Are actually seeing the euro turning lower here. Looking at crude, the picture in crude, wti down by 0. 4. Date to for brent crude. Heres big stories that we are watching today. Another wild trading session for the worlds oldest bank. Shares of monte dei paschi tell 7 in early trading after the embattled lender admitted there are no anchor investors taking up its share sale. A state bailout is expected with any losses forced on to bond holders. The president elect is tapping carl icahn as a special adviser. The billionaire investor will work on rescinding what he calls excessive regulation on u. S. Businesses. The Transition Team says icahn will not be a federal employee, and he will not take a salary. Another well known face to cnbc viewers is getting a job in the Trump Administration. The president elect is hiring economist Peter Navarro to run a newly formed National Trade council. Navarro is the author of death by china. He backs a hard line approach towards relations with beijing. It is a newly formed group. It will be interesting to see how this group interacts with the other existing trade groups already in the administration, other diplomatic channels with which the administration will be dealing with china. Navarro sat here many times. We had him in debates with people from the other side. I client believe he lived in california. He mentions its in Orange County. Hes not black sheep. Not in Orange County as much as he would be in the rest of the state. But very outspoken when he comes on. A great debater. Sometimes if i say, wow, this guy is right, right of center, then you know hes definitely he is. Perhaps a bit of a Good Cop Bad Cop situation, he can say a lot of things that everybody the administration would want to say, but formally cannot. Someone wrote in yesterday, theres a lot of people that we know well on this show and cnbc that are in the administration. Yeah. Including wilbur ross. Carl icahn now. Navarro. Across the board. You should tell squawk box guests they are basically auditioning. I think they saw speaker ryan begin his career as a guest host here. You are taking credit for the rise of all these people in the administration . It may not be a pure cause and effect. Maybe a contributing factor. You basically screened half the administration. We need to vet people. We do our part. So patriotic of you. This was deep yesterday, president elect trump, these guys if you are the president and your company its not to say you have to kiss up to the government, but there are things that the government can do that its better if youre on their side, right . Id rather be with them than against them. These guys are getting in line quickly, guys and gals. Their business is government. Exactly. Trump meeting with Defense Company ceos yesterday at maralago, his resort in florida, including lockheeds martin ceo and boeings. Trump caught both companies by surprise last month when he tweeted about the high cost of the f 35 fighter jet program, as well as the contract to build a replacement for air force one. Trump extracted a pledge from the boeing ceo to keep costs for that president ial plane below 4 billion. Well get it done for less than that and committed to working together to make sure that happens. I was able to gift president elect my personal commitment on behalf of the boeing company. This is a business thats important to us. We work on air force one, because its important to our country. Well make sure that he gets the best capability and that its done affordably. The boeing ceo said once the requirements for the president ial plane is set and the price is affordable, production will start. When trump was asked if he secured congrecessions on the f he said it was too soon to know. People have posited that boeing doesnt make a lot of money on air force one, its more of a prestige thing, and that maybe you shouldnt be gouging quite as much as you are on other programs. R d on these planes alone is north of 2 million, they have advanced communications and Weapons Systems that we dont normally have on a private jet. You know how a lot of times government contracts the people are not quite mining their ps and qs as they would with a private sector order. There might be some government waste, look at medicare. Not necessarily a line of command and accountability. Now theres motivation to get one. Do you have a drivers license . I do. Dmv. Yes. People are on 33 speed versus i dont know. I will say financial district dmv in new york city, i wo like would like to raise a glass to those people, they get you in and out quickly. I went to a parking ticket infraction, i watched the wheels of justice. This to the point of the government waste and what do you mean . This whole dmv anything any experience ive had in government yeah. Who will yell at you when theres no one to yell at them, above them theres nobody. Youre saying you didnt deserve the parking ticket . It wasnt my parking ticket. Happened to be in a car that its a long story. By the way, you know what these companies have done since donald trump tweeted . Boeing up 4 , Lockheed Martin down 3 . The impact is small. Bed bath beyonds Third Quarter profit fell missing forecasts. Growth in online sales could not offset a drop in traffic at brickandmortar stores. The Company Expects fullyear earnings to be at the low end of the usual range. Shares off about 2. 5 . Microns First Quarter profits beat analyst profits. The Company ExpectsSecond Quarter earnings to come in well above expectations. That stock up by about 10 . Herman millers Second Quarter results and Third Quarter outlook missed forecasts. The maker of Home Furnishings citing weakness in the north American Market and pointing to uncertain Global Economic and geopolitical climate. All right. Today is the busiest day of the week for Economic Data. Weekly jobless claims, november durable goods data and the final estimate on Third Quarter gdp are all out at 8 30 a. M. Eastern time. Growth is forecast to be slightly revised higher to 3. 3 . At 10 00 a. M. , november personal income and spending. An important metric in the discussion about wages, which is one weve been having as regards to inflation. And we had a modest pullback. Talk to a couple of stock analysts here. I dont know, buy side or sell side. But a bit weaker yesterday. The dow still cloese to the 20,000 level. We are joined by karen cavanaugh, and martin lucinni. Just looking at your thoughts, both of you together, i wouldnt necessarily say that youre saying its a showme market right now. But you both have concerns, and you both make the same points. Number one, the dollar could get stronger. That might eventually be a he headwind. A lot of these things we assume need to get done, they need to get done or were ahead of ourselves. Karen, you start. Exactly. Thats what it is. I think we will see 20,000 if we get good data today. I think well see it by the end of the week. Things are generally good. Were on a whole new road. We havent been on this road before. Its a new path. Economic data is good, corporate data is good. People are worried things are getting frothy, yeah there are some animal spirits out there finally seeing pro growth policy potential, but the underlying fundamentals are good. That will push us forward. Theres always risks. Always risks out there. If you wait for the dust to settle you will never invest. If we see good data today, we could hit that milestone. Yeah. Doesnt have to be congress either, doesnt have to be legislation. Could be deregulation. I wonder whether theres that much risk to whether these things happen. One thing will happen, on january 20th, there will be like a czar, we already heard about carl icahn. In terms of what you could clean up from the private sector with these regulations still being put on in the 12th hour of this presidency. There is no risk of whether it gets passed. Theyll do that with a pen. Dont you think . I agree. A lot of that can be rolled back by way of executive order. We know that surveys taken of businesses from ceos of large companies, the duke survey to Small Business survey cite as number one government regulation and then along with it taxes as being those Things Holding back, if you will, the animal spirits of Business Owners in the suite making decisions about plans and expenditures. So that will continue to promote more positive sentiment among the Business Community which will create a self reinforcing cycle in the labor market which is good the incremental boost could come from businesses which have been absent from spending the last couple of years that could boost Economic Activity almost without regard to the prospects for infrastructure which im not sure as a consequence of deregulation and Corporate Tax reform might be necessary to boost incremental demand in this country. I think the 12th hour i totally agree with mark. Thats absolutely true. Hold on. I think the 12th hour is too late. Its an 11th hour decision. 11th hour. 12th hour, its over. The 11thhour regulations. I always wondered why isnt it the 24th hour or 23rd hour were in the United States. I dont know what they say in europe. I dont know. I think if you got a tax reform bill, karen, you cut Corporate Taxes, and you make it simpler, do all these things, that might be worth 30,000. 20,000 yeah. Right. The regulation, just do the regulations, youre probably good for 20,000. Ill take any of them. At voya, we have a price target s p 500 for 2017 of 2400. But if we see some thats weak. Thats weak, karen. Move it up. Well i want to move it up, but theres more risks out there. Im hoping im on the down side. We had 2250 for 2016, were close. Whats the return if it goes to 2400 . I might as well stay in cash. Yeah. You have to raise that. Okay. All right. Ill go back to the drawing board. See, mark mark just mark just raised it. We should see something good for 20 17. Mark, now you will raise yours to 2700 so i dont Say Something. Where are you right now. Ill base case is 2410. The price is right. 6. 5 out of the money. 2500 optimistic. 2500, if we get the great rotation from bonds to stocks, some of that money comes into the market and we get this performance chase, which we know is already underway, i think we see 2500. Im saying 2510 then. 2510. Say 1. I want 35 or something. Remember those three years in the 90s, three straight years of 30 plus percent . I guess those days are gone. I want 3. 5 lets see if we get these pro growth policies. We are on a whole new path. We dont know. We might be pleasantly surprised. Love to be wrong and underestimating that return the same. All right. Were at 15 this year, right . We werent supposed to be able to do 15 again. Weve done 9 since the election. We were stuck at 6 , 7 . You even needed dividends to get there. We got to this sub 2 gtp growth and no stock market moves in the last two years. Maybe well be surprised. Maybe the time is right. Maybe things are not quite as hopeless as some people are telling us. Thank you both. Thanks. Merry christmas, happy holidays what are we saying now . Ej is mad about saying merry cra christmas. Why. Because of the political christmas. Trump said say merry christmas. E. J. Dion said he had to write something about it. It was in the washington come post post. Coming up, the new white house National Trade council. Eamon javers has the details next. World ugly and messy. They are the natural born enemy of the way things are. Yes, ideas are scary, and messy and fragile. But under the proper care, they become something beautiful. Because when you really, really want to be there. But you cant. cheering at cognizant, were helping todays leading Media Companies create more immersive ways to experience entertainment with new Digital Systems and technologies. Get ready. Because were helping leading Companies Lead with digital. News out late yesterday from president elect trumps Transition Team, carl icahn will advice trump on business regulation as an adviser. And Peter Navarro will head the new white house trade council. Eamon javers has more. These are two Trump Supporters being rewarded with positions close to the position of power in washington, d. C. Next year. Starting with Peter Navarro. Lets give details. Hes been selected to head the new white house National Trade council. This is a new group that we have not seen before. Raises the level of trade to white house significance under donald trump. Hes an economics and Public Policy professor at the university of california. He has a ph. D. Frof economics fm harvard. He is a china hawk. As hawkish on china as you can be on trade. This will be seen in bay swieij a poke in the eye. Trump wants this voice inside the white house advising him on trade policy going forward. Look at carl icahn, billionaire, again, cnbc viewers will be familiar with this name. A special adviser to donald trump on business regulations. Chairman of icahn enterprises, he has 55 years of experience on wall street. Also a philanthropist focused on education and homelessness. He opened seven icahn Charter Schools in new york city. Somebody deeply involved in education as well. Well see whether his advice to donald trump takes him down the policy path on education or on business regulations. One concern for the trump team in appointing carl icahn to a formal position here as opposed to an outside Kitchen Cabinet member, which he has been to date, will be this question of conflict of interest. A lot of critics will be swirling around icahns businesses and what specific advice is he giving Donald Trumps team and what businesses he owns benefits from that advice. If he is seen as lining his own pockets on policy decisions, that could be an area of criticism for the Trump Team Going forward. Already, hes criticized renewable fuel mandates and the cost associated with that to the oil and gas industry, because he has holdings in gas and refineries. Even at the surface right now there are some potential conflicts you can identify and point to. As a billionaire, his holdings are so vast. He will have so many different pieces of so many businesses, it will be hard for him to advise any regulatory cutback which will not benefit him personally. The trump team has this theme of conflict of interest out there. Theyre adding to it with carl icahn. If they kept him as a nonofficial adviser, a guy that donald trump occasionally has coffee with, thats one thing. Now this opens them up to constant monitoring by critics and antagonists in washington. That will ab constant theme going forward. Icahns probably got 10, 15 billion. Hes 80 years old, cant possibly spend it. Gives most of it away, the left, thats what theyll look for if he can make an extra 100 million here or there . I think so. If he wouldnt possibly spend the 15 billion hes got and giving it away, oh, he made a couple hundred dollars. Its ludicrous. What was the other thing i was going to say, uc irvine, university of california irvine. Make that Orange County. I dont know. He might not separate from the rest of the uc system. I know, its what people do. Accountability. We have to watch the conflict. I understand. I just think we should keep it in the real world occasionally. Its not someone that left the white house broke and then was able to get 750,000 per speech because his wife was going to be president. Its different. Hes got 15 billion already. He doesnt need to game the system he cant continue to run against Hillary Clinton. Your comment there draws a contrast. That was effective on the campaign trail this is a new thing. I got it. I know people will be all over it. Let me let me just bring in a point if i can of somebody i talked to yesterday, who is who is inside trump land, so to speak, who gave me a good sense, a brain dump on how wall street might be getting this trump team wrong. This person said that one of the things that wall street is so exuberant about is low regulations and low taxes. Thats a traditional republican government. But he said this is not going to be a traditional republican administration. Bowing at the altar of free markets is out under this administration. He said crony capitalists will be on the dart board. I think thats pretty much what you saw yesterday with the boeing and lockheed meetings. Donald trump not somebody who is afraid to single out individual ceos of individual companies. This company reminded me trump voters said we want you to go to washington and pfrunch it in th throat. By bringing in guys like navarro and icahn, these are outsiders coming into washington, this is an aggressive shakeup move. Carl is so good at seeing things the way they are, situations. Who needs this for him . He could stay out of public life completely and do what he does best and make so much more money than going in and trying to help his country for a specific reason. Thats whats so annoying to me. The question is why do it . I wouldnt do it . If he doesnt need it, why take the title . If i were icahn i would say, you know what . Never mind. I would. If he doesnt need t why take the title . Hes got a direct phone line to donald trump. Im sure he has his krelcell nu. Time for your holiday weather forecast. Time for wolf reynolds. You ni that