Its now been 53 days since the president announced the phase one deal with china was agreed and just waiting to be inked thats 53 days and counting. Joining us for the full first hour of the show, Wealth Management ceo josh, did i pronounce it correctly nailed it todayly rsi, people toss around these terms, overbought, oversold they use them qualitatively. The market went up a lot its overbought. Theres a technical definition to things like being overbought. By any stretch of any way you want to look at it, we were overbought on something called rsi. S p 500 we hit 75, the most overbought weve been technically since january of 2018 and we know what happened after that a very swift 17 selloff. So its not shocking that you have big down 400point day in the dow. The big takeaway for me, to answer your question, is the biggest mistake you can make is go to these extremes of bullishness, bearishness, based on each days action today is the mirror image of yesterday, total reverse tomorrow could be a vee verse of today and Nothing Specific fundamental has to have changed. And i think you have to get yourself in that mode where you accept the fact that not any of these activities are worth extrapolating. New consumer high in staples back on the horse like Nothing Happened yesterday you may see that in banks, too regionals up big today they looked like death yesterday. This is the mentality you need to adopt you cant take each day and completely change how you feel about everything its a money loser. All right a lot more with josh for the next hour plus lets focus in on the big stories were watching today Kayla Tausche has headlines. Mike santoli is kicking off his market dashboard with a look at googles c sweep changes kayla, first to you on trade. Morgan,what a difference between today and yesterday. Exemplary of how quickly the outlook on trade can change. Yesterday President Trump was pessimistic about a preelection deal today everything is fine stopped providing readouts of calls between principles secretary of agriculture sonny purdue said it remains to be seen whether the two side also hold a call before the deadline. China has been buying soy beans from argentina instead of the u. S. And tariffs on those countries are a result of that soy bean suppliers and signing a bill backing hong kong demonstrators, lawmakers want an audit of chinas business scoring system that may penalize u. S. Companies doing business there. All of this is ramping up pressure to try to get china to cave by the 15th, wilf well see how this all shakes out. Kayla, we certainly will. Otherwise the market reacting positively today up. 8 two days away from fridays key job number one metric out this morning raised red flags Steve Liesman is back with that. Big miss on adp, raising concern that fridays job number from the government could come in weaker than expected. Adp saying total payrolls rise at 67,000. Street was looking for 150,000 down from a weak number in september already. Big part of the miss there down 18,000, and nonforeign payroll estimate for friday, 187,000 thats private and Government Employment few, if any, economists actually lowered their forecast in the wake of it several reacted like, quote, adp data for fridays jobs report where we still expect a 190,000 payroll gain why job growth is yet to weaken with Overall Economic growth fell from above 200,000 monthly beginning of the year to south of 150,000, april through july period it is since back up to 167,000 slight miss in the ism Service Sector suggests some miss there. Friday jobs report will give us a clue whether it will slow with the overall economy or keep making its way through these headwinds, as it has, wilf. Steve liesman, thank you. A lot more to watch here the next couple of days. Lets send it over to mike santoli for todays market dashboard. Google as its founders stand back in found money, very popular and famous and successful tech founders lost decade for stock picking around the world compared to the u. S. , a pretty stark chart we have there and seeking a frontier frontier evaluation for the u. S. Market compared to its bull market and finally finding the good some corporate values being conveyed in a conference call. Here we have a chart that tracks alphabet against microsoft, sales force and amazon each of them tracked 15 years since their ipo. Google became public we use the same time period to 15 years, 3 months later for each of these. First thing to say, theres no losers on this list. Alphabet has increased nearly 3,000 compounded fo r more than 15 years, its a tremendous return really also points out microsoft. Can you believe this up almost 60,000 . Bill gates, when did he step down as ceo and step back . Right about there, absolute Perfect Timing on the entire thing. Amazon, no surprise, hasn its founding ceo by the way, guys, microsoft at its ipo was trading, already profitable at about eight times earnings it has everything to do with the era. In 80s we didnt give multiples to tech companies. Thats obviously changed. Its a fascinating snapshot there and how microsoft out drls performs and how small sataya nadellas pullback looks to the foal. Think about that, 600 billion, only a handful that big and that was 20 years ago for microsoft. Mike, thank you very much see you later. Expedia, one of the corporate stories today. Diller is the chairman at iac and expedia. He has deposed both the ceo of iac and expedia. Will oversee daytoday operations until the board works out a longterm leadership plan. Could the shakeup lead to a muchneeded turn around . Bring in daniel colonels very good afternoon to you both. Daniel, ill start with you. What was your take on the outgoing leadership on how theyve been doing you know, its hard to say that theyve been doing a great job. I think wall street was looking for an acceleration in growth and they werent really getting it 2020 after all the investments they made, migrattion to the cloud, theyve got a lot less indexes to hotel than booking. A lot more opportunity rolling out supply in multiple countries across the world all of a sudden out of the blue you get a growth cutout look i think it was a big surprise, almost like the announcement today. So, kevin, i mean, were seeing the stock rally, like 6 , 6. 5 on this news. There are some big ger, potentially much more challenging issues, whether its the seo search, need to push into shortterm rentals. How does that play out and how sustainable is the bounce were seeing in stock today . Thanks, yeah. I think its important to point out that expedia is a healthy company. Theyll do over 110 billion of travel bookings next year. And they do over a billion in operating income, over half of their bookings are in high margin lodging when you look at some of these pressures like declining free google traffic, definitely an issue. Theres also a lot of opportunity. And i think thats why i think thats one of the reasons youve seen the stock react positively today, particularly when it comes to the potential to do some cost cutting, given their low margins today. Daniel, who can run this company . Are there names being tossed around right now or a name you would like to see . Thats a tricky question. I dont know that there are any sort of organic choices within the company. I think externally, its hard to see Somebody Just slotting themselves right in on the longterm outlook here nearterm, since seo was an issue, that could lead to immediate fixes. I dont think youll see any nearterm hiccups, but someone will have to come in to run the longterm plan here. Im not sure someone is earmarked yet for that. Ruthlessness from barry diller, do you love it, hate it . I think barry diller ought to get his way. Its the way weve built the markets and it makes sense to me im curious for either of you gentlemen, are there too many options for booking travel i know theres been some con solidation but maybe not enough. Lets keep in mind they compete directly with airlines and directly with Hotel Booking as well how many of these should there be to right size this market look, i would tell you that you have a lot of options, true. But we havent seen hotel get their act together until maybe the last five years. Theyve tried a bunch of solutions and havent had any traction bookings growth rate across the industry you can see hotel has maybe started to take back a point or two of share. Its not been super meaningful where you see that consolidation is internal lodging. Thats where you get the air bnbs maybe where expedia went wrong was with the vermo rebrand the growth has been very muted there. Internal lodging has a lot of room to consolidate. Core eta, were in a good place there. Recession, counter cyclicality, maybe the story looks different. In the near term i think the player base is about right. Can we see divestiures within the brands no. A number of those brands are owned by expedia and running on a single platform. Hotels. Com, brand expedia, travelocity, orbitz, theyre on the same platform and have realized cost savings there. You wont see them get rid of those. Can you talk about consolidation, you have three huge players and thats expedia, booking. Com and air bnb. Weve seen significant consolidation there. The fact is that consumers like to go to a site where they can compare across millions of lodging options and thats what these sites are providing. Thank you both very much for joining us great to see you. Thanks for having me. Thanks. Opec members get set to meet in vienna. Well break down what to expect with helena croft. Peloton going viral for all the wrong reasons. How is the stock doing after the break . [spokesman] if youve tried college but never finished, group cheering snhu lets you transfer up to 90 credits toward you bachelors degree. [woman] it doesnt matter how old you are, you can do it, you can finish. [spokesman] finish your degree at snhu. Edu 44 minutes left to go in the session. Major averages are higher, snapping a losing streak s p up 23. Reclaiming, regaining all the losses that we saw yesterday as i mentioned, less than 44 minutes to go. Lets check in on individual market movers. Go pro searched up nearly 9 but fell throughout the session now just up 2 nick woodman commenting on the kickoff in a news release, quote, we crushed it a fraction of what it was valued at back in 2014. And it is, as we said, 2 today. Peloton has been in the news because of its strong reactions to its holiday commercial, the company responding in part, quote, were disappointed in how shom have misinterpreted this commercial, sending cnbc pages of positive emails it received about the ad the stock was down 8 or so since monday but surged on black friday on report of strong sales. Well get the price up for you now. Might take on all of these commercials. Theres plenty for it is its poor execution as opposed to necessarily poor targeting they have a very, very expensive product. Theyve got to go after a certain demographic of people. Some of them are pretty cringe worthy poor execution rather than necessarily the wrong target it does remind us, though, its an expensive product theyve got to be focused. Thats not whats offensive, though, about the commercial what people are saying there have been different takedowns, here is my nice peloton in an expensive apartment. Thats one group. Another group is saying its sexist if it were funny, if there were more humor in the commercial people would say i get the joke. Theyre doing this sort of seriously. Yeah. And i guess people dont like to be depicted that way. I know male and female people that are like that with their pelotons. Lots of people. Worthy of scorn, regardless of what gender they are. Like the sorry, not sorry statement. Shares down 2 right now. Lets get out of this segment before i get in trouble. Well keep it movie Parent Company nbc universal, is an investor in peloton. Forget everything i just said love it rising more than 4 today after new data showing unexpected drop in u. S. Oil inventories. Opec is set to meet in vienna, where it will increase Production Cuts. Great to have you, helima. Weve had geopolitical events that could affect crude prices. Yeah. I think all eyes will be on the question of does opec go deeper with their cuts . Iraqi oil minister came out at the end of last week and the earlier this week doubled down on comments that opec was looking potentially to increase their cut by 400,000 barrels and that is expectations that we could get a deeper cut now this deepercut scenario is becoming baked in. And if opec fails to deliver that deeper cut, if they roll over the existing 1. 2 million barrel day Production Cut for six months, thats going to be a disappointment i think theyre working hard right now to come out with something that satisfies the market and provides a selloff. Helima, im interested on your take of the overall theme of some of the highest profile there in the saudis in terms of support they feel they still have from the u. S. And u. S. Allies, given some of the geopolitical things weve seen erupt over the last couple of months, involving turkey and syria or the attack on saudi arabia. I think thats been a big question mark. Not only for saudi arabia, but kuwait, uae. What is the u. S. Role in protecting our key allies in the middle east . What is the u. S. Role in protecting critical gulf infrastructure do we still have the carter doctrine, a doctrine that thes would protect these Energy AssetsPresident Trump has been really clear that a lot of the middle eastern oil is going to asia, not the United States. He does not believe he needs to become as involved in protecting these interests as previous administrations would have been. I think the u. S. Energy story is repositioning its role in the middle east. What does that mean to dig in a little further, here in the u. S. Weve seen rig counts come down, lot of question marks on producers, given the fact that oil prices have been stubbornly stuck in the 50s all year the intersection between u. S. Producers and opec, is it changing no. Thats an interesting question, because i think the u. S. Producers have been given a significant financial lifeline by opec and President Trump has been critical of the organization he has been taking to social media, calling for them to put additional barrels on the market yet if you talk to opec officials they say look, weve helped out u. S. Shale producers for providing this floor in terms of crisis. Now the geo political question for a lot of the opec countries is if we get further attacks on key allies in the middle east i think theres a view that the iranians are not done in terms of causing discontent and problems in the region because they want sanctions removed. If we see more attacks like weve seen since may on critical infrastructure, will the United States do anything to establish the turns again in the region . Josh, whats your take as to whether the broad Sector Performance of energy we might dive into names later, but the broad Sector Performance is overdone this year relative to all the other sectors in the s p. A lot of investors find themselves looking at the energy names as the calendar turns over theyve been trailing. We actually ripped through a ton of charts at the industry level and then some individual stocks. Stay tuned for my last chance trade. Believe it or not, it is energy related. Found a good one. Cliffhanger for you. Like how i did that that was good. Ive been doing this a while. Helima croft thank you for joining us have a good trip join us from the ope krchc summt tomorrow with Brian Sullivan. S p up. 7 nasdaq up. 6 , all snapping threeday losing streaks for the major averages after the break, two firms out with new calls, laying out food names that could be impacted the most were breaking that down next. Later were counting down to a big afternoon of earnings from slack and first report from rh since beshe. Rkir well preview what to expect in todays market zone. Welcome back to closing bell. It is time now to get to word on the street united technologies, best idea for 2020, calling it a stock for all seasons, saying united techs otis and whitney divisions are at cyclical turning points plus liking the raytheon merger which, quote, gives the story additional legs. Shares up 1 maxim group on apple, 190 price target survey data shows declining iphone user retention rates, saying in the last two years, the outflux of iphone users has risen from 9 from 5 . And wheres the beef . Guggenheim out with beef prices in 2020, why they think beef could be a bigger risk than pork they expect restaurants to lean into chicken products, shake shack, habit restaurant, jack in the box and wendys are the most Share Price Movement off the back of that habit and jack in the box down 1. 5 themselves. Whats your take on these restaurant plans still like shake shack despite this beef price warning . I do. Lately ive been getting the chicken shack. Which is excellent. My nutritionist wants me to have more chicken, less burgers. So i have two of those. With a bun and the nice like covering excellent. But these chicken sandwich wars have been a big thing now it seems like maybe theres financial incentive. Chicken sandwich wars were no joke this year i think im ready to crown the winner its chickfila. The deluxe. Chickfila is good. Popeyes one thats good too. But its very fast foodie you feel like you ate fast food after it shack one is less calories you could have plans after dont have to clear your schedule after that. Have you tried the tofurky one . No. You should. Not kosher. Were trying a new product later in the show which im looking to immensely. Im sure you are. Do you do more volume on stocks or burgers . Come on way more volume in stocks. All right 31 minutes left to go. Well take a break in this fast food chain. Here are things driving action. President trump says negotiations with china are going, quote, quite well private payrolls slows and oil having its best day since september, up 4 right now. Its time for the cnbc news update sue herera has it for us hello, sue. Hi, wilf, everybody earlier, President Trump blasted House Intelligence Committee chair adam schiff at a nato news conference. I think its, you know, its a disgrace you have a loser like a stonecold loser has been all