Dow, it will be an eight straight month of gains for the dow and s p 500. Strugglest for the Technology Sector once again. Lets look at what happened overnight in asia. You will see that the nikkei ended up by close to 0. 6 points. Stocks in china under pressure the hang seng down by 1. 5 points the shanghai down by 0. 6 . In europe, in the early trading, it looks like there are green arrows across the board. Biggest gains from the major averages come out of germany where the dax is up almost by 0 0. 8, the ftse up by a quarter percentage points. Right now looking at crude oil prices opec and nonopec producers, ie russia, are expected to announce an extension of output cuts until 2018 a lot of concerns about that, whether there will be Sticking Points along the way thats why crude oil was under pressure yesterday things have picked up this morning with a gain of 1 for wti. Up 53 cents to 57. 82 well get a live report from the meeting of opec in vienna. Thats coming up at 6 30 a. M. Eastern. Among the big stories were watching, we are monitoring the price of bitcoin it continues after a volatile session yesterday. The Digital Currency crossing 9,000 on sunday, 10 tloush1su tuesday, and 11,000 yesterday before posting a drop of 18 in late trading this morning. Thats a drop of almost 2,000 thats the thing about bitcoin. Its a volatile currency i spoke with a number of people yesterday who bought into bitcoin in the past couple of weeks using coin base and some of these things. If you are based in new york, coin base may be one of the only services youre allowed to use you can trade your bitcoin i can send you my bitcoin, you can send me bitcoin, if you want to turn it into cash which is what you have to do through coin base, its not clear its so easy to do they charge a 4 or more than 4 Doctors CommissionPercent Commission on your end it was supposed to be taking a margin out of things theres margin inall of it i understand why theyre charging 4 when you talk about this volatility. I would want security, too heres the question, if you are a market maker, like a coin base, at some boint do you spoiu say why are we buying bitcoin from you when everybody is selling . It will be interesting to see how this works out i had a conversation yesterday, going around it, theres a difference between a fraud and a bubble when it comes to this. Fraud is a bit of a big word, i dont know if you can call it that a bubble, my gosh. Is it a Payment System or a Money Laundering system . If its a Payment System, if you dont know if youre paying someone 11,000 or 9,000, thats not working. If youre trying to get around governments, scrutiny, then i can accept you understand the volatility and billions of dollars have either been misplaced or can you delete your bitcoin, and go, oh, and theres no getting it back it said billions of dollars have been lost or deleted people say that coin base is based in the u. S. , but there are exchanges i in sri lanka and places all over the world. It sounds like a retailers cards that you get like give me a gift card people love those but you lose them its like billions of dollars lost in that people dont use them these are the early days. Yesterday is where cramer is good yesterday or the day before, cramer said this is just this worries me, not just about bitcoin but about everything right then by the way he took a lot of flack for that saying he was getting hate email coming in because of that. Then we cross 11,000, you look again and its 9,000. Thats when it starts getting you to wonder about it who knows. I have no opinion. I dont own any, unlike some other people sitting at this desk i dont own any andrew has only 5 bucks that somebody gave me it was 5 bucks. It turned into 8 0 and probably just came down. You locked in the Charity Donation we rounded it up to 100 in corporate news, nokia shutting down reports that its in talks with juniper. Nokia said it is not currently in talks with nor preparing an offer for Juniper Networks sources earlier had told cnbc a planned deal would value juniper at 16 billion shears of juniper initially popped on the initial report. Weekly jobless claims and october perm sonal spending comn out at 8 30 a. M. Eastern, followed by chicago pmi at 9 30. And fed governor Randal Quarles and rob kaplan will be speaking today. And we will hear from kroger before the opening bell. The companys stock has been under pressure this year, especially as amazon entered the market with its acquisition of whole foods. Michael schlotman will join us at 8 10 on cnbc. At t and the Justice Department have a court date a u. S. District court judge set december 7th as the date, pearl harbor day i spoke with Randall Stephenson yesterday at the new york economic club. On this particular case, the department of justice chose to file the suit, and so we see absolutely nothing in this case that is anticompetitive, lawfully anticompetitive. As a result, looking at the facts of the case, we feel like we have a darn good case we feel like this is one worth pursuing into the courts were prepared to make concessions, if you will what we put in the filing yesterday is a concession that we would actually take away a right turner has to block out content if they cant get to contractual agreement. We have taken that off the table so we have demonstrated a willingness to make reasonable concessions to address legitimate concerns the government may have. That concession probably makes it harder for the judge to rule against at t in the suit, because he signed off of that same condition back in 2011 when comcast bought Nbc UniversalNbc Universal is the Parent Company of this network. That was a great interview. That element, you teased it out yesterday in the show, they offered a behavioral condition without having time warner already sent the contracts out. They sent them out two days ago. So anybody who wants to sign off on it, its conditional upon the deal being passed. If they do its there. Its a brilliant not negotiating maneuver but way to approach it. One thing i asked him, joe, to your point about fighting city hall, you can win and still not necessarily have clarity on some of these issues if the government chooses to appeal, appeal all the way to the supreme court. Well see. The professor is here well get to him in a second President Trump is nominating Marvin Goodfriend to the board of governors mr. Liesman has more on that story. Interesting choice. President trump tapping Carnegie Melon University president Marvin Goodfriend. He does not easily characterize as a hawk or a dove. Hes a member of the shadow market committee, a group generally criticize iing fed secrecy. Chairman paul volcker did not lay a paper he had, but it laid the ground work for todays transparent fed. He will offer Historical Perspective and good friend was critical of the decision to purchase Mortgage Backed securities, but in jackson hole he argued in favor of negative Interest Rates to combat deflation. And i quote removing zero interest bound is nothing more than the sensible application of monetary economics credibility against inflation is tied to credible against deflation. So maybe a hawk on both sides of the mandate. Goodfriend will also differ with the more rulesbased Monetary Policy change coming to the fed we have a vice chair position that is open i am told it will be a person who has expertise in Monetary Policy especially. Mohamed elerians name bandied about. And then an opening for a Community Banker a fed governors job typically held by a fed banker thats a lot of positions, a lot of change. But theyre proceeding with pace i think its going well. The president seems to be finding different people, but not people that are so radically going to upset the shift as to upset markets here thank you, steve. Pleasure. In the meantime, republicans in the Senate Voting to begin formal debate on the tax reform bill, moving one step closer to a full vote. Ylan mui has more on that. Reporter debate on the tax bill has officially begun and republicans are in a race to get this passed by the end of the week the one positive sign, senator lisa murkowski, a centrist who opposed the healthcare bill, she backs the tax plan also Vice President mike pence had dinner last night with some republicans who had been on the fence. They are working through some of the thorny issues that are still lingering out there. One of them is a possible fiscal trigger. Thats an idea from senator bob corker that would automaticall raise taxes if federal revenues fall below a certain threshold there are at least five republicans who do not like this idea they are still negotiating the specifics of that proposal passthrough businesses are another Sticking PointSenate Republicans are planning to increase the deduction they can came from 17. 4 to 20 that won over steve daines of montana. He estimated the benefit is worth at least 60 billion, but its unclear if another undecided vote, ron johnson, will be satisfied with that deal then theres a push from marco rubio and mike lee to make the tax credit fully refundable. They want to walk back the corporate rate cut from 20 to 22 in order to pay for it when i talk to republican senators, they say they want to get to yes, but theres not much time left for them to make up their minds. Back over to you ylan, thank you very much we have quarterly numbers just out from retailer sears sears losing 2. 64 per share, smaller than the 4. 46 anticipated by analysts, but Comparable Store sales were down more than 15 . Thats much more Consensus Forecast sears says the challenging retail environment continues to pressure sales the overall performance is seeing improvement that stock up about 3. 5 this mornin morning. Maif macys, kohls, nordstrm are having trouble, can you imagine being sears . No. We heard about more closings theyre doing, including the one near us. Is it impossible just to throw in the towel on that one with all the real estate for years its just been lets keep it open, but why . You can throw in the towel, but your moment for doing that was years ago. Remember arthur martinez, that was like 20 years ago they needed a savior. Then lampert the real estate was supposed to unlock it all i recently visited one you know what i was looking for . Clipon tie clipon tie you cant find them anywhere this one. Yeah, this one. My son had to wear a tie. We said you have to learn to tie a tie, which i never did with bowties. To the markets now joining us for that is james swanson, Investment Officer of mfs investment management. On set is jack caffrey, equity Portfolio Manager from Jpmorgan Private Bank would either of you like to explain the divergence yesterday . That was a huge selloff in the nasdaq, and another new high for the dow. How does that work i think what you have seen over the past, call it three, four weeks, is a number of highprofile Tech Companies managing to report good numbers. But then expectations were so high going into that number that people have actually been booking gains. Add to that the fact that value has done so poorly this year you have high Rising Energy prices with Energy Stocks having underperformed the fiscal commodity. You had some set up for rotation within some people saying i actually made 40 in technology maybe i should look at things up 10 or down 8 to put some money to work going into yearend. James, maybe the s p is a better index to use, but lets use the dow for a second were almost at the unheard of level of 24 how. That election was a little over a year ago we were still in the teens, and there were predictions that if trump got elected we would be down 5,000 points. Not only did that not happen, but were actually up, i dont know how many points, 5,000 points so, is this global synchronized growth, and as bad as he is he wasnt able to derail that move in the market . I think it is why did it go up 250 points when it didnt look like tax reform would get done . There was an uptick on Global Growth on tuesday, it wasnt the tax reform or deregulation or anything going on in this country . No, i dont think so. I think the real story is that no one thought europe could grow 2 real, or japan grow at 1 these are economies that the populations are very stable. Theyre generating strong numbers. And a lot of our big multinationals in the dow and the Big Companies in the s p are doing business in europe and japan. So thats what is the real story behind this. The world is green light for growth i think thats what is driving the market i dont think it was washington or anything do with the election the tax deal is already well known in the marketplace i dont think thats a driver. It will be for Certain Industries and sectors the real driver for the dow and what youre looking at is Global Growth the question is does that continue so if okay it just was ready to kick in a year ago then. Yeah. It was set up it just happened. Everyone thought it was due to the election in the u. S. Its not deregulation either . If tax reform goes through and adds 10 a share to the s p, thats not going to be positive either jack, do you as you put it, if tax reform goes through, thats worth 10 a year ago we had earnings about to comp positive after a year and a half of earnings declines. So i think the issues are coming back to we have Global Growth, having gone from a u. S. Centric Economic Growth environment to a Global Growth environment. We have gone from negative earnings comparisons, massive earnings revisions from lower Energy Prices to where those have gone higher i dont know i would want to attribute success to one person for the state of the global economy. You can actually have policy shifts which can accelerate some good news. But i think the issues with respect to earnings and a global picture is bigger than any one individual or any one policy change you could see weve been benefiting from positive upon positive upon positive within that whats interesting, if you are talking about a Global Growth environment, if you look within the s p, the best growth has been more secular, healthcare and technology but not the parts of the market that are most leveraged through an improving Global Environment okay. All right. Thank you jack and james thank you to you both. Coming up, Holiday Travel nightmare that can impact 15,000 flights over the holidays. Well tell you about it when squawk box returns not rebalancing your portfolio. Focused on what you love, not how your money will last through retirement. We make it easier to plan for retirement with day one target date funds from prudential. Look forward to your 401k plan. We thats why at xfinityic. Weve been working hard to simplify your experiences with us. Now with instant text and email updates youll always be up to date. You can easily add premium channels so you dont miss your favorite show. And with just a single word, find all the answers youre looking for. Because getting what you need should be simple, fast, and easy. Download the xfinity my account app or go online today. American airlines is there a bit of a sticky situation. Many of its december flights are without pilots this due to a computer glitch that allowed pilots to take Vacation Time at same time now American Airlines is offering pilots 150 of their hourly rate to work on those dates. By the way, they dont want to go back this is the union who outed this situation. 150 is the top of the contract they have. Thats the top they allowed. The union is pushing for more. Saying we all have vacation, im not coming back. I want that glitch. Call your agent right it seems to happen on other shows where everybody is off nobody left righting the ship nobody left flying the plane were important, i guess. We all need to be here should feel good about that mission critical. Would you like some autonomous planes right now . No. No im sure they have time to figure this out. Yes theyll reach something. The standoff to me seems like theyre pushing for more than 150 is the airline going to cough it up theyre talking about thousands and thousands of flights being canceled i read that, i was sort of chuckling, these poor suckers trying to fly american around christmas. I was like wait a minute, i think i have a leg of a flight around christmas on american this is serious, it needs to be dealt with this is not a funny thing. Yes, it is. It is funny theyll get it figured out theyll get it resolved if its not 100 have you seen when they need a seat exactly thats what it reminded me of. 1400 bucks. Everybody looks around there is a number. Theres a number or you get dragged off the plane. Or you get dragged off the plane. That doesnt happen anymore how much did that cost in market cap . A lot its back thouey built it back but you dont like to see that. In new york city, the annual lighting of the Rockefeller Center