On cnbc. Im sara eisen. Im wilfred frost. Happy throwback thursday. Throwing it back with some of the queens of rap. Kicking off with missy elliott. I was putting in my request for our producer for the only female british rapper. If you can find one for later in the show, that would be great. Global markets this morning. After stocks did eke out gains yesterday. The nasdaq closed at a record high for the fifth session in a row. Little soft this morning. Dow futures down 44. S p futures down 6. 5. Nasdaq futures are down 13 points. No catalyst cited from the trump News Conference to fuel the reflation trade. Talk of infrastructure, Corporate Tax cuts which helped fuel the rally over the last five weeks was lacking in that News Conference. Well dive deeper into that in a moment. Thats been the general word from strategists and from investors overnight. Youre seeing futures sell off a bit. The tenyear treasury note yield, a pull back on that selloff we have seen in recent weeks, and some buying today with the tenyear treasury note yield back down to 2. 32. We go back to november levels here. Lows since november, an important point, because that came in line with equities holding up yesterday. We saw the bond yield retrace, which over the last several weeks led to equities retrace. That didnt happen yesterday. Dollar down, too. Exactly right. Lets look at Global Economic data. New numbers show germanys economy grew by 1. 9 last year, a bit above the 1. 8 forecast. And shows a recovery towards the end of the year following a tip in the middle of the year. Also the best annual pace since 2011. We also just had in the last couple of minutes, eurozone indust ram output rising 1. 5 in november. Much stronger performance than expected. We were looking at a forecast of plus half a percent in terms of the yearonyear growth, we were expecting 1. 8. We got plus 3. 2 . Led by france, where output jumped by 2. 2 on the month. So a weaker euro helping that industrial output clearly. That said, markets still in the red, which is the same as before the data in europe today following a decent day yesterday, which also saw the 12th positive session in a row for the ftse 100, another alltime record closing. Looks like we might break that, the unlucky 13th day they cant crack. Still holding near recent gains. The rest of the world has been a strong story. Copper has been rising. Its near a threemonth high, soin sign of a better global economy. Strong story, yes. Fred neumanns analysis of that yesterday. Investors are taking the data as great, we can forget about asia for 2017. Still a lot of hurdles to come. Japans Cabinet Office released its Economy Watcher surv survey for november, as for the action nikkei, did not like that dollar pullback against the yen. Shaved about 1. 2 off of that market. Shanghai closing lower by a half percent. Hong kong breaking its multi day winning streak over there, closing down a half percent. Also point out well analyze trumps comments yesterday, but also two mentions of japan in reference to how the u. S. Is losing trade. Which probably makes them uncomfortable. Broader markets, oil prices had a decent day yesterday. Up nearly 3 . And energy the best performing sector on the s p yesterday, up 1. 2 . Today a little bit more of green for the oil prices. 52. 5 on wti. Lets look at the dollar. Yesterday, it was down 0. 3 . But really pronounced weakness in the dollar today. A percent move for the yen around a half percent of strength for both the euro and the pound. Interesting to see the mexican peso today rebounding a bit. Its been very soft recently, but one might have thought with this rhetoric yesterday that were going to see more candidate trump rather than president elect trump, more trade wars than you would have seen continued weakness in the peso today. Thats not the case. The peso is bouncing back. Hit a record low yesterday. Exactly. In general the theme today certainly one of pronounced dollar weakness. A look at bitcoin as well. Which we added into our daily check. Some way away from the 1 110 levels, down 2 today. 763. Gold prices, they gained about a percent yesterday. Three positive sessions in a row. Looks like well hit four. Yesterday the president elect held a News Conference for the First Time Since the election. His comments had market moving implications, starting with pharma. The Biotech Sector taking a hit when trump said the pharmaceutical industry in his words is getting away with murde murder. The drug industry has been disastrous, leaving left and right. They supply our drugs but dont make them here. Theyre getting away with murder. Pharma, pharma has a lot of lobbyi lobbyists, a lot of power. And theres very little bidding on drugs. Were the largest buyer of drugs in the world, and yesterday we donted by properly. Well start bidding. Well save billions of dollars. Pharmaceutical firms reacted to the president elects comments. Allergan saying it is aligned with the priorities of the incoming administration. We want to create more jobs in the United States to fuel the economy. The pharmaceutical lobby also saying it is committed to working with the president elect and congress to boost u. S. Competitiveness and protect jobs. This was a great example, sara, of what people werent expecting since the election. He felt he was being more constructive. He did make that comment in the time person of the year article, that he would go after high drug prices. This was much more specific. Yes. Also comes off the back of biotech and healthcare playing catch up at the start of the year. So perhaps in the shortterm more room for negative price reaction in those share prices. Also the idea of bidding for medicare and medicaid, those are the u. S. Systems bidding for brug prices to try to get prices lowered and more competitive. Thats an idea thats been pushed by democrats. So, perhaps investors took it as something realistic that could happen if the democrats are on board. Its something that republicans traditionally have pushed back against. The currency to watch out of this is the peso. Crossing below that psychological key level of 22 pace so hes to the dollar yesterday. After the president elect warned once again that u. S. Auto companies would face a high tax for products made south of the border. He also reiterated that the u. S. Would start to build a southern border wall and said mexico would reimburse the costs. Mexicos president saying they would not pay for the wall, and that they were negotiate trade, security and migration with the Trump Administration. When you talk about trade, he also did mention, as he said earlier, japan and china. And we saw the dollar weaken by the end of the day because of that. And a big move in bond yields. I think overall what is interesting is clearly one of the fears during the trump rally has been will we get a lot of protectionism. Yesterday, lots of rhetoric towards that, expecting well get the wall, well get some issues with japan. And yes we saw a reaction in the dollar and bonds, but we didnt see a reaction in equities. Thats encouraging, its constructive. We saw slight gains, the dow up half a percent, positive moves for the s p. Healthcare was down, but in general thats positive. They held up. Looking at the front pages this morning. This was the top story, not just for business and markets. The New York Times calls it a chaotic form where russia was probably hacked that picture of his News Conference where he was calling on reporters, bashed cnn and refused to take a question. Trump on the offense says usa today amid controversy. All of this paynes spaints a mo confrontational stance. After all of it stocks remained higher. The only other point ill make, aside from todays move where its universal that were seeing dollar weakness, the story of 2017 compared to late 2016 and the currency market, its not a simple dollar story. Its individual Currency Pairs doing Different Things against the dollar. The big laggards, the peso, lira, british pound. And big winners like the aussie dollar and the russian ruble. Its not apart from today where its a broad move, its not simply saying well get a stronger dollar or weaker dollar. 2017 will have divergence performance. Yeah, turkish lira in free form. Day three of confirmation hearings on capitol hill. Mike pompeo, james mattis, and Rex Tillerson will be returning to the hill after hours of testimony yesterday. This is day two of his confirmation hearings for te s secretary of state. Weekly jobless claims out at 8 30 a. M. Eastern time, followed by the monthly jobless claims, Patrick Harker will be speaking today and james bullard. He is also guest hosting squawk box this morning. Janet yellen is holding a town hall with teachers this evening. She will be speaking next week, which is something markets are looking to after the Trump Press Conference was the event of this week. Next week, we have yellen. Delta kicks off Fourth Quarter results for the u. S. Airlines before the opening bell. Landon dowdy has three key things to watch. Delta expected to land earnings of 82 cents a share versus 1. 18 a year ago. Beyond the numbers, here are the three things to watch. Passenger revenue. Data will likely show an improvement compared to guidance but Earnings Growth will be modest. Second, fuel prices. Delta faces a fresh test of its Financial Resilience amid rising fuel prices and labor costs. The carrier warned that higher costs will shrink its operating margin in 2017 from last years solid performance. Also listen for impact of labor costs because of the new contracts with the pilot union. And guidance, Airline Stocks have taken off since the election of donald trump. Can they continue to soar . Listen to what management has to say on outlook, demand and booking in q1 which is typically the slower quarter of the year for airlines. Looking at the stock, shares of delta up more than 30 in the past three months. On a programming note, dont miss deltas ceo on squawk box for an exclusive interview at 7 30 eastern this morning. Moving on to more stocks to watch today. Kb homes Fourth Quarter revenue rose 27 . Results still narrowly beat forecasts, kb homes and Housing Starts rose better than expected. Up 11 . The stock is up 2. 4 . Still to come, the nations banks getting ready to roll out Quarterly Results. Well bring you the key things to watch in that. First, as we head to break, here are yesterdays top dow performers. Merck at the top at 2. 85 . Had good news on a lung cancer drug. Had a much stronger earlier rally, after that trump conference it was cut. Still ended in the top. Pfizer on the other end. Worldwide exchange coming back. T dailea a a aur id will be reporting Quarterly Results starting tomorrow. Wilfred is getting ready, were pregaming on Worldwide Exchange. When you think of the trump rally, this is the number one sector. With that big rally theres a big difference coming into the Fourth Quarter of 2016 earnings for the banks compared to the prior three quarters. Both share prices and sentiment improved drastically, thus there is room for disappointment. Here are the key things to watch. Trading revenues. The indications is this has continued well in the Fourth Quarter as it is in the third. With fixed income leading the charge, albeit stronger markets following the election should help. Second, rates. Net interest margins will be up. The question is by how much. Jamie dimon suggested in december that the sensitivity to rates could be better than expected. On the flip side watch for revenue impact, are loan volumes down because of high rates . And third thing is credit. Its a wild card to keep an eye on that could derail the current positive sentiment. Overall, given the extraordinary change in sentiment since the election there will be a disproportionate focus on management commentary and what they expect from trump and more broadly because this is them announcing their 2017 guidance and forecasts. What they expect on the economy as well. The steeper yield curve helping for profitability. And if the fed does raise rates three times that would also be key. Definitely. Interesting in the Analyst Community over the last couple of weeks, they remain positive on the banks geared to the Interest Rates rise, and a slight more cautious on those delivering on policy. So a downgrade from citi on goldman sachs, most people remain for the wells fargo and bank of americas. So optimism and expectations are still pretty decent. Italian Bank Unicredit will book 8. 6 billion in additional provisions for bad loans, part of a leanup of its Balance Sheet which it unveiled last month. The bank will launch a 14 billion rights issue by the end of march and will cut thousands of jobs. Didnt give much relief to the stock. Those italian banks still dealing with bad lone problems. A former director at barclays has been sentenced to five months in prison for an Insider Trading scheme. He repeatedly tipped off a friend who worked as a plumber about impending mergers underway at bank. He admitted he provided the inside information to ingratiate himself with the plumber to get a less stressful job outside of wall street. Barclays, one of the names outside of the u. S. Thats benefited heavily from the trump rally. Up 50 since its mid year post brexit. Coming up, the senate takes the first major step towards repealing obama care. Details on that next. As we head to break, here is the National Weather forecast. Good morning. Kind of a wet start across the northeast once again for today. But very mild temperatures. We will see rain showers mainly in the morning for the big cities along the coast. But the rain will continue through the day today across the ohio river valley. A bit of freezing rain for you in chicago. Little snow into central parts of wisconsin. Very cold air pushing back in to the upper midwest. That will hook up with the moisture in the southwest and bring an ice storm across the plains states starting late tonight and continuing on through the weekend. Lets look at the temperatures across the region. Looking for a high around 37 degrees in denver. Look how warm temperatures will be across the south. We could see some records in the Southern Plains as well as into the northeast. Ur shi welcome back, lets look at u. S. Equity futures, they are lower this morning. About a quarter percent. 0. 2 , this follows gains yesterday despite some trump rhetoric which derailed both the dollar and the bonds. We did see equities hold on to gains. Half a percent for the dow. The dow reclaimed its leadership position among these three. Positive moves for all three indices yesterday. As i said, despite some negative sentiment towards the dollar, as we started to expect more of a candidate trump than perhaps the president elect trump, we saw a bit of dollar softness yesterday and pronounced dollar softness today. 4 of decline against the yen and about 0. 4 of a decline for the dollar against the euro and the pound, which is stronger. The mexican peso is also stronger today. Dollar weakness across the board by 1 . Thats after hitting a very big low yesterday. Touching 22. So shortterm rebound in the peso. The u. S. Senate passed a measure early this morning taking the First Step Towards repealing president obamas healthcare law. The vote was 5148. One republican voted no, senator rand paul. The measure will allow the gop to dismantle the Affordable Care act with a simple majority. The process could take months, but theyre under pressure from president elect trump to act fast. In fact n that News Conference yesterday, he got a question on this. What will we see in terms of replacement . He said it will be simultaneous or near simultaneous to get repeal and replace. Could come within the same hour. But he did not outline what the replacement looks like. Cramer yesterday in his show said united healthcare, hard to figure out what it means for all the insurers, but thats one he sees as a winner. He was very excited about that, that he found a winner. Its confusing without the blueprint as to what it will look like. Reports say the Obama Administration is expected to launch a complaint against chinese aluminum subsidies with the world trade organization. S i love how you correct me correcting you. Without me stepping in. I know. Thats because of all the words, we just spell that one different. Not just pronunciation. And now youre here, its aluminum. To sports, another nfl team is headed to los angeles. Espn reporting that the San Diego Chargers will announce as soon as today that they are moving for the 2017 season. The chargers would join the rams who moved from st. Louis to l. A. They both would play at the l. A. Coliseum. The rams are building a new stadium nearby. San diego, major newspaper here, the tribune, attributing it to the lack of a budget resolution passed during the election to raise taxes and enhance that stadium. Theyre moving to l. A. Smaller move than what the rams did. So maybe the fans can follow a bit. I dont know. Geographicallgeographically. Coming up, Steven Chubak of nomura has his take on which banks to buy ahead of earnings. First, as we head to break, a look at yesterdays best performing s p and nasdaq names. The nasdaq outperforming. Five record closes in a row. Good morning. The president elect speaks and the Global Markets respond. A live report from washington coming up. And earnings centr