>> WELCOME BACK TO SQUAWK BOX. GOT SOME NEWS FROM THE INSURANCE INDUSTRY. CONTESSA BREWER JOINS US AT THE TABLE THIS MORNING WITH MORE.WHAT'S GOING ON. >> MORNING GUYS. WELL WE CAN EXCLUSIVELY REPORT THIS MORNING USAA IS SET TO RETURN $3.7% BILLION TO ITS POLICYHOLDERS, 14.2% MILLION OF THEM MOSTLY SERVICE MEMBERS, VETERANS AND THEIR FAMILIES.USAA IS AN ASSOCIATION, AND SO ITS CUSTOMERS ARE ALSO ITS SHAREHOLDERS. THIS IS THE LARGEST PAYBACK IN THE COMPANY'S 103 YEAR HISTORY, AND THAT'S IN SPITE OF THE CONSI ...

Markets are gearing up for the Fed's final policy meeting of the year. It's set to kick off tomorrow. And joining us ahead of that is Bill Dudley.He of course is the former New York Fed president. Bill, uh, welcome. It's great to see you this morning.The market is betting that we are going to see another 25 basis point rate cut. You think that that's the case. >> I think it's almost certainly the case.When John Williams went out and basically made the case for 25 basis points and no one else at the at the b ...

want to uh get uh right into the broader markets ahead of this week's Fed meeting. Joining us right now is Jeremy Seagull, professor emeritus of finance at the University of Pennsylvania's Warden School of Business. Also, of course, chief economist at Wisdom Tree.Good morning to you. Uh what do you think we are going to hear from the Fed this week. And and what do you think we should hear from them. >> Uh I think we're going to hear a uh what I call a hawkish cut.I think they are cutting 25 basis points. I ...

Port of Los Angeles Volume and Performance - Port of Los Angeles experienced a "roller coaster" year due to tariffs and trade discussions, with freight plummeting when hard policies were announced and recovering quickly when deadlines were extended [2] - The port anticipates its third-best year ever in 2025, handling approximately 1025 million 20-foot equivalent units (TEUs) [2][3] - No other port in the nation has ever crossed the 10 million TEU mark, a feat Los Angeles has now achieved three times [3] - The port's high-water mark was in 2022 at 107 million container units, following the COVID surge and increased online buying [4] - During the peak season of the past summer, the port moved more cargo than at the peak of the COVID surge without any ships backed up [15] Trade and Manufacturing Shifts - The President's efforts to increase manufacturing in the United States could potentially shift the port's volume dynamics, potentially increasing export opportunities [4][5] - A sector-specific review is needed to determine which products to manufacture in the US, how to structure supply chains, and what labor force training is required [6][7] - China's share of the port's business has decreased from approximately 60% in 2018 to 40% currently, with a continued downward trend [8][9] - Companies are increasingly sourcing from Southeast Asian countries like Vietnam, Indonesia, Malaysia, and Thailand [9] - China is now exporting its manufacturing expertise to other countries, as outlined in their 15th 5-year plan [10] Infrastructure and Future Development - Significant progress has been made in infrastructure investment over the last four to five years, including new terminals, rail and road connectors, and inland facilities [13][14] - Further infrastructure investments are still needed, including raising a bridge, bringing more terminal capacity online, and improving rail infrastructure to expedite container evacuation [15]

Netflix's winning bid for Warner Brothers Discovery's film and streaming assets still has obviously a long way to go before it's finalized. Joining us now with his take on the deal, former MTV president and COO Michael Wolf. He's co-founder uh and CEO of Activate. Just what what do you think what had happened and and your overall impression? >> I it's a must do for Netflix >> for Netflix. >> And there are a couple reasons. One, for anybody to succeed in streaming, they need two things. They would need one g ...

Let's talk more about Netflix's proposed acquisition of Warner Brothers Discovery Studios and streaming platform. Joining us right now to do just that is Jessica Reef Erlick. She is Bank of America Security senior US media and entertainment analyst and she just published a new note and raised her Warner Brothers price target to a little less than $29 a share.Earlier she'd had a $24 price target on it. Jessica, does that mean that you think this deal is going to go through or that you think other biders may ...

Market Bubble & Potential Weakness - The market may experience pressure as wealth is sold to provide necessary funds, regardless of a bubble [1] - Dislocations are expected in private equity and venture capital due to firms needing to support existing positions that may no longer be feasible [3] - Weakness may emerge in SAS and other software companies if their functions are replaced by AI or other technologies [4] - Issues have already surfaced in the private credit space [4] Earnings Growth & Market Safety - Strong double-digit earnings growth could safeguard the market [4] - The peak impact of physical and monetary stimulus from the previous year is expected to continue through the end of next year, potentially driving double-digit earnings growth into 2026 and beyond [4] - Continued strong tailwinds behind topline and double-digit earnings growth could mitigate the impact of dislocations [5] - The firm has a bullish S&P price target of 7,500, indicating confidence in strong earnings [6] Consumer & Consumption Dynamics - The firm is bullish on consumption but mixed on the consumer [7] - The top 10% of earners account for 50% of consumption [8] - The bottom third of earners account for only 15% of consumption [9] Inflation & Political Issues - Inflation is anticipated to be more of a political issue than an economic one in 2026 [9][11] - The affordability crisis will be intertwined with inflation and will be a central issue as the midterms approach [11] - The affordability crisis affects a plurality of people, particularly the bottom half of earners, making it a key political concern [12]

All right, so we're coming off last week, two weeks of gains and a lot of it was that PC on Friday at least that kind of kept us going. Y the fact that inflation came in just a tick lower giving people confident about the Fed rate cut. What areas of the market does that make you bullish on.>> So a lot of what I've been talking about for a while is focusing on down on the market cap spectrum. So look at those small and mids and these are exactly the companies that are going to benefit the most for this kind ...

>> WELCOME BACK. SQUAWK BOX, A FINTECH AIRWALLEX, HAS ANNOUNCED ITS SECOND FUNDRAISE IN SIX MONTHS, BUMPING ITS VALUATION NOW TO OVER $8 BILLION. JOINING US IS ITS FOUNDER AND CEO JACK ZHANG.GOOD MORNING TO YOU. THIS HAS BEEN A SUPER FAST GROWING BUSINESS. I MEAN, WE'RE TALKING ABOUT A PRIVATE COMPANY THAT'S JUMPED FROM $4 BILLION TO $8 BILLION.WHAT'S HAPPENING HERE. >> I MEAN, WE SPENT THE LAST DECADE TO BUILD THE BEST GLOBAL FINANCIAL AND BANKING INFRASTRUCTURE. AND THAT TAKES A LOT OF EFFORT.AND NOW WE H ...

>> ALL RIGHT. WELCOME BACK TO SQUAWK BOX EVERYBODY. LET'S TAKE A LOOK AT THE FUTURES THIS MORNING.DOW FUTURES UP BY ABOUT TEN POINTS S&P FUTURES UP BY SIX. THE NASDAQ INDICATED UP BY CLOSE TO 60 POINTS. AND JOINING US RIGHT NOW IS ED YARDENI.HE'S PRESIDENT AT YARDENI RESEARCH. AND WE COULD START BY TALKING ABOUT HOW THE MARKETS CONTINUE TO KIND OF MELT BACK UP OR NEAR ALL TIME HIGHS. BUT I THINK THE MOST INTERESTING THING, AND WHAT HAS KIND OF SHOCKED AND SURPRISED ME THIS MORNING, IS YOUR MOVE AWAY FROM TH ...