sgchl. t good morning the uk began administering doses of the covid vaccine to patients today. a busy week for ipos, we'll get you ready for two high profile debuts and uber is selling its self driving car unit, we'll have an interview with the ceo it is tuesday, december 8, 2020 and "squawk box" begins right now. ♪ >> good morning, welcome to "squawk box. i'm becky quick along with joe kernen and andrew ross sorkin. after a mixed day for the markets yesterday, you will see that the dow is indicated a

little bit lower this morning down by about 91 points. of course it was down yesterday by about 150 points, but that is coming off an all-time high set on friday. s&p was down about 7 yesterday and it is indicated down by about 14 this morning. but the nasdaq was up yesterday. it was up once again, another 55 points, and guys, that is the 48th time this year that the nasdaq has set a new record. this morning futures there indicated a little bit lower too, but i was trying to figure out how many trading days we've had this year, to consider that 48 of those days the nasdaq has closed at a new record is kind of phenomenal. let's take a look at the treasury market. you will see the yields there right now it looks like ten year is yields 0.936% so again inching towards 1%. but inching is really the key there. andrew >> big news, it is official,

health authorities in the united kingdom have begun vaccinating the public there against covid-19 the first shot came early this morning on what has been dubbed v-day. the recipients was margaret keenan who turns 91 next week, the first 800,000 doses will go to people over 80 years of age who are either hospitalized or have outpatient appointments scheduled. and to nursing home workers. and we'll take you live to london in about 15 minutes meantime back here at home, president trump expected to sign an executive order today prioritizing americans for covid vaccine distribution the order would direct agencies to assist other countries in obtaining the vaccine only after enough american supply has been obtained unclear how that would impact the vaccine rollout plans already in place the news coming after the "new york times" reported that the trump administration actually declined an offer to lock in additional supplies of pfizer's vaccine over the summer and as a

result the u.s. may have lost its place in line to other countries. the white house is disputing that report. meantime president trump's executive order could be largely symbolic though as president-elect biden is expected to set his own agenda after the inauguration so we'll hear more about this today. but big questions of course just about where the u.s. will stand in line for vaccines and whether there will be enough or whether they will come fast enough is the open question for all of us. joe. >> just reading the conjecture today, just that 20 million will be ready for december. and i thought wait a minute, it is december. is it not? yesterday was pearl harbor day so today is december 8 so just once again thought, wow, that is pretty fast. 20 million will be ready this month and we'll see with the

panel meetings in the old days, i don't know if you guys remember, stocks like s biotech companies and important drugs, and we used to sweat out those panel meetings when we'd know that there would be an advisory panel and we'd always say of course the recommendation of an advisory panel doesn't mean full fda approval, we had all these ways of following them and they are the same ones we're seeing now and there were a couple times when the full fda didn't do what the panel said obviously it won't happen this time, but it always took longer than we wanted to as news people waiting for the panel. so i bet you this happens really quickly. >> this is different too though. this is emergency use authorization that they will be voting for that is a faster process too but it raises questions on the

whole question with pfizer, we will have scott gottlieb on later today, former fda commissioner but also on the board at pfizer, so we'll ask him a lot of questions about what happened there too and how quickly we will be getting these vaccines for americans >> 20 million is a good start. we won't be getting any, but i think that tape of the individual that we saw that was receiving the vaccine, that is what we have to remember and those are the people that we're talking about that really have a big problem with covid and constantly i'm struck by that if i go to the super market or something and -- or wherever i am, and i see someone who really is in advancing years in and i think and it is like i'd be afraid if you were there and some -- the frailty is self-evident those are the people that really

need it. >> the gentleman you see right there -- >> right, he is over 80. and there are people 90 and above that are getting it. i got a few years left, give me the vaccine, i want to go to 110. >> and that gentleman that you are seeing right there, his name is william shakespeare no joke. brian sullivan was talking about it in the last year. he was one of the first to get lined up for this. there are conflicting reports about who got it first, but that gentleman's name is william shakespeare. >> yes, the great french pl playwright congress plans to extend government about funding for an additional week to buy more time to negotiate spending and pandemic relief packages the white house plans to vote

tomorrow on the short term measure. funding will lapse saturday if congress can't approve a spending bill. house speaker pelosi, senate majority leader mcconnell say that they hope to pass a spending bill and pandemic relief bill in a single legislative package. >> president-elect joe biden plans to nominate retired general be lloyd austin to serve as defense secretary austin would be the first african-american to serve in that post, but he requires a waiver because he retired less than seven years ago and could be a tough hurdle to clear for

some democrats in the 73 years of the waiver law, only two have been granted. but one was granted very recently for general mattis. andrew >> there is a lot of debate, yeah, over his appointment in democratic circles we'll see whether it is also in republican circles as well over the issues of the civilian control of the military or not meantime, we should tell you about a deal of sorts this morning, euchre selling its self-driving unit to a start upcompetitor, the deal valuing it at about $4 billion and uber ceo will join aurora's board and he will be talking all about it on "squawk box." it is be about 8:40 eastern

time uber spent a lot of money on that arm and now they own about 26% of the combined company which is less obviously than owner the outright version of it but putting it together with aurora and we'll talk about what it means for the industry at large. a conversation i'm looking forward to >> all right yeah, i was thinking about the records in the nasdaq and thinking with the way it kind of happened, i guess maybe i'm glad i'm not a stockbroker anymore. because when it all hit in march, it took me a while to figure out that some companies were really going to be huge winners i guess. the market was just collapsing and things were so scary and the world was ending meanwhile, really smart people thought about docusign and zoom

and thought about amazon and thought about -- across the board. and then once they got on it, they beat the bushes for anything that could be stay at home related and we kind of watched it and went what the hell is the nasdaq -- and then finally -- months late, thank god -- we report on things after they happen, but it just occurred to yesterday, they were huge beneficiaries where five years of growth was packed into 2020 because of the pandemic. and people smart enough to -- >> and then some >> and people made three, four, five times their money and 48, 49 new -- >> yeah, 48 record closes this year and average year has 253 trading days and 17 trading days left this

year so roughly 20% of the time the nasdaq setting a record on these trading days which is kind of phenomenal >> it really is. all right. coming up, speaking of high flyers and the like, update on the busy slate this week of ipos stock futures right now have moved in to triple digit negative territory at least on the dow. today's big number 300% that is growth in total orders at doordash in the first nine months of 2020 compared to the year ago period. the company is slated to begin trading tomorrow

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tesla taking advantage of its surging stock price. tesla plans to sell $5 billion in shares, quote, from time to time in an app the market offering tesla set to join the s&p 500 later this month and its stock is up as we talk so much about 667% this year but taking advantage of the moment, another $5 billion if you ever thought this company was going to run out of cash, if you can keep selling shares at

the rate that they are going, that won't be an issue for a very long time if ever >> it is possible. i see the possibility. with the acceleration, i'm being won over a little. and i thought about it yesterday when i filled up and houm miles how many miles i had, i think it was 345 on the fillup, and last fillup, more than a week ago gee, a week and a half so if i can do 250 and plugged in, that would work i think. and 99% of the time that would work, right? >> you'd be fine i've come around -- every time i xw go to the gas station, i think this is crazy, could i just have it plugged in overnight and i would never have to go for the gas station. i'd be so happy. >> i wasn't thinking of it that

way, just that the distances that we're talking about would work for me 99% of the time. >> right >> except that you are not driving now like you might normally drive because i can't believe how infrequently i'm filling my gas tank right now >> that is true. but even if it was -- i mean you plug it in every night, can't you? >> you do it every night, that is the thing >> probably once every two weeks i forget to charge my phone. >> you cannot forget to charge your car then you will have serious battery anxiety. but we'll drive up to connecticut on the weekends, 90 miles or whatever it is, you have to fill it up basically every time you do the drive. if you could just plug it in and never have to think about it, it would be great all the people who own teslas are watching this thinking

sorkin, you are an idiot, this is what we've been living in the last five years and you are living like 50 years ago >> that was like my revelation six months in to the stay-at-home stock rally, it was like amazon? yeah yeah >> you finally realized how great it is. although andrew, i have to ask you, where would you park it i mean where would you charge it because i don't even know where you would park your car. it seems like it would be a bigger deal for people in the city >> so in new york city, unfortunately as you know, parking is criminally expensive. and there are a number of lots -- actually, i think most parking lots now for better or worse have tesla or other electric plug-in things. and i think you have to pay -- unfortunately, you also have to pay extra for that spot. so they charge you a lot already and then they probably charge you more on top of that. i don't know the details

but now when i've gone to different will the, they seem to ha have the plugs >> you're in jupiter island now anyway, right in what is is florida -- i'm looking down there to see how much it costs >> along with goldman sachs. >> yeah. like i said, you are not driving to pickup food, so you don't need to do that. dhar dash expe doordash could be one of the largest offerings of the year and leslie picker is joining us with more. you've done it, you've used it, you've had a doordash guy at your door? >> yeah. he comes to the dash of my building nobody is allowed to come to our door any more because of the pandemic so he leaves it at the deskpackw to get it. but yes, much more convenient than doing pickup in the

freezing cold. and the company is saming to sell upwards of $3 billion worth of stock in its debut making it the second biggest ipo of 2020 or potentially the third snowflake currently ranks the largest of 2020. a source tells me that doordash will likely price above the range. and that would griff doordash a fully diluted valuation upwards of $36 billion, more than twice the level it was valued at in june just a few months ago. we've also learned through sources that doordash will be applying a unique process to price its ipo. the method has an auction like process to pull information from investors. and along with its banker, they will pick a final price and allocate stock to specific investors. so somewhere between a dutch auction and traditional ipo process. they plan to list on the new

york stoeck exchange and will begin trading tomorrow if all goes as planned. >> all right always fun watching that happen, watching all the jockeying early on and waiting for the opening trade. thanks, leslie let's talk about the market and these big tech names joining us know, joe terranova eefr t over the years the ipo markets have always indicated kind of, i don't know, a temperature check for the entire market. and this is going very well for these two company, but once again, both of these companies could be said to be beneficiaries or are at least somehow taking advantage of the environment we find ourselves in right now. is it a reflection of the market being in good shape right now or just that there is demand for

companies like door dash that benefit from stay at home? >> i think that it is a little bit of both and it is all coming together you get in your tesla, you drive to your airbnb which you use docusign to sign off on, you arrive there, you doordash in your food and then you zoom to do your work so collectively it is all coming together but listen, airbnb and doordash ipoing right here at a time where they have real strong momentum airbnb in particular, they totally recreated themselves and they are seeing a lot of positive momentum as it relates to these local vacations that we're all taking right now doordash quality company, a little tricky because if you look forward into 2021 expectly how much of a give back will there be when there is a return to normal.

>> and a quick strategy. another thing that wasn't immediately obvious to me, that nearby rentals would be even -- hotels, still big problems obviously. i guess motels along the highways maybe not going as badly as the destination hotels, right? that would seem to make sense because we're driving. but airbnb certainly a beneficiary. >> yeah, certainly logical you have all the bay area companies that will be offering an ipo this bike, whiweek my dar keeps telling me about row blocks, never knew what it was, but apparently that will be offering an ipo as well. but this is about the sentiment, a strong one within the market, the abundantly liquidity and

also about the digital transformation and the way in which we are conducting our lives both approximately aprofe pers person aboutly >> and i think that we've con to the comen collusion that kirm li consumer life goes on. and they have cash from not doing a lot of the other stuff and there will be sectors that benefit. >> we keep hearing the rotation from growth to value but there is still strength in all these nasdaq names whether apple, amazon or microsoft, they just look to be coiled springs that will ultimately exceed the highs that

they posted in september so i wouldn't walk away from that growth and nasdaq orientation. >> leslie, i know you are still there. was he right about all that stuff on or -- is leslie still with us? >> yeah, i'm still here. >> did he say anything really stupid >> no, never joe, absolutely not. always brings the brilliance >> thanks, leslie. >> joe, i've said before, i think the pandemic silver lining is you couldn't get your haircut as much. i like it so much better with a little volume up there i like it. a little product, curls come out. >> thanks, joe >> i like it in fact, text me the product

any way, that is how much -- >> you got it. coming up, it is what is called v-day in the uk as the country begins rolling out the covid vaccine. we'll take you live to lon adoln and palantir shares are soaring, up big premarket after 21% gain yesterday. ok, just keep coloring there...

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today has been dubbed v-day in the uk as the first doses of the coronavirus vaccine are being injected into patients and we want to get over to london and julianna tatelbaum there with that story. >> it is indeed a historic day here in the united kingdom the country's mass national vaccination program has officially begun and to put it into context, this comes less than a year after the first case of covid-19 was diagnosed. the chief of national health service for england called it a remarkable achievement and this morning the first patient to receive the vaccine outside of those clinical trials

was 90-year-old margaret keenan, first in line to receive one of two jabs she will have to return 21 days from now to receive the second dose she is also part of the first group of people who will be offered the vaccine and that consists of those over 80 years old, frontline health care workers and care home workers. you will remember the uk released their prioritization list last week and right top were long term care residents. so far the uk government hasn't quite worked out the logistics to offer the vaccinations directly in care homes so for now the vaccinations are being offered in hospitals around the country including this hospital here i central london, there are about 50 hospital hubs around the country that are administering the vaccine this week. and there are 800,000 doses made available. next week is the next scheduled

allotment. we don't have exact numbers yet. part of it is determined how quickly pfizer and biontech can manufacture the vaccine. but a huge day here as the mass vaccination program begins rolling out. >> what is the sentiment in the uk about vaccines? there is a number of polls in the united states that show that large part of the country doesn't intend to take the vaccine or is anxious about taking the vaccine is it similar there? >> it is similar here. there is a significant portion of the british population that is nervous about the vaccine, but the way it has been described to us speaking to a medical expert and phealth experts, within group is just nervous about the new vaccine. and then there is a core anti-vax seanti anti-vaccine group

but the expectation is that as more people receive the vaccination and it is shown to be safe just by sx annu examplee people will be encouraged to take it. but the message to the public is that the vaccination will only be effective as people are willing to take it, so really encouraging uptick and so we'll see how many offered the vaccine actually take the opportunity to get it >> julianna, thank you for that report appreciate it. good luck of course to even over there. >> thank you and when we come back, the pandemic has changed the way we consume content. and nielsen is unveiling a new way to measure it. nielsen ceo will join us right after this right now though, let's take a look at yesterday's s&p 500 winners and losers

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♪ good morning and welcome back to "squawk box. the market this week after doing pretty well at the start of december after a very strong november, it is show something weakness again this morning. dow futures down about 125 points nasdaq down 42 and the s&p down about 17 points covid-19 as you know has accelerated consumer trends including how we watch television programs and movies and our next guest is announcing a new way to measure the online audience so for now, we welcome nielsen's ceo david kenny. thanks for joining us. this is kind of the hol holy gr.

how do you measure the audience? >> nielsen had to wree redo they ratings work so that now we pull a lot of data from a number of sources, particularly cable boxes and also splamart tvs and automated content recognition. and then of course we have anneal son nielsen panel to make sure that everyone is counted equally and making sure that we measure everything coming into the home streaming as opposed to broadcast divisiotelevision >> so who makes up the panel now? >> the panel is representative of the u.s. population so we continue to recruit a panel, it is always secret because we don't want any manipulation, but we recruit a

very accurate panel county by county that represents everyone in merica. >> what have you found under the new measurement system, what does it pick up that the old system didn't? >> well, listen, we were measuring all of this independently. so what it really means for the advertiser is now when they are investing, they know on a duplicated basis everything that the home watched because a home will move from watching you live over to streaming and entertainment, over to something that they might have stored in their dvr measuring all those things separately, you could bt get a good view. now you have a complete and total view of one customer with one budget, which is how much times did you reach that audience and what did they watch. >> david, this seems like something that the advisors want to know because they want to know where their money is going,

but it seems that something that the media companies have probably been very desperate to get a hold of too because they want to make sure as they are transitioning to the digital world and moving more and more of their product there making it more available, letting it cannibalize some of their existing forms of getting money, this is something that they want to make sure that they get gr d credit for too where was the bigger push? >> i think both sides want to transact with trust and transparency so i would say both sides have been very excited. the big winner here is the audience and we're measuring everyone and everything the same way. because the audience wants to make sure that the media companies know what she loves so that they can make more of it and the advertisers of course want to know when they are investing in the content that they are reaching the right audience in aggregate, we wanted to make sure all of it could happen in a trusted transparent way that is

privacy friendly this is all done without any data that could be used for targeting, it is only used for measurement and that allowed us to have the trust with everybody including the panelists so that we have a privacy dion both sid. and that makes it more he restiresi resilient and scalable >> how difficult is to get panelists to come on with this i only ask because there have been all of these kind of questions about how accurate pollingdata has been for thing like the elections and the idea that maybe millennials are less likely to want to answer questions or to go through some of these things. is that an issue that you have with your panelists as well? >> listen, i think first of all what we learned from polling is you have to make sure that you are adjusting to the whole population which is something that we saw and you have to adjust for actual behavior. this last poll i think kind of

underestimated how many people would turn out in a new way of voting so important thing for nielsen is to have this living currency that tracks what people are doing and how behaviors are changing as far as people choosing to work with us, i think that we've made a lot of progress by explaining to them what this is for, making sure they know its measurement only and quite honestly once they are signed up, it is seamless you don't even notice the meters once they are in your home so it is not a huge burden on the panelists once they get started. and i think people really care about their media and they want all these platforms, all these streaming services, all these networks to know what they love. and i think we've figured out something that the audience wants to participate in. >> david, thanks for your time we look forward to seeing how it all works out.

and coming up, stitch fix shares up 33% this morning, we'll show you what was in the country's report, earnings that is driving the stock higher. and then later, uber selling its self-driving unit to a competitor, we'll hear from the ceos of both of those he companies. and reminder, you can watch or listen to us live anytime on the cnbc app everyone wants on the 5g america's been waiting for. verizon 5g is next level. switch now and save $700 on galaxy s20 plus and get another on us. plus select unlimited plans include disney+, hulu, and espn+. 100% obsessed with the mandalorian. (man) i watch a lot of sports. (woman) it has all my favorite shows. and right now the best in gaming is also on us. it's like a gift on top of another gift. gifts keep coming at you. everywhere. this is 5g from america's most reliable network.

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welcome back this is "squawk box" and we've been watching what is happening with the arkets. you will see some red arrows right now, similar to what we saw yesterday. dow futures actually ended the day down by 150 points and indicated down by about that much again this morning. s&p 500 futures down by 18 and the nasdaq which set another new record close yesterday is indicated down by about 42 at least at this point. in the meantime shares of stitch fix are soaring after the company reported a surprise profit of 9 cents a share that beat the estimates of a 20 cent per share loss active clients grew by 10% to nearly 3.8 million people. the company sends customers a box of clothing and the customers pay for the items that they keep. they ship back the rest.

executives said that the a algorithm is getting smarter and fewer items are being returned by customers the stock up by about 32%. shares of toll brothers are falling after the earnings and revenue beat xhekts tagss b xens expectations the company expects to deliver about 200 fewer homes this quarter than analysts had been expecting. the stock off about 3.7% and coming up when we return, building an inclusive company, a new partnership between the vatican and businese equitable system in respect

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welcome back to "squawk box. this morning, the council for exclusive capitalism announcing a partnership between the pope, the vatican and business leaders across the globe it follows a meeting a year ago in which pope francis called for the urgent need for an economic system that's fair, trust worthy and capable of addressing the challenges facing humanity executives are committing to the pledge to create a more sustainable and equitable system, including bank of america ceo, brian moynahan,

frost, and merck ceo ken frasier. and joining me is the founder of the that council you are the brain child of this idea, and i'm curious if you could even just tell us how you convinced the vatican and the pope to embrace capitalism i have went back and looked at some of the cyclicals. as you know, five years ago, the pope said that capitalism was the dung of the devil. what did you do to get the vatican on board >> well, the vatican has asked for concrete actions to benefit all people and in his encyclical in 2020, he talked about reconciling the world of finance and the world of work, and that is what we are doing. pope francis doesn't point an

accusatory finger at wealth creation and capitalism, but what he wants is for the creation of wealth to aid and not destroy the planet and the people on it so we are responding to his call to reform capitalism, to make it inclusive, to make it sustainable, to make it trusted as well as dynamic >> so, you know, there are people who will invariably be skeptical of and there are skeptics of the esg movement i would argue this is another step in the direction of the esg movement, but what does this partnership look like, and what do these pledges by companies look like? >> so that's a great question, andrew, and we understand the skepticism, and we are not another group of people who meet once and are done. we have 230 specific commitments

that our guardians have made to inclusive capitalism that are on our web site today at inclusivecapitalism.com. but more importantly than what your 23 guardians are committing to is the fact that we are asking all businesses large and small to go to the web site, agree to our principles, and then make their own commitments. we're not prescriptive in terms of what is inclusive capitalism. but what we do believe is what's important if we're going to have true system change for everyone to do what they can to think about what the holy father said in the ladato sea in 2015 when he asked us to listen to the cry of the earth and the cry of the poor that's not a religious imperative that's a moral imperative.

>> here's an important philosophical question for you. >> okay. >> the philosophical question is in the world of business and the world of capitalism, there are going to be times, for example, where your company might be struggling and you might have to debate whether you are going to lay off workers or not pay out a dividend, for example, there are going to be times where there's going to be, you know, questions about whether you should have a philanthropic arm or you shouldn't. is this supposed to be philanthropy how are business owners supposed to think about this? . >> no, this is not philanthropy at all what it is is it's business putting profit in service of people and planet. but not taking away profit there is no indication from the holy father that there should not be wealthy creation, and in

fact, in the document called "journeying toward our common home," it specifically talks about wealthy creation that helps planet, helps the world, rather than hurts it of course there are balances and that's why we have boards and that's why we have managements and, that's why we want accountability in the council, we have asset owners and asset managers who are making commitments to hold companies to account, not for a specific end goal of what they should do in the specific situation of their company particularly, if it's in any kind of distrapeziess but how ie company responding to all of its stake holders. >> congratulations, i know it's a big moment for you and for the council. we look forward to following the progress of your efforts and i

should also mention that at 8:10 this morning, we're going to speak to another member of the alliance, the head of calpers mar see frost. and we'll have an exclusive interview with her as well about her commitment to capitalism and take on the markets as well. take a quick look at the futures right now. dow looks like it would open down about 167 points. we're back after this.

the wait is over for millions britain today administering its first covid vaccines to the public we've got the details straight ahead. futures are lower this morning as traders weigh stimulus prospects and covid cases. we've got what you need to know ahead of the opening bell in a moment. a plea from a new york congressman to goldman sachs, don't abandon us during this time in need he joins us to talk about what can be done to keep companies from flying south for good the second hour of "squawk box" begins right now

good morning, welcome back to "squawk box" here on cnbc i'm andrew ross sorkin along with becky quick and joe kernen. take a look at u.s. equity futures at this hour, show you what's going on. looks like right now, the dow would open down 184 points s&p 500 off about 23 points, nasdaq off about 55 points this morning, but some good news on the vaccine front, at least in the uk this morning, joe >> andrew, we saw someone getting the vaccine. i'm still struck by that, and gratified and everything else. excited developing news on the vaccine front today. big day for hundreds of thousands of people in england, the uk and around the world. there, they are administering

the first covid-19 vaccines to the public, a major milestone for that country against a global fight against the virus 90-year-old margaret keenan, the first in the country to receive the pfizer biontech inoculation. 800,000 shots will be available as part of the first wave. let's get to eamon javers, the white house is hosting a covid-19 vaccine summit this afternoon. there will reportedly be two notable absences from the summit, the ceos from moderna and pfizer hopefully they're busy, eamon javers you know what i have noted, it's going to be maybe the word of the year or next year, maybe, jab. i guess that's always been used for vaccines in the medical nomenclature as a shorthand, but i thought of i jab you, you jab me, we do different jabs, but

jab is something we have to get used to. until the headlines, i have seen it a couple of times, oh, okay, i get it, the vaccine, so start using it if you will. >> i viewed getting a shot is an opportunity to prove how brave you are. go in there, grit your teeth, show the nurse that you can take it we're going to get an opportunity to prove how brave we are this year, i guess, twice, i think. >> there are worse things than shots, believe me. >> that's absolutely right >> i just take a shot of when i say -- whiskey at the white house they're doing a vaccine summit this is talking about what the white house wants to call an american miracle in terms of the rapid rollout of these vaccines across the country the president is going to sign an executive order on the american use of the vaccine, part of the america first approach to the world saying the vaccine needs to be deployed inside the united states before the united states will help other countries get access to it not attending it, as you point

pout, pfizer, moderna, they're not going to be there because of any conflict of interest with the fda which is still reviewing them they don't want to raise that question they're not going to be in the room for this. dr. fauci also not going to be in the room for this they're saying he had a scheduling conflict, and couldn't make it today, and the biden transition is not going to be involved today in this event at the white house, but they are going to use this event to really put a stamp on what has been an incredibly fast vaccination development, and rollout now, and ahead of the process now where we're going to begin to give this to all americans, the white house senior administration official saying yesterday they believe now that all americans will have access to this vaccine by the end of the second quarter of 2021 just about seven months from now, they think all americans who want the vaccine will have been able to have the vaccine by that point, and that, joe, is certainly some good news back over to you >> it's great, great great news.

and you can't vaccinate everyone until you start with the first person i remember back in, you know, we were hopeful back in march that this was not going to take that long, and it was like, well, we've got to get through april and may, and march was dragging on, was like, we can't get through april until april 1st, and as it turned out, that wasn't the end, but it's december >> well, technically, it's still march, actually. >> right but you know what i mean i was trying to get one month to come quickly, and here we are looking back, and it's been nine months, so you just said maybe seven months everyone could be vaccinated, but we're starting, and i can't get beyond that in the uk, at least, but we're starting people are getting jabbed and it's just, let's go, let's go. and then, you know, the weeks

will pass. >> those are great pictures, and we hope to see them here too soon. >> hopefully the supply shortages will eventually ease i can wait i don't need to get one tomorrow, i'll wait my turn, but if it's within seven months, that really makes me smile it makes me smile. thank you for making me smile, eamon javers. >> reporter: i try, joe. >> when you're not jabbing me. >> reporter: that's right. >> eamon javers. >> we'll see you later i heard that conversation about the treadmill and volvos and everything else in my ear. you're a two volvo family, javers, is that true >> reporter: i'm a stereotype, joe. i have one that's like 11 years old and one that's newer than that. >> that's what i said to my producer anyway. >> reporter: i'm not trying to be something i'm not here, joe

>> they're safe, dude, you know, a little boxy. >> reporter: they have a lot of air bags they have a lot of air bags, yep. >> they do all right. thank you. hot air bags, those work for you down in washington very well all right. see you later. >> i was going to say hot air bags like here on the show we're pretty good at that. just a warning, nothing is ever safe anything we say off air, one of us is going to out you for be careful. goldman sachs is looking to cut costs and fly south. it is the latest to join the financial migration to lower tax states. new york congressman tom suozzi will join us after the break talking about his plea to goldman not to leave as he pushes to reveal the salt tax cap. before we head to the break, though, let's check on the markets. you're going to see right now, the dow is indicated down by about 165 points

that's a reflection of kind of where we were yesterday at this time we did close the day down by about 150 points yesterday s&p is off by 22 points and the nasdaq which set another record yesterday is indicated down by about 52 points right now. "squawbo wl rhtac k x"ilbeig bk.

welcome back to "squawk box," working at goldman sachs

might be coming with a lot more sunshine the iconic wall street firm is considering moving its arm out of the new york financial district, and the rise of remote work here to discuss goldman sachs and his call to repeal the salt cap, representative tom suozzi from new york. appreciate you joining us. you have a proposal or a plan that you hope is going to help end the idea that companies are going to want to leave new york. i want to understand what it means. >> andrew, thank you so much first of all, let's say to goldman sachs, please don't leave us we're in a desperate time, we need you you're important to us we want you to stay. we understand there are things that make new york unattractive. one of the biggest things that happened recent is the 2017 tax cut that put a cap on the salt deduction, and what i'm doing is i have been proposing legislation, passed through the house with the democratic majority, and some votes to

repeal the salt cap to put the reduction back i'm going to do it in january. this time, let's keep track of the people not supporting the reinstatement of the salt deduction. all new yorkers, don't give financial support, don't give contributions to those politicians that are killing us. they are working against us. they are undermining us. don't donate to our demise >> tom, can i just broaden this conversation out, though, because the salt deduction is a big issue, but there are mis municipalities, cities across the country that have typically been higher tax cities or higher tax states than others, and you're seeing a demonstrable move where people are going to florida, they're going to texas. we can ask, as a new yorker, i can ask the goldman sachs of the world to stay in new york. i could try to make a moral argument to stay in new york i could even go farther than that, which is to say that

goldman sachs got $115 million tax break to build their headquarters in new york city back in the late 2000s when they built that headquarters, but the real question is beyond salt, which may be able to be repealed, though i don't think there's a big appetite to do that, what you think states and cities that are in these positions should be doing? >> well, i just want to stick with salt for one second, and i'll answer your question. we have to focus on repealing the salt deduction it's exacerbating the problem we faced before coronavirus but exacerbated by coronavirus, and the salt deduction makes it that much worse, the cap on the salt deduction, and anybody that contributes money to politicians that don't support the reinstatement of salt cap, we're going to publish their names starting in april. as far as other things cities have to do, municipalities have to do, states have to do, politicians have to do in new york, we need to recognize how important the financial sector is to our economy. we understand, you know, the

historic issues with wall street and the problems that exist, and the abuses and need for reform okay, there are some issues that need to be addressed there's no question about that but the financial sector, the real estate sector, the insurance sector in new york are central to our economy and we need to start treating them like that in detroit, they don't pick on the car companies. in houston, they don't pick on the oil companies. we need to build a relationship, so we can work together, have understanding with each other, trust one another so we can make it more attractive for them to live here. >> tom, but part of the conundrum, i think, is it's not just about how the cities are treating the companies themselves it's actually the tax rate for individuals. so one of the things that i understand from my reporting on the goldman sachs is that there's a group of employees who effectively think that they would like to work in florida because their personal incomes would be a lot lower, becomes a more attractive place for them to be. if the employer says i want the

talent, i'm going to these other places by the way, meantime, you know, from a corporate perspective, new york, even though they have very high tax rates typically, those tax breaks left and right that have been given out to keep corporations in new york, which are not preventing them from leaving, and so the question is, do you lower the tax rates here in new york which might seem like the thing to do, and then you have an even bigger revenue problem. >> this is a major challenge the places that have the higher taxes in america are the older places, the older industrial places quite frankly, originally, that have older infrastructure, right now, new york subsidizes the rest of the country. we are the biggest net donor state in the united states of america. who do we subsidize, the taker states are south carolina, north carolina, florida, arizona when people say they want to move out of new york, where are they going, south carolina, north carolina, florida, arizona. when the tax code was set up, oh, we have to help our lower

income brothers and sisters throughout the rest of the country, we set up the system in the new deal to subsidize other states to help them catch up with us. now we're subsidizing them to kick our ass they're the ones that are booming. when they get the money, they're building new rooms and hospitals, and schools, and they're expanding, and their tax bases are expanding. we're fixing old roads and sewers, and old hospitals, and we're just hanging on for dear life there needs to be a look at the entire way the federal government hands out our money because we're the biggest net donor. one of the things that gets me is when mitch mcconnell says i don't want to do a blue state bailout. until the past five years, new york state sent $120 billion more in income taxes from the federal government than we have gotten back. kentucky, where mitch mcconnell is from, has received $150 billion more than they put in we have been bailing them out so to speak, for years, for decades. we'll do that. we understand that we're good americans

we're going to support other people in our country. let's not hurt us in our time of need this has happened during 9/11, sandy, now during the covid crisis, where they don't want to give money for the state and local aid, and it happened worst of all with the capping of the salt deduction you talk about employees telling their bosses, hey, i want to move to a place where it's cheaper. the salt deduction was a punch in the gut, one of the most dramatic things that have encouraged people to move out. listen, new york will always be new york we've got lincoln center broadway, we have great restaurants, central park, all of these wonderful places on the long island sound, upstate new york, the adirondacks, we have these great things it's more expensive to live here, but it's managed to work for many many years, but now we're in a crisis stage because of coronavirus and because of the salt deduction, and we need to start holding politicians accountable, and new yorkers need to stop giving them money until they wake up to the reality that they are hurting our state. they're hurting our city they're hurting our towns and

villages so i'm going to start organizing more to hold these politicians accountable and ask new yorkers not to contribute to them. >> congressman, does that list of politicians that you had asked new yorkers not to contribute to include biden? or president-elect biden at this point, because originally repealing salt was part of his platform it disappeared at one point. i'm not sure where he comes down on that right now. have you spoken to the campaign or the new administration? >> i'm pretty certain that joe biden will support reinstating the salt deduction as will chuck schumer, as will nancy pelosi. there are some democrats that won't but we are going to make sure that any politician that doesn't support reinstating the salt deduction is held accountable. the first quarter of 2021, which is january through march, when contributions are made, a report comes out april 15th we will compile by the end of the month, a list of donors from new york giving money to

politicians that are subsidizing our own demise. >> congressman, i'm gaeetting a lot of, you know, twitter, the cesspool, these are all constituents of yours out in nassau and they want me as devil's advocate to say are you kidding me, when tom suozzi became county executive 20 years ago, all the taxes you raised while deficits continue to go up don't politicians have any responsibility to the ones that -- figure out where the waste is, figure out if maybe certain unions had too much -- held too much sway in terms of pension. think of all the things that politicians do you're not holding any of them to account for where spending has gotten to this point at all? >> that was 20 years ago joe, and i was one of the biggest fighters for the property tax cap. and we now have a property tax cap. i ran for governor with elliot

spitzer, i got beaten badly. didn't turn out too well for me. didn't turn out well for elliot spitzer here, we have a property tax cap of new york state and governor cuomo and the new york state legislature. i agree we need to fight to hold costs down in new york state we need to make our state as competitive as possible. the property tax cap was a big dramatic push for that, and the county tax were less than 20% of the taxes overall. it's the school taxes that are out of control, and right now, one of the big reasons we need state and local aid from the federal government because we have lost so much in revenues, is because the biggest expenditure of our state is school air we need the money we have lost in sales tax revenues to supplement our schools, so they're going to have to start laying people off. >> right tom, i don't disagree with you with the situation of the give skpers t rs, and the takers and the socialistic approach we have taken when is to say you're

right new york is subsidizing a lot of other states around the country. the question i would ask you is there's a lot of folks that say the salt reduction, trying to repeal the salt deduction is just going to help the wealthy, the elite, what do you say to that >> that's untrue while a lot of wealthy people will get the benefit f people move away from new york state, who gets left holding the bag, the people who can't move away, the moderate and low income people all the programs we have in our state are subsidized by these same people that are funding our governments. the top 1% in new york paid 40% of the revenues to new york state, 47% of the revenues to new york city. we're all in this together i'm also passionate about the fact that we need to stop beating up the wealthy people that are playing by the rules, doing the right thing, and contributing to our governments. we don't want people who break the rules. we'll hold people accountable when they break the rules. we can't just be against people

for being successful they're an essential part of the economy, that subsidize our states, counties, villages, and if we chase them out of the state, we're going to get left behind holding the bag, and we're going to have a problem of cutting essential services or raising taxes and we can't do either one of those. >> representative tom suozzi, we appreciate you joining us. we look forward to continuing this conversation with you very very much. happy holidays. >> thanks vefor having me on. >> before we head to the break, let's take a look at stocks to watch this morning, first up, tesla is taking advantage of its surging stock price, and an s.e.c. filing released last hour tesla plans to sell $5 million in shares from time to time in an at the market offering. tesla is joining the s&p 500, and the stock is up 667% this year it's close to an inauspicious

666. stitch fix soaring after posting a surprise first quarter profit. stitch fix expects revenue growth of 20 to 25% in fiscal 2021, and that stock is up by almost 35% this morning skpnc. and lastly, uber selling its self-driving car unit to a start up, a company backed by amazon the move ends uber's five-year run of self-driving vehicles uber will be taking a stake in that company uber shares down by about 1.8% (♪ )

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the treasury's decision not to extend fed emergency lending programs is having an immediate economic impact, and it's being felt on main street. our senior economics reporter steve liesman is here. he has more on this front. steve, good morning. >> good morning, becky, the decision by steven mnuchin not to extend the funding for the federal reserve cease main street lending facility after december 31st looks to be cutting into lending right now, even though it's open for several more weeks, according to

several bankers we have talked to involved with the program after mnuchin made the decision, some borrowers were told there was no longer time to close loans, leaving them short of funding amid the resurgent pandemic one borrower said it's a huge impact on our ability to remain liquid and finance our business. one banker told me he could only process 30 of 100 loans in his pipeline decision coming less than three weeks after the fed and treasury opened up more businesses to the program including lowering the minimum loan size to $100,000. dan yates from endeavor says we have been averaging four or five calls a day from good companies but we've had to turn them away. his company has done about 20 main street loans to this point. the main street program never lived up to its promise of loaning out $600 billion it was too bureaucratic and put too much risk on borrowers bankers said approvals were

speeding up the two best weeks of the program were the two before mnuchin announced he was shutting it down treasury declined to comment for the story. the fed would only say it's doing all it can to process loans before the deadline at the end of the year. most bankers i spoke with offered plenty of criticism of the program and suggestions for how the biden administration could do it better it's the only government assistance available for struggling, mid sized businesses to make it through the covid crisis, becky. >> steve, this is a huge issue i mean, the kind of criticism to this point has been some of the conventional wisdom has been that nobody was using this program anyway, so it wonuldn't make a big difference. sounds like there were changes that kicked it into high gear recently how long were the loans taking to approve, and how come there's not time to get one in before december 31st. >> it started off rocky. one banker i talked to said his first application from the bank

to the fed was kicked back seven times. including by the way, for not capitalizing the letter l in the word loan. things began to speed up, accountants and the lawyers and everybody got more familiar with the process, and it was taking about 30 days for the bank to approve the loan, which by the way, is pretty much what it takes to approve acommercial loan because the terms were not all that different remember, the banked had to retain 5%. it was speeding up, then the fed would take another four days effectively when mnuchin ended the program november 19th, fed came along and said we needed applications by december 14th. the idea of not extending the program for some borrowers ended the program right there. >> wow that's a lot to kind of take in. thank you for that on the ground reporting, steve, and we hope you'll continue to track it. good to see you. >> yeah, thanks. all right, steve, i asked whether i could just make a

comment to you, are you still there? i don't know whether we have time or not. you still there, steve >> i'm here, yeah. >> just a quick comment. >> okay. one of the hedge fund -- or one of the sites i found, not hedge fund but zero hedge saidis thi lady, the beginning of the end for the markets and it was the lady in the uk, the first one to get the vaccine. i guess the point was is this the beginning of the end of all the extraordinary stimulus, both fiscal, and monetary it was just a weird, i thought it was a weird way to think of things that we have definitely benefitted from the spigots, and i'm wondering whether, you know how it's the second derivative it's not the first derivative. i just thought it was an interesting point, and you know you're making some interesting points here. but some day this ends. >> very quick answer, joe. there's a long way to go before

this vaccine is distributed. it's not been a good way to follow the markets but a good way to follow the economy. >> seven months. >> i'm just saying, there's a lot of pain to go through. you talk to the businesses who need the money, and they can't get funds, and you hear from the bankers, there's a need for additional assistance right now. >> how long have we been saying, get the fed out, it's been 20 years really maybe there is a huge day of reckoning coming still to come on "squawk box," hospitals across the u.s. hitting a higher load of covid patients than ever the vaccine distribution pipeline will be put to the test, an inside look at how it will work is straight ahead, and n then bank of america releasing its 2020 outlook, we'll hear from b of a security analysts, savita here are the futures we're coming right back. use the, help make the world go round.

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enroll by december 15th. this morning delivering the covid vaccine is being called the biggest logistical challenge in a generation global public health event that involves a complex web, where

every step matters frank holland got an inside look at preparations underway. >> packing 50,000 pounds of dry ice in containers by hand is how pfizer's covid-19 vaccine will be kept cold for ten days. boxes with 1,000 doses will leave kalamazoo, michigan, facility in fedex, ups, and dhl trucks. they will be delivered by truck or taken to air hubs, sorted and loaded on to planes. fedex and ups say deliveries will happen within 24 hours in the u.s. dhl is handling international deliveries that can take as long as three days. president of life sciences and health care calls this the biggest global logistics effort since world war ii. >> the biggest challenge is the final mile, realistically, there will be some product that gets lost or doesn't arrive at the right temperature. >> reporter: at first, pfizer's

vaccine will be taken directly to hospitals, later to state facilities or pharmacy distribution centers, then to health clinics or drug stores where vaccines will be given ups is producing 1,200 pounds of dry ice per hour to supply the u.s. vaccine effort known as operation warp speed fedex has ultra cold freezers all around the country should doses be delayed for unforeseen reasons. the containers will have sensors inside to monitor temperature and location as they are shipped and then rushed back to the pfizer facility. >> it could become a challenge at the height of the issue if we can't recycle and get the packaging back quick enough to be able to continue to repennleh the capacity that pfizer is able to generate. >> for every box of vaccine, there are dozens of boxes of supporting materials, shipped separately that must arrive in time to give the life saving money. >> we anticipate every pallet of

vaccines will require 25 to 30 pounds of accessories to go with that, syringes and swabs and everything that goes into the vaccination program. >> reporter: the coordination of all the shipments will be challenging and fast paced but still profitable in the u.s., citi bank estimates delivery will generate approximately $300 million in revenue for carriers. >> and that estimated revenue number may seem low but will be high margins estimating high single digits to low double digits with air freight capacity about 40% lower because of fewer commercial flights that also carry cargo, these vaccine shipments are expected to raise air freight rates, ups, fedex, and ch robinson, all expected to benefit directly from that back over to you >> yep, all right. it's a great report, frank, thank you. we used to have an anchor that called it expeditors, i used to

love that. joining us dr. scott gottlieb, former fda commissioner and cnbc contributor. he also served on the boards of illumina and pfizer. doctor, it's good to see you we have two sides of a brain, i guess, logical and emotional my first response to seeing the individual in the uk getting the vaccine, i was just really, i don't know, i was happy, emotionally, from that side of things, thinking, you know, okay if it does take seven months to get to everyone, seven months goes pretty fast am i wrong can i be happy >> well, look, i think we should be happy this is a major milestone, and the time that it took to develop this vaccine less than a year, really is historic, we went from a sequence strain on the virus to a fully developed vaccine that's been cleared by regulators at this point in well under a year that's a major milestone

i think that supply in the u.s. will hopely rafully ramp quickl we get into 2021, and we'll have supply for the american people for the foreseeable future we're going to be in sort of a rationi rationing mode, assuming this vaccine does win authorization some people expect as early as perhaps this week after the fda advisory committee meets on the 10th. >> i guess, and you know, i don't want to engage in any happy talk, and i don't know whether emotional discussions are even appropriate on "squawk box. i wasn't expecting to get it next week or the week after, and if someone said you may get one in march, there may be supply for me to get one in march, and that still makes me very optimistic about things. i can wait i have waited this long. i have waited nine months, you know, sheltering in place for the most part. so i just hope that we know for sure that it works, that then you're not contagious, that the side effects aren't worse than

what we're thinking and there's not some hoidden issue. i saw a pfizer guy saying a weird thing in europe. i don't even want to bring it up with you i saw some weird postulations about things we don't know about using nucleic acids, but i wrote it off. >> look, these mrna vaccines between the moderna trial and the pfizer trial, probably about 35,000, maybe more people have actually gotten the vaccine. these placebo trials, have got placebo and vaccines, if you aggregate how many have gotten an mrna vaccine, it's a significant number, and we have follow up on many patients at this point and most vaccine side effects will happen within the first couple of months, and latent side effects, sort of long-term side effects are rare. they do happen you're not going to unearth them in a reasonably sized clinical

trial. you have to rely on picking up rare adverse events happening at a small rate in the background a lot of patients have been exposed to the vaccines. we have a good understanding of their safety profile at this point, there's no question we need to continue to follow the patients in the clinical trials. there's a two-year follow up they're going to be collecting data on patients who get vaccinated and we're going to answer the important questions that you brought up, how good are the vaccines at preventing infection, and preventing transmission we know they prevent covid disease. they're very effective at preventing symptomatic disease, how how good are they at preventing from getting infected in the first place that's going to largely be demonstrated with post market surveillance >> dr. gottlieb, "the new york times" says that the white house passed up on an opportunity to sign up to get more vaccinations and that as a result, after the first 20 million, we're not going to get more until june or

july the white house says that's not true you're on the pfizer board what is true >> it's 100 million that the administration signed an option for, so 20 million this month, and then there will be more doses coming in the first quarter. effectively that hundred million agreement that the united states government struck with pfizer will run through the first quarter. so that will be pfizer's u.s. supply for the first quarter going to the united states just a little background here. there's two manufacturing facilities that are making this vaccine for pfizer one is their facility in europe. another is their facility in michigan all of the available supply coming out of that michigan facility will be going to the united states for the first quarter, for the month of december and the first quarter of 2021, and some of the european supplies actually coming into the u.s. to satisfy that contract. that contract just by way of background was on option agreement. the government didn't agree to purchase, actually purchase the vaccines in advance. what they said was if the vaccines demonstrated to be safe

and effective, if it gets authorized by fda, we will agree to buy 100 million units at an agreed upon price. it wasn't actually a purchase ingredie agreement. it was an options agreement if you want to think about it in that lexicon pfizer did offer an additional allotment coming out of that plan, the second quarter allotment to the united states government multiple sometimes, and as recently after the interim data came out and we knew this vaccine looked to be effective. i think the government made a bet that they are going to option or advance purchase vaccines from multiple manufacturers. they have agreements with five or six manufacturers, they want to spread the bets i think they're betting that more than one vaccine is going get authorized and there will be more vaccines on the market, and that perhaps could be why they didn't take up the additional 100 million option agreement which really wouldn't have required them necessarily to front money. it was just an agreement they would purchase the vaccines. so pfizer has gone ahead and

entered into some agreements with other countries to sell them some of that vaccine in the second quarter of 2021 >> doctor, two things, first, would you suggest that that was a mistake by the administration? and two, the president today is planning to sign an executive order seeking to effectively compel companies like pfizer to allocate more and prioritize more vaccines for u.s. citizens. can they do that >> i don't know what the legal authorities are. i suspect there are authorities that the administration could invoke that would break some agreements that pfizer or other companies might have struck with other countries but bear in mind, the countries that the vaccine was sold to are our close allies there is supply from that plan that's going to come into the united states in the second quarter. it's just not all the supply

that's going to come into the united states in the second quarter. some of it was promised to other countries after it was offered multiple times to the united states i suspect they could step in and break those agreements, but they're our allies, and we need to remember, this is a global supply chain so the united states for its production is dependent upon some material coming in from other countries, including the initial doses that we're going to get in the united states if this does get authorized, coming from the european facility. this really is a global supply chain. we need to work closely with all of our allies, where these terms are coming from. i suspect there's things the government could do. we'll see what they end up doing. >> okay. dr. scott gottlieb, always great to talk to you, and to get such candid answers about what's going on in the news when we come back on the other side of this break, the stimulus stalemate and the coronavirus case load. they are keeping investors on we're going to talk to b of a

investment strategist savita subramanian about what will drive the market in 2021 we're back after this. e extra pump of caramel. thank you for the good food... and the good karma. thank you for all the deliveries... especially this one. you've reminded us that no matter what, we can always find a way to bounce forward. so thank you, to our customers and to businesses everywhere, from all of us at comcast business. when disaster strikes to one, we all get together and support each other. that's the nature of humanity. ♪ it has encouraged other people to take the time for each other. ♪ ♪

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welcome back, everybody. b of a securities unveiling its 2021 outlook, and joining us with a look at new investment opportunities in the new year is savita subramanian she is the head of u.s. equity and quantitative strategy at b of a securities and savita, you have a pretty interesting call here you have an optimistic year end target that's a 6% gain from where the s&p is right now, and that sounds great, but you also say the risk is to the downside right now. match that up. what is happening, do you think we'll hit that target or not

>> our year end target for next year is just -- okay sorry, year end target is 3,800 which was 6% up side, but is now just a few percentage points away from where we are now so here's our view, i think the near term risks are skewed to the downside, becky, because of a couple of things the s&p 500 has rightly anticipated a very strong earnings recovery, you know, we're coming out of one of the deepest recessions we have ever seen, kind of unprecedented global lock down next year is going to be a great year for earnings, and i think it's going to be a better year for the economy than it is going to be for asset prices so i guess kind of put simply, a lot of the gains from a recovery are already priced in to stocks and from here, i think it gets a little bit difficult because if you think about it, we've got vaccine execution, and this is not necessarily a slam dunk. there's a lot of, you know, kind

of contingencies, what ifs, you know, will everybody take the vaccine, when will we reach herd immunity, et cetera, on top of that, you've got fiscal stimulus, and fed stimulus, which have been arguably the strongest drivers of market returns this year. it's unlikely we're going to see those kind of accelerate from here i mean, it's much more likely that we see stimulus from government stimulus and fed stimulus decelerate, so the hope is we see kind of a strong enough economic recovery to keep asset gains high i think the other difference today entering a recession today versus prior recessions is that the consumer has actually remained very strong throughout this year. and i think a lot of that has been funded by stimulus. it's been funded by corporations you know, basically telling their employees don't worry. we're going to institute a firing freeze, so there's been a

lot of sources of, you know, bolstering consumer demand this year that haven't necessarily been the case in prior recessions so the idea of moving into next year with a lot of pent up consumer demand, i think, is harder to argue for. so we're actually equal consumer cyclicals on that idea >> that makes sense, does that mean you don't think that there's going to be a stimulus bill that's passed in congress before the end of this year or the beginning of next year >> i think that's one of the big question marks and if we do get a stimulus bill passed, and you know, the timing is probably less important than, you know, the size of the bill i think the size of the bill is likely to be significantly smaller than, you know, than what we have received year, obviously, because we're in a better time -- better recovery mode but i do think that the market is expecting this sort of constant bailout from fiscal, from fed, and it's going to be

harder to get anything done in washington over the next few months, definitely, and then definitely, you know, over the next couple of years, if we have gridlock, continued gridlock in washington, d.c. i think it's harder to imagine that we're going to get a really strong fiscal stimulus package, so i think those are some of the risks. that's not to say we need as much fiscal stimulus as we did in 2020. obviously 2020 was hopefully an unprecedented year that won't repeat, but i do think that the idea that the market has just grown dependent on this stimulus machine, that's going to be challenged as we move into 2021. here's the positive. when you think about what hasn't been a source of growth over the last ten-plus years, business investment i think that could be the potential positive surprise next year because if you think about it, we've had a ten-year period where capex has been really

absent or lackluster if anything we have just been spending on tech, and there has been no traditional capex cycle. now we're at a point where we have less of a risk of continued tariffs under biden. we have companies with some pent up capex demand because during this lock down period there was really a halt in manufacturing capabilities, so i think that could be the area where we see a bigger surprise in 2021 than what folks are anticipating. >> hey, savita. >> yes, go ahead, sorry. >> no, that's okay in keeping in sort of with your thesis, there's some news coming out from an fda advisory committee. it's the briefing document on the pfizer, biontech covid-19 vaccine, i couldn't help but in the past, when we have talked about, you know, the uk going really quickly, and that's one thing, and then on the other hand, you want to be very safe, but there's also something called a bureaucracy, and i

don't know whether this plays into that, but here's what they're telling us in the briefing document, the u.s. fda staff published briefing documents ahead of the advisory committee, efficacy data on the vaccine was submitted in the eua requests, consistent with the recommendation set forth and the advisory committee is meeting to discuss if it's reasonable to believe that the pfizer vaccine may be effective in preventing covid-19 in individuals 16 years of age or older, so i mean, obviously we know that's what they're doing, but that's what's in the briefing documents. the reason i'm asking you about it is because you said i think your case is that we have played forward or paid forward a lot of the gains in the stock market, maybe not so much as the economy. and that was actually said earlier. now that the vaccine is here, maybe we need to realize that the markets have already moved and now the economy will catch up, but maybe lock in some gains. >> exactly that's exactly right

>> and you know, i think if you look at sentiment on wall street right now, it is super bullish, i mean, i think we're one of the lower forecasts in terms of next year, you know, 3,800 is not a lot higher than where we are today, so my sense is that we've had a ten-year bull market where you've been burned if you've sold too early that's kind of ingrained into the psyche of investors. sentiment is much more bullish than it has been over the course of the last ten years. i'm not saying we're going to see another bear market, but this is a typical kind of neutral indicator that a lot of investors have already moved into the market, they have already moved into a lot of the leadership, like the faang stocks and there could be risks to the downside in some of those areas. >> meg tirrell, i want to thank

you, savita for your time this morning. she has more from the fda, what we're hearing the headlines coming through what can you tell us >> good morning, becky these are all of the documents that the outside advisers to the fda are going to be looking at and discussing on their meeting thursday this contains a lot more data than we got to see the in initial top line results of the clinical trials, and also includes how the fda is looking at this vaccine, and what it wants this committee to discuss. from the executive summary on the top line, we know the 95% efficacy for t efficacy for the vaccine, the safety data from the 38,000 participants who were 16 or older, with two months follow up, after the second dose, suggest a favorable safety profile with no specific safety concerns identified that would preclude issuance of an emergency use authorization, so that's important just to know further about the kind of safety that they saw in the trials, and they do detail the rates of

injection site reaction, muscle pain you feel after you get the shots, and this isn't going to be easy for everybody, particularly after the second dose, there can be strong side effects, 84% got injection site reactions, 63% felt fatigue, 55% headache, 38%, muscle pain now, the questions that they want this committee to vote on, specifically are, and they're not shocking, base on the totality of scientific evidence available is it reasonable to believe that the pfizer biontech covid-19 vaccine may be effective in prevents covid-19 in an individual 16 years of age or older and the known and potential benefits of this vaccine outweigh its known and potential risks for use in individuals 16 years of age or older. now, we're also looking through the rest of the document to see more information about efficacy, and there's suggestion there's protection after the first dose.

i'm digging through these numbers now. this will be important in the real world people are not going to be perfect about coming back day 21 for their second dose and what kind of variability in it did of the exact timing of the second shot. all will be important on thursday i'm going to continue to dig through these. you're seeing pfizer shares up fractionally, and we could look at biontech and moderna of course this morning. i'm going to send it back over to you, and raise my hand with anything else i find here. >> meg, one of the questions is whether children will ultimately take this vaccine or need to take this vaccine when people talk about the second quarter of 2021, the country being, i don't know, inoculated or at least have access to this vaccine, given that this seems to appear that it's 16 and above, what does it portend for those 16 and below. do you imagine that children will ultimately need to take

this vaccine >> we have heard from pediatricians that they do think kids could benefit getting the vaccine. there is some debates on kids typically don't get the disease, don't get as sick, but we have seen millions, you know, more than a million kids get covid-19, and so both pfizer and moderna are expanding their trials down to age 12. pfizer already began that and moderna says it plans to start that soon so at least down to age 12 moderna ceo told us to facilitate middle schoolers and high schoolers being able to go back to school in the fall if all goes well with the trial and getting data in terms of younger than that, we haven't heard the plans for getting the vaccine in kids under 12 i. >> couldn't help while you were going over the minutiae of the possible concerns is occurring at the same time that people are getting shots in the uk.

so we have talked about this issue already about are they going too fast or we going too slow or is there a middle ground here, but that point was driven home when you were going over these things that these,once again, these bureaucrats are going to be thinking about on thursday as the vaccine is already being administered in the uk and i just couldn't help but think of the juxtaposition of those two things, and time will tell, whether we were early or smart or whether the uk was early, and we were, you know, waiting too long or whether we were smart to go through the, you know, the process. we do want everyone to take it so there's no reason to rush it, if people aren't going to take it, i guess. but i just couldn't help thinking that all morning long, we have been showing the 90-year-old woman getting jabbe and now we're hearing pfizer, you know, the minutiae of making

a decision we're hear to decide whether it's effective you know, it's bizarre >> it's the way the fda works, joe, but, you know, the process is happening it's happening now, and thursday we're going to get to see these fol folks discuss this and figure it out. could be thursday night, could be friday, could be next week if they take longer. >> i mean, it would be unbelievable if they said no after the uk is already rolling it out that doesn't, right, okay. anyway, beck. >> that would be a shock, yes. >> yeah, i don't think that any of us are prepared to hear a no answer, any of us here sitting around waiting for it, to make sure our relatives, those most in need get this the market wouldn't be prepared for this i can't imagine what would happen in the market if it was turned down. let's talk about the number of doses we anticipated in the united states. dr. gottlieb said that from pfizer, we've bought this option to get 100 million doses through

the first quarter, so that's the pfizer one you've got moderna that could be approved really quickly, so how many doses could we get from moderna let's say by the end of the first quarter, too, you start thinking through the number of people we need, 330 million people in the country. we don't have the vaccine for the youngest kids at this point, but you have a lot of people who are going to want the vaccine, there's not going to be enough to go around, at least in the beginning. what are we talking about by the end of the first quarter that we could theoretically have for pfizer and moderna together. >> we don't know the pace exactly of pfizer's vaccine cadence in the first quarter coming to the u.s. moderna has laid its out and i need to double check those numbers, but they are sending a large portion of their supply to the united states in the first quarter. we know that the two companies together should have enough doses for 20 million americans in december. and then into january, continuing on a similar cadence

at least, but once you get past january, you start to get into the idea that you could have vaccine supply from johnson & johnson, for example, so what operation warp speed did was it struck deals with six different vaccine makers, and of course now we have this very strong efficacy data from two of them, and only 13 million doses secured from the two countries i talked with moncef slaoui about this over the weekend. the idea that they have option agreements out there to buy more from moderna and flipfizer had could be prudent to buy 100 million doses, more from each of the companies, did not comment on the timing of that, and of course as dr. gottlieb was telling us this morning after the interim look of the pfizer data, they did offer the u.s. the option to purchase more. i would imagine there is some frustration that the government feels there's a bit of monday morning quarterbacking going on

because of course, they were trying to place bets before knowing the data, but if, you know, pfizer offered this after the first interim look, data were obviously good. so we just don't know about that exactly, but there is a bet here that other vaccines are going to work and the supply will come through, and we're expecting those j and j data around the end of the year, early january, and that's of course one shot which changes the supply equation quite a bit it will be very entlinterestingo see how well that one shot protects >> okay. meg, thank you, appreciate it. we will of course follow this and be talking to you i'm sure all day long meantime, uber's autonomous shift. the company selling its self-driving unit. we're going to be joined exclusively by the ceos of both companies in a little bit. live with the ceo of america's largest pension fund, to talk market euphoria, esg and so much else and another big story about why she's decided to

work with the vatican on a more inclusive approach to capitalism stay tuned, you're watching "squawk box" right here on cnbc.

tesla announcing it plans to sell $5 billion in stock at market prices from its words, from time to time, that coming in an s.e.c. filing. it's the second stock sale announcement from tesla in three months and the third this year as the company takes advantage of the big surge in its stock price in 2020 andrew >> thanks, joe we heard earlier in the show about a new alliance of business leaders that will be working with the pope, and the vatican and aiming for more equity sustainability, trust in the world economy. right now, i want to bring in one of those leaders calpers ceo, mar scie frost, joining us to talk about this. and let's talk about this and then get into the markets. help us understand why you as an investor, the largest pension fund in america, half a trillion dollars in management got involved in this, and what it

really means. >> yeah. good morning, andrew so calpers, as you indicated, the largest benefit plan in the united states. we have a very strong alignment of interest with the council and the commitments made by a number of ceos and public companies nationally, and when you think about calpers, and long-term risks, these commitments align nicely commitments around climate, human capital or more simply put around people and how people are treated by companies, around cap pal formation, and we believe that value is created through three forms of capital, whether that's financial capital, physical capital, and there is a strong alignment of interest, and i can talk a little bit more about where we see some accountability that had been absent in the past. >> let me ask you about the accountability issue shareholders typically hold companies to account based on stock performance. or operational performance

just the numbers and the question is whether you think the metrics are ultimately going to really change meaningfully. >> yeah, i think the metrics have to change i think the, you know, the attention on short-term quarterly returns or annual performance doesn't really suit well for a long-term investor like calpers who invests in decades, the commitments coming through this council are much more around what is appropriate governance, how do we increase the diversity in our c suite, how do we increase the diversity on our boards, and we hold a firm belief that more diverse companies do perform better long-term. that would be one, certainly one priority that calpers has, and certainly have commitments coming from the companies, versus the asset own skpeers an managers, does increase the accountability >> marcie, let me ask you about

some of the moral questions, we were talking with lady lynn about this earlier it's a big issue there are going to be companies that will be challenged, layoff employees, make hard decisions, whether it's cutting dividends or other things that may not be in the interest in the moment in a zero sum game. it could be against the interest of the employee, if you will, maybe it's in the long-term interests of the company potentially, but to that employee, it was not in their interest, and the question is how that gets balanced and how the vatican thinks about that, you know, the pope has been quite outspoken about his view about capitalism for a long time now. >> i think he has been as well, and he's also been quite vocal around poverty, you know, around the world, and certainly it's not calpers, to, but being a retirement plan we offer benefits that ensure there's some kind of financial security. so i think companies are having

to balance this need of keeping, you know, an appropriate balance sheet while also balancing needs of their employees i don't believe that this will be a long-term trend i believe that the companies carrying about the availability of the vaccine, the markets have been pretty confident. the markets have been shored up. we're watching for what happens when the markets are no longer shored up. and whether there will be an appropriate timely and patient exit that's certainly, you know, as a long-term investor, something we're watching for i think kpaecompanies have to me really important tradeoffs and we're a long-term investor we'll be watching for trends we understand companies have to make decisions not very popular with their employees in order to remain sustainable over the long-term. >> speak to how you're thinking about the markets right now. do you look at this, and you say fairly valued?

>> there's a lot of people obviously looking 12 months out and there's a lot of finger crossing right now a lot of things have to go right for quote unquote fair value where it is today to make sense. >> agreed. yeah, i think that as i mentioned arlier, we're watching for when the markets more align with the actual real economy, and whether that's a year out, i think the feds have been pretty clear that they're going to keep interest rates low for at least the near term, and you know, when we look at market opportunities, we're looking at, you know, growth versus value, and you know, defining value differently, potentially for those companies, and how our portfolio was situated, we're looking at emerging markets beyond public equity we're looking at, you know, private equity we're looking at debt, potentially debt instruments, but we have to think, again, very long-term, past the one year, past the three year. we have a 7% return challenge we have to hit. a gap of about 300 bips that we

have to make up for in performance. that's the focus of the team. >> you have increased exposure to companies like tesla and nicola, for example, in the last month. can you just explain the thought process? >> i think that's primarily happening through the way that we are passively invest in the indices. we don't do much active management on our global equity or public equity side, but we do have conviction in technology, certainly, if you think about the demographic trends that i think are going to be with us for a while. technology is certainly one of those trends and just, you know, for us to figure out where we appropriately invest across the asset classes, but on our public equities side, predominantly, we are a passive investor through an index provider and rebalancing of our portfolio, we certainly pick up more shared space on cap waiting. >> finally, real quick, in terms of allocation broadly, public markets, private equity, real

estate, gold, by the way, crypto, any crypto yet >> not yet not yet. >> are you thinking about it >> i don't think we're thinking that seriously about it yet. you know, our research team, you know, this is a little bit of an interesting project for them to see where there's a way to monetize that appropriately for a fund like calpers where we would be concerned about currency risk, including crypto, but alternatives, we have to have exposure to alternatives. we are certainly, you know, concerned about the muted returns, or the more aligned returns between private equity and public equity and the way that i think we can bridge that gap as we have to continue to have access to high quality managers, and we have to remain very focused on cost we have increased our coinvestments, we just funded a customized investment account with long range capital which we're quite excited about. we won't know for certain how

well those will pay off for five to ten years. >> marcie frost, ceo of calpers, we appreciate you joining us and look forward to the progress of the project with the vatican, which is fascinating and holds lots of opportunity ahead. thank you. >> thank you, andrew. when we come back, which of the changes to our shopping habits has the global pandemic rendered permanent shopify's president will weigh in and share brand new data that they have with us. and we are counting down to our exclusive surf with uber ceo dara khosrowshahi, and aurora ceo, chris urmson, following the news that uber is selling the autonomous driving use to aurora stay tuned, we have more, "squawk box" will be right back chlgt. game shows in hist ory. during that time, chlgt.

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welcome back to "squawk box. the futures have improved a little bit the dow had been down triple digits for most of the early morning session. now down 75 points or so the nasdaq down 38 you can see the s&p down about 13 meanwhile, shares of siriusxm are jumping after the company announced that howard stern had signed a new five-year deal to

remain with the satellite radio operator i didn't see any details about compensation, but i am sure that it's -- it's pretty good to be howard stern still at this point. becky. >> when news that you are staying for another five years causes the stock to pop 1 1/2%, yeah, you can bet it's going to be a pretty rich country >> that's the way it works not too rich then maybe the stock would go down if it was too much. >> maybe they paid him in stock. >> he got paid in stock, originally, if you remember. and he made a fortune doing it >> yeah. >> is he a billionaire, andrew he's got to be close, doesn't he >> he might be he put out a great press release today, about this, just how excited he was but the greatest line in the release was he said now that i can work from home, i have no reason to quit

so. >> i get it. somebody who works pretty hard >> exactly >> applies to a lot of people, doesn't it. >> yeah. >> folks, if you are just joining us, we're getting our first look at briefing documents for the fda for thursday's vaccine meeting. this is the one where they're going to be considering that pfizer vaccine, and whether to approve it under the emergency use authorization here in the united states. let's get back to meg tirrell. she's been reading through these documents and it kind of lays out what they're going to be doing. we knew the headline stuff what else have you seen as you dig through it, meg. >> the one thing i'm really focusing on is a look at the amount of protection that pfizer and biontech's vaccine prvovides after the first shot, and there's a really important figure here. i almost wish i could hold my computer up and show it to you i don't think that would work. essentially, they say, after the first dose, approximately 14 days later, the curve's diverge,

essentially showing that people who got the first dose of the vaccine, appear to be protected where people in the placebo start to be affected and more cases accumulating in the protection and there does not appear to be waning evidence of the follow up time of two months, following the second dose being evaluated at this point in time. of course this is not a long-term study so we don't know about the protection beyond that but at least it appears you get the first dose of the pfizer vaccine two weeks later, you start to get protection. of course three weeks after the first dose, you get your second shot, and then two months after that, they say the protection is durable, so we at least know you get protection for that long, and the protection starts before you start to get the second shot, so this is information that's coming out of these briefing documents of course safety is incredibly important as well, and the top line that the fda is putting out here is that the safety profile of this vaccine supports emergency use authorization. but that of course will be what the advisory committee on thursday will be discussing.

among other things including what other studies are needed to be still run to lead to full approval of these vaccines because this will just be an emergency use au authorization, and also, guys, what happened to the people who volunteered in this trial and got the placebo. the companies would like to switch them on to the vaccine. these folks volunteered. should they get the vaccine right away, the fda would like more information from the trial but also understand that's a real ethical and difficult issue, so they have to figure out how to keep collecting data on the vaccines but to make sure they treat the people who volunteered to test this for all of us, correctly. >> oh, my gosh, meg, it raises so many questions, i mean, it's just a reminder that covid-19 didn't even exist on the planet as a disease a year ago. so we're talking about a disease that's been around less than a year a vaccine that they were able to ramp up in about ten months. which is amazing in itself, but

what you're talking about shows how much we still don't know about the vaccine. the idea that we know it's going to be effective and still provide protection two months after the 14 days later after you get it so two months later we know you still have it. we don't know how long the protection will last, how soon you'll have to get revaccinated, if you can actually infect other people even if you're being protected at that point. it raises so many questions, and it hadn't occurred to me the idea that if you do the right thing, and give all the people that had volunteered, you give all of them to get the real vaccine instead of the placebo that half of them have been given, you're no longer going to be able to continue to gather information and figure out the answers to many of those questions. >> you'll be able to get some answers to those questions but not the robust placebo controlled trial that the fda loves. you mentioned something important whether it protects you from getting sick, or

whether you can pass on the virus to something else. it's not something i have seen in the documents and something that can be answered fur answer answered du answer answered further down the line that is the curve i was talking about, the red line is the people on the placebo and the rate of getting covid-19 the blue line is the people who are on the vaccine and the rate of getting covid-19, and so you can see there at the bottom, it's real small but the 14 days, that's where you start to see the divergence, you start to see that protection coming into place, and nas just one dose of this two dose vaccine. so that's important. we are going to need to understand how to use this vaccine in the real world when conditions won't be perfect like they are in a clinical trial and knowing that people get some protection after that first shot, that's important more to come from these documents, but that's a big headline for now >> hey, meg, how many people were this that -- in that study?

>> 44,000 in total, and i believe there were 36,000 on whom they were able to do the efficacy follow up >> hey, meg, real quick, because it seems to be a raging debate on twitter that's emerged since dr. scott gottlieb joined us where we were talking about that "new york times" report about effectively the u.s. government giving the optiup the option tor of the vaccine in advance, and whether, you know, how far behind we really are as a result, and i just want to understand the numbers the eu got 200 million doses and the u.s. got 100 million doses, is that right, what's the distinction? >> yeah, so -- well, the eu struck a deal to buy 200 million. it struck that after we struck

our deal to buy 100 million. we have the option to buy another 400 million of the pfizer vaccine, and we just haven't exercised that option to secure another 100 million or however many we would want to. the only deal we struck that would deliver the vaccine doses upon emergency use authorization was for 100 million. and so this debate is, you know, if pfizer, dr. gottlieb said they did, and we believe him, pfizer reached out to the government after its interim data and said do you want to buy more and the government apparently did not at that point decide to buy more of the options it has to buy and so if they exercise the option now, the question is when can we get those doses and there's some concern, of course, we wouldn't be able to get them to june, and how would that affect how many people can get vaccinated next year we have been counting on other vaccines coming through.

>> thank you, meg, i couldn't help thinking, meg, maybe you'll appreciate this, but can we hear it for the immune system, and for the human body, and for whoever the designer was, darwin or all mighty, i mean, basically anything you introduce into the body, antibodies can eventually be made. i think this is as close to infinity as you can get because i don't think there's anything that you couldn't actually get an antibody too, everybody things from other planets that have never been on earth how does that work, it's unbelievable we're introducing the antigen, the body has to make the antibody, wonderment. how much has shopping changed this year thanks to the coronavirus pandemic shopify's president is our special guest next stay tuned, you're watching "squawk box" on cnbc

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breaking news from apple, josh lipton joins us, hopefully with more.

can you fix it, the breaking news, josh >> so joe, apple is making news on fitness plus, the new fitness service. now we have a launch day apple saying fitness plus will be launching formally on december 14th. so remember, these are virtual workouts, originally fitness con at the present time th content that apple is putting together studio style workouts to apple, phone, and apple tv. it will be available on december 14th, and the cost as a subscription service, $10 per month, $80 per year, specifically coming to the u.s., uk, new zealand, ireland, canada and australia. you know, good timing for apple if this service is possible, works as advertised, you can see how it could work now, specifically, so many more people learning to work out at home they bought their dumbbells and kettle bells and how it affects the post pandemic i think is really interesting, too, how it

affects your local gym membership, people getting used to, woi working at home giving a release date, launching december 14th. guys, back to you. i don't know, josh if the tv can't see me slacking, i'm not sure i, you know, i need someone watching me try to avoid the burpies, you know what i'm saying you can't get enough cow bells. >> watching the watch joe. that's why you're wearing the watch, joe, because that's what's motivating you to stay motivated to teach you how much effort you're putting in maybe that's the wearable, you need to buy. >> okay. all right. >> maybei'm missing something. i thought the big news is the headphones today, the new over

the air headphones. >> i did not see that in my inbox yet. but maybe you see it i don't have that in front of me is that the other big announcement >> i'm seeing headlines all over about a new air pod headphone over the ear headphone, $549, if true, that could be a real product. i think when the first air pods first came out, you know, people didn't know how big a market that could be. now you can't walk down the street without seeing these little white buds with no wires in people's ears the question is whether this is going to become the next big hit, whether the opportunity in terms of market share for over the ear headphones is different than the in-year, and wanted to get your sense of that looks like it's on their web site there. >> now i've got it i appreciate you catching that, andrew so over ear design is much

talked about, rumored, it's interesting. you would not expect that. i don't think to be some significant financial needle mover for apple, necessarily but listen, you keep people loyal and engaged in the ecosystem. some people do prefer that design with that design, sometimes you do hear questions, not about this product obviously but over the ears, sometimes you'll hear people say the noise cancellation is really strong but the mic not so much. it will be interesting to see how people think about this. i'm sure our reviewer todd hazelton will be giving them a test drive hearables are important. wearables are important. and we know that is a general category that apple now dominates globally with about 30% share, guys. >> all right josh, thank you. thank you. on the honor code, if you're slacking, i guess. that doesn't work for me anyway, thanks

cyber monday a little over a week ago was the biggest internet shopping day in u.s. history with close to $11 billion spent, helping stores deal with this year's surge in online buying has been shopify which provides retailers with important ecommerce tools, shopify stock is up more than 170% this year today the company is out with five predictions for the future of retail. and joining us now, shopify president harvey finkelstein, why are you smiling? it's not the stock that's not why it's because you're helping all of these start ups and entrepreneurs become part of the american dream i think that accounts for it, does it not, harley? >> and obviously joining you, joe is always a great pleasure there's a lot to be optimistic about this year. truly, this has been a transformative year for commerce, and it's going to establish the blueprint for the next ten years of retail

let's get into the report. it's the first time we're doing this it marries global merchant and called future of commerce 2021 we surveyed 10,000 shoppers and looked at shopify data from 2018 to september of this year. we know that commerce is a relationship between business and consumers, we took both sides of the coin on the report. the consumer side and also the merchant side and there are two critical perspectives i want to talk about today with you, joe, the first is young consumers are not only shifting their spending online but engaging in shopping in a completely different way, but the second thing that i think might be surprising to your audience is that many of those younger consumers they're also looking for creative ways to make money, and starting business on their own. on the consumer side, the next generation of consumers and merchants are changing the landscape, 67% of younger consumers, shifted online, compared to 54% last year. now their habits are also

completely different they are discovering and shopping via social media. they prefer to shop and this idea of conscious consumerism is coming up lot. they want to buy sustainable green products but also they want to shop from independent brands, and that is amajor change 50% of consumers are looking now for independently owned businesses to support because they want to buy products and experiences and vote with narth wallets for brands to exist. fast or free shipping. conversational commerce or shopable social media, retailers and brands that want to be successful in the future will have to do this. the other side, which is why i think i'm smiling so much is the rise of entrepreneurship by younger merchants. many of those same younger consumers, they are also looking for creative ways to make money, and this is the rise of the young merchant we know those aged 25 and under are 2.5 times more likely to be without a job because of the pandemic we also know that 35% of young

americans started a side hustle during the pandemic. the census bureau came out and said that we saw the largest amount of business registrations in q3. so what is happening is that these younger people are starting businesses at a much higher rate. most are doing it on shopify, which is why you saw more sign ups in q3 than ever before the way they're doing it is totally different, using avenues like tiktok. tiktok said entrepreneurship content is king, with 7.2 billion views around that idea of entrepreneurship content. it means the shopping habits of today are going to influence selling habits in the future these young consumers are going to be the shopkeepers of 2021, and the way they buy is going to be the way they're going to sell, and i think this is some of the most exciting times of retail of certainly the last couple of decades. >> sounds like everybody is going to do better, like the pie is just growing, but that's never the case it's not zero sum, but all this disruption, who gets hurt? >> the resistant ones, the

retailers waiting for the pandemic to end. the retailers waiting for things to go back to the way they were, the status quo, they are the ones that are suffering. and you're seeing store closures happen all the time, but on the other side of the county you see resilient entrepreneurs and retailers, finding ways to prosper. again, shopify is a proxy for independent retail skpers they're t -- retailers, and they're the ones that are most resill geient, thr the ones that are winning right now. it's because of their resilience. >> those are the exact names i would have mentioned i'm googling each one right now to see what the heck you're talking about. no, harley, i understand i'm so in tune with all of this new finagled stuff thank you. >> thank you, joe. >> we appreciate your time today. and i think you are going doing god's work to some extent, in

addition to being a great capitalist thank you in helping everyone else we'll see you later. we'll see you again. >> thanks, joe. >> becky >> when i think shopping, i think joe kernen, especially online shopping. he's the master at that. anyway, when we come back, an exclusive interview you don't want to miss uber ceo dara khosrowshahi, along with the ceo of self-driving car start up, aurora, stay tuned, you're going to want to hear all about this you're watching "squawk box," and this is cnbc everyone wakes up every morning to a world that must keep turning. the world can't stop, so neither can we.

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welcome back, everybody. let's get to cnbc headquarters and check in with jim cramer jim, you know, it's pretty historic day for humanity to watch these very first vaccines actually being given to citizens in the united kingdom. market is not all that impressed because we knew this was coming and i guess it's got me thinking about thursday and the fda meeting here: if we get the fda approval for emergency use authorization for that pfizer vaccine here in the united states, do you think the market does anything or is it anticipating that it's going to get that approval and it's look out below if it doesn't. >> i think it has been anticipating that. there's an interesting article on a publication called green mail in britain, it says by late quarter one across advanced economies, there will be a

vaccine glut that, i think, would impress people a vaccine glut, if this publication is right by christmas, they think tens of millions of americans will have been vaccinated including nearly all 22 million u.s. health care workers. again, this came out last night. that, i think would be a surprise to people, and i think people will start saying, though we're seeing horrendous numbers, at least the people who are on the front lines will have their lives much better, and i don't think there's a lot of anti-vaccers on the front lines, i think they have no choice. >> i don't think so either. >> yeah. >> they have seen this they see what it does. there's an app in the "new york times" that allows you to put in where you live, your demographics, how old you are, any comorbidities you might have and it tells you your place in line, and i think i'm behind 269 million other people if we get to the vaccine glut. >> i don't know if it's better or worse that i'm way ahead. already, there are people, you're getting their priorities being made by hospitals, i mean, there's just, i think, people

are just kind of like, who knows what's going to happen it's kind of like what happened with dr. gottlieb, the united states might have had an option to do more, and i'm so we're so politicized right now that that was a difficult thing for him to say. i'm sure people will say that's just untrue, and why would dr. gottlieb say anything other than truth we're in a strange time but we're going to get a lot of vaccines. >> we are. jim, great to see you, and we'll see you again in just a fe minutes. thanks andrew >> okay. thanks, becky. big news, uber selling its self-driving unit to autonomous starting up aurora uber planning to invest, $400 million in the company, taking a 26% stake aurora valued at $12 billion, making a decacorn, joining us with an exclusive interview is dara khosrowshahi, uber's ceo joining us, and chris urmson, aurora's cofounder and ceo, good morning to both of you

gentlemen. let's try to unpack this deal dara this was a unit that travis callnick years ago said was so crucial to the business, now you're effectively unloading it, spent a lot of money on it over the years, and you're paying toe to give it to chris. so walk us through the thinking. >> well, i think what is crucial is for us to have access to the very best leading autonomous technology out there, this is the technology that is going to make the streets safer, it is going to make movement essentially more affordable and equitable and we want to make sure as that technology is developed, it is developed for the uber network and available for the uber network at scale. what this deal does, it essentially brings two leading teams in autonomous space with a great leader in chris, we have a special relationship where we're

a big investoinvestor, i'm goin on the board it achieves everything we thought was crucial and it creates a leading pure play in space. we're very excited about making this happen. >> hey, chris. speak about the technology that you're buying and the technology that you have and how much more money ultimately you're going to need to spend. clearly one of the reasons that uber is putting this with you is because they have been spending a lot of money on this and i think there is an argument that shareholders don't like them spending as much money as they have been spending >> i think it is about bringing two great teams together with some great technology. and our mission from day one has been to deliver the benefits of this technology, by bringing the amazing people, the technology they built over the last five or six years together with what we have been doing over the last four year, building aurora we create something we can get

there with trucking and start to see this technology on the roads sooner than we thought possible. >> that's the question, chris, you've been focused more recently on the trucking business how does this square up with the ride sharing business? >> well, we always talked about what we have been doing in aurora is building a driver that can operate everything from a big truck to a light vehicle and in fact we have driven all kinds of vehicles over the last four years. and so this will help accelerate the pass through trucking and the work we do in getting that product in market will help us scale and accelerate the rate at which we get to the ride hailing applications as well so, you know, i think this is the right path to market for this technology. >> okay. i'm going to ask both of you, i don't know if -- we had these conversations over the years where do you think aurora now stacks up relative to the other players in autonomous today?

and how quickly do you think we're going to see a real rollout? for many, many years, it seemed from the outside that your former employer, chris, google, was ahead in terms of being a leader, in terms of that technology gm with cruise has got in this business uber and now merging with you and then there is tesla which is out there with so many car on the road, and lots of data coming in constantly how do crew see thyou see them p rank order >> i had the privilege of leading the team for many years and it is a lot of great people doing good work there. in founding aurora, our philosophy was take the experience that a number of us had building this technology over a decade plus, and come out and build a next generation of that i think that was philosophically the same way the folks at atg had. and now the combination of these -- the great team we have at aurora, great set of people

that will be coming over from uber, amazing tenacity and amazing transformation, that team is going to be the premiere team of the space. and then the partnership that we're building with dara and uber clear the path to market. i think this will position aurora to lead the space and we're excited about the opportunity, the next phase. >> dara, how quickly, based on what you know with chris and chris can answer this as well, do you think i'm going to be getting in the back of an uber and there won't be a driver there? >> i think it is still going to take time to make this technology ready for primetime as it relates to passengers. you got a regulatory framework to figure out. we got to make sure the technology is absolutely safe. but what we know now is we got best team in the business, and with the relationship that we have with aurora, aurora will know exactly what to build, what are the routes what are the skills that the driver needs to

learn, in order to go after the largest segment of the market, and essentially build that technology in the simplest way i think we have the best team out there with a great leader in chris, and that team knows exactly what to build, and i think that's an advantage of aurora and uber bring together. >> in terms of run rate, given how expensive it is to invest in this r&d and technology, $400 million as part of this directly from uber, is there more money to come that is going to be needed >> yeah, we will be raising money again at some point. this is, you know, an incredibly complicated technology there is only going to be a couple of teams that make -- they're positioning aurora to be one of the teams to make this ultimately work. we're playing for an incredible opportunity here the transportation space in the u.s. is something like a $3 trillion market. you compare it to marketing where google and facebook play, that's like $150 billion annual

spend. the opportunity to have a profound positive social impact, improving safety and reducing the cost of getting around while ultimately enabling us to kind of revisit and improve the quality of life in cities i think is incredible here and along with that is this incredible economic opportunity as well. >> dara, real quick, we're up against a hard break, door dash going public this week big competitor of yours. what do you -- it looks like the market is very excited about this and may get oversubscribed, we'll see. but when at do you think it say about where we are right now >> i think it says the space that we are in, in terms of food delivery, grocery delivery, kind of delivery of anything in your city within the next hour is an enormous space, the acceleration of the market has really changed the game there

and as it relates to door dash, on the ground, we compete with them, as a stock, et cetera, it is a great marker for our business, with uber eats and the reason why the valuation is there is because the growth is there, and it is ultimately go to be profitable. >> okay. dara, chris, we appreciate you joining us congratulations on the transaction. we look forward to your progress and hope to talk to you really soon we're going to leave the show there on that note and "squawk on the street" is going to come up after a very quick break. flexshares may look like other etfs. but inside... there's advanced research, modeling and refinement. constructing funds that don't simply follow an index. but explore new terrain. helping you fill portfolio gaps. connect to client goals. and strengthen confidence in you. flexshares. powered by over a century of investment expertise. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information.

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good tuesday morning welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber futures are weak for the second day in a row stimulus talks appear to have stalled on monday. but the news is all about the vaccine as the uk jabs its first patients and we pour through the fda new report on pfizer's data. our road map begins with the covid cavalry. the uk begins vaccinations, this new fda document shows that pfizer's covid vaccine data did not raise safety concerns. >> plus, tesla's $5 billion