but i think the expectations now are really, really frothy, and it's a high hurdle to get over >> so, ross, you have done multiple trips to china yourself and what have you learned. >> i have people sitting outside the chinese factory who tell me every day what's happening there. so i don't even have to go you know, once again, you know, i caution analysts who think they understand this company because i don't think they just have the type of resources the tesla community is putting behind getting information i've never seen a more passionate group of people than tesla shareholders and owners and they are doing a wonderful service helping me and my firm get the most current information out of everything that tesla is doing on the ground. so we have a wonderful network of people. in fact the chinese factory is already able to produce 50,000 cars a year as of now. so, you know, it's already happening. they've already delivered their first cars >> we're out of time then, gents. thank you both tesla, always the one -- even more divisive than impeachment, i think, tesla genuinely. it divides op

do you think this will be something annually that people say, sure, let's go for it >> i think ross is correct in saying that people like awards they were not making a big deal out of this. this event leaked a little bit early and there's a lot of very happy app developers in new york city who are going to go out and have some drinks and be happy about their experience that flywheel of the most innovative stuff happens on the iphone is something they have to keep up. whether that has an immediate impact on their sales or their bottom line, i think is pretty hazy but if you don't have developers pushing the boundary of what that camera can do, if you don't have game developers pushing the boundary of what the hardware can do, eventually the software does commoditize >> we have to wait until tomorrow to find out who won >> hopefully there's an open bar. >> hooray for the people who are there. >> i'm sure. >> right ross, thank you very much. neil, thank you, as well >> we're going to do some breaking news on wells fargo that came out during that interview. they have ape appoipointed thei

the best place to put your money joining us, portfolio manager of black rock's global allocation fund ross, good afternoon thanks for joining us. >> thank you, happy holidays >> like woowise what is your outlook for the economy next year? >> we think the economy looks fairly solid it's not going to be a return to the late ''90s we think between the strength of the u.s. consumer, and the pivot by the world central banks earlier in the year , the basic underpinnings look relatively stable and it should be a year of decent, maybe uninspiring, but decent growth for the global economy. >> and so that means stay in equities >> it does mean stay in equities i think the real question for 2020 is when are those gains likely to occur and what types of equities are going to do best >> would you stick with some of the winners? as i look at the nasdaq 100 performance, up 37% year-to-date, those big tech names still look attractive to you? >> i think for the most parts, they do. we're still in an environment where there are segments of the economy, and i would name technology, communications, health car

president trump sound out some of his advisers on whether to replace commerce secretary reconcile burr ross. we have heard that larry kudlow had intentions originally to only stay on for a year. that deadline, of course, came and went and we also heard the trade representative, people close to him saying that he really wanted to define his legacy on china and this phase i deal could be that that being said, we do expect departures a to the staff level, but i'm told that most of the senior team has signed on to remain through 2020. >> i was going to say, jimmy, this personal piece today on navarro basically calling him the hawk that survives no matter what iteration of the administration we're in, i mean, having his voice on the hawkish side in the president's ear is going to mean something. >> it does listen, peter navarro is not satisfied with this phase i trade deal, some sort of legacy builder. he views china as a geopolitical -- a long-term geopolitical threat, kind of take japan from the 1980s and add in the soviet union and that's what he views it. we're in a long twilight struggle ag

do you think secretary ross fully represents the president's view on the december 15th's tariffs? >> it's a fact that he is not normally included on the principles-level negotiating calls. those are normally lead by steven mnuchin and lighthizer. it's fair to say that secretary ross is not up to the absolute latest in any of those phone calls if one has happened in recent days that the white house has not told reporters about so it's unclear whether he speaks on behalf of the entire administration or if it's just his view at that point but as i said before, you know, the president can make these decisions on the fly, as he has, if he feels, when he wakes up one day, that he has the desire to postpone these tariffs without a deal, without a development. he can do that or if he feels like he wants to go tougher on china, he can put the tariffs in place, too. i think it's also -- just one other comment is, you know, you have to imagine that president trump's phone is going to be ringing off the hook from corporate america, too when he originally delayed this part of the tariffs, it w

ross stores with, the biggest gainers on the nasdaq 100. apple is the only f.a.a.n.g. name in the green. the others at microsoft pretty much responsible for pushing the index into the red amazon down around a percent or more also a down day for chips. other tech names under pressure, all day we've been talking about tesla, down about 3.5% on concerns about its ability to meet delivery estimates. mercado libre following about a percent as we reach the close. now over to bob pisani at the new york stock exchange. >> frank, this is very healthy today. we're working off some overbought conditions in the market it's about time. we've had a great move up in the month of december. we have some new highspmorgan o. that's a new high. pnc also hit intraday highs. down on the day. one thing to the last day of the year, i would take a look at the russell 2000 that's had a very nice little move this month. it's playing a little bit of p catch-up with the s&p 500. it's been down the last couple of days. that's a nice comeback for a group that was under pressure in the middle part of

andrew >> queue scott welcome, everybody, i'm on drew ross sorkin. here's what we got ahead today despite the lack of clarity on the phase 1 trade deal, investors are cheering as stocks hit new highs. the question, of course, will be euphoria we will debate that and so much more breaking up, yep, it is hard to do we will look at why splitting up tech companies may not be the best answer to solving anti-competitive issues. a look at the medical bill and debt crisis in america we begin right now today with the

max is the king of that i guess to a less er extent pete if you agree, ross store, but i mean those are ones where people are still going in because they want the fashion, but they want it maybe even willing to wear last season. >> what about mcdonald's battleground for 2020. >> yep >> right >> huge turn they lose the ceo. it's in the news we know the story and we're not going to get into that i bet the stock got pretty overdone i thought to the upside it was trade iing at a multiple when you look at the rest of the competition. great company. we love what they're doing some of the international expansion what they're doing across the board in e commerce, everything trying to speed up the delivery of everything in terms of the drive throughs and all of that kind of thing but i think there's ore names that get thrown off the qsrs o the world where you're getting burger king, pop eye's along with tim hortons, but there are other names in the space trading better maybe valuation. >> let's pivot and talk about googen heim's list their top pick in retail especially is nike the brand means qu

report that throws into question that the industrial economy is bottoming and a headline from wilbur ross that says tariffs will be increased if there is no deal by december 15th. thank you very little. >> yeah, well, we came in position we strong and aggressive for further appreciation, but you have to pay attention on a day like today to your point when you get the ism manufacturing, it reverses a lot of the optimism we were bottoming, you did not see that in the report today i think more importantly was the president's tweet this morning the president for the very first time when he spoke about reinstituting tariffs on brazil and argentina, he used the word "therefore" and he tied it to the devaluation of their currency it's the very first time that the president has done that where he has enacted tariffs or reinstituted tariffs based on currency depreciation. so that was troubling to me. that is troubling to me. we have a federal reserve meeting next week on the 10th and the 11th i think the president knows that he's limited in his ability to get the federal reserve to cut rates furth

wilbur ross saying the same thing. if there's no deal by december 15th you're going to get more tariffs and then what are you going to get in the stock market >> you have a middle -- you have a middle road in between take off the tariffs. that middle deal is to lay the tariffs and that's what's going to happen. i think peter is right peter is very smart. the markets sometimes need an excuse to come down. we have been up in an almost vertical rally since the second week of october, went 39 days without having a down 1% day a 39 day stretch with that little volatility is very rare so it shouldn't be surprising he makes some off hand comments about how trade negotiations are going or not going and we take that as a risk off day it's okay. it's important to keep in mind minimal volatility, that etf is down 0.5% versus the s&p down more than double mtum which tracks momentum names in the s&p is down only 0.35%. so that tells you the most popular themes are still holding up people are not wholesale abandoning the stocks that

of people who are viewing pdfs and the way we have extended the format, the way we've innovate aid ross the desktop and mobile, the way we're making all of this available as embedded services in the api economy so that people can embed media within their business processes, that's fueling the growth i think to your point, q 4 document cloud group grew 31% for the year we continue to see acceleration in that business how pdf can help with moving inesch processes to automated and digital. >> most companies, they want to go giant enterprise. some want to do small/medium-sized business. i am impressed once again. you use a term that i'm going to incorporate, steam, not stem and you have ambassadors at a young age who even in a time we've been talking are now ruling the world talk to me about steam >> well, i think the world without us, jim, would be a very boring place and if you're talking about people who are changing the world, through corporate social initials, everybody has to really make sure that when they're trying through social media to get a following, to be able to tell their st

and catherine ross who works with me, okay, listen, who is going to have more yard, so and so or shopify? shopify at 360 shop pie is probably not done. we made money for club members i should have got back in. i felt that there was going to be a revulsion of the high multiples, the zoom videos, and the oktas, the companies i really like. it turns out there is a revulsion right now. i think stay away from shopify stay away. it's better than some of the once i mentioned in terms of how it's doing, but it's gotten 250 high jay in colorado, jay >> caller: dr. cramer, boo-yah >> boo-yah, doc. >> caller: i've been following you for 15 years, tv, books, everything i owe everything to you, and i can't thank you enough for all the things you've taught me over the years. i owe my entire style to you. >> will you please call my wife. she is mad at mebecause i don' want to take the dogs out tonight. you can make this thing right with her >> caller: i don't blame you, cramer seriously. >> thank you >> caller: so bynb, beyond, i'm following this i've been averaging down right now that thing is down 50

walmarts, targets, amazons, costcos of the world the off price guys, tjmaxx ross. that's the higher end of our rating scale are the ones that will do the best liz and charlie back to the plals with you and merry christmas. thank you. >> merry christmas to you. >>> next, from the online gambling boom to baseball's big year to soaring franchise values across the sports landscape. we'll talk sports, business, money and maybe what happens to the loanlechge icarounds arrs ddle with you, ♪ no one likes to feel stuck, boxed in, or held back. especially by something like your cloud. it's a problem. but the ibm cloud is different. it's open and flexible enough to manage all your apps and data securely, anywhere, across all your clouds. so it can help take on anything from rebooking flights on the fly, to restocking shelves on demand, without getting in your way. ♪ ♪ and when you open a new brokerage account, your cash is automatically invested at a great rate. that's why fidelity leads the industry in value while our competition continues to talk. ♪ talk, talk . >>>

ross stores and starbucks right within a percent pretty close this was a really big year for ipos ipos in the medical space have been much better performers. that includes like karuna therapeutics nextcure and inmodes. these are smaller cap stocks amd improving by 150%. back over to you >> thank you very much let's rerue one more time. most of them hitting highs the dow is on pace for its 22nd record close of this year. the s&p for its 35th record close of the year. if the nasdaq finishes positive, it would be its 32nd record close. will the record run keep going into the new year or are we due for a january pull back? good to see you both we have talked about all these records just stair step gains. no major rallies to speak of can we keep that kind of incremental gains going into the new year what do you think in. >> i don't think so. i think you look at the market and it's add as it gets. i do see growth keeping ongoing but we're going to see a slow down i think the market is too confident. >> lamar, what do you think in. >> i agree with the confidence right now it seems like everyt

wilbur ross reenforcing that the president will fnot rush into signing a trade deal >> the president's objective has always been to get the right deal his objectives haven't changed if we don't have the deal he's perfectly happy to continue with the tariffs as he had. he feels we're in a pretty good position one way or the other. >> allen, great to have you with us he mentioned no deal until after the election which implies he doesn't believe a deal is necessary. he doesn't blooe there's elievem pass >> there hasn't been much of the tariff impact so far in fact, when we're talking about either consumer prices or about producer prices it's been absolutely minimal at very best. there's no question there's been some uncertainty that's overcome the american corporate sector. one a spekts is these tariffs have been so off and on again i think that needlessly add to that uncertainty we're in a new era when it comes to u.s.-china trade policy i think that would allow manufacturers to make the necessary adjustment a lot more smoothly and quickly >> do you believe there won't be any effects? so

that's why he sticks the ross in there. do you know, is there another rufus jurksa ever? that would be cool to be the only one in the history of the world. do you know? >> i haven't found another one yet. but if there's another one out there, please get in touch with me. >> do you think there's another rufus -- >> pretty iconic. >> you may be the most unique individual on the planet. >> iconic name >> i think you need to thank your parents. >> i do every day. >> you do? >> we do, too. thank you. >> talking about iconic. when we come back, two of the most iconic roll exs in the word go up for auction tonight in new york city. we will tell you who wore them then the next chapter of one of the world's biggest pharma companies, paul hudson from sanofi will talk with us about a $2 billion acquisition that was announced yesterday. why it's ending research into diabetes and more. stay tuned, you're watching quk x"ig he cnbc. >>> pharmaceutical giant sanofi has a new ceo and he's shaking things up. they will talk about their latest strategy which will focus on cancer drugs and no

i'm andrew ross sorkin i'm here with becky quick and joe kernen we'll show you what's going on and where it's headed. the dow will open up 9.5 points higher s&p 500 up 5 points and nasdaq looking to open up 20 points >>> here's what's making headlines at 7 a.m probably similar to 6 a.m. if you weren't tuned in, saudi aramco shares jumped the maximum 10% in their debut session on the riyadh stock exchange. it puts it at 1.9 trillion the faa is moving to create a new safety unit according to an incoming email that came by the washington post. the unit would be created to address gaps in oversight following those crashes involving the 737 max aircraft phil -- >> fiphil lebeau is going to brn us the interview -- >> with john dixon, the new administrator before he goes to congress. >> before he does? >> yeah. >> coming here first mortgage applications rose 3.8% last week. the rise is driven by a jump in refinancing activity the average rates holding under 4%. >> countdown is onto the final fed decision of 2019 central bank widely expected to keep rates on hold steve liesman joins us now with

. ♪ ♪ >> good morning and welcome back to "squawk box" right here on cnbc i'm andrew ross sorkin with becky quick and joe kernen take a look at the futures an hour, 2 1/2 hours. the dow jones this morning, s&p 500 looking to open 4 1/2 points higher the nasdaq looking to open about 14 points higher >> delta is holding an investor day in atlanta the airline providing an outlook for 2020 and phil lebeau joins us as a special guest. hey, phil. >> hay, joe. let's bring in ed bastian. let's talk about the numbers what you're projecting here is solid growth both on the top and bottom line. >> demand is great 2019 was the best year, arguably holiday demand has been strong, the sunday we finished after thanksgiving was the highest revenue day in our history almost $200 million in revenue in that one day alone. as we look through the holiday and through 2020, we see that solid demand continuing. the u.s. consumer is doing well by us. we're projecting revenue growth of between 4 and 6%. >> you are also looking at, what, $4 billion in free cash flow >> yes >> you have the free cash flow coming t

i'm joe kernen along with becky quick and andrew ross sorkin u.s. equities are a little bit higher but they have definitely moderated. in fact, we've got some red in the s&p and the nasdaq dow holding on to just marginal gains after being up triple digits for most of the early morning session. there is the last little bit of trading as you can see right now. let's look at treasury yields. let's see if there's any movement there yields had gone up based on the china deal as they have typically recently on the idea that maybe some uncertainty is removed. 10-year, 187, about where it was earlier this morning. >>> we are watching two very big stories this morning for the market impacts in the u.k. prime minister boris johnson's big win and the vow to get brexit done. this side of the atlantic president trump signing off. let's go to kayla tausche for the latest on trade. we have seen the futures take a sudden turn lower. i haven't seen any tweets. that's the first place i checked. what can you tell us about what you're hearing at this point >> reporter:

i'm andrew ross sorkin along with becky quick and joe kernen. joining us is mohamed el erian, friend of the show and it's good to see you, sir. >> thanks for having me. >> i want to show you what's going on with the futures this morning. looks like the dow would open up higher 65 points higher we should say that's being weighed down to some degree at least life is relative by some boeing news. the s&p 500 looking like it would open up 14 points higher the nasdaq is up 40 points higher after the u.s. and china announced progress a critical point remains in question and that is over agricultural purchases i want to get straight to eunice yoon in beijing but before we do that we want to get to kayla tausche. we can actually hear the differences between what everyone is thinking in washington, what everyone is thinking in china. we will start with kayla good morning to you. >> reporter: good morning, andrew the white house is in the home stretch finalizing the trade deal with the u.s. in response the u.s. will soften tariffs put on in september and

live from the nasdaq market site in times square i'm joe kernen along with becky quick and andrew ross sorkin u.s. equity futures at this hour are down about 19. boeing's down. earlier it was down three, four, five points. the dow might be in positive territory if boeing were not pulling that average down. the s&p is actually green and the nasdaq is up almost 4. treasury yields, creeping back up a little bit higher as the global growth slowdown may be weighing a little with all of these things getting settled, china, usmca and brexit. right now at 1.86. >> here are some of the other stories that investors are going to be talking about today. boeing will be suspending production of its hugely popular 737 max jet in january that move comes after boeing saw repeated delays in its efforts to get approvals to return the jet to service boeing says it will reassign workers and does not expect furloughs or layoffs at this point. jpmorgan is estimating that boeing will still burn more than $1 billion a month during the production halt. analyst seth sythen says layoffs will remain the same as th

i'm andrew ross sorkin along with becky quick and joe kernen. the house getting ready on whether to impeach the president. last night the president sending a scathing letter to nancy pelosi demanding she immediately se cease this impeachment fantasy. >>> not much moving. the dow looks like it will open up higher, 22 points higher. s&p 500 we'll call it up for now. flicked between green and red by a point or two here. the nasdaq looking to open about 6 points higher. >>> ahead of this historic vote, we have the results of a new cnbc survey. steve liesman has the results. >> split on the issue of impeachment as the house moves towards an historic vote today they find 44% of the congress believes they should impeach, 45% does not it has a margin of error plus or minus 3.5% the split comes as a result of a deep partisan divide 78% favor, 83% oppose it some americans say they could change their mind. 4% who favor impeachment say they're open minded. 6% don't know and 11% are unsure >> how do 4 and 6 equal 11 >> those are separate. >> oh, okay. >> tha

i'm becky quick along with andrew ross score kin. joe is out today also a cnbc analyst, good to see you. let's jump in and see where the futures are. the dow futures up about 65 points s&p up about six and nasdaq up about 16 yesterday, the nasdaq setting a new high up for six sessions and setting a new high we saw the s&p and the dow give back the gains they have been sitting on towards the end of the session. s&p down just over a point and the dow down around 27 points. a lot of this watching what was happening in the market. seeing the facts and circumstances that yield has continued to pick up as well >> getting to washington lawmakers voting along party lines to impeach the president we have more now >>> good morning the house chamber got a little roudy as leaders from both parties made their final speeches >> democrats did not choose this impeach. we did not wish for it >> i see coming out of a president who will put his head down and do his job. he will put the american people first. >> ultimately, both articles did pass on mer

. >>> good morning welcome back to "squawk box" right here on cnbc i'm andrew ross sorkin along with becky quick and joe kernen. jason trennert is here u.s. equity futures at this hour, let's show you what's going on right about now we're going to flip it around. you're looking at that screen. dow up 42 points higher. looking at the nasdaq open 10, call it 11 points higher and the s&p 500 close up to 3 points. >>> what's making headlines at this hour. the u.s. has approved the usmca. that approval was overwhelming with 385 lawmakers voting in favor and only 41 voting against it it now goes onto the senate but it is unclear when it will be voted on because of uncertainties over the impeachment trial. >>> two data breaches. personal data of 267 million facebook users was exposed facebook, however, says it believes the data involved was from a period of time before additional safety measures were implemented. also, convenience store chain wawa said it had a breach of credit card information. >>> getting revised third quarter gdp figures in 90 minutes. they expect no change in the 2.1% e

i'm becky quick along with andrew ross sorkin joe is out today but sitting in for him we have tom farley, the ceo of farpoint ventures and cnbc contributor our guest host for the hoe is joanni lipman. she's also a cnbc contributor. good morning, guys. >> they all got the memo on the festive clothing today. >> great minds think a like, right? >> some clashing shades of maroon and red but we're all festive. >> you team up, we team up, too. we planned this out well >> totally. >> the markets are not color coordinated. look at the u.s. equity futures, green arrows across the board. >> it's the christmas season >> just not red arrows and that's been the surprise this has been the trend we have been watching for quite some time future indicated 44 points by the dow. s&p futures by 3.5 this comes after we saw all three of the major averages sitting at new highs again on friday that's happened a lot recently the dow and the s&p 500 up for the last seven of the last eight sessions nasdaq on an eight-day winning streak and that's something that you're watching as we kind of rush into the holiday s

. >> i'm andrew ross sorkin, brian sullivan and michelle caruso cabrera back at the table and tom farleigh, wearing the best blazer of the year how many times a year can you wear that? >> once a year merry christmas. >> carlos watson ozzy.com >> i didn't do the tom thing i didn't want to crowd him >> we'll swap. >> very nice take a look at u.s. equity futures which is good. dow will open up 18.5 points s&p up 2 points and nasdaq opening 9 points higher. brian? >> here's what's making headlines at this hour on christmas eve. boeing has told its 737 max suppliers to suspend parts shipments beginning in january airlines have taken max flights off their schedules as far out as june. the news comes in the wake of boeing's firing of ceo dennis muilenbu muilenburg uber, lyft new york city victory. the city passed a rule in august hoping to reduce traffic congestion and emissions. >>> geico will be getting a new ceo. they've named tood combs as ceo. is this a hat tip that this is the next guy to take over berkshire hathaway when warren buffet eventually steps down >> i wish becky was here i think

i'm andrew ross skorkin. i have guests sitting with me today. >> thank you for being here. it is a normal day of trading. you don't get a half day anymore. a lot of global markets are closed or for boxing day. uk, germany, france, australia, italy and hong kong. i say it every year. boxing day has nothing to do with boxing as a sport as a child, i always thought that u.s. futures, we have some green arrows dow looks like it would open up about 30 points higher 10-year note opening about 1.97. >>> new this morning, china says it is in close touch with the united states on signing a phase one trade deal both sides are 12i8 going through necessary procedures before signing despite progress on trade, tensions remain. meantime, saying the phase one trade deal is, quote, an enormous step in the right direction. >> it is coming. it is coming >> it is done in your mind >> what we are going to get is what we've gotten. phase two, i wouldn't think about it again >> like ever, ever >> no. let it go. >> gone for good oregon for the election? >> i think you need a change in leadership o

i'm andrew ross sorkin along with becky quick joe is off today ed lee is our guest. cnbc contributor thrilled to have you sarat sephi is hanging out with us thank you. happy holidays we'll get to you in a second and a great christmas gift you got i want a full review in a moment u.s. equities at this hour, we do have some green as we have a nice little santa claus rally going on here. dow jones looks like it would open up close to 100 points higher s&p up 10 points and nasdaq up about 35 points. >>> here are some of our top headlines at this hour boeing's general counsel michael lettig is going to be retiring this year. he's also been at the head of boeing's legal defenses following the two fatal crashes. obviously with the departure of the ceo just earlier this week >> earlier this week, yeah. >> just earlier this week obviously this is the rest of that regime kind of getting washed out with some of these things, too. >>> tesla says that it's going to be delivering its first cars from the shanghai factory on monday construction on tesla's first plant outside the uni

. >> now this is -- which andrew >> your friend, andrew ross sorkin. >> another three-named andrew. >> you can watch it as if it was a tv show. four installments. i might do that. haven't gotten around to it. >>> toms shoe creditors have agreed to take over a company. they're known for donating the shoes for every one they sold. they were warned that they would not be able to pay a $300 million loan due next year i know the guy that is the founder here i just wondered about how that works. hard to give away -- well intentioned obviously, but you're either for profit or not for profit hard to do both. you can see you run into some issues. >> right >>> now news on a popular holiday gift amazon is being sued for alleged security flaws in the ring security cameras an al what bama homeowner says it leaves you vulnerable to cyber attacks. >>> still to come on "squawk box," talking trade. stay tuned in a couple of minutes. >>> don't forget to subscribe to our podcast. you'll get interviews, original content, and behind-the-scenes access look for us on apple podcasts or bsibtosqfavorite podca

if we do 2 because of the trade war, the global slowdown, is that okay to -- >> my dear late friend ross perot said something during the vietnam war. don't commit the troops until you commit the country okay all these things that are happening, i don't know about you, but i look out in the street, at 7:15 in the morning in manhattan, these people are all going to work. they're not going to get welfare checks or securiocial security checks, they got jobs, they're feeding families look at the records last weekend for "frozen 2. things are good. and guess what, at the end of the day, your first concern is your own home and your own family things are good. >> i've been watching you, you just bought a bunch of s&p futures. as a trader, based on what langone is saying -- >> i'm always optimistic when i'm around ken. >> kidding, kidding. >> let me ask you, the president has been very critical of the federal reserve, specifically revolving currency manipulation, not only with the chinese, but around the world do you agree with the criticism? should the fed be doing more >> what president of the

i'm andrew ross sorkin along with becky quick and joe kernen. dow looks like it will open down 41 points off. s&p 500 off 3.5 points and the nasdaq looking to open down about 10 points. joe? >> big week ahead for the markets following friday's big jobs number. the top of the list, a two-day fed meeting that begins. is it time again for that? steve liesman joins us with what a look at investors should be watching i thought as of friday we decided that we're not worried about good numbers or bad numbers? they're sort of -- we can just put them on the side of things for a while. >> why don't you read the fabulous script that i wrote there which is almost exactly that. >> does it really? >> it says almost exactly that >> you are bad at reading the prompter but you intentionally remain bad over 30 years. >> that's not a skill that really would take you a long way. >> i don't really like it either but it has in there what i want to say. >> what if you never had to think about anything but reading? that would be bad. >> yeah, it would be bad what the r

if you look at the numbers, you see target, best buy, costco, ross stores, walmart, they're the leadership groups. what do they have in common? they're discounters, best buy is the bit of an exception. what's the lag guards? the apparel, laggards. the apparel, nordstrom's, kohl's, gap, l brapdz, macy's. it's hard to describe these companies are not anything close to what they used to be. i think that's the real statement here even though the consumer is good, there is very obvious winners and losers >> the journal with a piece out today saying tear 1 malls are starting to feel the pain, which has people focusing on the simons and the nathans >> the forever 21 bankruptcy there have been the 50 malls considered top tier have been thought to have been at least somewhat insulated given their diversity of restaurants which attract people and high end retail particularly in the communities which they are based. this trend keeps going gap, give them break >> that i need that extra 2.5 billion. macy's >> the loser of the year. >> yeah, macy's is shocking at 4.9 billion and of course the yield. act

wilbur ross too. secretary tillerson did not. we can go through a long list of people who haven't but mnuchin -- >> you should read deep state. it is interesting. >> i'm almost done with iger's book. >> i loved iger's book when he was almost fired the stuff with his dad >> i read the -- i'm reading the whole thing, unlike you. >> i read the whole thing. >> you think jim goes to the back and looks for his name? >> no, no. i went to -- i went to the back and i looked up david faber's name and there it is on page 168, you said -- >> it was 218, but i'm not saying -- >> really pathetic. >> i am reading the entire thing. >> it is a good book. >> it is really good. >> it should have been written after you retired. >> it is a good -- >> a lot of people in it, like, holy cow, i didn't know he didn't like me. >> i didn't read deep state. >> what is this oprah's book club, come on, guys, geez. >> more things about the president. >> yeah. >> just a flopleasure to have someone say you don't have to move on yet. >> we're waiting for the bilat

maxx or a ross stores. they have websites, but they're not exactly the same as a shopping website like shopping at walmart.com or at target.com. so there is something about that treasure hunt and that experience that you also need to try to capture it's a little hard to say about the folks that have fallen behind and did they fall behind because they didn't infuse the technology and be that omni channel presence i think in some cases yes, but it's so much more complicated for a number of names that aren't doing as well >> certainly you need the right kind of technology, right. bill, i wonder how do retailers do it and how do they update themselves do you think we'll see more m&a activity from non-tech companies acquiring startups that are able to do these things on the back end partnerships or do they do it organically >> i think you probably see acquisitions and some organic growth organic growth is difficult, particularly if that's not your sweet spot and as a brick and mortar retailer probably wouldn't b

ross made clear they will move ahead with tariffs if nothing material happens he called it a good time to imposeduties because chinese retailers have already stocked up for the holidays. >>> president trump has stopped tariffs on brazilian and argentina imports. in a tweet, he called the discussion in response to massive devaluation of their currencies he added it would be effective immediately. officials were left wrong footed and say they will contact washington for discusses said the move will support america's agriculture al industry >> they have really discounted they devalued their currency by 10%, argentina also. i gave them a big break on tariffs but now i'm taking that brake off becauses it unfair to our manufacturers and farmers. >> let's take a look at how some of those steel companies and minors are fairing it is a picture of red out there. one of the reasons the ftse 100 is lagging today names down 1.5, bhp down 2%. not taking it that well as some of the big mining names and steel makers in the uk and europe as well i want to bring in a mining analyst who joins us around t

but that's news they've supposedly committed to the liquid natural gas purchases that's something ross has been pushing for a long time. >> thank you, guys, try to make sense of this news as it comes at us directly meantime, here's what else is still ahead on "the exchange." >>> coming up. it was a year of m and a, layoffs, and management surprises in the world of media. we'll dig into it all and see what could be ahead in 2020. >>> plus, the decade the robots came a look at the industries that could see a big change as the automation revolution kicks into high gear. >>> and why one analyst says snap could rally 33% from here >>> this is "the exchange" on cnbc >>> welcome back to "the exchange." 2019 has been a year of twists and turns for the world of media. a host of mergers and strategy shifts have led to thousands of employee layoffs across the industry there's reportedly nearly 8,000 media jobs lost just this year that compares to 5,000 cuts between 2014-2017. while newspapers, magazines, and digital startups have taken the brunt, some big tv players have gotten caught in the fray

andrew >> queue scott welcome, everybody, i'm on drew ross sorkin. here's what we got ahead today despite the lack of clarity on the phase 1 trade deal, investors are cheering as stocks hit new highs. the question, of course, will be euphoria we will debate that and so much more breaking up, yep, it is hard to do we will look at why splitting up tech companies may not be the best answer to solving anti-competitive issues. a look at the medical bill and debt crisis in america we begin right now today with the markets, seema mody has those numbers. >> good afternoon, andrew. record highs here in the u.s in fact, report highs in europe as well. the msci index looks at the emerging markets across the world. sectors moving on this phase 1 deal the chip makers led by western digital and micron, both of these stocks getting an upgrade from susquehanna so overall positive reaction to the latest developments on the u.s.-china trade front we also want to draw your attention to shares of uber, getting a lift today it's up around 5% on a report that it may be in

a big way the president has put tariffs on two new countries today alone and the commerce secretary ross says tariffs will go up if there's no china deal. from commodities to stocks to bonds, almost every investment is working in 2019 can that momentum continue for the rest of the year and the deals are hot in december retail stocks may not be we'll tell that you story. we begin with today's markets and dom chu has the red numbers. >>> a lot of the parts of the market working as of late are not working today. maybe not unexpected given the fact the entire market is selling off. at the highs of the day we were positive up 58 points. at the lows we were down 254 as you can see right here we're hovering just around the lows of the session, the southwest 500, off 26 points. 1.2% as well you mentioned that ism manufacturing number, those numbers came in worse than expected a large gap lower here and some shares including railroad operators like csx, engine manufacturers and those stocks among the hardest hit. payment services like visa, mastercard has been a hot part of the market as of late

in your view >> we do think there are several standouts, first of all, the off price retailers, tjx, ross stores, burlington, they represent value, and they will follow on price, but they will always maintain their price discount relative to the full price channel. if we do have tariffs come in, the off price retailers would be positioned at an even greater value proposition. because they're buying goods already here in the united states in large measure they would not be the ones paying for the tariffs. we think they're certainly in better position. you also have companies with actual pricing power, and i would call out lieu liulu lemon, yedi, these are brands that have performance technology or some sort of quality point of difference that gives them some degree of pricing power, and we think they are absolutely better positioned heading into this environment. >> they are inoculated because of the quality of their products and the brand they have been able to establish. kimberly, thank you very much, great to see you >> court, bethlehem yesterday, canada tomorrow, safe travels as you in

sales force run by ray hopkins, nobody debated it when i said one domestic ad force, and i picked joann ross, an outstanding executive, great relationships in the industry, and paired her with john haley, everyone got it. they're tremendously excited about it i think people understand the opportunity associated with viacom cbs do we have to get culture change one of the things i talked about in there, part of it is we have to create one combined company culture. that's front center on the agenda we're going to powork hard to d it we'll get it done. >> talking about efficiencies, and we talked previously about your strategy in terms of a hybrid approach, but direct to consumer is important. streaming is important to the future of the company. you have cbs all access, which many people know showtime svod. as well, a smithsonian svod. pluto tv, which is free. ad supported streaming you have noggin. b.e.t. plug, which you launched, as well. would you be better combining everything under the cbs all access brand and having pluto as a free entrant to that >> what we have today is the result of two

harry belafonte, diana ross. joe louis. any dealer good enough for joe louis is good enough for me. -let's do it. -okay. -we're gonna have fun. -okay, let's do it. first, a few practice rounds. you don't need to explain anything. -21, baby. -we'll do it again. okay. okay, that's 10. now, i have a deuce showing. okay. now, you have to assume -- always assume that it's a 10 underneath. -okay. -so what do i have? -you have 12. -okay. that's 18. now you want 20. there you go. -okay. we're doing good. -let me pay you first. to be honest, losing at roulette was a distant memory. you told me you didn't know how to play this game! then i was ready to join a real game with real money. -i can't beat you, marcus. -this is too easy. biggest bet you've ever seen? biggest bet i've ever seen was $75,000 a hand. and did they come out ahead or behind? they came out ahead. well, i wasn't willing to go quite that far. -come on. -benny dealt me a 20. i stayed. i was just wondering, was you thinking about splitting that? -[ laughs ] -when it first went down, but i remember what you told me. -right. -we

ross: you think you're producing 20% of what you're capable of? petros: i would estimate about, yeah, about 20%. ross: well, i think we'd start with one ship. that's typically what we do with anything new. lemonis: can we taste some product? meg: yes! zoe: absolutely. petros: i think the sea-salt caramel is really nice. our ouzo piece is excellent. meg: that's delicious. ross: mm. that's good. meg: i've never tasted anything quite like that. petros: what i wanted to focus on was the fact that we can customize anything for you. we can even put your logo imprinted on our chocolate piece. pantelis: so this is a coconut curry. meg: i love curry. i love all the variety. -tim: love it all. -ross: that's great. meg: oh, my gosh. that's amazing. lemonis: yeah. zoe: what can we do to get your business? what is something that you would like to see from us? meg: we're always looking for brands that have recognition or a key differentiator to bring onboard. i think your heritage and how you came into this business is actually something that really differentia

are live from the nasdaq market site in times square i'm becky quick along with joe kernen and andrew ross sorkin and the u.s. equity futures at this hour are indicated higher all the talk of the trade deal boosted prices on thursday and on friday of last week this morning, you see the dow futures indicated up by 64 points both the s&p 500 and nasdaq closed at new highs once again on friday and this morning the s&p indicated up another 12 points nasdaq indicated up in the 33 points the dow is seeing some pressure from shares of boeing and we'll talk more about that in just a moment but in the meantime, very quickly, look at treasury yields the ten. year right now in the united states, yielding 1.8 h 2%. >> the top corporate story of the morning and maybe of the week, boeing shares falling. "the wall street journal" reporting the company is now

i'm becky quick along with andrew ross score kin. joe is out today also a cnbc analyst, good to see you. let's jump in and see where the futures are. the dow futures up about 65 points s&p up about six and nasdaq up about 16 yesterday, the nasdaq setting a new high up for six sessions and setting a new high we saw the s&p and the dow give back the gains they have been sitting on towards the

i'm becky quick along with andrew ross sorkin joe is out today but sitting in for him we have tom farley, the ceo of farpoint ventures and cnbc contributor our guest host for the hoe is joanni lipman. she's also a cnbc contributor. good morning, guys. >> they all got the memo on the festive clothing today. >> great minds think a like, right? >> some clashing shades of maroon and red but we're all festive. >> you team up, we team up, too. we planned this out well >> totally. >> the markets are not color coordinated. look at the u.s. equity futures, green arrows across the board. >> it's the christmas season >> just not re

i'm andrew ross skorkin. i have guests sitting with me today. >> thank you for being here. it is a normal day o

ahead on wall street from the fed's meeting to the moving tariff deadlines, to the return of andrew ross sorkin, what investors need to know straight ahead. >>> amazon's jeff bezos speaking out in support of pentagon's contract as his company faces new backlash over opening offices in new york city. >>> and a new report says china is cracking down on foreign tech products it's monday, december 9th, 2019 and "squawk box" begins right now. ♪ >>> good morning, everybody. welcome to "squawk box" here on cnbc we're live from the nasdaq market site in times square i'm becky quick along with joe kernen and andrew ross sorkin. we'll start with the markets this morning remember, friday was the best day for the dow since october 4th. the markets surged more than 330 points after that breakout jobs number, much better than had been anticipated check out the u.s. equity futures at this hour by the way the gains on friday were enough to erase all the losses we saw earlier in the week the dow, the nasdaq and s&p 500 all riding three-day winning streaks at this point. this morning modest declines, st