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welcome to "squawk alley." i'm carl quintanilla julia boorstin and jon fortt are with us for the hour the dow session alone was down 236. we're slightly off that s&p 500 is off the early lows as well zoom helping to lead the nasdaq 100, john. looking forward to disney and cisco earnings to night. >> that is definitely true, carl the big themes, protect investors today. number one, game on. the play station 5 from sony is shipping and in stores as of today. joining the x box series x this marks the start of the biggest console refresh. really the only major console refresh in seven years it's happening during pandemic lockdown and then you've got china. i mean coming off of a record breaking singles day where the chinese online consumer is

flexing. we have to think about that exposed deadline for tiktok to do a deal in the u.s. for those assets i don't know if the president is interested in shutting down tiktok anymore fair to say his attention is elsewhere. >> that's right, jon today was the day when the president said there needed to be a deal done to divest the assets operating here in the u.s. but, jon, that deal has not been approved by the chinese government yet it's unclear where things stand. one thing is for sure, tiktok has got the attention of instagram. that tiktok look alike feature reels is a key part of instagram's redesign they're putting it front and center on that home page now of instagram speaking of social media, jon. i have to highlight snap shares. those shares surging today on a price target increase from

deutsche bank. snap now up nearly 8%, john. all right. let's talk best pick to close out the year amy silverman joins us now along with mark of bernstein amy, when you look at what's happening at the end of this year, there is some major launches of consumer devices i can't help but pay attention to the con soles especially today. what do you think is the pandemic effect here people can't go out to movies. should investors be paying attention to certain kinds of tech hardware makers, certain type of software makers as well? >> yeah. it's a great question. and, you know, frankly, if we had looked monday, honestly seemed like the end of the world for all of tech and momentum and then here we are again so, you know, quite honestly, i think it's going to be a slog back and forth between these work from home names working and not working. and in terms of what we see in

the options market, you know, it's very interesting because we do not see the level of the exuberance and option that's we did back in august so the people who are positioning in options for tech rig right now, they are not nearly as positive going into year end as they were in august a heavy component of that was retail the retail buyers were there back in august driving the market up in tech and in particular in the work from home names. they are not there right now >> mark, there's a lot of e-commerce that people are banking on toward the end of this year. i mean, it's beginning to look a lot like christmas a lot of places even before thanksgiving. people trying to get us into that spirit. how much of that is warranted? adobe is projecting it will be a strong season for e-commerce how should investors factor that in >> most investors factored in a

record q-4 our very first digital shopping at home season it started off with amazon's prime day in october that saw record numbers. there doesn't seem to be any slowdown from here certainly as you mentioned earlier, the console launches are going to contribute to it as we all get excited and really pull forward to set ourselves up for really a phenomenal q-4 across all of e-commerce i think investors are looking ahead at 2021 and wondering on the back of that how much is permanent and how much of that may recede once stores do reopen >> mark, i think it's interesting. you're bullish on all the social media names. we have seen especially facebook make a big investment in terms of bringing e-commerce into the platform we saw that with instagram redesign i have ask you about this tiktok deadline what do you think is going to happen and the threat that tiktok could pose both to snap and facebook ad revenue? >> that's a great question

you know, it certainly came up when tiktok themselves actually put out a press release asking for some clarity on the direction of where things go you know, i tend to agree that this doesn't seem to be at the top of the priority list of where, you know, governments and regulators are looking at today. i don't think we'll have certainty or fin aa final answee the next couple months this may take a long time to play itself out. in the meantime, tiktok has not stopped activity they've been very aggressive at putting out a lot of new ad product, a lot of new user product features and are certainly continuing to woo advertisers over to the platform in terms of the relative impact across the rest of social media, you know, to me, youtube is the one i call out over the long term that feels like it may be most at risk from a domestic tok. they serve the same feature set, right? we go in to be entertained it's very video first and very consumption based. i think what we've seen from

fiscal cliff and stainstagram, there is some overlap, they're very, very clear about the priorities around connection tools and pushing forward the facebook shopping activities and exercise there's so, you know, i think for us we look at it and this is definitely takes some time to play itself out. >> just a quick follow up there, mark i know you like snap, pinterest and twitter. the stocks are better positioned because of the regulatory noise around them is tolerable as you put it you call them 90 day fiance stocks why is that? >> they're stocks that have been benefiting from engagement and then the plan of why we called them the 90 day fiance stocks. to us, what we really look for in the names is what happens on a reopen how much of that sticks around how many get down the aisle, you know, to continue that analogy with their user base once we do reopen it's not just with the users, but it's also with the advertisers, the fact that how they make money. and we certainly have seen pretty much all of those

companies woo new advertisers over to the platforms. you know, i think i'll use the facebook stat. over the last three months, they onboarded a million new advertisers on to the platform which is more or less the same amount that took them the previous 12 months to go do. and so when you look at these smaller more experimental platforms that are really trying to make a name for themselves, they had this to really make a case to both users and advertisers that this is a valuable platform for them from the advertising perspective in hopes of keeping them around as we get into a reopen >> you know, amy, i'm fascinated as we wrestle between the head fakes between momentum and value. sounds like for you the bar that would indicate whether we're actually making the turn are names that are very much at the epicenter, cruise lines, boeings, the las vegas casino companies. that seems like a pretty high bar. >> yeah. and we're actually watching those names extremely closely and options because, you know,

look, one thing that happened is tech is at the epicenter of the pandemic it's been the winner and momentum everyone is waiting for when inflection is going to happen. there have been eight head fakes counting monday. dare i say that the end might be near the one thing we're getting in the options market is these skew inversions, meaning, they're starting to become a huge call imbalance in the recovery names like cruise lines, like airlines, like energy that you saw specifically in tech in august we start to see those flair up, we start to see retail call buying come in and wales come in as well. i would watch those very closely for that to be the sim whtime wh recovery names start to win. >> finally, sticking with the options markets, you say it's very focused on dates and events all of them pretty much political. zero in on tech for me, if you will based on what you're seeing, how much risk is there in tech

and f. with the dates and events we get surprises and the options market is not expecting surprises? >> two things to your point. the options market has come in quite a bit. volatility declined in the short term i find that very interesting we're about to get a slew of key dates from, you know, key trial information from moderna and pfizer obviously other trials going on. this is all in the november and december time frame. put on top of that, you know, december 8th and 14th being key dates on the election itself which has its own macro in locations. i wouldn't be surprised to overall see that short term volatility pick up in tech tend of the day, if tech goes, so goes the market it's such a heavyweighting to cue that i think you really have to watch that as an overall hedging perspective into year end. >> all right you got us covered on markets, options and volatility on the

stocks themselves. amy, mark, thank you >> thank you >> jon, aztec gos tech goes, sos the market don't go anywhere. "squawk alley" returns in just o nus.twmite before we talk about tax-smart investing, what's new? -audrey's expecting... -twins! ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan.

shares of qiagen is higher today. they will process up to 30 swab samples in just 15 minutes

the ceo joins us once again. great to have you back and thank you for joining us the weak is so full of news on the they're future pooutic and vaccine front that we sort of let test going by the way side that's going to be very important. >> i agree with you. and to start with, i say that it would be -- to try to owe post testing and vaccinating. both goes together you test and treat we welcome at rufal of vaccines against coronavirus and efficient vaccines that doesn't mean that this team will stop. we do have needs for testing you look at the virus. it is still out there. it is circulating very fast. and we have plenty of examples

of other transmitted diseases where you do have a good combination of vaccines and tests. flu, for example, we have flu vaccines for years every winter as you continue to test for flu hpv is another one you have a vaccine for hpv so i think we should see it as a efficient against the coronavirus rather than opposing both >> yes so talk to me about the innovations on this new test portable, digital, point of care where are the advances where do you think the bottle necks remain once this is deployed >> well, i mean, as you know, we focus on the european testing solutions for many application and infectious diseases and oncology and for the beginning -- from the beginning of this pandemic, i believe that we have probably developed the most comprehensive portfolio of

solutions of testing solutions for coronavirus. for labs all over the world, they are developing their own test, we have the extraction of new cases and a wide range of solutions. we have rapid pcr tests. can you not only test for coronavirus but also against other syndrome potential infectious diseases. the virus continues to circulate in the u.s we need to find solution that they come in closer to the patient. that that helping government to decentralize testing and obviously that there are also providing faster results and this is exactly what our new test is going to provide it's a very easy to use test i'm not sure that you can see

it but it's better than showing it. so there we -- you see it's very light. it's less the size of your lab top. and inside that you can insert a very simple cartridge that i'm showing here you can insert eight cartridge at a time in that portable machine and run them in parallel so eight cartridge at a time can you get results between two minutes for a very strong positive signal to 15 minutes at the latest for a negative test and the hub that i showed you is portable, as you say not only very light, but battery operated so you can basically use it in very remote areas. you can send research to the laboratory information system that is using it

>> this seems like it will have huge potential in so many different scenarios with such rapid results. i'm curious what the pricing is. and if you imagine this being something an airline would use to test passengers before they get on an airplane is this deployed to schools or something that concerts use to test people before they walk into a concert venue and how does the pricing fit into the potential use cases in the coming weeks, we'll have a point of care. and before going to this anti-general test in particular, i must say that this covid-19 pandemic is proving the crucial importance of testing.

you said it yourself we have pcr solution installed at airports. we have testing pcl solution you have population. so this will be obviously a key solution for those kind of testing. who do you see doing the best job of o symptomatic people and how have they managed to do it >> well, that's a tough question to ask to me i would say first of all, we have received extraordinary support for all the governments in the world i think that between europe and the u.s., germany had a very efficient testing strategy but in the u.s., we have a great

collaboration which it is hhs and different agencies to spread out testing capabilities i think every government has really tried to step up to the challenge. to the question of prices, first of all, it's a very, very strong model. it is to leave no one behind owe mirthing countries, developing countries this anti-general test has to be cheaper and therefore more affordable than a pcr test pricing depends on volumes but is going to be made available and affordable for very large settings and decentralized settings >> we applaud any innovation and development that helps the world get back to normal and normalize the economy. thanks for the time. we'll talk to you again. >> thank you for having us thank you. we were highlighting the console. video game stocks are on the move this morning.

shares of electronic arts and active igs both trading higher as the new play station 5 launches of course, microsoft's xbox series x debuted tuesday we'll have more on the console wars lerhiho before we talk about tax-smart investing, what's new? -audrey's expecting... -twins! ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan.

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instagram is adding shop and reels tabs at the bottom of the navigation bar moving the creation and notification bars to the top right now this speaks to the huge potential for e-commerce on the platform for brands and influencerses to sell to consumers. i spoke to head of instagram who tells me this change should drive growth of shopping activity on the platform which has multiple benefits. saying, "we take a cut of transactions it is also an advertising supply business showing ads in a shopping space is more valuable

because you're showing ads in a space where people have a higher intent to actually purchase or buy. this also speaks to instagram's plans to make money for reels. they tell me they will eventually put ads into that reels format saying that right now they're in a catch phase with tiktok which pioneered the short form video format but over the time -- over time they will differentiate and innovate reels facebook shares up .5% that stock is up 35% for the year jon, the question is how much of a growth driver are these types of things can be for facebook as some of the other areas we're starting to see that ad revenue growth plateau >> yeah. julia, i think this is so important for investors to understand and dig into. carl, it's an opportunity for players like big commerce and especially shopify those act as the sort of dashboard for small business and medium size business where if you don't want to just be

selling on one platform, say on your own sight or on amazon, you want to sell across many across also facebook and stain grinsta, ebay, et cetera. you want to sell through them. they allow you to spread out to multiple places. the more initiatives there are like that, the more opportunities there are for these e-commerce shopping platforms, for, you know, your bill.com type players that integrate all of that financial data into one place, carl. >> yeah. and the way in which this just blossoming into new players and new giants from a market cap perspective, jon, is an mazing thing about the american economy. we'll take a break here. dow is still negative. off the session lows of about minus 230. holding o ton 3555 at fidelity, you'll work with an advisor

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welcome back, everybody. i'm sue herrera. here's your cnbc news update at this hour. kentucky's supreme court has ruled unanimously in favor of governor's man dags including a mask mandate the governor lacked the constitutional powers to enact the restrictions detroit's public schools are going back to all remote learning due to rising covid-19

infections in the city the roleback goes into effect on monday and it will last until january 11th a report by house democrats find lawmakers can securely vote from outside capitol hill using existing technology. house republicans have said they oppose remote voting and democratic leaders have also pushed back against the idea and senator lindsey gram says he is donating 1 dlg milli -- $1 million to help runoff elections and counter liberal spending on the races. you're up to date. that is the news update this hour julia, out to you. >> there is going to be a lot of advertising for those runoff races. speaking of advertising, online advertising could be back in a big way next year with morgue stanley predicting growth of 20% in 2021 calling facebook, alphabet and pinterest for top picks in the space

morgue an stanley joins us now brian, thank you for joining us. tell us about this forecast. where is that 20% growth coming from is that from television? >> thanks for having me, julia you know, i think that the key punch line here is that the advertising recovery is more likely to be a check mark than even a v shape and that what we're really bulled up on 2021 is the overall gdp recovery that our morgue an stanley mack crow economic team expects. we expect 7% to 8% gdp growth which is positive for the on line advertising markets and then secondly, as we speak with advertisers and agencies and the way in which advertising dollar allocations changed through shelter in, there is now more urgency and interest to move dollars towards digital people are moving online wallets are moving on line towards e- commerce faster and therefore a structural perspective, we think that the combination of a stronger

macrobackdrop from a gp perspective next year and advertisers even further increased interest to spend to reach people online, it's going to lead to a really healthy online ad market as you get to difficult years on the compares and back half of next year >> one what about alphabet and google's exposure to the travel space? that was such a meaningful piece of google's revenue. how much is your optimism about google contingent on that travel business coming back >> yeah. it's one of the sort of embedded cyclical call options around alphabet we think around 12 to 15% of google's search business in a normal year is related to travel as you know this year travel has been down a lot. we think travel has been down about 50% in 2020. as we look into 2021, you know, we're really encouraged by the vaccine. we're watching the behavior around travel more closely and we're hoping that as people get to be more comfortable with

travel throughout '21 and into '22 that, 12% to 15% of google search is han extra kicker to alphabet's overall ad revenue over that period >> brian, you talk about advertiser interest and trust. how would you -- we think about elections as being crucibles for these names. how are we characterizing or grading them in terms of their commitment to truth? and curation in the wake of the election we just had >> yeah. it's a good question, carl you know, the other thing that has come out through the course of the summer and fall is that advertisers and agencies, we think, have actually put some of the online ad platforms like snap chat through audits you know, they're checking them on brand safety, the privacy controls, content review controls we think it happened across multiple platforms this year where there is an increased focus on ensuring that the

advertising dollars that are showing up on the platform be put next to material that is appropriate. and so we actually picked up how that has been a tail wind in the near term to some platforms like pinterest and like snap. but rest assured, the agencies are really focused on making sure the content on the platforms is safe for people as possible as we go throughout the elections and everything else from a macro macro perspective >> how much is the size and timing of stimulus a factor in its health and momentum? >> that's a great question it's helped quite a bit. in particular around e-commerce spend. you know, i think that one of the reasons why the online ad markets in general throughout the course of summer and fall held up better than xbektpe exp at the start of the year is because e-commerce is so strong. we think about three years of

the commerce demand. and retailers and brands and merchants have trying to capitalize on that as you have stimulus dollars come in, you had merchants react and spend more advertising dollars to reach those dollars so i think that it is something that we think about in particular into area 21 if there is more stimulus the base case is that e-commerce does slow a little bit you have a stronger e-commerce market for longer could actually create further tail wind to '21 advertising than our current base >> brian, you mentioned snap very briefly you also talk about the damage that e-commerce has given the companies. snap has benefited from this direct response and advertising and from e-commerce driving that ad business. that stock is up 8% today. what is your take on snap right

now. and they're benefiting from robust ma robust macro ad markets so snap's efforts around e-commerce and direct response like you mentioned around the product called a pix he will which essentially helps retailers better link an ad dollar to an actual transaction which is set up very well for the holiday season so there is a -- there are a lot of good factors from a macro and micro perspective. we're equal weight there is no difference from a big picture perspective. >> well, brian, certainly going to be a fascinating year ahead for that online ad market.

thank you so much for sharing your thoughts with us today. >> thanks so much. >> when we come back, it's been a big week for game consoles we got a look at the xbox. now a look at playstation 5 when we continue.

ahead of debuts, airbnb a a are trying to avoid mistakes

we explain >> jon, call it a term offensive. airbnb and door dash are expected to kick off ipos in the next week. but they are going to sell the stories and valueto investors. today door dash unveiling a $200 million main street pledge over five years to support merchants, dashers and local communities and includes rewards program pulled by the grants and accelerator program. now airbnb announced the host endowment with about nine mullon of the start-up shares to backup and host communities when it treechs a billion dollars in value. this morning even the company says that the ceo brian chesky will donate $10 million to profits that supports front line workers responding to covid-19 they have grown into multibillion dollar unicorns but when they go public, it will be the executives and early corporate employees that see the

greatest financial wind fall now so ahead of that, it makes sense for air bnb and door dash to show communities they have not lost sight of them investors may be encouraged, too. two other unicorn that's went public last year, uber and lyft, spent their lives as public companies in high profile battles with their drivers and that has certainly weighed on their stock price. as a private company, air bnb had the share of tensions over the years with hosts over the covid-19 refund policy and with cities over taxes and party homes. door dash has clashed with the drivers over past tipping practices and clashed with restaurants and lawmakers over commissions. so the key question going forward, guys, will these initiatives be enough for the communities and will it encourage investors that they can avoid future regulatory risks that certainly some of their public peers have faced over the years julia? >> i wonder how much you think these companies are going to be acknowledging the covid-19 impact

for instance, doordash people are home and ordering in more food. is that going to be something that is front and center are they talking about their businesses as if they'll look dramatically different in six months, say, for air bnb when people go back to more typical rental patterns? >> i don't think they can avoid it that is something i'm most looking forward to digging into the s-1s how have they confronted the pandemic they made some of that public. certainly not the financials you look at a door dash that has probably benefited from these covid-19 trends, people ordering in more. we know that air bnb's bookings were hit really hard amid the pandemic so that will be one of the most interesting pieces of that perspective which i'm looking forward to, carl >> yeah, d, it's a great point it's not just about getting investor interest as well.

d, thanks. we have a new war on the console front between the xbox and new play station we have a look at that josh >> carl, it's another battle in a long war today sony officially launching its new play station 5 console critics saying that games look better, run smoother and load faster of course, it's also serious competition from the arch rival. microsoft launching the new con soles, too the x box series x and s cnbc in the review said games perform better on this machine than in all previous xboxes as well as many pcs the two companies have been going head-to-head in this market for a long time nearly 20 years. there is a lot of money on the line this year the global game console market including hardware, software, services is expected to generate revenue of $54 billion. and, of course, both consoles

launching at a historic time for the video game industry. sales are shattering records more people are looking for in home entertainment due to the pandemic it's another way to stay connected with friends and family safely. the sprprice is $500. so who is going to sell more units? at least in the near term, idc's lewis ward places his bet on sony he forecasts sony to sell as many as five million ps lab con soles by the end of the year for microsoft, he estimates 3.7 million con soles. ward giving the edge to sony, he says, because it has a bigger footprint and simply selling into more markets. but also he notes that microsoft delayed the next version of the popular halo game until next year that also at least initially, could impact demand. jon, back to you >> josh lipton, thank you. julia, it's funny. in past console cycles we have seen somebody who is weak. you can't even count out nintendo here. it's been going gang busters

with the switch especially during covid-19. it's been sold out sony is at 20-year highs with its stock. not just because of the gaming business but because tvs are doing just fine. the imaging business, imaging and sensing is doing well, too then you have microsoft. we know what a strong company that is with a lot of different lines of product five years from now, we were looking back on this gaming period, not just the con soles, but also the online innovation that's are happening, julia, puts you on the spot who do you think is going to have won >> i think that the game makers are going to have a huge advantage here, jon. what i think is fascinating about the game makers is they're less reliant on the console cycles it becomes more of a year round thing for them we'll see big game numbers there is a new call of duty coming out it will be really fascinating to see how they move away it's not really, jon, about those moments of selling a package good anymore it's about the digital revenue

year round in other media news, eagerly awaiting disney earning this is afternoon. well, so are we. 'ltewh yll what you to expect next at cdw we get you're always looking to modernize. yeah. i'm just not sure office drones were the way to do it. [ laughing ] drone voice: l-o-l. our market share looks good, but... drone voice: where are the bagels? well, cdw can help you modernize your company the right way, with a scalable infrastructure from hpe, making you more efficient and secure. great. oh. [ drones buzz angrily ] let's find a different room. for transformation that works, you need hewlett packard enterprise and it orchestration by cdw. people who get it. (music) anncr: give customers access to precisely what they want, when they need it the most.

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on the network rated #1 in customer satisfaction. it's your wireless. your rules. only with xfinity mobile. disney's earnings come on the one year anniversary of disney plus. it is appropriate because the success of that app and disney's increasing focus on direct to consumer strategy will be in the spotlight after disney announced a corporate reorganization to

prioritize the digital businesses last month. now if many of disney's parks allowing in only a limited number of customers and others closed with no word on when the california parks can open, the studio division weighed down by the inability to release films theatrically, the big question is how much digital growth can balance out declines at disney studio and parks divisions the street expecting a loss of 71 cents per share and 21% decline in revenue morgue an stanley both raising the streaming estimates and extending its assumption of covid-19 pressures with analysts looking to learn more at the company's december 10th investor day. disney shares are up 10% since august 4th analysts are largely bullish 65% of analysts have a buy rating 35% have a hold. and there are no sell ratings, carl so it will be really interesting to see what kind of growth numbers we get out of those digital streaming services also, carl, whether those are

pulling forward. people that maybe joined the services later in the year or really that's an indication of momentum. >> it's true we have a $25 pop on monday in the shares because of that vaccine news out of fuser. but, jon, like a lot of the biggest rivals of its biggest rivals, including our own parent, it's a mix, a hybrid of stay at home, given the steaming service and also the travel element when you look at the theme parks. >> definitely. and the digital piece of the business, which just a year ago was seen as an important, kind of forward-looking nice to have now seen as being absolutely essential. it interesti it's interesting to see if disney's results managed to avoid sucking eggs like a certain baby that everybody likes out of that property meanwhile, keeping an eye on shares of chinese e-commerce

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china's 5 biggest tech giants lost more than $280 billion in market value yesterday as china's chief regulator announced a set of draft rules supposedly aimed at closing monopolistic behaviors on its platform. and with us now is early alibaba backer just the guy i want to talk to about this stuff first of all, on this china regulation, set me straight here my eyebrow raised at this because i'm thinking is this really about monopolistic behavior or is it about china seeing that certain big companies are out there asserting their independence saying we'll protect consumer data, we won't give in to the communist party and maybe china

saying we're the ones really in charge here, we can knock you down to size >> look, i think china -- a lot of people forget that china is a communist country or communist political party at least and that party in the last ten years or so has shifted much more towards an authoritarian regime so the political risk is very, very high in china if you're a big tech company and you defy anything that's happening with the government, you're going to get slapped and you're going to get slapped hard look, i think across the world big tech has created natural monopolies and most of these have been pretty good for consumers. they haven't been bad. you can argue these monopolies while they're good for the consumers, they're not good for the power structure, especially in china >> so what does that mean for some u.s.-based technology companies that have been making an argument based on unfettered growth and power of the big chinese companies. mark zuckerberg has been saying if you regulate us, hold us back, break us up, fine, but

these chinese companies will continue to grow unfettered. maybe they're both looking at putting the limits on these tech giants because they're afraid of what they'll become. >> regulation in tech is going to happen. so far i'm trying to figure out what has google done that's been bad for consumers, other than privacy concerns i think the industry that's going to get most scrutinized is the social media companies so if you think about these social media algorithms, they're literally the new cigarettes cigarettes for bad for our health and nobody knew, today they're starting to figure out this is bad for our mental health so far they're not bad for consumers. >> speaking of social media, i want to get your thoughts on this tiktok deal do you think the chinese government will sign off on the deal that president donald trump

signed off on here, that 20% sale to walmart and oracle and what is going to happen with tick tock tod tiktok today will it keep running >> i think the devil will be in the detail in terms of control and the rights, where the data is stored, all those things will be the devil in the detail i will not sure the chinese government wants to give us a political win here my guess is this battle will continue for some time depending what the new administration does, we'll hear a lot more about tiktok in the news in the next three to six months. >> really quick, china, u.s., eu, where would you say tech regulation is fiercest right now? >> so on the privacy side i think the eu is going to continue to be pretty strong monopolistic side i think you'll see a lot of talk and binging in the u.s. in china my guess is as long as

they have fallen with the party line, they're not going to get overregulated. >> finally, i want to push back on the whole social media cigarettes thing i don't think cigarettes are ever good but social media's been great for my mental health, especially during a pandemic i've stayed in touch with people, i haven't been on it for hours and hours. maybe it more like opioids, huh? >> i think the problem is the engagement algorithms. social media is feeding you what you want to see. that creates all sorts of problems depending on yourmen l -- your mental state. it feeds you what you think you know and ought to now. they're trying tho keo keep you attention to sell you more ads you're the product, right? >> i try to not end up going down the tunnel. thank you, hany nada

got to leave it there. >> we're going to close out the hour with the chair powell of the federal. he did speak about the economy, risks, the vaccine and a lot more take a listen. >> record level. we seen a number of states begin to reimpose limited activity restrictions and people may lose confidence that it's safe to go out. we've said from the beginning that the economy will not fully recover until people are confident that it safe to resume invol activities involving crowds of people you mentioned the vaccine. that is well and good for the medium term, though certain challenges remain about timing and production and efficacy for different groups it's too soon to assess with any confidence the news for the path of the economy, especially in the near term. with the virus now spreading, the next few months could be challenging. >> all right, stocks haven't

reacted dramatically to that news, although can you bring up the ten-year yield really quick? we're back to 90 basis points. the high for the week was about 98 we're down about eight basis point as there is some rush to safety couple that with some headlines that the white house, according to some reports, may be stepping back from stimulus negotiations, which leaves all eyes on mcconnell. let's get to the judge >> welcome to the "half time report," i'm scott wapner. front and center, the biggest battle for your money. should you continue to buy stocks or prepare for another pullback joining me are josh brown, steve weiss, john najarian and jenny the dow is down 150, nasdaq has been basically flat, a little bit neg at the, now it's popping just a touch