pretty true to form on this thanksgiving hence to be a positive bias. but nothing out of the mode for a moment here. and that was a few days ago.

>> you know, not necessarily you might think so you kind of just, you know, get ab early slate there was a definite persistence to the quarterly strength. there is a dynamic though. once it gets overbought, once sentiment gets overoptimistic as arguably it is right now, usually you can see the multiple times in recent years when the fourth quarter just melted up. and at some point nifrt few months of the next year, usually you have a little bit of a recession. >> mike, see you soon. malls may look a lot different

compared to a normal black friday bertha coombs is live in new jersey with a closer look at whether people are showing up to shop in person at all. >> they are. some people have shown up. we're coming off a record thanksgiving in terms of online sales with so many stores closed >> but today we found some folks lining up for door busters this morning. people are looking for the holy grail. they were lined up outside the mall waiting for gamestop to open a lot of them hoping maybe they can get a ps 5 which has been sold out online. thaur ju they're just as hard to get in person as they are online.

>> i got maybe six xboxes. people just started leaving. they just needed information >> and they got the information that they hoped would not be the case but we're seeing a lot of traffic. oliver chen expects to see malls down 30% so we're seeing folks coming in. and people are coming out with bags and the curb side pickup is virtually empty. nobody is utilizing that today they're really looking to shop inside the stores. they're maintaining social distancing this lululemon in tysons corner, virginia, the line was so long so they took their number anticipate text you when it is your turn to go in back over to you.

>> we have a look at the holiday plans. sara, just in time for the busiest season of the year $300 for full time employees and $150 part time in total, amazon will spend over $500 million on the so-called thank you bonus. amazon is also likely and there isoverhang its accelerated growth this year amazon has added more than 400,000 employees over the last ten months, far more than other e-commerce rivals like walmart tensions have also increased, too. warehouse employees around the world are planning walk-outs and

other actions today. some small businesses claim amazon's growth has come at their own expense. tbd whether that translates into regulatory action. >> let's have a closer look. great to see you, simeon, as always for many months there was a question mark as to whether there would even be a proper holiday shopping season. i guess that fear is now gone and people are suggesting whether it's online or bricks and mortar stores, there will be a jump in on holiday spending. >> we went from having no holiday to a multi-month

holiday. this scenario was at least projectable. people tried to stretch out the demand by stretching out the demand and we're seeing results come through that people are walking into the mall today, i wonder if people are going more for tradition than for function, but the reality is it is a holiday and you need to buy what you need to buy and what we're seeing is that because of lack of inventory, it's hard to get the product. pricing is up, you need to make sure you're picking up what they're offering >> so it's confusing when you look at the list of winners and losers in retail l brands is up more than 100%, up there with amazon and etsy and you have names like ralph lauren, underarmor and they're all down >> who would have thought the chart of a retailer would look

like the chart of copper but they do. you and i have been betalking about this through the pandemic. it served as a take a deep breath moment, companies that had overdiscounted and eroded all of their pricing power and were forced to say there isn't inventory. when the pandemic shut down ou side of the world, factories and bottle necks followed. if my units and sales are down 40%, i may as well try to get whatever price i can and i did i think to your point, victoria's secret owned by l brand is a perfect example of that on the one hand you have bath and body works, which benefits from soap, hand sanitizers and you have victoria secret that wasn't making money that now

can. that's one of the prime examples we like. i think there's a host of us capri owns jimmy chu, has phenomenal value as well >> do you get worried that stocks that are richly valued like nike, that they'll see the multiple part of their share price come back to pressure, if the world goes back to normal? >> at the moment it's a very valid point. i think next year is going to be so interesting for us all. we've all abandoned the idea of figuring out what the new normal is and we're operating under the current normal, but this idea that retailers took a lack of inventory to focus on pricing power, we don't know what it's going to look like next year what you would hope is that they take the lessons learned and say growth for growth sake is not a good thing on the other hand, as soon as some semblance of normalcy happens, we don't know who crosses that picket line first so i think what we find is there

probably is some form of a reset in terms of what multiples used to be. i think we do get elevation from there. the question of are they going to remain this high, the answer should be no because ultimately what should happen is the numbers should normalize up, the multiples should normalize down and the question is who has the most meaningful divergence there. there's this group of expense of sto -- expensive stocks for a reason the question we're looking at is who is expensive and will structurally take more share those are the companies we're okay maintaining the multiple premium. the ones catching a trade because rising tides lift all boats, that's the side of the world we'd be worried about next year >> good to talk retail strategy with you thank you. >> good to see you guys. >> we appreciate it. be sure to head to cnbc.com/pro.

for a look at what jeffrey says could be the biggest e-commerce winners shares of foot locker have more than doubled since their march lows we're going to talk about that coming up. nasdaq still going strong. we'll be right back. it's been a tough year. and now with q4 wrapping up,

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the pandemic doesn't seem to be weighing on consumer who will dave spending. according to adobe analytics, sales hit a record $5.1 billion, a 21.5% increase from last years. and sales are expected to increase from 3.6 to 5.2% this year footlocker could be among those set to benefit the stock has been on a tear by

more than 100% joining us now is footlocker ceo richard johnson. it's good to have you here how is the holiday spending picture shaping up for you so far? >> it's great to be here i hope you and wilford had a great thanksgiving >> yes to both >> we saw great on value and now today with black friday, we're really excited about kicking off the extended holiday season. >> you have shown, richard, some surprisingly strong retail sales over the last two quarters, which might be a little counterintuiti counterintuitive what's going on with the customer >> the customer loves hot product.

they love to shop and find the great heat that the sneaker companies bring to market and were the key destination both online and the mall for those products and i think generally speaking they a malls are doing a great job keeping employees and customers safe we're doing a great business online and in the stores while traffic is down generally, i believe we're operating in a very safe manner and our customers selling us that in our surveys post-purchase, they feel very safe in our stores, which brings them back to shop for our product. >> do you think the work from home trend has boosted sales and does that pivot back next year

>> i think it has. i've been a proponent for you can wear sneakers every day, whether you're at the office or at home. people want to be comfortable and casual i do believe that people have gotten far more comfortable wearing sneakers all the time, being very casual. we saw great apparel sales in contradictory categories during the third quarter, if you will, from great sales in fleece because people want to feel comfortable and cozy to also great sales in t-shirts and shorts, which don't always line up with each other we're a believer in theal envir. they've learned they can be just as productive in casual and comfortable products both on their feet and the apparel they wear >> broader question about your

business we've followed nicnicky -- niken underarmor if they are cutting ties with whole sale partne wholesale partners, does that benefit you or hurt you as the companies look inward? >> i believe it's a big, broad sneaker ecosystem. we have a great relationship with our vendor partner, the two big mentioned nicky and underarmor and we look for ways that we can different bringing product to market, physically and digitally. i look at nike up in new york city, washington hooiteights, ia very digitally connected store that we built together with nike so we continue to work with all of our partners to create great

moments for our customers and bring great products for them, whoever and wherever they want to shop. >> so what percentage of your business is damage tall at this point a -- is digital at this point and does it ever go back when we get a vaccine to going in store? >> it's a question we get asked a lot. we reported digital was about 20% of our sales i think less about how much is brick and mortar and how much is digital. we used our stores as activation zones in many cases and we have authenticity and associates in the store and they want to have dialogue with the consum consumer shopping is still a very visceral experience people want to touch and feel. i think post-vaccine there is normalcy that returns.

will it ever be like it was prior to march 2020? that i don't know. i believe people remain comfortable shopping in environments that are healthy and safe and that are proving they can protect associates and customers alike. so we'll continue to stay agile, continue to balance and take care of engagements with our customers regardless of how they sh shop >> it's good to have you here on black friday we are so hot on sneakers on this show that coming up in the next hour, we have an interview with eddy lu some big black friday deals to discuss with him >> competition rolled into their discounts. that's coming up later in the show we've got just under 40 minutes,

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after a blistering run to multi-year high, bitcoin has seen a sharp pullback this week. hi, kate >> bitcoin's rally came to a halt this week as investor fear more regulation and look to take gains. after climbing to nearly 20,000 before thanksgiving, bitcoin is back below 17,000 today. that was a 12% drop over just two days that started wednesday night after the ceo of coin base tweeted about potential regulation brian armstrong said he's hearing rumors the u.s. treasury department is planning to rush out new regulation and ban people from holding their own crypto currency in what's known as a wallet. armstrong said he's, quote, concerned about the unintended side effects some cited a wave and bitcoin is

out more than 250% since march lows guys, back to you. >> kate rooney, thanks coming up, we'll talk to the ceo of signet jewelers, whether she's concerned about spending on high-end items. as we head to break, a quick check on bonds for you shortened session closing at 2 p.m. eastern time. yields lower for the second day in a row they were closed yesterday we got a lot to focus on next week as far as the bond market powell testifies two days in a row. for now, curve flattening. for now we'll be back here on "closing bell." let's get checked for a full range of conditions.

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his phone and call for help and get airlifted to a nearby hospital where he is in stable condition. >> federal safety regulators are investigating come lanplaints a suspension failures that could affect 115,000 tesla vehicles, sedans and suvs. in indiana angry farmers are using their tractors to dismantle roadblocks to professional test new regulations that will reduce their own income >> and fans are finding ways to honor soccer player maradona that's our cnbc news update at this hour. >> i'm sure those types of moves universal in argentina but quite partisan in italy, napoli fans

in a big way behind him. many fans of other italian teams probably not leslie, thank you very much for that just 29 minutes left of the session. the dow negative, the s&p positive, nasdaq up by 0.8%. after the break will thanksgiving travel and in-store shopping lead to another jump in covid cases? we'll ask scott gottlieb and get his take on astrazeneca's vaccine. and a check on disney shares the company plans to lay off 32,000 workers up from a previously announced 2008,0. back in a couple minutes

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coronavirus news tracker air travel hit a pandemic high this week as americans traveled for thanksgiving, according to tsa data that number is still significantly lower than thanksgiving last year, though parts of europe will lift lockdown measures imposed a few weeks ago as case numbers show improvement. boris johnson says his country as national lockdown will end next week but be replaced by targeted regional restrictions

and the french government said its citizens will be allowed to travel abroad starting on december 15th. astrazeneca says it will likely conduct an additional trial after the company acknowledged a mistake in the dosage received by some trial participants, raising questions about the trial's data validity. >> looking forward to that interview with a key researcher on that vaccine next hour. let's bring in scott gottlieb. dr. gottlieb, always good to have you we'll start with the astrazeneca oxford vaccine as someone who used to lead the agency, based on what you know now, is this something you think could get approved by the fda? >> this vaccine has certain advantages one of the promises advantages is they can produce it in large quantities heading into 2021

doesn't need to be stored as carefully as some of the other vaccines on the market, including the vaccine by pfizer, that i'm on the board of they had a two-dose regimen. the one that seemed to work better was the lower initial dose and higher dose on the booster. most of the data is from a brazil and united kingdom. i think the fda will want to see more data around that dose and on united states patients, on american patients. they want to see how it performs in this country. my hunch is astrazeneca will need to collect more information. that may be the trial that will determine if it is available in the u.s. meanwhile, it is available if something goes wrong with existing vaccines or it's a

supply issue, the fda could move quickly to authorize right now there is one from pfizer and from from moderna >> everybody is focused on the efficacy numbers for the vaccines coming in much better than expected, including 90% how long do you think this is going to protect people before they have to get another dose of the vaccine? and a related question, how are people going to know if they're in the 10 or 5% of those that aren't protected are they going to have follow-up blood tests? >> you won't know. there are studies going on looking at the data in these clinical trials to see if there are predictors of who doesn't need as much protection. there might be genetic features in terms of the immune response people are mounting to the vaccine and the virus. in terms of how long the

protection is, it's a question of what kind of protection the vaccine is creating. if it's just antibodies the vaccine is producing and the antibodies are driving the immune protection, then anti-bodies dissipate over time. in a six-month, eight-month time frame, you'll see the antibodies fall off if it's derived from other kinds of immunity, cellular immunity, t-cells getting charged up and memory b cells that can mobilize to produce antibodies in the future, the immunity will be more enduring and moreau boa ro busbus -- robust it's project eliciting an ant body and t-cell response whether or not people get vaccinated or now in the spring need to get a booster in the fall of 2021 to make sure

they're protected going through the win terp ter of 20-21, we'l answer that question but we'll need postmarket data >> i'm fascinated by your take in your first answer as to whether or not the fda would approve the astrazeneca vaccine as these things stand, particularly with all the threats ofanti-vaccers surely this should be a binh ar thing. if there was something wrong with it, the british and european regulators wouldn't be april proving it -- approving it it's not the same as saying we're not going to authorize and say this vaccine is safe >> i trust the european

regulators, they're a very good regulatory authority the bottom line is the trials with this vaccine that we're talking about were conducted and brazil and united kingdom. there aren't american patients in that clinical trial the kritrial under way in the united states involving 30,000 patients was testing a different dose especially in the context of an infectious disease, you generally want to see data in your country there might be slight differences with an epidemic in the united states versus an epidemic in europe there might be differences in the strains predominant in different strains. generally you want to see data in your host country i think the fda will continue to work very closely with astrazeneca and if they need the supply in the united states market, they can license or authorize that very quickly to get it in the united states if in fact they need access to that vaccine. >> is your point about the

different regions is about the strains of the virus in those countries, not the genetic make-up of the individual. which vaccine should i got as a brit in america? >> there's no reason to believe there are differences in our genetic response to this virus that break down along international considerations it is really a question of whether or not there are different strains in different regions. there are differences in the strains that have become predominant in different regions of the world fda will want to see u.s. data on this vaccine. all else being equal, if they have the opportunity to do that. now, if they're pressed and we need to get a vaccine into that market and find we don't have enough supply of the two vaccines that are further along, fda can make a pretty quick decision there i think astrazeneca's statement that they're going to conduct another trial with that more efficacious dose is an indication they think they'll need the data to satisfy global

regulators >> as it relates to the surge we're seeing in this country, we're nine months into the pandemic and we still have a problem with getting enough tests. we see that with the hours people are waiting in line to get tests and we have a problem with therapeutics, despite the fact that the fda has authorized a number of antibody treats. why is the u.s., the richest country in the world and best ouc form p pharmaceuticafarm -- phe we still fighting to get the tests? >> we were very dose limited we don't have enough supply to take care of all the people eligible for those treatments. as far as the tests are concerned, there's a lot of testing available in the

marketplace. we're conducting a phenomenal amount of tests per day. we don't really have a good distribution system for the testing capacity there are labs overrun that have too many samples coming in and there's a lot of labs with excess capacity. what we need in the setting of a crisis like this is someone to quarterback this and distribute the samples more evenly across the labs that have the capacity. the public health labs can be playing that role but the infrastructure we have and system we set up doesn't allow for that right now this is something congress will need to fix as they rethink pandemic preparedness in the future >> dr. gottlieb, thanks as always >> thanks a lot. >> home retailers looking to cash in. a top analyst tells us one apple product will be the winner this particular shopping season those stories and many more when we te akyou inside the marking zone next. 15 minutes left in the session, the dow just negative. lstorm hi, he needed his insurance to get it done right, right away.

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don't get mad get e*trade and get more than just trading investing. banking. guidance. we're now in the closing bell market zone commercial-free coverage with all the action heading into the close. and today we've got short hills capital partners chief investment partner stephen weiss with us as well. the nasdaq rallying on this short and trading day, on track for a record close once again. the s&p is also trayiding highe but fractioning. the dow is hovering just below

whether the dow closes in the red or not today, it's to end the week positive given the run we've had this week and this month is encouraging. >> yeah, it's been pretty sticky up near the highs. the dow has, the s&p clinging up there as well. biggest i guess draw back if you look at the array of indicators, it has run a good distance in a short period of time you have signs of it being a little overbought and overaggressive you're seeing e-commerce and etsy, it isn't going to be caterpillar and gm today >> but that's really been what it's been all week, steve. and what it's been in recent weeks with the vaccine optimism, energy, consumer discretionaries and materials are the best performing sectors of the week where do you want to be?

what kind of groups? >> i don't want to be in energy. i am in materials. i still like what got to us this point with the exception of the last month, which is technology and growth growth's going to continue you'll see industrials continue to move because i believe what you're going to see when biden c is we'll embark on perhaps the largest cap "x" spending cycle we've ever seen. think of it, if you're a ceo and i've talked to plenty of ceos the last few years what they wouldn't say publicly but privately but they go to bed every night and they say, okay, who are we not going to be allowed to trade with tomorrow morning when i wake up is it going to be japan? is it going to be germany? is it going to be worse in china? now, when you get cloudy on that, although we'll still be tough on china, you get clarity on that, you can invest in your business instead of just buying back stock you can have more m & n. what the market does over next

week, two weeks, i agree with mike that we're a little overextended here, that you'll still be doing well in those areas. the reason i say technology, technology is the fourth industrial revolution, specifically 5g. you'll see chips, whether it's a warehouse or fedex, putting 5g into their warehouses, xpo i like growth, have some industrial exposure as well, honeywell, but i'm there, but to your point to online retailing, amazon's big portion i own a company jmia which is the amazon of africa. 11 countries where they have no xeity. stock has done well, but it has lots of runway ahead of it, and they also have black friday so i expect the portfolio positioning is now going to continue to work going forward. >> big box home improvement stores like home depot and lowe's have been big winners and are putting plans in place for

holiday to help fulfill all of the online orders. frank cullen has that story for us frank? >> reporter: home improvement spending has spiked 26% higher year over year and that's because so much of it is being done online. home depot's increased 80%, 65% being picked up at store for its competitor lowe's that doubled and for best buy increased by 174% staff home depot will increase black friday suchside pickup the average spend per customer, both increased by double digits. this quarter the company is adopting a strategy of having more of its best-sellers in order for the people to get the most popular items and the also they are adding lockers outside their stores to allow for contactless pickups. >> thanks very much for that inside look. steve, it's been a confluence of factors helping these stocks there

they are essential retailers, able to stay home. people spending more on their homes. are the stocks going to continue to work? >> you know, it's interesting you mentioned because i sold my lowe's position earlier in the week and the reason being i thought a lot of demand was pulled forward if you look at where will lives i mean, how many flower pots does he need in that apartment he's not going to buy another 20 like he's already done so that spending is not going to continue versus a target which i own where they brought in new customers to target. they have the loyalty plan, and those are reusable or one-time items, whether it's clothing which you'll continue to buy or food or other things that they do did, and they still just tip, you know, the tip of the iceberg in terms of their online, so i would much rather own target than lowe's and we saw it despite the great numbers. the stock didn't react well after the corner so i sold it. >> the national retail federation expects holiday sales

to grow by 3.6% to 5.2% this year and apple could be a beneficiary of that have with our next guest expecting its air pods to be a big seller. air pods, interested in your latest note as someone what is so positive on the 5g supercycle for phone but the focus is more on air pods which, of course, is not a negative if they sell well but less of a positive than if it was the 5g supercycle delivering for the iphone 12. >> yeah. well, i think it's both, but i really think it's the one-two punch. if you've got air pods, 90 million units this year, up from 65 million a year ago and we're seeing strong demand going into holiday. that could be 5% of overall revenues, and then you combine this with what i believe is a super cycle on iphone 5g that is going to be what will

drive the stocks higher. further penetration as well as air pods, that's just in the early days of playing out. >> the stock is up 50% to 60% already so far this year, dan, so how much of that is already baked in >> i think we're only halfway through it because to me it's the biggest product cycle that cook and cupertino have seen over the last decade you look at air pod, look at wearables, and they are going into overall what's the biggest product cycle they have ever had and it comes down to numbers 350 million of 950 million iphones worldwide in that win dove an upgrade tube i think that's massive along with what we're seeing on air pods. >> steve, is this a stock whose multiple sunday threat as the world get back to normal next year >> again, very topical i sold some of my apple earlier this woke as well because i think there are other places to make money i agree with dan air pods are a big product

as a matter of fact, dan has to eat some of his own home cooking there because he needs a set of air pods instead of the old wired stuff. yes, the multiples are very high keep in mind this stock has had such a huge move despite active earnings and revenue, i do believe the iphone 12 will be the biggest product launch they have ever had in history it will take time. i cancelled my iphone 12 order because my doubt said, hey, there's not a lot to upgrade with in terms of features if you don't need that real pro camera. still a core position but if you want to play -- play sky wards or qualcomm where their content is down. those are the ways to play that i think. >> and the other question, dan, regarding some of your can have depths and your optimism is if you're so confident as they are

about the product supercycle, why didn't they give guidance, a especially for the december quarter? >> yeah. that's a good question i just think right now you're seeing it from a lot of technology players that was more prudence, but i do believe that in december, we're seeing orders track two tracks and they could blow away early numbers for the next quarter i understand what stove is saying, but i think a further re-reading here. that's why we have a $150 ways case and $115 bull case and i think we're only halfway done in terms of re-rating. >> i wanted to ask you quickly your take on the ev stocks coming up in november. kind of makes you feel like late august again would you be taking profits? >> i wouldn't be here, because as i said i think 3% of overall

is e vvmt i think a biden administration is very bullish for an ev market and in an ev mark it continues to be tesla's event. >> good to see you as always two minutes left in the session. internals, what are they telling you? >> a little bit tired. the nasdaq is stronger but there's about more volume to the downside than the upside all day. new york stock exchange, as you might expect, a very late overall volume numbers but 2.5 billion shares and, you know, about two out of five are to the upside take a look at the eat f-long online retail and short bricks and mortar retail so it's a long etf. i mentioned etsy is up 10% everyone decided that's what the

brirk and mortars look like and the they are backing off a little bit today and the -- before the stock market actually officially opened this morning, it was below 20. interesting to note "the wall street journal" talked about how this shows residual fear probably not because this is how the vix behaved in 2009 on a similar real and the heavy heavy call volume on the retail volume sin flatting the vix not telling you there's more fear just telling you there's more jumpiness in the market, guys. >> love when you correct others' articles mike, thank you. one minute left to go before the close. early holiday-shortened curve. the dow has briefly dipped negative and has claimed back up, two points a 2% gape for the week, strong run. as far as the s&p 500 health care is the best sector, materials and consumer discretionary, all positive

today. energies, utilities, some of the best performing groups of the week still looking at a positive week check out the nad damage tracking are for a record close. how many times has it -- 45 record closes for the nasdaq and this just marks the latest one as technology continues toe outperform. >> i'm glad you answered that. welcome to "the closing bell." i'm wilfrid frost. let see how we finished on this shortened session and shortened trading week the dow finished positive up 0.1% and nasdaq near hi higher by a full percent but all through indices up more than 2.3% and nasdaq up close to 3% fantastic performance in the month of know. all three indices up over 11%.

new questions being raised about oxfo oxford university and after the break we'll hear from dr. bell and the legendary composer who was a candidate in the vaccine trial to speak about the impact of the vaccine in real life is here with us as well mike santoli starting with you in terms of the market performance, we've mentioned how strong november has been what hats other data suggested in the last week or two about how bought we might be, how many flows there are in equity. >> you need this well belief fades that after four to six weeks ago there was a lot of talk about encertainty and the

issues since the election, pretty much up and away and very, very heavy flows into retail equity fund you're also seeing a lot of these other indicators of, you know, overaggressive activity in terms of pockets of the market and things like that and the overall market looking a little bit extended and that doesn't mean it makes sense to fight this uptrend in the short-term seasonally it's very difficult to work against the moment mum after strong years when you look back to december of 2019, december of 2017, when you were in the uptrends and started to look overbought and people started to look optimistic, there was a further tack on to the upside after that, but there's usually some kind of retracement or give back along the way. there's not typically a free lunch when everybody has decided that they are particularly bullish. >> do you think stock market will continue to look past

near-term headwinds like a slowing economy, rising covid case counts and forward to the vaccine and with that and buying along the way? >> yes thank you for having me on, sara clearly i believe so just an example. look what we've seen here through the holiday period we've seen several million people travel to see family whether for tradition or because they are just tired of the pandemic we think the market is in a good place and we're comfortable with the outlook. you now have janet yellen working with powell, a great team and they will look for other waid to help provide monastery and miss call stimulus we expect a good year in 2020. companies have a stranglehold on their earnings

and consumers, i think you'll -- those who have not been vaccinated will get more risk because they will feel that the less of getting covid is hitsning so we've seen a great effort here, a lot of grit here by the american consumer and businesses during this period of time, and we think 2021 as the vaccines are approved and put to use will just only help that, and -- and, you know, the good side of the economy hats carried the day this year. services, you know, will just have so much pent-up demand. we're very comfortable with the lout "options action" of of 202 is >> i know you share that and right now you're -- i think you

can see that at any -- when somebody whose iq challenges me and basically can do no wrong in the market you know there's trouble economy. even energy had a good month and that's an investable market class so if the market corrects, the thing about investors is they have seen so many zo% corrections and the immediate snapback that they don't get as nervous as they used to so they will say okay i'm going to hang on i'm going to add, and i think it will be poverty same going forward. you've got this just unbelievably goldilocks environment going that we've got as was mentioned with janet yellen when she get announced and the fed and they are willing to let infrastructure run hoy

and then -- to me it's almost a pans yeah, but, yes, there will be a correction at some point and that's a chance to maybe buy some stuff that gets harder than others. >> for all of the gold red sox, you could find an opposite story. we don't have a fiscal stimulus and can be looking more about that as koestd cases -- a lot of people are warning that it's not like a light flipping on once we get a vaccine so why do you think the market continues to look at all of these things through rose-colored glasses and does that change >> so, i own a lot of moderna, so i've been following the vaccines very, very carefully, and they are game-changers,

and -- and the market discounted, where every did i you've got -- everybody going out with a higher amount markets go up 85% of the time. there have been longer the original opportunity of equities is going to hold you in place. i think bonds are a little overdone they have retreated somewhat in terms of the yields. we'll continue to see that and it will go into equities it will be bill. and not everything is going to work so some you know, work at home that have these egregious multiples, those won't be sustainable and will have to keep that going.

airline stocks, i think they are invest will go ahead of themselves someone will i think out two years, out three years, you've got a great market. >> robert, your final judiciary committee picket as we go through measures from the federal, how it's been this month. >> we've had a -- as steve mentioned earlier i think floikt not only is tech winning individually, but what they have done is affecting the whole economy as you mentioned with the fourth industrial revolution, so you now have companies getting resource utilization. they are age to further per

many and so this is just spreading through youth. from the we like them all mostly, but our may have, industrials, materials, consumer spending, telling care and, of course, technology we'll leave is there sabt nobles and stephen weiss. >> with them to americans say home holiday home recommendies using brand. >> hi there, sarah a harnl around last fuel no wreaths or trees or christmas light fool after thanksgiving. this year there's a lot less

over the river and through the woods and it's starting earlier this are, family it's just as need for something. target, home depot, hose are really to they'll. they saw a lot of enthusiasm for halloween at holidays it and are expecting it to continue and are so motoring. here as adam acres natural items are up 56% over last year. will >> contessa? >> thanks so much for that up. >> next, oxford professor sir john bell on new questions being raised about the coronavirus vaccine from oxford university and astrazeneca which he oversaw the development of also, legendary composer andrew

lloyd webber who volunteered for that vaccine trial in the first place and the outlook for live theater in covid times we're back live in a couple of minutes. at fidelity, you get personalized wealth planning and unmatched overall value. together with a dedicated advisor, you'll make a plan that can adjust as your life changes, with access to tax-smart investing strategies that help you keep more of what you earn. and with brokerage accounts, you see what you'll pay before you trade. personalized advice. unmatched value. at fidelity, you can have both. ♪ more than this

this was the theater i came to quite often. the support we've had over the last few months has been amazing. it's not just a work environment. everyone here is family. if you are ready to open your heart and your home, check us out. we thought for sure that we were done. and this town said: not today. ♪ strong fin ebbish for wall street dow up 37 points adding to this week's gains, higher for more than 2% and the s&p 500 up a

quarter of 1%. we are tracking for our best month since back in april. keep in mind april and november have been some of the best months for stocks in history, up more than 11%. the nasdaq closing at a record high of almost a full percent. technology outperformed along with health care and the russell 2000 index of small caps sitting at a record high, closed up half a percent. vaccine optimism seems to really be carrying the day and what that will mean for the economy. >> absolutely. let's go to back who is looking at position in bank of america. >> yeah, if this is an indicator, another one that says basically investors have embraced equities at this point and have rebuilt their position here from bank of america's weekly run of chart basically showing what their customers are doing so right now we are at over 60% in equities. this is in aggregate for all the client base over there, and, yes, we've been higher a couple of times during this cycle back into 2014 and 'is a and 2018

this doesn't get that much higher cash is still 12.5% which is roughly average. the bond allocation is very, very low among retail and this is kind of interesting this works against the idea that somehow people have been fighting this real most people involved in the market have allowed their exposure to rise to pretty significant levels right here, and, yes, there's always more that can come in incrementally, but it's pretty difficult to say that people have been sitting this one out guys >> i can't believe that 12% is the long-term average of cash. >> keep in mind. this is what people use for their overall money, not just performance portfolio, but, yeah, that's just about what it is >> mike, thank you. >> thank you >> up next, a huge hint in vaccine candidates we'll talk to a man that led the oxford development, sir john

bell that's coming up after the break, and as a reminder watch or listen to us live on the go or on the cnbc app we'll be right back here on "closing bell. 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.

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shares of significant net jewellers rising 3% since the march low. how is the jewellers shifting their strategy amid the covid-19 pandemic and a holiday shopping season unlike any other? welcome now is significant net's ceo. welcome back to the show. >> hi, jenna, thanks. >> you said this would be an online holiday season. how is it going for you so far >> you know, everything is as we expected holiday severalier this year people have been online literally since september shopping, and we've seen a lot of activity throughout the fall. it's also i think important for customers to make quicker visitors in the store. buy online and pick up in store really trending as well. >> jewelry as a category took a big hit in the earlier part of the pandemic has it been able to recover?

what are you seeing as far as people wanting to buy jewels in a season when we're not going out as much, not going to holiday parties? >> yeah, exactly we've seen very good strength in engage president people postponing their wedding ceremonies or sometimes their receptions number a time when all of their family and friends can gather together but we've seen engagements very strong throughout this period, zoom worthy jewelry, pendant and earrings that people can see in the little square on the zoom channel are doing really well but biggest trend is the one you've said, people are more sentimental. we did research among couples who are pre-engagement so planning to get engaged in the next 18 months and more than 50% of them decided to quarantine together of those 93% say that their relationship is the same or better than it was pre-quarantine so i think that's really driving the trend in engagement and also we're expecting to see it in sentimental jewelry for the

holiday season. >> so pandemic romance is a thing, is that what you're saying >> yeah, actually it is. we've had now dozens of weddings actually even perform in our stores a number of our associates have gotten ordained and so, yeah, love is unstoppable. there's no question. >> how have you thought about this whole period in terms of your overall strategy? you were in the middle of a turnaround what changes as far as the plans going forward because of what you've had to go through right now. >> well, you're absolutely right. we're in year three of our path to brilliance transform as i, and we pivoted very, very quickly into an even stronger digital experience for our cutters in that was one of our key strategies, omni channel, so we've put a strong foundation in place already, but we've launched so many tools for

customers. people are take their pictures and upload it and try on rick. many associates have worked to train online and become virtual jewelry consultants. 300 more than dedicated so you can get a chat, a conall theies or going in the store. the digital tools that we've offered are just exploding, we've increased capacity by five times so significant net is ready to share with customers. >> what does that mean going forward, will there will be many zale's sound like you've always been a mall-based retailer but it

sounds like you're now shifting. >> we've been off mall, 17% of our business is in malls and an increasingly higher percentage in stronger or higher traffic malls, by think you're right the big phenomenon is shopping online the two things is vishization, showing it off in a way that people can see it and appreciate it give them the counsel and advice they need before making a bad purchase our expertise now in digital is going toopgs with us far in the future >> thanks very much. >> astrazeneca and oxford

university will likely conduct an additional trial acknowledging a mistake in the dosage received in its trial price. joining us now prove so sir john well who overat the develop's -- legend rent composer and actual par tissant. >> good afternoon to you both. >> good afternoon both. >> hello. >> professor, i'll start with you, if you may and when we touched base on tuesday and monday after the vaccine announcement was positive based on its relative cost right now the tone has turned a little bit in terms of the reports as i just mentioned. has it under unfairly? do you still see this as an overwhelmingly positive set of

results. >> there's also a problem announcings them, that i don't have all the data out there and think about the -- we're in the process of getting a individualcation out so people california examine about it and think about it differently and then i'm sure. ultimately actually to determine whether this is a safe and effective vaccine, it is going to be up to the regulators to do that, and again we well fact the fact that they are -- of course, all of these trials left on people andrew, you were one of those people why did you put yourself forward in the first place >> as you probably know, i've been thiting to get -- i've been

fighting to get theaters reopened, not only up and down britain but all over america and the world based really are on the information that i got very much earlier in the year, in fact january to be precise from south korea, where live performances continued all that time, because i really tried to absolutely bang the drums for. i don't live too far to travel as an. >> andrew, as your why i and you know it so rell, how have the governments. >> well, obviously to clearly does depend a great dole on the

vaccine, but there have been a number of measures, a load of measures that have been applied in say korea and in japan, for example, which have mitigated the effects of the virus enormously and it has been frustrating because one hits the health authorities all the time. every time you come up with something new, you know, or something, you know, old that has been successfully trialed in other places, there's always some reason why you can't proceed with it, and i know it's actually frustrating government actually in britain, too however, we are where we are and i can only report, and i don't know whether i've actually had had the real vaccine because, of course, by the nature of the experiment i wouldn't know, but if i have, i haven't had any effects from it whatsoever other than feeling great. >> professor sir john, whether the results suggest 90% efficacy

or the 60% efficacy that we'll kiev into. >> i think the rollout of the vaccines is likely to happen pretty quickly after -- at the end of december, beginning of january and my indication is the uk which, of course, is a much smaller pool than the u.s., but we should be pretty substantially vaccinated i would have thought by spring maybe late spring, but certainly by spring, so i'm hoping that we're going to get back to normal and enjoy the theater as we always did before, and i'm completely with andrew that we need to work hard to try to get those things back in play. >> as someone, sir john, who is trying to read the vaccine results and compare them to what we've gotten from moderna and pfizer, can you talk a little bit about why the half doze seem to work better and be more

effective than the full doze and whether the age group had anything to do with it, the fact that everyone taking the half doze was below age 55 and whether those confusion questions do give regulators like the fda and others or should give them pause to approve the advantages only. >> just to clear myself. the full details will be published. it is absolutely true that you need to compare the different populations between the different trials, but you also have to decide what you think efficacy actually is is efficacy stopping people getting a cough and a fever, or is it stopping people getting severe disease and being admitted to hospital because you get different numbers for those things, and that's important, or importantly, because this vaccine is the only one that's

showing it, is it important to show that you stopped asymptomatic spread, viral replication, that would cause the virus to carry on rather than not carry on, so there's a whole set of issues that you need to look at, durability and also access to the vaccine a vaccine that can be readily deployed has advantages as well. a vaccine that lasts a long time, so i think the problem with the res release, you know, who has got the biggest one,ings is actually an unhelpful way to look at the data, and that i really welcome the regulators having a look at this very carefully. >> professor sir john, are you disappointed a little bit in how astrazeneca, your partners, have handled the release and can you reflect on why you picked them as a partner in the first place. >> yeah. we're a university we're not a -- a truck company,

and it was clear that al we have a lot of experience, developing and developing vaccine you've never max keyesed so we did need represent in doing that but we -- astrazeneca didn't have a long reputation for vaccines so far. they have done a lot of work in attenuated flu but they have quite a long biological experience and the quite thing about this vaccine is it's easy toe make, like a biologic, like an anti-body it's done very well. we've done lots of things together over the last few months, and they have had lived up to all the things that they said they would do for us, and we're really pleased to have them as a partner. >> do you worry about how many people are going to agree to take the vaccine

there's already such a public skepticism around how fast these vaccines are developed, whether corners were being cut and then to put out a press release like this that raised so many questions, do you worry because it will make people more skeptical. >> there is an anti-advantages out there that does concern me we we've still got two for reports to report. we'll report ours carefully and do you -- europe will prove to be highly rebe reliable.

the. >> professor sir john thinks april is viable for things getting back to normal do you think there will be huge pent-up demand for live theater? are you optimistic about a strong second half of 2021, and what's on the cards? you have a new music al coming out? >> well, i have my cinderella that should have opened six weeks ago and opening now in may, and i feel very, very optimist thank we will achieve those dates. i mean, i've been very, very closely involved with all of the authorities here and also with talking in every week except for this woke because of thanksgiving and the broadway league and monitoring what's going on obviously on your side of the atlantic, and i am very, very positive that certainly as far as britain is concerned that i think, you know, after a rather bumpy probably, you know, going into january and perhaps the beginning of february i think things will start to get a lot better i must say just coming back to that point

that people were saying about press releases, obviously been very interested in there for the reason of wanting to get audiences back in the theater. i did learn and have a look very, very carefully at what was the anointments of the other two vaccines and press releases there, and it's very clear that that's exactly what they were, press releases that i don't believe -- correct me if i'm wrong, i don't believe either of them have gotten to the point where regulators have actually authorized them. >> they have at different sdajts and we have to wait for the full data i'm excited to under what you have done downi'm sure that you saw that dissly any bade a plot

to have a vlore. has that made you rethink what you wanted to do with all your many assets and release whether it's the disney plus or netflix regarding of the stage shows in future as opposed to adapting them fully to movies >> well, we made available all at movies and all of the recordings for television that were of all of my shows that we could free during lockdown anyway, because that -- that's something that thought we could do i'm a theater animal i'm not really a cinema animal, and i don't believe you can really, really ever at the moment have a substitute for the live experience of an extraordinary thing when you go to the theater and you know that that performance is just for you and the other members of the you had a yempts i just don't think that you can replicate that, so

while i do think there is a value in filming theater and it's getting getting much, much better my obl gapgs is -- i did record cinderella -- we've been table open i did lend my services to the small orchestra as well but it reminds me a little bit of "jesus christ superstar" 50 years ago and i couldn't get it on stage because nobody would put it on stage and it was recorded first and now i've had to record cinderella first because now i can't get it on stage certainly the irony. the allium -- the reaction has been reverse. >> true fact, wilfrid and our double date was phantom of the

opera. >> we don't think broadway will come back to the summer 2021 what do you think it's going to look like. israel there be any permanent changes? >> i think certainly fans will come back. i hope audiences will. i mean, there are all sorts of things that can be done. i mean, there's been trials done now which i know the fda have been looking at very closely of particularly one chemical in a very small quantity and it's a chemical that's been around for a very long time actually since the 1940s appears to neutralize cold and flu viruses and indeed the covid one, but it hasn't actually been passed yet i mean, there are so many things, and something like that would be a game-changer for public transport, for any area where there's any indoor space, so i'm pretty optimistic that things will get back to normal, and i can also see that there are so many ways that careers

improve that they could get back to normal a lot quicker even if the vaccine has been on the horizon, burks listen, i'm excited about the advantages eve. i think we all are, and -- and all i can say is that every time i've been to oxford the professionalism and the way that i have been treated and -- and it's not because of me being me as i've seen it with everybody else there has been really, really extraordinary >> well, andrew, i think when we're all allowed to go back to the theater, i will see cinderella but i might see "phantom of the opera" again because it's by far my favorite. can you confirm to you whether there will be another set of trials in order to get approval in the u.s. or is this a binary outlook, that the data you already have will be used and either people approve it or not? >> i can't give you the answer to that question obviously the -- the folks at astrazeneca will be managing the regulatory advance in the u.s.

and so i can't really tell you whether they will either need another trial or wish to do another trial so that's still an open question. >> professor sir john bell and andrew lloyd webber, pleasure having you both with us. thanks very much for joining us. >> thank you >> you know, i prefer "joseph and the amazing technicolor dreamcoat. "phantom" is also good. >> i agree. >> harder to see. >> there's so many there's so many. the. so many. still to come, a black friday blowout sneaker company goat is holding one of its biggest spphoing holiday events today we'll choke in with the ceo when "closing bell" comes right back. it's been a tough year. and now with q4 wrapping up,

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still ahead, the ceo of online sneaker company goat. we're back in a couple of minutes. sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... boss: doug? sorry about that. umm...what...its...um...

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so you don't wait for life. you live it. welcome back time now for a cnbc news update. >> hey, will, a federal appeals court has rejected a claim of president trump. the trump case would disenfranchise millions of mail-in voters automakers have been ordered to spend $137 million on federal fines and safety improvements for moving too slowly to recall over is million vehicles to fix faulty engines in italy new infections are slowing in parts of the country starting sunday. health restrictions will be loosened in five regions including lombardi, the nation's richest and most populace

region. >> up next, sneaker company goat is launching its biggest ever black friday event and we'll launch the ceo eddie lu when "closing bell" comes right back. ♪ ♪ ♪ ♪ ♪

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with this seal, this restaurant is committing to higher levels of cleanliness. ♪ ♪ ♪ ♪ the expertise that helps keep hospitals clean, is helping keep businesses clean too. look for the ecolab science certified seal. see yourself. welcome back to the mirror. and know you're not alone because this. come on jessie one more. is the reflection of an unstoppable community in the mirror. welcome back the pandemic has led to booming demand for sneakers and

athleisure wear as people are stuck at home including the secondhand market as well. a recent report from cowan forecasting the global resale market could hit $20 billion or $30 billion. the next guest has a platform for buying new and pre-owned sneakers let's welcome eddie lu, co-founder and ceo of goat eddie, i saw you were offering the nike yeezy for $200. is that one pair is that sort of a marketing gimmick or what? that's unheard of. >> hey, sara, happy black friday we're offering that and tens of other products the biggest surprise this year is we're giving away a ferrari so hopefully you put in your ticket stub to bid on that. >> did not know that what does it speak to the fact that you're offering such demotions, popularity or the fact that things have been

sluggish since the pandemic? >> well, 20 is a is when goat launched and that black friday puts on the map. we did a big promotion and hundred of thousand of passionate customers really crashed our servers the whole entire day so every single black friday as a thank you to our consumers we make it big and better than ever and this year is no exception, so i mentioned the ferrari that we're raveling off. it's not just anyrandom car that we pick it's real -- because our platform brings together the greatest products from the past, present and future and actually that tevita rosa, the exact make and mold is the same car that michael jordan drove in the '80s so for us it's about thanking our consumers, and we've real been seeing a resilient consumer base throughout this year. >> yeah, why don't you talk more about that and see if there's any impact for retail stores not being open with some of the new releases for sneakers and -- and how pricing has been overall

during this pandemic versus where you were before which is explosive growth. >> yeah. i mean, our consumer base, like you mention, we have 30 million consumers and they are so resilient. what's been great about the marketplace like goat is the fact that when times are but our sellers, who need liquidity are able to sell their products at great value on our platform and then our buyers, what we've been seeing is because they're so passionate about the product, sneakers bring joy for so many consumers and our consumers are no different and especially throughout this holiday season when it's harder to travel to see friends and family, you still want to make sure your friends and families are loved so you want to buy a present that's special and unique and sneakers are that unique experience i know sneakers are on the top of many people's wish lists this year so we have been seeing a growing consumer base even during this time

>> who are the top selling brands right now >> this year, speaking of michael jordan, it's the year of jordan, starting with the daktoda docktorydoc documentary, in december there will be new jordan 11 will be the hottest ticket of the year >> what about adidas is underarmor represented on your site? so many times investors can see the popularity and the resonance of these brands, especially with younger consumers by how they're doing on resale. so it's good to get a picture from you >> adidas is always strong with its easy platform. i think this year is the year of jordan, especially with the documentary and some other releases coming out. >> got it.

edd w eddy, good checking in thank you so much. >> and a look at how we finish the day on wall street we were fractionally high on the dow. s&p a quarter of a percent, nasdaq up nearly 1%. coming up, what to focus on ahead of next week back in a couple minutes sometimes, you want speedy but reliable. state-of-the-art but dependable. in other words, you want a hybrid. so do telcos.

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up next, the keefe thiny th are watching in the trading week ahead. and this sunday, a new series "empires of new york," it chronicles five icons who reshed taphe city. don't miss it. "closing bell" will be right back

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this was the theater i came to quite often. the support we've had over the last few months has been amazing. it's not just a work environment. everyone here is family. if you are ready to open your heart and your home, check us out. we thought for sure that we were done. and this town said: not today. ♪ see yourself. welcome back to the mirror. and know you're not alone because this. come on jessie one more. is the reflection of an unstoppable community in the mirror.

welcome back big week next week we've got fed chair jay powell with two days of testimony and a jobs report. willford, you know it is a black friday tradition for samuel to come to the new york stock exchange and -- >> do they have treats for him like they always have down at the exchange and face painting and all that >> no, none of that. he's just lucky he gets to make an appearance. and because this is a special

edition of "closing bell," at 2 p.m. here, we're not into nap time so even better for samuel >> you've earned the illusion you are in fact at home with the new gadgets behind you >> people think i'm in studio but, no -- >> it's happy birthday, isn't it coming up? >> yes how old are you turning soon >> 3 >> 3 years old in a few weeks. we've already started the celebration. >> he says happy birthday, what do you say >> happy birthday. >> thank you i appreciate it, samuel. lots more to come as well, not quite as good as samuel but almost up there throughout the rest of the day. lots still to come on cnbc shepard smith live tonight a top iranian nuclear scientis has been assassinated. we'll get a live report from tehran coming up later, as well as all the latest on black

friday what comes next for american sellers and shoppers a wonderful set of stories coming up, including mr. wonderful as well. shark tank will be joining the news with shepard smith later at 7 m.p. and before them as well. coming up, lots of "shark tank" live they'll invest their own money or fight each other for a deal. this is "shark tank." ♪ o the shark tank in hopes of fulfilling his american dream. ♪ my name is kwame kuadey. i live in ellicott city, maryland, with my wife and our newborn daughter. coming to america was a big achievement for me, because, you know, where i come from, there are very few opportunities. i grew up in a small village in ghana, west africa.