good morning hope springs eternal for a stimulus deal. mitch mcconnell says that it is in his words within reach. we'll get a live report from washington it was the equivalent of yelling fire in a crowded theater. warner media planning to release its 2021 movies on its streaming platform at the same time as the big screen theater investors running for the exits. and it is jobs friday, believe that forecasters expect a hiring bounceback slowed from october to november as covid cases surged predictions straight ahead it is friday, december 4, 2020, and "squawk box" begins right now. ♪

welcome to "squawk box." i'm andrew ross sorkin along with joe and melissa lee, becky is off the s&p looking to open about 12 points higher. we'll explain why some of this is happening and let's show you treasury yields as well the ten year note right now looking at 0.931%. but maybe a little bit of an explanation coming up here, melissa? >> yeah, some optimism

mitch mcconnell said that compromised deal was within reach and we'll get a live report from washington at 6:30 a.m. and we heard it before, but it seems like btoth sides are comig a little closer. >> on a much lower number. and i'm just thinking about, i don't know, andrew, what did we do to deserve this i mean we are living right or -- i mean, who ushered in the new week on "squawk box" on monday who is helping us usher out the week that was on "squawk box"? a monday and a friday. is this-46 w -- was this planne melissa, what did we do to deserve this >> not wouldby not by me >> how long has it been, stimulus/vaccine i guess the election, although we don't talk about it much here pfizer shares came under

pressure late in yesterday's trading session after a wsg report shed light on the company's shifting vaccine forecast meg terrill here to set the record straight. might be who is confused needs to listen in, maybe dvr it and watch it again >> good morning, joe so these headlines came across yesterday essentially explaining what was a change that pfizer had made in its projections for its supply of the vaccine at least a month ago. so this was a change that we observed between september and november in projecting first 100 million doses being available bay t by the end of 2020 and in november they cut it down to 50 million. and that came on noofvember 9 we they presented their efficacy results. they are still projects 1.3 billion being available next year and there were a few factors that impacted the number of

doses available this year. they said that they are scaling up this vaccine at a pace that is unprecedented. and they say that the supply chain took longer and also clinical trial outcome took longer and they say modifications to the full scale production lines are complete and finished decembers are being made at a rapid pace we are confident in our ability to supply at a pace at approximately 1.3 billion companieses by t es doses by thf 2021 and i also checked in with the chief adviser to operation war"r speed" and he said that there is no change to their commitments to the u.s. and i haven't been informed of any issues so this is a story that explained why there was that change between september and november, but in terms of all the projections that are going out now for how much vaccine will be initially available from

pfizer, there is no change >> right but if you can't do 100, 1.3 billion, obviously you will think -- and, okay, i listen to what you said, but, you know, they are using doses for the trials for the later clinical trial, but nowhere near millions and millions of doses. i wish they would have is he had 100 million and oh, wait, we have to give twice or whatever but that was not -- that would have been a betttter explanation for me i hope some of the other vaccines are effective too i don't know, a 70% confidence in 1.3 billion of a thafter frot 100? i don't know >> what i understand is the supply of the vaccine will start ramping quickly after they get

the initial batches online but the first few weeks they get a bid out and then more and more and more and so when there was a delay in this sort of raw materials supply chain -- >> that is what i mean >> it was a helpful story to explaining that. so it is possible as understand, there could be other problems. i mean, we shouldn't be surprised when there is this unprecedented pace of manufacturing a new vaccine. we have also never manufactured rna vaccine on a scale like this before >> and so i'm just -- i don't know, so just speculating, i don't know how you ease a bottleneck in raw materials if it was a raw materials issue what makes them think that there won't be an issue with raw materials. so you can imagine what type of supply you will need for 1.3

billion. so i take it with a grain of salt >> yeah, they noted that it was early batches of raw materials that failed to meet their standards and they fixed that. >> i saw barons put out a separate headline saying that pfizer denies this and i'm so just -- i'm still to behonest bhonest and i think investors are baffled. you saw the pfizer stock move and also moderna move. >> yeah, some felt that the

projections that we've been getting from governors about how much vaccine will initially be available, i think the headline made people worry that suddenly there would be only half that much and that is not the case what it explains is the number available this year between september and november and as joe points out, yeah, that could make people nervous also a reminder this is the first time that any companies have done anything like this on a scale like this with a technology like this so there will likely be hiccups in the road. they are still expects 1.3 billion next year. and we'll follow that. and over the next few week, we'll start to see the first 6 million doses go out in the united states. and start to see states administer them. >> could we see similar issues come up when it comes to

bottlenecks with raw materials or the manufacturing process >> these companies hold the information about who makes their raw materials to deliver to the body for example. so there is competition for these things but of course they have also spent months preparing for this and securing their supply and figuring all of that out so possible that there could be issues down the road >> all right, meg, thank you coming up, the countdown is on, we'll get november job numb nums and check out shares of

cloudera, it beat estimates. that stock up 13.5%. it's down to the wire,

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it is expected an additional 440,000 nonfarm jobs down from october. the unemployment rate is expected to fall to 6.7% our next guest expects the jobs numbers to come in lower and michelle gir rard expects an nick of 375,000 nonfarm payrolls she is co-head of global economics at net west markets. might chelle michelle, what accounts for that gap? >> when we with aare talking abh kinds of numbers that we've been looking at, job be glans in tga, the discrepancies are hard to overhighlight. but one of the things that has held our number down is -- well, two factors. the headline number which i'm sure everybody is taking into account will be reduced by the continuing rolloff of census workers at the federal government level and even at the

state and local level, we know that municipalities are obviously struggling with the covid pandemic and have had to shed workers and that continues to weigh on unemployment levels. but with payrolls and a lot of data that we see in the coming weeks, we are just likely to see less seasonal activities than we usually do and so when the names that are expecting an up lift, whether hiring for the holidays or individuals youts spending money at restaurants over the holiday season, none of that happens as of this year because of the crisis and when the data do the normal seasonal, they expect the upt k uptick, and they don't get it, it could make it look worse than they may be. so that is a factor. less retail and service sector

hiring exacerbated >> and also the impact of the lockdowns. it is only going to be the first two weeks of november. so could this bes last quote/unquote good jobs report that we have in a whirl? >> i think that you are right. to some extent markets will takes numbers with a grain of salt good in the sense that s numbers surprise to the up side, it may feel that the market feels that it is old news. because the real bite from restrictions being reinstituted in many places will be reflected with weaker test and january numbers. so again, it does feel like some of the news is not as fresh as we would need to be. and the other thing to keep in mind, i do feel with the news on

the vaccine in general, the expectation is that it is -- i think there is a wide expectation in the market. near teerm it won't look good. it will be a difficult economic period again over the next couple of months, but we are looking forward and honestly, you know, while numbers for the near term have been revised down, we've taken the first quarter gdp number negative, we've raised the expectations for froet growth and so to some extent markets are able to look over this valley >> so a long hard road for the economy between now and back half of next year. and i'm wondering if there is anything in 24 report that could lead the fed at its next meet being to change its tenor and the tone of its as set buying practical which a lot of people are watching very closely.

>> i think markets may worry about how policy makers will react to the numbers and it could be that the numbers are better than expected, the markets worry, oh, there will be less pressure on congress to pass additional fiscal stimulus, less pressure on the fed for change their asset purchase program. and iconically, good numbers could undermine, you know, some of the expect tagss th s thtagsn from more of a policy response we come down with next week's fed meeting in not expecting the fed to make changes to its asset purchase program actually, we expect kind of quaulg taitz difference guidance, the fed talking about a sense of what would impact its decisions to ultimately reduce the asset purchases. but i will agree, it is a close

cale even for us a call even for us and we expect the fed will extends duration, it will buy further out the kif curve. >> which effectively from a practical standpoint is sort of like yield curve control we just saw the spread get to, what, 76 basis points or something like that this week. could we see that narrow >> yeah, there is certainly that element. as they buy longer term debt, they will obviously help to keep longer term market interest rates. like the ten year yield, that mortgage rates are tied to, you know, from rising. and we've seen upward pressure even this week some sharp upward pressure as news of the vaccine and potentially more fiscal stimulus have bowling sistered expe bolstered expectations for

economic gloet economic growth. but usually you are talking a more formal target in the u.s., it has been more about actually anchoring maybe two or three year shorter term interest rates to signal a guidance that policy won't change i'm not sure that i'm going all the way to believing that extended duration would be comparable to yield curve control. it is just not that much of a xlimts anchor and it will keep interest rates from rising. >> michelle, great to speak with you. thank you. and we have some breaking news to tell i about doordash now estimating the price for its ichlts pchlpo wile between $90 to $95

and that is expected early next week a lot more coming up, the announcement that had theater investors running for the exits. warner media planning to release its movies on streaming as the same time as theertss. a theaters and docusign posting better than expected results for its third quarter and upbeat guidance for the if you would year. that ceo will be joining us at 7:45 a.m (♪ )

keeping your oysters growing while keeping your business growing has you swamped. (♪ ) you need to hire i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base so you can start hiring right away. claim your seventy-five-dollar credit when you post your first job at indeed.com/promo now to the announcement that is shaking up the entertainment

industry warner media saying that it plans to release its entire 2021 slate of films directly on the hbo max streaming service at the same time that they hit theaters theater stocks have cratered sources tell cnbc that no financial arrangements were made with the theaters before the announcement and in an interview, warner media ceo called it an overreaction and urged investors to take a breather he said the decision was pandemic-related but he refused to say whether the theatrical window would reappear in 2022. he also said that entertainment companies like disney and comcast would have to decide in the next couple months whether they would follow warner media's lead but a big decision i don't know whether you can put the genie -- or the toothpaste

back in the tube o met information you want but the sxhik he chicks will be challenging. and a great jolt for hbo max in the short term, but it could up end the whole noodle model. >> and i feel for amc. they need to sell shares to stay in business. and they said if they didn't sell that amount, they will go out of business effectively, it will wipe out equity holders so the timing of the announcement is terrible from the standpoint of an amc shareholder. >> it was happening anyway that was the point everyone is

making movie is ready, you have streaming capabilities, why do -- the reason you do it is because there are people who still really like the old way of doing it so there will always be people who like the popcorn shocker, i like it >> you can just not melt a stick of butter and pour it on the popcorn? >> that is real butter i need the fake yellow stuff and a lot of salt. theater salt no, but there are people that will go either way but there are those people that if you are torn between streaming and you got a 70 inch screen, there will be some loss. and i think that that is kind of sad. i'm glad all the old stars aren't seeing what is happening. because it is sad. >> what about the money though, the economics of this. so a family that goes to watch one movie is usually going to

spend 50 picks, you know, on a friday night >> easily. >> and now you can spend 15 bucks for the month and you might get four or five of those movies in that one month >> everybody is going to want to go out there is going to -- maybe that is just an initial bounce after all this is all over, but i know people here where dying to go back >> there will be a whole donation who don't know the movie theater experience and have no attachment to it and entire generation to come. >> and they already irritate me that if they don't want to go to movie, then fine >> what does the movie experience become, meaning is there a -- it will have to become a premium service it might then cost 100 and then what do you get for that in the future >> alcohol

>> the streaming services can they afford to do this at these kinds of -- >> oh, for streaming i don't know what 2022 looks like i really don't and the 17 films are some that we've talked about in this house that we were looking forward too. it is nice to be able to stream something if you are not going out and there is nothing else going on it is a tough one. but it was heading that way anyway and it has been accelerated. how about other industries where you think that it is gone and then you see the great players stick around maybe we'll be down 30% from theater capacity or something. but i don't think it is the end, do you >> not in the short term >> i don't know. >> is the issue of the kevin o'leary view of the world, he says there are just some companies that don't deserve to still be in business, that the

world is shifting, they don't deserve help because we're just going to be living in a different era. and the question of course is whether movie theaters if it's in that category >> you know, hbo max is unique too, don't you think they need kind of a jump-start maybe more than -- i don't know. i don't know how are they doing, do you know? it is expensive. are they doing as well as some of the others? >> this will help jump-start their subscriptions. we'll talk to rich greenfield in the 8 ong ho the 8:00 hour. sure, people will sign up, but the question is whether people will get clever about the subscription game and going to turn certain services off and there will be churn and if there is churn, then the whole cost of doing this doesn't make sense at all. and i do think because technology is so interesting these days that we'll get to a

point where people will be able to turn these things on and off in ways that we haven't been able to thus far we'll see. >> another wild card coming up, a live update from washington on stimulus negotiations look who we're bringing on seems like it has been forever and i mondongahelday jaeamon ja. and here is a look at yesterday's winners and losers 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?

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good morning welcome back to "squawk box. a beautiful shot of the big tree in rockefeller center. all lit up meantime, take a quick look at u.s. equity futures. dow up about 93, nasdaq up about

43, s&p about 10 and on the back of maybe -- are we really going to have a stimulus deal? i don't know >> you need to listen to ro khanna, he might have a different view might have mcconnell says that stimulus deal is within reach. he spoke yesterday with house speaker nancy pelosi eamon javers is joining us with more what is the latest you saw how excited i was. first melissa lee and now you on the show so when it rains, it pours, i think. >> are getting tband back together take a look at this quote from mel yesterday, he said we're both interested in getting an outcome. that seems like bland talk, but in washington speak what that means is we're actually talking. so that is an encouraging sign

the idea is that there is a $908 billion deal out there that is potentially doable with only about $300 billion to $350 billion new money. a lot of the money could come from reauthorized c.a.r.e.s. act funding, ppp fu pchlp funding t' spent. and ultimately we have a number of different sort of spending cliffs here. there is a defense authorization act which the president was tweeting about last night, that is a $740 billion bill that is a must pass for the defense industry the president is threatening to vee to that ifto if it doesn't a roll back of the decency act brp republicans and democrats on capitol hill say no, the president now says that he will veto that defense bill. and it looks like we're inching

closer to more deal making really on this idea of a relief bill the question is, where is that going to land, what are the details. a lot of unknowns here joe biden seems to have really moved the debate along this week by signaling that he wanted a deal before he takes office. that pushed democrats back for the table and it seems to have broken the logjam a bit and we'll see where it goes. >> thanks. and get the band back together, you know what that usually entails, wrinkly rockers is what usually happens when -- not talking about you. >> road trip with your shades on >> yeah. exactly. i'm not talking about you necessarily. you were young when we used to do this. so you are like stevie wynwood or something that. >> thank you >> we were all young once. >> yeah, i know.

and it was wasted on us if you remember for a closer look at washington stimulus debate, let's welcome congressman ro khanna, democrat of california and congressman james come frr from kentucky. i think that you heard what i was saying i'm worried that people will get mad at you in your own party because you have said again and again you thought it was a big mistake not to take $1.8 trillion come you stand by that -- do you stand by that? >> yes, and now it is not opinion, it is fact pmd we had $1.8 trillion on the table i and a few others said let's take the deal. and now we're down to $900 billion. look, we have to get something done my big issue with the deal that i hope that we can fix is right now a lot of the hone is with t money is with the ppp and not

enough to the unemployment insurance. it only extends to march and i think the recession may last longer and studies show that 25% of the ppe program went to the top 1% of loan bar are rorroborrowers. i'd rather be extending more into the unemployment insurance. >> i guess my point, would you say that speaker pelosi gave up months where this money could have gone to work, and what were her motivations for not -- did you talk to her, what did she say to you >> well, she said that look mcconnell at the time if you remember was not willing to move as well. i mean, the white house had a deal at 1.8, $1.9 trillion mnuchin had moved, the white house moved. if mcconnell had moved and put it before the senate, i think that it would have increased

pressure but there is no doubt that we should have been doing more to get the 1.8 trmd . >> so i don't know what we could have arrived at. . >> so i don't know what we could have arrived at. congressman, what do you think happened back then >> well, i think that there is certainly desire, but as you know, house republicans are a little bit concerned about the debt we recognize the fact that the economy is struggling. you take about things like what ro talked about with unemployment, a lot of my employers in my congressional district in kentucky have complained about the extended unemployment and because of the added unemployment that lot of employees didn't come back to work after the initial shutdown because they were being in-se in-advised to stay at home they made more money not working than working so we don't want to pass any type of government legislation

that incentivizes people not to go to work we want to reopen the economy and we need stimulus, but i would like to stay and most republicans would like to see targeted stimulus whereas with the ppp loan program, we target the industries like the straurnt indust restaurant industry and tourism and travel industry, both parties agree have been defin e investigation stated, we need to help those industries. and i think that there is a willingness, but i don't know that we're willing to spend another trillion to $2 trillion. about your we're willing to come to the table >> we had an economist yesterday that said that mcconnell will be loath to arrive at any type of deal prior to the runoffs in georgia. i mean, both sides cast the

other side as -- well, it is almost christmas almost scrooge-like. do both sides have something there in terms of maybe speaker pelosi prior toot preside tho tl election, mcconnell prior too the georgia election, is that really going on here >> i don't think that that is going on we certainly recognize the fact that if joe biden is squorn in sworn in, he will have a 100 dayed a again today ada dayed aaed a gasoli ed ed a 1y5k agenda and he will want to spend more money we have interest rates at basically zero we have had quantitative easing. and so the government has been stimulating the economy. we can't continue to operate in these deficits

we have got to have some fiscal discipline in washington, but at the same time, we're willing to step up and spend something. i like mcconnell's original bill, but certainly we're willing to do that i think that something has to get done i don't think that the races in georgia, although they are significant on the future of congress and future of america, i don't think that they are playing a big role in why congress hasn't passed another stimulus bill yet. >> and i would say so the deficits, after 2017, after pass being the tax cut, i think that it is a little bit much to be now concerned about deficits jerome powell saying that the worst thing that we can do is not pass anything because we heard consumer spending and economic growth and we would be in a world of hurt and i think what people are saying, where is the relief for ordinary americans we know after the c.a.r.e.s. act that poverty in this country in

april and may did not go up because people had unemployment extension, it was a policy that worked they were spending it. 73% of the money went into people's pockets and you can have economists and even conservative economists saying there was no disincentive to getting that to work so let's look at the facts and do what jerome powell has been urging for a months. >> and is that in my ear, what was that i just heard? was that -- in whose house was that, is that in your house, ro? >> sorry >> what was it, it was cute. >> elf on the shelf is around in our house. i don't know if it was an he will of elf on the shelf sighti. >> all right fantastic. thank you both and we said, hope springs

eternal, but we've been disappointed so many times but thanks to you both >> thank you and coming up, national intelligence director john ratcliffe calling china the biggest threat to national security what steps the country needs to take and it is the most wonderful time of the month, it is jobs friday the latest unemployment as soon as the numbers hit ♪ ♪ ♪ ♪ ...i was just fighting an uphill battle in my career. so when i heard about the applied digital skills courses, i'm thinking i can become more marketable. you don't need to be a computer expert to be great at this. these are skills lots of people can learn.

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talks to send huawei cfo back to china from canada if she

admits wrong doing in the case against her. that's according to the "wall street journal." the u.s. has charged her with bank and wire fraud in violation of american sanctions on iran, and has been seeking her extradition. the u.s. would defer or drop charges against her if she admits to some of the allegations. separately, the pentagon has added china's largest chip maker and national offshore gas and oil producer to a blacklist of companies that has ties to chinese military the additions to the list include a construction technology company and engineering consulting firm bringing the total number of firms on the blacklist to 35 u.s. officials have long accused chinese companies of collecting sensitive information on behalf of the military. andrew thanks there in a "wall street journal" op-ed national intelligence director john ratcliffe sharing what he sees as the biggest threat to u.s. national security he says china. director ratcliffe saying it's

time for the u.s. to get ready to respond joining us is dwamcneil, a defe department official in the obama administration what do you think the reason was for writing this op-ed now >> good morning, andrew. look, very good question look, i think the article was very strong and in many ways, very agreeable washington has long been concerned about china's growing comprehensive national power but the points in the article strike me as a message to either the uninitiated or the nonbelievers, and i think washington is increasingly concerned that america's view of china largely remains one of a place of manufacturing, a place where you can invest and get investors and there's not been a lot of fully comprehension or understanding around the threat that china poses, not just in a

military sense, ships, planes, guns, but also from an economic sense, and china has used economic for quite a while to compete, to get ahead, in many ways that washington fear in the long-term will create a problem. >> let me ask you this, and we're going to have tom friedman in the 8:00 hour tom friedman talked to joe biden, president-elect biden this week and one of the things that biden said was he said i'm not going to actually change any of the trade arrangements just yet. i need to wait to get leverage he used the word leverage. what do you think would create that kind of leverage economically over china? is there a possibility you could create leverage? >> look, i think it's going to be impossible to create complete leverage over china. the market is too big, and there are too many things that we depend on china for that's not

going to provide any great leverage what i do think we can do, and joe biden has talked about this is to look to work closely with our allies and our partners on china. many of them have some of the same issues with china you're aware, andrew, of the way they have punished australia with triple digit tariffs on wine and other things because the australians simply spoke out and asked for an origin investigation for coronavirus, and the chinese have punished the australians, so i think what joe biden is looking to do is work closely with the allies to raise some of these concerns with china and pressure china from all fronts. that's about the only leverage that i can see sitting here that he will have. >> well, let me ask you a different question then. hank paulson gave a speech about two weeks ago. he talked about this idea that for many many years, there's been a reciprocity program at work here. he said we've got to stop with the reciprocity.

we actually have to get to what he calls targeted reciprocity, which effectively means where you're going to get reciprocal and where you're not, and probably going to have to put blinders on where you're not where would you seek targeted reciprocity, and what would you be willing to give up? >> these are tough questions, andrew look, i think there's some truism to what hank paulson said look, when it comes to innovation and technology, things like ai, 5g, the fourth industrial revolution, the u.s. has to be able to compete, stay competitive, in fact, win in some of these spaces so i would put a lot of my focus and attention there. i know that's a big political issue about bringing jobs back, manufacturing type jobs, and i understand that politically, but i think the real space here to compete with china is in these new technology spaces and making sure that they're not robbing us through laboratory espionage and

corporate espionage, so i would focus very heavily on the fourth industrial revolution spaces that i just spoke about, the innovations. the innovation space. >> fair enough we appreciate your perspective thank you. >> thank you for having me. >> another day, another spac, former nyse president and the ceo of this one called par pefak not far point. tom farley joins us with the lessons he's learned since going public next. and take a look at the shares of docusign, they are higher this morning after reporting better than expected earnings we're going to talk to the company's ceo about the solid quarter a little bit later must really be easy, which it is "squawk box" is coming right back

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jobs and vaccine news front and center for investors this morning, futures point to go a higher open. a look at what's moving in the premarket and what it means for your portfolio that's straight ahead. vaccine bottles sending jitters in the last hoursover trading. we'll get you up to speed in the latest against the war against covid-19. and docusign has seen its stock triple year to date. the crowe joins us to discuss business, the economy and much

more as the second hour of "squawk box" begins right now. good morning, and welcome back to "squawk box" right here on cnbc. i'm andrew ross sorkin, along with joe kernen and melissa lee who's in for becky today take a quick look at u.s. equity futures this hour. we have the jobs numbers in the 8:00 hour. we'll see what that ultimately does to futures but at the moment, things look up about 80 points higher on the dow s&p 500 opening about 9 1/2 points higher. the nasdaq opening 43 points higher, and potentially this talk of stimulus may be pushing that as well joe. >> i think so, andrew. maybe more than the jobs number, which we are just 90 minutes away from to the november jobs report, going to give investors a better sense of the strength of the economy since the surge on the surge steve liesman joins us with a

look at what to expect, and just out of the box, steve, i'm wondering if you think there's a number that would be taken by the market very positively or one that would be taken very negatively i don't think we're expecting anything great either way, and it's more about stimulus talks at this point from market moving data points. >> i think that's right, joe, and i think it would be a huge victory. i'm going to explain, i think, why this number matters. the jobs report is being closely watched, as you say for what it says about the challenges the economy is facing during this surge, and before the promise of the vaccine takes hold, that interim period here, economists looking for a gain of 430,000 jobs, to dip 2/10 to 6.7%. that's a definite slowing in the pace of recovery given the challenges that are out there this month, it would be a huge victory to even come in close to the consensus. here are some of those challenges some of the indicators we have

is that retail hiring was weak and the seasons will expect strong hiring. a lot of census layoffs along with state and local government layoffs, along with some new lock downs, not as much as we saw, obviously in the spring job growth is mostly surprised to the up side since the downdraft, 20 million lost their jobs, but of course that still leaves 10 million americans jobless. here's some of the high frequency data we follow it's turned negative ukg, work shift data posted its first decline during the pandemic that doesn't mean a negative print for the bls number it does show the recovery slowing down jim o'sullivan says we expect the down trend in the unemployment rate to at least stall in the next few months before vaccines help turn momentum in employment positive again. now, stocks, you're 100% right, seems focused on the better months ahead when the vaccine takes hold the number today, i think it could influence whether congress feels more or less urgency to

pass new economic relief you remember when we had better numbers last month, the kind of impetus for the stimulus declined a bit we'll see if this number lights a fire, if it's weaker than expected under the legislators >> i would think, steve, that this lower targeted 900 billion has much less to do with the current state of the economy because it's the same -- that's the same sectors in people that we're talking about that regardless of, you know, what we're seeing in the overall jobs picture, there's still a need, and 900 might be much more possible to just do it, regardless of what this number is today, good or bad. so hopefully, can you believe we're talking about that, that a friday number can determine whether, you know, whether the funds flowed to sectors that needed it or people that needed it that shouldn't happen that way, ste steve, if we create a perfect world. >> i have noticed, joe, that the

urgency, stock market creates urgency in congress, right you remember tarp, right, you were there for it. we watched that go down. we watched the stock market fall 800 points, you know, and with the market remaining where it is, it's a clue, i guess, to congress people that the economy is okay, that the stimulus amount is sufficient, and it's a big downdraft in the market that would say, oh, wait a second maybe we need to do something here, but now of course we're up against a different deadline people are really going to lose their benefits they had the extended benefits out there, and the economic numbers given what's going on, joe, just haven't been that bad. >> we got to go. steve. we were talking to amon. melissa has a question sorry, i didn't know that, melissa. >> that's okay it is not an urgent question, but in terms of the number giving an impetus to congress, along the lines of thinking, the tragedy is that we don't see the

full impact of the lock down restrictions reflected in this number it will be in future numbers so to that end, steve, could this number actually be more of an influencer for the fed meeting ahead of the meeting in a couple of weeks or so because jay powell is not going to be duped by the markets at record highs or the number coming in better than expected. he and company are going to see the worst numbers coming in december and january. >> i think that's a great point, and i don't think they will be fooled by this i think they know what's going on in the economy. and i don't think right now think the fed is going to pull the trigger on additional stimulus i just am not getting that feeling in terms of the fed upping its asset purchases right here at this point i've talked to a bunch of fed officials, they seem to feel like the current level of $120 billion a month, which, by

the way, melissa is not chump change it's a big number that they're doing right now. i'm not hearing they want to increase it. maybe some possibility they change and start buying some of the long end, but i also don't think the fed wants to let congress off the hook and say, o oh, you're not doing it, we'll take care of it. i don't think the fed feels that way. they have said fiscal in the past three months than they have said in the past three years i have been covering them. >> i'm glad melissa got in there and did a substantiative question i was going to ask you whether you have played in front of people recently with your band, and i was, because we were talking to aymon about that. >> we have not we miss that, desperately, desperately. we have a big hunger live stream benefit coming up. we're going to do a big benefit that we're going to do as a live stream we have not done anything -- we

didn't do outdoor gigs since the fall we could do a drive-in gig, joe. >> that's a great idea, and i was going to suggest that on "squawk box" for like, if we could see you a half hour one day next week to raise some money for like a live aid sor something, live steve or something. i was glad melissa didn't waste the time, and i wasted it anyway it's not a waste because maybe you'll do some good. liesmania, alive and well. a couple of big headlines to bring you beyond the jobs numbers later today, which would be the biggest, we imagine, we'll see. but stimulus negotiations continue on capitol hill yesterday, and that's what may be moving the markets at least right now. senate majority leader mitch mcconnell speaking to house speaker, nancy pelosi by phone he later said they were both interested in getting an outcome on a relief package and legislation to fund the government, but nothing yet. now, the justice department

separately suing facebook. you should look at that stock, accusing company of being un-american by favoring foreign workers by visas over those from the united states. the action following a two-year investigation into whether the social media giant intentionally favored visa workers and temporary immigrant workers according to the department of justice. cnbc is pushing back on a report from the "wall street journal" that stated pfizer and partner biontech had cut the number of covid-19 vaccines it plans to ship this year to 50 million from 100 million that news sending markets reeling in late trading yesterday with the s&p 500 giving up the majority of its gains from earlier in the day. in fact, it was pfizer in a press release dated november 9th that said based on projections it expected to produce 50 million doses globally for 2020, and up to 1.3 billion for 2021 pfizer reiterated that number on november 18th.

the last time it mentioned the 100 million dose figure was for 2020 that was back in july. cnbc's meg tirrell will join us again with more on this story in the next half hour, but stocks did move on that you saw moderna get a nice rise, but we're calling it wrong for now. given that that news had been out there for quite some time, and unclear why the journal stated it the way they did melissa. coming up, farpeak chairman and ceo tom farley joins us, his second blank check company it's going public. we'll ask him about that and much more. before we head to break, let's get a check of the markets as we await the november jobs report, s&p looking to add 10, ndaupasq 43 "squawk box" will be right back. [ whispering ]

what's this? oh, are we kicking karly out? we live with at&t. it was a lapse in judgment. at&t, we called this house meeting because you advertise gig-speed internet, but we can't sign up for that here. yeah, but i'm just like warming up to those speeds. you've lived here two years. the personal attacks aren't helping, karly. don't you have like a hot pilates class to get to or something? [ muffled scream ] stop living with at&t. xfinity can deliver gig to the most homes.

as you are aware, i'm sure 2020 has been a record year for special purpose acquisition companies or spacs according to spac insider, there have been 208 ipos this year, raising more than $71 billion, and that is a substantial jump from 2019. and today, there's a new one in the mix. tom farley, chairman and ceo of far peak, also chairman of global blue, and former president of the nyse, and you

know, used to be a friend of us here he's here today to tell us about it but tom, you don't call, you don't write. you have been busy, i think. >> am i off your friend list i didn't know it was that bad, joe. >> no, but we have missed you, and we're just -- >> i miss you. i miss andrew. i miss melissa i miss becky i wish i could give you all a hug and a kiss >> you can't. >> i was asked to come into the studio this morning, and i was told absolutely not. >> no, no, i'm not there either but i'll be back next friday let's do it then, but i still don't think -- you may have to go up to the second floor. we're still doing the distancing thing. tom, for people that haven't been following your, what are you, 30, your incredible career, what happened with the -- this is your second spac. can you go back and tell us about the first spac it finally went through, but what a time to announce a global travel kind of acquisition right before the pandemic.

what went on with the first spac >> it was surreal. i spent a year and a half with my partner, dave banano, scouring the world of fintech, we talked to 125 companies, and narrowed down the funnel to global blue, owned by silver lake it's a fintech to the global travel industry. we announced the deal in mid january. investors loved it stocks traded up, 35 million shares in the first two days, and two days later, coronavirus became a global story. two days we had two days to plan our, you know, tick or tape parade. the benefit of having great partners, dan low, silver lake, we all went back in the lab. we recut the deal, loaded the business up with additional liquidties, set it up to succeed in the public marketings stock back above $12, well above the deal price the business is poised to succeed as the pandemic

subsides, but i'll tell you, there were some dark days. going back to march, i had a nasty case of coronavirus myself, and i had 103 fever, i was curled up in the fetal position, getting the revenue reports from the company, i'm thinking, oh, geez, how do we right this ship. we did, here i am, i'm proud to say we have raised a $600 million spac, started trading yesterday on the nyc i can't believe i'm here with you celebrating both spacs given the start of the year. >> i heard that, tom, and actually, that put a little of the fear of god into me, you know, you're like 6'4", 30 years old, i know you're a little older, but it knocked you for a loop, i heard, when you got it, so, you know, people need to -- can learn something from that too. okay congratulations, i'm glad that all worked out, and it still obviously, you know, you're

still in the middle of that, it sounds promising what about this new one, what's happening? how is it going to work? sg for t >> for the most part, fintech is kind of the place to be. all of these trends being exacerbated by the pandemic are benefitting fintech, cash to car, instore to retail, work from home, general acceptance of technology, so there's lots and lots and lots of companies out there. there's definitely more spacs casing those opportunities than when, you know, when i raised my first spac back in 2018. but we're seeing a differentiation from the sellers, you know, the big private equity firms, the vcs where they are looking to partner with spacs that have kind of proven operators, people that can be helpful after the ink drives on the sale that's our pitch and the sense is 24 hours in that that pitch is residenonating and we're hop we can find a good deal pretty quickly, you know, as quick as we can, and still get a good

deal for our investors, making money, taking another company public on the new york stock exchange, and have some fun with it. >> the point, dan loby, is there any bad feelings with anyone with the first spac? he's still around, right and having a -- you make the point that a good board is essential at any time but especially given the developments of the last year or so that was really -- you couldn't have done it without, s. >> i love dan. he's as warm and cuddly as ever. he is involved in the spac i hope he wouldn't mind me saying. >> that's a calculated comment that's a low bar >> i'll tell you what, i have been up and close and personal with that guy, he's ruthless as a fiduciary ybut he's ethical a great partner. i'm excited that he's an investor in the spac because i'm

not sure we would be as effective without his wisdom during the dark days of march, april, may, when we were dealing with the global travel business and the pandemic, you know, he really helped us recraft this deal and set it up for success the far point was third point. far peak is to indicate that he's not a partner in the gp in the same way but we're all good, and he's very much a partner in this deal in the form of investing in the ipo, and being a sounding board >> you know, i want to ask you about the runoff and senator loeffler, and you know her well, and i guess her husband as well. i want to ask you about that, but spacs in general, are you, troubled at all about the environment right now in terms of how popular it's been, and whether there's, i mean, are we getting towards an oversupply of spacs or a kind of a -- that

could be dangerous. >> i know you get annoyed with wishy washy answers. i oversaw 500 ipos at the nyc with barry from spotify, i helped come up with the direct listing. i have an understanding. they all have a role spacs aren't going to displace ipos, direct listings, but there's definitely a role for spacs. there was definitely some exuberance this year, perhaps irrational, but i saw it on the road, investors are drilling down into the sponsor's track record more than when i raised money in 2018, and even just in the last six weeks, it's gotten more difficult for first time operators or operators who don't have a background to raise money. i think that's a good thing. you want to see higher quality spac sponsors, more institutionalized people willing to better align themselves with not just their investors but with the sellers, lower cost of capital vehicles, i think that's on the way i think spacs are here to stay, whether or not, you know,

there's another 80 billion that gets raised next year. frankly, i doubt it. but i do think it's at a permanently elevated plateau from where it's been over the last decade. >> tom, kelly loeffler, i mean, both senators in the runoff, the republicans, there's questions about stock trading. i mean, kelly loeffler, she certainly doesn't need to trade any stocks at this point, right, but tell us what your impression of her as a person and senator, et cetera. >> don't take offense. i know you just brought up the stock trading. i don't think that's a serious topic or question at this point. she was investigated she was exonerated look, kelly is a very wealthy woman. she worked her butt off and her husband worked his butt off to get where they are today, and they have people that trade stocks for them in a legal and ethical fashion. i can speak personally i probably know kelly as well as anyone from a work context i worked with her very regularly for 12 years i tell this to people all the

time she was the hardest working person, perhaps the most productive number one institutional investor in terms of running an ir office but she was doing that at the same time she was running global marketing and communications for a business that had very intensive marketing and communications but, you know, also she has a tender and empathetic side she never miss es my birthday sends me a card. when i was at the new york stock exchange, she sent a pet unicorn, and thanked me on behalf of i.c.e. for winning the tech ipos. she's gone from the farm, corner office, now to washington. i'm rooting for her. i've backed her, and i think she's going to win >> hey, tom, i wanted to come back to the spac topic just for a sec because i know you and i have talked about spacs for a long time, and you understand it on both sides of this, do you think that the rules should change either for spacs in terms

of disclosure around what you can say forward-looking statements and the like, either ipos should catch up to spacs or spacs should catch up or go backwards ipos, do you think there should be a leveling of that playing field in some way or no? >> hopefully not until i complete this spac, andrew, because, you know, it's definitely an advantage going public and being able to have a collaborative relationship with your investors and discuss forward projections but in all seriousness, i hope the s.e.c. looks at that, and, you know, makes the right decision i haven't quite frankly been as focused on that as a policy matter but i definitely like that facet of it for spacs and it's helpful. >> in terms of the idea of spacs and ipos and the dynamics between them, i'm wondering, spacs, you say, won't replace ipos, do you think the best day for the exchanges in terms of ipo listings are behind them >> can i just say one quick

thing. you guys have done a great job since the pandemic melissa, i'll answer your question directly, i want to say during my somewhat dark days and having some health issues and others in this country, very uncertain, i have been glued to "squawk box," so i should have said that at the outset, really really awesome job guys, under difficult circumstances. melissa, i think it's too early to say the benefit of a spac is you know the price and you know the amount of dough that you're going to get, whereas with an ipo, that's uncertain until the moment that you go public. conversely, if you're a really hot shot company like door dash and you go public on the new york stock exchange you may catch the tail end at the right moment, and the valuation may be higher than what the analysts thought, and with the spac you're cutting off the potential up side. everybody has to kind of decide which vehicle is the best one for me, and then there's also the cost of capital issue. if a spac is trying to merge with a small company, the amount of fees that are attached to a

spac can be too high relative to that opportunity, and quite a bit more expensive than an ipo you have to slice it that way, too, and say which is going to be more diluted. i wish there was an easier answer where i could say this is better than that, but there's not. you have to find the taylor made solution depending on the opportunity. and it's not easy to always know, and i can tell you, i personally made a lot of mistakes early on with the last spac, going after an opportunity that were better as an ipo or better to stay private there's a whole process of learning that, the benefit is as a second time operator, and third time operator, god willing, to have a little more of that expertise. >> i hear music. i need to talk to you, though, for a second, tom, maybe we should do it off camera, but so how long before you felt okay and how do you feel now? and will you get, you won't get a vaccine, i guess, did you lose

your sense of taste or smell, did your lungs -- what was -- >> i almost feel guilty talking about this, joe, given how many people have died, and i have friends and regular "squawk" watchers, my buddy steve up in cape cod who got crushed by it i had 102 to 103 1/2 fever for 15 days straight and i couldn't get out of bed for another week. i lost about 25 pound. i looked like skel tor, cracked a tooth from chatting. felt like a sledge hammer came to my back it was at the exact time the s&p seemed to go down 5% a day and i remember, i'm trying to negotiate a deal with the great folks at silver lake, and i just -- i was exhausted. my brain wasn't firing i was physically exhausted so it was not -- it was not a good period in my life, but once on that 23rd day, i woke up and,

yes, i was weak, but i felt better, and i felt hopeful and optimistic and started getting into a workout routine the thing is at that period, it matters who your support group is i don't just mean my family who's incredible but the board i had as we worked through that, that's when a board matters. on a happy path, a board isn't that big of a deal, but when things go wrong, you know, having four star army generals, nico nico nico nicole seligman, people like that on your board to go to battle with, i needed it, and they picked me up when i wasn't able to go full strength. >> thanks for being honest and frank about everything, tom. i can't imagine that, what a period in your life with everything going on, and then obviously covid being the worst part of it anyway, that other stuff could have happened and you know what i mean, that's whatever, but

hopefully you're good. >> it was all at the same time >> i know. i can't imagine. >> brian steel looked after me, and i appreciate that. >> i know. i was getting updates from him >> it's good to be back. i hope i'm back more, sooner than, you know, ten months, which was the last time i was on air with you great to be with you guys. keep doing an awesome job. >> exactly we look forward to that. thank you for that, too, for saying so. tom farley, we'll see you. thanks. >> tom farley, thanks, tom, and it's good that tom is healthy, and also an important warning as well coming up, when we come back, the count down to the 8:30 jobs report, plus, is a crypto crack down coming. that's the question we're going to talk about possible regulations and issues facing crypto under a biden administration, the acting comptroller, currency and former chief legal officer joins us in just a few minutes to explain. and later, pushback on a

report saying pfizer is cutting its initial rollout of its covid-19 vaccine in half meg tirrell joins us with the details or i would say the truth in just a moment time now for today's aflac trivia question. according to adobe analytics, how much did consumers spend online on black friday the answer when cnbc's "squawk box" continues 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

where does covid's rise and state restrictions continue to impact the work force, november employment numbers today 8:30 a.m. eastern on "squawk box. watch "squawk box" anytime on demand ♪ sleigh bells ring are you listening ♪ ♪ in the lane snow is glistening ♪ ♪ a beautiful site we're happy tonight ♪ ♪ walking in a winter wonder land ♪ now the answer to today's aflac trivia question. according to adobe analytics, how much did consumers spend online on black friday the answer, $9 billion that was an increase of 22% year-over-year ♪

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bitcoin is back, hovering around $19,000 near a record. what's behind the rally and is a crack down coming. we're joining by brian brooks, acting controller. thank you so much for joining us i want to start by asking about a tweet that your former boss brian armstrong sent out last

week, said the treasury could be rushing out information about self-hosted crypto wallets by the end of the term. is that true >> rumors abound in bitcoin more than any other place what i will tell you is we're focused on getting this right, not killing this, and it's equally important we develop the networks as it is we prevent money laundering and terrorism there's a balance, and it's going to work for everybody. >> that's a neither yes or no answer to that should we be expecting some new regulations by the end of the trump term >> i think you're going to see a lot of good news for crypto by the end of the trump term. some is going to be more clarity around the nature of the assets. there's going to be positive messages coming out. at the same time, it's a dangerous world out there. we have to be honest about that. nobody is going to ban bitcoin nobody is going to ban transmission technologies. i think it's going to be a lot less bad than people were worried about. >> janet yellen said in the past she's no fan of cryptocurrency,

how should investor, particularly crypto investor piece together who biden has appointed in his team, and where crypto could be going during his term >> you know, here's the funny thing about america is what matters more than what any given president or treasury secretary thinks about something is what people want, so remember, you know, the taxicab commissioners of america hated uber and did everything they could to keep it out, but americans wanted it and it's here to stay. it's the same thing with bitcoin, adoption is too widespread, the technology is too important, the need for the currency is too important for it to go away i'm not too worried about that. >> hey, brian. it's good to have you on so in the past, we had secretary mnuchin on, and i swear this is one of our, in terms of twitter exploding, he talked about money laundering, and sort of the nefarious uses of bitcoin and all of these rns cconcerns, and asked him, i remember at the

time, i didn't know it was going to be profound, in the history of the world and all we know about money laundering and drug cartels, and everything that's ever been done, it's all been done with fee fiat money and cash, and now there's bony, and they keep saying it's going to be used, i mean, it's never been a problem to launder money and do nefarious things using the existing system, so why is that an appropriate sort of red herring that we always hear? >> you know, look, there's a thing in the world called behavioral psychology and it tells us we have a whole bunch of biases that we're not aware of, and the answer is we have something called status quo bias we think the status quo is safe no matter what it is, and whatever is different is dangerous. those of us on the technology vanguard get that, and what we understand is the same risks that have always existed will keep existing but we'll have amazing new applications incredible friction free futures. all of that stuff, there will always be bad guys, and no

matter what technology we have, they will be there the question is are we going to sacrifice all the benefits of the future because we're wedded to the past. i don't think americans are going to do that, and that's why bitcoin is where it is, and market volumes are where they are. people ha >> i think the money laundering and nefarious, that's one of the worst arguments against crypto adoption i want to follow up on the point, you think good things coming by end of the trump term for cryptocurrency are you in the camp who believes that more regulation in cryptocurrency will be a good thing overall for the industry >> i wouldn't say more regulation this is not like your breakfast cereal box where it talks about weight, not volume i don't think we need 50 regulations instead of two what we need is clarity about what's involved. we need guidance, for example, whether banks can connect to block chains for payments, the answer is yes. can banks cryptocurrency, and you saw what happened when we gave that.

so you have clarity across a variety of areas that i think you'll be seeing just in the next six to eight weeks which will make it easier for crypto investors to know how to invest, to know how institutions can be in the asset class, and those are the things driving prices at this point it may have been a bubble two years ago, but with more clarity institutions that see this as a real thing are going to adopt at scale which they have started to do, so stay tuned. >> going to be busy in the next six to eight weeks we hope you'll keep us posted. thank you very much. appreciate it. joe. >> thanks, melissa coming up, the latest on vaccine supply news and when shipments could start. we're going to discuss that after the break. and when meg comes back on, i'm going to get her to talk about nano particles, too, because it's unbelievely fascinating and the ceo of docusign joins us to discussheompa's t cny quarter. here are the futures and the jobs report, which is also

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. welcome back to "squawk box. pfizer shares coming under pressure late in yesterday's trading session after "wall street journal" reports shedding light on the company's shifting vaccine forecast meg tirrell, though, joins us

with, let's just call it the truth. meg tirrell, tell us the truth well, hey, andrew. so this "wall street journal" story really explaining a change that happened between september and november for 2020 supply of its covid-19 vaccine as recently as september they were forecasting 140 million doses could be available this year, and then as of november, they reduced that to 50 million doses. they're still projecting 1.3 billion doses being available globally explaining it was an issue with their raw materials but pfizer saying it's confident in its ability to ship, you know, 50 million in 2020, and 1.3 billion in 2021. similarly, moncef slaoui from operation warp speed telling us there's no change to pfizer's commitment and he hasn't been informed of issues this isn't a current problem but explaining something that happened at least a month ago. now, we are a week away from potentially seeing the first

doses going out in the united states, depending on how quickly the fda acts, and operation warp speed has said that the initial doses available from pfizer in the first batch will be 6.4 million. and guys, this really couldn't come at a time when the country needed it more in terms of hospitalizations, we are seeing them increasing now in 37 states you can see the darker yellow there has the biggest increases, really the west coast and east coast now seeing the upswings as the midwest has been hit so hard already. icu bed availability is constrained or severely constrained in 19 states you can see states in the dark green there, severely constrained, 85% full in terms of their icus. today is an important day in terms of the vaccine planning because the micro plans from states are due to operation warp speed, essentially detailing where they want the first doses of vaccine shipped, once it gets

the approval this is from pfizer. we have been told from new york, they expect 170,000 doses in the first shipment california, 327,000. small states like rhode island get 10,000 wisconsin, 50,000, and already, guys, we are starting to hear from governors trying to get more for their states. governor tony evers from wisconsin, writing a letter to secretary alex azar yesterday noting that their state has had mitigation efforts that have been struck down and saying given this, and the outside's impact, covid-19 is having on our state, it's critical that wisconsin be prioritized for vaccine allocation, in quantities sufficient to vaccinate our health care work force, and doses able to distribute to high risk operations operation warp speed is distributing vaccine doses based on population levels of people over 18 in each state, but states already trying to get more for their citizens. guys >> so meg, you opened up a real

p pandora's box. you know how much we have talked about nano tech in years, and you dropped the quote for where some of the raw material issues were and i don't know if people realize how important and how transformative this is and how it really is nabling any of these vaccines to go forward, and that is a little fat, almost a bubble to transport the little piece of nucleic acids and messenger rna to where it works and doesn't get degraded along the way, which happens all the time with the normal body responses, but there's going to be competition for those raw materials because this is a technology that's going to be widespread in the delivery of all kinds of therapeutics with cancer, and there was a noble prize that rewarded in the work for some rna interference which used a lippeid it's going to be in short supply, these raw materials.

>> yeah, joe, so for the vaccine purposes, the companies have been preparing for this for months you know, they have been doing the vaccine scale up as they were running the phase 3 clinical trials, the early clinical trials, and so they say they are confident in the projections they have given us for how much vaccine they will be able to create, and they do need these lipid parts for the mrna vaccines to protect them as they're getting delivered to the body, as the mrna makes it to themselves the pfizer issue was raw materials supply we don't know exactly what it was. that's according to the "wall street journal" reporting, and so we're going to have to watch and see how these supply chains hold up as this is done on an unprecedented scale. >> meg, thank you. meg tirrell. coming up, cloud based digital signature company docusign has seen the stock triple year to date. the company's ceo will join us after the break, and check out the other stay-at-home stocks and pre-market trade

"squawk box" will be right back. it's down to the wire,

the team's been working around the clock. we've had to rethink our whole approach. we're going to give togetherness. logistically, it's been a nightmare. i'm not sure it's going to work. it'll work. i didn't know you were listening.

welcome back to "squawk box" this morning, e documents company, docusign reporting better than expected results for its third quarter and it's been on quite a wild ride the pandemic play stock released upbeat guidance for its upcoming quarter which prompted a prompt

in after hours trading, more than $42 billion greater than dow component wa walgreens. joining us docusign ceo dan springer the stock has been on a ride the company has been on a ride the big question investors are asking longer term is this great acceleration has happened, but how sustainable, ultimately, is it in terms of this kind of growth rate. can we expect this kind of thing going forward? >> i think we're excited that the growth rate is going to continue to be dramatic and successful going forward, andrew we look at the short-term impact that covid has had, and obviously it's been a horrible pandemic in so many ways, but it has had some positive tail winds for our business but most of that, we believe, is less of the short-term change, the few sort of use cases that people have related to the pandemic, and more of a digital transformation change where people in a secular way realize they need to modernize their

businesses that's why we're super excited about the long-term positive growth ahead. >> long-term, when you think out about this business, do you look at yourself now as an inquirer in the cloud space of an inquire in the space the long-term is its own independent entity or it gets gobbled up the way we're seeing so many other, the slacks of the world getting gobbled up by the salesforces of the world. >> as a public company you give up the right to determine whether someone else going to acquire your equity. my strong perspective is we want to build the docusign agreement cloud as the next big cloud opportunity. we'll continue to be inquisitive, though we won't be a block buster acquirer. we will probably buy, as we have done in the last couple of years, really smart software produc products that we believe fit into our overall agreement

sales software, we did earlier this year to bring artificial intelligence and advanced analytics to our overall software suite. >> in terms of growth, where you see this business, even two or three years out in terms of what the agreement cloud even looks like >> i think a lot of people when they say docusign people say e signature and we have become synonymous with that block buster product that we brought to market, and i think that's fine you know, from time to time, we talk so much about the docusign agreement cloud and the important features we're building in the platform and i like to remind people signature is great signature has been a fantastic return on investment for all of our customers. people see that it's an opportunity to drive digital transformation and improve business results increasingly it's not just about the routing around the work flow and the signing of the agreements, they have to generate the agreements and think about the actions that

they take once an agreement is signed, and importantly, when you have agreements, you need to manage them, have a supporting set of systems for doing that. that's the vision we put together a few years ago i think it's spot on, i think it's a multiyear execution to build out a platform play versus just the fantastic solutions like e signature, which aren't going anywhere they are going to continue to be a huge driver of our growth. >> i think investors are trying to get a handle on what business post pandemic will look like i wanted to ask you a question about one graph in the slide pack in the earnings release, the average contract length, which is 17 months, which will get you well through the pandemic in terms of the break down, 31%, greater than 12 months, as you on board new customers, can you give us a sense of how long these customers are willing to sign a contract for. are you looking well past the pandemic or more short-term? >> yeah, absolutely, i think the way to think about that part of the business is remember,

docusign serves, we believe, in the long run, every single company, and i know that's audacious to talk about it that way. from the smallest mom and pop, up to the largest fortune companies, they are all going to use docusign, and many do today. the contract length is very interesting. small businesses, many of the folks that come to us on the web, a smaller portion of our revenue, but a significant number of our over 800,000 customers are small businesses, some sign on month-to-month plans. most convert to annual plans, because we give an economic incentive to do so when you give in the core mid market of our business, these solid companies tend to do one year contracts when you get to the enterprise, they tend toot 3-year contracts and because of the way they're purchasing the cycle, we tend to see that in that three-year rank. >> when you guys sit around on a monday morning in the old days with a white board on a zoom call with your team, and you think about the competitive set,

and what's happening in the cloud space and as i said, we're seeing obviously this big sales force slack acquisition is on everybody's mind when you look at microsoft, and when you look at the whole space, who do you think of as your biggest competitor right now? >> well, i'll be really clear, when we talk about competition, we talk about one phenomenon we compete with paper. and we compete with paper and manual processes that is fundamentally. most of our business is greenfield you take a look at just the signature pizbusiness, it's a $25 billion tan, and we're super pleased to hit a billion dollars in revenue, and we're set on two and five as our next big hit that's a small penetration, and when you go to other companies, we have over half of the market in terms of what's been developed today. we have about 2/3 of the e-signature market when you get into the broader agreement cloud, we don't spend very much time thinking about other companies as ompetitors,

we think about driving digital transformation, and we are a customer success and customer centric company than competitor oriented company because there isn't a lot of strong competitors who are as focused as we are in building out the agreement platform. >> dan, we're up against a hard break. we appreciate it very very much. the numbers are remarkable, and we wish you lots of luck, and hope you come back and continue to talk about your progress. thanks. >> thank you look forward to it >> joe coming up, the november jobs report just under an hour away we'll bring you e mbs d thnueran instant reaction (♪ )

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save over 30 hours a month with intuit quickbooks. good morning some new glimmers of hope on the potential stimulus out of washington could we see a deal by the time government funds run dry just one week from today home box office taking on a new meaning, a huge slate of movies will now stream next year, even as they're released widely in theater, what does this mean for that beaten up industry. and only 30 minutes to the number of week the november jobs report, we're going to bring you the news, analysis, and instant market reaction as we get set to wrap up a big week on wall street the final hour of "squawk box"

begins right now it's been a while from this terrible music, "the final count down," good morning, welcome to "squawk box" on cnbc i have seen other tv media outlets use it for other reasons, for whatever final count down it is, i'm joe kernen along with andrew ross sorkin, melissa lee, becky is off today. liesman is on and he hates when he play this that's a positive. u.s. equities futures as w approach the big job numbers, up about 90-plus points on the dow, the s&p, you're going to keep playing it up about 9 1/2, nasdaq up 28 or

so melissa, you got a couple of big stories. do you have music on fast money? i mean. >> we have all sorts of music. we play music usually to irritate people, so this would definitely fit the bill for sure >> we're children, aren't we >> let's get to two stories we are following closely at the top of the hour. mike santoli is monitoring the markets, looking at if most of the vaccine news is priced in. we go to eamon javers on fast moving stimulus. >> the biggest development is we are getting talks between mitch mcconnell and nancy pelosi they spoke yesterday, and take a look at the statement from mitch mcconnell who's suggesting that both he and pelosi are interested in getting to an outcome here that sounds like bland washington speak, and it is, but it is a signal that there are some real negotiations going on behind the scenes, so the expectation now is that there could be a potential for about a

$908 billion bill, only 300 to 350 billion of that would necessarily be new money some of the other money in the deal could come from the c.a.r.e.s act funds and ppe funds that weren't used last time around, redirect those to new targets. less clear is a prospect for a spending bill by the endov of t year that was hanging as well the prospect of the relief bill out there. not clear where that's going to go and we saw a fascinating series of tweets from the president of the united states threatening to veto the $740 billion defense authorization bill if it doesn't include a change to section 230 of the communications decency act. why is that important to the president? that's the law that allows social media companies in particular to be exempt from liability for things that people post on their systems. so that is what a lot of internet advocates call the

backbone of free speech on the internet the president doesn't like it, because he doesn't like social media companies editing or disputing his comments he thinks ultimately that social media companies have too much power. he wants to change that dynamic and make them liable for things that people post on their systems. that has nothing to do with the defense bill it's just something the president wants to see, and the defense bill is a train leaving the station. he wants to attach it to that. republicans and democrats on capitol hill have rejected that. the president is now threatening to veto the bill over not including this outside measure he's also threatening to veto it over the question of confederate base names in the military so we'll see where that goes but a lot of moving parts here in washington as we get down to the end of the year. not clear where any of this will land there is some encouraging sign now that there's a real negotiation on stimulus, guys. >> amonojmike santoli joins us a look at impact the vaccine news has on wall street record highs, mike.

>> record highs and dramatically positive in the parts of the market that move fastest in response to exchange sphb, the high beta s&p 500 stocks, the ones that are highly geared to changes in the economic outlook the most volatile stocks, up 33%, since october 30th. this is november and the first week of december kce, asset managers, massive inflows into equity funds, exchanges, wall street related companies. that's up 19% in just five weeks. obviously small caps, so that's the outperformance versus the s&p 500, 11% right there this is bull market leadership it's actually good news. it shows you the market is positioning for better times and a higher energy type environment, both for the economy and the markets. the question is, you know, have we incrementally kind of priced in the near term vaccine candidates yesterday's headline about, you know, maybe there was going to be a less supply of the pfizer

vaccine. whatever the facts of that is, the headline itself caused a flooder in the market. it shows short-term the market is tightly stretched in the direction of feasting on incremental good news, and we have done a lot of that so far, joe. >> mike, i have a question for you before we get to joe, in terms of the markets here. would you say that they are complacent i think there are a few indicators that might suggest that the markets are complacent at this point. that may not necessarily be a good thing in terms of equity performance. >> almost everything you look at in terms of sentiment and positioning says, yes, people are all in behind the bullish case it's not usual, though, in the fourth quarter very difficult to fight the seasonal melt up you get this time of year when people are bulled up like this, melissa it's not a timing mechanism. what it tells you is it lowers the bar for the kind of surprise that could give a shock to the market, and cause a shake up

often, too, it's the first quarter, january and february where you might have some kind of reckoning that some of the bullish consensus gets challenged >> all right mike, thank you. coming up in just a couple of minutes, the government's november jobs report, but next, hbo is about to become more of a home box office than ever with big movies streaming the same day they're released in theaters stocks of those companies getting crushed as you can imagine on the news. we'll have rich greenfield, going to take a break from gaming to weigh in and as we head to break, some news on door dash's ipo, a regulatory finding boosts the price at which it will sell shas from 90 to $95 apiece, from 75 to $80 the company expects to raise more than $3 billion in its ipo. stay tuned, you're watching "sawbo ocn quk x"n bc

welcome back to "squawk box" in what our next guest is calling a water shed moment for the film industry. warner brothers has announced it will debut all of its movies next year on hbo max and in

theaters at the same time. to talk all about it, i should say, we're joined by rich greenfield, partner and media analyst at life ship partners. it does feel a bit like a water shed, rich, and i think the question that everybody's asking is not just what it means for the theaters today, and obviously we'll talk about the implications on amc specifically because of the challenges they're facing but what it means forever. can you ever put the tooth paste back in the tube >> i think the gee jonie's, peo will go to movie theaters for decade, kids want to get away from their parents, a night out. there's still going to be a movie business it's just going to be more of an event business rich and i max on many times on your show. it's going to be more event-ized going to the movies to see a movie will be less there will be a lot more movies

available directly into the home the home media business has been telling you, at this point in time you can watch it here at this point, you can watch it there. now, this is really warner brothers empowering the consumer saying, look, go to the theater if you want. if you want to stay home and watch it on your hbo max service at no extra cost, do it that way too. it's really empowering the consumer >> sure. but how much magical thinking has to go on when it comes to the economics of this? that to me is the fundamental question you look at what's going to happen this may be a great boon for hbo max in terms of new subscriber, no question, but the cost of these productions as you know so well is frankly outrageous to some degree, and only historically has worked on an economic basis because you could actually make the money in the theater. >> i think you have to reframe how you think about the movie business we talk about amazon entering the video business, not because they make money on video, they

make money because of the totality of what it means to amazon apple doesn't do apple tv plus, if you have watched teheran, they're crushing it on a creative basis right now, but you know, they're not making money on apple tv plus it's building the apple ecosystem and your love of the apple brand. i think you have to think about this more throughout the entirety of not just warner media but all of at&t, in terms of the very specific question, think about hbo max, 9 of 30 million people are using hbo max that have it today, so this is forcing people to start using it you're going to see more people come to hbo max. this is going to make those subscribers happier than they have been, and it's going to make it a must have service. it's not on the largest platform, roku this bold move breaks na log jam, and helps get a deal done with row roku in short order.

>> how many subscribers you will have 12 months from now, versus how many you thought have thought 24 hours ago, how would you change that projection. >> before hbo max, hbo was in sub decline. "game of thrones" had headed they were going from mid-30s towards 30 million, with hbo max, they have started to rise they are giving some of those away to at&t phone holders it's not a totally fair comp but the numbers are growing, you're moving towards 40 million hbo sub skr subscribers. we have thought that the benefit of hbo max, and what i think of it, this is the highest profile content. i have to believe you're moving to the needle, up towards 45 to 50 million subscribers far faster than you could at hbo max. >> two things and i know melissa wants to get in, the thing i don't understand about this is you're talking about a business

that's almost subsidizing other businesses you're talking about an economically irrational business because of apple having its business on one side or amazon this is like bloomberg, you know, subsidizing their news business what does it do to the netflixs of the world or anybody who's trying to do this on an independent economic basis because if you're saying that doesn't work, then the whole thing really doesn't work? >> well, i mean, netflix is making i think the gray man that netflix is having made for it by the creators of the avengers, they're doing movies that are 250 plus million dollars i think extraction was a $200 million movie there are huge movies coming out direct on streaming services tom hanks did a movie on apple tv plus. you're seeing a tremendous amount of movies that are not going to traditional box office, and i don't think it's torching

cash they're looking at it through a different lens than box office returns, and remember, wonder woman is still going through its dvd, home entertainment release. it's going through its sequential release pattern all of these movies that are behind me on the screen, 31 days of premiering on hbo max, as well as in theaters. >> but to andrew's point, rich, the movies, the quote unquote block buster movies being produced by netflix, are very different budgets than the block busters being produced by warner media, so what's the economics behind this strategy for at&t. apple you mentioned keeping them in an ecosystem, to preserve and perpetuate, so amazon the same thing, so what is the end here when you're spending this amount of business to acquire customers? >> i would disagree with the last statement in the sense that netflix is spending more on the theoretical business than any traditional movie studio, they are probably putting $5 billion

into the movie business on an annual basis now, so they are making it work think about it, driving subscribers and arpu is a far, and having cash, you know, money spent the entire year, so $15 a month or $14 a month, whatever the number is on the specific service, if you can build up tens of millions of subscribers, that reoccurring revenue basis is tremendous. netflix has more revenue than the walt disney studio there's a reason why subscription economics work. it's different thinking. this is a radical change for everyone in hollywood. this is different because you're not doing box office, gross and profit you're looking at it much more holistically this is where the world is going, bhif you look at netflix >> it's a longer conversation. we've got the jobs number coming up we've got to have you back to continue it because it's so much to dig into. i'm sure we'll try to do that in

the next couple of weeks rich, thank you very much. >> thanks for having me. coming up, "the new york times" tom friedman on dc stimulus negotiations that have suddenly come back to life, plus, the november jobs rertpo, we're a few minutes away now stay tuned more "squawk" right after this ♪ wild thing, ♪ ♪ you make my heart sing ♪ ♪ wild thing i... think i... you know what i think? i think you owe us $48.50... wild thing. if you ride, you get it. geico motorcycle. fifteen minutes could save you fifteen percent or more.

welcome back to "squawk box," i'm dominic chu. a few key areas of the markets to keep an eye on as we head

toward the big job numbers we have seen outperformance again in the nasdaq composite assuming that leadership role after giving it up over the course of the last month still the under performer in the dow. nasdaq up 38% year to date, and resuming some of the leadership just over the course of the last couple of weeks. three areas of the market that are hitting record highs or at least close to record highs. check out what's happening, semiconductors and retail. these key parts of the market have hit record high levels. watch retail and the semiconductor, two areas of the market that could be leading indicators, and then one other part of the market that's hit at least a multiyear high is the emerging markets stocks. this particular etf is now at a 2 1/2 year high up there mseem is doing very well, and one other thing to watch, the stocks that have led the way so far this week, the best performers if the s&p 500, check

these names out, united airlines, ralph lauren and holly frontier, oil, retail, travel, three of the best performing stocks so far this week in the s&p, and so that optimism trade playing out in the morning movers i'll send things back over to you. vaccine type stuff but retail is amazing. i think the consumer's got money because, you know, they haven't been flying around anywhere, spending money on vacations and bowling and anything i keep bringing up bowling i don't like to bowl, but i brought it up. thank you. futures right now are indicated up on the session. it's been pretty solid week after what we thought was going to be maybe the beginning of a retrenchment after that big november that we saw remember the first day of december was a little dicey. it's been pretty solid since then coming up, the government's november jobs report we have an all star panel set for the big number in the instant analysis we may do that zoom thing where

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welcome back to "squawk box"

on cnbc, we're just a few minutes away from the government's november employment report and ahead of that, we want to welcome our jobs panel, and get a few predictions. joining us now, jason fuhrman, former council of economic advisers chairman, harvard kennedy school professor, and i don't think the last chapter has been written on fuhrman's government service in fact, i'm surprised he hasn't been scooped up already. we'll talk to him about that we can't do the nasdaq wall. we can't do the zoom thing we can't -- because i'm not there. that's another drop back from being at home. kate moore, head of thematic strategy at black rock neela richison, and steve liesman and rick santelli. welcome. what's the deal? is it in the works

>> absolutely not. i'm super happy at harvard, i love being here, my family wouldn't let me move, and my big problem is they assembled the dossier of the nice things you said about me, and that's just toxic in some circles. >> i have seen in the past where someone says, i give out an endorsement, but that would just kill it for the person okay that's funny you're real funny. but what do you think about the number to date, jason? >> 200,000 positive. >> 200,000 all right. kate, what do you see happening, and what's your forecast >> yeah, we're at about 125,000. slightly lower than consensus expects. continual improvement but we have had bumps in the road, reopening trades, and shut downs due to the virus, but we're moving in the right direction, joe, that's what matters. >> all right i'm not going just clock wise. i'm going over to neela, what kind of environment are we in,

and what are you expect something. >> what we're expecting, based on adp's latest numbers is slowing momentum yes, positive growth and still progress but at a slower rate, and that's going to be the key question looking forward can the jobs recovery keep up the momentum while the pandemic is surging, and there's more and more evidence that this is a cooling trend as opposed to a warming trend as we head into those winter months. >> maybe i will go clock wise, rick santelli, i'm kidding steve, we've got less than a minute and a half, and then we'll get to steve where are you rick >> i'm at 600,000 on jobs, and 6.4% on the unemployment rate. i do think that of course, it would be nice to have a larger number, but we are going to see a bit of a slow down in consolidation, but i do think of course once we get into 2021,

these numbers are going to be going higher higher >> liesman, you have already talked about what your thoughts are, and you're not big on giving actual numbers, most of the time what do you think? >> not these days, joe we have had seven jobs report, the consensus has been light on four of them, so i'm going with regression to the mean i think we'll come in under 330,000, something like that not running my model these days because it makes no sense to run it, but i think that there is going to be some weakness. i'll consider a number around 300,000 to be a pretty big victory, giving the challenges the economy is undergoing right now. >> rick, we've got not much time, but since we have already said maybe the stock market doesn't move a lot do you think we could get a number that moves to the 1% ten-year, we're getting there. >> absolutely. and i think the stock market can

move a lot more. i'm very impressed with both markets. >> i mean on this number. >> on this number, you know, what, i think it's possible we could get closer to 1%, but i think that the equity markets for the week have probably taken most of the slack out of the rally for this week. >> all right steve, i got my fingers crossed that they don't, like, you know, wait to release these numbers. i'm tossing to you to get them right now. steve liesman. >> 245,000, joe. 245,000. unemployment does edge down, 6.7% let me see what i can tell you it did come in light, as expected, i think, given the challenges, given the high frequency data, see what else i can tell you here. the number of unemployed persons. 10.7 million continue to trend down, that's good still 4.9 million higher than in february adult women 6.1%, declined in november, the unemployment rate.

jobless rate for adult men 6.7%. teenagers 14%. let me get to some of the detailed by industry total nonfarm, employment transportation and warehousing up by 145,000. professional business services up by 60,000 health care adding 46,000. i don't see leisure and hospitality, construction did well up 20,000. manufacturing did very well, 27,000 finance up 15,000. i don't see, there's retail. this is what i was afraid of, joe, the retail number is down 35,000 it says here, quote, reflecting less seasonal hiring in several retail industries. leisure and hospitality changed little that was one that was hit hard, and it's been coming back, but less so now. so the retail in leisure and hospitality, those are the ones i was concerned about, not coming back quite so fast because of what's going on

one more thing, joe, average workweek, 34.8 i don't see average earnings, but i can get that to you in a second look, you know, depends on is your glass half full, half empty. there's a lot going on in the economy right now. the idea we were able to eke out 245. you can think of that as a win who knows, maybe it lights a fire under congress to get some stimulus going here. >> now i got to go to rick because you brought up the s word what do you think, rick, does this make it more likely stimulus >> i don't think this alters the landscape, but you know, that's going to be counter factual in the end. we don't know if it will move the ball closer to the goal post we'll get something closer to the holidays as steve talked about average hourly he earnings, they were powerful, year over year, up 4.4. the problem is this isn't a good news story the earnings have been riding

better than many expect because a lot of lower paying service sector jobs of course are being forced out due to various restrictions across the country, so i don't know, this number isn't a terrific number, joe, but i think steve had it right i'm always the optimist. there's a lot of hurdles out there there. some are self-inflicted and of course some of them are just the downside of this virus as we get towards the final epilogue, hopefully. >> joe, can i give you two more quick numbers. >> yeah, and nthen nela can respond. go ahead, steve. >> real fast the problem they have had classifying workers being permanently or temporarily unemployed, that would have raised the unemployment rate by .4% bls not on top of that and the other thing we were looking for, cap on government, that was down by 100,000 it looks like local was down

13,000 it was mostly at the federal level, and i believe that's going to be census, but i don't have the detail in front of me right now. >> okay. now, nela, what do you make of what you have heard, seen? >> the one thing that we haven't heard is the labor force participation rate, and you think that's going to be critical in understanding the edge down in the unemployment rate you can't just look at the unemployment rate because we know people are leaving the work force, and people are leaving. a lot of women are leaving the work force because we're in many places in lock down mode when it comes to schools and child care, and health concerns. we see that people over 60 are leaving the work force so we have to be really critical about that unemployment rate, and hold it next to the labor force participation rate, and we see that that edged down as well also, it's consistent with this cooling trend, and why stimulus could be really helpful over

these winter months while the pandemic is still surging, and relieving of those hard hit consumers and industries >> kate, what's up >> so, i have to say, earlier you asked whether or not this number had the potential to move the equity market, and the truth of the matter is it's not going to be a number that's going to move the equity market dramatically look, what happened over the last month in november was a significant rally in terms of the equity market. based not just on the virus news but the fact that we had these awesome third quarter earnings that seem to be really underrecognized and at this point, the equity market is looking forward not just to earnings but to the vaccine rollout, to the fiscal stimulus. those are the things that are more important at this point than, you know, where we were in november payrolls. everyone knew that the virus cases had ticked up and that there were lock downs. i think the important thing is, and i mentioned this before, the

consumer's in really solid shape, and even if we don't have the same pace of hiring as we did maybe earlier coming out of the worst part of the pandemic we are getting improvements. corporates are in great shape. their balance sheets look good, and really positioned for both a rebound in growth as well as a policy tail wind to that growth in 2021. so i feel pretty constructive on the equity market regardless of how it may trade today after today's -- pardon me, after this week's move. >> we begin with jason, now we're finally back to you at this point you know, you could always, i don't know, people -- once you're in that game, actually making policy, it seems like it's hard to leave it. i mean, you could stay in cambridge to do it online, something like that. are you absolutely sure you're saying never never say never. >> i'm not saying never. i'm saying, well, i have a 5-year-old running around in my

house, i'm certainly not going to be doing it great team i'm friends with all of them, and they can read me in the "wall street journal," as i say, positive or critical suggestions. on this number, continuous what we have seen in the economy, positive first derivative, economy is getting better, negative second derivative, getting better at a slower pace. i wouldn't be surprised if we end up seeing a negative number for december that's the trend we are on the thing that worries me most in this number for the short run outlook for the economy, again, it continues what we have seen, the number of people on temporary layoff fell in the month of november. all of the job gains were people going back to jobs they were furloughed from. the number of people that were permanently unemployed, that left their employer or their employer went out of business, they're not coming back to their old job rose, and it keeps rising it's that second number that's going to be harder to sell going

forward when we're 10 million jobs short, when you don't have a lot of people left on temporary layoff connecting those people to jobs they're going to be a lot harder stimulus really important. pent up demand in the vaccine will help a lot next year. i'm still worried about, you know, even with the improvement we'll see over course of 2021, will we end the year with elevated unemployment, i fear that we probably will. >> right, but elevated is a relative term, and i know you have comments steve, 6.7, we would have all signed on for that in the middle of whenever it was in the spring to be here at this point, i'd say that's a surprise, probably to everyone, 6.7%, steve. what's up? >> just real quick, the participation rate did fall to 61.5%. 400,000 people left the work force and by my calculation, when i look at the labor force compared to february, we're down

by 4 million, adding on top of that, the 10 million or so who are still unemployed we have a lot of work to do in this economy, joe, and the idea that consumers are spending is true, but it becomes a question of which consumers are spending. you could think about the numbers, the aggregate economic numbers of the country doing well while, you know, middle income or high upper income and wealthy people are spending whereas, you know, you have really long food lines in a lot of places, joe, so it's the aggregate data, i think, hides a deeper story of pain that's out there in the economy >> yeah, i wanted to follow up on that, steve, and ask you to underscore that, and that is that the participation number being what it is makes the headline number look better than it actually is is that a fair assessment? >> right it's a division thing. right. it's a numerator denominator thing. you have lost people in the work force. my guess, i haven't run the

numbers. i had run them previously. women have been hit hardest by this, that's in part because of a care giver thing and a part of the unique nature of the downturn where women tended to fare better in recessions because they had predominantly more stable service sector jobs. but as you know, the service sector has been so hard hit in this downturn so women are suffering more because of that, and because they end up being more often than not the primary care givers, when kids can't go to school, women tend to stay home. >> rick, we've got -- >> okay. i think that was jason rick, i just wanted to just highlight something that the background of this whole discussion comes with what we're seeing in terms of covid cases and we're seeing, you know, maybe stimulus, but we're seeing calls for not necessarily closing things down, but

certainly there are some calls to close things down except for the politicians themselves, but for their constituents they are talking about, they need to be much more careful. we're hearing, right >> yes, no, believe me, i believe in careful, and when i point out governor's cheating, it's not for the hypocrisy which exists, it's the fact that i think many of these governors are intelligent people and they love their families which they have taken out into restaurants. therefore, there is actually and should be an ongoing debate as to, you know, why a parking lot for a big box store like by my house is jam packed, not one parking spot open. why are those people any safer than a restaurant with plexiglass, i just don't get it, and i think there's a million of these questions that could be asked, and i think it's really sad that when we look at the service sector, and all the discussionin discussions we have had about that job losses that that particular dynamic isn't studied more, worked more, we don't put

more people in a room to figure out ways so that the service sector employees and employers can come back in a safer way you can't tell me that shutting down, which is the easiest answer, is not necessarily the only answer. >> rick, just as a public health and public service announcement for the audience, the difference between a big box retailer -- >> who is this who is this? who else. >> andrew. >> the difference between a big box retailer, hold on. the difference between a big box retailer and a restaurant or frankly, even a church, are so different it's unbelievable. going into a big box retailer, you're wearing a mask. >> i disagree. you can have your thought and i can have mine. >> it's science. if you're wearing a mask, it's a different story. >> it's not science. 500 people in lowes aren't any safer in a restaurant that holds 600. i don't believe it sorry. don't believe it

>> okay. >> you don't -- >> and an area with a lot of restaurants that fought back, and they don't have any problems, and they're open. >> you don't have to believe it, but let me just say this, you're doing a disservice to the viewer because the viewers need to understand it. >> you are doing a disservice to the viewer you are. you are. >> i'm sorry i'm sorry. i would like to keep our viewers as healthy as humanly possible the idea of packing people into restaurants and packing people into a best buy are completely different things >> i don't think i'm much smarter than all the viewers like some people do. >> can i get in here, please, and get back to the jobs report. >> how is that working out for you, rick? how is it all working out for you? look at the numbers, rick. >> it's working out fine, steve. >> i think the numbers, rick, belie. the numbers show that the idea of let it rip has not worked all that well. >> people are getting sick and dying. i understand it. i just think the way we deal with it isn't necessarily -- >> there will be no agreement.

let's move on from here. getting back to the jobs report. is there any point or have you tried to model out how bad it will get given that the brunt of the lock downs have been felt in the last part of november which is not taken into account in this jobs report >> i think it's very likely that the jobs number is negative for the month of december. that might shock people into even another round of action beyond what they're going to do now. you know, just a lot of casual reports of layoffs, the high frequency data are showing that and the like also, as i said before, the low hanging fruit of recovery has been picked already. the people going back from temporary layoff, the permanently unemployed keep rising, that's a harder pull to make progress with you add to that, the demand reduction associated with the lapse of stimulus that we have seen, that will continue to have lagged effects even if they have something this next week, add to

that the resurgence of the virus, something that states have not taken steps to control. we know from europe that if you take those steps, you can bring the virus back down. it's something, sorry to provoke rick santelli here again, that we know works, we're just not doing. >> let me ask you this as a follow up, december is negative, the equity markets right now are sitting age sitting at record highs, how do the markets react to that, and have we looked past that at this point? >> i have been routinely amazed -- >> kate, go ahead. >> sorry, go ahead. >> the consensus number this month, you know, may not really shake the market six, we're continuing to get this gradual, you know, improvement. i think jason makes a great point around the second derivative this is something we have to watch. looking forward though, the biggest thing i am focused on once we get a more normalized

activity level once we get closer to a vaccine and the tail wind of the fiscal stimulus, how are companies going to hire, pardon me, handle their regular hiring one of the things we really observed in the third quarter earnings is the incredible laser focus on cost control. i think until we get back to 100% normal economy, which i don't believe will be in 2021, we're going to need to see incredible focus on cost control, labor force management, and that's going to, you know, put a damper on additional head count, and additions throughout the course of the next year. so, you know, it's a good story. the consumer is in good shape, but i think there's going to be a degree of caution over the course of the hiring >> great thank you. i want to give thanks to our jobs panel, jason furman, kate moore. nela richardson. rick and steve

we had that, some of the issues the whole country has been grappling with the past year so be it you're going to see it on "squawk box. let's get to cnbc, without apology, cnbc headquarters, jim cramer joins us now. big jim, how are you this morning? the jobs number was about what people thought, wouldn't you think? but there's work to be done, but 6.7% we would have all signed on for that. >> i completely agree. some areas that you get the falloff, frovederal government,i think we all remember the reagan period where we wanted the government off our backs a retail trade is down a lot, and i think that's amazon. amazon is adding a lot of people but there's just so many jobs that are being taken away. that's disappointing given the fact of what season we're in i'm surprised leisure and hospitality was not bad, given the fact that, well, who's going anywhere so look, i mean, i think it's mixed but you're right, joe, i mean, i would say, wow, that's

not so bad given all the things that are wrong, and you know, i want to weigh in on the covid debate, but you know, geez, there's a lot of places that are just closed and so i would have thought it would be worse. >> right right. it's all swirled in, jim, it's almost like a, you know, you can discuss one thing, and leave other things out or you can just, you know, discuss the whole enchilada because it all factors into things, doesn't it you're a small business owner, your place is closed movie theater, i don't need to go to a movie theater, but me and my kids can't wait to go back >> that's really it, joe i mean, do you need one more bar, no, but it's fun to go to a bar rather than drinking at home it just is but bars are places that we know are -- these are places that are

mandated to be closed. it's hard to figure out how, i don't want to get anybody sick but i want to go out too i stopped going out entirely, joe, when roots closed, that was it for me. a local restaurant, that's fantastic. my favorite place on earth closed for a little bit. it was outside, joe, it was fantast fantastic. >> it was. it's tough to go outside when it gets too cold, jim, and inside, if you're not going to enjoy it if you're going to feel the, and you do feel it alittle bit, it's like wow, i'm inside. so you know, let's get some takeout is probably the best way. >> that's what it is, it's a feeling that maybe you're taking a risk, and i went to a club that you're a member of that's fantastic. it's a great golf club, and the tables were really separate, and i felt safe at dinner, but most places can't be able to do that. you know what i'm talking about. they have really set the place up tremendously. >> i do. >> on the terrace there. it's all open and it's phenomenal. >> i felt fantastic, but you

have to sort out these very special places and we're enough means that we can do it, and we know a lot of other people can't, and there's a depression. >> and that's the key. that's why when people like us talk about shut downs, that's where, okay, yeah, well, we'ref there is a whole group of people that it doesn't work as well for, and it is a tragedy and a fine line, but, you know, we're working our way through it let's get that vaccine let's hope they can make the doses now. >> well put. i was hoping for an upside surprise we're not going to get that from pfizer, but, yeah, look, i want to remain optimistic, but there is a bridge, and i feel like you got a little longer this week, and it was shorter last week >> well, it was interesting to know that it is nanoparticles, as where the -- that just got me off on a huge nanotech conversation it is really interesting the way it works, but we are going to need them for everything so we need to ramp up our

nanopark raw material ability. >> and, andrew, i've done a lot of work because of my mask competition i started. >> which is fantastic, by the way. just fantastic i'm voting for the one with the magnet >> are you >> the one that comes on and off with the magnet. >> i voted for the hopkins one what i think is interesting is we wruft gjust got a professor one of our experts and she's a professor of aerosol for ucsd and it is about aerosol load inside people misjudge. it is a novel illness, but you need inside a mask because it is kind of like smoking it kind of filters through the air, the viral load increases if you don't have circulation. that's how people get sick same thing at a place of worship and we brought on dr. prather because she's done the best work in the country about viral load. and that's why you need a mask >> so weighing in on two things. as a restaurant owner, i am curious, we were having this back and forth, i think a big

box where you're forced to wear a mask or restaurant or two totally different things, one, you can't wear a mask when you're eating. is there a -- is there a -- >> i'm sorry >> are there things that you think that should be done or could be done that would allow more service companies, like restaurants, to open, and do it safely, given what you now know? >> i think that the issue is the cost of why did i close my bar i can't make money one quarter revenue coming in, i got the same expenses, just mothballed it and mothballed the restaurant look, there is not much you can do because unless you have the money to be able to develop a new circulation system, or add windows, you really run in this viral load problem and that is a scientific issue it is just demonstrated over and over again it is sad because, you know, lend burn, they got it, joe's club, i had the privilege of

going to, is outdoors, but a lot of places they just don't have the ability to get the fresh air that needs to stop the viral load and that's the topic that people don't talk about but that's why i brought that doctor into our mask competition because i'm very concerned about the inability of smaller places that don't have windows to be able to keep it so you don't get the virus, because you really can. i was afraid of giving people the virus at our place, so i closed it. >> and the other economic question i have is, in terms of behavior, consumer behavior, which i feel like you have such a good pulse on. >> thank you. >> now that there is a sense there is going to be a vaccine and whether you think that's an in april or may or june or even sooner, do you think people say, okay, you know what i'm going to really hold back for the next two or three months, just because i know this, and therefore economic activity goes down, or do you think people say, well, look, it is almost here, that gives me confidence i should actually be going out, maybe when i shouldn't be, but that it changes that psychology?

where do you -- >> i think it is the former, andrew we had amazon not doing much of late you should buy amazon. i think there is a sense that, look, we just hunker down, then maybe we can make it through my daughter had a pretty bad bout of it, and it was eight weeks ago, she's just tired all the time i just think i do not want this. i do not want this there is a morgue truck in front of a local hospital. i do not want this these are the things i think people are thinking about and i -- i know there are people who will lapse, but, andrew, it is right in our faces, that it is not just killing people who are -- like, they see these things in my twitter feed, are you kidding me just because you're old, it is okay to die? gold finger with james bond, they want me to talk, they want

me to -- i can't make this stuff up andrew -- >> we're in agreement, that there is a lot -- you're speaking the truth, jim. you're speaking the truth. we will see you in a couple of minutes. have a great weekend we want to bring in somebody else to this conversation right now. very special guest, friend of the show, to talk about stimulus and what else is going on in washington, tom friedman, "new york times" foreign affairs columnist, great to see you this morning. want to get your thoughts on what you think the numbers portend for what is happening in washington with stimulus and also you spent some time on the phone, with president-elect biden, wrote a fascinating column about it this weekend, i'm hoping you can maybe share what you -- what lessons you learned on that call and how you think it may relate to how he's going to deal with the economy, given some of the numbers. >> hello hello? >> tom, can you hear us?

>> yes, i hear you, sorry. i don't know what happened there. you know, just listening to the show here at the end, i would say, andrew, what really strikes me is a couple of points one is how these companies are going to be doing so many cost controls, that the analysts from black rock was making, and the other is your docusign story the massive and accelerated digitization of the economy that will come out of the pandemic. you put those two things together, and you get to jason's point about an acceleration, but that is much the second derivative is going to be much slower it is going to be very interesting about how this pandemic and the response to it combines with this trend toward massive digitization of the economy, and where that nets out on the labor force >> was there anything that you learned in your conversation with president-elect biden that you think speaks to this issue

and how he's going to govern >> well, i think the main thing is, you know, talking to him, is talking to a stable rational person where everything isn't self-reverential, frankly. i think he's going to be guided by the science and scientists, by the laws of physics and not on this question, more than anything else. and i think that's why he said yesterday he's for mask -- for the first 100 days of his administration because to me the central point has always been, we said at this crazy debate it was masks or jobs, masks or schools, masks or football and it never should have been that it should have been masks or school, masks or restaurant, masks for jobs and if people want it -- as you know, we talked about this, i was very early on saying we have to balance lives and livelihoods here, folks. but to do that, you want to do

it in the most rational way, and that's like taking the maximum precaution if people want to go into restaurants and lord knows i understand why a small business owner wants to open up, mandate you have to wear a mask. the hardest thing of this whole crisis, the very beginning, is we're up against mother nature we haven't been up against -- all of us together this way. she is relentless. you and i and rick santelli and whoever -- we can feel whatever we want, she doesn't care. she's going to do whatever she wants to do and be row lentleel about it. >> given what mother nature is going to do, where do you stand on stimulus and where do youffey providing subse ining subsidizis

that may not have a business had this is over we have been looking at movie theaters, it may not be a business when this is over, and that may -- what do you do >> well, i think you got to err on the side of generosity. there is a fairness thing. for some people, the stimulus is going to be a bridge to the future and the resurgence of the business for others it may be a glide path to the cemetery of the business, not the person and but at this stage in the crisis, on the basis of fairness and just i think compassion, i vote on the side of the stimulus >> okay. tom friedman, we're up against a hard break got to hand it over to the guys at "squawk on the street" in a moment want to thank you for calling in and hope we have a chance to talk to you again very, very soon let's take a quick final check on the markets, see where they stand. half an hour before the open, dow would open up 81 points

higher, s&p 500 off about 7 points, nasdaq up about -- not off, up about 8 points, nasdaq up 10 points hasn't changed that much, really, given the jobs number. melissa, thank you for starting the week with us and ending the week with us. >> pleasure. >> ending on a nice note appreciate it, joe we'll be seeing you on monday. make sure you join us next week. "squawk on the street" begins right now. good friday morning. welcome to "squawk on the street." i'm carl quintanilla with jame cramer and david faber november jobs a disappointment, more than half of expectations and the fifth month of slowing gains. futures steady amid continued optimism over vaccine and potential stimulus deal. our road map begins with job growth slowing sharply we're going to get the first white house reaction with larry kudlow later on this hour. >> plus,