Signing. Breaking even on bare sterns all of that as Worldwide Exchange begins right now good morning and happy boxing day welcome to the show. After having the Christmas Holiday off, stock futures are indicating the dow may open a little bit more. Still 31 points on the upside to the dow. S p up by about four points. We want to turn attentions briefly to technology. The nasdaq composite has done something for the First Time Since the. Com bubble era locking in the ninth consecutive close the first time it has happened since its ending days. The bond markets showing some signs of movement. The tenyear note yield ticking slightly lower the twoyear yield 1. 67 we are still trading those bonds. Lets go to worldwide movements. Take a look at whats happening overall. Up about 1 . The hang seng in hong kong is closed today the nikkei is up one half of 1 . Markets in australia are closed in observance of boxing day. Lets look at some other top stories today. New this morning, china says it is in close touch with the United States on signing a phase one trade deal according to the countrys commerce ministry, both sides are going through the necessary procedures but added that despite progress, trade tensions remain on other issues like a defense bill this as the treasury secretary says the phase one trade deal is, quote, an enormous step in the right direction. Soybean imports to china from the u. S. Continue to soar as trade tensions ease. Urging to 2. 5 million tons from 1. 15 million tons a month earlier. In hong kong overnight, police fired pepper spray and tear gas to disperse crowds at christmas decorated malls. Crowds shouting abuse as the unpopular officers accused of using excessive force. Firing tear gas in a popular protest area hundreds dressed in black and wearing face masks, shouting popular slogans such as liberate hong kong, revolution of our times. Response consider their responses to the unrest as reactive and restrain. How much global stocks have added year to date this is huge look at that number. Global stock markets have added now more than 17 trillion in total market value surpassing 85 trillion for the first time joining me now is bk asset managing director of asset strategy thank you for joining me this day after christmas. Its been a record run we havent seen that since the dot com era. Does this market feel bubb bubbleicious to you . It does when you look at the market right now, almost everybody agrees the real reason equities have run up is not a fundamental driver but that the fed turns towards an easing bias the big question going to the next year is what is the fed going to do after the 31st of november already pumped half a trillion into the market. Are we going to go at this pace . Order to keep the repo market classified just as equities have really risen, it is very possible we could have a steady economy and a market decline if the policy somehow flips or if there is a Crisis Action in the Capital Market the idea that we are divorced by the fundamentals to the upside also would be to the down side as well. A possibility of an economy crash going into 2020. Can the market really crash, if there are still banks standing by to offer trillions of dollars, anything like that ifs that t if thats the case, does that make this a central story line for 2020 absolutely. Whether you are bearish or bullish, it is really the central bank story to drive a narrative Going Forward. The key question, i dont think they know how long they can prop up the Capital Markets at the pace we are going. Everything i read about the reprepo market either the fact that we are financing the deficit, we have huge amount of supply coming up. It all gets financed in repo that is the big unknown. If there is a collateral market, it is a matter of lack of confidence in a market break that is the area we could have it is very, very hard to bet against the fed. I do think investors have to be careful. The most interesting thing that has been happening over the last 48 hours has been this unbridled run in gold. Weve had gold take the 1,500 level and hold steadily. That tells me somebody else in the market is watching what is going on and is hedging their bets at the very least, investors should be watching the same thing or maybe as a goal there could be a break and you certainly want to have some protection it is fair to say that that hedging protection, that insurance for the upside and the down side of markets is relatively cheap does that mean there is a healthy amount of kplas an si out there . Honestly, dom, ive been around like you. Everybody is saying it is not true if you look at your cnbc green index. It is at 94 now. The opposite of when we were all fearful. Everybody is greedy at this point. The other metric we are pointing to is the numbers that are as bullish. They are kind of false everybody who comes on your show is telling you it is 10 uch to the upside nobody saying there could be a market crash that tells you there is a tremendous amount of complacent at the time. New numbers from master card about how much money you shelled out this Holiday Season. Plus, trends you want to watch in real estate in 2020 we break it down for you later in the show, why the head of the worlds second largest theater chain is blaming netflix for falling Box Office SalesWorldwide Exchange returns after this no one likes to feel stuck, boxed in, or held back. Especially by Something Like your cloud. Its a problem. But the ibm cloud is different. Its 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. Wat t. Rowe price, hundreds of our experts go beyond the numbers to examine Investment Opportunities firsthand. Like a biotech firm that engineers a patients own cells to fight cancer. This is strategic investing. Because your investments deserve the full story. T. Rowe price. Invest with confidence. Awe, skating, an appropriate song we are looking at Rockefeller Center the tree is not lit up right now. The day after christmas, the wrapping paper and boxes are all at the curb. We have an early indication of whether this was a happy or hapless Holiday Season for retail if you were like me and my family, we went out and spent this time. Did you do it on line or in stores id say most on line. Shoppers favored buying most gifts on line this year. Master card said total u. S. Retail sales rose 3. 4 between november 1 and Christmas Eve on line sales rising 19 during the period compared to growth of 1. 2 for instore sales digital accounted for 14. 6 of total sales. Thanksgiving was six days later and that pushed back Holiday Shopping a survey found half of consumers finished their shopping after the black friday weekend amazon saying it had a record holiday breaking season as customers ordered billions of items worldwide although amazon did not give specifics the items delivered with prime and oneday nearly quadrupled. The most popular categories were toys and games, fashion and beauty now as consumers make all of those returns. A study says 70 of people will return gifts and nearly 20 will return half. You are not one of them no. It takes a lot for me to return a gift i didnt buy anything this shopping season that was not on sale look at you i think im like millions who have been conditioned to look for those. The other thing too, the nordstrom semiannual sale happens the day after christmas. So you look at those chains. Are you returning something 1234. I dont think i will be returning anything i will be looking for deals, it is in my nature. You shopped for everybody else and now you can shop for dom. I figure they are clearing out inventory. Still a had, breaking even on bear sterns plus, its the dream winning the lottery and telling your boss so long but what happens when it all does not go according to plan. Thats trending. Well have more van halen when Worldwide Exchange returns after this announcer todays big newspaper. One million, thats how many return packages ups expects to receive per day through the beginning of january a live shot of our nations capitol. It is 5 18 a. M. Eastern time things are calming down a bit but will pick up for the Election Year and impeachment inquiry. When it comes to housing, 2019 was all about rates 30year fixed rate mortgages fell to the lowest in years. What can consumers expect for typically the largest purchase of their lifetimes we have the breakdown in real estate reporter the Housing Market is a mix of highs and lows here is what to watch in 2020. The housing shortage will get worse. The number of homes is already low and demand is strong thanks to improving employment. Supply is leanest which will cause prices to overheat at the entry level. Second, Mortgage Rates will stay low. Rates dropped and will stay low as uncertainty over a trade war and president ial Election Year the only wildcard is Mortgage Finance reform major changes remain in the role where rates could finally break higher we are bullish on the builders combination of housing shortage and low Interest Rates will keep the demand high. Home builders ramped up production and in 2019, they finally decided to pivot to entry level home if they put up more, big Sales Numbers will follow. High prices continue for land, labor and regulatory compliance. Thank you for that playbook on real estate straight ahead, it has doinged Silicon Valley c suite all year long. What can investors expect in 2020 we have that look ahead for technology and politics. Plus the one tech stock that has avoided the tech lash does have its struggles on its own all when Worldwide Exchange returns after this ouch. I dont even want to think about it. Comcast business has a solution. We go beyond fast with a cloudbased Security System that automatically updates, so you always have the latest protection. Phishing. Malware. Risky sites. It can help block all of that. Its one less thing for us to worry about. Comcast business securityedge automatically protects all the devices on your network. Call 18005016000 today. For your worst sore throat pain, try Vicks Vapocool drops. Its not candy, its powerful relief. Ahhh vaporize sore throat pain with Vicks Vapocool drops and try new vapocool spray. But in my mind im still 25. Thats why i take osteo biflex, to keep me moving the way i was made to. It nourishes and strengthens my joints for the long term. Osteo biflex now in triple strength plus magnesium. Welcome back to the show lets get another check on business phillip mena in new york with the latest good morning happy holidays to you. Good morning. Christmas has come and gone and still no gifts from north korea. They had threatened to deliver something. Washington is on high alert with the u. S. Flying four planes over the peninsula. The u. S. Has downplayed the concern of the longrange missile tests. A christmas miracle on the highway in New Hampshire law officers helped deliver a baby boy on the highway. They were then taken to a nearby hospital where they spent the holiday. Sharing this photo that all are happy and overjoyed to be spending christmas together. Some startling information about notre dame and its struggle to come back. It is so fraj ill that they say there is a 50 chance can may not come back. There is a concern it could come crashing down. Just hours ago, the final solar ee li Solar Eclipse of the year and the decade seen in some parts of europe youll forgive me, i am resonating with that whole baby dominic story. What a name unconfirmed reports it is because of you, sir. Ill take that. When we come back, tracking techs record breaking run in 2019 plus the one asset class nobody is really talking about. For viewers, you are seeing pictures of it right now we are going to talk about it when we come back after this as a principal i can tell you this. When one student gets left behind, we all get left behind. This is a problem that affects each and every one of us. Together with ibm, we created a whole new kind of School Called ptech. Within six years, students can graduate with a high school diploma, a college degree, and a pathway to a competitive job. You know whats going up today . My poster. Today, there are more than a hundred thousand ptech students around the world. Its a game changer. Party like it is 1998. What the nasdaq is doing for the First Time Since the dot com bubble boom. Taking on netflix. Why the head of the second largest theater chain has a bone to pick. And breaking even on a bear sterns trade one investment thousands of days in the making. You are watching Worldwide Exchange here on cnbc welcome back im dominic chu in for Brian Sullivan today here is how stocks are looking at the 5 00 eastern hour the dow would open by another 30 points if these hold s p up by 4 and the nasdaq up by 15 the reason we want to highlight that nasdaq trade is because technology is in focus the nasdaq has done something for the First Time Since the dot com bubble boom. On tuesday, it locked in the ninth consecutive close for the First Time Since the streak ended in 1998. A lot of traders looking whether those would do the pause it has been a nice trend higher. For the bond side of things, we are take things higher benchmark treasury s just a i hair below 1. 01 . Japan, shanghai and south korea. Most are closed for the holiday week australia is closed. The nikkei up by about half a percent and the south korean kospi and in china, up nearly 1 lets get a look at some of these top stories this morning beijings envoy to the European Union warning the block against pursuing policies that would curb chinese companys access to europe plans to clamp down on foreign ownership, trade could trigger a backlash of, quote, chinese entrepreneurs. The chief of cineworld is blaming netflix for leaving them with low numbers because they prevented the irishman from being a Box Office Hit by streaming it in sted the proper release in cinemas would have been a nice income. Burning man sues the government saying the fed overcharges them in fees as the Counter Culture celebration. Black rock city, they say it is tired on waiting for the government for just if i indication for a permit to hold the 80,000person event in the Black Rock Desert in reno. Tech stocks have performed well and come under increasing fire from regulators what should investors expect in 2020 here is that look. Big tech was a big target on both sides of the aisle this year scrutiny will only grow as the 020 elections get closer the house will wrap up the antitrust investigation early next year. Democrats still want the top tech ceo to testify. A course tells me they want new legislation to ban republicans are trying to build support for a federal privacy law. Both are raising red flags over Chinese Companies like huawei and tiktok the federal trade commission and department of justice will focus on facebook and google texas and california have cases and a privacy law could go into effect facing an Election Year test after the fallout in 2016. All the platforms are under pressure to prove they are safe. They need to show theyve learned the lesson from the last election and during the 2018 midterms, facebook did set up war rooms here in the u. S. To deal with foreign interference i would anticipate something again ahead of the 2020 elections. The magic of televisions. I saw you outside and now you are inside it was much colder shooting that package speaking of colder, thats the reception a lot of people think technology will get. Take us through in your mind, which companies out there will feel the most of that coolness or maybe that burn depending on how you want to look at it in 2020 i think facebook and google are the primary targets with amazon and google falling behind the House Committee is expected to wrap up their investigation i would anticipate sometime in the First Quarter of next year we are expecting the committee will have some sort of final report my sources tell me there will be some sort of regulation that will go along with that that could have severe implications that would ban mergers of certain sizes from not just tech but other large companies. The target is squarely on facebook and google. There are others as well that could get wrapped up in that broad overview is it appropriate to classify this as a republican campaign, democrat or Bipartisan Campaign . This is something where the party lines really dont apply there is anger on both sides of the aisle at these companies you see it in the judiciary committee, just sticking with that example there has been a lot of rancor in the committee it has been front and center during the impeachment process the republicans and democrats in that committee dont get along going after big tech is one area they agree the chairman of the antitrust subcommittee representative has been very careful to go about his investigation into big tech in a bipartisan manner i think it increases the stakes for Tech Companies they aren they arent able to wait out for an exchange of power that means i