and as we love to point out, the worst day yesterday in november. today is the 13th though we'll show you what is moving right now, another grim record for covid cases as some cities and states ramp up restrictions on businesses and gatherings we'll talk to a restaurant ceo who says the industry is in desperate need of more nbc projecting joe biden won arizona. this is the second friday the 13th of 2020 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc

i'm becky quick along with yoe kernen and andrew ross sorkin. as joe mentioned, we are seeing green arrows today reversing a lot of the losses that we saw yesterday. yesterday the dow was down by 317, this morning it picked up 272 points in the futures so far. also the s&p up by about 32 after it was country down by 1% yesterday. and nasdaq up by 95 this morning after it was down about 76 points yesterday yesterday was the worst day of the month, but there are crazy good numbers dow up by 10% for the honesty to da month to date and nasdaq is up 7% for the month of november so far too. also let's take a look at the treasury market. the ten year note is sitting right at 0.896%. so back below 0.9%, we had flirted with the idea of seeing it finally hit 1%, but it is not

there yet. andrew >> thanks, becky as joe mentioned, president-elect joe biden has nowofficially won the state of arizona, nbc making that call late last night. he is the first democrat to win in arizona since president clinton back in 1996 that brings the electoral college total now to 290 for buy and 217 for president trump. georgia and north carolina are the only states that haven't yet been called. china became one of the last major countries to congratulate joe biden saying they respect the choice of the american people so an update there as the president continues to makes a versions about fraud and other things elsewhere but increasingly looks given some of conversationsa versions about fraud and other things elsewhere but increasingly looks given some of conversations and statements out of the government yesterday that potentially parts of the republican party may not

be supporting some of those comments >> i know a couple places that are relieved about arizona i mean, can you imagine calling it on election night at like 9:00 p.m.? >> oh, fox news, yes >> and a.p. too. they are like quarter, we're sure, we're sure we'll stand by our pick. and it is like getting narrower and narrower other states still not called. whatever anyway, the united states -- what's that? >> i was just just wondering on the list of other countries that have congratulated biden at this point, i know china was one of the holdouts has russia offered their congratulations yet? >> i believe that russia has not yet. i believe they are the holdout >> without comments. i'll move on before i make any jokes or anything about putin.

putin and trump, i mean think of the last four years, good lord anyway, the united states set another grim record for coronavirus infections hideous. 159,000 in one day ninth day in a row with at least 100,000 cases. about 1 in every 360 americans tested positive for covid in the last week. according to data from the covid tracking project california became the second state to top a million covid cases. and kentucky supreme court has upheld the governor's statewide mask mandate and capacity limits on restaurants the republican state attorney general had accused the democratic governor of exceeding his authority. and the ivy league has called off winter sports for the year, including basketball and hockey. a h lot of problems in the worl,

but you have to feel for the athletes who spend so much time trying to hone their skills. just very tough. >> think about the olympians around the world that are hoping that their games are back on too. >> kids in grade school and high school that look forward to that after school every day well, a lot of places there is no school any way. >> in the meantime elon musk making news with a tweet overnight. he said something extremely bogus is going on. was tested for covid four times today, two tests came back neglect ti negative, two came back positive same test, same machine, same nurse. musk later tweeted that he had sump tomorrows of a typical cold and he was getting pcr tests from sflat leparate labs with r

in about 24 hours. but this is the complaint with the rapid antigen test that it is not spot on and i think it is particularly difficult if you are early on in an infection with this. what i was hearing from a nurse last week is that up got to get that longer pcr test if you are either asymptomatic or very early on in some of these things >> how does this one work, this is not -- they don't have to take it from your frontal lobe, this is easier than that >> i don't know, but this is that rapid one that comes back in like 15 minutes >> i think that it is up the nose but not up to the brain up the nose do the circle lower in the nose is what i think. but i'll do a little homework on that one >> two and two he said musk, two positive, two negative i don't know how to read that. what is more likely, if you get a positive, it seems like that is indicating something.

but the negatives would seem like they would be false negatives. i'd be more worried about the positives. because if it tests at all positive for the antigen, you would think maybe it is seeing something and the other ones missed it. i don't know i don't know what is more likely >> for what it's worth, we had a friend who went through this exact experience they tested positive, then negative, then positive, then negative and then two other negative times and was cleared that there had been a mess with the way the tests had been done. but what it does, and this is the real great complication from an economic standpoint, she ended up having to call about a million people who were in her circle if you will to tell them, they all then were quarantining waiting, and it went on for days and days >> she had a million people in her circle, that's a problem >> you know what i mean. she ended up not having it at all.

but no symptoms, no nothing. anyway, longer story but meantime, a "wall street journal" report this morning saying that chinese president xi jinping personally made the decision to halt the initial public offering of ant group, the report saying that the controlling shareholder jack ma infuriated government wleersd a speech given just days before the ipo that criticized china's tight financial regulation president xi read reports about the speech and then ordered regular rators to investigate te ipo which resulted in shutting it down. eunice yoon reporting that the "journal" story is not being widely discussed in chinese social media because comments about president xi are censored. but it gives a little color to what has been a lot of questions around what happened to that ant financial ichltspment on, that c did seem related to it because it was just right prior to it and it was critical, but i think that there will be more questions not just about ant

financial, but as you know this week, we've been reporting about what has gone on with the chinese government and some of their other big tech companies and whether any of this is all related because there have been other comments that have been made by other leaders of those companies that have not always been let's say positive about the government >> andrew, it is funny, i was listening earlier this morning as somebody was saying this is just proof you don't mess with regulators and we talked about elon musk in a different context, but i was thinking what would it be like to have elon musk dealing with chinese regulators the way he taunts the s.e.c the things he has said versus what jack ma said. this is not just regulators issue. this is fwetweaking chinese comt regulators >> he'd be getting some of the

much needed camp as chinese get. don't you think? that is one thing we have to appreciate talk about pushing the envelope. >> what did he call the s.e.c. i forget >> one of the words stood for like a word you can't use on cable. i don't know he's classic though. might have been the s word anyway, coming up, disney shares are on the rise. we'll talk about the struggling theme park business and the booming streaming service next later, we'll talk with dr. gounder, a member of president-elect biden's covid task force did you know how many friday the 13ths there could be in a year

one, two or three. and i know there were two because the last one was my anniversary. and it was march 13th. remember where we were we were like clueless. still going to restaurants >> that was like our last day there. at calvert, we know responsible investing is hard. if you're concerned about the environment and climate change, how do you find companies that are driving the right outcomes? if you care about economic equality and social justice, which firms are addressing it in their workplaces and their communities? for nearly 40 years, calvert has delivered competitive returns by investing in companies making a difference because we see value in doing good. talk to your financial advisor about investing responsibly with calvert.

talk to your financial advisor about investing responsibly you're choosing whento get connected to xfinity mobile, to the most reliable network nationwide, now with 5g included. discover how to save up to $400 a year

with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. that's simple, easy, awesome. visit your local xfinity store today to ask, shop, discover the latest on xfinity mobile. disney reporting a quarterly loss that wasn't as bad as

feared, but would have been unthinkable in recent years. i don't think the company has had a loss since 2001. but streaming growth was a bright spot. on the earnings call, bob chapak slammed california's governor for effectively blocking d disneyland's reopening >> we're encouraged by the positive news earlier this week on the progress of potential vaccine. unfortunately, we're extremely disappointed that the state of california continues to keep disneyland closed despite our proven traffic record, our health and safety protocols are science based and have the support of labor unions representing 99% of our hourly ka cast members >> joining us now, tom rogers, the first president of nbc cable, one of the founders of cnbc and he is proud of that and former ceo of tivo and also

now a cnbc contributor tom, good to see you i like one of the things that you point out and that was okay, the quarter is better than expected in terms of streaming and additions, but does it really matter. my question to you is, do you mean it doesn't matter because the theme parks are closed, the movie studios are below where they are, so that is on the bad side, but also can we assume that these streaming gains are permanent too? i mean i don't know if you can really assume that if people drop off i mean, the issue is churn for both cords and streaming, isn't it >> yeah, i mean you got to give them credit for beating expectations, but given the hit that the business is taking because of covid, i don't get too wrapped up in the quarter. you got to keep your eye on the

long term process spepgspects oy and they are good at getting people to focus on the shiny thing which is the streaming numbers for subscribers for disney plus that they put up but i think the bull case gets little ahead of itself when it doesn't look under the hood a bit about those streaming numbers. an awful lot of them are coming from india where they are either giving away disney plus for free or way under a dollar. and about 25% of disney plus subs now are coming in on that basis. then you got to worry to your point that they gave away an awful lot for free when they launched a year ago. how many of those will roll off that we'll see in the next quarter. and everybody is focused on disney plus numbers, but disney plus if you are over the age of

12 is really not the offering that you are focused on, it is hulu and while people got a little disappointed in netflix numbers last quarter, netflix added 13 million subs for the year in the u.s. and hulu added about 7 and hulu only has about half the number of subs. so it has a lot bigger runway to grow and that growth was not all that impressive so, yes, disney -- -deserves lof credit for the lunch, baunch, bt to run with. >> and so if people stay, it is about great content which is stuff to do and it will also get more expensive, so you have to factor that into the bottom line >> i think that was the most significant thing on this earnings call, suspension of the dividend for january saying that they were going to heed the

advice of dan loeb and pour hormone into streaming content and while they certainly have beat the hell out of expectations that they originally set for subscribers for their streaming business, they will have to reset in terms of what they laid out initially in terms of programming expenditures and it will be much, much more expensive than anything they originally indicated not only because netflix is out there going toward a $20 billion programming budget the next few years which will allow it probably to introduce a new movie or series every day, so the competitive pressures will be huge, but disney you nsney hr about engagement, how many people are watching and how many time are they spending people overwhelmingly are spending time when it comes to streaming with netflix and youtube and disney hasn't yet got the kind of engagement that

gives you pricing power and that price value perception which really makes for profitable service over time. and that is all about having to spend more money on programming. and they have a lot of competition for their programming dollar within the company because sports rights are coming up for renewal and sports rights will go un50, 60, 70 percent or more and they have dwindling audience to spread that cost around and that is real competition internally for where they spend their programming dollar >> vaccine is just -- i don't know if there is another company that would be able to benefit so much it was strange seeing the ceo getting mad at the california governor about disneyland with the backdrop the new cases in california and around the country. it sounds weird that it is like really, now you want to chastise the governor i don't know sounded weird. but that is dependent on the vaccine, disneyland.

film production, espn and college sports and all that stuff. right? it is all depend end r ents ent reopening. >> it is and that is why you have to look past the current quarter the parks will come back, kruds will co cruises will come back there isn't any doubt that disney today is not disney a year from now hopefully with the vaccine and all. but the thing that got questioned on a lot was okay, where are your management incentives for the future of this company and they had a reorganization where they took the creative control of what programming go where away from the people who have the p and l responsibility for the streaming service. and that clearly was not understood very well in terms of okay, but what are the incentives of the creative people to really build the streaming business going

forward. so that is an open question about the future that i think they will have to give some further input on for people to really understand why they are focused on the streaming service as they want people to believe >> thanks, tom thank you for founding cnbc. you didn't found "squawk box." were you around in '95 you almost did >> very much so. >> you founded that too. you founded everything >> i can't take credit for giving birth to you, though, joe. >> that was a test tube, that was a lab. no, thank you, thank you for coming on. >> thanks for having me. >> we'll see you again soon. maybe we'll talk about comcast next time. >> i look forward to it. >> way too much talk about disney all right. see ya andrew always fun to see tom.

coming up, we'll we'll discuss plans to roll out a covid vaccine to the people most at risk first, butwill the rich b able to pay to jump the line you know we've got that story. robert frank will be with us after the break. and check out volatility in shares of palantir, year over year sales grew 52% and also hyped full year guidance it has bounced back. the stock opened at $10 back on september 30th we'll be right back.

♪ ♪ ♪

♪ shall i put her in snow mode? ♪ nope! what about off-road mode? nah. sport mode it is. let's see what this baby can do. or... we could check out that farmers market? no! you know what? i'll be in chill mode... (button click) if anyone needs me. propilot assist with navi-link. available on the all-new nissan rogue.

and sweetie can coloryou just be... gentle with the pens. okey. okey. i know. gentle..gentle new projects means new project managers. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database so you can start hiring right away. claim your seventy five dollar credit, when you post your first job at indeed.com/home.

♪ welcome back concierge medicine is a very big business and it has gotten even bigger during the pandemic now customers have a new request for their doctors. robert frank is joining us with more on that >> good morning. concierge doctors were among the first to get rapid testing this summer and now they hope to get among the first to get yes, the vaccine. con he s c you pay anywhere from $3,000 to $20,000 for a private medical

team and their business has doubled as the wealthy seek that at home care and they were among the first to get testing kits this spring and the first to get rapid tests this summer among controversy. and now they are getting flooded with calls asking for early access to this vaccine the companies say that they will follow all the rules of the cdc and the government, but they are working their connections with phrma companies, government agencies and advisers, distributors and a lot of si scientists that serve on their board to see just how quickly they can get doses you know regulators will be watching this. the medical board of california investigated some concierge doctors back in march after reports that they were hoarding tests for held aalthy patients

so far no finding of any wrongdoing but given the supply/demand imbalance, you know that these wealthy patients will pay anything to get this vaccine >> here is the question. as some of our viewers who maybe have concierge doctors may know, most of the time it is an all-inclusive price. so you pay $7500, $10,000 for the year and that is supposed to cover everything do you think that there will be an add-on fee just for the vaccine and what do you think that they would charge for that? >> i don't necessarily think that it is the business opportunity of an add-on it is just that these concierge doctors, they were able because of the money that they ever to lock up some of these labs that process tests and they were able to get quick results that lot of americans couldn't get so it is not so much that there is an extra fee, it is the wealth that they have and the money that they have from

clients gives them access to people, to companies, to distributors that maybe other regular thedoctors don't get. so it is a very wealthy industry they are paying full for everything, they don't have to rely on insurance or wait for that and i think that is the access that people worry about. >> robert, going back to a freshman year economics class, everybody remembers the supply/demand dynamics and if you don't let them play out, i can be a problem and you don't have to look any further than pulse pricing for uber you are either willing to pay up or you don't get the ride. but this fundamentally different because there is no free market that can be i don't think considered here. and the supply, we know what it is de minimis initially so it doesn't matter if you have $50,000 to pay for a dose, but i'll bet you some people are able to do it. i bet you it does happen

sometimes. >> and that is whole point of this report. i think it will happen i guarantee in the next 3 to 6 months, we'll hear some reports of whether three concierge doctors or some other means that people with the most money -- and to the wealthy, there is nothing more important to spend your money on than trying to get this vaccine so you know that they will try, you know there will be a lot of money chasing it and there will be examples of where they are able to get it. you how widespread remains to be seen but you are right, it is supply/demand and those with the most money, whether health care or any other part of the economy, they get it first >> isn't it acknowledge himself of that just with the response that the concierge doctors gave you, which is we'll follow the rules but we're working our contacts as hard as we can if they weren't going to try to skirt all the rules, they would just say we're following all the rules. >> yeah, that was surprising how

honest they were as they see it the value proposition that they are offering their clients they are saying we're charging you a lot more than your primary care physician and what you are getting for that is all of our connections, whether it is the government agencies to scientists to researchers to the phrma companies, companies like mckesson that will be distributing this. and from their point of view, that is their value proposition and they are proud of it and surprised that they were own with it talking to me. >> and you can take it a step further, you saw dr. emanuel which i think will be one of president-elect biden's advisers, but talking about a global distribution, not even favoring americans and then you get into a whole different discussion and i understand it. i mean, that is like the ultimate nationalism to think that we make it, we get it here. it is almost sort of another exam of t example of the global inequality i don't know how you fix it but you can't deny that we think

we're special i guess andwould he deserve the vaccines here because he got a lot of flack from certain corners saying that it should be global. what would you do? no, i'm kidding. i'm not asking you for an answer i don't know do you >> no, but you're right in that this whole epidemic and pandemic has magnified and amplified in-qualities in so many ways in the economy in terms of who gets access to certain health care and treatments and i think the vaccine will further amplify all of that. and i think the possibility that people in the u.s. get the vaccine from some source overseas also can't be ruled out. >> okay. robert, thank you very much. i'm sure we'll hear a lot more about this, but we appreciate you being on the case because this is a huge issue that lot of people are concerned about when we come back, restaurants struggling under pandemic regulations that limit

capacity we'll talk to a ceo who says that more stimulus is critical right now. this iss is a ceo we've been falling. and later, alexis ohanian of read reddit will tell us what he is currently working on. i made a business out of my passion. i mean, who doesn't love obsessing over network security? all our techs are pros. they know exactly which parking lots have the strongest signal. i just don't have the bandwidth for more business.

seriously, i don't have the bandwidth. glitchy video calls with regional offices? yeah, that's my thing. with at&t business, you do the things you love. our people and network will help do the things you don't. let's take care of business. at&t.

before we talk about tax-s-audrey's expecting... new? -twins! ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan.

as amy first jober, is to care for derek. everything i do is for him. when i moved to this apartment after six months, we need to connect with the world. i use the internet to keep him in the language, because that's the way to connect to my family's traditions. he has to know where he comes from. we need internet essentials. there's no excuse to not get connected. welcome back to "squawk box. it is friday, the 13th but the equity futures are looking up no spookiness here right now dow futures indicated up by about 230 points that is a reversal of the losses

we saw yesterday s&p was also todown by 1% and i is up by about 27 this morning and nasdaq indicated up by close to 90 points chicago issuing a stay-at-home advisory for the next 30 days as covid cases surge, it is one of many cities instituting new restrictions where our next guest owns and straights restaurants. his chicago location is temporarily closed our guest is cameron mitchell, and we've been checking in with him since the beginning of this pandemic good to see you heyou. >> good morning, becky >> and so where do things stand? i know this kind of went through rolling waves for you where you had to close all of your restaurants, where you were able to reopen some, how are things going right now? >> well, to be honest with you, we're riding the covid wave. i feel like i did back in the have i beginning of march when covid was just coming into yview

for america. and before we had to close down, we started to see sales begin to drop and then eventually we were shut down in mid to late march across the country i feel like we're right at that exact same spot again. we have over 150,000 cases yesterday, our sales are beginning to drop. we got up to about 70%, 73% of last year's sales in september and then as cases have groan gr think yesterday the u.s. reported 150,000 cases so i feel like we're right back at the beginning almost. and i feel like we're going to be shut down and we're already seeing cities roll back from 50% to 25% beverly hills, no indoor dining. chicago shut down. new york a 25% and restaurants simply cannot

survive at all on those types of sales let alone without any sort of stimulus, additional stimulus or ppp from the government >> what you said is kind of interesting though he, that sometimes sales drop before the government even acts in these cases, people get concerned and see the hifr case count and they don't want to expose themselves. goefts ha governments have said this time around it won't be as strict as times past, but even if governments don't shut things down, do you think that it will just be a lack of consumer demand that puts you in such an extreme position >> yeah, absolutely. so our governor in the state of ohio announced on wednesday evening he will wait 7 more days and then advocate shutting dunbardone bar, restaurants, gyms, et cetera

so i feel ohio which is our home state, majority of our restaurants are here, we'll see closures next week but what the reality is, the guests also as sales drop even with capacity or limited capacity or what, restaurants can actually lose more money than they could being shut down at 25% sales so it is getting worse i know for a fact we're starting to lose money now. i just got my financial statements from last week. we are in the process as we continue to slide, going to start losing more and more money. and we need the stimulus package and we need the ppp renewed. it saved us. i wouldn't be sitting here talking with you today if we didn't get it last time. and we need a renewal of that package at its level it was before congress last talked in some of

their proposals of limiting to $2 million and we got $10 million last time we need that $10 million again we need ppp renewed at the same level it was whether you have 50 restaurants, five restaurants, one restaurant, you have 50 sick restaurants, five sick restaurants, one sick restaurant the numbers and losses are just exacerbated. so i'm address vow indic advocae restaurants, we're all in the same boat whether you are a small independent mid size company like ours or a larger company. we're all in trouble here. >> cameron, i know you have spoken with legislators in the past, you've reached out to congress what have you heard back you have to be disappointed that nothing was done before the election i don't know what your thoughts are in terms of how likely something will get done during a lame duck session. what have you heard back from the congressmen you've reached out to >> well, i've just started back,

in fact i'm sending another letter out today to our congress people and we're fighting -- i belong to a ceo group that we work on but it is challenging to hear. we got so close last time before the election and now they seem to be farther apart than ever. and i don't know what congress needs to see and how much blood on the streets congress needs to see and carnage in this industry, but it is happening right now under our nose and it will get worse. and i believe, you know, we might be at 250,000 cases a day or more here in america shortly. and our guests won't come out to dinner and whether we're shut down or not, potentially we will be. and we need the help >> cameron, i hope you get it. let us know what response you hear from the representatives you reach out to thank you for being with us and we'll check in with you again. >> thank you, becky. appreciate it.

hopefully it talk to talk to yo. coming up, we'll hear from senator ben cardin on the chances of another round of stimulus as virus cases continue to surge in this country businesses today are looking to tomorrow.

adapting. innovating. setting the course. but new ways of working demand a new type of network. one that's more than just fast. you need flexibility- to work from anywhere. and manage from everywhere. advanced technology. with serious security. and reliable coverage, nationwide. forward-thinking enterprises, deserve forward-thinking solutions. and that's what we deliver. so bounce forward, with comcast business.

(vo) i'm a verizon engineer and today, we're turning on 5g across the country. with the coverage of 5g nationwide. and, in more and more cities, the unprecedented performance of ultra wideband. the fastest 5g in the world. it will change your phone and how businesses do everything. i'm proud, because we didn't build it the easy way, we built it right. this is the 5g america's been waiting for. only from verizon.

♪ these foolish games are tearing me apart ♪ that is jewel, you knew that yesterday we hosted the first cnbc workforce executive council summit, a gathering of elite hr executives from some of the largest companies. i spoke with the singer-songwriter jewel on how the lessons she learned from her own mental health struggles led her to advocacy. >> we lose a trillion dollars annually to mental health related absence at work. just during covid, our suicide and crisis hotlines are up 800%. those are all employees hopefully, a lot of people have

been laid off. but we have to deal with this. and we can solve actual pain points for people at work. where i think a lot of companies are falling short like a google if i dare say is that we have to do more than offer perks because it creates an entitlement with employeesand it honestly doesn't solve pain points >> i've love jewel and her music for decades. i had no idea that she had actually struggled with her own mental health issues she grew up in abusive home, she left as a teenager, she quit her i don't think when she was 18 because she wouldn't sleep with her boss wound up living in her car, her car got stolen and she was dealing with all these issues like agoraphobia and was stealing and she can't want to didn't want to be a statistic. so she came up with the tools on her own to look for positive outlets instead of negative. and she created a set of tools that actually are with proven to

change the wiring in your brain. and she has since taken those tools and working with teenagers, has done a phenomenal job there and now working with companies including hudson bay where they are trying to set up really inclusive areas for their employees to make them feel better about things and make sure that they are looking at the whole life and helping people through all these problems and obviously right now is an incredibly important time for that with covid and the additional stress that it has put on people everywhere by the way, if you want to see more of that interview, cnbc.com fascinating conversation i'll have to watch it. you can do it during the commercial break coming up, this week's wild market moves, we'll break down what you need to know heading into the last trading day of the week on, yes, we'll see whether it is spooky, but it is friday the 13th cisco shares are rising this

morning, the company's earnings and revenue did beat estimates that stock up 7% in the premarket. chuck robbins will hang out with the gang on "squawk on the stree street". flexshares may look simple on the outside. but inside every etf... there are untold hours of careful construction... infinite "what ifs?" and contingency plans.

creating funds that help target gaps in client portfolios. tap untapped potential. and strengthen confidence in you. flexshares. powered by over a century of investment expertise before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.

welcome back to "squawk box" this morning it has been a roller coaster for the dow all week you can see the moves right there on the screen, and after all of that, take a look at the week to date performance from the s&p sectors, energy and financials among the big winners, discretionary and

technology, the laggards as we have this seesaw between the stay-at-home and the rotation to more cyclical stocks joining us right now to talk about this and more, joe taranova senior managementing director and cnbc contributor. we're getting whip sawed here. are we all going to be at home for the next couple of months because of covid and if so, what does that mean to stocks or is the market supposed to look out 12 months and forget about what's happening right now, in which case you're supposed to rotate out which one do you do right now? >> good morning, andrew. there is a struggle certainly this week, and this week can be defined by the record amount of inflows that are going into equity funds, according to a bank of america report this morning. you've got the highest recorded equity inflow on record. i think right now for the market in the near term, there is this challenge where stimulus is the

focus, and the federal reserve meets on december 15th, and december 16th, and the expectation would be that the size of its balance sheet which sits right now at $7.2 trillion, the equivalent of 33.9% of u.s. gdp, that is going to have to grow to build this bridge to the other side, so i think what investors need to do with that is that they need to give strong consideration to the established growth stocks that have gotten us here. not so much the emerging growth stocks but the established growth stocks in technology itself i would not be pairing back allocations to the stocks. they're going to be incredibly important in the solution, building that bridge that gets you to 2021. >> let's talk about what you think those established techs, let's name some names. >> they begin with the clear leaders and those being the

apples and the amazons, and the microsofts you've got a very good earnings report from cisco last evening i think it extends beyond the big 5. it's sales force it's nvidia. >> joe, do you think the multiples hold up. that's got to be -- the argument to hold those stocks right this minute is the multiples don't go down, they actually go up, right? >> so let's think for a second about the relevancy of this company on the other side. on the other side, chairman powell cited it yesterday. we're going to have a new economy. or certainly a different economy than the one that we previously enjoyed before covid-19. i think you would agree with that tell me, the dominance, the importance of these companies in that new economy, does it diminish absolutely not it actually increases. it accelerates even further, so we're continuing to push more and more to this technology

oriented economy, and these companies. they're so integral in that economy. >> joe terranova, i wish we had more time to spend with you. great to see you as always have a great weekend, and i hope your friday the 13th isn't too spooky becky? thanks, andrew when we come back, we'll talk to a member of president-elect bide's covid fantastic, with the news you need to know as we head into the weekend and alexis ohanian, with the new free speech online stay tuned this is "squawk box" and you're watching cnbc. this is the new iphone 12 pro with 5g! and it's on at&t, the fastest nationwide 5g network. now, new and existing customers can get our best deal.

really?! mom! at&t has the deal for new and existing customers! i will. so what'd she say? wrong person. it's a guy named carl. but he's very excited and on his way. word-of-mouth advertising. it's what they did before commercials. it's not complicated. everyone gets our best deal, like the amazing iphone 12 mini on us.

futures are higher in what's been one of the best months for stocks in years. we'll tell you what to watch in today's trading session. what new lock downs could mean for small busy and the economy, that's coming up. trump's media ambitions. axios cofounder joins us to talk about the president's future it is friday the 13th. as if 2020 wasn't bad enough the second hour of "squawk box" begins right now good morning, welcome back to "squawk box" here on cnbc

i'm andrew ross sorkin along with becky quick and joe kernen. take a look at u.s. equity futures on friday the 13th we'll show you where things stand. 2 1/2 hours before the market opens. the dow would open higher. the nasdaq looking to open higher as well 75 points up the s&p 500 looks like it would open up 27 points higher becky. let's get you caught up on what's making headlines at this hour shares of wallet t disney are jumping after disney posting a smaller than expected loss disney was helped by a partial recovery in the theme park business as well as increasing sign ups for its disney plus streaming service. jet blue says it will phase out capacity caps on its flights the current 70% cap will increase to 85% in early december and the caps will disappear all together in early january. the pandemic is giving a double digit boost to housing prices. the national association of

realtors says median home prices nationwide jumped 12% for the third quarter from a year earlier, and prices rose in all 181 metro areas that were tracked by the group that hasn't happened in decades. joe. thanks, beck record covid cases raising new concerns about the economy and whether it can withstand yet another blow steve liesman joins us with more good morning, stooeeve. >> good morning, joe a vaccine holds promise for a return to normal in several months, the virus resurgence presents immediately challenges in a economy that continues to struggle jay powell called it the biggest challenge to the recovery. looking at the high frequency data, the chase credit card spending tracker, picked up a persistent decline over the past several days that could be linked to the virus outbreak, down 6.7% from a year earlier. new government lock downs could be one of the things that thuhu the economy.

consumers could voluntarily stay away, whatever the government decides and you heard from the restaurateur in the last hour, businesses could be pushed over the edge and millions will lose benefits, potentially, and face evictions if something is not done by the end of the year. the economic fallout could be determined by the biggest cities new york city looks to be close to shuttering its schools potentially if the virus gets worse, and the u.s. economy facing the outbreak with no clarity, which powell said will likely be needed he repeated that for the time. >> in the near term, the start stop model prevails in which q4 gdp will be sacrificed on the alter of containing the virus. at goldman sachs, the pace of the recovery is likely to get worse before it gets better. the largest risk is the third wave of the coronavirus is likely to worsen with colder temperatures. on a positive

note, goldman titled one section of the report, there will be growth in the spring goldman sticking with the forecast of 5.3% growth next year and it's that focus that seems to be the focus of stocks, not the near term challenges from the outbreak. you know where the quote is from, there will be growth in the spring. >> i do. he was -- his actual name was chance the gardener, and they misunderstood and called him. >> chauncey. >> they misunderstood, when he said i'm chance the gardener, they thought he he said i'm chauncey gardner and unfortunately the level of intellectual curiosity at night is about even to the host of when they had him on because they nodded and said, yeah, growth in the spring

it's about the same level, except for fallon. what you were talking about i, immediately thaugought it's goig to be consumers that decide, you know, because we got, every state is different, every county within a state is different, and then you've got, you know, real engines of the economy like chicago and new york, which do matter on the big picture. if their local officials decide to shut down there's a lot of, you can't just look at it with a single stroke, i don't think, steve, but i don't think a national lock down, but there could be local lock downs that have a pretty big impact on the economy. >> yeah, i mean, joe, i think you start on the one hand with the politics of it, which i don't know that the public is willing to accept broad sort of mandated lock downs. i think you see that the chicago, for example, using this

term, stay-at-home advisory. you see here in new york, de blasio, he started with the initial part of the outbreak to target certain areas rather than a broad city wide lock down, and then you have this issue of i think .3 or .4 below the level where they would shut the school down that has economic implications, for example, women will have a harder time going to work as they seem to have with kids staying at home. that's a big issue, and you're absolutely right about that, i think what we have learned from the first lock down is the same set of restrictions doesn't work in each kind of place. cities have bigger and different issues than rural areas do >> you know the most famous quote from that movie, the best one is i like to watch >> which one >> i like to watch >> for you >> the great shirley mcclain and peter sellers, that was the

classic, you know, he was talking about tv he was watching tv talking about tv >> i like to watch >> he's watching some game show, and she goes, really, you took it totally wrong that's the classic scene. >> are we dating ourselves, joe? do we require that the millennials watch this no hour history. i think we're presumptuous. >> i tried to bring up with wolf, a movie from 2002, why would i know what you're talking aboutment it about. it's very sad. sorkin, i remember i asked you to rent "being there" and watch it i gave you a list so that you could hang. >> i know. >> but it never happened >> i know. we'll trade lists. i'll give you a list from this year >> i'm not going to watch "beaches" or "fried green tomatoes," or any of your favorites, i don't think >> you know, "beaches" is a good

movie, by the way, "beaches" is a good movie. >> you're the wind beneath my wings. i say that all the time. >> president-elect joe biden has won the state of arizona nbc making that call last night. he's the first democrat to win in arizona since president clinton in 1996. president trump yet to concede we will discuss the transition of power and what president trump will have to do after he leaves office. after the break. before we head to that break, though, let's get a check on markets. "squawk" returns right after this businesses today are looking to tomorrow. adapting. innovating.

setting the course. but new ways of working demand a new type of network. one that's more than just fast. you need flexibility- to work from anywhere and manage from everywhere. advanced technology. with serious security. and reliable coverage, nationwide. forward-thinking enterprises deserve forward-thinking solutions. and that's what we deliver. so bounce forward, with comcast business.

. ♪ did you ever know that you're my hero you're everything i wish i could be ♪ >> [ clapping >> come on, come on, give it up for bette midler if you cannot appreciate bette midler on a friday, you can't appreciate anything. that's wonderful give johnson credit in audio for finding that. >> we're not allowed to play anything anymore i love that we had that. and this next story is so bizarre. i'm going to tell you about it

anyway and "notebook" on the list it's got to be on the list. >> "the notebook." >> sorry anyway, facebook ceo mark zuckerberg defending the decision not to ban former white house aide steve bannon from the platform in an all staff meeting, zuckerberg said bannon had not violated, he hadn't violated enough of the company's policies to justify a suspension. they're keeping a list, though, he's very close. bannon suggested in a video posted on november 5th that fbi director christopher wray and infectious disease expert anthony fauci should be beheaded or their heads should be on stakes i don't know that's probably not something you should say, saying they had been disloyal to president trump. facebook removed the video but left up bannon's page, which has about 175,000 followers. twitter banned, tough to say, twitter banned bannon last week over the same content. facebook said it would take further action if there were any

additional violations. i'm glad you like that that was a classic, wasn't it, for bette, big hit. >> we had jewel today. >> you can't not love bette midler >> president trump this morning yet to concede the presidential election our next guest is reporting on a possible future career path for donald trump after he leaves office i want to welcome mike allen this morning, axios cofounder, his latest piece reports president trump is considering a move into digital media. thanks for joining us. lots to talk about first of all, let me ask you this, before we even get into what he does next, what do you think will be the breaking point for concession >> we're very close to it, andrew, and people around him for a long time have said it's over so i think we'll start to see is

some final actions by the president. i think he's going to continue to insert some of his people into the administration, but we've seen a lot of disengagement and that will just continue >> so let's talk about whatever he does, potentially in the next couple of weeks, how you think that is setting himself up to start this next chapter, this media empire, what's that look like >> yeah, andrew, so behind the curtain, the way the story came about is i was talking to somebody who talks to the president all the time, and they said, we were talking about what he does next, and they said, what does he really care about, cable news like what does he spend watching, what does he tweet about, what does the pour so much of his mind share into. you talk to congressman, they'll go to the front of air force one and what is the president looking at, cable news ratings, talking about specific hosts, so

we know that's an obsession of his. there's been a lot of chatter. we have talked about it, the possibility of some sort of trump tv after he leaves, but what i learned in the new axios reporting is that what the president is seriously looking at is a direct-to-consumer play, you can call it the maga channel where he would connect directly with his fans out there, who would pay a monthly fee, whether he starts something himself or works with an existing player like news max or another conservative player. the idea is to connect directly with those fans, and let's face it, the president needs money and he will have time. this addresses both of those >> well, that was the question i was going to ask, which is, you know, there's some conversation about does he try to buy a stake, take a stake in an own or news max or some other existing property or does he go out and start one himself. that's one piece of it would he have to buy in himself

to one of those properties or would his brand unto itself represent the equity, right, that's one piece of it the other is where you think advertisers would stand on associating with him so how much of this is going to be a subscription only product versus one that also includes adverti advertisers. >> yeah, so the subscription only dimension of it gets around that, so let's say it's $5 a month. right now fox nation, the fox news streaming service is 5.99 a month, and i'm told that a big part of this is the president targeting fox. so for years we have heard him taking little digs at fox for putting more democrats on. it became a staple at these rallies when he was doing these three, four, five times a day rallies, constantly needling fox even though at the same time he's showing clips from fox on the big screen there, and of course depending on it for his

own news diet. i'm told that the subliminal part of that is he wants to soften up the loyalty viewers have for going in on his own bay play we're going to see him targeting fox more and more, yesterday, tweeting directly about it, constantly re-tweeting, news max talking about oan, different other conservative alternatives, and to the degree the president does public appearances over the next couple of months, they were talking about vote count rallies, i don't know where that is, but i'm told that fox as a target will be a staple of that. >> do you think, you know, one of the things that many presidents do typically after their presidency is they go and make lots of speeches. often times, to big wall street banks, to other big companies that will pay them several hundred thousand dollars for,

you know, 45 minutes at a shot do you think that's in his future >> i doubt that many u.s. fortune 500 companies are going to be having president trump in. you talk to his friends, they can imagine him doing speeches in the middle east, speeches in asia that's something that both president bill clinton, george w. bush have done. they definitely can imagine that you have covered it great here on the show. the president has real liquidity issues, and he's going to need to make money. that's part of this, in addition to the fact that it's just another way for him to sort of get one of his grievances out, and work the muscle for whatever he might do. like axios was first to report, he for sure is talking behind the scenes about 2024. you for sure can imagine a political career for donald trump jr. or ivanka trump, and he just wants to keep that hole,

like we've seen how afraid that republicans are, mainly that he'll tweet about thhim. they don't want him to encourage someone to run against him, if you're a house member or senator, you don't want to be primary. do you want the trump endorsement at the moment, the trump muscle, the trump family muscle is still huge in the party, and so doing something like the maga channel, or trump digital, would enable him to sort of keep working that muscle, and try to keep that hold, which he has kept even through this big loss. >> all right hey, joe >> yeah, mike, how you doing, man, good to see you, you know, streaming is not cheap what about, i don't know, what about buying news max, what about partnering or what's the other one. >> one american news >> would that definitely be more

expensive than starting from scratch with a streaming service? i mean, that's not cheap either. >> right you can imagine some sort of a -- you could start with a content partnership, but this plan is not hatched, like it will not surprise you that the president not always a stickler for details has not worked out this is more just something that he's obsessing about, talking about. he's excited about the idea of banging up fox and later you could look at different ways to do it. they haven't worked that out but their thinking is, and this part is developed. their thinking is that fox news is more developed, is more vulnerable than fox news thinks it is. fox news has this incredible dominance. they have this incredibly loyal audience inevitably difficult and expensive, billions of dollars

proposition to disrupt the carriage that they have now on cable. but the idea is either through the partnership that you're talking about or if you start your own, that a direct consumer play could be started much cheaper, could bring in revenue, and joe, here's an important part of the plan that they have talked about is to the degree that they could do it legally, that you can figure out the campaign laws, find a way to work his list, like the trump enterprise. >> the big one. >> has one of the most valuable lists in politics, including text messages. their text data base is the biggest, best in politics. >> hey, mike, he's been mad for a while. but arizona, is that really the last straw, do you think, or what's the main gripe? he doesn't like daytime. there's people that go off the, i can't say that anymore, there's people that aren't on board with maybe the guys and

gals at night, but was it arizona? arizona is just, i think, that's what really pushed him over, right? >> i think it's more -- >> i'm talking about the call on election night nbc didn't call until today. >> right he was furious about that, no question he had the whole, like, family gathering in the east room, and like that was a real wet blanket over that celebration because everybody knew the math, and everybody knew that without arizona the rubik's cube, the jenga map falls apart, but as you know, joe, he'd had issues i talked to him about it he had issues with fox long ago. part of it is he's just trying to keep ahold on them. he wants to rattle their cage a little bit, a little chin music for fox, and that's part of why he's needled them over the years. and he knows how news works.

he knows that you're not going to have a fox news channel, you're not going to have democrats on that's what he wanted and the last interview he's given we've only seen him a couple of times since the election his very last interview was on election morning, on fox and friends, and what did he spend a lot of his time complaining about, fox, and a very telling wording. he said people ask me about the biggest difference between four years ago and this time, i would say fox. and he said that's the biggest difference between last season and this that's how he's thinking about it >> drudge is bigger. drudge is bigger, mike. >> and has also turned on the president, no question. >> oh, my god, you think geez. >> you're fired! >> what do other top ranked republicans think about this

potential move, particularly with the reporting that suggests the president is considering running again in four years? >> i think that people assume/hope that's a place holder move, no question freezes the field if you're a republican who wants to run in 2024, and there's a big list of them what you're going to need to have either the trump endorsement, the trump in perimeter, at the very least, you're not going to want to have trump opposition becky, you and i have talked about how much the republican party is the trump party, and like every indication in the voting from last tuesday is that trump got more people out. the political power was incredible republicans in the senate did much better than we think. house republicans did so much better than we think house republican leader kevin mccarthy who i know is a friend

o. show, of the show, he told me on axios, he believes the republicans will take the majority, in january 2023, he will be house speaker. a great signal for republicans, and so that is one of the reasons that within the party, trump keeps his power, and he's going to want to do it by keeping the talk on 2024, and it keeps us covering him, right, he stays relevant if he announces or hints at it. >> right but mike, here's the question, and this goes to the question of whether you actually genuinely can see it or not, how much of the brand is benefitted by the idea of being a martyr, of being able to say that he was unfairly fraudulently evicted from the white house and needs to spend the next four years with his base trying to quote unquote take back the white house, meaning how much does that advantage the quote unquote media brand while perhaps, and the question is does it disadvantage the republican

party at the same time or not? >> that is a great point that is where the interests diverge and that's why i have been surprised that so many top republicans have sort of abetted this slow walk in. because i think that you've exactly articulated how he thinks about it, how he's playing this, but the republican party will long outlive him. mitch mcconnell, kevin mccarthy are probably longer in politics than he is and the damage to the republican brand is considerable, and i can tell you, andrew, the conversations i have, republicans are very worried that this foot dragging is going to hurt the real next fight, keep the eye on the prize, the two georgia runoffs on january 5th. it very possible that republicans win both of those seats, they need one for mitch mcconnell to stay the majority

leader, but republicans don't want the distraction of money and attention from the president not conceding. >> mike, we appreciate it. it will be fascinating to see whether he chooses the martyrdom route or something else. fascinating, hope to have you back >> happy weekend, thank you all. >> thanks for being with us. you bet. becky. when we come back, investors grappling with rising coronavirus cases, a contested election and the potential impact of lock downs we're going to break down where you should be putting your none to work in this chaotic, confusing time in the meantime, check out shares of five materials, the chip makers stock rising on better than expected quarterly results, up by almost 2.6% this morning. "squawk box" will be right back. time for today's aflac trivia question, in 2002, the houston astros bought back the naming rights to their ballpark from this company. the answer when cnbc's "squawk box" continues

congratulations! welcome to the aflac program. aflac! now tell me, what does aflac do? aflac pays you money directly to help with unexpected medical bills. and is aflac health insurance? no, but it can help with expenses health insurance doesn't cover! that's right. are there any questions? -coach! -yes? can i get one of those cool blue blazers? you know i can't play favorites. alright let's talk coverage. it's go time! get help with expenses health insurance doesn't cover. mmm hmm! get to know us at aflac.com

now, the answer to today's aflac trivia question. in 2002, the houston astros

bought back the naming rights to their ballpark from this company, the answer, enron before we talk about tax-smart investing, what's new? -well, audrey's expecting... -twins! grandparents! we want to put money aside for them, so...change in plans. alright, let's see what we can adjust. ♪ we'd be closer to the twins. change in plans. okay. mom, are you painting again? you could sell these. lemme guess, change in plans?

at fidelity, a change in plans is always part of the plan.

let's get a check on the futures this morning, getting

back about 216 points on the session. nasdaq up 90 or so s&p up november has been almost uninterrupted in terms of stocks moving higher after a pretty tough october. then you saw this week, the stocks initially soared on hopes for a vaccine. then that gave way to some concerns about covid, and rising cases in the country and we, you know, we backed off 300 plus points yesterday. but still not far from all time highs. for more on that, we're joined by jim kenan, chief investment officer and global cohead of credit at black rock, and i just, i want to start, jim, with what we're looking for in the next month, two months do you think the market is more concerned about additional stimulus, would that be a data point to watch or do you think it just looks fairly sanguine about the prospects for gridlock

or divided government? i think that may have more to do with how well it's been behaving than anything. what do you think? >> yeah, i think if you just state back two weeks ago, we were at a period of time, you had a lot of uncertainty around the election, a lot of uncertainty around the virus and how it's peaking right now, and where we are in the year is generally risk also positioning. people have taken off risk going into those events. obviously after the election, and after the vaccine news earlier this week, you've seen obviously a lot of liquidity come back into the market and huge flows into equities a lot of risk put back in the market a lot of optimism coming back, and in the next couple of months, when you think about the divided government, and you think about the georgia runoff for the senate, as well as a vaccine being really more of a 2021, we are still dealing with the realities of the spike and

the virus around the world i think you're going to see volatility around economic data, volatility around policy as you try to mitigate whether it's rolling lock downs or things to mitigate the spike in the virus that are going to create noise around the short-term of the economy. longer term, the vaccine is a game changer i think the liquidity that both the fiscal and monetary policy has put into the system sets up pretty well, even at these levels for risk assets and when cash and rates around the world are near zero. >> the market the waits with uncertainty, but people make bets, and a lot of times you can see what's going to happen based on the bets people make. i think people are going to act on the prospects for a vaccine, whether it's late this year, early next year, mid next year, whenever it is, i think the market's going to make a bet on that, and i think the market will make a bet on georgia, and we'll see what happens down there, but, you know, both sides are certainly going to be pulling out all the stops.

>> i would separate out, a lot of that is around volatility, and we tend to focus on the short-term volatility or day-to-day moves structurally, i don't think anything is changing these are positive events, the policy is structurally positive. it's accommodative, supportive for a multiyear rebound for some of the sector, with regards to testing and treatments are all generally positive, and we v shaped off the bottom in many sectors, many sectors are going to take several years to get back to a normalized level, and the vaccine is very important for that so i think structurally, i mean, there's still an economic rebound that's in place, certainly, i think that will affect different sectors, with the new administration and policy that will shift that have have an impact on certain sectors, you're seeing rotation there. in general, it's positive from an economic growth standpoint. >> you know, bond vigilantes

that are almost a historical figures now, i don't even know if they exist anymore, but if someone had described 25 trillion plus as our debt, and zero interest rates, that would be seen as unfathomable, impossible, does it ever come home to roost, does it ever become, and that's problematic because suddenly the interest rate on the debt starts moving up as well is it coming, is 1% coming, 2% coming on the ten-year >> yeah, and i think that is a long-term issue that i think we're going to have to deal with obviously the policies were in place. we had a significant amount of global debt coming into 2020 and obviously those policies are incurring debt on government balance sheets as well as central bank balance sheets. it has been positive for the consumer you have continued to see over the last decade the leveraging at the consumer level but i think that aggregate debt is

still going to be a head wind to long-term growth, and i think you'll end up with volatility, but still end up with long-term or low rates for a long period of time. and that, i think, is beneficial, and some of the conversations we have talked about in the past with regards to how do you think about the risk premiums that you pay for for equities, and when you see that growth profile, so yes, that is a problem, and i think that's a long-term head wind, and i do think you'll see volatility and some of the issues that you see. today i think you'll see little bit more in the next year or so, data around inflation start to tick up as you see some supply chain disruptions on top of the liquidity policy. >> inflation would almost be, some people would welcome it, but that's probably a bad precedent to set because be careful what you wish for, i guess. i don't know anyway, jim keenan, getting interviewed by joe kernen, people at home are like, what, who's who. anyway, thanks, it's good to see

you. >> thanks, joe, you too. >> andrew? coming up, when we return, senator ben cardin on small business and the need for stimulus he's going to join us in just a couple of minutes. as we head to a break, check out the winners and loser on the s&p 500. we'll be right back. at calvert, we know responsible investing is hard. if you're concerned about the environment and climate change, how do you find companies that are driving the right outcomes? if you care about economic equality and social justice, which firms are addressing it in their workplaces and their communities? for nearly 40 years, calvert has delivered competitive returns by investing in companies making a difference because we see value in doing good. talk to your financial advisor about investing responsibly with calvert.

talk to your financial advisor about investing responsibly i made a business out of my passion. i mean, who doesn't love obsessing over network security? all our techs are pros. they know exactly which parking lots have the strongest signal.

i just don't have the bandwidth for more business. seriously, i don't have the bandwidth. glitchy video calls with regional offices? yeah, that's my thing. with at&t business, you do the things you love. our people and network will help do the things you don't. let's take care of business. at&t. to a world that must keep turning. the world can't stop, so neither can we. because the things we make, help make the world go round. they make it cleaner, healthier, and more connected. it's what we build that keeps things moving forward. so with every turn, we'll keep building a world that works.

♪ friday i'm in love tuesday wednesday break my heart ♪ >> this wonderful song is wasted on me. it's joe we play it for. it's his favorite song we play it every friday. he's tapping along, singing, dancing over there i see you. welcome back to "squawk box," everybody. >> define miss m and the cure. can't get better than the music play list today. at least we're back to that. instead of that election music >> you lie. >> you're right. i do anyway, folks, check out shares of draftkings this morning. that jumping after the online gamble reported a smaller than expected loss in revenue that beat estimates, raising its

current quarter forecast for projecting revenue growth. that stock is up 8%. then there's palantir earning an adjusted $0.09 a share, revenue came in above wall street forecasts. the data analytics firm also raising its 2020 revenue forecast after signing 15 new contracts during the third quarter. palantir shares down by about 2 1/4% when we come back, small business and stimulus. senator ben cardin will join us. we have already heard from the ceo of a restaurant company today who says they really need that ppe we'll see what the senate, the house might be able to do. 'lbeig bk.wel rhtac

(music) anncr: give customers access to precisely what they want, when they need it the most. with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. you're choosing whento get connected to xfinity mobile, to the most reliable network nationwide, now with 5g included. discover how to save up to $400 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. that's simple, easy, awesome. visit your local xfinity store today to ask, shop, discover the latest on xfinity mobile.

welcome back to "squawk box," the united states shattering the previous record for coronavirus infections with 159,000 in one day it's the 9th day in a row that at least 100,000 cases we've seen, but one in every 360 americans has tested positive for covid in the last week alone. that's according to data from the covid tracking project a couple other pandemic headlines this morning california becoming the second state to top 1 million covid cases, a week after texas hit that milestone kentucky's supreme court has upheld the governor's statewide mask mandate and capacity limits

as well on restaurants republican state attorney general there had accused the democratic governor of exceeding his authority. and the ivy league has called off winter sports for the year that includes basketball and hockey becky. andrew, thanks the white house in the meantime has decided to take a step back from stimulus negotiations they say they will continue to be advising, they are asked speaker pelosi and leader mcconnell to continue discussion on their own joining us is senator ben cardin, the ranking member of the committee. it sound like at this point if anything gets done it's going to be a much smaller deal, at least in the lame duck >> well, becky, it's desperate we really need to get legislation done the coronavirus is now at record levels the impact on our economy is dramatic, and small businesses are really suffering so we really need to get a major stimulus package passed. we did that in mid march, and we

needed something as dramatic again to be passed by congress so for small businesses, yes, we need a second round of ppe, but we need help for state and local governments, we need to make sure american families have the resources they need in order to participate in our economy so we're going to try to get something done it's been challenging, but i can tell you, small businesses cannot survive a couple of months without help. >> senator, that would be my point, too i mean, there are so many who are in such need, whether it be small businesses, whether it be people who have lost their jobs because of this pandemic you mentioned the states and the local municipalities that need help, but if you can't get help for all of them, are you going to say forget it, we get help for no one because mitch mcconnell has made it pretty clear that he's not feeling anywhere near as generous as the original offers that have been coming from mnuchin have been?

>> we're going to try to get as much done as possible, but we're certainly willing to sit down and look at what is possible i must tell you, i don't understand mitch mcconnell, the circumstances out there are desperate. small businesses are not going to dowell unless our economy recovers, unless we get the virus under control, unless state and local governments can help them. so it really requires a comprehensive approach, but obviously we recognize the politics we recognize how desperate things are, so there's conversations taking place, and we're willing to sit down, and try to work out a reasonable compromise >> do you think that it's nor likely that we see a smaller package now and potentially something else that you come back and try and tackle in january? >> you know, i really don't know we know that president trump has been on again off again in negotiations leader mcconnell has been pretty

consistent about trimming the package down and down and down as the virus is going up, he wants the federal response to be smaller and smaller and smaller, so at this point, with the number of cases every day spiking, the number of people in our hospitals are overloaded, i think the american people demand that we be bold, so i am hopeful that leader mcconnell will let the senate take up a bolder package. >> it doesn't seem likely, not based on what he's been saying recently, not based on what he's been saying for months at this point. i'm just trying to get a realistic read on what people can expect we did talk to a restaurant owner earlier this morning, a mid sized restaurant owner with about 50 restaurants who says, you know, he's not going to be able to get through if he doesn't get as generous a package as he received with the first go around with ppe. >> and as you know, we have been negotiating with the house and the dpraemocrat ands republicano

small business, we are confident we can work on a package the challenge is how much resources will they give us and how does it fit into the overall package. we're prepared to sit down and work out something that's reasonable but i'll repeat what i said earlier, small businesses will not survive unless our economy gets back on track so someone is unemployed who doesn't have resources they're not going to be using that restaurant someone that relies upon the services of state and local governments, they've had so many programs to help our business community. they can't do it any longer because they just don't have the resources to do it so yes, we'll try to get as far as we can, but understand that we're going to lose a lot of small businesses, we're going to have a major impact on our economy, if the federal government doesn't step up and provide a comprehensive program. >> okay. let's just deal with the politics of the situation, though, because politics are what got us to this position where nothing was done before the election, which there was so much need before the election.

you've got mitch mcconnell saying he's not going to do this is nancy pelosi and the house still standing as firmly that she's not doing anything less than she thinks is necessary if that's the case, nothing is going to get done. there are going to be months where everybody just sits around, the lame duck congress just sits around, businesses suffer, americans suffer, and then we have to wait until at least january when there's a new congress seated and inauguration day for the president. >> well, we know that speaker pelosi has bought in compromised package with the heroes 2.0. that's a smaller package than the original package they passed in mid may she's already shown a willingness to compromise. then after they came out -- >> you guys are still trillions of dollars apart between the two sides. it's going to take more on both sides. i agree that mitch mcconnell came out kind of crazily when he said he wanted to offer less than a trillion dollars.

$500 billion which was so far down from white house had been advocating but now you have lost the white house in this fight, so it seems like the complications, the hurdles have gotten higher, what are the odds that something gets done before inauguration day >> make no mistake about it, the white house is still engaged in this discussion. we know that the president trump, the way that he operates and you are absolutely correct, the president's numbers and speaker pelosi's numbers were pretty close before the election so we hope we can get back in that level >> okay. who needs to kind of come to the table on this? the white house is clearly signaling that it's kind of stepping out of the way, which makes me feel like it's a worse position for the democrats to be negotiating from than you had three weeks ago. do you disagree with that? >> yes, i think leader mcconnell has indicated if an agreement was reached between speaker

pelosi and the white house, he would bring it to the floor of the senate for a vote. secretary mnuchin is a good negotiator, speaker pelosi is. the two can continue those discussions, obviously bring in the senate leadership, leader mcconnell, and leader schumer to those discussions, i can tell you, we can put the pieces togeth together we just need the overall resources that are going to be made available both the president and leader mcconnell have been very indefinitely, at one time they were at $1 billion in the senate leadership, with the republicans, the next time 1/2 trillion dollars they change their numbers back and forth so frequently, let's get a specific number, let's agree on that number, and then we'll figure out the best way to allocate that to those who need it the most. it won't be enough, but we'll be willing to make those types of compromises. we have to agree on a bottom line number. >> has the situation gotten more complicated from a political

perspective when republicans, leading republicans aren't agreeing to say that biden is president-elect at this point? how much does that add to the fractured nature of these talks? >> i think it's more the calendar that's the challenge right now. we have one more week of session before thanksgiving and then we only have a few weeks before this congress has completed its work, and then we have a gap between the beginning of the next congress and the inauguration of the president. but the elections are over i think the members of the senate and house, both democrats and republicans know that. we've got to do the people's business the nation desperately needs congress to act. we've got to put politics aside. we need to put our nation first. joe biden is going to be the next president of the united states i think my colleagues on boside of the aisle know that. >> senator, let's hope there is action put together quickly.

thank you for your time this morning. we appreciate it. >> thank you andrew >> coming up when we return to the other side of the break, a member of president-elect biden's task force, dr. celine gounder is going to be joining us to give an update on the plan to fight the virus as cases surge across the country. and reddit cofounder, alexis quk x" wh joiningita "sawbo exclusive, he's bringing a sweet guest, we'll explain. that and more when "squawk box" returns.

good morning, futures point to go a higher open as we head towards the opening bell big gains to start the week have turned into two days of losses, but we're bucking that trend this morning. another new record for u.s. covid cases, we are now nine straight days of 100,000 plus new infections just a few minutes, we've got a very special interview with one of the top voices in president-elect joe biden's newly named coronavirus task force. and taking stock of a wild election season for social media. with reddit cofounder alexis ohanian, another big interview if you don't want to miss all coming up in the final hour of "squawk box" which starts right

now. good morning, and welcome to "squawk box" here on cnbc. i'm joe kernen along with becky quick and andrew ross sorkin u.s. equity futures are up a little bit, up a couple hundred points after a 300 plus point loss yesterday but november has been a solid month we're not far from new highs, even in the dow. we had two days of gains this week, followed by two days of losses so this is the, what's it called, the rubber match, i guess, treasury yields indicated at about 9/10 of a point, but who's counting, .878 on the ten-year, becky. >> joe, thanks let's get you caught up on some of the stories that investors are going to be talking about today. first up, shares of disney jumping in the premarket

trading. the company reported strong growth and streaming subscribers for the fourth quarter as it posted a smaller than expected loss, and revenue that beat analyst expectations, that stock up by about 4.8% disney said that it's disney plus streaming platform had 73 million paid subscribers at the end of the quarter and that comes just after one year of service. however, disney's cfo said it will not pay the semiannual dividend in january, and said that the covid-19 pandemic had dented its fourth quarter theme park's operating income by 2 pn2$.4 billion president trump signing an executive order barring americans from investing in a collection of chinese companies that the white house believes support beijing's military the order bans american companies and individuals from owning shares outright or through investment funds in the companies that the administration says help the advancement of the china's people's liberation army that includes huawei the order takes effect on january 11th and a "wall street journal" report says the chinese

president xi jinping personally made the decision to halt the initial public offering of ant group. the report says the company's controlling shareholder jack ma inf infuriated government leaders with a speech given days before the ipo which criticized china's tight financial regulation president xi read reports about the speech and ordered investigators to investigate the ipo which resulted in shutting it down. andrew. >> thanks, becky. meantime, a presidential election update for you this morning. nbc news now projecting joe biden has won the state of arizona and its eleven electoral college votes. the call coming late last night, nine days after election day president trump won arizona in 2016 by 3 percentage points and a republican has won the state in every election since 1996 as of late last night, biden was edging trump by 0.3 percentage points biden now has 290 electoral

college votes to president trump's 217. though trump, as we know, has still refused to concede the election joe? >> the u.s. once again setting a new record for new coronavirus cases in a single day. according to nbc news, there were more than 159 n,000 new infections california has now joined texas with more than a million the incoming joe biden administration is ramping up its efforts to tackle the virus with the help of a 13-member covid task force joining us now is one of the members of the task force, dr. celine gounder, professor at nyu school of medicine, and doctor it's good to see you. in addition to these very disturbing numbers that we talk about a lot, we also had the news from pfizer on monday it's a very strange juxtaposition to see those two data points. we need a bridge, obviously.

we can't just sit around waiting for the vaccine. but this does make it a little different than we felt three, four months ago, maybe what should we do to try to get the currentwave under control in your view >> well, it's doing to be a while yet before the vaccine is distributed to everyone. we really do need to rely on many of the same measures for the next several months, which includes masking, social distancing, staying outdoors as much as possible versus indoors when you're around other people. staying away from crowds, getting tested, and finally, if a contact tracer calls you up, please cooperate with them because what they're trying to do is figure out if you have been exposed, if others have been exposed, how it's spreading in the community, and how we can best contain it. those measures remain really at the center of the response here. >> if we did shut down like one of your -- another person of the

council, dr. michael osterholm for four to six weeks, i imagine that would work, i guess, in terms of covid, but would it be similar to march is that -- is that being considered do you think it's a good idea to do that? what's your feeling? >> yeah, i want to be careful and say that that is not the opinion of the biden/harris team as a group, really, the consensus is that we need a more nuanced approach we have learned a lot since the spring, and we can be much more targeted geographically, and more targeted in terms of what we close, so i think this as a dimmer switch not an on and off light switch some of the higher risk places are, for example, restaurants, bars and gyms, whereas schools are not zero risk but they're much lower risk, and they're an essential service, really. i think we need to control only the things that really are

contributing to the spread and try to let as much as possible remain open like schools, if they're not contributing to the spread. >> right we have a pretty good idea how to do this, and i would think that 90% of the public or consume consumers would sort of self-modulate what they're doing, but there's always going to be young people, et cetera, that i don't think they realize, sure they're going to be fine, but you could do the contract tracing, and what they do could end up in a nursing home, some of the actions they take or whatever it really is like one interconnected group of citizens i understand how that works. we had a long discussion yesterday with scott gottlieb, about some of the medical procedures, the mammograms, the chemo, the mental health, some of the things that have gone, you know, people have put on hold, and it's now nine months and you just wonder, you know,

what the actual morbidity numbers are like there, too. and i don't think we can calculate them, but they're not insignificant. >> i think that's a great point. i just wrapped up two weeks on the wards at bellevue hospital in new york city it's a bizarre feeling, the calm before the storm, the covid storm, and also all of these people who have not been coming in as uyou say for underlying cance diagnoses and the like i think a lot of people who do have underlying medical conditions, chronic medical conditions, are not coming in because they're afraid, and that has many of us very concerned about what's yet to come >> doctor, i wanted to talk to you about testing, the investment that may very well be required for testing over the long-term, what you think the testing regimen really should look like. i talked about the disgrace of testing in this country, and what needs to happen, not to

just be testing symptomatic people, but frankly to be being surveillance testing so we catch the asymptomatic folks and what you think that would look like at scale, and what the costs of that would look like at scale. >> you know, it's very difficult to control something if you can't see it, and the problem with asymptomatic cases, these are people without symptoms is they're essentially inhave i hadable to -- invisible to us the only way to make them visible is scaling up testing. that absolutely needs to be part of the strategy here so we can be more targeted, we can be more precise, all of that relies on testing, and so what we need to be doing in terms of that is figuring out what are testing that are sensitive enough that -- and cheap enough, fast enough, perhaps could be done at home that people would have much easier access to these tests and be able to isolate based on the

results of such tests. so that's really important technology that still isn't quite there yet. >> do you look at testing as a bridge, or do you look the at testing as something that we're going to be doing for years to come, broadly speaking, and what i mean by that is do you think, for example, that schools will require students to be tested weekly on a surveillance basis for years to come? private businesses doing the same, frankly the public sector, government workers being tested. if there was a regimen being done like that, we would be in a very different place today the question, though, is knowing that there's a vaccine on the other side of this, are people willing to make the investment and should they be trying to make that investment in testing? >> that's a great question i don't think we're going to be mass testing for years this is a bridge you'll be doing testing once you

have a vaccine but the volume of that will not be as great in a year or two. so it is an important point because we do have a market failure here where businesses, corporations may not see much incentive to invest in something that really is going to have high demand for a year or so, and this is where the government really does need to step in and n help subsidize some of the development costs, research costs and some of the scale up costs. >> dr. gunshounder, in terms of crisis, the biggest issue is where the hospital seems to be overrun, where the system grinds to a halt, and nothing can be dealt with there were reports about nurses in north dakota being asked to come in and work even if they've tested positive for covid if they're asymptomatic, and if they're still able to function that seems a little crazy. >> yeah, i really feel for those nurses

i don't think any health care professional should be put in a situation like that where they are fearful of perhaps infecting other people, where they themselves could get sicker on the job. it's somewhat unpredictable who's going to get sick from this, and just because you feel okay today doesn't mean you're not going to feel, you know, really sick in six hours so i really am concerned about what's happening on the front lines in many parts of the country. >> what do we do about that? it's not like back in the spring where we, in new york city, for example, were able to ask for help from other areas. this is so widespread at this point, that there's not really anywhere that can afford to send additional resources what do we do? >> right yeah, it's a conundrum you do need the staffing it is a very difficult situation. i don't really have a good answer to that because ideally would not have nurses working when they're sick, but at the same time, you will have patients who will die if you're

under staffed. i do think there are other resources that could be pulled in, for example, military resources, where we do have health care facilities, people trained to help provide this kind of care, and that's probably the one untapped resource that could be a bridge here >> doctor, i wanted to ask you about the airlines and in the balance, if you will, between health right now, and economics. you're seeing a number of airlines increase their capacity both in terms of number of planes they're putting into the air and the number of people they're willing to put on thos planes in terms of the capacity on them. especially as we get to the holiday season, thanksgiving, of course and then the christmas holidays. do you think that that is in the best interests of the country? and do you think that if president-elect biden were in charge at this very moment, that

he would try to slow that? >> i'm less concerned about the risk of flying per se, i'm much more concerned about the fact that people are traveling and moving around, and traveling, rap perhaps from places of high transmission to lower transmission, new outbreakings in t -- outbreaks in the community they're likely going to be indoors, let their guard down because they're around people that they're close to, so they may not be masking, they may not be social distancing you're talking about bringing people of multiple generations together so right now we have a fire blazing and to me, traveling and spending time with people over the holidays is sort of like pouring gasoline on a fire it's just not a good idea in the middle of a pandemic, especially at this juncture >> so doctor, there's a lot of people on thepanel, and it sound like anything that not everyone agrees on everything,

so a friend of the show, friend of mine, dr. zeke emanuel talking about how we divvy up the spoils of this vaccine, if you will, that's going to be so short in supply, and people are going to want it so badly, not just from people who may be well off in this country, but what do we do globally he suggested that maybe the nationalistic, you know, america first response isn't the way we should pursue this, and that everybody should share in the, you know, as we roll it out. is that -- how would you do that is that something where you're going to hear more about and do you agree with that, that we go global, not just americans first? >> you are going to hear this expression, vaccine nationalism, where each and every country, especially those that have more resources to buy supply from the manufacturers, they're really going to try to claim their own

stock for their own citizens the problem with that is as we've seen, infectious diseases are global this is a disease that emerged out of china, and has spread globally, and so if we only focused on control in our own country, it's not going to be a sustainable strategy you're going to have continuing reintroductions, continuing vulnerabilities, and so we do need to be thinking bigger we need to be thinking globally. >> you know, we're not going -- we can't solve the problems of the world, obviously for example, we couldn't ensure everyone in the developing world or provide the same medical care that we have in this country, it would be great, but it's just not feasible, and we don't even talk about doing that. we do all we can, and then there's the issue of we talked about concierge medical delivery in this country. how is that going to work?

i can't imagine that if you have, you know the wherewithal that you couldn't jump the line. there's going to be instances of that >> yeah, we're profoundly concerned about equity in terms of whether it's the vaccine or testing, we've already seen with testing gross inequities in terms of communities of color having very few testing centers, the lines are extremely long if you want to go get tested and then i have heard of private parties on long island where people have their own testing machine and are offering testing to guests, so you have the entire spectrum based on who you are, what kind of resources you have, and those kinds of equity, issues are going to be front and center for the biden/harris team as we move forward. >> i was going to say, do you all meet at the same time. we're back to zoom it's those little circles, where okay, i'm talking now. you're probably doing that all right.

well, god speed, good luck thank you for all your time today, doctor. >> my pleasure. >> dr. celine gounder, andrew. thanks, joe. when we come back, a wide ranging interview with reddit cofounder, alexis ohanian, we're going to talk about how the tech industry should be preparing for a joe biden presidency in the meantime check out shares of auto desk, third quarter results will come above its prior guidance and the cfo is leaving to take the cfo job at cisco. we're talking more about cisco right after the break.

welcome back to "squawk box," since it's friday and masters weeks in augusta, georgia, we'll highlight three of the movers in the green so far this morning kick things off with draftkings, up 10%, a million shares ahead of the opening bell, posting a smaller than expected loss for the quarter. better than expected revenues and helped along by the resumption of live sports and the nba, major league baseball, the national hockey league and the start of the nfl season. you have shares of applied materials, roughly 10,000 shares

of volume premarket, the marketer that makes computer chips. it gave current quarter guidance that topped analyst expectations, applied materials is seen as a leading indicator for the health of the semiconductor industry, and cisco systems, up 7%, over 150,000 shares of volume premarket, telecom equipment company posting better than expected profits in sales thanks to increased demand for computer networking gear for the work from home, and stay-at-home trends during the virus pandemic cisco by the way seen as a bellwether type company when it comes to tech spending in public and private sector levels. three in the green for augusta, friday we'll keep it right here on "squawk box. we'll be back with more right after this ♪

♪ ♪ but inside... there's advanced research, modeling and refinement.

constructing funds that don't simply follow an index. but explore new terrain. helping you fill portfolio gaps. connect to client goals. and strengthen confidence in you. flexshares. powered by over a century of investment expertise. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.

welcome back to "squawk box" this morning i want to show you the futures right now, about an hour before the open on this friday. we should say the 13th dow jones looks like it would open 212 points higher, nasdaq up 76 points, and the s&p 500 looking to open about 25 points higher joe. thanks, andrew coming up, did social media live up to its promises this election season what will it be like, also, for the tech industry working with a biden, a presumptive biden administration after four years of president trump reddit cofounder, alexis ohanian will join us next on these and

many oerth topics. don't go anywhere, "squawk box" is coming right back

a lot has happened in the tech world since we saw our last

guest. top executives like facebook's mark zuckerberg, and faced barn criticism in congress over how they handle online content, and social media became more of a political flash point than ever. twitter flagging and hiding numerous questionable tweets from president trump in the run upto the election and since. and conservatives lodging new complaints over perceived political bias joining us to talk about all of this and more is alexis ohanian, the cofounder of reddit, and founder of the vc fund 776 and cofounder of initialized capital, and alexis, it's been a while since we have talked to you. good to see you this morning. >> good to see you, too, becky, did i miss much. >> just a little a lot happening here >> a lot going on. >> hopefully you can weigh in on some this. do you want to start with big tech regulation, social media. >> let's get right into it i think gone are the days that

social media platforms could really lean into the word platform and avoid the word media, which is very much in the name given the amount of scrutiny now we as a society are putting on them. and i think we even saw this now with the biden/harris transition team talking about putting together a committee to better understand the relationship between online harassment and abuse as well as radicalization, and i think that's absolutely the right course, and i think we need to have a much more intelligent conversation here with the leaders of these companies as well as within society to decide how we want to protect individuals and also how we want these levers of power wielded. they have a very real influence. >> as the founder of one of these social media platforms, reddit, i'm guessing this is an evolution in your own thinking, is that how you felt or is this something you see the power?

>> you know, i mean, there's 2005, 21-year-old first time ceo and founder right out of college, and the idea that people would spend, you know, the time that they do sharing links, having discussions, was a deem it was dream it was a fantasy it was the hope we could create the kind of reach that we have today so in a lot of ways, i think i and my peers were pretty naive about how this could end up and where this could go, and really had, i had evolved my thinking, you know, i stepped away from day-to-day responsibilities at reddit about three years ago, remained on the board, and then obviously resigned, you know, in protest this june in the wake of george floyd, and i was relieved and thrilled to see the company implement policies against hate communities on the platform after my resignation

i was very happy to see them honor my request to replace me with a black director. but i really do think we've gotten to this place now 15 years later where i think none of us had a full appreciation of what we were building and what impact it would have, and we haven't led as much as we have needed to. we have reacted far too often as an industry, and it's time for leadership, i think it's very very clear that we need this kind of leadership now more than ever >> if you think we need this leadership now more than ever, why step aside, why not use your influence on a regular basis to say these are the changes we're going to make, and i guess the question comes down to, what should some of these social media platforms actually be doing? they're going to get regulated very likely, the regulators are coming, but what should they be doing? what's the right way to go about this are they publisher, are they

actual media companies where everything that's published on that platform they're responsible for? >> there's a lot there i think, i mean, i don't want to speak about things in the past, but looking forward, i think whoever -- i think it is always a -- it is always a difficult conversation, even at a board level for one voice to have among others, and sometimes that one voice isn't effective enough and isn't enough, but what i think is clearly apparent is that when the broader public, adverti advertisers and just society at large are saying we want change, that has a real influence, and look, the thing that is a guarantee now is that the genie doesn't go back in the bottle and as platforms like twitter take stances over labeling questionable information or misinformation, you're seeing

new platforms emerge that are going to become homes for these communities that feel disenfranchised on other platforms. the very nature of the internet makes it sort of immune in this way, and that there's going to be this resiliency, but i do think we overall need to understand what role we want these systems to play and they are privately run companies. right? at the end of the day, i think it is a very smart business decision, and we have the data to back it up, if you reduce the amount of hate speech and harassment on your platform, you get more engagement. users actually want to spend more time in places where they don't feel attacked. and so i think there's a clear business argument for it, and there's a clear mandate for independent companies and private companies to, you know, enforce policies they want to for the betterment of their platforms, but i do think we've gotten way ahead of our skis in

terms of the impact, we've had it's undeniable looking back i do think, government does tend to get ham fisted solutions, and i don't think this is a sledge hammer i think this should be more like a sk , as voters, consumers we have the most leverage possible, and i think that's where we're going to see it continue to be best exercised. i mean, there could be, and it's almost the bigger issue at hand here is, you know, there is a kind of legitimacy that gets created with context and so, you know, there is, and

i think this is the part that's going to get -- i think the receipts are going to get checked by a lot of people smarter than me as they sort of look over the paper trail but there is a legitimacy that comes with seeing a hate group or conspiracy theory in a feed right alongside, you know, your uncle celebrating his promotion or some cute photos of your nephew like there is this context provides a real normalization, roi right, and that's the part where i think it plays a long-term role, and one that we need to better understand because that is the sort of thing that makes what looks very radical in isolation, look a lot more normal and a lot more reasonable, and i think you get into situations like we have, and you know, i joke the flat earth community, and i know i'm going to get hate tweets for this, because it's an absurd fallacy, the idea that the flat earth community, it thrives because people want to feel this sense of camaraderie and union

and belief around something that is patently false, obviously false and ludicrous. it's a fairly harmless one but a really good example in that if that can exist and thrive online, we have top prepared for a world where our society can find pockets that are similarly ludicrous but even taactually mr destructive and dangerous, and feel kinship and community around them, and that bears a great great cost, and i think we're seeing what that's leading to offline and we're going to have to do some work now to deradicalize a lot of people. >> okay. at the risk of making sure we both get a lot of twitter hate on this, let's put a real group to that. how about the anti-vaxxers, they are able to pick up and during a global pandemic spread all kinds of misinformation about something that could literally kill people. >> that is a perfect example,

and, i mean, and this is where, you know, i think there is a very real health cost to that that you just described. we're talking about human lives here the way that things have gotten so politicized even around, you know, empirical science is deeply troubling i mean, the idea that there's so many people believing that these would be potential tracking devices injected in them you carry a smartphone every day. you should be more worried about this actual tracking device than these made up ones that could be injected in a bloodstream. it's preposterous. that alone is not enough to diffuse it now because it's created a kind of tribe. it's created a kind of shared belief system, and as humans, we are really well programmed to find our tribes and find these shared belief systems and believe in them deeply, and then even when we are challenged and often times just dig in deeper,

and so i think part of this is understanding what got us here, and then part of this, and really the most important thing going forward is like, what do we do around media literacy, what do we do around education what do we do to take a responsibility for where we're at and know if we're, this is the united states of america, like we're supposed to lead the world when it comes to scientific innovation and appreciation of rational thought, and all of this, and you know, it's going to be very important for us to make progress on this i want america to lead i think we all do, and you know, we have -- we have the framework to do that, as we have for so long in this country's history, and having science be at heart of that and appreciation of it is so true to what makes us americans. >> alexis, you're somebody who's a founder of a social media company like this ceo, but

you're also a vc investor, and you're constantly on the lookout for ways that you can find other companies that you can help along. we have a special guest with us right now, and i would like to bring in alon steinhard, the ceo of eclipse, a plant based ice cream company, one of alexis's initialized capital portfolio companies. first of all, alexis, why a plant based ice cream company, why eclipse, what did you see? >> you know, i'm in a household where lactose is a problem, and all the alternatives were pretty bad or they had some kind of allergen, and basically the product was delicious, and i'm a true believer in the shift towards more plant-based diets from an environmental standpoint, from just a general sustainability and health standpoint, and i tried some, loved it, and really led from the stomach, i guess, on this

one. and alon and thomas have done an amazing job as founders with this. >> so welcome, it's good to see you. tell us a little bit what it's like having alexis ohanian as a vc funder, what have you learned from him you got money from him, but what have you learned from him? what have you kind of found yourself figuring out as a young ceo yourself hold that thought for one moment we're having trouble with your audio. we're going to get that fixed. alexis, let me ask you, while we wait for alon to come back, what's it like to be a vc, what does investing look like and what do you have to do with covid out there? what's different >> i spend a lot of time here on zoom, which has actually been, like, it's been remarkably seamless, and, you know,

actually been a fairly straightforward transition i have been so heartened in a really tough year, i've been so heartened by the quality of entrepreneurs that i have had pitching me, especially in the last six months. there is, i think, you know, because of all of the trauma, the struggle of this year in particular, i think we have a renewed faith among founders and entrepreneurs to really build something, to make a difference, to build something to solve real problems that's powerful. i've never actually been more motivated in a decade of investing than i have been in the last really six months because of the caliber and quality and passion of the entrepreneurs that i'm meeting and that's the part, look, that's the part that keeps me a relentless optimist. as painful as this year has been, i can't help but feel like the companies that are getting founded right now are going to be more purposeful, more

intentional, and have a bigger impact than any of the ones that i have seen, and that's, you know, it makes doing this job a real blessing and a real privilege, and i think that is the spirit that i hope to see continue to thrive because we got a lot of work to do, and covid really exposed how either vulnerable some industries were because they weren't prepared for a software-first type of environment, and how well prepared the software backed businesses were, and we took what would have been like five years of slow and steady technological growth and compressed it into like five months, as industries leapt ahead, and, you know, it's been exciting to watch. we were early investors in instacart which has had a tremendous year, and that is a testament to being a technology first company in the right industry at the right time, but we're now looking at every single industry as needing to

have technology that's core, and just, yeah, grateful to be the one here working with founders like alon for instance. >> hey, sorry for the technical difficulties on that what's it like what are you learning along the way, and what's it like being a ceo who's trying to run a new company through coronavirus? >> yeah, can you hear me now >> we can. >> we're good. all right. well, the first thing to answer your question, working with alexis has been incredible he's been a personal mentor to me really really good guy, and i think most important aligned with our mission at eclipse, we are a mission-driven company we're here to create a more sustainable, healthy and humane food system. that's for us today, for the planet, for the animals, but also for our future generation, and alexis really really gets that and supports us in a way that we're really just very lucky. i mean, strategic advice,

helping sell candidates, introducing us to operators like big grocery stores and food service operators, and celebrities, getting us amazing events we actually served the ice cream at the official premiere for james cameron's "game changers," the film about plant based athletes that alexis is also an executive producer of. it's been really amazing just getting to fold into that network, and getting to work towards this mission together. i think on the question of operating eclipse through covid, we, before covid, were fully focused on food service, so that's restaurants, amusement parks, universities, tech campuses, all of these different places that people gather to eat food, and at covid, we saw a big big shift, obviously, in where consumers were consuming their food so we had to retool, so just in the last few months, we have launched our direct-to-consumer channel you can check out

shop.eclipsefoods.com. there's a lot of pints, collaboration with michelin chefs we have put together, and we are also launching into the grocery channel. a beautiful presence in the bay area, fast velocities of our pints in the stores and expanding nationwide in the coming months. >> yeah, aylon, again, sorry for the technical difficulties, but good luck. it sounds like you've got some big challenges it sounds like you're kind of taking them head on. it's nice to meet you today, and alexis, it's always good to see you. take care, and we'll talk to you again soon. >> thank you >> thank you >> take care just ahead, don't miss jim cramer's first take on the markets this friday morning. we're going to get to him in just a moment on the other side of this break. you're watching "squawk" on cnbc

here's to one more, the lexus december to remember sales event. get 0% financing on all new 2020 and 2021 lexus models. experience amazing at your lexus dealer. if you're concerned about the environment and climate change, how do you find companies that are driving the right outcomes? if you care about economic equality and social justice, which firms are addressing it in their workplaces and their communities? for nearly 40 years, calvert has delivered competitive returns

by investing in companies making a difference because we see value in doing good. talk to your financial advisor about investing responsibly with calvert. to help you build a flexible wealth plan. you'll have access to tax-smart investing strategies, and with brokerage accounts online trades are commission free. personalized advice. unmatched value. at fidelity, you can have both.

coming up, what to watch ahead of the opening bell on wall street, as door dash just filed for an ipo trying going to a fast food restaurant now try getting your food. go in there and try to eat with 12 door dash people with shopping bags taken away you can't do it. i don't like tm.he wall street, anyway, stay tuned, "squawk box" will be right back. . you got to move the phone in front of you like... like it's a mirror, dad. 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. to a world that must keep turning. the world can't stop, so neither can we. because the things we make, help make the world go round. they make it cleaner, healthier, and more connected. it's what we build that keeps things moving forward. so with every turn, we'll keep building a world that works.

welcome back to "squawk box. as we mentioned before the break, door dash just out with its ipo filing the food delivery startup planning to list on the new york stock exchange and the ipo is seen as likely to launch before the end of the year. it lists the value of the ipo

now at $100 million, that is, of course, considered what is known as a place holder in the business, likely to change the ticker symbol, dash. want to get over to our good friend jim cramer at cnbc headquarters, his first take on this friday, the 13th. jim, in the seesaw balance between covid, covid spiking and covid vaccine, which side of the seesaw are you on this morning >> you think that maybe sneaking in between those are earnings. cisco is much better than expected, disney is shockingly better than expected what will happen is it can be a little neutralizing. in the last ten days, the numbers have doubled we were 74 we got to 145. what happens if we double again, andrew it is -- it is an epidemic that seems to not be stoppable. but, to ydo you have faith in

washington >> i don't i very sadly think it may very well double. what i think is so interesting and i think the viewers are always so fascinated by is the markets have thus far maintained -- have held up if not better than held up because they're looking out 12 months from now the question is, if in fact you see those spikes, do you see lockdowns, what are those lockdowns mean, do people -- do investors effectively see past future lockdowns, and what does it do for those small businesses that are still holding on, maybe having a liquidity problem today, but does it turn into a solvency crisis later? >> absolutely it does. as a landlord, i had no choice but to give people a chance to be able to have some breathing room and not pay and now the question is, like, how long does that go? for my restaurants i got people to cut the rent in half so i can mothball but i'm not -- i'm an aberration it is not -- it is -- it is not the be all and end all for me. but there are stores -- there

are notes today, someone recommends some of the full serve restaurants, why they expected 40% of the full serve restaurants will go under before the vaccine that's why you got to go to cheesecake factory i'm not kidding. it is a recommendation 40% of them are going to go und under. there you go. >> real quick, disney or not >> yes, are you kidding me are you an apostate? what are you thinking? of course. how about california not letting them open, everybody else is open and doing well. you probably don't even have disney plus. are you like faber >> the sorkin family is all over disney plus. >> then you know you and 74 million others -- >> all of it. >> i'm a member of two things. i'm a member of the club that you have, your two-day conference, and disney plus. >> love you, jim love you, jim. >> thank you for the invite. it is always best conference

there is >> that's -- coming up next tuesday, wednesday >> have some big ones? >> jim, thank you. >> you have some big ones? >> we have big ones. massason will be joining us, very rare interview and he'll be dialing in from tokyo. we have elizabeth warren. >> no! >> one of the first interviews since the election, we'll be talking to her we have the ceo of pfizer we had on "squawk box," he'll be in conversation with bill gates, that's going to be something dr. fauci will be joining us, jamie dimon will be joining us you can find it online. >> congratulations it is remarkable how you get them together. >> thank you, jim. i appreciate that. >> congratulations. >> let's talk markets before the end of the show. we'll see you in a couple of minutes, jim markets on the way towards the opening bell here, despite the current volatility our next guest saying there are some scenarios for equities to deliver to the upside. joining is jack cafferty,

jpmorgan private bank. what do you mean by that >> well, i think, you know, you do have in the near term earn vgz certain ings have been better than people were expecting. i think they continue to try to understand what can happen out of washington, what can happen in terps of the vaccine front. and try to discount what the world looks like 9, 12, 18 months from now. in that regard, there is certainly news that is going to be volatile in the short-term, but i think people are trying to look to that longer term and they'll have portfolios that are more diversified in order to try to achieve that. >> do you -- jack, do you believe the multiples for some of the big tech companies that have been the winners thus far maintain >> i think in the shorter term those really large tech companies are going to be able to maintain their multiples. we certainly -- and that comes back to when we start seeing a little bit more risk of inflation, that certainly seems to be pushed out and more likely

with the weaker economic news over the next several months, that pushes out those fears of inflation on the intermediate term or shorter to intermediate term we certainly start seeing a number of those big tech companies become very attractive dividend payers, so they also become cash sources to investors. that's different than where we were, that's supportive of valuations as well we will have volatility. and volatility is scary. volatility does create the opportunities for traders. i think volatility can create opportunities for investors willing to take that longer term perspective. and so from some of that is go to be technology, some of that is going to be other places as well >> but just to put a fine point on it, if you're a long-term investor, you think the market is higher a year -- a year and two years from now, than it is today? >> yes very much so i will tell you, i think over the next year or two, we're going to be losing some

valuation, as the economic cycle does begin to expand, and really the driver of the u.s. markets in particular are going to be earnings international markets might actually be earnings and maybe some valuation improvement a year from now, two years from now, i think stocks are higher than they are today. >> we got to go, if you could own one stock what would it be? >> can't speak to any single stock recommendation, sorry, but -- >> i thought i would try. >> i appreciate you trying, but diversification matters. it will matter more over the next ten years go to the about fbuffet and same of the offerings rather than just sticking with large capex. >> great to see you as always. have a great weekend we'll talk to you, i'm sure, very, very soon. meantime, want to take a quick final check on the markets half hour before the markets do open, the dow looks like it would power higher, opening at

about 230 points higher. nasdaq looking to open higher as well, s&p 500 looking to open about 25 points higher let me tell you, the bitcoin price looking to open, we'll talk about that next week. make sure everybody has a fabulous weekend we'll see you guys later "squawk on the street" begins right now. >> good friday morning, welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber has the morning off. futures are pretty solid as we're coming off the worst declines of the month so far covid cases in focus, earnings and arizona. road map begins with disney and s cisco, cisco's chuck robins will join us this hour. elon musk now questioning testing in this country. and nbc newsro