points higher, looking like on the dow, nasdaq looking to open down about 45 points, s&p 500 off about2 points. have a great weekend, everybody. if you can in the meantime, "squawk on the street" begins right now good friday morning, welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber futures close to flat as the vote count continues in pennsylvania arizona, nevada, and georgia the senate now becomes a bit more complicated for investors october jobs come in 638,000, the fifth month of the declining gains. and covid cases, jim, once again, at a record we hope to learn a lot more specifically from the vote count in pennsylvania and georgia. but we're now playing -- these are grown-up trades now in the market, jim. >> it is interesting if you look at the actual breakdown, employment survey data, what stands out as being incredibly

strong, leisure and hospitality, i mean, could that industry be making a bottom perhaps? i know it is not in the areas that we're in, but that's extraordinary numbers. and what it says to me is that don't write off whole industries yet, government employment failed by 268,000, that's an interesting kind of reagan-like figures. the numbers do indicate there is some sort of i'm going to use the alphabet here, a v recovery. >> yeah, they're strong. i just -- talking numbers, we are watching pennsylvania, where vice president biden has now taken the lead, we're watching covid cases where there is 118,000 new cases yesterday, jim. 9600 in texas, 9900 in illinois, those numbers don't auger too well for a v in the travel and leisure. >> true. surprising absolutely

carl >> guys, let's turn our attention to the race for president. vice president biden holding the lead in the vote count as we enter our fourth day now despite multiple lawsuits from the trump campaign as was the case yesterday the race appears to hinge on just a handful of battlegrounds. look at pennsylvania still too close to call, but the vice president just moments ago taking a lead by more than 5500 votes. thousands of ballots still being processed. we'll go live to frank holland in philly in a few moments georgia, the president holding a more than 300,000 vote lead late on election night. biden now up by more than a thousand votes clayton county, which was represented by civil rights icon john lewis did give the former vice president the lead. the counting continues arizona, it is the president closing the gap. nbc says the race is too early to call. but we're expecting a new batch of votes from the state's largest county to drop around 11:00 a.m. eastern time. in terms of the electoral college, unchanged since

yesterday, according to nbc, 253 for biden and 214 for the president. as we said, all eyes are going to be on philadelphia this morning and that is where we find our frank holland once again. hey, frank >> reporter: good morning, carl. as you said it, the eyes of the world on pennsylvania, philadelphia in particular and on this building here in philadelphia, this is the philadelphia convention center, this is where the mail-in ballots for the city are being counted as we speak. now, at the latest count, here are the numbers that we had, those numbers are changed since joe biden has taken a lead in the state so far, but the latest count, we had the city of philadelphia still counting just under 52,000 mail in ballots they're largely expected to be for joe biden. he's already captured 80% of the vote here in the city. that percentage is expected to stay consistent throughout those mail-in ballots, at least to some degree. you don't know if it will be exactly 80%. we're looking at the pennsylvania mail-in ballot count, 163,000, less than that left to count. mail-in ballots, of course, are

state wide largely expected to be for joe biden, the president himself said that mail-in and voting just isn't the right way to do it he said it was a way to commit fraud. he encouraged his supporters to go to the ballots, to the polls and vote in person so just generally the thought is that more of these mail-in ballots will be for joe biden and as weigh said, less than 53,000 left to count in philadelphia. another thing to watch are the counties around philadelphia as joe biden continues to take the lead philadelphia and the four counties around it make up one-third of the voters in this state. joe biden has his strongest support in this area you look at the mail-in ballots these counties have left to count, you see he could top potentially take an even bigger lead, philadelphia county, bucks county right here, delaware county, and all of these different counties he's gotten at least 55% of the vote or more so far so, again, have to extrapolate a little bit, and look at the thought that these mail-in ballots will be largely for joe biden as he now has a 5500 vote

lead as you mentioned. now, going forward, the question is, provisional ballots. also the ballots that are going to be received that were received, excuse me, after 8:00 p.m. on election day, will be accepted up until 5:00 p.m. today. how many of those will be for joe biden. you would think it would be consistent with the mail-in ballot percentages we have seen so far, so a lot to watch still here in pennsylvania a lot to watch here in philadelphia we're expecting updated numbers from the city on their mail-in ballot count and how many more votes go to joe biden, very soon, but as you mentioned, joe biden a very slim lead here in pennsylvania, after the president at one point was up double digits. carl, back over to you >> frank, we will talk again, quite soon, and to reiterate, there are no races being called at this point for the nbc decision desk. it is not president-elect biden by any means, just to be very clear about that we'll see what happens later on this morning, jim. one element of discussion, though, are these potential georgia runoffs, and the degree

to which the senate control is now in question, which some believe, jim, may be more of a market center of risk than even the jobs number today. >> it is interesting, in terms of the -- those of us who get these different emails from these candidates or the senate, senator mcconnell, the head of the senate, sent an email out yesterday saying we beat the bad g guys, we crushed them, it is not like the nfl where you have some respect for the other team and, yeah, i think that when you see that it is over, and it is not over, you suddenly start saying, that is so chaotic, how can you buy stocks but, david, one thing that has developed in this wacky world is that stocks seem to be one of the true things, regardless of what happens, because they're becoming a repository of value with bonds yielding nothing and unless you want to call bitcoin a repository. >> with the ten-year below .8 as you say, you've been willing to withstand multiples the likes of

which we haven't seen in some time for companies that are leaders without a doubt. and we can talk about the expansion in apple's multiple, the expansion in microsoft's multiple, we can't do it without recognizing as you say the below rate environment we may be in for a very long period of time >> that's key. >> back to the election, jim, as you say, the expectations we may not get quite as much stimulus with let's call it a divided president -- democratic president in the white house and republican senate, so the fed is still going to be key. and everybody seems to believe they're going to keep numbers low. >> jay, chairman powell, yesterday, basically said, listen, no one else is doing the job. so i'll do the job, that means bonds for a long time will be crummy investments the -- there are plan ty of peop plenty of people who look at the employment numbers we just got and say, v, v, v, why do we need stimulus you come back and say, look, let's just go over the companies that are are doing really well and buy them and that's what's

been going on this whole week. so many companies whose numbers have been cut, betting that the pandemic would hurt everyone and then the pandemic was very -- is very unevenly hurting industries if you're square or if you're roku or if you're zillow, if you're lynn, you come back and say, carl, what is the deal? the environment is better than we thought so, better than expected earnings from companies. you have interest rates that are giving you nothing you have some election that is, like, at this point, let's get it over, and you have the senate you have senator mitch mcconnell saying don't worry, we won the chaos in washington is being trumped by trump, by unbelievable earnings. the earnings are staggeringly good >> yeah. yeah i know and eventually we will get back to it. i did want to ask you, steven moore, who is not affiliated with the administration, but has

been known to be supportive of it yesterday said something like, the trump doesn't want to have the last thing he does in office add to $2 trillion in debt, we want biden to own that, not donald trump what does the market do with the idea that we do go through the next ten weeks with nothing? >> does anybody -- does this nation actually -- this great nation actually understand what is going on in terms of who is -- look, we all took these -- i took constitutional law, i have no idea what the -- how this thing is going to come out, the people -- they may want the 2 billion, steve moore, terrific guy, used to come on kudlow and cramer all the time, he may think 2 trillion is tagged on someone, but it is just washington i just think that this -- it is the whole notion of washington it is not trump. it is not speaker pelosi it is washington david, washington has gotten such a bad name, they thereally don't care what they're doing. we know it's going to be bad. >> corporate america has gone its own way.

that's been the case over the last few years we noted it has been corporate america that led in certain areas where the government typically would. >> yes >> ti >> it will be interesting if corporate america pulls back in some way or doesn't pursue things as aggressively that's unclear i'm talking about things like under the banner, whether it is dealing with trying to become carbon neutral, in some period of time, dealing with matters of inclusion, you know, and other things that, again, we would -- >> trying to assert itself in a healthcare debate given the absence of any leadership in healthcare. >> there you go. all these different areas, where typically you would see. that said, i think you could expect a biden administration, maybe a bit more active in those area than a trump administration has been, jim. >> i won't disagree with that. particularly if the biden administration takes the corporate tax rate up so the companies simply cannot reward shareholders. >> it is not clear they're going to be able to have a significant tax bill without -- >> even if it is 50/50. >> you're right. >> you got joe manchin, not

clear at all >> you're explaining a world, carl, this is a fantastic world, i'm being facetious, where our generations just do -- just crush it bad and then our grandchildren are, like, thanks for nothing, zimbabwe. thank you for venezuela. we're really thrilled about what you did in terms of printing -- like wheelbarrows because we don't care is anyone actually think about that, carl like, our grandchildren are going to be the trillion -- >> well, the water is rising all around them too, don't forget that. >> what is that, like, bob dylan? >> climate change. remember that one, the water is rising. >> the corporations are solving that. >> yeah. >> they are, actually. they're trying >> the big winners here are -- >> it is funny you bring on the ceo of dow chemical, he wants to talk about recycling plastic exxonmobil devoted how much of their release to -- they're going to suck carbon out of the atmosphere these are all on the -- >> did you see stark industries

getting out of military business >> i've seen that. you didn't like that you were very unhappy. >> everyone else made hundreds of thousands of dollars i got a darn hat i'm a repeater of things, like my dad >> only going to get worse >> david, didn't why see the new biogen drug? >> i did it is likely toget approved, biogen stock price soared. right after our show, actually we didn't get a chance to talk about it. >> that drug could revolutionize healthcare if it is as good. >> it is not clear, you have seen the data or you read about the data >> the data is not -- >> it is the first drug that is going to potentially halt the progression of alzheimer's it will immediately become the best-selling drug in the world if it is effective that said, jim -- it is not like it is curing it. >> it is better than what we

have what do we have now >> nothing. >> supplements we have to watch biogen, important story, not as important as pennsylvania, but we have a lot of stocks that are trading like roku. do you think roku is going up or down because of the senate it is because the quarter was just unbelievably good how about square square cash is just doing amazing. take two interactive, none of these is being held back by washington these are just stories that we're saying, okay, let's analyze them as companies. let's not put a -- squinch the multiple because of pennsylvania i also -- a lot of people say it is going to take forever does anyone think that the judiciary, the judiciary wants this over too. they're human. they're not all just sitting there saying we're going to be like oliver wendell holmes they're not all brandeis and frankfurt. a lot of guys are saying i want to -- solve that and get the -- go to the clerk you go to the clerk, who is 27, got out of law school, just give me an answer

sunday, we play sunday, i want to watch the game. i'm not denigrating the federal judge. they're just like you and me they're not, like, you know, rbg, who is -- she was pretty heavyweight. she did a lot of work. she wasn't doing work when she was working out. i don't know, carl they're humans. >> indeed, jim we'll take a look here at a lot of the earnings we have on tap we'll talk more about the jobs number later on this morning we'll keep our eye on the updates out of pennsylvania and georgia in particular. as we said, futures are trying to hedge their bets here to some degree relative to the past few mornings but we're coming off of four straight days of 1% gains on the dow and the s&p. that hasn't happened since october 1982 back in a moment ♪

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as cities open up, uber opens up as well, we think we can be a beneficiary of certain trends that we're seeing but predicted as a fool's errand at this point. >> that's uber's dara on "squawk box" this morning. revenue a bit shy. jim, seeing some target increases, btig to 55. >> i think that he buried the lead when he was asked a

question, dara, had to talk about prop 22. this is a company that delivers food to your house in a pandemic that market has been divided into a duopoly it is extraordinary what has happened it has become a very profitable business they have a ride sharing business that one day, look, one day it may turn out that we have driverless cars and then they can crush is in that business. dara is right that the camback comeback is stunning because the cars are cleaner once they develop the process. the food delivery process is so exciting because they can jack up prices to the moon and no one wants to go -- david, other than la bernadette, what restaurant would you possibly go to no >> other restaurants outside now. >> but i'm saying, when it gets to be minus 20, which still happens even with global warming, what it will be is, david, is that you will be using one of two delivery -- >> correct and without a doubt, a lot of

people using them right now. which is why their delivery segment was down 183 million, negative 183 million versus estimates of what, over 230 million from any of the analysts who follow the company so they did have positive delivery, incremental margins, up 18% >> don't you think that's amazing. you see what is happening -- >> they're going to lose money in the business. >> well, that -- going forward, they start fixing -- they agree on prices more, what will happen is that you will -- during the winter, you will call to get food, and one of the two -- tony su, that company will -- >> door dash. >> i never thought this would happen i thought there would be an oligopoly doing business, fighting each other tooth and nail now i think you get rates set. >> helpful for the business. >> right >> we know that. >> talking about the people. don't get sentimental with me,

chief. >> carl, over to you. >> jim, we'll talk more later this morning about how they were able to put that prop 22 victory together and whether that can be replicated in some other states as well. it is a busy morning and the market on tinder hooks as we await more vote updates. future more positive awonhetrt"nd a opening bell in ten minutes. keeping your oysters business growing

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looking at mad dash, we're trying to figure out what to do here we were going to talk t-mobile, i thought we might talk around the -- >> people don't understand we don't talk to each other ahead of time because of the surprise factor >> peloton, we can hit both. >> david, t-mobile is way ahead

of schedule in terms of the integration. it was a true great beat in raise. the synergy is remarkable. 2 million, 2 million new -- >> i don't know where they're all coming from. it is not like -- listen, churn is way down for everybody. the sprint customers that they took on, churn is way down there. but verizon and at&t had good quarters too so the question is where are they coming from >> i think it is a great quandary john legere might have an answer to that. the fact is, this company has been the big winner of the three. at&t, the big loser of the three, if you include the dividend john legere, we were suspect when he said these two companies could get together but it turns out they really did have a tremendous ability to complement each other. this stock is probably not done going up, david. >> we're just at the advent of 5g we'll talk more about it let's get to peloton. >> peloton, look, peloton did a great number

people are talking about how they still haven't caught up with demand. this came up as a negative, not a positive i thought that was interesting people are like, are you kiting kidding me, come on, get your act together that could turn around but there is profit taking when people realize, wait a second, we're up 334 year to date and really just a bike company which is not true. david, you know what they really are? >> what? >> an ecosystem. >> do you know the wendy's ecosystem? >> we have an opening bell for you 5 1/2 minutes away stay with us more "squawk on the street" straight ahead one day we'll look back

and remember the moment that things, for one strange time in our lives, got very quiet. we worried over loved ones, over money, over our planet, and over takeout. let's remember this time when so many struggled to feel secure, and build a future where everyone can. because when the world seems like it's standing still... that's the perfect time for us to change it.

let's look at the dow gains last four days point by point 1% gains each day.

that hasn't happened since 1982. in fact, jim, it only happened three times, '82, '74 and '70 and generally given the extremely small sample, take it with a grain of salt, a month later, the returns are pretty good. >> 82 stands out as a year where you just -- where people just kept believing it couldn't be. 81 had been where bonds -- you talk about treasuries at 14% there was no way that stocks could ever compete and it just kept going and going and going as interest rates went down i don't know if it can be that good but, carl, if it matters that it is earnings, it is sustainable it really is also reversible what happened last week. i don't -- i'm trying to figure out who missed who missed remember, all the -- remember, in march, they all cut their estimates because there was a doomsday feel. and now they're beating all

those estimates so you may say those estimates were phony, b but -- >> i'm looking this morning and i'm not seeing it, carl. yeah, sorry, go ahead, carl. >> yeah, i mean, the -- usually the knee jerk on that is that we had no guidance. analysts were flailing in the dark and even though the beat ratio is incredibly strong, and the magnitude of the beats are incredibly strong, i don't know, some people are trying to argue it doesn't count >> look, i say, not only does it count, but what we're -- what is happening right here at this very moment is a view that stocks are become the repository of wealth in this country. we can't have negative returns, nobody is that stupid, okay. honest to god. bonds are being taken off the table as an investable class if they go negative stocks, we have so many companies that yield 2%, 3%, 4%, that are real companies, actual companies, not made up, they're going to be able to pay the

dividend and increase their dividend so what i'm seeing is a belief that maybe we are not as -- maybe we're too critical of an asset class that has been very good for very long >> guys, let's get the opening bell here and check in on breadth, overwhelmingly positive the last few days. we want to turn our attention to the race for president vice president biden holding the edge here this morning, taking the lead in the vote count in both pennsylvania and georgia this morning but, with vote counting ongoing, both races are still too close to call. nbc has not made a projection in either race. in arizona, we're expecting a new batch of votes from the state's largest county, maricopa, to drop at 11:00 a.m. eastern time the president has in fact been closing the gap there. and as we said earlier, biden currently leads in the electoral college 253 to 214

there is a narrative, jim, that he might end up going 306-232, which was the same margin that the president won in 2016. you take out the factor from some electors who abstained. so now the debate will continue as to whether or not 306 is a mandate, if in fact that's what happens. >> i think the one thing people have to start dealing with is maybe it is not good to be able to disclose these results piecemeal. because it causes a lot of people to make a lot of mistakes, including the president. there is no certainty of these numbers until the fat lady sings and we keep acting -- i was watching a network last night said there is 300 more people in bucks county who just voted in pennsylvania for biden this is not conducive to democracy. >> they didn't just vote they voted days ago, weeks ago. >> you get what i'm talking about. >> i do. but i think other people may mistake what you're talking about and think people are showing up to vote after election day you need to make it clear that's not the case and in fact, jim, to your point, many of these

states were prevented from counting the mail-in and absentee ballots prior to election day >> by legislature. >> which, by the way, were controlled by the gop. many of those were laws that were put on to prevent that in part they would say so you would see some of the day off tallies that would look very strong. but the fact is, all those votes were cast on or prior to election day they're simply being counted >> remember, remember when there would be rate -- i remember as a cub reporter, where i would take a break from covering homicide, to cover elections, because they used to call the elections at 4:00 p.m >> but they still keep counting. you know, you can call new york and california, because you know what's going to happen have you noticed the popular vote count keeps going up a lot more than we're getting new votes from arizona or nevada. >> and your point is >> my point is california is still counting new york is still counting many of these states are not done with their counts just that we know which way it was going to go. >> election result day should be saturday

>> this is the way it has always been that's never changed >> but we have more people who are encouraged not to vote >> you have -- i don't know where wie are. trump got more votes than any republican candidate has ever gotten >> yeah, if biden ends up being up 4 million, some people are saying, once california rolls in, maybe 7 million, i mean, bush '04, won by 3 million obama, '12, 4.8. clinton, '92, 5.8. you're potentially looking at a bigger popular vote margin than clinton '92, that's -- that is remarkable >> again, knowing -- look, not that i went to law school to be a genius, but a lot of my friends have become judges including the supreme court. you are to believe they look at that, carl i know everyone wants to say they are just arbiters based on the facts.

any are not arbiters based on the facts. they look at the facts, but believe me, with this kind of thing they want to be legitimate and to be really legitimate, you, like it or not, mr. president, that means you look at the popular vote. it is just going to happen again, i stress that they're human. we have some sort of belieftha they look at the facts, they mack make a judgment and that's it. no they don't do that they see the popular vote, they see how the people are speaking, they want -- don't want to deny the people their voice in this great country. david, they're -- >> yes, what >> they're not oliver wendell holmes. >> no. it is very much unclear what will get to the courts and what won't, despite the president's assertions of widespread fraud there appears no basis for that right now, but maybe that will be presented in some way that a court will actually have to consider it. so far two judges have thrown out early lawsuits >> they threw them out did you see how they threw them out? like, are you kidding me you filed this --

>> we don't have people in there, but you do have people in there. >> there are lots of examples where they have -- they actually have film, people doing the wrong thing, they claim. carl, the judiciary does not want to play a big role. florida, we remember hanging chads in florida that was a complete malfunction. it wasn't like corruption, it didn't work. they were stupid and didn't work the judiciary has often wanted to reflect the people. and they do not want to become the reason why biden became president or trump stays president. they don't want that role. >> you may be right, jim certainly james baker, who helped navigate the mess in florida in 2000 told the times yesterday that one thing they never did was say don't count the votes. and in baker's view, that's a dangerous thing to say in a democracy. for our purposes, jim, and we'll let the other networks try to handle the horse race, how do you start thinking about whether or not to sell winners in

december or take a gamble that mcconnell hangs on and we are having that discussion already >> yes, absolutely i have to believe that mcconnell can stop -- stop any move to raise taxes. i really do. i think that they're deeply committed to that. that's one thing the republicans really want to be known as not raising taxes on anybody david, the republicans are no longer the party that we grew up with, where they would just do anything they can to be fiscally conservative. >> no, but one would expect with the biden presidency, they may return to more fiscal rectitude, because that will stop the biden agenda, whatever that might be that is why the market is reacting the way it has this weekme me week it seems a positive because you will not have a lot more now, jim, you have said repeatedly we need more spending to deal with the covid -- with the pandemic and the impact of it on small and medium sized businesses >> we don't trade small and

medium. >> we may not get that the next couple of months, until biden takes office >> the labor numbers did show hospitality coming back, but from a base that is very low, and there is 14 million people, you hear that over and over again it the number that checks out, carl, where we know that there are a lot of people -- the rate of covid cases right now is so frightening, to the whole country, that you really don't feel like going out. i have take two interactive on tonight. i got to tell you, we are finding new ways to stay home and do nothing because it is just too scary i felt very -- honestly, if you go out in cities, there is nobody there it looks like the day the world stood still. >> yeah. i think, i mean, the problem this morning, jim, you can throw a bunch of examples that sort of cloud that picture, live nation is one of the worst performing components, which fits with what you're saying, but so is

electronic arts. marriott well into the green today on their numbers so -- >> take two is down 6 points where it was i think there is a belief like peloton, these stocks are at the very moment have had run-up so much that maybe they need a breather carl, the rate of covid is so devastating, that i think people will rechange their habits these numbers, some of them reflecting the idea that maybe we have -- happy days are here again and -- >> we're looking at numbers we have never seen before, we said that at the top of the show. 118,000 or so. i'm going with the global covid-19 update from the global covid-19 monitor people have somewhat different numbers, that differ a bit 118,000 of the u.s. and texas at 196,000 new cases. france, a brutal time of it. france, that's even more than we would on a population adjusted basis. it is all over

italy, 34,000 new cases yesterday. it is -- jim, you know, they have lockdowns in places in some european countries it is very, very unlikely we'll see something similar here, but to your point, it doesn't -- it is not going to inhibit behavior, which is going to have an impact on economic activity, particularly in termses of people people spending money on things. >> when your boy comes home from college, you knee theneed the p three straight days. >> we don't know what we're going to do. it is not just him, it is all his friends. they all come back from all over, what do they want to do? get together, have fun. >> they're ticking time bombs. >> yeah. and then want to come home to me and i'm, like, no. love you >> i haven't hugged my daughter in six months. >> carl, couple of quick other names to get to. we mentioned t-mobile at wall, it is up a lot this morning. t-mobile is up 7.5% on stronger than expected numbers. you mentioned it postpaid net ads, over 2

million, and 5g people think they're well positioned in terms of building out that network, they'll get to 100 million potential population in terms of what they can serve by the end of this year, couple more months the question there continues to be will there be more competition in terms of price as the apple phone rolls out. dish network is up there is sling, they are continuing to lose subscribers overall at the old direct satellite business but they did better than anticipated with the sling which is the group of channels that you with buy for a set price. al a la cart in a sense and first numbers on boost mobile, they lost 200,000 subscribers. divestiture from t-mobile and sprint when they got together. quick hits on two names we had, one name we hadn't mentioned, we get all the other major earnings this morning. >> yeah.

we squeezed them in, made a lot of other news. in the meantime, we got some red air ros arrows, stocks are having the best week since april. >> flattish open, happy friday, everybody. the u.s. elections are the main issue on everybody's mind, but frankly the big mover of the stock market was the jobs report number it was terrific. it was better than expected. it really moved the stock market, i know nobody is paying a lot of attention to that, but we moved 30 points after 8:30 eastern time look at the s&p 500. there is your intraday moved into positive territory. 30 points. pretty good. very good numbers overall here on terms of sectors today, little bit of this and little bit of that, the thing i note here is with yields moved up, the yields moved up on the jobs report and the bank stocks are outperforming, they had a good week, a little less than the s&p 500, but everything else here is on either side of positive or negative teches are underperforming today. i call this the everyone wins week, everybody in the pool, because it doesn't matter what you are looking at, we had a

remarkable week. large cap stocks up 7% small cap stocks up 7% defensive stocks up 7% or 8% growth stocks are up 8 or 9% even the cyclical stocks are doing okay transports up about 5% this was as we were going into the open today so everybody in the pool this week is what i'm calling -- by the way this is a global rally the s&p is up 7% this week the europe stock 600, the s&p over there, they're also up about 6% for the week. and, by the way, best weekly gain in europe since going back to june, the msci is up, that's a 2 1/2 year high, the best week over there since april and we also saw japan moving to the upside as well the nikkei posted its highest close since 1991 as i recall big moves up there, globally so why are we getting this confluence of events

on the sur vface, no major tax hikes, less regulation of tech and healthcare, we also have mcconnell talking about stimulus sooner rather than later, surprising everyone. the fed is still standing by europe, the banks there look like they're ready to do things too. the bank of england did more with qe this week and the vaccine data is on the way this is the perfect storm for markets overall. the question is, is it going to really move the market on the earnings situation that's what happened in the third quarter. fourth quarter numbers are kind of flattish right now for the s&p 500. that's what we care about, are they raising the numbers because things are getting better? and basically flattened out a little bit here. a surge in coronavirus cases and no stimulus. nobody is quite sure what is going on we sort of flattened out the markets are hopeful that suddenly things are going to change on this we'll get some stimulus and these numbers will change. but we don't have it everybody is waiting the bottom line, carl, is holding pattern on the earnings

situation, and good news on the employment front for this week or this morning, really, moved the markets overall. quite a week here. four straight days on the upside maybe we can be updated today as well back to you. >> yeah. we'll see, bob, thanks you got a fold in claims, the dollar on pace for its worst week since the spring. let's get to rick santelli good morning, rick. >> good morning, carl, you nailed it. a lot of things going on right off the get-go, listen, we may not know for a long time, many weeks, what these certified data is regarding who is president. but i'll tell you what, the fact that it is this close and it takes that long speaks volumes, so in my opinion, that's why a good jobs number made the markets do what they did in the old days, stocks up, rates up, it all fits. maybe except the dollar, we'll get to that briefly. intraday of 5s, 36 basis points, up 3 on the day, down 2 on the

week intraday of 30-year bonds, yield of 160, up 8 on the day, now only down 6 on the week. look at one-week of 10s, only down 5 on the week you can see we have really come back remember, on an intraday basis, we're up as high as 94 basis points as low as 74 basis points so the economic data really does still matter and as far as where the dollar -- or excuse me, 10-year is relative to the past month, here is a two-month chart. we're closer to the upper end of the range, looks like we turn the corner a bit i would say this puts really excellent support at .75 on yield, it is going to make 90 to 92 basis points on closing basis, very significant resistance we're getting to the dollar, the dollar has not had a good week when i calculated what -- where it was on the week, around 92.30, that was down 1.8 pa% on the week, considering we closed

at 9404. not only not a great woke for the dollar, the euro regained its footing to some extent and the chinese currency is doing really well this week against all the majors carl, jim, david, back to you. >> all right, rick, thank you. rick santelli. so we got some red arrows, s&p holding 3500 dow now is only the best week since early june don't go away.

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#1 for diabetic dry skin* #1 for psoriasis symptom relief* and #1 for eczema symptom relief* gold bond champion your skin an update from georgia contessa brewer is in alma contessa >> reporter: hi, david, georgia says it currently has 8,197 absentee ballots plus whatever comes in from military and overseas today right now joe biden is leading he moved ahead of president trump early this morning he now leads by 1,097 votes with 99% of the vote in we have seen across georgia,

those early votes came in, in rural counties, for president trump, with large majorities and biden goes in and wins over those urban dwellers by equally large margins and there is just simply more voters there this latest batch of ballots pushed biden over the edge from clayton county,

exception, quote, when you have a races that is this close, even the smallest thing could affect the out comes. even within half a% margin, which is where we are right now, the recount can be requested that could really lengthen the time we wait patience is a virtue georgia may also hold the keys to control the senate. we are looking for a run off candidates have to get to 50% of the vote we already know that will happen where warnock will face off with the incumbent. and the second runoff between purdue and ossoff. those will be held january 5 after the new congress is sworn in

we won't know until georgia has the runoff >> wow, that's a long time for the market to wait for clarity that's where we are potentially given the results. we'll take a break here. market wise, not a whole lot of movement, especially on the vix. we are flat at the moment. we'll talk about all of this with larry kudlow later this morning. director of economic council as the rkmaet waits for some resolution on this crazy week. don't go away. as business moves forward, we're all changing the way things get done. like how we redefine collaboration... how we come up with new ways to serve our customers...

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time for jim and stock trading. >> a couple of things we didn't talk about with cvs. karen lynch takes over she's from the signatucigna sid things the store is being crushed by

amazon i have to tell you that cvs is going to be a leader in health care when we are done. he took tobacco out because he wanted to be a health care company and not a cancer serving company and i salute him his stocks go higher >> that was a tough call to make how about tonight? >> we have take two. ea was a miss. we have hostess, who doesn't like hostess and the klean harbor, the biggest cleanup company. i've got a bye this weekend. >> oh, b-y-e

>> my wife was like, what are you? >> i'm a fan jim, thank you as always for this week. helping us keep our legs under us we'll see you tonight mad money, 00 p.m we'll take a break "sqwawk on the street" continues in a moment.

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good friday morning. welcome to "sqwawk on the street." stocks are down. today, front and center. vice president biden taking the lead in georgia and pennsylvania but vote counting continues. both raises are too close to call nbc has not made a projection. in pennsylvania, biden with more than a 7,000 vote edge a win in pennsylvania would secure him the election. georgia holds more than a 1,000-vote edge. we expect to hear more from the georgia secretary of state as of 8:15, there was still more

than 1,000 votes to be counted in arizona, the spread continues to grow there. 253 for biden, 214 for the president. the locust of activity is in philadelphia we start the day with frank holland. >> hey there, we are downtown outside the frild convention center behind me is where the ballots received on election day are being counted. those ballots have given biden a slim lead and advantage. he has a lead just under 7,000 votes. at one point, the president was up double digits saying the race is too close to call looking at the mail-in ballots, again, received by election day.

that is key. biden has 80% of the vote. overall, waiting for more from the city here are the latest official numbers. philadelphia has less than 52,000 mail-in ballots to count. 82% of the vote here goes to biden. we look state wide, less than 163,000 mail-in received by election day yet to count. they expect the counting to be done some time today that is an estimate. by election is the key phrase. trump administration blocking the counting of those received after 8:00 p.m. on election daynd those received by 5k today are currently eligible by law. we see growths outside arguing both sides

the state says it will count all ballots received by election day first. they'll offer that count those received by after 8:00 p.m. on election day and by 5:00 today, those will be kept separate we'll update you as soon as we get it back to you. >> the jobs number beating expectation again as the other big focus. first on cnbc is white house director of national economic council, larry kudlow. good to see you. >> thanks, carl. appreciate it. >> can't wait to talk about the jobs number and economy. i know you'll forgive me for asking i know you've spoken to the president in recent hours. can you give us a sense of what he's saying about the count as it continues today

>> he intends to keep on fighting and make sure the ballots are counted legally. legal ballots are counted. he intends to keep up the fight. i'll leave all the predictions and analysis to the campaign, the president or the chief or mike pence, yes, the president intends to fight >> i hate to ask we've known each other a long time you processed the results yourself and make a decision of whether you would stick with the administration in the face of -- i'll use the word -- defying the results as we see them, at least? >> carl, i take things a day at a time that's how i operate we had a great jobs number 6% unemployment. election count will go whatever way. for me, it's always a day at a

time i have been honored to work for president trump for these three years in my capacity as economic advisor. it has been a great honor and great experience for me. that's all vi to say on that i'm glad the economy is coming back when you see 6.9% unemployment down from 14.5% six months ago america is going back to work. i think our policies have been very sound i'm glad folks are going back to work >> larry, the market responded pretty well to the jobs report since this is front and center, i have to ask, do you believe a peaceful transfer of power for the presidency is necessary to keep the markets calm and stable >> i think there will be a peaceful transfer of power i think the markets have been remarkably calm and resilient

and rather bullish going back six months to the third week of march or so. this is a great country. the greatest democracy in the world. we abide by the rule of law, so will this president. there are things to clean up here where he, we'll continue peace fully as we always do. i might add anyone around the world or off shore watching this, they should know that. america is the greatest democracy and we abide by the rule of law. >> given, i don't know how many of these interviews we may have, we may be in person at some point. another thing a lot of people don't know you've been very involved in. that is 5g

the rollout around the country the defense implications dished rolled out this morning i know you have a lot of insight. in terms of what you are playing there. >> we've worked very hard. it is a priority thank you for noting all of that we are determined to roll out across the country a record pace in recent years. we have attempted to use it in the free market. we think we know best under the guidance and jurisdiction.

seeing great stuff from time to time a lot of skreech companies including comcast doing great stuff. we are making fabulous progress. people don't know how well we've done moving into 5 g. >> finally on this, do you think dish will really mount as a nationwide competitor? don't they need a lot more money to do that >> i won't get into too much detail, yes, i think they are. their ceo has told me that we welcome that. we want as many players in the private sector as possible >> the technology, i'm so glad

you raised this, david the technology of 5 g has changed a lot. a while back, we were talking about all of this. the software is eating the hardware what you have is a movement towards virtualization more of a software based, cloud based system rather than the old dominant hardware machinery system the an tenia, which used to be some goofy an tenia. that connects to the base much faster and much more closely with information spreading as a result of movement towards this so-called virtualization we've sold this idea to allies like the united kingdom, which has kicked out huawei, such as frank, germany and the other side of asia, japan and new zealand. so, we are working through new

technology advances as only america can do that's the heart of our great economy. 5g is going to be very prominent. and we are going to absolutely win the race >> larry, back to the economy. you mention our job's report we have a big hole to fill in our country. more jobs to fill. if the president doesn't win reelection, what will be his motivation that we get a stimulus package of some kind before the next administration comes in >> i won't comment, i will say we are in touch with senator mcconnell. mnuchin. we are in touch with senator mcconnell. i think he wants to move on a so-called stimulus package, it will probably look a lot like

some of the targeted areas we've been discussing. particularly the small business loans. things like unemployment insurance. hospitals, schools we think those are the key areas. i think mr. mcconnell is determined to get something through, as you know republicans will keep the majority in the senate republicans picked up a lot in the house. 10 to 12, to a dozen new seats in the house we did very well on the president's coat tails and policies yes, there will be a lot of discussion about that coming up. >> finally a period of a year ago, the only thing we wanted to talk about was face two to one. whether there is a transfer of

power or not >> i don't know the connection there, but i will say this we have a lot of conflicts with china. a lot of disagreements with respect to the china virus the take down of democracy, military and the uighurs. we have a lot of major disagreements that have been held accountable i will say we are fully engaged on the so-called phase one u.s./china trade deal. >> spoken to my good friend in recent weeks and i've met with the president on this subject. i can report that although phase one is not over that china is abiding by the number of

conditions and facets of that trade deal in particular, they may be behind in particular with the virus interfering with the economies. also manufacturing commodities and energy commodities we are seeing some structural reforms with respect to key issue of intellectual property theft. am because door lighthizer, the best in the business we were raised in cub scotts together it looks like phase one will be okay we can't go any further than that i don't know hoping they'll continue on this path >> i like the term reagan cub scout, larry

we are always grateful to you coming on. especially in the midst of all of this. former vice president of biden economic advisor is going to weigh in on job nbeumrs and where we stand in the election we are back in two minutes d. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most plus $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today.

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biden has said if his election is confirmed, he'll likely wait until later in december to name his economic team. senior fellow at the center of budget policy. have you had in conversations with former vice president joe biden about whether he gets in the white house if you would continue to be his chief economist? >> oh, no. all the focus is on winning and explaining to people based on economic and virus control and focused on inclusive economy >> i wonder what message or mandate you got from the

election results even if he does end up winning, it wasn't a resounding win it was awfully close the democrats don't hold the senate seat. what does it sound like americans want >> this is going to sound like i'm dodging the question but i don't have the skill set to answer the question. it sounds like barrels of digital ink spilled. i want to think of the economic policy -- and that, i hope i do have some value -- that we'll get back to full employment quickly. even with a stronger than expects jobs report, we have a 10 million jobs gap. the unemployment rate was twice what it was precrisis.

there is a ton of work to do trade relations, racial equity and inequality agenda, the tax system that works much better for middle class americans there is just a lot of work to be done. >> jared, to your point, politico did have a piece about the relationship between former vice president and mitch mcconnell. they worked together for years as senate colleagues he was the only gop senator to attend the funeral of beau biden in 2016. >> i think that's a real possibility, i think there are republicans -- i know there are republicans who believe there is work to be done in many of the

areas i've mentioned there is a tax argument or even a stimulus argument. you've heard from mcconnell himself talk about the lead for more relief. i've been up to the hill often and i have had republicans pull me aside and say, i really want to do an infrastructure package but we are getting no leadership from the president they'll get a lot of leadership from him >> i can remember a senate led by mitch mcconnell when obama and biden were the president and vice president and they wanted to get things done and they didn't >> i remember that too >> i bet you do. i don't understand what exactly may be different if mcconnell continues to be in control of the senate and you have a biden presidency not like biden wasn't trying to get him to his side last time.

>> you raise a very obvious and important point. i don't think anyone envisions kumbai breaking out anywhere in the next 10 to 15 minutes. at the same time, politics can surprise you to the extent i add any value here, it is on the economic front. there is considerable concern about the way this economy is lagging behind from people on the bottom leg we have very netable exceptions. a stock market moving up at the same time, evictions, hunger, unemployment and wage issues and the bottom leg falling behind.

the black unemployment rate came down significantly but still almost 11% that's he roo recessionary there is still a lot of work to do i guarantee you, a biden presidency will push for those kinds of changes >> not to mention 120,000 coronavirus cases per day now in the u.s., which i think would require some urgency from congress >> thank you >> thank you, jared. economy for joe biden. into we'll take a look at the amplify online, the ticker there is ibuy. online retailers we know are

benefitting by staying home, not going to stores. one name getting slammed is peloton. getting slammed? yeah sometimes they write things and the market changes why? it beat on the top and bottom lines. it did warn of near term supply constraints after the demand shot up after so many gym closures, so many people buying those or other types to keep in shape at home. that stock has rebounded and is up 61% this year don't go anywhere, we have more "sqwawk on the street" ahead ♪ ♪

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welcome back let's get another update from the battleground state live with the latest

>> let's take a look at the state of the race. six electoral votes in nevada. nbc says the race is still too close to call. biden does lead trump by 11,000 votes but still 190,000 ballots. most are those ballots mailed in by election day or dropped off on election day. most are in clark county we expect them to post the results of 50,000 today. we are expecting to hear from the regular strar istrar of vots they are still caught up they are still counting. taking some heat for the slow

pace better right than fast they also point out this is the first time they've had universal mail-in balloting across the state. the numbers are not trending well for the president his treatment is really doing whatever they can to stay in the fight. they'll investigate what they say of 3,000 instances of voter fraud. they've identified voters that cast ballots after they moved from the state clark county is saying there is no evidence of that going on i'm hearing the same thing here. wider than expected loss in areas like las vegas shares are down almost 2%. more "sqwawk on the street" when we return.

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welcome back, i'm sue herera with your cnbc update. former vice president joe biden has taken a narrow but growing lead in pennsylvania the difference has increased to 6,800 votes. nbc says the state remains too close to call. in georgia, biden has already moved ahead of president trump the margin there is razor thin more votes to be counted later today. senator pat toomey says there is no evidence to support the claim of the president calling his words, quote, very disturbing. in nevada, demonstrators

outside. some holding signs accusing officials of stealing the election for joe biden an escort given when he left the election office. back to you. turning over to the election and the october jobs report driving the action let's talk about all of it, as well as grant thornton chief economist. on the jobs number, good to see, it was better than expected. that job growth is slowing, how would you characterize that? >> we are still in a deep hole down prior to the crisis in february the quality of job

gains are starting to deteriorate just to get any kind of work. the permanent unemployment rate did not hold down. held at 6% the highest since it was down below 5% in april because many of the people who are unemployed are getting more permanent layoffs. we are seeing the length of those who are unemployed more than 27 weeks surge monday than a million during the month that is disturbing because we know long-term employment has really scarring effects. those that have to take a job have to take a lower paying job that affects the family structure and even the well being of children. we are starting to see some of the wounds created by covid

start to fester. once they do, there will be scars from this. there will be a push and aid from those running on fumes as unemployment insurance begins to run out. >> in the market, heading to the best week for april. why do you think the market is looking through all of this not so pleasant, pessimistic growth hurting on the jobs? >> i think the market is efficient on the foundational things that matter at this point in the foundational cycle. that is the evidence that we are in a v-shaped recovery unlikely to be materially changed by what

happens in washington remains pretty clear there are elements in the job's report the bottom line is that is a big number falling that comes alongside of the data that is extraordinarily solid. you are talking manufacturing data, durable goods. u.s. hougsing data and u.s. retail sales, which have held up our perspective is one of the reads on the election is that americans weren't hurting enough to really demand fundamental change we believe that reflects the fact of private savings and household savings that got built up from the first round of

stimulus that really hasn't run out yet there are pockets of the economy that were starting to hurt we do think now that we are past the election, we'll get some level of stimulus on relief for the unemployed >> diane, on housing, as a contributor to economic strength they've run into hiccups with pending homes and new homes. with a vaccine and people moving to the suburbs rates on the upward trend. how much viability do they get into all of that >> that was really interesting one of the only sectors the fed chairman has made a full recovery is the housing market not only did it unleash the first-time buyers already moving to suburbs and the work from

home accelerated that move also saw a surge of second homes, vacation homes. the high end realizing they couldn't vacation and needed some space we worry about that this is not, in fact, a v-shaped recovery covid doesn't care about the out come of the election without that management, we are seeing cases of hospitalizations surge. we could see a further slow down in employment gains in this hole but some set back in key sectors. housing could get hit if this grows without fiscal aid into a traditional and longer lasting session. we hope that doesn't occur the clock is ticking the high frequency data on

credit card usage has slowed dramatically as we move into november, we are seeing that slow down materializing and credit card usage spending on goods has been where there strength has been. not in services where the jobs have been lost those are the issues we are looking at right now chairman powell laid out how those down side risks have been estimate much of the momentum we saw was due to the incredible reopening and strength we saw help by the cars act in may and june in the jobs numbers and now we are at a different place. 120,000 cases and climbing you throw out the v-shaped economy turn is that still the right bet on the economy and the market >> there is no doubt as diane

mentioned that there is risk that the virus itself, quote/unquote enters a new and different stage. what we would suggest is that there is just no evidence for that if we go back to the surge that we saw in july and august, we saw u.s. economy that continued to reopen through the pick up in cases that saw local rolling attempts at dealing with growth prices and we think that is what america quite frankly voted for. one of the things the democrats will have to reckon with is while vice president biden may ink out a victory at the executive branch, there is no mandate here i think americans are saying,

look, you ran on the issue of covid-19 the number one issue is the economy. they made it clear that they are going to power through if possible, this virus and bridge through if we get a vaccine, again, based on all the pharmaceutical and drug time lines. it looks like we'll have to build scaleability by spring of 2021 for investors i'm not talking high frequency data on the margin week-to-week. look through your windshield and if you need to vest money today for the next 6 to 9 months we are very high conviction that markets will go higher by 2021 >> we have to leave it there thank you both for joining us. down a third a percent

former kellogg ceo will join us on the other side oth eak.f e stay with us ed like that. well have you tried thinkorswim? this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for your... uh, true crime shows? british baking competitions. hm. didn't peg you for a crumpet guy. focus on what matters to you with thinkorswim. ♪

>> with 4 out of 10 u.s. bridges are 50 years or older. why an infrastructure bill could be key more "sqwawk on the street" coming up. businesses today are looking to tomorrow. adapting. innovating. setting the course.

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biden leading by 1,579 votes there have some 3,500 votes in guinette county. this is a suburban area around atlanta, georgia you can see that this race is still too chose to call with biden in the lead where days immediately after the election, we had trump leading this morning, former vice president joe biden took the lead ballots are now coming in at 58% of the vote to trumps 40% with 3,500 to count the secretary of state said there are some 8,800 military ballots will be counted if they arrive by business day today

that's the law if they come before 5k tonight, they'll be counted across the state, they have election workers going out and curing ballots if there are signature discrepancies. they are going out and contacting the voters to make sure they are right. the secretary of state tackled head on this issue of voter fraud and whether that's happening. he said, it is not there is no wide-spread allegations of voter irregularities he said there is always irregularities in elections. in a race this tight, they have to investigate every single detail they are going to do that. listen to what he said about the bigger argument over politics and what's happening in the elections process here in georgia. let me play it >> the stakes are high

emotions are high on all sides we will not let those debates distract us from our work. we'll get it right we'll depend the integrity of our elections. >> okay. well he basically -- he is intent here on making sure that the arguments over politics do not bleed into dedication to get every one of these legal votes counted in this state. carl >> contessa, thank you we'll watch that with your help. we should point out republican governor and republican secretary of state there in georgia. former ceo of kellogg and currently executive chairman of

mpath. >> good to see you >> i wonder 30,000 feet right now, whether it is the mechanics of the count the way in which the election process will absorb the president's claims he's even tweeting on the rotten history of elections in philadelphia are you comfortable with the process? >> yes everything i read, everything i hear, people with whom i speak there aren't any specific allegations of voter fraud anywhere there is no evidence there has been massive voter fraud the president has made some is claims i don't think there is anything yet to back that up. from a big picture standpoint, it's interesting if vice president biden wins, it is a rejection of president trump but it doesn't look like

it is a rejection of the republican party because the party keeps the senate from a market's point of view, i see that as very positive. you have checks and ball answers and predictability president biden will get underway a swing of policy from that point of view, i feel pretty comfortable about how things are turning out >> i'll ask you one question about the weakness in the latino turn out for the democrats both in south florida and in texas. there have been a lot of discussion the degree of which hispanics view even the word socialism. that appeared in exit polling. do you think long term that tempers the polling and is that market positive? >> i think that's exactly what

happened especially in miami. being a cuban/american, i know what it is like to have people call you a communist living in miami. it was that level. if you vote for biden, you are communist. it's the worst insult you can get in miami there are lessons to be learned here perhaps democrats have taken the hispanic community for granted a lot of promises about immigration reform a lot of promises about daca but nothing has ever come to fruition so hopefully this is a wake up call that's one of the big surprises of this election is the president's vote count on hispanics and on nonwhites in general. blacks voted say 92%, 94% for biden. but hispanics, mainly hispanics came in a lot higher for trump

than was expected. >> this is david faber obviously your company has been dealing with the debt it took on to pay a high price for anadarko speaking of the trump administration and the energy industry do you have concerns if >> well i'm not going to speak on behalf of the company you can call them and they will give you a statement there will be some regulatory action i don't see it being extreme i think it will have to be tempered again, this hasn't been a great big mandate for democrats. it has been a rejection of president trump, president biden will be voted in yes, he may do things like ban fracking in some areas tighten up regulations that president trump put out. but i don't see this kind of,

you know, green new deal taking place. i think it will be a lot more thoughtful and objective no question about it, it won't be as regulatory friendly as it has been during the trump administration probably just go back to normal. >> secretary gutierrez, what about the business community and ceos do they have an obligation now to speak out because this is 2020 we've got business and society about what's happening with election to speak to their employees, to speak to their representatives and their senators about ensuring a peaceful transfer of power in this country when the president of the united states is questioning the election and claiming fraud >> yes, i do business leaders will do that because naturally that's what leaders do that's what ceos do. i'm sure that many of them have

been on meetings, virtual meetings, telling people not to panic. i hope they are also calling their elected officials. but i think the test will be for republicans. how many republicans will come out and say look, mr. president, enough is enough you've lost. and that's what people are watching so chris christie came out a couple of others came out but at some point this will go on for days and weeks at some point we'll all get the tired. republicans will get tired someone is going to the to have to come forward with a critical mass of republicans. that's the big deal. there's no question, business community is leading and their communica and they are communicating they are making sure people had information. during covid as well it was business trying to get things done in heard a little while ago, the

interabout covid and economy and separating the two i think covid and the economy are one and the same we cannot fix the economy without fixing covid if we fix covid we fix the economy. so it's all about covid. i think we learned enough wear a mask, distance, wash your hands. if we can get an instant test because we're all saying let's get a vaccine. a vaccine could be 18 months away you can find a vaccine but then have to produce it and manufacture it if we can find an instant test before people walk into an office, if we can get some kind of a treatment everything will help us return back to a certain amount of normality which is what the economy needs >> i certainly -- the lesson we're beginning to hear out of the uk and all the mask front in midwest to some degree today, the new case loads there mr. secretary, we appreciate it as always.

good to see you again. >> thank you >> commercial real estate firm curbman-wakefield is out with its third quarter results. the pandemic continues to delay returns to the office for employees. curbman and wakefield chairman and ceo joins me now, brett white. we've had a conversation in last seven months about how quickly people will come back to the office what he we elevator wait times would be why are so few employees coming back and are you surprised that the numbers are solo >> yeah. first of all, this came has been a great conversation the last seven months and as we all are observing, this is a very, very fluid set of dynamics as it pertains to return to office we've learned a lot the last few months couple of things we learned. first of all, that if you remember back to march, we were all talking about a two week,

four week, six week period of time people going away from the office and then coming back in that clearly is not the case it's not going to be the case. what we know now is that this period of covid and we just heard it from your last guest is a protracted period of dislocation in markets, dislocation in how people think about where they are going work and how they are going to work and people now and most companies now are planning for a very, very slow incremental return to the office place over the next year. so given what we now know about the virus, given what we now know about how people are working, i'm not surprised that we're seeing low numbers in offices around the country right now. i'll say this, though, numbers are certainly up from where they were three months ago. they are up from where they were a month ago, depending on the city seeing anywhere from 15% to 35%

office space utilization on any given day. this is going to be a very, very slow, very incremental return to traditional office >> yeah. now i know, obviously, you were actively engage with a lot of your clients to give them services for re-opening strategies, but i guess the biggest strategy will be when the there's a vaccine or what will it take >> i think what we're going to see is -- we'll see -- i don't think much will change between now and the end of the year. as we get into 2021 -- letmesaythis way most companies we're working with, 90% of them would say today that they expect that over the next 18 months they are going to go back to a pretty regular environment in office but regular environment being defined this way most employers are going to allow probably 10% of their

workforce to permanently work away from the office that's up from 5% pre-pandemic we think on average based on our survey, a lot of surveys that are out there, most office employers will allow approximately 50 t% to 60% of their office workforce to have variable work both at the office building or at home or somewhere else what might that look like? that might look like next year as we get closer to widespread vaccine usage, better therapeutics, companies will say to their employees this group if you want to work from home, local starbucks or whatever a day a week that's fine we think that's permanent. 50% of the workforce permanently able to do remote work the remaining 40% are going to have to be in the office most of the time again, very, very slow move from where we are today to that end state and that end state will be

defined by what we don't know right now which is when are companies and employees going to feel that being in workplace is a very safe place to be. whether that's widespread use of the vaccine. whether it's widespread use of instant testing as we just heard from your prior speaker. i want will take those things. >> brett, we're watching it closely, particularly the those numbers you just shared in terms of expectations of how much of a workforce will be remote permanently and some part of the time running out of the time today. unfortunately. we'll have you back as we continue to talk about this came thank you, brett brett white. >> we're keeping an eye on the market the s&p is down by half a percent. you were on twitter noting some comments from mitch mcconnell. of course probably going to don't the senate majority leader in what is likely to be a biden administration in white house

and some questions about how big a stimulus conceivably would be given the strength of the overall economy as we end a very strong week for the markets. right now at least on a bit of a down note. over to you. >> all right david, we'll talk to you later thanks in meantime take a look at live shot of maricopa, naez where we expect a new batch of votes from arizona's largest county any moment we'll update you on those numbers as soon as we get them good friday morning. welcome to "squawk alley". as david says a little bit of a give back after the best week for the markets since april or june depending on index you're looking at job growth is the story. mcconnell's comments about stimulus, obviously, bear into that we wait for the count out of arizona, nevada, pennsylvania and georgia. >> that's right. here's where we stand this