tv Worldwide Exchange CNBC December 6, 2021 5:00am-6:00am EST
> good morning it's 5:00 a.m futures pointing to a higher open bitcoin is below $15,000 after a volatile weekend that included a more than 17% drop in just 24 hours. and chinese tech stocks hit again this morning we'll head live to beijing for a report activist investor putting pressure on kohl's calling for change to the retailer's online business. and the biden administration is expected to announce a diplomatic boycott of the winter
olympics in beijing. it's monday december 6th, 2021 and you're watching "worldwide exchange" here on cnbc good morning, again. i'm seema mody in for brian sullivan let's get to the markets we are getting a rebound, the dow up, s&p 500 higher by 9 nasdaq lower by about 30 points. the dow is coming off a four week losing streak, the longest since september of 2020. the s&p and nasdaq both suffering their second negative week in a row. pay attention to the small cap index the russell 2000 dropping nearly 4% last week and down 7% since thanksgiving analysts note that small cap stocks are vulnerable to economic uncertainty that includes covid headlines
that could encourage more people to stay at home. we'll see if that story pans out. we'll be watching treasury yields expectations that the fed is on track to lower the taper and then there's the crypto story that plays out a crazy weekend of trading as you can see here, bitcoin plunging to a low of $43,000 on saturday from around $57,000 on friday that's a more than 17% drop in just 24 hours. prices, though, did bounce yesterday but remain below 50 50,000 the crypto down about 30% below its all-time high close of 60,000, which it hit in early november but still a positive year for 2021 now to global markets in asia. the hang seng dropping 2% led lower by chinese tech stocks four new companies, including jd
and net ease were added to the beverage markets and in the last hour the chinese central bank announcing it will cut the cash that banks must hold as reserves this year let's head to london and checking on trade in europe. julianna tatelbaum joining us with the headlines >> good morning. european equities are on the mend this morning after last week the main benchmark the stoxx 600 retreated about .3%. it's a broad based rebound this morning we have every major region trading higher but the momentum has started to fade in the last hour or so when we started around the 9:00 time here just about an hour ago every major region was 1% higher now you can see where we sit the dax in germany up about 13 bases points so still in positive territory but not as positive as where we started the morning. a lot of focus on the omicron
variant and various restrictions reimposed across the continent germany considering a vaccine mandate for all. we have protests again for people with anti-vaxx sentiment against the tighter restrictions so a lot of focus how the restrictions are being received. from a sector perspective. oil and gas outperforming up about 1.6% alongside the bounce in the price of oil we're seeing this morning banks holding up well, up about .9%. on the down side, technology, health care and travel and leisure. now to today's headlines this morning hackers have taken $196 million from crypto exchange bit mart. bit mart confirming the hack in a statement and said all withdrawals have been temporarily suspended until further notice alibaba overhauling the ecommerce business
the company is forming two units one for international digital commerce and one for china digital commerce meanwhile toby shu will be the new cfo. engine capital calling on kohl's to sell the company or separate the ecommerce business. the hedge fund sent a letter to the board yesterday. to cruise lines norwegian cruise ship with ten people infected with covid has docked in new orleans they first departed on november 28 with more than 3,200 people on board health officials say they were working on disembarking the ship yesterday without making the spread of covid worse. norwegian does require all passengers and crew members to be vaccinated prior to the departure and shares are fractionally higher in extended trade. back to the broader markets.
goldman sachs cutting the outlook for u.s. economic growth for 2022, to 3.8% from 4.2% previously the firm is pointing out uncertainty around the omicron variant. what does that mean for the fed's timetable is the big question joining us is delano good morning to you. >> good morning. thank you for having me. >> what a week, volatility, travel bans, the new variant, powell dropping the word transitory how do you take stock of last week's price action as we try to understand what happens this week >> last week's the price action was obviously volatile one thing i look back at when you have volatile weeks is risk and volatility doesn't equate to risk so investors at this time the best thing you can do is be patient. a lot of new data, we know the
omicron, new variant, data will be coming that will change what's going to happen as far as the landscape of the economy as health officials still gather more data on that. you mention the hawkish tone from the fed and retiring the word transitory. that is going to have a play in the market, especially when you look at growth in tech stock, what's going to happen with interest rates there tech stocks have held up pretty well the past month in comparison to other sectors of the market patience is going to be a virture here >> high flyers, many in the technology space sold off last week even a name like tesla, as more consumer discretionary down about 11%. i know you're a shareholder in the stock. did you sell or what would you be doing >> i did not sell. there's been a lot of selling in tesla. you saw elon musk has sold a bit as an insider shares of tesla for obviously different reasons but that's a stock i think is a longer-term hold, not selling.
i'll be looking for opportunities over the next couple of days and weeks to buy, if it kind of rerates a little bit more i think this is one you're looking at a longer term play in tesla. it's going to be a volatile stock, has been one. this is other sectors having high growth. you saw some other high growth companies rerate incredibly. so this is an opportunity for investors to use cash that's been built up the past few weeks to look for these opportunities to pick at plays that have rerated a lot more into really favorable valuations. >> over the weekend we did get some early evidence from such studies that suggest that the omicron variant is less sweer severe you had dr. anthony fauci saying this data is encouraging, there's not a great degree of severity to it how do you expect the market to respond? >> when we first heard about the omicron variant on black friday,
the volatility index spiked. and the past few decades, 19 times we've seen the volatility index spike over 40% in one trading session. we've seen the s&p be higher a year later, 95% of the time. so the market has been really resilient when there's information come that's made a quick pull back and usually we've seen a fairly steady bounce back after it so i expect, you know, if we hear new data such as the data you just mentioned that we see the market be resilient and bounce back. so there could be a little bit more selling in the very near term but i do see investors being resilient. the s&p up over 20% over this year so i think that has to be in play here. >> i'm hearing you're anticipating a rebound in the market but i'm look at the big losses we saw last week. curious where you see investors putting their work or buying the pullback the russell 2000 now down.
communication services now down from its respective high. >> that was an area performing well until we saw the pullback and i think that's one area you were talking about cryptocurrency earlier, i think that's obviously an area we're wearing a bear market from all-time highs and that's the area i'm putting new money in because i think that pull back is going to be bottoming out soon investors have areas to put money in i think the sectors as you mentioned you're going to see financials bounce back a little bit as well. if we get more positive news on the front of the new variant that's the area i put new money, especially cryptocurrency we hit a bear market and that will bottom out soon here >> back to the broader selloff, every time this happens you see strategists come out with their shopping list. j.p. morgan came out with one,
they released the best stocks and they have peloton and uber on their lists i'm wondering we've seen the year-to-date performance on of both of these companies not so great. would you be a buyer of these two stocks, especially a name like peloton which operates in that stay-at-home basket >> interestingly enough, peloton uber are two stocks i do not hold there's a couple of reasons why. the valuation of peloton during the stay-at-home play, they've benefitted from that and they've had issues with the tread plus, obviously the top line sales and i think that's a stock i've never been really keen on buying at this point. i think there's going to be a lot that would have to change my mind on that, same withuber. if you look at docusign, i believe in the business outside of being a stay-at-home play looking at paypal, another area
that's had struggles but i think that stock is going to have a bounce back. those are the two i look at more than peloton and uber. >> uber down 29% this year peloton down 71% it was interesting despite the new concerns around the variant, peloton did not outperform last week, in fact, it closed down around 2%. that stock trading at $43.55 great discussion, thank you for joining us this morning. >> appreciate it. when we head back, a lot of headlines out of china this morning, the central bank taking action, tech stocks under pressure and evergrande warning it's on the brink of default again. check out the biggest s&p pre-market movers, edwards life sciences, governor desantis up nearly 2%. still ahead, a very busy hour on "worldwide exchange.
where's mom? she said she would be home in time for the show. don't worry, sweetie. she promised she'd be here for it. ooh! nice shot! thanks! glad we have xfinity, with wifi speed faster than a gig! me too! woah, look! mom is on tv! she's amazing! (cheers) xfinity brought us together, after all! power your whole home this holiday with wifi speeds faster than a gig. click, call, or visit a store today. sing 2
3.6% moderna down 2.7%. docusign the stock down another 1.5% on monday switching to china the security regulator is attempting to reassure investors and local companies, u.s. i.p.o.s are still in the cards this comes after didi announced plans to delist in the new york stock exchange six months after the i.p.o. eunice yoon is joining us with that story it encapsulates the troubles that didi went through, it encapsulates what these newer age technology companies in china are facing right now. >> reporter: ablsolutely you can seeing it play out on the hong kong shares of the china listed companies going back to the china regulator, the china securities regulatory commission is speaking up. over the weekend, the csrc said
that china doesn't want to make it seem as though it's dismissing u.s. i.p.o.s. it respects company's choices on where to list. the regulator also dismissed as completely misleading the idea that beijing was discuss couraging u.s. i.p.o.s or that the demise of the variable interest infrastructure is near. it's been used to allow chinese tech companies such as alibaba to get around some of the regulations here in china to list overseas. the crsc added it's making, quote, positive progress with the s.e.c. in defining national security risks this highlights the internal struggle we're seeing here among china's government agencies as to how to balance beijing's priority national security, for example, versus making sure that some of the private companies are flush
with cash. again you're seeing that internal struggle really playing itself out on the hong kong shares of china's listed companies. it's unclear which priority and agency at the end of the day is going to be empowered. however the tech community here believes that whoever is empowered by president xi jingping is going to be the one that wins out. whether companies are going to delist is another question altogether what's interesting is the stocks regulator as well as the state media has been pushing the idea that the blame lies with the u.s. the csrc said over the weekend that the u.s. politicians have politicized the stock market regulations and that is what could lead to more chinese companies delisting. >> this is fascinating china was the biggest opportunity for u.s. investors and now they'll have fewer opportunities if more companies
delist another story investigators seem to be dumping evergrande shares in hong kong amid the new fears that the property giant could default again. what's happening there >> reporter: absolutely. evergrande shares closed down by 20%. as you said, investors are really, really nervous right now about the fate of the property giant. the property giant had, over the weekend, invited local officials to come take a look at their books, try to see what could happen if in case there might be some sort of restructuring. the local officials had also met with the chairman and that has been raising expectations that we could see some sort of managered restructuring led by the government the central bank said this is an isolated situation other top financial authorities have come out saying the same thing. they don't want this to become a situation that spills over into the rest of the property market, even though we have seen, as you all know, a lot of other property developers really
struggling so that's been renewing fears about the fate of evergrande which now faces yet another deadline where it has to pay $82.5 million by today in a coupon payment. >> that stock chart tells the story, down another 5% today eunice, the expert on all things china. thank you for joining us today as mentioned it was another tough day for chinese tech stocks check out the shares of ten cent, alibaba, meituan, jd down another 4% the overnight action does come on the heels of didi's global decision to delist in favor of hong kong five months after its i.p.o. joining me now is ben harbig who the firm has been an investor in some of these names. good morning to you. could this regulatory pressure we're seeing lead to more
company's decoupling and delisting from the u.s.? >> it's guaranteed there will be further delisting, not on the level reported across the board that all chinese companies will have to delist and no future chinese companies would be allowed to seek public markets but certainly there will be delistings as a push/pull from both countries. >> which companies >> i think it's going to be those that have the most amount of sensitive data. in the case of didi, a delisting was not unanticipated bythose of us that kind of saw the turbulence around their i.p.o. five, six months ago didi is a company, for instance, holds a lot of sensitive national geospatial data, consumer data with 550 million users and we're following afoul of certain operating conditions
in china and the authorities thought they didn't have the ability to control that if the company was listed abroad. i think companies that fall into those sector it is could see pressure to delist and relist in hong kong. >> if they do delist how does that impact the company's ability to raise capital i imagine u.s. investors have less exposure. it's harder to invest in the companies if they're not listed here always ways you can get around that, but how does that affect their ability to raise funds, liquidity, could they be as successful just listing in hong kong >> i think hong kong today is modern, robust and liquid global market not one restricted to mainland investors and there are plenty of companies that most american institutional investors have in their portfolio today. the influx of the companies coming home should bolster and make that a stronger market. i remember speaking with charlie
lee a couple of years ago who were disappointed that alibaba had gone public in markets outside of greater china so that fear, hopefully, is being assuaged by this and could yield a market that's more liquid and one easily accessible for global nvestors. >> the weakness in chinese tech stocks, do you think that changes in 2022? >> we're in an environment of uncertainty right now. investors hate uncertainty, unpredictability it's been challenging to read the tea leaves, understand and translate the primary text of the edict that came out yesterday from the csrc, what is critical is the chinese government finds a way to communicate, translate and effectively forecast and explain the rational behind these decisions in many instances, which are highly understandable, and logical and in designs of what american policy makers have sought as well if they're able to do that, i
think a lot of the stocks could bounce back because they're being depressed artificially in the market fundamentals and the fundamentals of the business don't justify the valuations they're sitting at today. >> erratic moves in the last couple of months and it coincides with money flowing into india and more companies going public in the last few weeks. i wonder if the money benpivots those with less issues today. >> you saw a significant push towards india starting middle of last year when the sentiments were rising, obviously this massive round raised by alliance geo and other companies that saw global investors piling into the market we invest in the market as well and we're excited to be venturing into the growth stages there. the fundamentals are strong, because of upi, low data cost
from reliance geo and others it's susceptible to the growth of new technology platforms. we're bullish on india, remain bullish on china as well, but certainly as a next exciting market india is one attracting capital. >> but marketability will be key. taking a step back and looking at emerging market span we're in the cycle we expect the fed to taper faster than expected because of inflationary concerns we are seeing in the u.s. higher interest rates in the u.s. is bad news for emerging markets that sit on u.s. denominated debt is that something you are worried about? >> it will have a trickle down effect across the board on public markets, availability of capital, on interest rates within the emerging markets. we invest in southeast asia, the middle east and latin america. to date also in the private markets we're sighing a lot of inflation and valuations in
companies exceeding our highest expected levels. and so, it's certainly been a party in emerging markets over the last year or so with the availability of capital as it is that could slow and it's obviously key that companies and investors look to those stable businesses that haven't been riding this inflationary high. >> ben, great discussion thank you for joining us today on all things overseas. ben harburg. coming up on "worldwide exchange," the biden administration is expected to announce a diplomatic boycott of the winter olympics in beijing the details when "worldwide exchange" comes right back >> announcer: today's big number $140 billion that's the total estimated market for meat and dairy alternatives by 20 30, according to hsbc research
that's a 15% annual growth rate through the decade healthier is on-demand covid testing to help you return safely. even if it's still... a little awkward. how've you been? -i'm so good! ♪ this is what healthier looks like. ♪ firefighter maggie gronewald knows how to handle dry weather... ...and dry, cracked skin. new gold bond advanced healing ointment. restore healthy skin, with no sticky feeling. gold bond. champion your skin.
let's get a check on this morning's other headlines. francis rivera in new york with the latest good morning. >> good morning. we start with tributes pouring in for a giant in american politics bob dole's family revealing he passed away in his sleep at the age of 98. he served his country for 79 years and and out of uniform ceremonies are expected in kansas and washington d.c. but the arrangements have not been announced yet president biden offered his condolences saying, quote, may our nation draw upon his legacy of decency, dignity, good humor and patriotism for all time. chris cuomo is denying a new sexual misconduct allegation after being fired over the weekend. he was first suspended tuesday after an investigation by the new york attorney general found
he helped his brother defend himself against sexual misconduct allegations on wednesday, a lawyer noticed the network about a sexual misconduct allegation. cnn released a statement saying in part, additional information has come to life we will investigate as appropriate. a representative for chris cuomo said the allegations are not true the biden administration is expected to announce a d diplomatic boycott of the olympic games. a i do empdiplomatic boycott cod meanwhile the athletes could attend, officials could not attend a full boycott is not expected. those olympics get set to start in february of 2022. thanks francis rivera coming up what the medical
that's right! you could qualify for a credit of up to $50 a month toward your internet service and equipment. for even more value, switch to xfinity mobile, and you could pay as little as $15 a month for wireless. click, call, or visit a store to learn more. good morning futures trading off the highs of the early a.m. sessions as wall street opens
another week of trading. bitcoin below 50,000 after a volatile weekend that included a 17% drop in 24 hours and former president trump's new social media venture saying it's raising a billion dollars. it's monday, december 6th, 2021 and you're watching "worldwide exchange" on cnbc. welcome back it is 5:30 a.m. on the east coast. i'm seema mody in for brian sullivan stocks are in rebound mode but off sessions high. the dow up 108 points s&p higher by 2 the nasdaq continued weakness there down about 62 points after closing lower by as much as 2% on friday. the dow is on a four-week losing streak its longest since september of 2020 the transports index down about 11% from its 52-week high. and pay attention to the small cap stoxx, the russell 2000
dropping 4% last week and down 7% since thanksgiving. analysts noting that small cap stocks are vulnerable to economic activity and higher rates. we are watching treasury yields falling friday's job reports and expectations the fed is on track to accelerate the taper. the ten year note yielding 1.39%. still below 1.4. a level we broke through last week. and then the cryptocurrency story. bitcoin plunging to a low of $40,000 from $57,000 on friday, that's a more than 17% drop in 24 hours the cryptocurrency just to put this in perspective down about 30% from the all-time high close of 60,000 which it hit in early november. making headlines at this hour kelloggs union workers have voted on a new labor agreement
after two months on strike it calls for a five-year contract and covers 1,400 workers across four states if the deal is approved workers could return next week steve cohen wants to let inves investors react quickly to tweet. they're leading a $14 million funding round for 24 exchange. and former president trump's new social media venture and digital acquisitions said they've entered into subscription agreements to raise about $1 billion from a group of investors. digital world acquisition corp. dwac trading higher this morning by as much as 9% to the latest in the covid-19 pandemic. the new omicron variant is in at least 16 states now including california, nebraska, minnesota,
new york dr. anthony fauci telling cnn that so far the variant lacks a, quote, greater degree of severity, fauci saying he hopes the united states will lift the travel ban soon on south africa countries. and europe experiencing a surge in case numbers. protests occurred across the continent this weekend including in belgium, germany, spain against restrictions and vaccine passports. it comes as belgium is requiring citizens to work from home again and germany announcing a lockdown for unvaccinated people let's bring in dr. blackstock, an msnbc medical contributor great to have you on this morning. first your read on the latest data from the weekend that suggests this variant is less severe but more transmissible. >> thanks for having me on this
morning. the data we have so far is based really on a limited number of people infected with micron. so yes, we're seeing that in a certain population that study that the illness may be milder please keep in mind that these are among younger people, they are less high risk, meaning they don't have underlying medical problems we need to see how this variant behaves in the older population and people who are high risk medical conditions like obesity, asthma and high blood pressure we're seeing that we don't know yet about the severity of the disease and that will take a few more weeks to really understand because death is a lagging indicator. >> dr. anthony fauci saying this variant in this data is encouraging. saying there's not a great degree of sweer severity to it. do you think the travel restrictions are necessary >> i think the travel restrictions that are requiring testing within 24 hours are very
smart. i think those are requirements we should have had very early on in the pandemic. in terms of the travel bans, i think if we have the testing travel requirements we don't need to have the travel bans and i think what they can do is prevent countries from being more transparent with their je gnome you can sequencing in the future so i agree we should lift the travel bans soon because that will get more countries being global citizens with the variants. >> the world health organization over the weekend saying it placed a heavy burden on lives and livelihood what i'm trying to understand, if the variant is less severe what do you make of the rise in hospitalizations in states like new york and massachusetts. >> obviously there's still more to learn about the variant but we're in the beginning of a delta surge. so we cannot ignore that we have not done a good job across the country of controlling this most recent
variant -- i mean, delta variant. so we're still seeing delta as the dominant variant it's like 99.9% dominant at this point. which means we still have to encourage boosters, first time vaccinations as well as the other public health measures so masking, physical distancing, we still have to pay attention to ventilation, filtration as ways to mitigate the spread of the virus. seeing those hospitalizations tells us we have widespread transmission still and two we don't have enough people vaccinated. >> right around 60% here in the u.s. as you analyze the drugs, the they therapeutics expected to hit the market in 2022, what are your findings if the drugs would lose efficacy as the new variants emerge every couple of months from now. >> so the virals coming out for
merck and pfizer they don't target the spike protein, the part of the virus that attaches to human cells and enables the virus to infect those cells, so they don't target the spike proteins and that's where most of the variations appear so i see the virals as being another effective tool in our tool box against fighting this virus. for the antibody treatments it remains to be seen if it's effective against the omicron. so we need blood test and further studies to see if it's still effective. >> if this is the new normal and every couple of months there's a new variants, do you think governments will come up with a playbook on how to best respond and also find a way to process data faster so that scientists can properly advise governors
and other leaders on how to respond? >> well, seema i hope they do. we should be able to flex to the situations by now. it's almost predictable, we see new variants, we see surges. we should really have a seamless process and protocol in place, you know, by each state that says, okay, we're seeing an increase in cases, hospitalizations, even deaths. so this is what we're going to do we're going to, you know, encourage more vaccinations. or we're going to put this mask policy in place in order to blunt that surge so we need to be more organized about it, respond to metrics like hospitalizations, vaccination rates, in a timely manner in the future in order to prevent more human suffering and hospitalizations and deaths. >> data is key it's great to see you this morning. thanks for guiding us on all things around this variant >> thank you. coming up on "worldwide exchange," from the debt ceiling to the fate of president biden's build back better plan what investors need to know
about what's happening in washington right now but first, as we head to break, some analyst calls this morning, rivian initiated neutral at goldman sachs, the firm's price target, $95. home depot upgraded from open jeimer with a price target of $400 hsbc upgrading meta. it says the investment case remains a fragile balance between risks and more regulation and new business opportunity. three stocks to watch. "worldwide exchange" will be right back
as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com
dow futures up 104 points. welcome back the clock ticking for u.s. lawmakers to address the dwindling cash reserves. the bipartisan policy center for its part pegs the number closer to new year's. new tensions globally as well with president biden prepared to speak with russia's vladimir putin tomorrow and a possible diplomatic boycott by the u.s. of the beijing winter olympics to help us sort through all the headlines, lets bring in stephanie kelly. it's great to see you this morning.
let's talk about the debt limit because the market does not care about theit till it's one week o the deadline do you think there's a chance they don't raise the debt ceiling in time. >> you can't rule anything out, but consistently the republicans and democrats have said consistently they recognize the u.s. is not going to default on its debt so i'm comfortable with that as a base case. never say never but it feels as though we're likely going to get some kind of solution and what that looks like depends on who wins the political battle in d.c. at the moment but there are options on the table that allow for bipartisanship, allow for single party to move forward and my expeckation is they'll find a way. >> one idea that democrats have put out is tying the defense bill to these talks around the debt limit but that's received some pushback. and then there's the other option which is budget reconciliation how do you see the story panning
out? >> i think this is where the challenge is i think there's a middle ground between democrats having to do the budget reck onciliation themselves because that opens up a lot of question marks. but somewhere between a bipartisan full agreement and that reconciliation would be allowing the democrats to pass the debt extension without the republicans filibustering. so that kind of middle ground seems like the most politically appealing one right now. though, of course, they've been tight lipped in how they're go to approach it if we see that i expect that republicans will get a quid pro quo on the other side so they'll agree not to filibuster but that will come with some kind of political cost from the democrats with the republicans getting something they want later in the agenda. >> watching the market after the selloff last week. over the weekend, encouraging comments from dr. anthony fauci who said the biden administration is reevaluating
the current travel bans given the latest data we have around the variant being less severe. i'm curious what you're hearing and do you see the u.s. lifting the travel bans they put in place seven days ago >> i think it's challenging and this isn't something just the u.s. is grappling with, you're seeing it across the european markets. the challenge is as you find more omicron at home comes up against more critique, particularly you're talking about limiting travel from southern african countries from the most part which tend to be much more challenged when it comes to development and as the authorities have said, they've -- in some ways they do lots of testing so they picked this up, but there's no necessary proof that's where it's come from i think what's likely on travel bans, they tend to be unpopular and you'll see a lot of push and pull i expect that rigorous testing
is likely to stay in place for some time. so that idea in the u.s. having to test 24 hours before, that's likely and you're seeing that in the uk and european countries as well that makes travel just that little more difficult for people makes you think twice about whether you want to go or not. but it's not a full ban, restrictions on your taking your trips and hopefully the infrastructure around testing can improve so people can get a pcr test and get a result within 24 hours. >> good to see you this morning, thank you for joining us, stephanie kelly. on deck, technology stocks coming under pressure once again this morning the big movers when we come back with the nasdaq lower by 91 in ithprart.
♪ ♪ well would you look at that? ♪ ♪ jerry, you've got to see this. seen it. trust me, after 15 walks ...it gets a little old. ugh. i really should be retired by now. wish i'd invested when i had the chance... to the moon! [thud] [clunk] ugh... unbelievable. unbelievable. [ding] let's look at the nasdaq and the biggest losers -- the biggest percentage losers nvidia down 4.3% in premarket trade
moderna down nearly 3% advanced micro devices, crowd strike and asml holding -- those are among the biggest losers with the nasdaq lower by around 90 points in extended trade as the dow and s&p are indicated higher let's bring in patrick he's the managing director and partner at rose advisers at hightower. good morning to you, patrick. >> good morning. thanks for having me >> what a volatile week we started last week down, wednesday was higher i'm curious how today's market performance will be telling as to what to expect as we try to understand, you know, more understanding around what the fed will do next and how markets are going to respond to the variant. >> well, look. i think the omicron variant was really just an excuse for the market to take a breather. this is really all about the economy, inflation we heard that from fed chair powell which started a lot of
this noise you know, he's really focused on inflation, much more than employment because inflation has become such a political issue and so, i expect to see him focussing on that more and more. but honestly, what's really interesting, you mentioned up days and down days and the weaker market trading days, the dollar has been weaker so that's something to follow closely, you know, in the days and weeks ahead. >> following powell's testimony last week where he dropped the word transitory. there are now big questions ahead of this inflation read on friday coming up on friday. following that big jump we saw on cpi prices higher by 7%, i think, in the month of october what are you expecting in november >> i expect to see the pressure continue i don't know if it's going to change the fed's timetable much. it's a question of is this just tough talk because powell could come out and say something and
clearly it can put pressure on the markets. but i expect to see some tapering come 2022 but, you know, they really have very little wiggle room on rates. so i wouldn't expect to see any pressure from rates, you know, in the intermediate future i think that's really going to be a big driver in the market come 2022. >> i know you like retail, names like gap, nordstrom down double digits last week what do you make of the companies? >> actually, i've spoken about retail i'm not a fan at all really of those companies. i will note about those companies, because i think they're good bah roll teres that's why i follow them they reported in in the past couple of weeks and the comments from the companies i think they reflected the pressures we see, the bottleneck pressures that's impacting a gap in ornordstrom.
>> -- >> we have to leave it there, thank you. great to have you on the show today. that does it for us on "worldwide exchange. "squawk box" is next nurse mariyam sabo knows a moment this pure... ...demands a lotion this pure. new gold bond pure moisture lotion. 24-hour hydration. no parabens, dyes, or fragrances. gold bond. champion your skin.
are rising but well off the highs of the overnight session. bitcoin still trading below $50,000 after a weekend selloff that -- pretty staggering really. the federal reserve preparing to chart a new course. we'll tell you which options are on the table for stimulus. interest rates and what it could mean for your money. plus the omicron variant is now been identified in 17 states and over 40 countries. what we're learning from the
case numbers out of south africa monday, december 6th, 2021 "squawk box" begins right now. good monday morning, everybody. welcome to "squawk box" right here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. and this morning we're looking at a mixed picture for the u.s. equities market. dow futures indicated up by about 100 points, s&p down by 3 points and the nasdaq indicated down by about 112. that follows the model from last week last week down across the board for all the markets but the dow lost the least, down by just under 1% for the week the s&p was off by about 1.25%. th
IN COLLECTIONSCNBC Television Archive Television Archive News Search Service
Uploaded by TV Archive on