>> gentlemen, thank you for being here we proosappreciate your insight we hope you will be back here soon >> we did. make sure you join us tomorrow right now is time for "squawk on the street." good wednesday morning, welcome to "squawk on the street," i am carl quintanilla with jim cramer and david faber. wild swing the futures on election night full coverage for what the midterms mean for stocks and deficits and more. europe with a host of 10% gained and oil rally on some production cut talks. we begin with the midterm momentum democrats won back the house

>> gridlocks and stocks, caterpillar and alphabet are all gaining. another big winner on election day is weed. michigan voting to approving medical use. wall street is gearing up for a post election rally in the open and a widely expected scenario results show democrats do regain control of the house republicans strengthen the senate majority by flipping seats in red states. the president will hold a press conference at 11:30 a.m. eastern time we'll bring you full coverage of that as we keep our eyes on a two-day fed meeting jim that begins today i think the president is going to declare himself and his party. trump is the winner. that's a bit of a narrative that we would like to have. i do think we can get on with the other worries. i was on a lot of conference calls last night and this

morning. the stocks are moving. finally people are focusing on companies. i think it is almost because people are say okay let's see how did truliu do as suppooppos don't care for it after the election >> these were the expected outcomes there were few upsets. this was the expected outcome and the market is responding positively to what at least if you believed what was predicted by many of the polls. >> we all felt that 2016 discredited the pollsters. we feel now that the trump people don't answer the polls r pollste pollsters. >> i don't go can be relied on until you see the results. >> exactly i got to tell you it was money waited money waits for the feds and the

g-20 and a lot of good discussions this morning on "squawk" which started at 5:00 a.m. about do the chinese say okay, it is time to play hardball or are they already playing hardball i mean there is a lot of stuff that we want to relate to stocks in the end, zillow was bad >> goldman got a note. major changes on taxes, infrastructures seemed unlikely. what changes >> why did they put that why don't they put out saying we have nothing to say. you know what that is? that reminds me of "seinfield. the tv show. it is a piece of research about nothing. >> maybe the democrats are in control and all the committees including the

inves investors. >> i think there will be more division and speaker pelosi if she stays on will feel embolded and there will me more nothing done remember we were talking about tax 2.0. >> that's still on >> the only tax we may see is his tax returns. >> there will be a hunt for that pelosi says impeachment is not on the table the president tweeted this morning warning democrats who are interested in the investigation, quote "two can play that game." >> it is not like it is a queen street fight >> i got to tell you of these returns, well, now there will be nothing that gets done because that's great that allows us to focus on the fact that max did not do that well or neither did wendy's.

>> dish is losing business like you would not believe. >> we'll talk about it later >> favorite report >> we'll see how we do on time >> we still get interviews i think it is amazing in that stock. they won a piece of business amazon's web services, if we turn to the stories that we had a few weeks ago, preamazon earnings i thought two things md is top of the game. amazon web service is just on fire whoever thought that story was not that important, forget it. the queen's story, we are dealing with a company that's so powerful it is a 51st state >> i think the most important news for new york city was not the elections. it was amazon's decision to locate in queens

they have not announced it yet it is highly likely they are going to have a significance presence that's going to be very interesting from our perspective certainly in terms of the changes. >> somebody asked yesterday after the fact we care about boeing moving to chicago or mcdonald's >> i will tell you this, when you speak with lisa sue who went to mit these are becoming pitiful companies. i used to thoink of them as college. eastern schools, kornecornell. i think there will be a brain change when you think of what amazon is meant to seattle and what specifically it has done there you can't say it will have the same ramifications for northern virginia or potentially queens but it won't be in cig kasignif.

>> it is that power and it is the biggest job creator out there. it used to be army base. we used to think that the army is going to close for them or air force is going to expand and make it so that the panhandle is great. >> absolutely. >> i think it is worthyi thinki about that now, it is corporations. >> real quickly back to the election amazon was looking for areas that would have transportation upgrades, things of that nature and gets the infrastructure. do you think of the chance of the democratic house that we get something of infrastructure that the president buys into. >> i think no. i am taking infrastructure off the table right now. >> more or less nothing gets done >> nothing

>> goldman's line is dems may not be motivated to give the white house a win ahead of 2020. >> it is back to where -- well, obamacare, there is these exchanges where they needed incentives to write. the republicans, we are going to shut this thing down i think now the democrats have a really good chance of shutting anything down that's not administrative >> we'll deal with the larger issue whether it is infrastructure or entitlement reform or nothing like it. >> well, that people will focus on by the way, cannabis green light. i don't know if you guys know, the leading state for hemp kentucky >> kentucky. >> and that's going to be and one of the reasons why you will see cannabis stocks are up our country is moving towards cannabis which means it is a step further to go to thc.

>> there is a lot to dig in on this election returns regarding the markets. we'll go to eamon javers >> good morning, let me give you the numbers behind nothing here is the results los angelas from the house of representatives. this is where the democrats have their big win taking over the house of representatives remember 218 is the magic number of the house in representatives. the democrats cleared that hurdle that makes nancy pelosi the speaker of the house that presents a whole host of problem for this administration, in the senate though it is the opposite picture. republicans had a big night in the senate picking up at least two seats so far and they're in the middle of our graphic. you see the four gray seats we'll have to wait some time until we see ultimately how the senate shakes out. republicans have a firmer hold now in the united states senate

than they did before that's why we are likely to have the gridlock that you guy havs e been discussing. now take a look at the big issue that the president have been facing all year. in terms of the president's trade policies, how did those shake out for voters >> 25% of voters said the trade policy of the president helped the local economy and 29% said it hurts the local economy ro voters are -- that's the biggest number out there voters are very split here on the president's trade policies and what it means for them that's nationwide. in the individual states and districts, that's where trades play out in terms of the soil bean producers and aluminum and steel and all the businesses

where those companies are being affected, that's where we see on a local level. voters are very split of the president's trade policy the president is likely to double down on trade and continue his push to reimagine the united states posture, globally >> that's a good one hank paulsen in singapore warned of an economic iron curtain between the u.s. and china >> that was an unbelievable speech a lot of businesses in china are fed up united energy, they make engi s engines. i think that's the first shot and the hot cold war >> i agree the focus as you may imagine as

we say many times the united technology is going to get its approval it needs in china given of what happens with nxp, a lot of investors are nervous and the spread between the price of utx is paying and what qualcomm had traded at widen in the marketplace. everything i hear of gregg hayes ind ka indicate they still get it qualcomm thought they're going to get it. >> that's because of what hank paulsen said i have been saying this is a contained policy the october 4th speech by vice president pence is a doctrine. that says we must contain them everywhere because of religious freedom which they don't have or agreement once they gotten wto

and sabotaging within our mill trumpcare a mill -- military and our elections. >> it does not sound like solve the trade deficits does not get you anywhere >> you have to have the u.s. fleet off the coast of china to make business. that's what's happening. it is not trade. >> you appointed to that speech many time correctly so >> it was -- what's the other word for war-like? >> to me, just remember if you want the shorthand, is when james bond is on the table and gold finger is like, do you want me to talk no, i want you to die. we are not talking we want them to die >> when we come back, one of last night's election winners of course is marijuana. later the president's press

conference at 11:30 a.m. we'll look at what's next for the market s&p may we claim the 200-day today for the first time in three weeks. back in a moment

cannabis stocks are joining the rally today. voters in utah and missouri approved the cannabis for medical purposes michigan is the first state in the midwest favoring adults recreational use, jim. >> this is really important. the first election show you there is tremendous demand for all sorts of cannabis. michigan is very important now tilray is the largest, there is a 30% short position there. when you see recreation, you have to be thinking not tilray which i don't care for it is canopy canopy is ready. that's the part with constellation. they'll focus on medical and n constellation is going on on drinking you will be able to have mixed drinks and bars that are laid back than other bars where you

are going to hit it pretty hard. and that's -- what are you looking at that's what's going to happen. >> some states actually turn down recreational. >> but i think there is a sense of time is time. what you are looking for just so we know, banks being allowed to handle it and get it from a cash business and get it inconvenience. it is still not inconvenience. they have not had have nice stores that's named after a poet, david. >> i am aware of the poet. >> yeah, very close to town. it was hammered by the way what happens when you see these things, you literally get more demand constellation is the way to play

it secondary canopy. >> why are giant coke still playing it so tight. >> that's what constellation is. >> of what >> they're fearful of backlash >> i am swapping here. i want to own coors and sell coors jimmy choo ch yeah, they are afraid. dorito's and a glass of gsc is made for each other. how about gator high in terms of overall pharma there is talk of whether the dems would play on drug pricing. >> i think the dem s are in agreement with drug companies. i think this is a victory for

the world. they get to write where they want to write. the drug companies we naelt someone is going to crack down on them. we don't realize that they have more carts they have more shares in any industry >> there was an attempt to limit profit of dialysis companies that did not pass. >> incredible, they did do quite well >> we are in a period where i don't think you can get anything done and that's what people want, right? >> we had that for a long period of time. >> i think they can investigate. >> that seems to cross party lines now. >> well, facebook needs to put face in the west and book in the right. facebook should be located in

california and instagram should be located in -- >> we look at real estate and we saw nothing. i am going to fire my wife she was the one who's in charge. she's out. >> we'll get cramer's "mad dash" and take another look at the market, and the opening bell we see a little relief hereafter election day back in a minute

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all right, we get started with trading right now from the nyc. let's get a "mad dash" from a man to my right. i want to talk a little zillow we have a chart that shows you how zillow has done. it is a chart of your house and the valuation increase of your house. sometimes when you read a conference call and the sto stock - oh, give me a break, right. spencer says we have a short call advertising lower than expected. he goes onto admit that he priced it wrong and he talks about pressure and home sales in the market i want to thank him. he did not hide it

he came out and said why which therefore means when he tried to fix it which i think he can. it is a bad look >> well, and people are short. >> bad looking day here. >> i think everybody appreciates straight talk but what is he going to do to fix it. >> myzillow.com. >> mortgage app you saw. four years low >> don't you think it is time to tighten it aggressively. >> jay, the fed chairman, mr. powell you know they can't sell houses. if you want to bury the housing industry under hikes, be my guest. this is the hottest area of the economy and now it is the coldest. it does punch above its way. >> thank you >> as i guess autos which also

have not -- >> not as weak >> the better the higher trucks. i have to say the ceo of new cor core and he said steel is very strong for him >> i hope given the tariffs that steel is still strong. was that the point >> we' are basically done to hel new core >> i got the hint that they could boost dividend i just think that steel is a different market from housing. housing would. housing we have so much inflation. oil was down big >> i was going to say between oil and timber we got some foreign buyer in the ten-year auction yesterday >> inflation, i have to say timber, right? >> i get it.

>> she has a dollar side in her name >> a lumber jack at heart. >> how about a singer? how about taylor swift she's something. you got to appreciate it the candidate that she endorsed, of course. >> that's not the point. >> oh, it is not >> let's get the opening bell here it is ncr, payment and hardware software celebrating today at the nasdaq is first cash the mendendez campaign is

based on celegene. >> you are taking it very contrary incisive, very cerebral posture. the fact that everyday if you have the new jersey, -- there was an ad of how bob nugan gouggoug gouged everyone. >> just because we mention it now. what happens to celegene >> it made a bad acquisition they made a bad acquisition and never really recovered from it they spent a lot of money on it. >> jim, how about any impact on financials with maxine waters running financial service. >> i think the financials can have a relief rally because i believe that had the senate gone

democratic you would have seen elizabeth warren calling immediately, her first thing would be to say i want wells fargo and i want them to come to washington and explain to me how you can rip them off that's one of her themes now warren is just a senator she could have been the most powerful senator she does not care for certain banks. if she does not hit all banks. >> what banks does she like? >> the one on the monopoly -- i don't know. >> she likes community chest >> you wear me out, man. >> i do? >> i come up with this great analysis 21.5 decline in zillow it is losing a quarter of its market value they're buying homes in the last quarter we bought

168 homes in phoenix and sold 32 this quarter is in the month of october. no one wants that. >> it is 100 homes >> it dmouoes not scale as well. >> these homes are hard to fix up >> i like spence >> oh, he's not here you mention cores, one of the biggest losers this morning. although callan likes target >> here is something amazing target like many retailers does a lot of business and they're trying to get private labor and get it out of china. people are not caring that retail has a lot in china. dollar general is not filled with stuff made in america you come with me to my dollar tree, you are going to see a lot of stuff that's nod made in

ameri america. have you seen it did you know that no one knows the one that i bought -- >> i go to china town here where they sell the same ones, i guess. >> forget it, david, it is china town >> exactly >> newell, i want to bring up newell >> thank you >> why should we bring it up >> you asked me to bring it up it falls on me to point out to our viewers when we have good calls because they like to get on you you have been good at judging the terms of these managements and thinking starbucks for example. >> yes >> it still got a way to go. you seem to somehow be warming up to this guy and somehow kept his job against all odds >> "pulpfiction" the balance

sheet. i welcome michael culp to come on i never cared for the jocelyns remember that? let's show some stocks i like to look at the charts neural is up >> newell is up. >> all the stocks that should react correct ways are reacting the correct way. i learn a code you know i went to coding school i went to code at trulia which was up 14 bucks. we have small plate bpizzas trulio is uber

it is air bnb. i learned to code, man >> you don't know how to code. >> no, i don't >> i took freshman year of college, i was awful >> guys, we got a race to call actually we have been waiting for governor of connecticut, eamon javers has that. >> this is one the candidates are calling it themselves. this is in connecticut, the gubernatorial race there bob stefanowski conceded to ned lamont a lot of tension over taxes and hedge fund quarters. less lessly says

less -- connecticut is such a very blue state. a good showing for republicans but stefanowski has called and he conceded that race. the democratic there is the winner >> thank you very much >> they lost a lot of businesses in connecticut among those have left, what was once sort of their area of concentration and certainly an important money for the hedge fund >> john paulsen reported he's in new york >> he left jersey. >> i always have to pay more multi billionaires move to avoid. they're all about money. >> well, surprise.

>> these people are taking actions not to be happy. have you gone two roads on the hamptons >> i want to see what happens when the panthers play the steelers tomorrow night, he is a steeler fan but he owns the panthers >> split screen. >> he's very charitable. >> you can tell this is a lead into a faber's report. >> no, we are not doing that but we'll hit dish >> that's a faber's report >> it could be but it is not i was told not to brand it >> it started the session not much and it is down 2.6% this is part of the overall ecosystem that we have been watching closely here. we talked often about netflix. how many video subscribers are falling off and direct broadcast

satellite, they're losing the most whether it is your cable company or not direct tv, we know the losses there. now we see dish. 341,000. take a look at some of these numbers. >> they cancel the -- they had a fight with everybody, david. >> they have a fight with everybody but those numbers are staggering direct tv at 346,000 they are close to dish they keep oncoming down and down they do add and remember they were the first out with the over the top group of channels and sling tv they're at 2.7 million total subs as we saw with direct tv now, the addition are slowing dramatically in the case of dish it is 216,000.

>> they start spending money that fell tramatically where are they going are they simply saying netflix is fine for me and that's all i need most of them will get a new service but they are price conscious. very price conscious dish has been fighting with everybody. >> that was a great -- they say sling tv is seeing an accelerate from a valuation perspective, it should not matter much where the sling is growing or shrinking. from an optimistic perspective, it is hard to imagine. some kind of future strategy for its video business i tried repeatedly to get the ceo of the company to join, it has not work ed out

they actually start using the spectrum that they have bought over many years. they spend enormous amount of carbon that cash on. that's where the value may be so we are waiting for where the plan is fully. we are watching it >> that's a tough situation. you can't fight with hbo that's like fighting with city hall >> they fight with everybody >> some of the nicest i have ever met, right? >> nicest but factitious >> i always enjoyed his conversations. looking forward to him >> wendy's with some traffic issues down 6%. >> mcdonald's is doing well. you know these are some shocking ones these are all pretty shocking. by the way, i mean you know if

you want to know the best of all, it is going to be humana which is up every single time. unh, had to pull that one out. you know what, that conference call was brilliant. we are not going to tolerate company where the shipping costs are too great. >> that guy silverman has done a heck of a job. amazon is the man. amazon in queens this is it and etsy in brooklyn. >> amazon is going to send out a 70-page toy catalog to u.s. homes to try to get some of these toy shares >> that's great. >> cornell has focused on toys

and even hasbro said that. >> amazon is up almost 3%. >> we did not mention the vote in colorado. big win for shale. >> holy cow. very big in colorado and before that, that was a lot of people -- the pollsters were so wrong. it was supposed to be neck and neck they interviewed people in boulder. those stocks can go higher of a big oil bare market. >> today marks the fifth anniversary of twitter going public here at the nyc we were all here on that day watching it go public, $26 per share was the price. we asked the ceo at the time what his company's platform

would look like in five years. here was his response. >> so many people understand that it is in dispennsylvan-- w, or what's happening right now in the floor and for us it is all about investing in opportunities to help everyone in the world to understand that. >> all right, not everyone in the world. facebook is obviously over the same period. >> he's a very nice man. >> yes >> he's out there trying to figure out what he's going to do with adam bayne. >> oh, adam, another nice guy. square is the other company valued at $32 billion. >> disney is down. >> how much do they have to

spend to build out there over the top. >> how much is who going to spend? >> a lot >> why did you come back to disney >> there is a lot of focus on disney and their directive consumer offerings that are roughly a year away. >> a couple hundred millions >> it is going to be a lot frankly they have paying half bank and half cash >> fox reported this morning they did not pay for it and did not have to pay for sky and getting money in for sky if you spend more for content in a netflix fashion and you are not netflix which does not have to worry about real money. i don't know i am going to recommend the people wait to buy disney until after their report that's my gift >> that's tomorrow night >> yes >> it is going to be -- i think it is going to be a great quarter. i think they have to spend more and they are not netflix anyone who sells it, i think

make a big mistake iger is staying and it is all going work out don't worry davey, it is going to work out. >> really? >> dow is up 218 let's get to seema mody. >> a day after the midterm, carl, we have a triple digit rally on wall street the dow is about 100 points away from breaking 26,000 s&p, we saw a big pop. just around 3:00 a.m. as those midterm results trickled in. investors asking what a divided congress mean? it likely reduces a chance of a further fax break and that's why the dollar is trending downright now. that's lending support to emerging market assets although still on track for its fourth weekly loss

with democrats taking control of the house, maxine waters is the next chair of the financial services committee that's getting a lot of talk here on the floor. c that's a negative for the big banks and expecting scrutiny of the ceos and regulators to call off to testify >> rallying big time today both michigan and north dakota voted to legalize marijuana. now beyond politics, key earning reports, zillow is down 25%. michael kors are seeing weaker sales at its retail stores and a concerning report from

caterpillar blaming the trade war for a rise in raw material cost we heard that from a number of companies. the focus will turn to online travel from trip adviser and qualcomm and square. a day after the midterm, you will see the focus quickly turns into back earnings >> seema mody. thank you. rick santelli in chicago >> so much to talk about look at the one week of two-yr and we are pushing ahead as we stretch the envelope back to 2008 of the comp of the two-year note year closes i know we had an election yesterday. that i thibrings a bit of a cycn the dollar index look at the one week of tens, be cognizant of the fact that we have a new guy on the block. we have a fresh opening. we'll have one of 30s today. there is a basis there

when luyou look at the one week chart, it is taking into consideration. the 10-yr did not break out of its one week range it did something really important yesterday, before the electoral results are out. let's open the chart up to september 1st. it had 353 now, we have a double top. the treasury complex, you have to pay attention to double tops as it backed away a little bit and realize there is going to be implementations and because of new information whether it is about december or 2019 or any change the policy people will be paying definite attention. many traders that i talked to most volatility will be in equities and the dollar index. look at the dollar index and

one-week chart, unlike 10s or 30s or 2s. we change the mo here. we lost the 96th handle. that's really important. we have not closed under i'd ca moves. it's not how volatile it is or how thin it traded in the evening session and where it went to, it's all about where it closes today and that's key. if you epitopen the chart up yoa see we lost the line at 96 and traders would be paying close attention to that on a closing bas basis. carl, jim, david, back to you. >> rick santelli. got another call coming in, a governorship called by nbc news let's get back to eamon javers. >> that's right. this time in alaska. take a look. not a surprise in alaska, it's very conservative state so you would expect republicans to win and that's where we're at here mike dunleavey

mark beggich the democrat wasn't projected to win. >> one question i didn't mention in our roundup was dell. the tracking stock for vmware. there had been broad opposition to the current deal to take out the tracking stock with an offer of cash and stock in dell itself the "wall street journal" reporting this morning that there had been conversations between dell and silver lake and their advisers and large holders. they want to have a conversation about what potentially would be a price they'd be willing to sell at.

i can tell you the conversation -- listen, it's ear early, the meeting isn't until december 9 but they are talking about increasing the mix of cash in the potential transaction much of the consideration made up in dell stock but there's discussion about increasing the cash component, therefore increasing the certainty of ownership there or what they will get in terms of their -- in response or i should say for their ownership stake. early days, we'll follow it closely in the weeks ahead carl icahn says i don't want any of that. you have to pay so much more and many others believe that need a pricer closer to 130. >> and vmware up, but a lot of cloud stocks are up. that was a big winner last night. dow hanging into a 189-point gain vix did hit a close to one-month low earlier today as it's below

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time for jim in stop trading. >> only in wall street could a company have same-store sales down 9% and people are going to say it's better than expected. i'm talking about papa john's. a lot of people feel their turn is here. i went to david earlier and said i find there has to be something going on here. it can't just be a turn but whatever people are loving it today there's a lot of positive retail news, cbs is up again. a lot of positive restaurant i think people feel now we're back to normal and let's go spend. i think that's a ridiculous analysis but it's in play. geez, every retailer is up post-election? what does that mean? >> i don't know. >> biggest one is up 3%. amazon. >> and drugs are up, people feel they're off the red hot griddle.

it's an amazing relief rally. >> s&p 200 day has been attained >> a lot of people are keying in on that zillow is not part of that rally for the record walmart breaking out here. >> krzanich tonight? >> new company, cvk. he's going revolutionize the process of buy a car having bought a car recently, it's the same as when i bought a car in tallahasse in 1977. you sign a lot of forms. now you can buy a car on your hand held and pick it up. >> that's great. see you tonight. 6:00 p.m 90 minutes from the president's press conference we're back in a minute

good morning, welcome back to "squawk on the street." i'll carl quintinilla with sara eisen and david faber at the new york stock exchange. major averages up about 150 on the dow, 22 on the s&p after widely expected scenarios come

tru true both sides have declared victory today. republicans won back the senate, democrats got the house. >> what the senate/house split means for policy, markets and your money eamon javers has an update on the races that we're still waiting on mark santoli discussing the market reaction, ylan mui explains what's next for congress, a deep dive into the winners and what that could mean for regulation of different industries and dom chu is keeping track of the gainers and losers post election let's begin with eamon and what comes next. >> at this point what comes next is a couple races that are still too close to call at this point so we expect those to roll out during the course of the day start in florida this is an interesting one rick scott and bill nelson we got information into nbc news from bill nelson's staff saying they're not expecting to make a concession any time soon so with this vote, not very wide here. the difference of 34,000 it looks like bill nelson's team is going to hang on here and not

concede, wait to see what happens even though if you look at the percentages it looks like nelson is behind relatively significantly. also in montana there's a little bit of uncertainty there as you look at that race. senator tester under pressure here, john tester, the incumbent democrat here. matt rosendale with 48.8% of the vote there then we have another state to look at as well and also we have mississippi. that's a key one this is going to a runoff that goes well into the end of the month. we won't know mississippi's second senate seat until november 27. we don't know what the senate will look like until the end of this month a big surprise is what was motivating the voters who went to the country look at this, health care, 41% of the voters nationwide said this was the most important issue.

this is the first time in the history of this exit poll that health care had been number one in a presidential or midterm year that is a very surprising result typically what's been the big result the economy. 22% in time around, 41% health care, what was the issue that the president based his entire campaign on immigration. just 23% of the respondents said that immigration was their most important issue. this is going to scratch heads on capitol hill as democrats and republicans figure out how can they talk to in this issue in a way that's coherent with democrats controlling the house, republicans controlling the senate and the white house is there anything they can do on the issue that's most important to voters in this election fascinating dynamic. >> important information joining us to talk about what the midterms mean, david zervos, chief market strategist at jeffrey, terry hanes, at post 9 morris mark, ceo of mark asset

management and mike santoli. guys, good morning to everyone set us up with an umbrella of how investors should be thinking about these results. >> first of all, remind people it went as expected and the reason we're getting a pop is there was that reserve of uncertainty because polls hadn't been great the vix was almost 20, the volatility index, which shows there was a hedge against an outlier scenario we didn't get that so i think it's the market's bounce and recovery process that started a week ago monday is now resumed. so you're up 6.8% from the intraday low of the s&p 500. it shows you the market was overstretched and they're taking this as, okay, fine, the election is out of the way so we can now unfurl the script for the fourth quarter which i think the consensus as is we rally after midterms, maybe we can get back to those september highs and figure out what 2019 means for the fed and the economy. >> morris, so you see any wrinkles

that. >> i think that makes sense, i was struck by the health care thing because health care is 8.5% of our gnp. it's only 9% of england, france, germany, the rest of the less and the life expectancy is the same people don't think they're getting their money's worth. that will have a lot of impact on industries going forward. >> and health care is the best performing sector in the s&p 500. is that an expectation that maybe democrats and republicans will look at the results, overwhelming priority for americans is health care and see some sort of opportunity for legislation or is it the opposite and that's why stocks are rallying >> i'm not sure why they're rallying >> that was for terry. policy question. >> thanks, sara. my view is that -- i'm not surprised by the results and i have eamon's answer.

in a nbc/"wall street journal" poll right before the election you had 70% of the elections very or somewhat satisfied with the economy but they're not satisfied about health care issues it's not so much the aca i think what a lot of it is is drug pricing that comes up as a top five issue everywhere and it's something that i keep telling markets is the sleeper issue of 2019 it's negative for pharma and bio and it's an issue that both president trump and congressional democrats have in their sights so i think you're going cfo cus around that. >> david zervos, citigroup said the election is not a buy because we still have anxious about the fed policy raising rates which we're expecting a meeting tomorrow.

>> it's a true gridlock outcome. it puts status in washington, d.c., takes exogenous stocks out of the system and lets the private sector focus on what it does best, which is make profits so this is a very positive results. it keeps the deregulation in tax cut themes that we got it probably tempers a little bit of the trade talk because it's not a landslide for republicans and most importantly as you brought up before, the fed was concerned about fiscal stimulus. i think takes the beyond neutral discussion off the table and gets us a gradual path into 2019 which is what the markets had expected but they were worried

about something more going beyond neutral. >> merrill says this puts down side risk on their 3.57 ten year you see the vix collapsing can we have a kumbaya moment for the next quarter >> i think it can feel goldilocks what i don't think you've necessarily done is liberate the market from those background concerns of where are we in this cycle? how will it proceed from here? will profits fall sharply or moderate into next year? i think until you get to the end, wherever it is, of this expansion, we'll be either panicking about long-term-year-olds going up of the or the yield curve being too flad so th flat so that's the world we're in right now. >> morris, is this something you're more excited about buying today than you were yesterday. >> i'm more intrigued -- we have

one investment in infrastructure, martin-marietta materials. i'd like to do more and i think one of the outcomes of the health care issue has got to be lower drug prices. it's got to be restraint on the growth of those, pend which you ares and people getting their money's worth and maybe we can find money for infrastructure. in terms of areas where we have great investments. we think amazon once again looks inexpensive, the free cash flow is growing and by the way they own pill pack. i think they can help bring down drug costs if they continue to do the job in that sector of retailing that they've done in other areas. >> terry, a lot of people are talking up hopes of infrastructure because it's something both parties can agree we need to spend money on. do they agree on funding and do you think it's realistic to expect a infrastructure package with the deficit ballooning like this >> infrastructure is a perfect

example, the marquee example of what i tell markets to expect in 2019 which a series of sugar highs where it looks like the political parties are about to do something then it crashes back to earth. what they don't agree is how to do it. democrats are saying we'd like it fully paid for but we'd like to pay for it by rolling back the tax cut which is neither president trump nor congressional republicans are going to agree to. so the how question -- and for the democrats' part, democrats won't agree to increasing deficit spending on this so what we see is an impasse on the how. we'll see a lot of that on infrastructure and elsewhere in 2019. >> what were you going to say, morris >> i think terry's analysis is very good and the real question is where do they find the money.

there's a real political incentive to agree because i don't know anybody that's happy with potholes and i don't know anybody that feels safe riding over bridges anymore so i think there's a real incentive there. >> david, how do the chinese -- what are they saying in beijing about these results today? how does it affect the trade conversation >> i think it has to temper the trade conversation a little bit. it was not -- it wasn't a landslide for the democrats but it was a pushback on the republican agenda and maybe it's going to get the administration a bit more riled up but i think the message is, you know, don't go too crazy, don't get this economy into a dark place going into 2020 because you're fighting these trade battles that's probably an important part of why the market can go higher for from here and probably is getting relief today. and i think the rate side is important. i'm a little less skeptical -- i'm a little more skeptical of

the infrastructure thing i don't think we're going to have a tip o'neill tunnel/ron reagan moment where the dems and republicans get together and they're happy and spending money together i think it will be a causing environment. that said, i think caustic is for the market okay. it's a stasis moment and it keeps the kind of -- it keeps big changes out of the market's view point and lets them focus on their own businesses. but it's kind of distracting >> david, it could have a negative impact, couldn't it, on the economy by way of confidence we have seen business and consumer confidence soar after the republicans took all three we've seen higher and spending, if we have a caustic divided government couldn't that hit confiden confidence. >> that's correct.

and in the mid-center of the country, that's where the confidence kach sell rated in the last two years so this may be a small setback it may be a boost for the confidence on the flings so there's a sort of glass half empty, glass half full story there. what you want to take away is this is -- dems didn't win, republicans didn't win, gridlock won. this is accelerate ago goldilocks theme that we are very much in at the moment with a 3.7% unemployment rate and a 2.0% pc deflator we are in goldilocks and gridlock in my opinion is going to keep goldilocks going longer. >> if there's a reflection of confidence, the nasdaq comp is a reflection of confidence are you still a fang guy in this environment? >> we go name by name. i think alphabet is just cheap, there's no other way to characterize it. i feel better about apple when and if we reach a resolution with china

that market is important to them and key to the world economy: if we make a deal it's win-win, if we don't it's lose/lose. the best value stock i know subject to that is apple i compare it to say procter & gamble which is lucky if it can keep its earnings. apple has growing earnings, has a lower multiple, has a better balance sheet and smart management so i think it's simple i agree with jim on that. >> and i would say the same. clorox being much more expensive than alphabet as well. >> exactly. >> terry, david, morris, mike, thank you. good discussion. we'll continue that in the days to come. >> thank you. >> thank you. when we come back, we are breaking down the sector winners and losers post-election identify some individual stocks. plus, 11:30 a.m. eastern time president trump will be holding a news conference. we'll take you there live to the white house as soon as he begins

speaking and the ceo of adidas speaking out on the heels of reporting results. his thought on what the election is going to mean for his company's bottom line and business in the u.s. the state of the consumer and his holiday forecast "squawk on the street" will be right back dow is up almost 200 points. what am i really being charged? and is it eating into my returns? is my advisor a fiduciary? is he always a fiduciary? a good place to start is with an independent registered investment advisor. as fiduciaries, they live by a simple rule: always act in the best interests of their clients. that's why charles schwab is proud to support more independent financial advisors and their clients than anyone else. visit findyourindependentadvisor.com

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the ibm cloud. [ready forngs ] christmas? no, it's way too early to be annoyed by christmas. you just need some holiday spirit! that's it! this feud just went mobile. with xfinity xfi you get the best wifi experience at home. and with xfinity mobile, you get the best wireless coverage for your phone. ...you're about to find out! you don't even know where i live... hello! see the grinch in theaters by saying "get grinch tickets" into your xfinity x1 voice remote. a guy just dropped this off. he-he-he-he. the s&p and the nasdaq significantly higher after last night's midterm elections.

dom chu is looking at individual winners and losers. >> david, beyond the bigger themes, we wanted to drill down on state-specific ballot measures having key impacts on the markets. on the medical side of things we have shares of davita which are soaring. there was a ballot measure in california talking about capping the amount of money being spent on dialysis patients the ballot decision boosting shares of fresenius medical care meanwhile, colorado voters rejected a measure calling for bigger distances between oil and gas drilling operations and public spaces.

that's a move some opponents have said would have limited the supply of new wells coming to market src energy up 16%, anadarko up 7%, noble 5%, dcp midstream up 10% as well. and we're talking about cannabis stocks those particular names are moving to the upside as well till ray, canopy growth, cronos group. 5% 2,% 3,% missouri provided a boost saying they were going to vote yes on medical marijuana, also names moving higher you can see those as well. a lot of sentiment building for state measures aimed at the marijuana industry. >> dom, thank you. when we come back, ceos in the election adidas's president speaking out to sara after the election

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keeping a close eye on material stocks getting a bid today in the wake of the midterm results amid optimism a divided congress could find common ground on infrastructure one of the etfs is ticker xlb, on pace for the sixth positive session in the last seven. among the stocks leading that group include vulcan materials, mark her yetmarietta, sherwin-ws that's because housing has continued to slump pressure bid interest rates and input costs while materials are rallying, the group trading in correction territory down more than 13% from those recent highs in late january. >> and there's amazon. ceos are weighing in on the midterm elections. on cnbc all morning long adidas just posting strong results, boosting profit. i asked ceo kasper rorsted why the u.s. is doing so much better than europe for the company.

>> the underlying economy in north america is better than the one is n europe. we're still market share catch up we still really need to expand our market share in europe you have a slower economy although brexit is not helping and i don't think we acted quickly enough to changes in europe as we did in the u.s but overall it's been a great -- it's a great year so far. >> you have to operate in all sorts of political environments. we're digesting the results of last night's midterm elections talk about how it is to operate in the u.s. political environment. >> i think we need to be a bit humble as a company. we sell t-shirts and sneakers and -- albeit very good sneakers so tax reform has helped us because the consumer has more money but the overall politics has very little influence on a sporting goods brand because in ways we are politically irrelevant so the market conditions haven't

really changed if they've changed it's correlated to how much the consumer has in his or her pockets. >> it influences you on trade policy do you hope the results of the midterms soften the president's tactics on trade >> i think free trade globally has been great for global economy so wherever you put barriers in it does have a more negative tone to it and you have the current politics in the u.s. you have to conversation so farias it's's -- so far it's not prevented us from growing in the usa. >> what do you see for the holiday season relative to holiday seasons in recent years? >> we'll see a very solid holiday season not only in the u.s. but as you know 11/11 coming up in chain, singles day, that's the single-biggest

trading day in the world we will have strong sales in china and the u.s. >> i have to ask you about the latest kanye west drama. there's always something new and the latest is that kanye tweeted he's been used to spread messages i don't believe in. he pledged to stay away from politics there are some reports he was starting to feel in the his business have you seen any dropoff in the easy collection in kanye's products as a result of him visiting the west wing. >> we have a great relationship. we had a strong third quarter. kanye was over here and we expect to continue with strong business so we've seen no slowdown in connection with kanye west. >> but you have to be relieved he wants to stay away from politics. >> to a certain extense but when you sign up an inspirational and creative person, you don't get

mainstream we've had a good relationship with him politics is his choice we don't ascribe to all of the statements he makes, we sign up to the work we jointly do. >> i have to ask you about the underarmour story. it's under fire for culture issues after it came to light that just in february they decided to ban expensing of strip club visits for executives is this an industry practice is this something you've ever allowed? >> i've only been in the industry for almost three years. i've not experienced this. i can't speak upon whether that's an industry practice. i'm not aware that we would have entertained those social behaviors but i can't speak for industry going back many years in the years i've been here, it's not been part of what i've been aware of and i do not tolerate that within our company. >> you don't have an expense policy that allows for strip club visits? is that what you're saying >> not to the best of my knowledge and i'm not signing

off on that. >> i can't believe i have to ask you. that nike has had a moment of reckon i reckoning have you been warned have you put new measures in place to insulate your dpraen these sorts of issues? >> from a consumer standpoint, it hasn't benefitted us. but it raises the question also to us are we behaving appropriately. do we have the right controls in place. are we accepting behavior which is inappropriate. >> our thanks to kasper rorsted. he got more than he bargained for i think but these are big issues on culture. interesting he said it doesn't influence consumer behavior. he cleared now dropoff in the kanye west yeezy line.

>> he's gotten good at answering your questions about kanye. >> i thought he said he was relieved to a certain extent i was surprised he said that even though he usually just says kanye's inspirational and you get what you get when it comes to him. when we come back, a look at the new congress, a deep dive into the policy priorities of the winners and what that means for e thmarkets and your money dow is up 191. [ phone rings ] what?!

ready for christmas? no, it's way too early to be annoyed by christmas. you just need some holiday spirit! that's it! this feud just went mobile. with xfinity xfi you get the best wifi experience at home. and with xfinity mobile, you get the best wireless coverage for your phone. ...you're about to find out! you don't even know where i live... hello! see the grinch in theaters by saying "get grinch tickets" into your xfinity x1 voice remote. a guy just dropped this off. he-he-he-he. good morning, everybody, i'm sue herera here's your cnbc news update at this hour. white house counselor kellyanne conway saying last night was his store that i can the republicans held on to the senate and that the democrats in the house will have to work with the president for the good of the country. >> democrats will come with good ideas for the country and this

president will listen to those proposals. they have a burden to come here to the white house and present to the president i think it's no accident that the republicans held and will gain in the united states sen e senate. the kremlin says the results of the midterm elections won't hurt ties between russia and the u.s. because those ties are already pretty bad spokesman dimitry peskov said it would be hard to make things worse. deceased candidate dennis hof defeated his challenger in a nevada assembly district race. the former brothel owner died after celebrating his 72nd birthday he was running for nevada's 36th assembly district as a supporter of president trump that's the news update i'll send it back downtown -- actually downtown to you guys. >> all right, sue herera, thank you very much. the dow up 200 points, hanging on to a rally posted my term election results. our ylan mui is in washington

today looking at the new congress in place and what their policy priorities mean for your money. ylan, what's on the slate? >> a change in power means a change in leadership nancy pelosi the presumptive speaker has been clear about her top three agenda items they are campaign finance and ethics reform, lower drug prices and infrastructure. >> here are the lawmakers that investors need to pay attention to they are the likely committee chairs who will be responsible for turning those priorities into legislative action. we have richie kneel in the house ways and means committee, maxine waters on financial services, peter di fazio on transportation and elijah cummings on oversight. i want to talk about richie kneel from ways and means because that is the committee that overseas tax and trade, two critical issues for the markets. on trade, richie neal has said the bar is very high for him to support the new usmca.

also remember richie neal voted against the original nafta so this is a guy who not only talks the talk but has walked the walk sand a free trade skeptic. also important to note, maxine waters someone who the president picked a fight with in the past. she's likely to be heading the financial services committee she supports several issues that could be important to the business community as well, including filling those seats on the xm bank and also reauthorizing the flood insurance program. however, she has also said she want toss do investigations into wells fargo. deutsche bank and equifax so that's what she wants to look to if she takes the chair. democrats had been hoping and praying they would take control of the house they have been preparing for this moment because they want to get out of the gate at full speed. in the upper chamber, mitch mcconnell is slated to start

speaking any moment about republican priorities, we'll let you know if he says anything back to you guys >> you mentioned trade there's conventional wisdom on wall street that it's all the executive branch, the president has power which, of course, is true but you point out the usmca. what about the fact that this president has launch it trade talks with japan and the eu and the uk where do those stand and how much discretion does congress have over any deals he strikes >> all of those will ultimately have to be ratified by congress as well. they will have to go through the legislative process and one thing democrats could potentially do is draw this process out for years so that the president would not have that final deal in hand when he goes back to voters in 2020 to make his case again. >> such good insight, ylan let's get more analysis from our election desk. with us eamon javers, john harwood, michelle caruso cabrera

and, john, you talked the pelosi what read did you get from her on her priorities? >> on the issue you were just discussing with ylan the u.s./mexico/canada trade agreement. she said she was not committing to passing that deal she says it's a work in progress, we don't have the details. she did have some legislative priorities that she outlined that reflected what the exit polls show last night. health care, people concerned about unexpected health care costs. this has been an issue with pre-existing conditions and the election as well as pharmaceutical costs both trump and nancy pelosi said they want to bring down costs. however democrats want to go further and senate republicans are likely to resist one health care development independent of congress was the advancement in three red republican states of voters

deciding to expand medicaid. that will be good for hospitals so big pharma is in the cross hairs but hospitals are potential winners from this expansion of medicaid. nancy pelosi said she wants to pursue potential infrastructure deal with president trump but i think that will be tough because of rising deficits and resistance from republicans in the senate from making them bigger >> one of the big questions i've got is how are they going to translate these economic anxieties we're seeing people reflecting in the exit polls you've talked about the economy not being top of the list but health care right at the top of the list, that's about worry about what will happen to me and my family. and immigration, worry about what will happen to the job market when you have an era of divided government and you have the house and senate going in two total different directions, is there any way legislatively for democrats and republicans to solve these issues that americans are saying we're so anxious about? >> possible but not likely

you have unexpected moments where both the white house and congressional leadership may feel an imperative to do something and that could be on prescription drugs or something to secure obamacare exchange which is have been rickety over the last two years but i would not predict that. >> but my sheichelle -- but. >> but when eamon says -- is somebody trying to talk to me? i can't hear programming if that's an issue. the question of whether or not -- what could be done on prescription drug costs, for example, it's the nature of the president and nancy pelosi to maybe want price controls but the fact is, you're never going to get that through a republican controlled senate. >> in a weird way you have three parties in washington, you have to trump party, the democratic party in the house and then a lot of the old traditional republican parties in the

senate how do they resolve that they won't go along the idea with price controls for drugs. traditional republicans, a lot of those folks approach from economy same way they've approach it for years. >> one final point deregulation probably continues even though the house is in control of the democrats because you'll have more conservative judges who will push back the administrative state, which is the criticism from a lot of republicans that without statutory right, a lot of judges have been creating regulation when they shouldn't have been. back to you guys. >> >> amoa health care has domid the list of concerns according to nbc news exit polling 41% of respondents listed it as their number-one issues which could influence priorities, government spending and stocks for more, let's bring in gene sperling, national economic council director under presidents obama and clinton good morning. >> good morning, thanks for having me. >> how does this translate

number one issue on exit polls is there a line there? >> i think there is. i think what this gives democrats a chance to do for the first time in many years is set a policy agenda. there's going to be a lot of speculation on what is trump willing to go along with, what could get through the senate, but democrats now could pass bread-and-putter economic issues like a $15 minimum wage. like dealing with student debt, which is a problem across democrat and republican families on health care they can make very clear they're passing legislation in the house to secure exchanges, secure protections for pre-existing conditions, to take on big pharma to lower prescription drugs. how much trump decides to go along with or how much you can get through the senate, we'll spend a lot of time talking about that be think about it, democrats will be able to answer

the question very clearly, what are you for? what are you doing for the economic security and dignity of my family? and at least put it to trump and the republican senate, are you saying yes, no, are you willing to work with us? >> mcconnell is on the tape, obviously one of his first public comments after results are in, he says infrastructure legislation could advance. that's not a coincident he picked it. do you think that's the top priority >> i think it will be a -- one of the top economic priorities i think democrats will, i think, probably start by saying, you know, we can have a big infrastructure package and we probably don't have to raise the deficit because we can take back some of the excesses that went to the most fortunate people in the recent tax cut which was not a real winner at the polls for republicans. you know, so you can see there will be some battling over will this be a deficit expanding, will it be paid for but i think

democrats will be on offense right aby a. trump suggested he'll talk to them but as was just said on your show, you're going to have a republican senate that probably is okay on infrastructure, perhaps willing to do it but isn't going to want to pay for it and isn't going to want to maybe do it without any financing so you can see some real battles where democrats are putting forward bread-and-butter economic issues in the house and mcconnell could start looking like dr. no. >> jeanne, as we're speaking, a little more color on mcconnell's comments from ylan mui. >> mitch mcconnell just speaking now saying he spoke with nancy pelosi this morning about the possibility of a bipartisan agreement on infrastructure. >> i have a long list of things we did on a bipartisan basis

from water infrastructure, the best appropriations process in 20 years airport infrastructure fda authorization. on and on. there were plenty of things we work together on and i have to tell constituents, they think we all hate each other, that the senate is a pretty collegial place and even though we have big differences over things like taxes and judges, there were plenty of things we did together and there's no reason that would stop because the house becomes democratic. >> what's up with infrastructure what big issues there? >> well, we'll see, we'll see. >> and nancy pelosi has said that infrastructure is on her list of top three priorities however she said she wants a $1 trillion federal investment in infrastructure that means spending public

money. that's something republicans don't want to do i can tell you that peter di fazio who is the likely chair of the transportation committee in the hoss met with white house legislative direct oor knight about a way forward so lots of discussions in place but so far from an agreat amount. back to you. >> super early ylan, thank you very much. gene spurling still with us, what are the odds we get some type of market-moving legislation like infrastructure? >> i think it's tough to tell. they're going to want to date a little but whether they're going to get all the way to being engaged on infrastructure, i'm not sure because democrats didn't take back the house to just go along as was just said with minor little infrastructure things or tax incentives that might benefit investors more and might or might not increase infrastructure they want a serious infrastructure bill that creates hundreds of thousands of jobs,

their proposal is probably for a trillion dollars of real money for schools, bridges, modernization. everybody is willing to compromise but the type of thing that you've seen the senate republicans go along with is more of a check the box minor thing you can call infrastructure and i think you can be sure that the democrats in the house will be pushing something that is much more substantial that they can show will be much more job creating in the ways people expect when you have a major infrastructure modernization bill. >> you also have a major deficit you're looking at next year, perhaps as much if not more than a trillion dollars to use that number again how can you pass a trillion dollar infrastructure bill when you won't be able to pay for it and you're facing a huge deficit? >> well, the democrats i think will come forward and say that they will pay for it they have a proposal that's been

put out already but it does mean taking back some of the most recent tax cuts that went to the top 1%, perhaps taking back some of the amount that went to the largest corporations so the issue for democrats is they probably will have a bold infrastructure that is definite neutral. but i think democrats will be able to start on offense with a major infrastructure bill that they are -- they will say is paid for with taking back the high end part of the tax cut that was passed. >> that explains the action that we're sticking today as investors discount maybe the point of infrastructure. gene, come back soon. >> thanks for having me. when we come back, look at

shares of zillow getting smoked on pace for its worst day ever down 24% after a quarterly loss. the real estate web site operator issuing a weaker-than-expected revenue forecast and getting another check on the major averages, we have a 200 point rally on the dow pretty much strength across the board. all sectors are higher led by health care technology and consumer discretionary "squawk on the street" will be right back

how should you play this going into the report in find out on tradingnation.cnbc.com more "squawk on the street" is coming up.

when i was shopping fothe choice was easy. i switched to geico and saved hundreds. excuse me... winner! that's a win. but it's not the only reason i switched. hi! geico has licensed agents who i can reach 24/7. great savings and round the clock service? now that's a win-win. winner. winner. yay me! oh, hi! good luck. switch to geico®. it's a win-win. welcome back to "squawk on the street." rick santelli here i'd like to welcome my guest, mark summerhill. thank you for joining me this morning. >> thank you very much for having me, rick. >> you know, two topics i want to hit with you, i want to hit

the economy and the fed. i think we need to start with the economy. after the great jobs report, a couple of things sink in growth in the labor force is a big plus and a rise in employment to population and labor force participation rates, which means we're pulling in people we stopped counting can you talk about that and how the fed may interpret those statistics >> no, absolutely. first of all, the economy is great right now. what we're getting that is not discussed very much is a very strong supply side response. so over the last year, we've created 2.7 million new jobs at the same time, 2.3 million new people have come into the labor force. so about 85% of those new jobs have been covered by an increase in labor supply. and so that is allowing the economy to grow rapidly without putting a lot of pressure or creating imbalances that would make the fed go faster than they already are going now. >> mark, i can't stress enough, ed lazere and i discussed this,

this is a huge variable. at some point it might be a good buffer between some of the pressures of a labor force that we need and jobs that we're creating to keep it from turning into inflation and wage inflation. now that it's the first day of a two-day fed meeting, do you see any surprises on the horizon >> i don't think so. i think the fed has -- they look at a couple of things, the economy first and that's very strong second is markets. and in the end markets will tell the fed when they need to stop i don't think markets are signaling that at all. by far the best predictor of the fed's behavior is the spread between the fed funds rate and the 10-year and that is about at a positive 100 basis points which means they still have room to keep hiking the dollar is about the exact same level it was on election night when trump was elected, so we're not getting a strong enough dollar to make the fed signal that they have to stop. and also when we had the sell-off last month, really interesting that we had high yield debt was following

equities, not leading equities that's usually a sign that it's a market correction and not an economic downturn. >> you know, that's a huge point, mark. the barclay spreads on high yield investment grade have been acting very well granted it had volatility, you can see it in the etfs all right, real quickly, disinflation, deflation is also the boogieman of the fed just finish this up with some comments that you wrote about that were made by paul volcker regarding disinflation. >> paul volcker made the most important comments on central banking in a long time he said most central bankers do not understand deflation comes from one thing and that is when the financial sector is collapsing that comes from boom/bust psy

psych -- cycles to start in the first place. >> what a great place to end our conversation on. mark, thank you for joining me sara, back to you. >> rick, thank you let's send it over to jon fortt with a look at what's coming up in the next hour on "squawk alley. >> we're continuing to look at election impact on tech and beyond of course markets are higher, but there are some local issues too that were on the bloalt. we'll dig in coming up on "squawk alley. (toni vo) 'twas the night before christmas,

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