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tv   Closing Bell  CNBC  January 8, 2021 3:00pm-5:00pm EST

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dealt -- every democracy has dealt with individual terrorist attacks by groups that are in very targeted. the largest target was 9/11, and the buildings. well, right down to blowing up, you know, a bomb going off in the capitol when i was there, and two policemen. but the idea that thousands of people, thousands of people could be marching up the steps of the united states' capitol, breaking windows, breaking doors, forcing their way in, stepping aside, and the photographs of -- i don't know what the circumstances -- the photograph of what looked like you had some of the capitol police taking selfies with these people -- that has to be thoroughly investigated. the authorities responsible have to be held accountable for the failures that occurred and we have to make sure that this can never ever happen again. the damage done to our reputation around the world by a president of the united states
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encouraging a mob, a mob -- this reminded me of more of states i visited over the 100 countries i have gone too, and third -- ten-horn dictatorships it cannot be sustained it has to be immediately investigated, investigated in department and people need to be held accountable. >> lastly, do you think you need to change any of the planning for your inauguration as a result of this >> a totally different entity is in charge of the inauguration than was in charge of the capitol. the concrete service i have great confidence in the secret service, i have great confidence in their ability to make sure that the inauguration goes off, goes off safely and goes off without a hitch it is a different -- i have confidence in the planning that has been under way before in and continues with the concrete service. it is an elite agency.
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>> thank you. >> thank you >> president-elect biden, vice president-elect harris, good to see you both i want to pick up on something that you just said about president trump actively encouraging the insurrection at the capitol. given, that given the perceived threat that he poses my question to you is not so much about the role that congress should play in impeachment, but rather, should president trump, in your estimation, remain in office >> i didn't think -- look, i have been saying for now well over a year, he's not fit to serve. he's not fit to serve. he's one of the most incompetent presidents in the history of the united states of america and so the idea that i think he shouldn't be out of office yesterday is not the issue the question is, what happens with 14 days left to go -- or 13 days left to go?
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i think that what 81 million people stood up and said, it's time for him to go and the united states senate voted 93-6 to confirm that we should be sworn in we were -- we were duly elected. so i think it is important we get on with the business getting him out of office the quickest way that that will happen, is us being sworn in on the 20th what action happens before or after that is a judgment for the congress to make but that's what i am looking forward to him leaving office i was told that on the way up here -- on the way over here -- that he indicated he wasn't going to show up at the inauguration one of the few things he and i have ever agreed on. it's a good thing, him not showing up. >> earlier, you had said that you hoped that he would show up
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only in the sense that it was valuable to send a signal to the world about the transfer of power. you clearly changed your perspective on that? >> because he has clearly demonstrated -- exceeded even my worst notions about him. he has been an embarrassment to the country. embarrassed us around the world. not worthy not worthy to hold that office if we were six months out, we should be doing everybody to get him out of office, impeaching him again. invoke -- trying to invoke the 25th amendment whatever it took, to get him out of office. but i am focused now on us taking control as president and vice president on the 20th and to get our agenda moving as quickly as we can. thank you. >> another question about holding public officials to account. this is about an issue that's no longer a head lien but is no less significant and serious it is about the more than 600 children who were orphaned under the trump administration as a result of the family separation
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policy along the border. during the campaign you said that practice was criminal can you commit, will you commit to making sure that the trump administration officials responsible for that policy will be held to account >> i will commit that our justice department and our investigative arms will make judgments about who is responsible, how they are responsible, and whether or not the conduct is criminal across the board. but as i said yesterday, i am not going to tell the justice department who they should prosecute and who they should not. that's a judgment that will be made by the attorney general of the united states of america not influenced by me but there will be a thorough, thorough investigation of who is responsible and whether or not the responsibility is criminal if that is concluded, the attorney general will make that judgment i will not tell him who he should or shun indict or whether he should indict.
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>> lastly, what are your legislative priorities you talked about infrastructure, an immigration bill. after january 20th, democrats will control the house and the senate what do you do first >> three different issues there in that same question. one, the commitments i made -- what i would introduce, not necessarily i would move to but introduce in the united states congress first, i will do. i will introduce an immigration bill immediately and have it sent to the appropriate committees to begin movement i will, in fact, counter-manned executive orders that the president has in fact initiated that are contrary to what i think is either his authority. and/or, even if it is in his authority contrary to the interests of the united states on the environment and other things thirdly, i will move, though, on the most urgent need of asking
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the congress to give me the financial where with all to deal with the virus, to deal with the virus, to be able to move so that we have operation warp speed really working warp speed got the vaccine to places that were delivered, but did not get them from those vials into people's arms and so it is a gigantic logistical concern of how we do that i am committed to get 100 million shots in people's arms in the first 100 days. i am committed to insisting that in all federal jurisdictions, any place i have control as president, everyone will be mandated to wear a mask. interstate transportation as well as federal facilities and thirdly, i am committed to moving as rapidly as possible to get the vaccine to teachers and the material to children that can provide for the safe opening
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of our schools at the end of that beginning -- beginning at the ends of that 100 days. they are the most urgent things we have to do now. now. immediately upon getting in office there is going to be multiple things as you well know because you are a seasoned veteran of how this policy -- how we work and that is that there will be -- committeeing will be holding hergs on a whole range of issues from mypositions on infrastructure, what we should be doing to generate a green economy, how -- and so on. but in terms of the immediate need to get done -- not just introduced, but to get done, voted on, and get the money and resources to do it, it turns out that the most urgent need is dealing with the virus, number one. and economic relief to americans who through no fault of their own are really getting battered. thank you. >> thank you
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>> thank you mr. president-elect and madam vice president-elect i want to follow up on the inauguration and that you said it is a good thing that the president is not attending but what about the vice president, mike pence? >> he is welcome i think as much as we can stick to the historical precedence of how and the circumstances under which an administration changes should be maintained mike -- the vice president is welcome to come. we would be honored to have him there and to move forward in the transition. >> have you spoken to him at all? >> no, i haven't. >> and you have called for unity and healing in this country. after the events of wednesday, does that make your job easier or harder? >> i think it makes my job
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easier, quite frankly. i have had a number of my republican colleagues -- former colleagues i used to serve in the senate for a long time -- call me many are outraged and disappointed and embarrassed and mortified by the president's conduct as i am and democrats are. and i think -- i have said from the beginning, and i have not changed my view, my overarching objective is to unify this country. we just unify the country. and i think that -- we must unify the country. i apologize for repeating myself, understandly the questions are repetitive -- and good i mean i am not being critical of the question. that is that there are two ways people are inspired. by inspirational leaders and by terrible leaders by terrible leaders. what this president has done is ripped the band-aid all the way off to let the country know who
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he is and what he's about and how thoroughly unfit for office he is. and you see already a number of republicans -- i was so proud. i know we are on opposite sides. i will be criticized from some of the people in my party for saying this, but i worked very hard with and against the former -- soon to be former majority leader, mitch mcconnell. i thought what he said on the floor of the united states senate was, in fact, the right thing to do. he stood up. he's ashamed i spoke with a guy i have enormous respect for enormous respect for, and i ran against him, mitt romney i spoke to myth this morning again. this is a man enormous integrity. enormous integrity who lives his faith. there are so many more but there's others who should be ashamed of themselves. but they make up a minority of
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the republican party this isn't about republican-democrat anymore. this is about people who understand what this country's about and the things we have to agree on and move together on. i -- i just think that -- if you look at it, speaking to some of my republican colleagues, and i have spoken to a number of them over the last month since i have been -- since we have been elected -- through recently as the day in which this god awful debacle was taking place up on the hill and i think they understand that they are going to have to -- we need a republican party. we need an opposition that's principled and strong. i think you are going to see them going through this idea of what constitutes the republican party. and to hear some of my colleagues, republican colleagues, talk about how shameful it is of the way ted cruz and others are dealing with
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this, how they are responsible as well for what happened -- >> do you think some of them should resign? should senator cruz or senator hawley resign? >> i think they should be flat beaten the next time they run. i think the american public has a real clear look at what they are. they are part of the big lie the big lie. i was being reminded by a friend of mine -- maybe you were with me i can't recall when we were told that global is in a great lie, you keep repeating the lie, repeating the lie. there was a print that when dresden was bombed, fire bombed, there were 250 people that were killed was it 2,500 people were killed. and goble said, no, 25,000 -- or 250,000 were killed. and our papers printed that. our papers printed it.
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it's the big lie people know -- it is one thing for one man, one woman the repeat the lie over and over and over again by the way, trump said that before he ran. if you say it enough, i'm going to convince you, i'll say it enough the press is bad, the press is bad. the press is bad the press is bad if he's the only one saying it, that's one thing but the accol ayets that follow him -- they repeat it too. there are decent people out there who actually believe these lies because they have heard it again and again. i was with a friend of mine who is a medical doctor, telling me that his neighbor said to him -- he lives in another state. his neighbor, a good person, he said, but you know, doc, this is
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true, there's a lot of chicanery that went on in this election. i said tell me what. well, i know there was, they say it is. they say there is. this is the human condition. you say it and say it and say it and say it -- the degree to which it becomes corrosive is in direct proportion to the number of people who say it so it is interesting to me and i was pleased to hear some of the more prominent republicans say to me that the ted cruzs of the world are as responsible in terms of people believing the lies as -- not as responsible but similarly responsible like trump but they didn't say "go to the capital, i will be with you following" that's a different story thank you. >> thank you. >> thank you all very much appreciate it. thank you. >> welcome, everyone, to
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"closing bell. i'm sara eisen here with wilfred frost. we have just been listening to president-elect biden taking questions from reporters 12 days until his inauguration some sharp criticism for the sitting president, president trump saying he is not fit to serve, and is one of the most incompetent president inside history. though he did not call for impeachment. he said that decision is going to be up to congress said he has felt this way for a while. called him an embarrassment and not worthy to hold that office as it relates to headlines and news, president-elect biden made on the stimulus front which could be moving markets here, we saw 120ks come off their lows and turn into positive territory. president-elect biden saying the price tag for his new economic package will be, quote, high and he's going to lay out that economic package on thursday biden saying the baggage will be in the trillions of dollars. we know this is a market that likes stimulus, he says, now is the time to spend. he also said that his package will include unemployment
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insurance and rent forbearance it is necessary to spend the money now. perhaps why we saw the stock market rebound off of those lows and go into positive territory dow is only up about anyone points or so let's bring in kayla tausche in washington for more on what we heard from the president-elect >> you just ran through a lot of it, sara i think the market is focused on those stimulus comments and the fact that the president-elect is going to be rolling out the contours of what he calls a comprehensive package even before his inauguration, saying that the economy does not need a bridge to the other side, that it needs an injection of money right now. he would not say whether he would be pushing the senate to consider a stand-alone bill for just those $2,000 direct payment checks for americans as he had been calling for just earlier in the week saying that if the two democratic candidates won the senate runoffs in the state of georgia that those checks would essentially be a shoe-in
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but he did not specifically break those out today. perhaps there is one reason for that earlier in the day we saw a position reported by the "washington post" for west virginia moderate democrat joe manchin who is going to be a key participant in the debate over the stimulus as moderate he has even more elevated influence right now with the razor thin margin for democrats in the upcoming senate that is going to be seated and manchin said absolutely not, he would not be considering those stand-alone checks we checked in with manchin's office and they struck a more nuanced tone and they said essentially he would be evaluating the proposals as they came that the administration would be submitting those proposals and he would take it on a case by case basis saying when the time comes the senator will be evaluating the proposals. he also made clear the focus on
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dmik relief must be focused on those unemployment through know fault of their own he is going to be considering a package as it comes together and as it is announced next week which the president-elect said will be thursday sara. >> i will pick it up there, kayla. thanks for that. market, as kayla reported back in positive territory, having dipped initially on that report of what senator manchin felt about stimulus checks. up about a third of a percent on the s&p at the moment. the dow just positive. and nasdaq epup 7:%. for more on the message we just heard from president-elect joe biden and the state of the economy let's bring in seth carpenter from ubs and dana peterson from the conference board. thank you for joining us dana, did we get a glimpse this morning with the jobs data how important more stimulus is if we don't get it and don't get it soon because of perhaps opposition in the senate would a
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double dip recession be possible >> sure, anything is possible. but i think what is going to be very important is that these fiscal reports f there are more definitely support people who have had interruptions in employment and also in incomes what's also going to be very important is clearly the rollout of vaccines because, indeed, people are not able to work because businesses are closed, because governments are placing restrictions on mobility and business openings. also, i would add the weather is a strong factor in terms of whether or not certainly restaurants can remain open. so all these things combined would be very important for bolstering the labor market and which is the broader economy in the u.s. >> seth, we heard the number trillions come out of president-elect biden's mouth there. i mean how big a boost could that deliver to the economy if it did get delivered and got delivered let's say not quite q 1 but h 1?
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>> a trillion dollars is clearly a huge number. everything that dana said i agree with if we think about it in the context of today's jobs report, the two place where is the losses were most created were the hospitality and leisure sector and state and local government employment as well. if we saw a package that was able to roll out the vaccine quickly and get people back to spending on services and hospitality and leisure that sector could bounce back rather quickly. and the democrats have been calling for more transfers to state and local governments. the reasons we have seen those sectors shutting jobs is because of their budget crunches i think a package as big as a trillion dollars would be stimulating to the economy. >> they just passed a $900 billion package. we are getting that along with another rollout. that isn't reflected in this jobs report.
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i am wondering if in a week it is going to need another trillion dollars of support as president-elect biden is planning. >> it depends on when it hits the economy w. the december $900 billion package that assumes that the vaccine rollout tins. then in the second quarter you start to see a surge in consumer spending especially on services. if you were to pile $1 trillion on top of that you would have a truly truly big boost to the economy. don't forget as of this morning's data payrolls are down 6.5% compared to where they were precovid that's 6.5% down to a year ago it is going to take a long time for the economy to not just reemploy all the people who lost their jobs to date but also to make up for the people who would have come into the labor market over the intervening year. i think there is no harm, really, in trying to get back to full employment in a tight labor
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market as soon as we can. >> dana, where to you stand on the strength of the consumer more broadly and whether there is quite a lot of pent up fire power to be employed. >> [ indiscernible ] -- services, and that certainly by the middle this year hopefully vaccines will be widely available whether people take them or not, they know they have access to that and at that point, they can go out and engage in in-person types of services, restaurants, tourism, travel, et cetera and consequently, businesses will have to ramp up employment in order to satisfy that demand. so i mean seth -- his call is for second quarter we are a little bit later, thinking maybe the third quarter is when we will see a big ramp up in consumption, but we do believe that consumers are optimistic our own survey of consumer sentiment indeed late last year showed there was a deterioration in current conditions. but looking ahead, consumers did
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believe that business conditions would improve and also that labor market conditions would be better and that they would see higher income. so -- and all of that was six months forward in terms of their expectations matching up with our expectations for when we will see stronger growth >> ten-year yield, 1.1%. thank you both for joining us. dana peterson, seth carpenter. we appreciate it. >> thank. after the break, the president and the platforms. we will talk to "new york times" columnist kevin roose that social media companies took against president trump and why he says this may be just the start. plus, the u.s. hitting another covid record with more than 4,000 deaths yesterday. how can the country speed up the evident to get more vaccines into arms? we will ask dr. scott gottlieb. a check on bonds the ten-year passed 1.1%
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coca-cola leading the dow after underperforming and all three averages back in positive territory with now less than 45 minutes left until the close we'll be right back. save hundreds on your wireless bill
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welcome back time for a cnbc news update with sue herera hi, sue. >> hello wilf. hello everybody. here's what's happening at this hour during a conference call with reporters this afternoon, a justice department official said they are not expecting to file any indictment charges against speakers at the rally that preceded wednesday's storming of the capitol. one of those speakers was president trump. the d.o.j. says it is focusing only on criminal acts at the capitol building during that same call an fbi official said there is no indication that anti-fascists disguised as trump supporters played any role in the violence, as has been suggested by some republican lawmakers an among those charged in connection with the capitol invasion, derrick evans a west virginia state lawmaker who allegedly live streamed himself with the rioters also, bradley reduction dales,
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the ceo of a small chicago-area company who tells the "wall street journal" his participation was the singest worst personal decision of his life he is on administrative leave. i will send it back to you, sara. >> sue herera. this week a slew of media and tech platforms have either suspended or outright banned president trump's accounts following wednesday's riot at the capitol. including facebook, twitter, instagram, and shap phi. about lee diller weighed in. >> they are mega phones. they are communications media. he's used it mag if i have isn'tly for a word to describe what he has done he's used it as an ultimate pro. and i don't think it makes sense
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to ban him i think you get into all sorts of issues about banning speech and things like that i mean, if he says something that's actually untrue, point o it out, do all of that stuff but i am not much for the banning thing. >> joining us now, "new york times" technology analyst kevin roose. kevin, would any of this have happened this week if not for facebook and twitter >> it is hard to say clearly the blame goes beyond those platforms, there are politicians including the president who directly insighted this violence. but i think the information environment that we are in, the fact that there are, you know, thousands or millions of people out there who believe that this election was stolen and were ready to avenge that, i think it has a lot to do with the social media platforms and the way they are built and the approach they have take tony misinformation.
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>> kevin, to what extent will these bans, temporary or permanent, just lead to a significant growth on rival platforms like parlor, but others are out there, too, and i guess new ones could be created? or is the critical mass that's present on the likes of twitter, gramm, facebook make that less likely >> i think we will see some growth on the so-called alt platforms, which we talked about before but i think the real thing here is i think this kind of deplatforming would be definite straighting for the president. look at what happened to alex jones. he was a huge figure on the right. then he lost his twitter and facebook and youtube accounts and he's basically disappeared and the same things happened to a number of other all the right figures who were banned from these platforms. obviously some will follow the president no matter where he goes, to gab or parlor or any of the other platforms.
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but what makes him so popular is everyone is there. people who hate him as well as those who supportim. i think without that mass reach he will be less effective. >> facebook qanon-specific story for you. facebook made a huge to do about cracking down ahead of the election and purging qanon accounts to what extent have they effectively done that? are they not still using that as chat rooms and meet up places for events like we saw this week >> i think the biggest and most obvious qanon presences onni facebook have largely gone away. the pages that had hundreds of thousands of followers, the groups that had tons and tons of members, those have been taken down but there are these others splinter groups, the stop the steal groups who are very
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active anti-vaxxine groups, anti-human traffic groups, these things that are adjacent to qanon, many of those are present on the platform still and that's where a lot of that activity is taking place. this was not just a facebook thing this week. people were organizing on all kinds of platforms twitter was a big part of it there were telegram channels and twitch sfreems and youtube dreams and a lot of different ways these people were organizing i think the qanon, things that are sort of obviously and explicitly qanon have had a harder time sticking around but there is still plenty of qanon out there. >> is this finally a catalyst that leads to regulation in the next 12 monday that alters whether or not these platforms are responsible for the accuracy of posts that are made >> i think we will see some movement on that i think it remains to be seep what the biden administration's stance will be on sections like section 230. we haven't heard much from them on that so far
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but i do think there is a lot of energy right now for reforming these social networks. cleveland they have proven they can't effectively police themselves and that we need new rules for us to be able to figure out how we do this stuff effectively and how we keep these extremist movements from gaining so much power. >> kevin roose thank you for joining us much appreciate it. >> thank you for having me. >> 26 minutes left in the session. the dow is flat of it had been up about 100 points earlier. down 250 at the lows so we are well off the lows with just 25 minutes left of the session. up next we will speak to former fda commissioner dr. t tteb about the vaccine rollout and warnings about a new u.s. variant we'll be right back.
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dow is up 22 points, 23 minutes left of trade as coronavirus case surge across the country, the white house task force is saying that the latest spread could be due to a new u.s.a. variant in addition to the uk variant that's already currently spreading. joining us now, former fda commissioner dr. scott gottlieb. an cnbc contributor. he sits on the boards of pfizer
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and luminara investors want to know whether the new variant is going to be potentially more deadly, more transmissible and what that's going to mean for lockdowns. do you know anything about this new u.s. variant >> my understanding is that the task force thinks there might be a new variant spreading in the u.s. and it might be the prevalent strain largely because when they look at the curve in the number of infections it seems to fit on top of the curb being experienced in the uk. so the behavior of the strain circulating in the united states is similar to that as the strain circulating in the united kingdom. it is not that strain because we are looking for it but there is a perception that here in the u.s. it has characteristics similar to that strain spreading in the united kingdom. it is not necessarily that we have discovered a new variant in the united states or that we have been able to correlate it
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with experimental evidence that proves it is behaving differently. it is pattern recognition where we are fitting our curve on top of the uk curve right now the trajectory of what is ensuing here in the u.s. looks a lot like what ensued in the united kingdom. >> potentially the good news on that is that the company that you sit on the board of, pfizer, has come out and said that the vaccine appears to protect against the uk variant, the south african variant, which i think a lot of scientists were more worried about my question is, how high is the probability that we get a mutation of covid-19 that does not, is not protected by the current vaccine? i am thinking of chickenpox and mumps and measles, which don't spread beyond the vaccine. what is the risk for this? >> evidence that came out today seems to show that the vaccine
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is effective against the variant. this tested it against some of the mutations in that variant. they didn't test it specifically against the key change we are seeing in the south african variant, which is basically the uk variant with additional features that seems to mutate a version of the spike protein that is key one, the one that we developed some of our most productive antibodies against. those experiments are under way. we will hopefully have that in the next couple of weeks i think it is unlikely you will see mutations that fully thwarts our vaccines you are developing a polyclonal effect meaning you are efl doing antibodies against many parts of the protein. even if some of the antibodies don't work well because certainly regions mutated you
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will have antibodies that bind to other parts of the spike protein. enema of the flu vaccines target a specific region of the virus, it happens to be a region of the virus that mutates easily. that's why the virus pa thwarts our vaccines it is unlikely the covid virus can do that in one season. >> does it mean we are headed for full lockdown as is the case in the uk where it is clearly very necessary, the mayor of london saying it is out of control in london, that one in 30 people have it, and deaths across all of england hit a peak for the whole of the covid pandemic today >> i think not necessarily i wouldn't necessarily draw conclusions by the fact that the trajectory of our curves look like the uk curve when you superimpose them and you sort of erase two or three weeks you go back in time and
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superimpose your curve on top of theirs a lot happened we had holidays that contributed to the acceleration of cases remember the uk had a surge, seemed to have a decline, then a surge again. we seem to be following the same pattern but we had holidays in the middle of that so i think it is still hard to draw conclusion based on that alone. we know the uk variant is here in the united states we know it is becoming more prevalent but it isn't the prevalent strain yet i think we are in a race against time to get protective immunity in the population with the vaccine to hopefully thwart that from becoming a more prevalent strain the announcement from president-elect biden saying they are going to push out more vaccine is a good sign to try to get protective immunity into the population >> i knew you would be happy about that i know it is something that you have advocated for assuming we do that and get more
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vaccines in arms and also that important study last night that the immunity seems to last at least eight months for people who have had covid-19 how do we know when it is okay to go out and resume life as normal, potentially take our masks off? when does that happen? >> well i think we are going to know based on what the prevalence is of infection in society. if things don't go miserably wrong we are going to have a dense epidemic here in january there is nothing we can do about that now we need to wear masks more and adhere to good practices to try to thwart that spread. that is underway hospitalizations will continue the grow deaths will continue to increase but the virus should peak at some point this month. the number of new daily cases should peak and start the come down over the next two weeks as we get into february we will continue to see cases coming down in the spring and summer the combination of having infected 30 to 40% of the population,
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vaccinated another 20% and having the back stop of the spring and summer weather, we should be just fine. what could change that is if we get a mutation and it becomes a more prevalent strain, that would make it harder but when spreads and daily risk of contracting covid is low that's and vaccinations are going to afford us a level of protection. >> speaking with health care, shares of sarepta are plunging today. let's get to meg tirrell >> the company has been developing a gene therapy for a devastating disease which is a muscular dystrophy that affects kids the stock is down more than 50% on this news while the gene therapy did meet
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a goal in terms of increasing expression of a really important protein for muscle function it missed a goal showing actual improvement in muscle function this casting a lot of doubt on the speed with which it could be brought to the fda for potential approval and also the approach here pfizer and biosciences also on working similar technologies it is down quite a bit. >> a big move on that stock. still ahead, tesla adding to its super charged gains. and value investor bill miller talking bitcoin. those stories and more when we take you inside the "market zone." the dow up 42 points you can always watch or stlien to us live on the go on the cnbc app. "closing bell" will be right "closing bell" will be right back, 15 minutes left of trade
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with 11 minutes left in the trading day we are now in the "closing bell" "market zone," commcial-free coverage of all the action heading into the close. joining us, steven wise and lindsey bell good afternoon to you both let's kick things off with the broader market stocks fairly volatile falling earlier on pop opposition to further stimulus from senator joe manchin. they are all set to be higher as things stand we have had quite a nice improvement in the final hour, hour and a half as you can see there and we are now higher by 70 points on the dow the high was 100 the nasdaq leads the charge, up nearly 1%. steve weiss, i come to you first. you are constructive that the result we got in georgia does
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genuinely mean the market are reason to rally further from here >> yeah, i was in the minority, even back before the presidential election, saying that a blue wave -- we didn't quite get a blue wave boo we have got pretty much a democratic-controlled congress will allow biden to come out with massive
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prior to the pandemic. >> lindsey, what do you get the feeling your investors' positions is there is always bullishly positioned or not? >> our customers certainly remain bullish on the market the amount of buying versus selling remains elevated we are getting new customers in the door every day so there is definitely interest. apple, tesla remain at the top of the list of their favorite stocks so i think amongst the retail investor there still is optimism and excitement about what the stock market has to hold in the year of 2021 you know, we remain optimistic for certain. and i do think that some of
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these cyclical secretariers like the industri-- sectors like the industrials and materials that have done well at the ends of 2020 i think they have present of room to run because they are going to be one of the early beneficiaries of the earnings recovery they are expected to have some of the best earnings growth in 2021 after a weak 2020 in addition, these are companies that are going to benefit from the early recovery in other parts of the world as they have plenty of overseas exposure. by the way, the weaker dollar helps them >> what do you do with tech, stephen weiss? if that's the playbook that everyone is following right now, value, cyclical, look forward, small caps, where does technology fit in? as a group, as a sector it closed flattish for the week, up .4% of a percent.
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>> here's the way i look at it everyone has their own strategy. i focus on bottoms up. i look at stocks i love tech. 5g -- i mentioned it on the show before -- to me is the next industrial revolution. it's not just me saying it it is countries. it is companies. it is the next industrial revolution i don't see bubbles in companies like skyworks which is growing bottom line at 20% or korveo or qualcomm where their total addressable markets you can't even calculate them they have groan so much. skyworks they sold rf chips into smart phones 100% of it now 30% is other qualcomm is selling into peloton bikes, into cars focus on the ones that are in the headlines, the minority stocks, the small group of stocks like zoom, docu-sign. forget those, forget the teslas,
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look for value and it is fundamentally supported. don't invest in energy invest in clean energy i would tell you the fossil fuel based companies are the maul based stores of the last decade. by atlantic staenl sustainable, ay by those stocks, the stocks that makes wind mills those are the teslas or the amazons of this millennium not fossil fuel companies. that's where i would be. >> oeg is up 15% this week occidental 16, apache up 17. signs of life in this group, steve. >> but the lag going forward i am not saying they are going out of business. retail stocks we saw move up there is some to buy there you can't name one super star --
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allegedly super star hedge fund manager who just ran energy who survives who has a fund. tell me commodity funds that have lasted more than three years. it is boom and bust cycles this will be no different. if you want to own energy, you are partners with putin, you are partners with saudi arabia, you are partners that have to run for cash flow not profitability. you can't control your own fate. >> get your point. let's go over to bob pisani for a closer look at this week's market rally bob? >> sara, at a new high but a rocky ride along the way we dropped 25 points in the middle of the day. look at the s&p 500. senator manchin came out and said he was generally opposed to the $2,000 stimulus checks the jobs report was weak they are believing the stimulus story. how much, the railroads are at new highs, csx, union pacific.
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those are stimulus plays january trends simple here, small caps like the russell 2000 over big caps like the s&p 500 look at outperformance this week energy and cyclical sectors over consumer staples and other general defensive groups and also, value overgrowth 2% versus less than 1% in the growth area. what else do they like they love these thematic techs i keep telling you about them and they keep going. 3d printing. this is one week, up 18% clean energy, 16 solar, 15. lithium and batteries. cyber security, social media -- they love buying tech in these thematic etf packages. the creations have been enormous in the last two and a half months and i bet they have still got some legs to go. remember, what happened today with that non-farm pay rolls report reminded us that the covid winter is very, very reel and we are certainly in for a tough several months guys have a good weekend. >> you too, bob.
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thanks so much bob pisani there peter, where will rates get to by the end of the year what does it mean for p/e multiples? >> i think there is upward pressure on the long end of the curve from the massive deficits we are running and the issuance that's required. i think that is the main driver. obviously there is a circularity to the logic here because more stimulus leads to potentially more inflation and more growth but i think the higher rates we have seen in the last few days are more of a function of expectation force future supply on the long end of the curve everyone has been making the case of late that real rates are as negative as they have been for many a month and that doesn't have a lot of weight for me because that depends on what you think the inflation rate is going to be on a go-forward basis just because break-evens on the ten-year are right now before 2% does not mean they will be in six months in fact the ten-year break even
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is incredibly volatile generally when it is at this level inflation actually tends to stall whether or not that per is its really is a function of how much the stimulus impacts inflation not many people talks about valuation. i sit on the board of a clean energy company called encino i agree there are opportunities there. when you look at the russel it is trading at two times sales, as high as it has ever traded and 35 times value to eabout ita on a trailing basis. these companies have a tremendous amount of work to do in order to grow into thighs fantastic multiples. i think that's the part of the conversation that's missing. there is a great story around a earnings recovery. in what context? what are valuations? valuations are very rich, especially for small caps. >> earnings season kicks off in about a week or so we will learn more then. thank you all for joining us.
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coming up next, the ceo of sun power on the outlook for neble energy with democrats set to take control of both the white house and congress 678 we are back in just 90 seconds. ♪ ♪ ♪ ♪
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♪ big week for the energy sector check out shares of oil and gas etf xop up 20% on the week and solar seeing a surge, up 15%. this comes on the heels of democrats winning both senate
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runoff races in georgia, given president-elect biden a democratic majority in both houses of congress joining us now, the ceo of sun power, tom westerner thank you for joining us >> good afternoon. >> do you think this is a game-changing moment for your industry, to see the democratic sweep in congress add to president-elect biden's victory? >> it is huge. just to qualify that a little bit, think about the last four years. we had a president and a senate that were very unfavorable to renewables, yet solar thrived. now we have a very favorable administration in the senate that will hear the policies of that administration and so we'll thrive even more we have already seen that with the extension of the investment tax credit so it is a really, really big deal. >> tom, is it fair the say therefore that the bullishness that we are hearing from you does suggest the industry still
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relies on government hept and regulation as opposed to just pure private market dynamics >> well, there is both, of course we all know that energy is regulated. all energy so it's really hard to compare but all energy is regulated and incentivized yes, incentives are still important in solar but the cost of solar has come down 82% since 2010. 90% of the world's new energy generation last year was renewables so this trend is happening across the world with different incentives, in some cases no incentives yes, energy is regulated so is solar. but having these favorable policies will only make us grow that much faster it is a trend that's already established worldwide. >> wanted to talk, tom, about what those policies are specifically that would be most beneficial to your business and
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your sector. are you talking about extending tax credits even farther a green infrastructure deal? what sort of policies are you eyeing >> well, i would say first of all they happened -- past tense, the two year extension of the itc was a really big deal and was the most important thing that could happen. it would be a little bit better -- we would like to say it is a start -- if it was three or four or five years. it was a big deal even at two years a. really big deal what is excite being the biden/harris platform that will at least be heard now is a bigger toe development in what is clearing going to be renewables, storage and integration of the two it is d.o.e. on spending on renewables, spending on the future it is the upgrade of federal facilities i think those things are very
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realistic. perhaps further extension of the itc. and then investments in our labor because we need to shift our labor to things like installing complicated storage that integrates with solar we need to invest in software. not a long list, but there are a few more things. >> tom, where is the rest of the world, let's say particularly europe, developed markets, relative to the u.s. is the biden administration and the u.s. going to play catchup or be leagues ahead in terms of renewables. >> this is what's exciting america is the place where innovation happens relatively speaking, this is the place to innovate. this is a transition in energy in transitions you innovate. that means more efficient solar, it means integration of storage, it means software.
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this is all stuff that america is great at. in fact, if you look at the trends compared to the world, this is where it is happening. we are on the front end of each of these trends. i am incredibly bullish on how we capitalize on what is obviously a transition to renewable energy. >> tom, thank you for joining us much appreciate night i appreciate your time very much as well. up next, find out why hyundai is slamming the brakes and reversing confirmation of a potential relationship with apple and whether that move to cost of the any hopes of a deal. as a reminder, y couan always watch or listen to us live on the go on the cnbc app we'll be right back. save hundreds on your wireless bill
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automakers are warning today of a semiconductor shortage impacting production let's get to phil lebeau with the story. >> this is a global problem. as one person said to me in the auto industry a few moments ago, welcome to global auto production in 2021 ford, toyota and fiat, three of the automakers we talked to today said we have to reduce
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production because the shortage of chips that go in a variety of components it is not one componentent to it as a is going to be slowing tundra production in texas. fiat koois chrysler is going to be adjusting production in canada and mexico n. canada, where they build the 300 and the dodge challenger, as well as down in mexico with the journey and the come pass. ford will be pausing work at louisville next week ford issuing a statement today, this is what we heard from a number of automakers essentially saying, look, we are trying to adjust to a global shortage. this is not just one company and one supplier that is exacted it is a global shortage of semiconductor chips. as a result they are saying we are working closely with suppliers to address potential production constraints tied to the semiconductor shortage the question is how long does this last? i have been told it may be
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several months it is a six-month supply chain when everything slowed down back in may and in juppe a number of the semichip companies, the chip makers shipped it from the auto industry to the entertainment industry, electronics. and as auto production increased this fall and winter the production hasn't been there from the chip manufacturers and that's the reason for the shortage. >> another automaker story to get to next. hyundai making a major about-face when it comes to a potential relationship with apple. josh lipton has the story for us. >> this was a surprising statement from hyundai initially indicating, yes, it was in early stage talks here with apple about potentially working on an electric car lots of excitement the stock popped then kind of reversing course releasing a new statements avoiding any mention of apple at
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all. analysts telling me you can rule out a partnership between these two, but comments like this, they say, could certainly hurt hyundais chances of sealing any deal because apple we know does not like talking about products in its pipeline. all of this fuelling speculation about tim cook's goals here targeting a vehicle by 2024. but a apple analyst says the market is too bullish on this idea and won't be advised if a occur doesn't launch until 2028 or later back to you. >> josh, thanks for that i mean, hyundai's initial statement saying we understand they are talking to global automakers, what prompted them to release that if they didn't have permission to do so >> i wouldn't -- that would be a question, wilf, for hyundai. i think you are best served asking the company why they would put that statement out it is surprising because you
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know you are dealing with apple. apple does not talk about products in its pipeline i was talking to gene munster, he said there are reasons to do that, competitive advantages, marketing advantages there can also be consequences i spoke to a former amd executive who reminded me when they signalled a deal with apple was coming wasn't public. then what happened is this that deal didn't go through apple doesn't tip their hat to what's coming in their pipeline. i am sure a lot of people were surprised hyundai would put out a statement like that. >> i didn't get that memo. josh lipton, thank you. crowd strike, it has been a work from home stock winner over the last year with a 300% gain how cyber security firms are increasing protection for
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employees working at home and remotely in the wake of that massive so land win hack re-entering data that employees could enter themselves? that's why i get up in the morning!
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when other head winds we face on cyber security george surge. with the election drama, the year end, the pandemic, cyber security slipped under the reg a little bit what are you seeing? >> i think once again there is a heightened awareness of how important cyber security is and it goes beyond an annoyance of having your computer affected. there isn't a board not talking about cyber security right now and making sure they can shore up their defenses. they have visibility and ability to protect and prevent these determined adversaries. >> solar winds did disclose in their recent 8k one of the actions they took was to deploy you, crowd strike. has that disclosure had a positive impact overall in your business and ability to gain new customers? >> we have worked closely with
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solar winds. we are doing the response work with them and deploying new software i spent time with their ceo. they are focused on building security by design and pushing forward from this event. that's where our focus has been. obviously, you know, we were the company that was called in i think because we have got the right technology and the people. right now we are heads down helping customers get through this, like solar winds and certainly, again, i think i highlights how sophisticated an attack this was. and more and more of the attack details i am sure will be coming out shortly. >> george, clearly there have been a lot more hacks in the last year or couple of years we are talking about thing like that much more often though we work from home and the pandemic, we are also using your devices way, way more. so in a relative basis, which we actually got better at preventing hacks
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or have we not yet >> this year was the worst on record for cyber attacks collect oifly the industry and government need to get together and think about how we beat back these attacks. obviously technology is one element. crowd strike plays a big part there. it is people it is process. it's the regulatory environments you know, what do we need to do to collectively come together? the problem is not getting any better it's only getting worse. it isn't just a technology solution that's out there. we play a big role in it but there are a lot of other players and a lot of other constituents that need to come together on this really serious and important topic. >> i was talking, george, to one of your big fans of your stock, josh brown, who is a contributor here at cnbc i think you know he is a long term fan of crowd strike he was trying to explain to me the difference between what you do and other cyber security
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firms do part of it is the break down of revenues, the swat recurring incidence and the break down of revenues why does that work how has it been a successful model? >> i am a fan of josh's. i really do think he gets our business model i appreciate those comments. when you look at our model, 90 high pressure plus percent of our revenue is subscription based. annual recurring revenue the s.w.a.t. team comes in and look at what happened, how do we forensically examine the attacks, how do we make sure we can examine and bring these companies back to health we learn from these attacks. we learn what the adversary is doing. that goes back into our software and creates a better product but it creates a lot of pull lou for us where we are able to come
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in and turn those incidents into subscription revenue it is a small element but it is small by design boo it is strategic. and we are one of the preeminent companies that are called in on these breaches >> how many hacks are identified you said it was a record year for cyber attacks last year. is that based on the ones that you identified what percent an of the total might it have been >> that's in general business is booming. look at e crime, ransom ware, numbers are up the numbers of attacks we prevented, hands on keyboard breaches we prevented more than double last year we know what we see. in general unfortunately there is a lot of other companies and areas of the industry they don't even realize they are being attacked i think some of these recent attacks show how long these adversaries can be in an environment and how patient they are and how organized they are to be able to attack these
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systems and be very stealthy which is again why we created a platform like falcon, which is our crowd strike platform focused on deteging and preventing breaches powered by ai, to see things that haven't been seen before. >> what should the biden administration do, now that they are going to have control of congress this is a huge and emerging threat we saw the vulnerabilities late last year to u.s. government agencies what can be done >> well, i think it's a public/private hipp. obviously, the government has a few -- -- a public/private relationship obviously the government has a view into things that the public can't see. on the converse side we have a lot of information on the attacks and have a good understanding of what is happening. how do we come together to understand who the adversary is, what their campaigns are, who they are targeting, leveraging
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intelligence to better protect our customers. a lot of people think the government is protecting them from a cyber security perspective. there is some truth to that, but the reality is if you are a company in the united states, you are on your own. you are protecting yourself. you will get some support, but it's on you, and it's on your board of directors to make sure you are secure so i think there just has to be tighter partnerships, tighter information sharing and understanding how advanced this adversary is in coming together to put real solutions in place. >> george kurtz, toins. up next, the president of north america's building trades union wonhether an infrastructure bill will finally be passed by congress and how that money should be spent we are back in a couple of minutes.
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welcome back time for a cnbc news update with sue herera hi, sue. >> hello wilf. hello everyone here's what's happening at this hour three democratic house members are planning on monday to introduce an article of impeachment accusing president trump of inciting an insurrection it is also possible his call to georgia's secretary of state may be included. but nbc news reports as of now speaker nancy pelosi has not given her approval so it is not clear if there will
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be a vote. the white house said minutes ago that a politically motivated impeachment who quote only serve to divide our great country. president-elect biden welcomes trump's refusal to answer the his inauguration but said he would be honored if vice president pence is there. london's mayor is declaring what he is calling a major incident as covid cases are increasingly swamping hospitals. the uk recorded a record 1,325 deaths within 28 days of a positive test bringing its total to almost 80,000 that is the highest toll in europe. in new york state, vaccine eligibility will expand next week to include essential workers and anyone age 75 or higher the governor cautions availability will be spotty. you are up to date sara, i will send it back to you. >> sue, thank you. sue herera. >> the paycheck protection
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program set to reopen on monday. kate rogers here with more about the changes we can expect again for kate round three of small business loans. >> that's right, sara. the $284 billion ppp will reopen with tweaks that are designed to ensure that smaller businesses get first dibs this time around and to lessen the likelihood of fraud occurring. community lenders will get to start first with applicants seeking first-time loans on monday then on wednesday for second-draw ppp borrowers. there are carveouts now for businesses with under ten employees, cdi, and mdis which advocate praise as last year we saw all that money run out quickly as larger businesses established loans more quickly due to their taebed banking history. there are going to be checks in place to ensure borrower eligibility and compliance with the program. last year the trump administration touted borrowers being able to access loans as
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soon as same day which turned out not necessarily to be a good thing. and all that money ran out, too. hopefully the little guys get access this time around. >> any sense what have the demand will be like this time, whether there is much in money >> so, the administration official that that talked to reporters today did believe there would be enough money for both first-time and second-time borrowers. and a lot of small business advocates say we are still in this situation it is almost a year later that businesses are facing shutdowns. there should be high demand. simplifying the forgiveness application may make it more enticing for people to borrow and entice smaller businesses to go first this time around f. that is successful demand should be high. u.s. jobs growth turning
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negative for the fstir time since april. we will discuss with the president of north america's building trades union when "closing bell" returns
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finding out what it's worth. visit to find out if you policy qualifies. or call the number on your screen. coventry direct, redefining insurance. welcome back twitter is banning more high-profile political figures leslie picker tracking the names for us >> sara, that's right. twitter today removed the accounts of michael flynn,
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sidney powell, and other supporters of president trump who also had promoted the qanon conspiracy theory. twitter saying they have suspended those accounts in line with their policy on coordinated harmful activities saying that they, you know, will take strong enforcement action on behavior that has the potential to lead to offline harm and given the renewed potential for violence surrounding this type of behavior in the coming days they said they will permanently suspend accounts that are solely dedicated to sharing qanon content. according to a twitter spokesperson in a statement to nbc news just another shoe to drop on the social media side of things. guys, back over to you. >> the neighbor market contracting for the first time since april with non-farm payrolls falling in december compared to expectations of a
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gain one bright spot was construction with the industry adding 50,000 jobs last mont for more, the north america building trades president, sean mcgarvey you are doing fine do you fear we could see a fall in construction jobs though in the months ahead >> absolutely. i know our man-hours -- that's how we judge how well we are doing -- are off 15 to 20% from precovid and we also are very well aware of the amount of projects that have been pulled back, delayed, in some case canceled, now adding up into the tens of billions. >> what could turn that around is it simply getting through the next couple of months and seeing people vaccinated? or are you hopeful, expectant of a major infrastructure bill that sort of breaks the cycle of the last decade? >> well, we are certainly
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hopeful that a rational, professional rollout of the vaccine to expedite the vaccination of everybody in this country that wants one will be helpful. and a major infrastructure package would be very helpful for manufacturing and for construction and creating opportunities for lots of communities that are reeling right now and looking for opportunities to go through our training programs and work in construction but you know right now we are reeling from what happened the other day and continues to go on in our nation's capitol. >> you put out a pretty strong statement condemning it, and going farther than a lot of other business groups and businesses, sean why did you do that? and how do you think it will ultimately impact your membership, your -- the business that you do, and jobs. >> well, i saw others like the manufacturers' association very similar language was used
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in theirs. and the bottom line is, you know, we were on our way to a coup in the united states of america. the people's house was invaded and people were put under threat people were killed a capitol hill police officer died last night, was murdered during that insurrection so to think that we are just going to quickly go onto the next news cycle and get over it, nobody in this country should. and we have to hold those accountable who are responsible for it starting with the president of the united states. >> what would you like to see happen >> i would like to see the 25th amendment enacted. if that can't happen, i would like to see him do the country a favor and resign and go. if not, i fully support the impeachment proceedings. >> well, there it is there is this question about business's role, how vocal they
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should be in all of this and what they should do. do you think business should be held accountable for some of these issues and the relationship with trump perhaps looking to the policies that he did on lower taxes and fewer regulations while at the same time you know showing often true colors around some of these issues. >> well, i think business just like labor and other subsegments of the nation that they have the actual areas of responsibility for them, their shareholders, their board of directors and their job is to pursue the best outcomes for their business just as mine is to pursue the best economic outcomes for my membership but you know, there comes a line that can't be crossed. and that's what we watched over really the last eight months, slowly creeping toward this, all the moves that were made,
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culminating into what happened wednesday. i will tell you, for one, i am so thankful for general mattis and his reaction and his op ed that he did after the lafayette park clearing when the president stood in front of that church. that made me feel much more comfortable that the military wasn't there has been a lot of talk about green energy revolution and the fact it might create millions of jobs, many of which would be in construction do you believe that will arrive and what level for your members to see it delivered on >> i think it will arrive. it is not the number of jobs it is quality. they have to be middle class sustaining, family sustaining jobs that's the problem in this
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country. there is not enough of them. like them or not like them, in the fossil fuel industry, almost all of those are middle class sustaining jobs. a lot of the renewable jobs so far are not middle class sustainable jobs so as we do this just transition, they have to know they will have a lateral move economically and not take a step backwards. i am hopeful congress graples with that. number two they have to relieve people's economic anxiety so people have the ability to get to and stay in the middle class.
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>> sean, thank you for joining us today >> thank you so much >> still to come, big ipos, earnings we will break down the action packed week for our investors. stocks ticked gh dpihiereste the turmoil in washington. what should investors be doing with their money right now when closing bell comes back. we're excited to do business with you
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the unrest in d.c. not seeming to bother the markets. what is the best move for individual investors sharon has more. >> if you are trying to figure out how the stock market can keep going up when covid cases are surging, you are not alone many investors wonder how they should react to this market disconnect it is said you need to separate your emotions from investing ask yourself this. >> are you excited is your heart beating fast are you feeling adrenaline >> nobody makes a good long-term decision based on short-term anxiety. >> so advisers tell us you don't
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blindly stay the course. you need to review, rebalance your portfolio and use a safety net. having nine to 12 months of living expenses can go a long way in helping you deal with the market's market's ups and downs >> it was a long week. looking ahead -- >> friday will be the first of the big bank's earnings. my question on next week after this week. it wasn't just the political --
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how much bad news can this market absorb? there were those scenes on capitol hill, the death toll on covid reached 4,000, a new milestone. >> for next friday we are out of time, "fast money" starts now >> i'm lee lmelissa lee and thi "fast money. bitcoin goes bananas is this record run just getting started or a bubble about to burst? and x marks the spot should you roll into this hot trad


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