but when you look longer term, you will get a vaccine, you will probably get more stimulus and the fed. but we'll talk about that later. that does it for us. a special edition of "squawk box" begins right now. i'm here to tell you tonight we believe we're on track to win this election. >> we will win in and as far as i'm concerned, we already have won it >> yep, those are the statements from former vice president biden and president trump overnight with millions of votes still to be counted the winner of the presidential race has not been determined as of yet we'll show you where the count stands and we're getting more data from the key battle ground state of wisconsin we'll take you there live. the special edition of "squawk box" begins right now. welcome to "squawk box." i'm becky quick along with joe kernen and andrew ross sorkin.

we'll start with the movement we've been watching in the stock futures over the last 12 hours it has been a pretty wild ride we were down as much as 470 points at the lows and then up as much as 300 points at the highs. things have since settled out. if you are checking out where the dow is, be implied open of down about 50 points right now and s&p up by about 18 and nasdaq up almost 300 points. and there are all types of theories some people were saying this is the new flight to quality. and we'll look at treasuries in a moment but tom lee may have been the best reasoning for what i heard. he did have underperformance on those technology stocks the last several weeks and there was a concern that if there was a blue wave, there would be higher capital gains so it would make sense to sell some of your big winner, tech stocks in player if you wanted to get ahead of that. if it looks like there won't be a blue wave, so maybe it is

worth jumping back into those names. treasury dwreeyields, there was flight to safety here. people were buying treasuries and buying big in fact at the height, the yield for the ten year was sitting at 0.945% it has settled back down and now sitting just plbelow 0.8% andr andrew let's talk about where things stand as of now the voting of course over but the counting is not. want to get over to eamon javers who has the latest break do unoig of the states that have been called and the states that still have to be called. >> as you said, the president falsely claiming victory saying frankly, we did win this election, but take a look at the big board here and you will see that the president did not necessarily win the election yet in that race to 270. the president and joe biden now

neck and neck really 224 for joe biden, 213 for donald trump in the eleak toctol college. the biden campaign releasing a statement very critical of the president for what he said the biden statement saying that the president's statement tonight about trying to shut down the counting of duly cast ballots was outrageous, unprecedented and in-krenkts it was outrageous because it is a naked effort to take away the democratic rights of american citizens so where do we go from here? if you look back at that map of the nation and look at wisconsin, a little bit of new information and that is the state that has actually moved a little bit over the course of the past hour or so. shaquille brewster from nbc news filing this report on wisconsin saying that wisconsin does not have automatic recounts even if the unofficial results are extremely close. but a losing candidate who wants

to ask for a recount, must wait at least one week after the election so if we are very tight in wisconsin and it is close there now, there is the possibility of a recount there, but that couldn't start for a week after election day so as we start to war game out the scenarios here of what this indecisive moment in american politics might look like, there are some scenarios where this could go on for a very long time, longer than just 24, 48 hours. >> walk us through if you could though what is happening in pennsylvania given the references that the president made to legal challenges there where are we in arizona right now? >> pennsylvania and arizona still have not been called if you put the map back up, you can see the gray boxes are hanging out there. pennsylvania you remember they were not allowed to start counting the votes until election day even the early votes that came in, so what we see now is 55.7% trump, 43% for

biden, a difference of 677,000 votes. we'll see what happens, but the expectation has always been that the vote count in pennsylvania would be what they call the long count. this would take some time. and in arizona, i can tell you just a couple hours ago, i talked to a republican consultants on the ground in the state of arizona who said that the count there is stunningly sloe, the area around phoenix. where we are now is 51.8% buyer deny, 46.8% trump. this republican consultants just a couple hours ago was arguing to me that there still was at that point enough vote out there for donald trump to capture the state of arizona we'll see whether that is still a mobility as the hours go on. but that would be an opportunity for donald trump to snatch away a state that the biden campaign has had its eyes on all through

the evening. and as we go through the morning hours now, the scenarios become narrower and narrower for both of these candidates. but as of this moment right now, both of these candidates have a chance to win this election. and we'll just have to wart and see and it could be as we say a long weights because of the situation in pennsylvania and because of the situation in involving the hypothetical recount scenario in wisconsin. there are scenarios where it takes a long time to work itself out. >> i've seen different figures on what is remaining in pennsylvania and what needs to be made up i've seen some that say that joe biden would need 80% of the remain determine of votes. do you know the actual math there? >> yeah, i don't have it as i sit here we can put the pennsylvania viz backing up and you can see where we stand right now what the estimation is, as you look at pennsylvania, that 1.8

million votes remaining. so there is a lot out there. but 74% in, you know, there is still a lot of vote out there that we don't have an answer on. >> yeah, i saw a million left. obviously that math wouldn't work on the 80% there. >> i can't did math off the top of my head >> yeah, the one i saw, there was a million remaining.o math p of my head >> yeah, the one i saw, there was a million remaining. did we know if it is rural or urban of what is left? >> i don't know that >> it is the early vote that is still left because it was the votes that came in early in pennsylvania, the rules say that they couldn't start counting those early votes, the vote by mail or absentee ballots until after the polls closed and so that may be where a big portion of it is, the early votes, which is why the anticipation is always that the president would be ahead because

he would get the majority of the vote that turneded out that day. the earlier vote that takes longer to count, the expectation is that joe biden would have a bigger lead there which is why we have to be patient about and wait to see what happens >> and have you ever seen where people want to go to bed or something? why do you stop counting >> in allegheny county in pennsylvania, they said exactly that, that the people needed to get some sleep hope you got some sleep. >> yeah, i got about three hours or so. but it was a hard sleep, i'll tell you the alarm -- i wasn't like waking up and turning it off before it went off it went off and i didn't know where the he will i was none of us know where the hell we are right now anyway. that feeling was connect >> yeah, the feeling of unknown. >> yeah, where the hell am i still overwhelmed by that feeling. >> but look, we're in

unchartered waters to some extent, but we've seen recounts in america before. >> oh, don't bring that up >> we've seen long counts. we're not in some sort of panic zone we're in a zone where the counting process is happening. the legal process is happening we don't have a disputed election at this point despite what the president said overnight, this he made an allegation of fraud which is entirely baseless, but that is not what is happening. what is happening is a legal and deliberate count and at some point we'll get a result >> thus far everything to some degree -- i don't know if the outcome will be expected, but the outcome in terms of the timing and i thinkgust all of t match nations that we thought would happen are happening >> this is what you are expectiexpec expecting to happen?nations tha

would happen are happening >> this is what you are expecting to happen? >> we've been saying for weeks that you wonlgt get the result immediately. that the president might claim that he-46. >> but not a blue wave probably. >> all of these things are what we expected. the outcome may not be what we expect because we'll see whether the polls are right or wrong but in terms of the expectation of where we'd be at 5:00 a.m. the day after, i think we're pretty much where we thought we'd be. >> nailed it okay >> and we'll be talking to frank luntz later this morning, he said yesterday that if the pollsters didn't get this right, that it could be the end of that industry so we'll see what he thinks. in the meantime, phil lebeau is joining us live from milwaukee this is one that we're watching very closely >> and the question is how much of the absentee vote that may still be out there in different municipalities around the state has yet to be counted.

there are some reports that not all of the votes from the city of green bay have been reported yet. we know that within the last 45 minutes, all of the early and absentee ballots that were being counted and you saw us in the count center most of yesterday here in the city of milwaukee, those were finalized, brought over to milwaukee county and that was the big boost that was given to joe biden which then put him ahead at least for now of donald trump by about 10,000 votes. but again, there is still a number of different areas where to our understanding, and we're trying to get clarification from the state election officials on this, to our understanding, there are some areas where absentee ballots may not yet be counted. so as a result, what you are looking at is as eamon was explaining, a very, very, very narrow and tentative lead for joe biden. but certainly we're not at a point where anybody is saying okay, yeah, we've locked it down

for wisconsin. >> i heard earlier that you were saying that it could take until thursday to get all the votes counted in wisconsin, is that still what you are hearing from election officials >> yes, that is what we're hearing. most were optimistic that if the margin was not this thin that they would be in a position where they could say either donald trump or joe biden was the winner for the state of wisconsin. clearly that is not going to happen you've got a gap here of roughly 10,000 votes, maybe a little less than 10,000 votes and with some that are still outstanding, i would not be surprised if it does go into if not later today or thursday, it will take some time before they can say, okay, we believe that we have all the ballots. >> phil, in the meantime election officials there saying that this is kind of what they had anticipated in terms of how long it would take to get the

absentee ballots in? >> yes when you mention to them the possibility that you will have some outstanding absentee ballots from around the state, you never got the impression that, oh, no, we'll definitely have everything locked in 100% by early wednesday morning there was always the possibility that you were going to be waiting on some votes. to what amount, we don't know, but now it is clear that this is the reason why when you talk with election officials, you never got a sense from anyone that they were like oh, we definitely think that we'll be calling this on tuesday evening or wednesday morning at the earliest >> so thursday potentially and as eamon just mentioned, there is no automatic recount if it is a very close vote, you would have to wait at least a week from election day before one of the candidates can ask for a recount. >> right and remember, this is a smaller gap righ

depending on whether this holds up, this gap of about 10,000 votes, a little less, that is smaller than the gap in 2016 which was just under 23,000 votes. >> and that was close enough phil, thank you. appreciate it. and coming up, much more on the impact of this election on your money check out the movement in u.s. equity futures overnight a big lineup of investors to break down the market moves. all these guys probably should send in new notes, new pre-interview notes. ♪ for skin as alive as you are... don't settle for silver ♪

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welcome back stock futures were volatile overnight. let's get to mike santoli with more on the market moves interesting the divergence between nasdaq and the dow did you sleep yet? >> tried didn't really successfully get much in there. >> all right be careful if you are punchy, don't say

anything that could move anything >> i won't operate any heavy equipment. >> maybe have a script >> and yeah, that is the recipe. futures are twitchy with the headlines. around 2:30 when president trump said we don't want to see votes be counted beyond 4:00 a.m. or something like that, and essentially said that he had won the race it was pretty fleeting though. i think the market mostly trading based on is this a long drawn out process or not and the nasdaq rally, bond yields coming down suggest that investors are walking back the blue wave reflation trade, all the stuff getting built into the market i think that is being stepped back a little bit because we don't know how this will play out. i would say relatively modest moves in the sense that we were up 3% in the s&p this week, down

6% last week, where he fe finisd yesterday pretty much in the middle take a look at the experience of the s&p in the year 2000 you when we had that prolonged contested election result. the market was already in a steep downturn and you see election day is right around in here you got the decision of the supreme court right there. and quick selloff and then back. and when you look back, you don't really mention that much about the disputed election that george w. bush ended up winning. it was about everything else going on in technology bond yields has been a story, on the rise 0.9% on the ten year note again, it is a rethink of that entire idea that you would get a big fiscal push. i would not make 25067 of eveto these moves because i think that it is happening very much on the fly.

finally, vix futures, we've been prepared for some kind of potential volatility, some indeterminate outcome. so this is showing vix for different honesties. y -- months it is coming down a little in december and you see it bleeds lower from there as people are assuming things get somewhat back to normal but as i said, we've been braced for maybe not really knowing what is going on election night no months rig for months right now so maybe the market is taking it somewhat in stride >> just my ears perked up, i don't know, i think about a lot of different things. and we're right in the middle of this and when you said an los angeles that george w. bush ended up winning. and there are stirl people are you know that -- you know, he won. >> he served two terms i think that we can say however the first one got there -- >> you understand what i'm saying >> yes, i did.

the supreme court tilted >> work with me. all right. hopefully that is not the way that -- hopefully there is a clear -- >> absolutely. >> let's dig into mathe market reaction ing joining us is mike lewis i just read all your comments from yesterday which it is like reading, you know, a newspaper from a couple years ago. so what did you see once the night played out in terms of volatility, solar stocks, technology, everything else. >> good morning, guys. thanks for having me on. you know, with the uncertainty that we still have, you where seeing a reaction in the market which is probably somewhat anticipated. i think the big news for markets right now, at least as it looks preliminarily, is that there is not going to be a blue wave.

which is generally suchlt difference f supportive for markets so i think this is more about policy and the fed than it will be about politics. which is a good thing for markets from that perspective. and from what you see with what you mentioned with the vix before, and what you are talking about with nasdaq futures and s&p futures, it is a reaction from the marketplace this is telling you that at some point with this being less about politics and more about policy and the fed, and the stimulus that is ongoing and the likely fiscal that will come at some point, that you will still have the support of equities. >> from what we're looking at now, and i know you are talking about money, trading, this is like any other day for you, but given what is going on in pennsylvania, wisconsin, arizona, he have wheeverywhere e now done 108 on the dow while the nasdaq is up 240 what do you attribute that to?

>> i attribute to a couple different things first of all, we had a pretty significant amount of volatility last week with the selloff into the election and a lot of that is based off systemic supply in the market place. and natural, you know, monday, tuesday buns was a lack of sellers for lack of a better term what i expect going forward, you know, kind of getting back to what i mentioned before, when you don't have one party controlling all different parts of the government, it is good for markets. so i sxenkexpect the vix regard of the indecision that we have right now and we don't know how things will play out, i do think that the volatility probably comes in a little bit and i think that you will continue to see the market well. and when you start getting more results coming in from the key swing states in the middle of the country, depending monday which way they go, you could see

some things happen on a sector level.monday which way they go, you could see some things happen on a sector level. if they swing to the blue, you might see something happening with solar and potentially higher proximity for fiscal stimulus and made that means for rates in the yields curve. if it goes towards the red, it could mean something for less of a likelihood of corporate taxes and you could see large tech act better so it depends on how the swing states come. i expect that we'll have more information throughout the day >> yesterday i was not only looking at the advance in the averages, but also the make june -- the make july up of some oft i saw something like disney with theme park, up solidly higher. it didn't look like shut-in stocks were going as well. do you think the market was sniffing out anything about what was transpiring around the country at that point?

>> to be honest, i don't i think that the way i look to look at markets, we are heading into something that as significant as today is, you see more reactive risks the days ahead of it. so things that are sellingoff might have been overbought you can certainly say as we saw the polls tightening up a little bit into the election, potentially some factors, shut-in stocks like understand start to act a little differently, but i don't think that the action yesterday was due you to risk taking >> all right, mike thanks we'll see you later. appreciate your your -- well, you are up every day. >> and that is why i look like i do thanks for having me >> because, what do you look like normally?

>> yeah, could be a little lighter and a little sleeker >> all right thank you. >> thanks, guys. a lot more coming you up on "squawk box. we'll run you through the latest vote count and the updated totals from battleground states as we head to a break, big news for uber and lyft this morning the companies winning a california ballot measure that exempts them from state labor you law. it means that they can keep drivers as contractors uber and lyft shares are up big hugely this morning. has huge implications for the conversation around labor in america and the gig economy in america. this of course considered a liberal state making this decision changes the conversation

welcome back to this special edition of "squawk box." voting is over, but the counting continues. u.s. equity futures have settled out quite a bit. this has been a pretty wild ride to watch up by 300 or down by 400 points, you can now see the dow futures down by about 100 points s&p 500 relatively flat, up by about 9. and the nasdaq up by about 240

points we'll continue to watch that in the meantime, six key battle grounds states still up for grabs. the votes are in, but they haven't been counted and reported yet in some places they may not be until later in the day or even later in the week. here is a look at the hunt for 270 electoral votes. both candidates have paths to the white house, but they are different routes and there will be a lot of maneuvering to see what happens to this. very close race in wisconsin in particular and right now biden 224 electoral votes, president trump 213, but still anything up for grabs at this point. here is what the candidates said about the race in the early hours of the morning >> it is not my place or donald trump's place to declare who has won this election, that is the decision of the american people. but i'm optimistic about this

outcome. >> we were getting ready to win this election. frankly, we did win this election and we will win this and as far as i'm concerned, we already have won it. >> and let us remind you the winner of the presidency has not been determine and we continue to keep track of course of the votes as they come in. joining us right now to talk about where we stand, frank luntz, someone we have been going to throughout this election season. frank, i said earlier that maybe it is not surprising that we don't have the answer as of now. we've said for weeks that it is unlikely that we would though obviously in the 24 to 48 hours ahead of the elect, some of the polls seemed to suggest that maybe we'd get a quicker answer and i think the markets were potentially even bretting o that are you surprised at the outcomes we've seen thus far >> my single biggest surprise is

not something that you guys have been talking about is that it looks right now that the republicans will keep control of the senate that did not look the same way 48 hours ago my second biggest surprise is that the poll is iters at cnn and a few other places have not apologized for the numbers that are completely wrong, that it appears that -- and by the way, it still appears that when all the votes are counted, joe biden is the next president. but that has not been confirmed. and the third surprise is that people have not been more insistent on telling individuals calm down, that every voice be heard, every vote be counted, that we don't rush to a decision, we accept whatever has happened in the election and i'm surprised that there hasn't been more of a public discussion of that over the last 12 hours >> you did make a comment that you thought the numbers pointed

towards a biden victory. and of course we will stipulate here that we still are counting those votes and do not have such an answer. but walk us through the path that would get you there given the states that are still up for grabs. >> so if you can put a state map up, i'll go state by state nevada is in the democratic camp and some networks have called it some have called arizona as well so you have to add those two states and i'm watching the numbers, i think georgia goes for trump, i think north carolina goes for trump. but the three critical states and donald trump would have to win two of them at this point are pennsylvania where he has a clear lead, and michigan and wisconsin who will be much more difficult for him. we could have a situation, i think most likely outcome is that whoever wins wins with less than 280 electoral votes, which means only one state away on either side.

much closer than any of the polling indicated. biden has the advantage because he is either leading or tied in michigan and wisconsin, he has won again to most network reports both nevada and arizona. so the path to 270 is more clear and more different ways to take it for joe biden than donald trump, but you can't count trump out which is his frustration yesterday. he is clearly watching the different networks and upset that some are suggesting that the race is over, and it is not. and i think that we'll go another 6 maybe 12 hours today before we have a clear distinction between them >> frank, you bring up the point that the polls were wrong, they showed a much wider margin if biden in so many of these states and when we spoke with you yesterday, you said if the moles g -- polls got it wrong again, that you thought it was the end

for the polling industry how would you clarify or maybe judge that today based on what we're seeing at least in the states that have been called >> well, how do you explain cnn having a 12 point margin for joe biden which will be nowhere near that when all the votes are counted? even the most optimistic people on biden's side say it will be less than half that. that is just simply wrong. and the average numbers of all the polls had joe biden up by about 8% and when it is august done, it looks like at best, at best, he will have a 4% margin. but in addition to the poll, i think that we'll have to eventually start to have this conversation, and i'm not taking sides, about the electoral college. to have two situations back to back where one person wins the popular vote and somebody else wins the electoral college, i don't want to challenge the constitution, i'm not sure where i stand myself, but twice in a

row and three times in the last 20 years suggests that we'll have to look at our entire voting system to decide whether it is appropriate at this stage in our country's history >> frank, i want to drill done on down on couple more states and talk to you about california and some of the larger implications of some of the propositions. in pennsylvania, how will that count go, the idea that so many of the votes that haven't been counted this far came in early, that some people might think that would break for biden, some people maybe think there is not enough and so therefore it breaks for trump where do you stand >> normally if you saw him with 74% in in every other election before 2020, you'd say this is clearly candidate that there is

nis -- this is clearly for donald trump. even if more votes this suburban areas, it would not be enough for joe biden. but this vote is the early vote. and the early vote benefits joe biden by almost 2:1 if not 2:1 or even a few points above 2:1 i believe when all the votes are counted this will be dead even which is why it will take at least the next 6 or 24 hours before we know who is a winner and it will be so close in pennsylvania that it may require state recount. there is always one state whenever we have a situation like this, there is one state that is particularly close and i think that this is the state. donald trump must win pennsylvania if he is to get to 270. >> frank, talk to us a little bit about the shifting winds in terms of the way you think the citizenry of america thinks about business the reason i ask, florida voted

in favor of raising the minimum wage there to $15 on one side, that state i don't know if you are calling it red or blue these days, but there is a little bit of a blue in what seems like a refd state a red state and then you look at a blue state like california striking done effectively this idea of turning lyfting and uber drivers into full-time workers which changes the whole conversation around labor and the gig economy and puts that into question, at least the debate that people have been having and what that says about the way that you think that america thinks about some of these business issues. >> in this case in california, it is not that they were striking it do you know, it is that they were making a statement that if this is what the workforce wants and it clearly was, uber driver, lyft drivers, were overwhelmingly 3 or 4 to 1 in support of being independent contractors, they did not want to be employees

because that would deny their freedom, their flexibility and their independence,which they value in a western state, that sense of independence is paramount. that the people voted because they knew that this is what the drivers wanted, and it wasn't what the unions wanted, i don't think that this is necessarily a pro free market vote i think that it is an anti union vote and pro driver vote and if we have these ballot initiatives particularly on this one issue, they are going to support the drivers across the country. so this is not a statement for economic freedom this is a statement in support of drivers, in support of the workforce. >> frank, good morning and you always point out, you love to do that, that we disagree on everything and actually, that has worked well for me in the past. we'll see. but i definitely take issue with you talking about the electoral college. you almost implied that our

founders didn't realize that it could happen this way and that there is like a flaw in the system that causes the for you uhe lar vote to be different than the electoral college which is exactly what our founders intended in the first place. i'll read something to you america's republic not a democracy, the con temporary efforts to weaken our republican customs and institutions in the name of greater equality runs counter to the efforts of our founders to defend the country from potential excesses of democratic majorities. now, you know full well that if you did new york city, san francisco, california, chicago, you know full well you will never elect another republican or someone that goes against the majority votes of those big cities this is exactly what they intended they said the republicanism makes it possible for nonmajoritarian parts of the xhun that make legitimate

contributions to plea serve those contributions as the hallmark of what the founders considering. and you are readied to throw that out for what reason exactly? >> i'm not ready you and i are on the same side here >> you just said it. >> when you have me as a guest, you are not asking for my point of view, you are asking me to represent the public's point of view and so i come here to tell you, joe, that now by 20% margin the public wants this change i don't. you and i agree. but my responsibility, on squawk, is to express the will and wishes of the american people and they will look at this and after three elections in 20 years, they will say enough, it is time for our voice to be represented that america has changed over the last 240 years and we need to represent that change in how where he ve e people in. that is not my opinion, that is the american people's opinion. >> if it fundamentally changed from a republic to -- i don't

know what i would call it. so many things in the constitution are there for a reason >> joe, i accept that, but that is not what the american people think. >> to change it though, that would require changing the constitution and that is no small feat to try to undertake it would have to go through all of the states, many of them red, to agree to sign off to do something like that, so it is a much bigger conversation >> and it is not going to happen it will be talked about over the next couple months, but i don't believe that it will happen. >> i don't think so either >> never seen you guys that quiet before >> we're in shock. you always surprise me, i'll tell you that much you know what is bizarre, frank, the other thing is that i'm

looking at needles and have you looked at the needles, everybody has a different needle, "new york times" has a needle and other networks have a needle you mentioned cnn a couple times. and tneedles diametrically opposed to one another and i'm looking at betting sites. and how do you come to the other conclusion pennsylvania, a tough row to hoe for biden at this point. i don't know about wisconsin but more needles are probably pointing to the opposite of what you said in terms of an outcome than there are -- i haven't look in the last five minutes, so i don't want to sway anything one way or another but that is an outlier opinion at this point i think too, frank. >> no, it is not if you do the math, georgia belongs in trump's camp as does

north carolina i'll leave pennsylvania out. nevada alobelongs in biden's ca as does arizona. so that only leaves michigan and wisconsin. and it is not enough for donald trump with those three states to get to 270 so he will also need either wisconsin or michigan. and that is where it becomes very difficult for the trump campaign >> and that would be my question, frank, which state do you think of those three, pennsylvania, wisconsin, michigan, is going to be the one that we are kind of watching potentially like we watched florida back in 2000 is it wisconsin? because the vote is less than 10,000 in terms of the difference between two or is it pennsylvania because there are still so many absentee ballots to count >> i think it is pennsylvania because that is where trump has the biggest lead but pennsylvania, north carolina and georgia don't give him the election if that was all that it was, i'd say the race is over

but he has to win one more state and that is very difficult for him. >> frank, where do you land on nevada i'm looking at how close that is thus far >> the reason why i think -- because i know something, i've worked in that state, i live in las vegas, i vote in las vegas and in the end, part of that is the union turnout, part of it is the way that they count their ballots. in the end, nevada and several networks have declared nevada, not everybody, but several networks have declared nevada to have been won by joe biden in the end, i think nevada by about a two point margin will end up in biden's camp >> flarank, we always appreciate you spending time with us especially on election day like this hope to take you can to you soon as things continue to play out and we follow the progress of the count.

joe. go2020 need i say more. more reaction to the president's comments on the state of the race >> our goal now is to ensure the integrity for the good of this nation this is a very big moment. this is a major fraud on our nation we want the law to be used in a proper manner. so we'll be going to the -- >> those comments around 2:30 hac a.m. sending the futures lower quk x"ilbendg. rebouin "sawbo wl right back.

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welcome back it is the morning after the election and we're still a glt wa waiting result in the key states after taking a pretty wide ride overnight, things have settled out quite a bit. right now dow futures are indicated down by just 34. s&p indicated up by about 14 and nasdaq indicated up by close to 240 points technology stocks some of the one v. underperformed have been the big winners. you have also seen a flights to

safety initially overnight where people kind of piled into the ten year treasury. that has pulled back at some point too. you did see the yield on the ten year notarizing as high as 0.954% that eased off quite a bit too and back to normal levels that we've been seeing. at this point yielding 0.786%. and then take a look at the big banks as well. obviously a lot riding about what would happen if there was going to be a blue wave that was coming through still you see some selloff on some of these names this morning. jpmorgan chase down by 2.25% wells fargo down by 1.75%. and the vote counting does continue both president trump and former vice president biden have path to victory, different paths, but right now let's focus on some of the potential legal issues coming from this election. and joining us for that is the voting rights and elections

drenk director at the brennan center for justice. this is kind of the a 2345ir sco that everyone was hoping to avoid. no clear cut winner and very close races in key states and it will take a while to figure out what happened. what happens in the meantime >> i think the first thing we have to acknowledge is that the american public did great. not with standing this entire election season, we were hearing -- we were seeing and hearing attacks on the legitimacy of our election, we were seeing lots of efforts to try to deter people to the polls. but americans really showed up and now is the process whereby the counting needs to happen many states have different rules for how they process ballots coming in, how they do canvassing, how they do audit, how they do recounts and then there will be litigation which i think will be a last battle in a number of these different states >> i think that it is probably worth pointing out that this is

a very decentralized system. each of the states gets to set its own rules for how it happens. we've seen a lot of kind of legal challenges to how some of the rules were set and i think that becomes the big question, how does it work its way through the court system at this point >> sure. so as you mentioned, each state has different rules. different rules for when they count mailed ballots, so some states are still processing the mailed ballots that are coming in because the ballots are legally and lawfully still arriving and we're also seeing states have different ways in which they tally the votes and so the way it usually works is that there is a process for getting the mailed ballots, making sure that those are counted, looking at the in-person votes, making sure that they look similar to what the records that we have indicate that people are having. and then they canvas all of those, they give voters an opportunity to correct technical

defects and do those things. and then they put them all together and come up with statewide totals and then there could be recounts so there are a lot of checks in the system to try to make sure that we get the count accurate and one thing that i think will be new for americans, to see that play out in real time because i think in the past we have not had this many mailed ballots coming in, so they were easier to process. and in the past we haven't had all the checks and measures in as many states as we do to make sure that every vote is counted fairly and accurately. i think most americans would agree that an accurate kouptsd, one th count is more important than speed, but at a time right now when people have a very big question they want answered, i think that is hard for people to keep at the front of mind. >> we can imagine the pressure being put on these election officials where the counts are still going on and hearing about some of them

finally sending people home to get a bit of a rest. >> sure. >> i think patience is probably in order on this if you were looking for where you might see challenges though, obviously we're looking at wisconsin now where the vote count there is now less than 10,000 between the two candidates pennsylvania, it could take them several days to count up same thing with michigan is that where you would be focusing you also have never never where the count takes longer -- nevada, the counting takes longer >> right, and i think that there is already some lawsuit that the we're see p yesterday i saw three lawsuits being filed in pennsylvania alone. litigation has been playing a really heavy role in this election and it went through different phases in the first part of the pandemic season, we saw a lot of

litigation over who would have access to mailed ballots and what we would do to accommodate the fact that we're voting in a once in a century pandemic and then we saw a wave of pushbacks on the reforms to try to expand that access. and you this we're seeing what i would call like brass knuckle fight over individual ballots and whether like particular seg mts of ballots will get counted. we saw it in harris county where there was an attempt to try to stop the counting of the ballots that are with being used for drive-through locations. seeing it in pennsylvania where folks are trying to get certain ballots not counted because the election administrator are contact voters and giving them an opportunity to correct any mistakes we'll see a lot of litigation. and my bet is that in the end, the voters are not going to s receive these particular attacks very well. it is one thing for people to be fighting over the rules of the

game, but i think once a voter has actually cast their ballot, they expect to count and i think ultimately it will be a losing proposition for politicians to try to be shaving particular seg mts of the populatipo pop population and they don't though which voters will be impacted.th which voters will be impacted. >> i will say the judges rules for the most partseem to have been pretty nonpartisan sticking by rules in these situations we do have the courts there for this reason. >> right i do think that -- you know, depending on your vantage point and what you imagine the injure you ris prudence to be, you could have different opinions on how these decisions are shaking out. certainly it can be hard to

scare some of the sf of t -- sqe issues but we're in a moment where we're facing a reckoning for all sorts of things. how we've been inclusive as a system, what are we doing about racial justice and i think that people are used to the courts coming in and protecting our right to vote and i think if we continue to see the campaigns and politicians running into court to try to shave off certain voters from participating, there will be a real question among the public as to whether or not we can depend upon the courts to do that. so i think there is a lot of entangled about our system it is not just what we're seeing on our election day, it is what are the institutions going to be like >> and one thing i would urge, people just have patience and remain calm as we continue to count the votes. andrew, back over to you and when we come back, a lot more this morning, a closer look at the key battle ground states

still up for grabs take a quick look though attist equity futures, we're still several hours before the market will open, but right now the dow is off about 40 points

decision 2020, wall street and main street awaiting a winner in the presidential contest. the latest on the states still to be called as this special he had decisiedition of "squawk bo continues. >> good morning, and welcome back to a special presentation of "squawk box" this morning your money, your vote, i'm andrew ross sorkin along with joe kernen and becky quick

here is where we stand on the road to 270. let's show you what we're looking at right now, we still have so many states that potentially are up for grabs we are waiting to see where pennsylvania of course lands a big debate taking place in that state right now we should be hearing more about wisconsin soon and we're also going to be learning more about nevada and arizona soon as well take a look at u.s. equity futures at this hour, things have moved around literally all evening, but right now, the dow looks liked it would open down about 15 points. nasdaq looking to power a lot higher, about 270 points higher potentially on the backs of an expectation of good news for technology companies we'll talk about that in a minute s&p 500 up about 17 points want to get straight over to eamon javers right now, he has not slept, for the latest on the election count and where things

stand. >> yeah, check my math because i am a little sleep deprived here. but take a look at the big graphic of the entire united states i want to point out something to you that we've been talking about in the overnight hours as well just how much we used to spend time on election nights focusing on florida and ohio. and you can see both of those states called for donald trump those used to be the biggest swing states in the country. now though look at all those grayed out states, those are all states that we don't have results from yesterdat. and multiple paths to 270 for both of these candidates in those various states so biden 224, trump 213 as of right now. but we're fighting an entirely different battleground in many ways than we're used to election nights/election next morning joe biden coming out late last night to speak to his supporters in wilmington, telling them to be patient here's what he said. >> we could know the results as

early as tomorrow morning. but it may take a little longer. as i've said all along, it is not my place or donald trump's place to declare who has won the election, that is the decision of the american people but i'm optimistic about this outcome. >> and donald trump speaking later in the evening in the east room talking to his cheering supporters there you heard the honking horns at the joe biden event because that one was outside. the white house event not outside, not socially distanced, very few people wearing masks, the president though laying out an argument that he has already won this election. that of course simply not true here is what else he said. >> this is an embarrassment to our country. we were getting ready to win this election, frankly, we did win this election.

so our goal is to ensure the integrity -- >> so the president there with a false claim of winning the election with millions of votes still out there to be counted. and all those states that i just showed you and we'll wait and see how long this takes at this point but some of these states could go multiple days before we know the results. we might come in through the rest of the day today and get some of the other states coming in, but we might not know this thing for some time now. >> i know that we're so focused on the presidential election, but speak to us about where the senate stands. the reason i ask, if the senate remains a republican-led, clearly i resperrespective of wr biden wins or not, it changes the dynamic around the conversation about taxes and the markets this morning >> yeah, look, at this point it is possible that -- one scenario is you could have a biden

victory and republican senate with mitch mcconnell who himself was reelected last night leading the opposition to a joe biden presidency and that is a recipe for nothing getting done it is also possible that you could have a trump reelect with a democratic senate, again another recipe for nothing getting done and there is a weird effect if we look down the ballot in arizona because we have mark kelly running strong in the state of arizona for the senate. you might get a reverse coattails effect as even is focusing in on those 11 electoral college votes in that state as a strong running democratic senati democratic senatorial pulling biden along and joe biden would owe mark kelly a favor >> wasn't speaker pelosi hoping for 5, 10, 15 additional seats >> she is not going to get them.

>> can tdid the republicans pic seats? >> yeah, it looks like republicans are picking up seats. you see 227-208, a nine seat majority now for democrats in the house. so this is something that we just did not expect to see you think of all the headwinds no t for the president and his party in terms of coronavirus and the economic collapse and weird n t nestneness of the shutdowns in the done, the racial divide. and yet we're seeing this outcome here where so far anyway at the presidential level donald trump is able to shrug off so much of that and be competitive. and possibly on the way to winning this thing >> do we know about james yet?

i'm talking about michigan what would that say in terms of your reverse tail wind or regular tail wind with what happens in michigan. >> we are still looking for the michigan results at the presidential level there you see james versus peters, 51.9% for james. a difference of 247,000 plus votes there. but 78% of the vote in in michigan so still a ways to go in that state and we'll watch that because the president has been touting john james as a strong candidate. he likes him, he campaigned with him in the state and what we'll have to see is whether or not, you know, you could see the coat tail effect there for the president. and how unusual is that where you see these senate candidates maybe outperforming the presidential level and helping them out >> can we go back to the house projections that we have some i just want to take another look at that graph because this is

the first time i've noticed this i believe it says house projection has plus or minus ten seats. is that the margin of error which looks like it is lower -- the margin of lower is greater than the nine seat majority that we're calling it for the democrats at this point. >> you know, that is a good question i haven't looked at that graphic in a couple hours, so i don't know the answer to that. >> i think it kind of heightens the point that nancy pelosi took a big bet by not coming up and signing an agreement on stimulus with steven mnuchin and who knows what would have happened if it went to the senate but that was a gamble to say forget it, we'll worry about it after the election she won't have an easier time. >> the cynical politics of that were that nancy pelosi would not have an interest politically of giving the president a big stimulus and handing out checks

americans before last night's election and now after the election, which party depending on how this shakes out is going to have an interest in getting this done first of all in the lame duck between now and inauguration day and after inauguration day depending on the configuration there, you know, it is possible that we're not talking about stimulus until well into february if at all there are scenarios where that doesn't happen at all. >> eamon, thank you. we'll be checking in with you again. and now to two battle ground states, brian sullivan is in michigan that was smart i don't want to sell phil short. let's begin with phil lebeau in wisconsin. hello again. you are comfortable there, you are all speaking the sale language everybody is like nodding. ', yeah, this guy. they are inviting you home for dinner right, with the fam

you are like a local >> i may be here for a while let's me bring you up-to-date because there was the big return of votes here in milwaukee that is what put joe biden ahead about an hour ago. he is up by about 7300 votes and we say about 7300 because just 25, 30 minutes ago, it was closer to 10,000 votes so as some of the absentee ballots are being processed by cities and counties around the state of wisconsin, most of them are in, but not all of them, the advantage if you will for joe biden at this point out of 3.2 million votes cast is about 7300 votes. which brings up the question, will there be a recount. wisconsin does not have an automatic recount in elections however, if somebody is within 1% and, yes, we are well within 1% of a difference between president trump and joe biden, the state law says that the deadline for a requesting a

recount is three business days after the elections commission receives the last statement from a county board of canvassers so the question becomes when will we hear from all of the canvassers the expectation is that we should hear from most of them by sometime this morning. but that is not a hard and fast deadline so what we're looking at, guys, is similar to what we saw in 2016, a razor thing decision in terms of who will take the state of wisconsin but given the fact that we'll likely look at a recount and then some type of legal action is a real possibility, we may not know who wins the state of wisconsin for some time. >> especially with that wild card in there, phil. wisconsin increasingly important as is michigan brian sullivan is in michigan. and it is always a little cooler it seems like -- and nice. nice in the summer up there too.

but i see you got the hat on it is cool what's happening >> that is due to lack of just general hygiene not because it is coldbecause basically i didn't sleep i've been here for a few days. here is the weird math about michigan we talk about the importance of pennsylvania, but if biden takes nevada, arizona, wisconsin or michigan, he doesn't need pennsylvania that is why michigan is so important and one of the reasons that we are here or should i say still here here is the gap, just under 200,000, there are still many votes to count in oakland county, in wayne county, by detroit, and here in kent county in fact the building i'm standing in front of is it one of the places that later today they will start counting the absentee ballots do we know when those ballots will be counted? i'll utter the three most dangerous words in tv news i don't know we didn't know the secretary of state who we've been in touch with taken receuo not know

they are hoping to get some kind of result today, but yesterday they said that it could go as far as friday. to phil's point about a recount, if the election is under 2,000 votes this seems ridiculous but possible, it is an automatic recount. recounts can also be ordered by allegations of fraud or allegations of administrative errors so there is a record number of absentee ballots, they are still counting those as you might imagine. michigan has 16 electoral votes. and it will be close right now the president is up by 197,000. but we still have an unknown number of votes still to come. it will can do you kn come down to the counties we pinpointed mccomb, kent and maybe muskegon. and john james, and we've said maybe the senate is more important to the stock market

than the white house, john james, african-american veteran running as a gop candidate with a sizable lead over gary peters. now, again, more votes to count. but he is up by 242,000 votes with 78% of the votes in that would be a flip that many pollsters did not expect, although joe, i think the only thing that we'll be able to say right now about this election, that many of the polls -- how do i say it were not good. maybe they should get in a truck and drive around the upper m midwest for two week >> it would be nice to talk to someone not on the island of manhattan occasionally i don't know that would be my first idea, you know, maybe just check with someone that -- because the west of the hudson. brian, i'm thinking about what this means for all the sort of

controversial plans that we talked about that the democrats might try to undertake if they did have both houses and the presidency this threows is wrench into -- what can they do now in terms of the supreme court, filibuster, all of that stuff? >> it depends on what happens, joe, what may happen, not today, not tomorrow, but january 4th. and you know why i bring that date up. because why i'm far from some kind of political expert, we've been studying this for months, if it comes done to 50/50 and there will be a runoff in georgia, january 4th, if it is tied, i mean, we don't know anything at this point except that the president is falsely claiming victory they are arguing about arizona but if nevada, michigan, wisconsin and arizona go to

biden, he doesn't even need pennsylvania we've talked about pennsylvania extensively, but if these southwestern and these two states up here go to biden, he won't even need them based on the math i think it will be tight based on the thumb of votes outstanding and i guarantee you the will make sure every vote is counted like they should in every state. and we have no idea how long this is going to drag on >> no, we don't. and we watch the betting sites too. i watch the betting sites, they flip-flop based on the latest -- what you are talking about so they don't know either. they don't know how those last 10%, 20% in any of these states will go. i mean, there is a lot of different combinations i'm thinking about chess on netflix. and this is like you have to look three or four moves ahead i think, you know? i don't know

>> i don't know when we'll have check mate and i don't think anybody knows. maybe today hopefully in michigan we'll find out but it is going to be tight and, you know, i know i got to go, bi-i have to say this, you had the interview with frank luntz yesterday my friend and i think that -- whatever the outcome is, frank luntz said it best he said if trump wins, this is the end of polling as we know it there are polls that had biden up by 10%, 12% in michigan >> yeah, 17% in wisconsin or something. i know who answers their phone, what young person answers their cellphone if they don't know who is calling and says yeah, i'll spend 20 minutes as you probe into every aspect of my life none of them say yes to that i don't think i'd say yes to that i don't know okay thanks >> i'll call you later >> yeah. i'll talk to you thanks

joining us now is bill dale o former white house chief of staff during the obama administration brian is right, toughest words are we don't though. do you know anything we don't? >> i was with al gore's campaign and i was wondering about what would happen in one state, not six questions in question. and then we went for another five weeks five days before it was determined so i think that we're all just going to have to kind of buckle up, work through in process in each state and as we all know, as your colleagues have reported, each state has different laws and the whole question right now, letting them fulfill their obligations. and some of them will move very quickly, and they will be determining probably in the next day or two of the six states that are really in question. so let's let the process move

forward. there is no reason for people to get all sort of out of place here we have a close election we knew this nation is divided so who is surprised that it is a real close election other than the pollsters obviously as joe said >> yeah, the pollsters have a big surprise look, this is a difficult time a lot of mail-in ballots, a lot of absentee ballot, far more than we've ever dealt with in recent history and that is going to take a little time to work through. but there was a betting site yesterday that was saying there was pretty strong odds potentially, get a big payoff, but that this could not be decided potentially by december 1. is that what you think, or you think we'll have answers maybe later this week? >> i think that we'll have some answers. first of all, the gore/bush thing was 20 years ago technology is different. you doopt han't have the chads i think the system has learned a lot inside is 2000 so i think that it will move

quick quicker. i think pennsylvania is saying that they will have their votes kounltsed counted by i think moon, monday, michigan by friday at the latest ballots mailed in from all over. because of the pandemic and also military people who mail in their ballots and obviously they have to be counted, they are in those piles in different counties in each of these states and so for people to say let's stop counting now, one of the groups that you are possibly have a terrible negative impact on are soldiers around the wrormd who have to vote absentee >> you know, technology may have moved on over the last 20 years, but the wall lot ballot i filles a paper ballot lower technology than back in florida. >> and the people who had to stare at the chads and figure

out which hole waspunched in, in some people's minds, paper ballots are the most honest that could have right now as opposed to the machines that some technologists say could be hacked by others no evidence of that yet. but i think that this process just has to be left to move forward and there will be court cases. there always are whether they are determinative or not remains to be seen. but i think that we should all accept the fact that we have a divided nation, we have a very close election it people say yeah, politicians who thought the blue wave of '18 would continue it obviously did not you have a much stronger red wave in parts of the country that lot of democrats thought was not going to happen. and it has and analysis after will be most interesting to see what that is about. as to i think that there is a lot to be learned from the process and a lot to be learned from the results 6 this election no matter who is the president

as to what that means for the country going forward. >> billing, love having you here i think that it is cool to have a daley here with a poenlts of a c possibility of contested election i think of chicago politics and your family, you guys know how to get this done and that is why they had you with gore too. but i talked to mike santoli and he said when george w. bush won the 2000 election and i was needling him about using the word won do you concede that, would you say he won the election or would you still say that it was decided outside the normal auspices of an election? does biden want you to head up his efforts there? >> in actual numbers, george bush won by 500 votes in florida. he won that alexandria the truth is had the counting continued in my opinion, xwush probably would have won by about

2,000 votes. so the court stopped the vote count. but the odds were if that vote count had continued, he probably would have won by about 2,000 votes. >> then we can use the w word for that so you are not answering your phone, you think a pollster would be call something what if biden calls? you're the guy that i'db bring in >> appreciate it, but been there done that. and i still have nightmares. >> so do i >> and there are great people around for the 2000 process. >> i have nightmares for part of the next eight years after it was decided. >> i just want to have another eight years, okay? >> hey bill, let's talk about where you are now at wells fargo. watching the banks this morning, just looking at them, they are all under some pressure which surprises me a little bit because you are not seeing the

blue wave, so you are not necessarily going to see as many of the restrictions on banks no matter who wins the presidency i don't think that you will see the restrictions on banks that you could have seen with the through wave scenario so -- >> i think that it is more about the economic, as the pandemic continues, and surprisingly in the midwest where the president is doing better than a lot of people thought, they are really having a resurgence of the pandemic and the impacts of that and the impact on the economy as people begin to pull back. so i think that it is more about the economic future than the blue wave or the red wave or -- no doubt about it, with the democrats not winning the senate and getting total control, there would be a prospect of less regulatory action on the banks probably but i think that it is more about the economy and pressures that we're all feeling as a

result of the pandemic and the impact on our economy. >> and the economy and the idea that there is not going to be a big fiscal bill that you would have seen under a blue wave. do you think that nancy pelosi misjudged things by not striking a deal sooner? >> i don't know. you know, it is easy to second guess. obviously there was an attempt by the president i don't think a deal would have passed the senate. i don't think that mitch mcconnell would have been able to get the votes i think there is a serious question by republican senators about the deficit and about what is going on with the economy and they don't want to add on another couple trillion dollars on top of what they did in the spring so i think that mitch mcconnell was speaking honestly because i don't think that he had the votes and i don't think that he would have had the votes for a deal that mnuchin and speaker pelosi may have reached in spite of the president's demand that it happen. and he obviously was back and forth, he wanted a bigger bill than even pelosi and mnuchin were coming up with. and wanted much bigger than what

mcconnell wanted so i'm not sure. i think that there will have to be some stimulus whether that is in the lame duck or shortly after a new congress comes in in january. if the pandemic and the economic impact continues to many states, and it is not just the blue states that are feeling the impact of this, and if the president is able to pull off some of these midwestern states, i'm sure that he will want to get relief to those states in return if he does win them >> bill, you had said earlier that no matter who wins there are lessons in this and i'm curious what you think the early lessons are given how close things seem to be about the public will around the covid response, around the conversation that we've all been having on this show around taxes, labor, we're talking about this uber and lyft

decision in california, typically what i think people thought was a state that was considered a pretty liberal state and what that does to the gig economy, and in florida of course you have this $15 minimum wage bill that looks like it is getting the green light. what does that say to you about where we are >> to be honest with you, i wish i had some great insight into what it means. i think that we are all over the place in looking for solutions and maybe instead of assuming that people go in great waves, people are selecting -- like in california, it was expected that people would vote one way and they are voting the other way. so people i think have so much information coming to them, i think from the democrats, they have to be getting a real serious look at what we take for granted and what is not working. we're doing better in states that we didn't used to do better are because demographic change,

economic change in some of the states but at least at the presidential level, we have to do a recalibration. it will be interesting to see whether the expected heavy suburban woman vote for democrats actually occurred. what does that mean if it didn't to the level that people were expecting. to be very honest with you, i kept saying that i think that it is the pandemic stupid, but it isn't. obviously maybe it is more about the economics, not the economics of today but hope of a better economic time going forward that has happen helped telped the pr. so a lot of analysis to be don and obviously a lot of people to do it. and after being up for a while, pretty hard for my brain to get around trying to figure that out to be frank. >> i think that that was pretty well said. bill, thank you for staying with

us, staying up late and being here this morning. it is really great to see you. we'll talk to you again soon >> thanks for having me. good luck. and stop more on squawk ahead. ballot initiatives with a big impact on major u.s. corporations we'll talk about it after the break. and check out this morning's biggest premarket movers you are looking at a couple stocks on the move this morning. at calvert, we know responsible investing is hard.

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welcome back to "squawk box. ballot initiatives have big implications let's take a look at the can that busine cannabis names pot was approved in new jersey, but this could be reactive and let's take a look at draft kings and penn national getting an early boost he had approval of sports betting in maryland and other states now more than a third of the u.s. population is living in states where it is likely to be legal to wager on sports another one, solar had been one

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carolina and which is. right now biden 224, president trump 213 electoral college votes. and it looks to once again have been a tough night for the polls. and steve liesman is joining us now with what the polls said versus what the voters said. steve. >> good morning, andrew. yeah, a couple themes appear clear with former vice president joe biden leading by less than two points nationally, it will be hard to hit the plus 7% going into the election. and even so he, it seems that biden's commanding lead in the polls will not translate into the blue wave they suggested was coming two final nbc polls had biden leading by double digits and it is too soon to say how well the polls did in the battleground states, but florida once again seems to have confounded the pollsters the florida polls were always

close and within the margin of error at 48.4 for trump, but the vote flipped to trump. still some of the vote not counted yet. and one of the themes that emerged early in the evening was the president's strength among latino voters. the president ran four points nationally as a whole, biden did not increase his support at all. exit polls show that biden did do better with suburban voters compared to 2016 and the exit polls found the economy is the number one issue in the country more so than the coronavirus and voters clearly gave president trump better marks for the economy compared with the pandemic and that could explain what bill daley was talking about, some of the unexpected strength in the midwest. >> and steve, real quick before

we go, we rely on this entire industrial complex of pollsters and we've now had two elections where it seems that they have called it wrong. do you have any new insight -- i know we're only less than 12 hours in -- so what you think went wrong this time and is there something fundamentally different now about polls that has somehow changed? >> you know, i was wondering if polling is dead in general or just dead in the age of trump. let me throw one thing out there. i think that the reporters such as myself reporting the polls and pollsters themselves have only one desire and that is to get it right we work in our all-america poll with a republican and democratic pollster and all we want 2k0 to do is get it right it did not happen this time around i think the latino voter issue is big i think the issue of whether or not there was enough of a shift as had been suggested in suburban voters, i think that that will be big as well

and i think the ability of the president to close is just remarkable and the way he went around with this unbelievable furious campaigning at the end of the days while biden did not did that, which by the way, kind of echoed what happened in 2016 i think that that will be seen as a factor. a lot of factors in the air. but no single thing jumping out right now as what went wrong, but maybe the suburbs is where this thing will be won or lost >> steve, thank you. we'll come back to you i'm sure. and in the meantime, mohammed el-eri el-erian, good morning to you. you have been watching these numbers as they have been coming in we're watching the markets by the way reacting technology moving up in a big way in part on this news what is your reaction just to where we are right now

>> i think where we are is indicative an drew of a very divided country. and that has implications to how we'll handle what is ahead in terms of economic challenges and in terms of covid. as to markets, it is actually right r. quite a rational configuration and i know that it is volatile, dow down, the nasdaq up, the fact that ten year yields are down, the curve has flattened which means banks are under pressure all that is consistent with the following. one, no expectations for a massive economic breakthrough. so forget about big fiscal package, et cetera two, the fed will have to come in and do more the fed's insurance mindset will be in play and they will look to ensure against bad outcomes. and three, we won't overcome covid quickly, so the stay-at-home stocks are codoing

better >> are you surprised in wrfrns to what steve ways saying in terms of some of the exit polls that the voter seemed to be thinking more about the economy than covid but don't seem to be connecting the two >> i'm not really because most people think covid is temporary and reversible we will get a vaccine. whereas they look at the economy as a longer term issue so it doesn't really surprise me that as they look forward for four years, they think the vaccine is coming anyway, so let's focus on what really matters to them is the economy i think that that ignores this period, the journey as i call it will impact the destination, but i can understand why people think that way >> in terms of joir expeyour exn given that the conversation we've been having as much about

the white house as the senate, is your expectation that -- we'll see what the ultimate outcome is, but did you see big things happening over the next four years one way or the other in. >> i do not. certainly not over the next two years and certainly not the next few months and i'm influenced by what has happened here in the united kingdom in terms of covid. i see different states taking different approaches to having to contain the virus, the result of which that this virus respects for boundaries will end insomewhere close to a major disruption to economic activity. so we'll play this divided country not only in washington, but also among states. and it will play out first and foremost on the covid front and then it will play out the lack of major economic initiatives. >> do you think there is any

possibility that if biden -- i guess we have to see what happens with the senate. but if biden wins, we'll have meaningful tax changes in the country? that is what the markets have been thinking about. >> the senate is too close the senate won't loi this to happen so, no, i don't. i do think that at least for twr we won't have major economic initiative absent, and i hope we don't get it, but absent a crisis a crisis could change anything but absent a crisis, why see any major economic initiatives >> and that is good or bad for the stock market >> if you believe that all the stock market cares about and that has incumbent case so fbeei the fed, that will keep the stock market engaged if you believe the fed has to be a bridge to somewhere, a means

to an end and that end has to be better fundamentals, then it is problematic. but in the short term, we will continue to see a disconnect of wall street from main street bay t because the fed has an insurance mind set, they will try to ensure the markets against all the new uncertainties that we find the day after the election. >> okay. mohamed el-erian, thank you for joining us on this day after the election as we continue to have the count come in, albeit slowly >> thanks. we'll take a quick break right now. if you are just waking up, here are the states that are still not called they include pennsylvania, michigan, north carolina and wisconsin. need some com bin nation of those states to get to the 270 electoral votes. right now totals, joe biden 224.

president trump, 213 stay tuned at calvert, we know responsible investing is hard. if you're concerned about the environment and climate change, how do you find companies that are driving the right outcomes? if you care about economic equality and social justice, which firms are addressing it in their workplaces and their communities? for nearly 40 years, calvert has delivered competitive returns by investing in companies making a difference because we see value in doing good. talk to your financial advisor about investing responsibly with calvert.

futures now have the dow in

red again. it has been back and forth right around the flat line for the dow. nasdaq continues to be sharpenly higher, 290 points the s&p is in the green up 21. coming up, former senators heidi heitkamp and judd gregg on the balance of power and what impact that will have on policy everyone wakes up every morning to a world that must keep turning. the world can't stop, so neither can we. because the things we make, help make the world go round. they make it cleaner, healthier, and more connected.

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welcome back we've been watching the predict it numbers right now showing joe biden up 75 cents. up 25 cents a few hours ago.

joining us now, senator heidi heitkamp, former u.s. senator and judd gregg former u.s. senator. what's happening there, whether biden is ahead or expected to go ahead in a couple of areas do you know what's still left in terms of whether it's urban areas or counties and michigan and wisconsin? do you know what the prospects are for them coming in, senator? >> it's unclear whether we have the recount. what's left in wisconsin is if

the stuff is urban or it is early votes, which has trended definitely democrat. so i'm looking at these numbers and the gap has wyaidened sincea hour and a half ago. you have to feel good if you're biden. margin is such that it will be an automatic recall. michigan is definitely narrowing as well and a lot of that is the urban and suburban areas >> and i'm just wondering, is that -- does detroit still -- is it still left to be counted? do you know the logistics of what's happening now i don't know why i think you know you're not in that state you know why i think you can be a translator for michigan or wisconsin if people don't really understand. you basically speak that language. >> i do? >> coming to you as an expert on michigan and wisconsin

hopefully. you've won elections and done things like this before. you might have some insight in that judd, i don't know what to talk to you about new hampshire is gone. you're in the northeast. i don't think trump had a chance the entire time. what do you make of the senate, judd >> i think that's the key if you're an investor especially. the senate will stay republican is really very positive news it reflects the common sense of the american people. it's coming out of the democratic party we might vote for joe biden, we will vote for a republican senator.

that's sophistication in my view we've got susan collins in the northeast. in may she had millions and millions and millions of dollars she couldn't keep up with financially. she's going to win maine she's going to win because people like susan collins who makes tough votes and is independent. >> i have an overriding fill low solve if i call question for the health of the country two and the divisiveness start with you, senator gregg. you've never been a fan of a lot of the characteristics of donald trump. senator heitkamp, you've been outspoken. there are a lot of people who thought maybe four years ago that people that voted for trump didn't know what they were getting into and after seeing him govern, that they would all agree with you, the media, whomever else that this guy needs to go. now we know regardless of what

happens, he may lose, but now we know that florida voted for donald trump after seeing his actions the past four years. ohio major swaths of your fellow citizenry voted for this guy, senator. can we come together at this point and do you have to vilify every single person that still supported trump at this point and seeing all of these areas that he won? >> i've never vilified everybody who's voted for trump. you know that. but -- >> i do? okay you just vilify trump. >> i think biden may have gotten a 7% win in the popular vote so, you know, you've got to be a little careful when you're parsing your statistics, joe. >> okay. then anyone in ohio. it's a majority in ohio. i didn't say the national vote. >> i'm okay with that. >> there you can see a lot of red states there even when they're not called yet and

there's a lot -- maybe there's good people in some of those states how about you, judd? do you think after seeing this that the country might be able to come together now do we have to be at each other's throats? >> i think it will come together to be very honest with you because i think there's balance. i think what the nation has said is they want balance and if the president takes -- wins and takes one message out of this campaign in my opinion it should be that it's time for a little healing in this nation and that the job of the president is to do the healing i also think that this popular vote issue is a straw dog. benjamin franklin when he came out of the constitutional convention said you have a republic if you can keep it. he didn't say he had a democracy. that's why we have an electoral college, because we have a republic fewer democracy tends to create populism and populism is very

destructive to good government electoral college -- >> somebody who supports the most populist president we have had in years >> yeah, well, that's good, but it came out of an electoral college. >> it's very important we have a say. every year determining who my president is >> the people of this country, the people of ohio and anybody has been going to the over office helping people and the entire country. i think that if you're seeing these people, you spend a lot of

time with people from california, oregon, new york all of these come together senator heitkamp, thank you, senator greg andrew >> thanks, joe it is 7 a.m. a day after election day you're watching a special edition of "squawk box." your money, your vote here right here on cnbc i'm andrew ross sorkin along with becky quick and joe kernen. let's show you where u.s. equities stand at this hour. the dow would open down about 9 points it has moved all around overnight. nasdaq looking to open higher. about 250 points higher as the election results at least thus far seem to benefit potentially some of the big tech companies we'll talk about that. s&p 500 looking to open up 20 points higher right about now as well we've got a great lineup of

guests in a few minutes you'll be hearing from david reuben stein. former house leader eric cantor will be joining us advi vice chairman and michael novogratz. cryptocurrency and bitcoin issues as well given all of the questions about the future of the federal reserve and the dollar as we, of course, await the winner of the presidential election becky? >> andrew, we kick things off right now with what we know or maybe more appropriately what we don't know about last night's results. market reaction this morning and everything that's happening there. mike santoli is tracking the moves in the markets >> i've been sitting here for over 12 hours in this chair.

take a look at the path at 270 the gray states are the ones where we still don't have a winner the red and blue states will be called both candidates have multiple paths to the presidency depending on how each of these states shakes out. biden, 224 in the electoral college. trump, 213 in the electoral college. this could take some time, guys. so everybody needs to put their patient hat on because the state of nevada has just told us, state officials have, this morning that in fact they're not going to produce anymore results until 9 a.m. tomorrow, thursday, november 5th it could be a while before we know the results in the state of nevada some of these other states as well so let's look through quickly the legal and constitutional procedure from here on out there is a system here whereby we go from november 3rd election day to december 8th.

that's what they call the safe harbor deadline. that's the date by which states have to resolve any disputes and then on december 14th that's when the electoral college voters cast their votes in the states so we have some weeks now before those two things need to start happening. then you see the rest of the deadlines on december 23rd congress receives the electoral votes. january 6th congress meets and counts the electoral votes under the constitution and u.s. law there is a very clear time frame here we now have weeks between now and when the electoral college will actually meet in their states and vote. so if there is a dispute, it takes some time to count it doesn't go too far into december. >> eamon, try to walk us through.

>> when might we learn more? >> i think pennsylvania will be the latest state in this process. they've put in a rule saying they were not going to start counting all of that early vote. the mail-in vote until election day. they've got a long way to go some of these states we've seen glitches like they've run out of printer ink in order to print out the results. there's some small snafus. you could see results coming in throughout the day nevada said don't expect anything from us today and thursday is certainly possible for them i think you could get a combination of raw vote coming in and networks making projections during the course of the day based on their own exit polling and the raw vote so far. what they know is still

outstanding in the various counties that could happen. as for the president of the united states himself, he has no events on his schedule we'll wait and see if we could hear from him after last night's vote andrew >> okay. eamon javers doing a bang up job and staying up all night for us. >> thanks. >> we'll be talking to you in a minute meantime, want to get over to diana olick in wilmington, delaware diana? >> reporter: andrew, it's a lot quieter here this morning than it was last night. the biden campaign hasn't given us any word. they put out a response. it said donald trump does not decide the outcome of this election joe biden does not decide the outcome of this. nearly 100 million people cast their ballot before election day

and they understood their ballots would be counted joe biden came here and there were 300 cars and joe biden supporters of course, he urged patience >> we knew because of the unprecedented early vote and the mail-in vote it was going to take a while we're going to have to be patient until we -- the hard work of counting votes is finished, and it ain't over until every vote is counted, every ballot is counted. >> reporter: and at this point no one knows when that will be done officially. patience is the word of the day. again, no word yet from the campaign on what they will be doing today. joe? >> all right, diana. thank you. after a very strong election day in the markets, this morning the dow futures are bouncing between positive and negative while the nasdaq has stayed strong almost

the entire session since last night. even higher than that earlier. let's get to mike santoli who's following the early action within the nasdaq there's some interesting winners and losers too, mike. >> yeah, joe, 24 hours ago right when the market was ready to get that bounce yesterday, in fact up 3% in the first few days, the s&p was pulling itself into neutral footing. that seems to be where it has stayed the nasdaq, as you say, really strong move higher this is a catchup move one of the strongest themes going on in the markets has been about migrating towards more cyclical stocks, old economy stocks, this idea that maybe we're in for a bigger fiscal stimulus down the road there was the blue wave trade suggested perhaps it was in the market now it's being reversed. you have nasdaq outperforming. look at the futures, very much flat the s&p's gain is mostly about those growth stocks in the nasdaq and kind of parallel to this move is what's happening in

treasury yields. you see the three-month treasury yields broke out above -- just about up to the range where it was. that spike is being reversed and more as people try to rethink what this setup is, the various political configurations of the two houses of congress and the white house. >> hey, mike, i've heard lots of theories about why the nasdaq is doing better, why the tech stocks are in play there was one theory i heard where they're saying it's the new flight to safety trade if you see people moving into treasuries, moving there, too. i thought tom lee had a really good analysis of it. look, if you thought there was going to be a blue wave, you may have sold some of your biggest winners heading into this because of the potential for higher capital gains those would be the stocks you might sell if it's not looking like a blue wave, maybe you buy back into it. i think there's definitely something to that. those big nasdaq stocks up tremendously this year and for multiple years we're more vulnerable to any

tax-related selling. however, that group has also traded right alongside bonds not just because it's defensive, because they're basically long-term, secular growth. cash flows more reliable bond like with more growth as opposed to it being leveraged. that's been kind of the seesaw that the market has been riding on it's either cyclicals or secular growth stocks. it's going back in favor of the growth. >> mike, thank you great to have you in the office. see you a little bit later. when we come back, carlisle group's david reuben stein and what investors should take away from the results we'll be right back. at calvert, we know responsible investing is hard.

if you're concerned about the environment and climate change, how do you find companies that are driving the right outcomes? if you care about economic equality and social justice, which firms are addressing it in their workplaces and their communities? for nearly 40 years, calvert has delivered competitive returns by investing in companies making a difference because we see value in doing good. talk to your financial advisor about investing responsibly with calvert.

. welcome back to "squawk box. the futures are relatively flat. we've seen a wild ride the dow futures up by just about 21 points. s&p up by 27 nasdaq up 300. we've seen the big moves and

gains in the technology names. let's bring in david reuben stein, the carlyle group co-founder and executive chairman he knows his way around wall street and washington. that's why he's the perfect guest this morning great to see you. >> my pleasure to be here. what do you think? >> the markets love certainty. we don't have certainty right now. i think the markets are going to tread water until they hear what's going to happen i can deal with anything if you tell them what's going on. right now there's uncertainty. i don't think they'll go up or down all that much. >> when you look at what's happening with the electoral college, you know washington so well you served in the carter white house back in the '70s what do you think as this is playing out?

>> in the last century we tended to have elections that were pretty clear-cut in this century virtually all of the presidential elections have not been that clear-cut except you can seau bomb ma's first victory was pretty clear-cut since that time we've had pretty close elections which shows you the country is pretty well divided. it's clear now that whoever becomes president will not have such a mandate to jam something through congress over the objections of the other party. it's also clear that the senate is not going to be as democratic if it's democratic at all if it was projected. the polling profession, while it has a lot of great attributes, needs to do great work whatever happens, we're going to have a new feature typically when you have a president losing, an incouple president, they went back into their hometown and stayed out of politics if president trump loses, and i

don't know he will, i don't think he will stay out of politics he has a clear support throughout the country whether or not he's technically in office i don't think you should discount him as being a political force. that may be different if biden loses the election and trump is elected. biden i don't think will be a force going forward. it's too early to say. we'll have to wait two or three more days until we know exactly what the results are going to be i think those people who thought we were going to have gigantic tax changes or regulatory changes are wrong. there won't be enough support to jam those things through congress i think you'll have cautionary action from congress on the tax and regulatory front. >> i'd agree with that assessment just the idea -- i hate to be cynical about these things wall street tends to like a lack of action. we had been talking in the weeks leading up to this some were saying blue wave would be good, we'd see a big stimulus number it's the changes in the longer term that people were worried

about. >> just tell me what the rules are that business people say and i'll comply with them and figure them out even if i don't like them right now we don't know who the president is going to be and we don't know how congress is going to be configured right now there's uncertainty. once there's certainty, i think the markets will reflect that and they will come back once there's certainty. there will be certainty and the markets will respond favorably i don't think you'll see a lot of legislative rules that are significant. >> your theory about donald trump still being a big force in this whether he wins or loses, what does that mean? >> that goes back to his hometown and does civic things

he would be able to run in four years and being the same age as joe biden does now he would say, maybe i'll run again. he has a reservoir of some support. while it might mistie phi some people, it doesn't mistie phi all of them. he has a big reservoir why he would squander that i think you'll have a big impact on the republicans going forward and you'll have a big impact on foreign policy he can say a lot of things that people will listen to. it's not as if he loses it's not as if he's lost by a large amount and people won't pay attention to him again, he could run again. it's legally possible for him to run again and he wouldn't be that much older than biden is now. >> that had not occurred to me. >> david, for the last six months, longer, there has been a big raging debate about taxes in america, about taxing the

wealthiest among us at higher rates. i wonder whether you think where we are, and we don't know obviously what the ultimate decision is going to be, both about the presidency and the senate, but given how split things are whether you think that debate is a healthy debate and whether the democrats have overplayed their hand on that. >> it's unclear whether they will push something through congress republicans are against. congress will be fairly well divided and your point is well taken. it's not likely you'll have a big increase in taxes on the very wealthy i think you're not going to have gigantic changes in health care legislation. it's clear congress is going to move very, very slowly if the republicans control the senate and the democrats control the white house, that's not a terrible thing for the markets if you go back and look, the markets do better honestly when

there is divided government. you go back over the last 20, 30, 40 years when one party controls the white house, another party controls one part of the senate or house, actually the markets do pretty well divided government doesn't mean a bad thing for the economy. on your point, i don't think you're going to see the things democrats want to have on their streams. that's not going to happen in the senate and not going to happen any time soon whether biden is president or trump is president. >> david, just in terms of what that means sector wise, i mean, does it change anything that private equity is going to be looking at i've seen earlier this morning there were some big down decliners for solar stocks and things does this change anything you are looking at does that create an opportunity? >> i think it's too early for anybody to say exactly what's going to happen. you don't know what the new president's specific agenda is going to be.

getting that through congress is not easy as we all know, tax legislation isn't written at the white house or treasury. it's written in the ways and means committee and senate finance committee. it will be a long time before we see significant changes. what congress is going to do most importantly is in the lame duck is deal with the stimulus issue. if the stimulus isn't passed in the lame duck, i think it will have some impact on the economy that isn't favorable the markets have anticipated a stimulus bill. if a stimulus bill isn't passed in the lame duck or early in the next administration, i think the economy is going to have some problems it's hard to sustain the economy we have as long as there is no vaccine. it will take a while to be fairly distributed around the country. even when the vaccine is available. i do think that you're going to need a stimulus. that's the first order of business of the lame duck in my view or the next administration. i assume in the lame duck it will be clear we have to get a stimulus through

>> i'm detecting a little bit of a bounce in your step in terms of -- i know you were in the carter administration, i know how you lean a lot of times. you almost sound relieved that some of the most progressive policies are off the table now i'm wondering as a democrat whether you think that wing of the party was too far left i don't know whether it has to do with -- maybe it's the carried interest stuff are you feeling better -- i know you don't think we need to change that. >> well, i'm actually registered as an independent and i don't give money to any party. >> me, too >> my view is when you have dramatic changes on either side, democratic side, republican side, it causes more fissures. i think a less dramatic change works better i don't think you're going to have the left side or right side of the party or the country right now. i think the country is too evenly divided it's been that way since the beginning of the century. >> i think there's a lot of

democrats that probably feel that way because vice president biden was the default candidate. go ahead, andrew i know how important this must be sorry to take your time. go ahead go ahead go ahead, andrew. >> no, no, no, no, joe you've got it. you're good. we're good >> david, i'm sorry, what were you saying >> biden was the strongest general election candidate the party could have had of the candidates there i think if any of the other people had run, it would have been a big victory for trump in other words, i think bernie sanders or elizabeth warren, while they might have great features, they would not have been strong general election candidates i don't think the vice presidential candidate would have been as strong for president. i think biden was the strongest candidate. it shows you trump has enormous reservoir of support throughout the country and it shouldn't have been as easily dismissed as it was by people in the

democratic party side. >> david, thank you. great to see you this morning. we appreciate your time. >> all right thanks very much for having me >> take care. >> coming up when we return, eric cantor is going to join us. former congressman of virginia he's now vice chairman and managing director of moelis and company. take a look at this morning's s&p winners and losers (♪ )

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after six months, we need to connect with the world. i use the internet to keep him in the language, because that's the way to connect to my family's traditions. he has to know where he comes from. we need internet essentials. there's no excuse to not get connected. shot of the white house there a day after the beginning of what is now a contest as the count continues. welcome back to a special edition of "squawk box" this morning. if you are just waking up, the voting is over but of course the counting continues show you .s. equity futures at this hour. dow looks like it's going to open up higher still just a little over 2 hours away from the open

nasdaq looking to power a lot higher about 317 points higher on the back of an expectation that the results thus far are good for the technology industry. the s&p 500 up about 41 points six key battleground states still up for grabs the votes are in they just haven't been counted and reported yet in some places they may not be until later in the day or even later this week. here's a look at the hunt for 270. both candidates have paths to the white house, they're just different groups to get there. we want to get over to scott cohn who is in the battleground state of north carolina this morning with more on what is going on there scott? >> reporter: andrew, it played out almost exactly as we were talking about yesterday and down to this scenario that in many ways is just a nightmare 5.5 million votes cast almost in north carolina that's a record. about 75% voter turnout. it comes down to about 76,000

votes separating president trump with former vice president biden with the president on top as far as the unofficial state count goes, but take a look at how this plays out and how the counties worked out. going into this, going into this it looked like biden had the edge with early voters and then we were looking at what was the turnout going to be in republican precincts, republican counties on election day and sure enough as the results were released last night, biden out to an early lead and then when those other counties came in it tightened up to the point where we are where we are -- where we have gotten to and here's where it all comes down to. 117,000 absentee ballots that have yet to be returned. now there may be some that won't be returned. some voters decided to return in person or just won't return their ballots at all, but it's enough to make this race still

too close to call in addition, the state board of elections will be doing some random audits of various precincts that's something that they do on a routine basis. this could, indeed, change but there you see a state that is very much divided the urban areas, the cities like raleigh where i am, charlotte, they did their part for biden strongly but then the outlying suburbs, places like johnston county, union county coming in late and closing up that gap for the president. at the same time, we had a key senate race going on now tom tillis has a lead over cal cunningham that race not being called yet meanwhile, democratic governor roy cooper who squeaked to victory four years ago barely is headed for a second term as the governor here. so that race decided but the presidential race, guys, still too close to call.

>> scott cohn. >> just talk to him for a second that tillis race is not supposed to be like this either he was supposed to lose and so was john jaynes. the pollsters are the big losers, scott, across the board, i think. i don't know >> reporter: well, that race hasn't been called but it is definitely close the presidential race, a whole lot closer than the senate race as you can see tillis has opened up a decent sized lead but still if it comes down to those absentee ballots that's a pretty tough margin still for cunningham or biden to make up, that's where we are here. >> okay. all right. thanks, scott. let's welcome eric cantor, former congressman of virginia who served as a house majority leader vice chairman and managing director with moelis and company. we don't know yet, eric, but the senate is not going to be a blue

wave anyway. it may be evenly split who knows at this point. republicans may maintain their majority then in the house it didn't go the way speaker pelosi was hoping in fact, there could be some additions by republicans the president, the betting sites have flipped they're favoring vice president biden because of gains he makes in michigan as things go along so i guess i'm summarizing it's a divided government and is that what moelis and company would say? >> i am breathing a big sigh of relief when i am seeing what the senate is going to look like with the fact that you have susan collins hanging in there, probably winning in maine and at that point jonie ernst in iowa winning, that means no matter what happens in the north carolina seat, assuming the two georgia seats come back to the

republicans, which i assume they will, then that means that mitch mcconnell will still be the majority leader in the senate, and thank goodness because i really think that, you know, the democrats completely over played their hand in proctoring this extreme agenda on issues like oversight in terms of the labor laws, in terms of the environmental laws and, my goodness, on taxes so all of that extreme stuff in terms of the aoc and her squad, i think that did them in and so i think -- and in terms of where i see, you know, our clients, thank goodness in terms of taxes they're not going to be looking at this extreme agenda that the democrats have been talking about and i think that bodes well for the economy >> you know, the market really wanted stimulus, too is there going to be anymore stimulus in a lame duck session? >> well, you know, obviously, joe, tempers are going to be flaring a little bit

i'm sure that nancy pelosi does not -- she -- given her choice she would not want to deal with president trump if she department have to given her druthers, she would try to wait and see how all these recounts go and if they go for vice president biden, then she'll wait to try and strike that deal. we'll see. if we can see donald trump pulling this thing out, i think there is a likelihood that markets will see a stimulus bill done in december with the expiration of the current physicianfiscal funding to get it off the table. there is going to be a lot of uncertainty going into the next couple of weeks. i'm just breathing a sigh of relief to your point earlier, joe, the pollsters are -- they -- it is inexcusable, reprehensible for what has gone on in that industry as you know in my unscheduled departure from capitol hill, a lot of it had to do with the

polling universe that was estimated prior to put me double digits ahead same thing here, but now what's happened is pollsters, they're not even being transparent in terms of what they're assuming in terms of an electoral turnout which is why you've gotten such skew in these polls. people were relying on that, setting their expectation is just abominable. how in the world can that industry maintain its credibility at this point? >> so we don't know the presidential outcome yet just wondering, just work with me for a second. you talked about if president trump were re-elected, what would he do? if it is vice president biden and with his vice president kamala harris, what would that look like? i'm even just thinking now about the next two years because of the house election, i'm sorry to bring that up, but we've got to start getting ready for the next election we've got to start handy capping

that, right? >> it really is unbelievable look, i think what would happen, if you did have a biden/harris administration, clearly they -- you know, a, president biden would have to go in and work with leader mitch mcconnell in the senate to get anything done and, you know, essentially the senate would be in the most powerful position as far as any kind of legislative gatekeeper there but, you know, on the regulatory front, there's a lot of power in the administration and the white house clearly and just as dprupresident trump didn he went into office, he over turned and undid everything president obama did. same thing president obama did when he came in in '09, undid everything president bush did. we're going to see this flip-flop and the pendulum swing and on the regulatory front if that's what happens.

you're not going to have the extreme movement in terms of statue, green new deal, taxes called for all of those things would have been so detrimental to the competitiveness of our country, businesses, clients i'm talking to i know will sigh a big sigh of relief on the fact that they're not going to see those kind of things put into place. >> hey, eric, do you think the executive order, it happened a lot under president trump, it happened a lot under president obama, do you think there's any chance of kind of stuffing that genie back in the bottle >> you know, this is really the silver lining, i think, for those of us who believe in the original intent of the constitution and the inability for a president and the lack of authority for his administration to actually make law and with the court given the way it is now with a strong bend towards originalism in the

constitution, i believe that they will move to try and limit the executive authority with these executive orders you saw even the existing core before amy coney barrett went on strike down much of what president trump tried to do so that you don't have a white house in its quote, unquote interpretation and execution of the law actually making law. so hopefully we'll see that trend, becky >> okay. eric, i think we're going to end it there thanks for being on with us this morning and you were there and now you're here, wall street we appreciate it >> okay. nice to be with you. >> yeah. good to be with you. you bet. when we come back, galaxy digital founder and ceo michael no novogratz will join us on your money. the rust belt in focus results from michigan and wisconsin may not come until

later this morning pennsylvania may not be called until later this week. that matters we'll discuss what all of it means for you and your money when we come right back. the company who invented

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. welcome back, everybody. we want to get to mike santoli dow up 150 s&p up 47, nasdaq up 348 >> it's coincided with a bump in the joe biden implied odds of winning this election unpredicted. the electoral map as now being bet by those users of the predict it betting site. all of the outstanding swing states, the predict it betting is heavily on joe biden winning those. you see the contract itself is 82 cents to 25 cents for the president. you have to throw out the standard cautions here this is completely upside down versus what it is. this swings around the predict it site was unaccessible this is happening as you get

this the late absentee mail-in balloting. that is moving the betting odds and giving some initial lift to some of the equity futures perhaps just because it seems like maybe a clearer outcome in the short term, guys. >> mike, when you try and look back at predict it, what they were predicting four years ago and what they were predicting even two weeks ago or something along those lines, just we always say, that's a real market nobody knows anything at this point. >> no, that's right. certainly people don't know really anything aside from all of the observe vabl data we're all tracking as it comes in. also, there are limits to how many people can access predict it betting amounts are limited. it's not a fair market i don't think on the morning after the 2016 election predict it had the outcome wrong that's the other side of that. >> right right. that's true. thank you, mike.

we'll check in with you again very soon. andrew >> okay. our next guest tweeting early yesterday morning, quote, this is a vote for the soul of our nation, who we really are, who we aspire to be. i have faith america will choose decency and live over meanness and hate let's go usa show us why you're great joining us is galaxy digital ceo mike novogratz mike, you've been very outspoken as an outspoken supporter of vice president biden are you surprised at where we are right now? >> yeah, i am, actually. i thought we were going to have a blue sweep some of that was falling through the polls and some was hope. i had talked to a lot of people that had been trump supporters that had turned. it was a tough night for democrats. you know, i woke up, i put my lucky hat on, looks like biden is going to pull this thing out now. but the blue wave didn't happen. at one point it looked like it

was going to be a red wave so the markets are liking this because now you're going to have a more conservative senate and maybe you'll get rid of the chaos of trump if michigan and wisconsin hold here, but it was still -- you know, i think democrats went in, at least a lot of the friends i had thinking this was a mandate on who we were and woke up and say, okay, we didn't win the moral victory. it wasn't a repudiation of all things trump quite the opposite actually. we're praying we win the political victory and i think we very well might. you know, it's going to be a 6 or 7 million i'm guessing popular vote victory hopefully we eke out this electoral college. >> but, mike, what's -- but what's the lesson of this? whether you are ultimately victorious or not just given how close it appears, you talk about at least close from an electoral college perspective, i know

there's larger debates about that you talk about a moral victory i imagine that's part of a conversation about the place that the united states represents on the global stage what are the implications of all of this and what are the economic implications as you see them as an investor? >> listen, i think one of the reasons i have been supporting joe biden, not because he was such a spectacular candidate, because i thought he would be a healer donald trump has proven it's just not in his dna to be a healer he's a divisive candidate. we need healing. biden's legacy, i'm hoping if he gets in, his legacy will be to heal the country the real indications are we have two different groups of people with two different sets of priorities, two different moral values and we need to start talking to each other in a much better way there's guilt on both sides, absolutely, but it's just shocking when you look at that

map how red it gets and how blue it gets. urban versus rural coast versus middle. and so i think we've got a lot of work to do as a country you know, markets -- >> mike, you had said you were going to -- let's talk markets though i read that you plan to trade last night were you trading last night? were you trading this morning? >> not trading so well i got a little excited early on, had to stomp out some trades listen, i think the trade -- if -- if biden holds, the trade is interesting there's a factor of what trump will do, right you already saw when he came last night really blasphemy the democratic system, getting on when you know the votes aren't counted and trying to undermine our electoral system i thought that was a disgrace. but that's not going to go away. and so, you know, if the republican senate and the

republicans put it in place and biden wins, it's clear that we're going to move that way i think stocks are going to do well people are going to feel really comfortable that the left wing of the democratic party was also repudiated, right? america is a center right country. i tell all of my democrats, we're a center right country >> you talk about trump being a divider and we do need to come together, i think, so does it give you any pause when you set yourself up as an arbiter of who has a soul, of who has morals, who is virtuous? you've got florida which went for trump. you've got ohio. what would you say to all of those trump supporters who basically just said are backing this divisive, amoral, horrific bad orange man you're asking for healing and

you're a big part of the problem. >> if you looked at the polling data when they came out, they all said they were voting for economics -- >> for whatever reason how are you going to heal -- >> no, economics over character. every single trump supporter -- >> you're not uncomfortable setting yourself up as the arbiter of who has a soul and who doesn't? it's insulting to me >> i think our country is better off voting for character, not economics. >> that's your opinion and you saw how close the election was all those other people have opinions too, mike they don't have billions of dollars. they may not have that hat, but all those people -- >> they should all get a hat like this. pretty cheap. >> i've got to hand it to you. you've got -- you've set yourself up as the arbiter of who has a soul, who's virtuous, who's moral, who isn't i hope you can handle it i hope you have some broad shoulders. >> maybe it's too much pressure. >> i think it's awesome. i mean, i'd love to feel that

sort of self-confidence. go ahead, andrew >> mike, you've been a big bull on cryptocurrency, bitcoin and the like i'm curious how you think the fed -- the role of the fed going forward is going to be given that there's probably going to be less efforts or ability to create massive stimulus, therefore, does it fall onto the fed? if it falls onto the fed, is that ultimately good for your bitcoin investment how do you think through all of that >> it was so interesting watching in all of the markets last night, the bond markets sold off and rallied, stocks cryptocurrency was big the whole night. bitcoin, 14,000, 13,800. we're in a bull market in bitcoin. the fed is going to be, you know, continuing to print, right? the crypto world has an expression, you know, the fed goes brrrrr. that printing press going on and on and on. so less fiscal, more fed, good

for crypto i think there's a bigger story with crypto, right we have crossed the rubicon in its adoption you're going to see every bank every tech company getting involved and so i think we are at the start of a big bull market there >> but can i just ask one question about that, mike? not take us off the election, but the idea that it turns into a currency which i know people talked about for a very long time if it turns into a currency, people are going to be using it as an investment. >> no, i don't think it -- i don't think bitcoin is going to turn into a currency i think it will be a digital role you will have a whole bunch of stable coins a fed backed or fed sanctioned stable point which will change the whole payment realm of the u.s. and the world as that architecture gets built it makes it easier and easier for people to access them. >> you heard christine lagarde talk about how the ecb is

looking at a euro cryptocurrency >> no, i don't think it will hurt bitcoin they are worried about central bank printing too much money doesn't matter if it's digital euros or fiat dollars or euros it's central bank politization we're in an era where they're all acting as one and that's a really dangerous era people want to have hard assets. in a digital world, bitcoin is the hard asset i think we're moving there you're going to have every central bank issuing a digitgit currency in the next five years. the companies in the blockchain crypto space isn't just bitcoin. it's literally building out the newark texture that's why you saw them involved you will see visa getting

involved mark my words. >> hey, mike, before we let you go, you had said you made some trades last night. they didn't go as planned. what were they and what kind of trade are you thinking about making this morning? >> listen, if it was going to be a blue sweep the easiest was selling a lot of long bonds. the idea that fiscal stimulus would be in abundance. i thought the 30-year would sell off pretty dramatically. same thing with selling the dollar and, you know, today i think, you know, you're going to see the yield curve flatten a little bit because of the lack of fiscal. the perception of a republican senate is going to be a little tougher than an all democratic ticket so, you know, that was the -- that was the major trade listen, i think nasdaq is going to outperform now. where if you had a democratic senate, they were going to go after the tech companies

the wealth controlled by the giant tech companies eats at the draw craw of the democratic senators. you would have seen a much harder assault with a republican senate you're not going to see that. you're seeing nasdaq dramatically outperform. last night was the exact opposite. >> mike, we appreciate you joining us this morning. we appreciate you wearing your hat for us this morning. we hope to talk to you again very, very soon. becky? >> thanks, guys. thanks, andrew when we come back, mario ga gabelli of gameco coming big gains. we'll be right back.

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. good morning welcome to "squawk box" here on

cnbc i'm joe kernen we saved this for special occasions. no, we haven't diverged from it. after the presidential let's all come together. president trump at 213 >> we are looking at the actual numbers. predict it maybe trying it. over in the u.k.

michigan perhaps other periods and i think it has 80% we have other areas. we point out and predict it. 80% and it has changed before. 39 and a half. they came in shifting the lead. of course joe biden.

we just heard some of it we have the standpoint a big final hour of the show three business titans here to talk about it. after being up not like the last one.

they have been guy rating. the past couple of days. there's a lot in the state the challenges are developing. >> reporter: more developments the race to 270. i want to point out something in the gray states that joe was just talking about in terms of the states where we don't have calls yet. so many years we sit here on

election night and talk about florida and ohio as the big swing states those have both been called for donald trump the swing states now are all over the map though this year. so it's a much different year with biden making in roads in traditionally republican areas like north carolina, georgia, and arizona and trump making in roads in traditionally democratic areas up at the blue wall of wisconsin and michigan and pennsylvania so it's sort of a flip the script from what we've seen in past years both candidates last night coming up to address the supporters joe biden stressing a message of patience for democrats here's what he said. >> we can know the results as early as tomorrow morning but it may take a little longer as i've said all along, it's not my place or donald trump's place to declare who's won this election that's a decision of the american people but i'm optimistic about this outcome. >> so that's biden speaking in

delaware the president was in the east room at the white house where he falsely claimed that he had already won the election here's the president last night. >> this is an embarrassment to our country. we were getting ready to win this election. frankly, we did win this election so our goal now is to ensure the integrity. >> reporter: and that last comment, our goal to ensure the integrity is his reference to the threat to bring lawsuits around all of this he said he wants to fight it all the way up to the supreme court. trump advisers have been talking this morning about battalions of lawyers going out there to challenge in perhaps multiple states so we'll see how those legal challenges play out as we're dealing with the vote counts still coming in. this could be a long one before we know the end result >> eamon javers in washington,

d.c., this morning for us. thank you for that want to go straight to frank holland right now. he joins us with the latest on the pennsylvania vote count, a place where potentially the count could be challenged. frank? >> reporter: hey, good morning, andrew we're here in bucks county behind me, mail-in ballots are being actively counted they're then being sent to the state. according to the state, here's the latest total president trump with an 11 point lead here in the state of pennsylvania president trump 55% of the vote, joe biden 46%. not surprisingly the ballots so far, the mail-in ballots have been overwhelmingly in favor of democrats. 1.6 million of those ballots have been casted for democrats, coming from registered casting means they were sent in, counting means they were added to the state's official total.

that difference is where the controversy lies in the keystone state. they have called on the secretary of state to resign over her handling of mail-in ballots and what they say are the ballots able to be precounted called canvassing. she changed the process that would allow ballots received by election day and those received by friday to be co-mingled received means cast. the secretary of state firing back saying those two separate sets of mail-in ballots will not be co-mingled. they caused this controversy by blocking a bill that would allow the state to canvass the ballots before the election. overnight in allegheny county, they halted the counting saying they needed to give workers a rest that will continue at 10 a.m in 7 of the 68 counties, they are beginning counting a lot to keep track of the governor telling everybody to stay patient.

back over to you. >> frank, just to clarify. of the votes that have come in, mail-in votes, 2.5 million of them have been counted of the mail-in ballots? >> reporter: that's what the state says, becky. >> wow you're talking 600,000 left that haven't been kained? >> exactly >> and that process will just be beginning when the new round of ballots come in up until friday. >> frank, thank you. we'll go back to frank repeatedly throughout the day. we will be hearing more on this. first let's get to our first biggest of the hour to talk about the markets and the post-investing landscape we have mario gabelli of gamco you've been looking at a way to figure this out. the idea of a blue wave you had been gaming through. now what do you do >> we look at the landscape and

economic landscape with a microscope and telescope obviously all of your individuals that are talking about the election have compounded and accumulated knowledge. from my point of view, i take that same telescope, same microscope and look at individual companies yesterday we had 28 companies talking about the auto industry. what's going on with the consumer why are they taking personal transportation as opposed to mass transportation. why are they living in the cities from the elections point of view, you have a balanced structure that's terrific. we then have to step back and say, okay, what does that mean for the economy for 2021 what does it mean in regards to a stimulation, extra arrow in stimulus bill that jay powell talked to us about what we need. will nancy pelosi and mnuchin get it done when we need it? then looking at the question of the vaccine. i'm very optimistic because we

saw polio, we solved the hiv, we solved measles, we solved small position and we'll do this with regards to this pandemic and this particular virus. so then the question is, will people take it so the economy in 2021, you've got a long runway in the auto industry limited cars at the dealership level. cranking up production some logistic call issues with regards to supply. housing has a good runway. then you step back to the election what happens to taxes. how do we pay for this will it ignite inflation they're going to talk about the digital revolution and how it impacts real estate and how it impacts the world they're a part

of looking at the remote learning remote work. what have we learned differently? consumers going and buying things on a remote basis we see a lot of pluses >> but, mario, you're asking all the right questions. i don't know what the answers are to some of them. if you're looking at stimulus and taxes. >> i look at the taxes and an ideal world and i don't want to do what jack ma did and say this is what i'm doing and you have to be doing it >> they can take capital gains tax and we didn't get rid of it when obama was in power. do we get rid of it now? section 1031 you can roll over gains on one piece of real estate to another piece of real estate should we be paying a higher tax? right now you're paying much

higher tax on the new tax bill than you did prior to that because of the limitations on salt, state and local taxes. you live in florida, wyoming, i don't think andrew lives in those two places, you would be paying less. do we go from 37 to 39 did we compromise? is mitch mcconnell going to be able to have his counter part in the house, pelosi? that's the tax issue. >> if you're looking at stimulus, it probably won't include plans for the cities and states at this point with mitch mcconnell it will be hard to get through. if you make that assumption, you might from there decide that places like new york and new jersey will seek even higher taxes than the increases that they've already recently won in order to try and make up some of that short fall? what does that mean in the economy in local places like

that how does that play out in the economy in a grander scale if you see layoffs coming from state and local governments as a result >> when you look at the u.s. economy, 70% of our 20 odd trillion dollars is because of the consumer we represent 25.1% of the global economy based on the international monetary fund. china is 18.1% consumer, 70%, autos do well leaving the cities stay cas staycations are a good indicator. class a came in. then you look at state and local. we have to invest.

mayor bloomberg did a great job. giuliani helped before that. de blasio didn't put the money away for a rainy day if you are living outside of san francisco and up the major cities, you're asking why do i have to pay for inefficiency of government that's the tension independent of that, they're leaving new york, indianapolis and xyz company says our truck business is booming because people are renting trucks to move furniture out of these inner cities so there's a tradeoff on that. clearly when i reported it -- if andrew can have the salt tax reduced from where it was before, then it won't be as bad if he's paying 40% and 15% to new york city. >> all right let me ask you another question. you said you thought it was about time that there would be

some sort of shift back towards value, which is where you've long kind of made your money, value stocks versus the growth stocks you also have some growth stocks there at gamco funds they've been the real outperformers. the market is not saying that. if you look at the futures, the nasdaq is sharply outperforming on the idea of a bunch of things you won't sell your big winners. look, maybe washington can't regulate it does value come back people in kathmandu would ask how's my cisco doing good growth. good balance sheets and the digital revolution is here that's not going change. how do we do remote learning

how do we do this? federal communications commission, bring rural america's speed and capabilities that's important from your point of view, growth is okay. do i sell navistar that's 4.3 billion market cap. nikola was selling at $20 billion down from 60 it has 8 billion they have nothing. that's the difference between speculative forces in the mechanics. they have destroyed some of this in terms of what is growth?

>> you won't get a $2 trillion stimulus, they get a trillion dollars. that will sort out >> but you do think there will be a reversion to the mean at some point with the phenomenal growth that we've seen in growth stocks >> well, there's nothing wrong -- when you look at the world with a $90 trillion market cap and the united states is 35 to 40% of that, that's a small number then you look at where are the companies buying large companies are doing their own financial engineering.

take a look at united technologies they spun off carrier. that stock has doubled it's up 60%. take a look at that spinoff. that has done extremely well financial engineering is alive and well you look at strategics, pes and spacs. they look at companies that are selling at 20 and maybe 40 how do i buy a company using the lenses of a pe ferm airm and lee it up at today's interest rates or tomorrow's interest rates i think there's a lot going on a great time to be 123focusing stock specifics. what do they do? how do we benefit from those >> it would be nice to turn away from election talk and back to very basic things like earnings.

thank you very much. >> you know, today and it will be that way for three or four more days, then you step back and say, what's going to work? i continue to believe that we have to worry about things like recycling plastics that's not good for the environment. the climate. independent of the climate, look at the acquisitions. one company, public service of new mexico is being bought they're going to reengineer their regulated business and nonregulated business which is wind, solar transmission we need to pardharden that. we will do great independent whether there's a divided congress then you need to look at things like plant protein versus animal protein. that's an ongoing thing. >> mario, thank you. great to see you we'll talk to you soon >> thank you have a good day. >> we will see ya. coming up, the afore

mentioned two more interviews with two of the biggest names in business both named barry. barry dillner and barry sternlicht the race for the white house nothing much has changed we're dealing with the states still very close vote counting going on many races to be called. stay tuned, you're watching "squawk box" on cnbc

if you are just waking up, let's show you a list. states that still has yet to be called. you have a number of states from alaska, nevada, arizona, michigan, georgia, north carolina all the way across the board with this. we are seeing significant moves with the currency market as we continue to see the results coming in.

>> up 3% from yesterday. that's a pretty good round trip that we got overnight in this instrument take a look at the mexican peso. this is one that had two different sessions compressed within 12 hours here when this is going up, it means the peso is getting weak jereltive to the dollar. that's what happened now it has regained that ground. this is considered to be a play on president trump's fortunes. weakness in the peso is on president trump's strength in the polling. you remember 2016. this is the main column we were looking at, guys of course it seems like a round trip it doesn't have a clear deal ultimately with where this goes. >> mike santoli, appreciate that we are getting first takes and what it meanings for markets it's great to have you on the program this morning

you have been an outspoken critic of the presidents over the past four years. you woke up this morning and you're thinking what >> i don't know if i woke up this morning but what i'm thinking is that i'm humbled by all of this. i had hoped for repudiation for all the reasons that are kind of obvious and that has not happened and so i really come out of it, if there's a come out of it, i think that all now there is is symbolism. if joe biden does prevail, it will be with the thinnest of margins and probably a lot of controversy. it clearly will be that there is no progressive agenda that's got any steam behind it given what is likely to happen with a

divided congress so i think the only way for me at least to think about this is being humble about the fact that this is a divided country in the extreme, that there is no repudiation of someone that i have felt for a very long time is a bad character. i take joe's point, and i don't put any moral superiority in any of this. i think the democrats and urban centers against the urban part of the country, that divide is immense. for democrats it means that we have not solved the problem or done anything, actually, without

beca rambling on. four years ago i thought we're scraping the bottom here now we really are at the bottom. so from the bottom in a way you can say there's hope, but there's only hope, frankly, if there's real humility on the side of i wouldn't even call it progressive but i would call it certainly democrats about what they've done wrong >> barry, i hear you and i really appreciate what you're saying i should have known you'd have a -- what i think is a really measured and humble response to that then it was said, well, this has to do with the economy, it's just about money, keeping more of your taxes. it doesn't it has to do with the two

different viewpoints that are still in this country, and obviously if you've got florida and ohio and texas and maybe even pennsylvania and a majority are looking at voting for this person that you find not to be up to your sense of what character is, but in terms of a soul of the country, there are things that the progressive left stands for that those people would say are completely losing the soul of what they think the country stands for i believe, look at -- you know what i mean? if we are to come together, i just think we need to get beyond the point of saying that anybody that doesn't agree with me has no soul or has no virtue or has no morality. i'm not -- i'll saying that you had a much more measured and different take that i respect and i loved hearing it >> all right it's a failed -- it's certainly a -- it's a failure. to me it's a failure on the part

of the democrats because what we have tried to do obviously in these last years is to point out the reasons why that we think that trump is a bad character, et cetera, et cetera i'm not talking about morals, i'm just talking about lying there's no -- the brief is pointless to put over. everybody knows that and yet, and yet at least half the peoplehave said, no, we -- either we like his policies and we like him or whatever it is, and for us not to deal with that, deal with it meaning in the humblest way of saying, okay, if we think that we ought to prevail, then the only way to do this is to figure out how we have failed to get what we think is the better point, the better

view of how government should be run. that's the only hope to me other than that, there's no point in talking about it. i don't think it has any effect on business. i think this election already has told us nothing new. government's going to be divided. that's probably good for business so, you know, the hoards of liberal policies and taxation and all of this stuff, forget it that's gone for now. probably for at least four years. we ought to think instead about community, really paying attention to our communities, having faith in those communities. i live in new york i live in new york city. i pay new york and new york city taxes and i'm very happy with my local government not necessarily new york city

but local government i have faith in the governor i have faith that new york is a state i believe in it's to at least try and figure out how do you -- how do you, with a lot of humility, say something that we've advocated, whatever it is, is wrong otherwise there would have been a repudiation. >> barry, let me ask you about this though. where do you think the united states now stands on the global stage? you've talked about trade over the years. we've talked about globalism we've talked about where the u.s. plays in all of that, the idea of splinternet, two internets in the future. does that change now >> i don't think so. i think it's stasis.

it certainly doesn't get better. obviously we are not held high in movgs governments of the world. most countries in the world look at us, look at this election, not necessarily this election. i have a feeling they won't be critical of the election as such, but they look at the united states and they think you want to talk about exceptionalism please so i -- but i think there's stasis >> and in terms of the business land scape, you just suggested you think it's no different. is there any kind of -- >> not really. >> -- rethinking of any type of investment that you would have made yesterday that you might make today therefore >> zero. it's stasis. if you have divided -- look, if joe biden wins, it's merely symbolic i think, by the way, it's good symbolic because what i do think -- and maybe it will happen

you know, maybe what we all should do is say to mr. trump is we should say, okay, if he wins, you won. you have no more voting in your life, one presumes try. please, please try to then now for -- you have no reason anymore, forget division you don't need to scream you don't need to tweet. you don't need todo anything you know, he -- whatever happens, he is a force or what he represents is a force and it has to be respected, otherwise, i mean -- and maybe in respecting it he will fight less maybe the country can in four years move itself somewhat just gravitationally together if, in fact, he doesn't think that he has to have the tactics that

he's used over the last four years. maybe. that's my hope >> hey, barry, we talked to david reuben stein earlier this morning. he said if president trump doesn't win re-election, he's not going to go away like other presidents who have lost going back to george bush and others he still represents a huge force like you did and that he anticipates he would be very vocal in that. if he doesn't win this election, he could still run for re-election in four years. >> sure. i don't -- i think that, as i say, i hope for repudiation. i hope -- i thought the first four years, i understood the mistake that had been made, but i think reupping him is very much a different equation, much more serious one whatever has happened, he's not been repudiated. we have to take that and out of that means that the next four

years, if joe biden is the president, his point of view, very strong opposition represented probably by trump. i would think that the rhetoric at least at the presidential level blb completely different because joe biden is a character. you've got to respect this and you should respect it. >> barry, i can tell you that supporters would listen to what you're saying and respectfully disagree that kind of shaking up of the establishment in washington is exactly what they wanted i want to ask you something different. you have been outspoken about and you have a lot of assets that don't do well in a closed society, obviously you've talked about traveling on airplanes. you've got travel-related assets what did we learn from that

election about how people feel about covid and about -- go ahead. >> sorry, david -- i mean, joe i thought that if trump was going to prevail, it would be because people are so sick of covid and they don't want to hear about masks, they don't want to hear about this. what they want to hear about is let us get back to work. what they want to hear is that it's far too complicated to let science dictate everything here, that all of those things and i thought that the democrats pushing this i think much too strongly without a plan of very much difference from what this administration has done or not done i think that's where this election -- i think. i think that's where this election was lost, in that,

therefore, i think that what this means is that the country does not want to lock down again for certain, and the one thing that either if it's biden or if it's trump that comes out of this, is do not think that you're going to be able to scare the american public for that much longer with very much effect notwithstanding what is possibly the absolute right policy, wrong policy i think that vote is in. >> barry, can i ask. i have multiple questions. one question is related to covid. we've been talking to dr. scott gottleib virtually every morning. he talks about the great success that's taking place in asia, frankly without lockdowns, just with, frankly, the right measures being put in place and why do you think that that, which i think is actually

similar to what you're hearing out of biden, was not clearly something that the american -- that the full american people wanted to get on board with? >> yeah. look, what asia did is about mass lockdown. they have gone on war footing. we have not gone on war footing. i don't want to criticize. who cares. until this country goes on war footing, whatever that means, whatever makes sense, this will not be over soon i keep saying one thing, just give me a date i doesn't really care much when the date is. give me a date make it july of '21. make it january of '22 and say by that date we are starting again for certain. let's all get behind it. do what is necessary to make

that come true but, but, but, but. >> two other quick questions as you've been speaking, we've been showing some of the faang stocks on the screen, all of which are in the green and continuing to go up. we've had lots of conversations with you even over the last year about big tech and breaking up big particular do you think that's off the table irrespective of what the president is. >> no, you can't break up big tech at this point it's crazy what you can do is begin to regulate it sense inbring. they've gotten too large that's what i think will happen no matter which administration it is. maybe even more so it might happen with a trump administration. >> right and then finally, question as a card carrying member of the media, mike allen had a great line this morning. he said, quote, the media and

twitter don't understand america, that that's the lesson of all of this the question is, do you think the media industry is going to change >> oh, god, i don't -- i doubt it'll -- i don't know that it'll change i think truly it has to -- is there going to be a reckoning here somebody said that polls well, we've now been through two cycles of polls that misled everybody. what does that mean? i just say abolish them. never let them be heard from again because they provide no val value, but i don't -- really don't have anything more to say about all of that other than the media, it should have a kind of reckoning in that it absolutely

does not represent -- there's no question it does not represent part of the problem going to kind of joe's point, which is it's moral superiority, it's lack, actually, of any kind of real balance here. i mean, i look at both sides of it it's very hard i watch cnn, i watch fox it's two solar systems that's okay. there's nothing really wrong with that. that's fine. but the problem with it is is that the media, so to speak, in the center is not in the center. whether there's a reckoning or whether there's -- whether there's humility or just continued screaming from eve every -- you know, every media vantage point, riotousness which i think has driven rural america, so to speak, people who are in the in cities, not elite

so he physician at this catfisp, it's driven them away. >> barry, what do you think of proposition 220 -- 22 passing in california, the one that says uber and lyft can go ahead and treat employees like contractors? >> i think it's great. >> what does that mean >> well, i think california h has -- in the area of progressive, i think it has often gone way, way too far. i think the idea preventing people from being their own contractor, setting their own times, doing all of that, rather than having the state impoet it is nuts. it was wild and fun to say it for that, but i also think it's on the ride side of it we can't over regulate these things one of the things about this administration that i have

admired, they've gone far too extreme, but in terms of senseless regulation, and i think that was in california -- that was an example of that. >> barry diller, we appreciate you joining us on this day after the election we don't have a full count yet, but we appreciate all of your perspective on all of it i'm hoping we get to talk about it even more when we get a final verdict. thanks so much >> you know, andrew, this was a good time for -- barry could have used the word refudiation that sarah palin came up with. instead of repudiation, refute and refudiation is even better just suggesting to barry that becomes part of his lexicon.

if you are just waking up, the vote in arizona proving to be a nail biter. jane, don't do that. jane wells joins us now with the very latest from that state. it's a bad habit bad habit that people have >> reporter: well, joe, they worked through the night here at the maricopa county election center because about 2/3 of all arizona voters live in mayor kopa county. while all of the votes have not been counted, they tabulated a record number of early voting. all of the in-person voting in this county. the numbers for president tightened overnight with biden's lead 6 points in this county down from 9 points statewide the lead is 5 points by the way, trump won this state by 3.5 points in 2016. the question is are there enough remaining votes to be counted for trump to stage a victory saying some of those would obviously add to biden's total

we know there are at least 1/4 million votes in this county left to count. then there's the critical senate race nbc saying it's too close to call democrat mark kelly has a lead over martha mcsally. kelly refused to give a victory speech. >> because this mission does not end when the last vote is counted. it is only the beginning. >> reporter: now martha mcsally did not make an appearance last night. after kelly's remarks she said to call the race prematurely was, quote, irresponsible. she also said like mark said, every vote should be counted we will continue to wait for votes to come in this race is not over. if mark kelly wins, it will be the first time arizona has two democratic senators since the harry truman era by the way, becky, it looks like

they have already proposed a tax hike on those making $250,000 a year >> we haven't talked much about marijuana, jane. looks like three or four other states including new jersey did the same with that >> reporter: yeah. i think they won in every state they were in >> we'll check back in. >> reporter: okay. >> thanks, jane. we'll see you soon. let's get over to cnbc headquarters jim cramer standing by jim, you're going to talk about how things have shaped up with the markets with the election results coming in. >> always difficult to reconcile chaos with the futures going up except when you recognize that anything that defaangs the government is viewed good for business particularly with tech. there is a remarkable thing going on, becky. both you mentioned the lyft and uber vote. that was very important. that was a big gig economy that allows the companies to do what they want and workers who

want the deal, they can take it or not that was a very special freedom, really for the last generation -- the most recent generation the way they work the gig young people got their way. i think listening to barry diller saying it's sad to recognize how his voice was failed but accepting that was an interesting notion what it says, we have to accept the verdict. we being his cohort of liberal thinkers and we just have to just surrender to it i know he doesn't want to necessarily surrender, but there really is -- there was no rancor joe, i don't know, you guys were all listening. it was really interesting to hear that at this stage of the game, people come on the show, no one is saying democracy's in question and the republic is in trouble. i'm not hearing that

it's kind of refreshing. >> when barry -- in contrast to what set me off in the first place, i thought barry was exactly what i wanted to hear. i'm just saying that we need -- we really do need to understand each other, jim. if there's any hope and it's -- we've never seen -- there are people that are talking about a revolution in a few years, splitting into two separate countries. it doesn't have to be that way if we can just understand where each side is coming from on some of these very heart felt issues. not just a terrible person likewise, you're not a horrible -- you get the drift. i appreciate what you said and i appreciate what barry said >> look, the public has spoken we can continue to say the public doesn't know what it's doing. it doesn't matter. it's just a hand that everybody's been dealt

let's work together and get something done let's get stimulus done. let's make it so that if you close the restaurants, we can help those people. let's get stimulus. >> jim, i think your point is the right one. it's the idea that we are going to continue to see what happens with this and that there aren't people calling for this right now. there is calm. there is patience. people are willing to say let's let this vote count continue and accept it. >> jim, let me ask you a different question though, which is, you know, the markets historically have liked a divided government given we're still in a pandemic, crisis and given that barry dillner's comments were spot on when he said we are divided in the extreme, i think that that is probably the lesson of this more than anything else as hopeful as i think we all want to be that there's a coombaya moment and we all come together. the question is it's unlikely that it will happen. it could potentially get worse over the next four years

challenges that we're confronting, is it actually good for the market >> well, okay, so when is the market is the market not faang? that's what has happened the market is not emerson. the market is not bristol-myers. the market is amazon the market is apple. the market is facebook these are companies that thrive in an environment where covid goes nuts. you stay at home there is digitization. it is speeding up. those are the companies, microsoft, all those companies failed last week because there was a belief that somehow we would have some resolution that maybe something would matter they all sold off as if we were going to go into a growth mode, a pmi growth mode. now we know we're not, andrew. we're stuck with covid that's the thing that is front and center and if that's the case, you have to buy everything that is digital. you go back last week and realize they all had great quarters no one solved covid last night no one

still on the table i heard becky cu yy call you hay is that the new -- >> i'll take what i can get. >> like around 5:30. >> no. that was early i didn't even realize i did it >> i don't -- >> i liked it. it was a coming together it was a kumbaya moment that people don't think can happen. >> this is not -- when he calls me joseph, i call him andy and it is not a kumbaya moment. >> larry kudlow said, with all due respect, you're a moron. >> exactly. >> you start off with that gentlemanly thing -- >> with all due respect, i know. thanks, we got the other barry, this should be good too, joining us for his take on the election what neeit means for business, barry sternlik, we have talked, barry, on and off, we know each other well and you basically -- i think

like a lot about what may be a republican senate might prevent, but probably weren't thrilled with donald trump being the representative for your party. if i were to think of you as a republican, i'm not saying you are, but you're a pro business guy, that probably you came on early, didn't want to shut down as much as maybe some people wanted, so this -- if biden were to prevail, which a lot of betting sites are indicating that, i don't know what's going to happen, nobody does, but if it were biden and then a republican senate, would that be -- would that make you happy? >> well, what happened last night, i mean, it is absolutely the one thing we know for sure is we have a split government and the split government means we won't get tax increases i think one of the great failures of biden's campaign is $4 trillion in increase in taxes and we never got it talk about what he was going to do with all the money. i think if we ever needed a third party, this was the year

you had two parties catering to the extremes of both sides and 36% of the nation was independent. and they were choosing between the far left, which donald kept hammering home, and those that were leaning democratic, were choosing -- trying to get away from the far right, and the influences and maybe they were pro environment. and so what happened last night is you know who lost like, the big splu ciblue citiee north lost chuck schumer is not running big packages for new york and i think donald was very effective in showing the anarchy of the big cities and a lot of the nation said i don't want to see that happen to us law and order was a big theme and you saw the move of the vote here in florida and picked up 100,000 latino votes in dade county it is incredible more than he got in 2016 so i think law and order, the fear of the progressive movement taking over, the democratic party, the far left, really -- i

favor the environment, i favor, but i don't -- i don't know what to do here because i don't want a socialist country. i think biden never repudiated that as much as trump never in my view repudiated the far right. so it is really -- from that perspective, it was really bad who also lost? i mean, i think money lost there was so much money thrown at this race, and i think almost as surprising what is going to happen in the presidential election, how razor thin this margin will be in the senate races across the country where democrats outspent the republicans by $100 million, it had no influence i'm happy about that i think we should give each candidate a bunch of money and say, now spend it. just like you're running the federal government like you can choose to spend it early, spend it late, spend it on social media, on tv, just like you're in the country, you should have a fixed budget, get rid of this fund-raising originally thorgy every three year and give the candidate a bucket of money and

say you have so many votes, here is the money, i think the money in the system is disgusting. it is absolutely ridiculous how much -- i think what do we spend $2 billion on the presidential election it is staggering i think the line from the democrats, which was -- it was all about coronavirus, only thing we talked about. and as people point out this morning, we're over that we're done we want to get back to normal. we want to get back to work. and the hysteria in the media over the cases, kept saying, look at the deaths, don't talk about the cases, this is a giant flu for most of the nation and it is really just impacting at this point most of the elderly >> that's what i was going to -- >> wasn't just about coronavirus. what are you going to do after coronavirus? >> i was going to ask you that, whether you think that covid played into what happened. you just sort of answered my question and there has been a lot of -- i

don't know, maybe that changes now that the election is over. maybe it doesn't become as much of a -- i don't know that's a cynical view of why people are talking about it. >> we'll see what happens with the presidency it would be hard for someone to shut the nation again and i think that was really important for, you know, for actually the people we want to help, the people out of work, hotel workers, restaurant workers, the service workers, they are largely the working class of the democrat refers to but, you know they want federal aid and not have these guys go back to work which the nation needs we'll get a stimulus package i imagine it won't be as large as the democrats had hoped i think it is interesting with the -- if you thought, i said that the stocks would fall, i was actually misquoted i said stocks would fall if biden won short-term and really referring to the tech sector, people would take their gains and you see that even all day long the tech sector since the election nights have been -- it has been rallying. i had lined up a whole bunch of

stocks i was going to sell to save my 20% increase in capital gains. some people sold them early and are buying them back that is -- >> are you surprised -- >> barry, are you surprised some of the polls on the way out when they asked americans about things like, you know, a government controlled healthcare, that a majority of americans said they were in favor of things like that. in the state of florida, they voted to increase the minimum wage and so how do you balance the two different views of the world? >> you any, look at the electoral count. you have to be proud of the nation, i think, 20 million people at the end of the day will vote -- have 150 million people, and we voted, which is good, we got engaged it was interesting that the conservatives came out in record numbers, i was looking at -- there was a stat out of naples, florida, 91% of the people came

out and voted. that's european numbers. that's amazing what is interesting is that the -- this nation is still 60% white. and you know, they came out. they voted and i think there is -- that's one of the underlying themes of this election is that there is guns or safety or freedom, i was surprised that kids didn't vote in the record numbers on the environment. i thought trump was really vulnerable on his position and stance and deregulation of the epa and endangered specie act and clean water act and all these things and he just did a whole bunch of other stuff last week but it didn't work maybe biden will pull this off but it is not like it is a mandate on the environment and it isn't a mandate, but i really think the nation repudiated the far left. i think the far left -- >> we got to -- we're going into our next show. it is 59 right now a lot of those things you talked about are dead last on most normal people's list, barry. but that's okay.

you're in a position where you can think about those things it is nice to be -- with your g-650, which i love. barry, thank you great to see you today it has been -- i laughed, i cried, it has been like war and peace today. but here we are, four hours, we'll see what happens, please tune in to jim and the gang for "squawk on the street. join us tomorrow good wednesday morning welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber we wait for the count. election results in flux amid the highest turnout in 120 years. all eyes on michigan, wisconsin, pennsylvania we may know a little bit more today. futures yields, currencies, wild overnight, aexpect as expected the blue wave trade, that reflation trade is unwound. >> i'm glad you mentioned that i'm focused on the senate. what the senate is saying, look, there is comfort for the markets. don't wo