Nasdaq off by 35 we have been thinking the new deal would be by december 15 the huge question is do those new tariffs come into effect the market has been punched in the mouth twice since yet yesterday, futures were up almost a full percent. The first china news yesterday that things werent looking great for december 15. These new comments imply phase one is not nowhere but if people are still thinking december 15, thats hard to believe yesterday, the pull back was the worst day weve seen in months but still talking about a decline. The dow up 4. 2, s p up by 5. 5. Well see today while the move yesterday wasnt too significant, volatility spikes more dramatically that implies that todays move was not unexpected we may see bigger moves in the days ahead we have the sound bite. Getting to the comments from willem marx in london. The president arrived here late last night. Stayed at the u. S. Ambassadors residence. He gave some Public Comments including on china saying he wants to wait until the deal is right. Take a listen. The china trade deal is dependent on one thing, do i want to make it. Do i want a deadline, no in some ways, i think it is better to wait until after the election, if you want to know the truth. Im not going to say that. I just think that. I just tell you. So, you know, weve sh discussions about the phase one trade deal clearly, we are expecting things to step up that preliminary deal is not concluded. It doesnt sound like hes in much of a rush, guys it is an old technique. Im not going to say it but in some ways im not going to point out you know nothing you can say it without saying it that is what he just did interesting the take from the New York Times versus the wall street journal wall street journal plays it straight trump to levee tariffs on brazil the times, trumps adding south americans to his trade war no president this clown in the white house adding anyway, different ways of saying the same thing how many couldnt nants now . Asia, europe, south america not australia yet we took a few shots at australia. These people need to get their act together if they want to trade with the superpower i agree with him in some ways there is this question of is there somebody goingto be more china friendly in the white house. If they have taken a 340r hard lined stance, if you have a super skinny deal, maybe it is better to wait. Elizabeth warren might be tougher. Not tougher not tougher. How about joe his son still got a billion from the Sovereign Fund what about Mike Bloomberg he has a consistency they have to comply with otherwise theyll get sent to a concentration camp we probably just got blacked out. A tweet said the list is being fast tracked in response to the bill requiring sanctions against chinese officials that had been linked to alleged abuses of muslims. Joining us now to talk about the comments is alec young great to be here. What do you think if there is not a trade deal that happens, even a skinny deal what does that mean for the markets . I think the market run off has been predicated to a certain extent the exchange for perhaps some movement on intellectual property when there was word that entered the talks the december 15 tariffs moring them out is expected the chinese have now not only said they dont want the december 15 tariffs to come on but they want the original tariffs removed as well. There is stronger risk in light of the detail. If the positive inflection is more frag ill than one thought, there are more problems on the front . That would be risk off to s p, maybe there is a tendency to overreact to the president s commentary. Weve seen this movie like 57 times. Lets talk about the real things we are approaching that december 15 deadline. What would matter to the market, what wouldnt . If those tariffs go into effect, that would be a negative that is being priced in as we speak. The president does because of the election the market wont like it it is selling off on that possibility. That doesnt mean we get a bare market or this rally is over you have to take things from the measures perspective there is a lot of gray and the tendency to look at the black and white issue. The dow up 4 . Those are some really strong moves. You could see an additional rally at the end of december do you think that is still on that a lot has to do with what you are talking about on the tariff. Certainly the season at is favorable. One of the risks is that we pulled from this years performance. You ask yourself what good news hasnt been priced in. This digestion is good it does set us up for the santa clause rally we are talking about a move just over 1 it is not a big move we could see some follow through. It might be a slightly 3 or 4 move you would tell people to go ahead and work at that point is. Im not ready to see these talks collapse even the december 15 deadline passes and new tariffs go into effect you feel okay. All about what markets have priced in. Then it is like, okay. What is the next step . The market may take a slightly more negative view both sides have an incentive to get something done more of an incentive to move forward. How do you like stocks versus International Stocks you want to be looking at rebalancing up that exposure historically, when you see this kind of a spread, it is when you start to see the reversion up from the asset class it has gone down because of how much the u. S. Has outperformed if International Growth saw on the pmis china and europe beat a low bar. A weaker dollar helps international. In other stuff happening you know why you slap a punitive duty you know why it is a slap . I defer from the word that you are angry. No. When stuff used to be coming in, they would actually slap piece of paper duty. Trump administration said it may slap, you could say levee. These are punitive duties up to 100 of imports of french champaign. Handbags cheese other products move in response to the 3 Digital Services as u. S. Trade reps office found the french tax was unusually burden some for u. S. Companies including facebook, google and amazon emanuel had an idea lets tax those companies. They are american companies. If anyone is going to take advantage of the american companies, it is going to be us. It is not going to be france shares of several french luxury goods stocks. Hes even said he doesnt like a lot of these. Hes talking about protecting amazon and others. He likes apple and i think he kind of likes facebook you said champaign. Does that include burgundy is that your thing . Yeah. It is delicious. They are ready i wonder if there is an additional slap going on you know my life now, finger up, chardany beer, just too much volume it is interesting you are like the fat nyse guy. You like the 800 red wine im a simplton. My mother was a catholic nun for f five years when she met your dad they say no my father had just lost his leg in vietnam she leaves the convent and shes at home in a Spare Bedroom she had lost the two up. My grandmother set them up and they got married shortly after i had no idea so no, i wasnt drinking. You were. You were nyse president. My mother was a nun for a while. I was adopted my uncle was a priest. My uncle as well. Thomas wells very good im getting a little teary. Whats the next plot . I think it is the early years. What about the early farley years . How was kindergarten when we come back, early forecast for cyber monday show americans likely spent a record amount on line and why Companies Went big after this. And how trumps trade comments is moving futures this morning the next hour, china expert will join us. Squawk box will be right back. What do advisors look for in an etf . Dont just track an index, help me meet a clients need. Is the fund built to sell or built to last . Etfs are only part of a portfolio. So make it easy to explain. Give me a quality fund that helps me get clients closer to their goals. Flexshares etfs are designed and managed around investor objectives. So you can advise with confidence. Before investing, consider the Funds Investment objectives, risks, charges and expenses. 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Welcome back cyber monday sales are expected to have hit a record 9. 2 billion according to new data. Courtney reagan joins us with more you are back good to see you. Im back. Cyber monday is officially behind us. Really just a couple of hours ago. That number a bit below official expectations as expected, those peek hours were pretty late around 11 00 p. M. Eastern time a third of sales were done on mobil devices. Some top sellers include frozen 2 toys, lol surprise dolls, nerf toys, air fryers amazons cyber monday was biggest day of the year. 25 million items were joined on black friday and cyber monday combined the two days the biggest for toys ever. And the biggest ever for fashion on the site. Amazon sold millions more devises. Best sellers include echo dot and fire tv stick. Stagt a reporting of more than 2 inches of snow saw a 7 increase of on line sales ive asked about whether snow helps on line sales in the past. There really hasnt been a difference i guess if it is black friday and you are going to shop anyways and it is snowing you will move on line. I went to the mall yesterday to do some shopping because it was snowing and no one was there. It was great right retailers want it cold but dry when you have big snow days in new york, do people shift on line it hasnt happened they just lose the sales. It did seem to happen at least on black friday. Yesterday, we were talking to a couple of people about it. Should we anticipate im conditioned to think we are going to get these deals through the holidays or did i miss the opportunity . We have asked how much room theyve given themselves in earnings to discount their prices they almost all say, look, weve given ourselves a little bit of room we have a shortened season i feel like theyll get desperate. I only have three gifts i feel nervous about waiting no has no idea what you are talking about. I thought about thinking about the gifts. Thats good for you. Im glad santa does all that work for you she does. She does the consumer we refer to is she and santa we refer to. Not really mrs. Clause. I need one of those what war . Vietnam my dad froze his feet i grew up in a very, lucky, lucky time what about us the worst thing that happened to me, my dad made me pay my own car payment. We got to reap the benefits of the greatest generation opec meeting at a crucial time for the aramco ipo. Later, well talk to china expert about President Trumps new trade comments well be right back. vo the moth without hope, struggles in the spiders web. With every attempt to free itself, it only becomes more entangled. Unaware that an exhilarating escape is just within reach. Defy the laws of human nature. At the season of audi sales event. We are just days away from the most interesting opec meeting in years it comes as the audi aramco ipo prices, the new minister taking over and Oil Producers are at a dangerous cross roads. Here is a preview. Reporter opec meets on thursday it is the first meeting with the new Energy Minister. One of the sons of the king and half brother to the crown prince replacing the former minister with a member of the royal family shows how important opecs choices have become the long awaited ipo of saudi aramco that also prices on thursday, the day the opec meeting begins. Its performance should add another later of drama to the meeting. Finally, can opec move Prices Higher cuts were. Extended it has been stuck in the mid50s. That is bad news for producers and investors. A struggle to remain profit. The biggest decline is down 25 and others down more real concerns about a flood of oil related bankruptcies next year the eirani is that opec wants prices to move high. But with doing that, you keep prices going higher and the struggling u. S. Companies keep alive. This may be the only group that has the power to save the oil and gas industry from it self. There are 78 u. S. Oil and Drilling Services publicly listed the combined market cap is 1. 3 trillion. Aramcos ipo is likely to bring 1. 6 trillion. Aramco is worth more than all 78 u. S. Drilling and services companies. Brian, you think thats a fair evaluation . On what side . Do you think aramco is overvalued or the u. S. Is undervalued . On the u. S. , it is all debt you probably care about the overall markets or at least the economy. Millions of people and hundreds in debt in the oil and gas industry you talk about that. Are they undervalued you eliminated date. On the other side, the aramco side, sure some suggest the evaluation could be high and they probably make the case the valuation could be slow. You got that pricing on the sanl day of the opec meeting with the new Energy Minister who is also one of the sons of the king that shapes up for a pretty important meeting. The saudi ipo looks like an ipo in name only it is ending up about half a percent. 0. 5 float. Typically companies float 10 to 20 . Im not sure it looks like a large private deal do you think this has any impact on the market . No. In a word. But i will say this. Remember that ipo is pricing the local exchange the key here, you know better than i do. Just getting the ipos going. The float is min school. Getting it out there having a sliver of the trade, i think is sort of symbolic forgetting the worlds company the company is the worlds biggest. Getting it going to the market is a big first step. Brian, thank you. Good to see you. When we come back, it is getting more expensive for companies to use Corporate Jets thanks to some tax law changes but companies are being kept in the dark lets look at yesterdays s p 500 winners and losers through the at t network, edgetoedge intelligence gives you the power to see every corner of your growing business. From managing inventory. To detecting and preventing threats. To scaling up your production. Giving you a nice big edge over your competition. Thats the power of edgetoedge intelligence. Good morning welcome back u. S. Equity futures swinging after President Trump said there isnt a time line for the u. S. china trade negotiations. He said if it doesnt happen until after the election, maybes that for the best. Well speak to our expert to get his take on it dow futures down about 81 points s p down by 7. 5 and nasdaq down by 28. Ceos using Business Jets on the personal tab the cost has climbed from roughly 96,000 to 106,000. The hire cost comes from taxes the irs made companies can typically deduct expenses ranging from pilot salaries but not for personal trips. The sec doesnt require companies to disclose loss deductions or to log the Corporate Jet use. They have a lot of different reasons. I understand the rational. The personal use, if they pay for it themselves, i understand that as well if they pay for it themselves if they pay for it. Coming up what was the back to you the rules are very stringent. I like dick grasso. He was promised and deferred compensation for years im trying to paint you with the same fat cat brush and you are not allowing me. By time you got there, it was owned by intercontinental. The rules around private jet use are very stringent the days of im going to use the jet, you get ousted by dan lobe if you are using the jet for personal use. Hell fly on his personal jet to see you to tell you to stop doing business in china ahead of the tariff schedule well talk about the comntmes. Bloomberg flies all over the climate smeeti climate meeting in his jet ill. Ill. Eliquis. Eliquis is proven to reduce stroke risk better than warfarin. Plus has significantly less major bleeding than warfarin. Eliquis is fdaapproved and has both. Whats next . Sharing my roots. Dont stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. 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We are down around 79 points the president is at the nato summit here are the comments that caused it. The china trade deal is dependent on one thing, do i want to make it. I have no deadline, no in some ways, i think it is better to wait until after the election, if you want to know the truth. I just think that. I just tell you. Not going to say it just thinks it there are times he will say things hes thinking sometimes, i think he doesnt realize. You do the same thing i do. You do. Im not going to say joining us now to join the discussion and the climate in china, jim mcgregor. Thinking about what to actually put on your plate, james there are seven or eight things. The president just signed this bill they dont like that very much i dont know where the skinny phase one negotiations stand i dont know whether you do to are those even in the skinny deal where are we now