas they said presiden

bush being honored today in the nation's capitol ylan mui has more. >> good morning. president bush has been lying in state at the capitol rotunda since monday evening the public viewing will end at 7:00 a.m. when the preparations for his departure to the national cathedral will begin. so many people have come to washington to pay their respects to the 41st president over the past 35 hours. not only members of the public but special time was set aside for those with personal or political connections to the president. one of the most moving moments is when former senator bob dole, bush's one-time political rival and fellow world war ii veteran was lifted from his wheelchair so he could offer the president one final salute others who came to pay their respects were former c irngs a dire cia directors, leaders from desert storm, about a dozen personal aides were there and more than 200 extended family members. former president george w. bush has been receiving guests at the blair house. president trump and the first lady were there last night trump and george w. bush sho

. >> all right we're going to get to ylan mui dow down 101 we're going to remember that ylan is at the she already knows but she's allowed to say it now. >> 155,000 non-farm payrolls rose by 155,000 in november. the unemployment rate unchanged at 3.7%. average hourly earnings, they were up 6 cents to $27.35 in november as for revisions, october's blo blockbuster number came down the september number, that came up just a tad. 118 to 119 the net change for those two months is now 12,000 fewer jobs than were previously reported. and that means the three-month moving average of job growth is 170,000. the sectors leading growth in -- and transportation with 25,000 jobs retail saw a mixed bag there was strong hiring for general merchandise stores but sporting good stores, they shed jobs. all told the sector saw an increase of 18,000 jobs which the department says is not significant. the labor parps participation rate was unchanged the number of people who are marginally attached to the labor force. those are people who want a job but have not looked for one in the past four weeks. that went

thank you very much for that, ylan for more on what it means the largest steel pipe manufacturer.ou think it's a major development over the weekend >> i think it's a start. we want to frad with china we have got to bring them to the table. that's what the president is doing. we'll see where negotiations go from there that's lot of heavy lifting to be done here >> can you just recap your position for us? as a steel company you have obviously got a lot of stake you're also canadian company i think you have been in favor of the president's tariffs why is that? >> two things. we have a plant in canada. we are a u.s. based company. most are in the u.s. 16 plants now in the u.s most of our employees. you know, the real thing with china is it only imports about 3% of the steel imported into the u.s. so as a raw importer they are not that big because we blocked them out with tariffs. china has an indirect steel importer immaterial ports about 27% accounting for approximately 15 million tons so they are the single large ets importer of steel and steel products into the u.s. the tariffs lar

. >> ylan, what about the tariffs that exist currently, 10% duty on american cars trying to go to europe >> reporter: the administration say it is about fair and reciprocal trade if there are tariffs on u.s. cars in other countries, we should be doing the same i think it is important to point out, however, that the u.s. promised there would not be new auto tariffs while the u.s. and eu are negotiating a new trade deal we will see if the u.s. upholds that pledge, if they feel the eu is negotiating in good faith i'm sure the german automakers will argue any new tariffs should be on hold and should never go into effect >> thank you worth noting, volkswagon and daimler shares are lower 2% as we await more headlines and details on the meeting thank you. >>> let's get to rick santelli and the santelli exchange. hey, rick. >> good morning. thank you. like to welcome peter bookfar. thanks for joining me. >> thanks for having me. >> the big topic, mini inversion, a traffic jam of 2s, 3s, and 5s at the same yield long end, 10 years down 30 basis points, most of any maturity on the curve. what do y

ylan mui is at the white house to explain this is an administration that likes to use carrots and stickstoday was a great example of that first reuters reporting that the white house is weighing an executive order that would ban companies from buying telecom equipment from huawei and zte. this is an order that would have to go through the commerce department and it would require the president to use a rarely deployed power that allows him to regulate commerce during times of national emergency. that news comes just as it looked like trade talks between the u.s. and china were moving to the next level. there are multiple reports that top officials from the u.s. trade representative office as well as the treasury department will be heading to beijing during the week of december 7th. there are also reports that china appears to be taking new steps to curb forced technology transfer that's one of the big complaints from the united states now we have not heard much from president trump since he got back from iraq early this morning. he's tweeted twice so far. one of them was on the shutdown.

>>ylan dreyer, thankyou. >>> this morning, hassle-free holiday. w to wrap presents like a pro.u last-minute pointers. we askedour experts share what they keep in their wrapping toolbox. obviously, wrappin paper and scissors. what else? >> wrapping paper, scissors, tape. doublesided sticky tape. >> tissue paper. ribbon, stickers. >> jackie gamble is here from in order to s--nordstrom. what's your number one tip for all t procrastinators? >> don't stress, first of all. when wrapping gift the tip is less paper is more. >> less is more? >> less is more. you don't ant too muchpaper. messy.l make it if you measure the box, put it right in the middle. put your hands right along the box and make sure you have enough paper and then you cut. >> you make it sound so easy. >> once you cut, crease the edges reallyik nice that on each side. >> that's a pro tip. >> so you won't see any tears or anything. crease is nice and tight. then you'll take your doubled si sticky tape. >> why? >> you don't want any tape showing on the nice and clean. you put it right on the box like that and then just f

. >> thank you, ylan mui >>> softer jobs report than expected, but according to the most recent jolts survey there are more than 7 million openings joining us is tom game able, the ceo of the lasalle note work, a job staffing and recruiting firm tom, what did the survey show? >> it showed that companies are still hiring, compensation has surpassed culture as the preeminent thing, and that's a big change with the statistic you showed up 7 million open jobs is exactly true we may have only added 155,000 jobs in november, but it shows the jobs are out there, companies are hiring, and they're still making money. >> why are 7 million jobs open and going unskilled? a is it because we don't somewhere the -- >> you hit the nail on the head on the stem side of it on the how shouldly worker, we still have a lot of jobs for the people who are long-term unemployed don't want to get in and do so we have this intermediate period we're just not matching it up correctly. following up, those jobs are going to go overseas the white-collar jobs now, tyler go overseas, whether it's accounting or legal. t

. >> oh,ylan!e you from? >> vero beach, florida. >> nice. you are a little chilly right now? >> yeah. >> it's not muc here is a hot pack. >> wow! >> thank you >> she doesn't give that to everybody. >> no. >> i like to hang on to them. >> happy birthday, trace. nio see you. >> thank you. >> wow. >> happy birthday. coming up, the one and only martha stewart.sh says a cookie swap is a fun way to get friends together during the busy holid we are going to put that to the test. she is going to bring cookies for us and she will share a few of her go-to recipes. >>> also ahead this morning, the do's and don'ts of holiday tipping. how mu extra should y give the babysitter? do you give one your kids' teacher? we have a gratuity guide. >>> and natalie heads to the home of music superstari gwen stefo look how she celebrates the season with her kids and her boyfriend, oh, just blake shelton. >> our boyfriend blake shelton. >> >>> and in the third hour a trip to an busy place time of year. a place calledla santa

let's bring in ylan. >> the trump administration knew about this abefore that critical dinner between president trump and president xi telling npr, i knew in advance, this is something we get in the justice department so that raises questions about whether the u.s. was really negotiating in good faith at that dinner. meanwhile, we are getting strong comments from mark warner. this is a reminder, that we need to take serious the risk of doing business with huawei many we have tried to get reaction from tech executives as they arrived here to meet with members of the administration. they are all here today. so far, they have all declined to comment but it is telling that among the members within the trump administration they'll be meeting with is robert highser this administration is serious about its hard stance with china. the meeting is expected to wrap up in the next few minutes >>> let's bring in a cnbc con trab uniter. i want to start with you, jeff how serious do you think the threat for retaliation is for america's tech companies and tech executives. >> i think the possibility i

. >>> ylan mui is with us for breaking news on russia and sanctions. >> the treasury department is lifting sanctions on rusal and two other companies. these sanctions will be removed in 30 days treasury said the companies have successfully severed the control over the firms and diminished his stake. the companies will also have to overhaul their boards of directors, however, treasury said it will continue to enforce sanctions on deripaska himself treasury is imposing new sanctions over attempts to interfere with the u.s. election those are on more than a dozen members of russia's main intelligence unit. the russia sky network was also involved in efforts to undermine international organizations and an assassination attempt in the uk back over to you >> thank you so much we are obviously on the floor of the new york stock exchange with bob pisani we just came off the session highs this seems like the typical drift. >> fed drift, a tendency for the markets to go up in the 24 hours before that. steve liesman had very good points here. rarely have we had such confusion about how the market mig

ylan, thank you. crude oil falling $2.29. that's a 4% decline. that's the lowest level since august 2017. well, the dow nearly 7 h points at the worst levels of the day leslie picker joins us now with how hedge funds a faring >> it's not looking good for them the red on their screens really near the red everybody else is seeing we're really seeing the market drawdown trickle into the quant community specifically that's a strategy known as equity market neutral. that's really feeling the pain this strategy aims to minimize swings in performance and preserve capital by not necessarily outperforming the market but not losing money either it doesn't look like they have succeeded in that goal according to number. their prime services team is estimating losses for the equity market neutral strategy to be more than 6.2% in the year through november that's owed in large part to the past two months. a large part of these losses can be attributed to deleveraging that these hedge funds really had to do while these large swings were taking place during the m

ylan mui, tell us what is going on >> reporter: we heard from two ceos after they came from that meetingat the white house they were scheduled to meet with senior members of the administration, president trump decided to drop in on that meeting as well. so they got a chance to make their case directly to president trump himself. and this is really an opportunity for the automakers to talk about the investments they are making right here in the u.s. as they try to head off this threat of potential auto tariffs. vw's ceo said that they are planning a joint investment with ford as a sort of global auto alliance more details about this will be released in january or february. but 23e ththey are looking at me capacity to build domestically and they are in advanced talks for a potential investment in chattanooga, however other locations may be under consideration as well. meanwhile daimler's ceo said that their planned investments here in the u.s. are contingent on conditions remaining the same in other words, no new tariffs he said that the tariffs were not an exclusive point of discussion, b