assault. supreme court rejects a gop bid to overturn the election and now you know the news of this tuesday, december 8th, 2020 i'm shepard smith. follow us on twitter streeit is 0:00 a.m5:00 and 5 at 5:00. the entire country on edge after the fda issues a green stamp to pfizer's covid-19 vaccine with an independent panel review just one day away this after the uk began its largest mass immunization program in that country's history, we speak with one of the medical worker who was one of the first in line to get that vaccine. in washington, d.c., the

white house h white house reinjecting itself into stimulus talks. and the ipo rush coming in strong as doordash prepares for its public market debut today to the tune of $102 a share and the one asset class jpmorgan ceo jamie dimon says he wouldn't touch with a ten foot pole, it is wednesday, december 9, 2020 you're watching "worldwide exchange." ♪ good morning, i'm dominic chu in for brian sullivan. here is how stock futures are shaping up at 5:00 a.m you can see the gdow up by when0 the s&p up about 10. and all coming off fresh record

closes yesterday while a lot of attention is focused on the tech and nasdaq, we've had 49 record closes for the nasdaq composite so far this year the broad s&p 500's run has been just as impressive with its 29th record close of the year as well a big move higher for the s&p in 2020 health care stocks also surging, that sector closing at an all-time high, you can see here up 10% year to date, health care sector still may be one of the underperformers compared to other parts of the market. and also at record highs, russell 1,000 growth, i shares momentum etf, first trust dj also, all moving to ultra high levels and it is not just the momentum players. check out the i-shares edge msci quality factor etf it is a mouthful, qual, it is

coming off its third positive session also hitting a record all-time high intra day in yesterday's session. outside the world of stocks, gold prices coming off their highest settle in three weeks as well 18 1864.80 the last trade there and the two year note hitting its lowest yield, gist a hair below 16 basis points. meanwhile the benchmark ten year note yield edging slightly higher to just below 0.94% and 30 year long bond, 1.69% around the world, a mostly higher session overnight in asia europe just getting started one day after the kickoff of its mass covid-19 vaccination program. julia tatelbaum has the latest good morning >> good morning. the european session is shaping

up to be a m e a modestly positn so far extending yesterday's gains. in addition to all the vaccine news, the uk kicking off their mass national vaccination program yesterday, european investors are bracing for a big week when it comes to the region, we have the ecb meeting tomorrow, so the natural bacentk delivering its policy decision and growth forecast. and an eu summit kicking off tomorrow where leaders will be discussing the eu budget and what a stimulus package may look like moving forward. and brexit firmly in focus so a lot for investors to digest and they seem pausing a bit. you have green for the most part leading the way higher, banks up 1.3%, autos 1.6%, and oil and gas up by nearly 2%. down side, technology the only

sector trading in the red. a look at sterling, with brexit firmly in focus, we have sterling trading higher versus both the euro and the dollar this morning so the british currency up 0.7% to 134.44. today a big day for brexit with prime minister boris johnson due to hold brexit talks over dinne with the eu commission chief >> julianna tatelbaum, thank you very much. new this morning, fresh efficacy data from a hair ever covid-19 vaccines on the heels of yesterday's landmark rollout of a treatment in the uk rahel solomon has more on that and the morning's other top stories. >> good morning. let's start with the treatment from astrazeneca and oxford having the first to have results independently reviewed the study reiterating their trial findings for the vaccine

that should have an effectiveness of 70% also findings for dosage recommend mens a regimens and trials. and meanwhile, initial analysis of a chinese coronavirus vaccine has apparently shown he have he ca efficacy of 86%. but offering few other details health officials in the uae has publicly received the shots as part of the testing. and back here in the u.s., a defense bill at the center of a political battle is through the house. lawmakers are approving the national defense authorization act with a veto-proof majority the president had threatened to reject the measure if it did not repeal the law that shooelshielt he companies from being liable for what is posted on its site

>> all right, rahel solomon, thank you very much. to washington, d.c. now and a developing story overnight, late yesterday, the white house reinserting itself into stimulus negotiations for the first time since the election with a new $916 billion offer from treasury secretary steven mnuchin, backed by the president, upping liability, state aid and direct check funding, this coming on the same day the president touted his administration's progress when it comes to a covid-19 vaccine rollout tracie potts joining us with all the latest from washington, d.c. >> reporter: good morning, everyone the white house proposal is more money but significantly less for unemployment democrats don't want to go for that so they are still talking. also today, more announcements from president-elect biden including yet another announcement breaking barriers as he fills out his cabinet.

today president-elect biden will announce the first black nominee for defense secretary, retired general lloyd austin nbc confirms two others pending. tom vilsack returning as agriculture secretary and congresswoman marcia fudge to head housing and urban development. biden just named his health team backing a promise to vaccinate 100 million americans in his first 100 days >> the work ahead will not be easy but we know what needs to be done >> tens of millions of vaccine doses will be available this month if authorized and we'll get it distributed very quickly. >> reporter: but the white house task force warns that it will be late spring before we see a significant drop in cases and deaths on capitol hill, still no agreement on covid-19 financial relief, the white house pitched deep cuts to unemployment, democrats rejected that. senator bernie sanders wants to add $300 billion for stimulus

checks and senate leader mitch mcconnell suggests dropping everything lawmakers disagree on to pass a smaller bill before christmas. >> we'll be confronted with another request after the first of the year, we'll live to fight those another day. >> senator mcconnell has put the jobs of firefighter, ambulance workers, sanitation officers, police officers, in jeopardy >> reporter: today lawmakers are expected to prevent a government shutdown for one more week so still working on government funding, still working on covid relief, but lawmakers did get something done, defense spending, the house approved money for our military in large enough numbers to override a threatened presidential veto but it still has to clear the senate so, dom, they are halfway there. >> so can you clarify for us this point here, leader mcconnell is saying that he could ditch some of the demands that they have had on their side of things including liability

protections if we kind of forego the state and local aid side of things is there any sense that that kind of a deal could move forward given the fact that we do need to get aid to millions of american families ahead of the holidays >> reporter: so the closer we get to them leaving, the more likely they are to consider that but right now, democrats are saying look, it is critical that we give cities and states the ability to pay teacher, to pay police officers, that these are a large portion of the people who are hurting and that is what that state and local aid is all about. so for right now, democrats are holding the line on that, but the more time goes by, they will have to make concessions on both sides if they want to get it done before the holidays >> big deal for sure thank you very much. back to the markets as stocks look to build on new record highs our next guest says diversity is key when it comes to capitalizing on the market's

continued climb in 2021. i'm joined by global head of investment communications and wealth management. diversification is something folks have been proclaiming for years now. but if you have only been in certain parts of the market, you have done really well this year. why does that narrative change in 2021? >> we think that we have a fundamental change in the market structure now with the efficacy data on the vaccines coming through. it means that this shift that we'll get away from some of these stay-at-home beneficiaries, the tech names, the u.s. market which has been the big story of 2020 is going to shift towards 2021 story which will be more of that market outside of the u.s., some of the cyclical and value sectors which have been hit hard by the pandemic. we think that they will be recovering in g2021 and that underpins our positive outlook

on stocks. it is not so much about the tech names in the u.s. driving the rally further, it will be about the catchup trade for markets outside and stocks that have been underperforming in 2020 >> thereagreeing -- growing narrative where people are saying that next year may be about the return of cyclical, economically sensitive type stocks and sectors, that are nontech. what is the outlook there? is it going to be industrials and energy and materials, those value type sectors that really lead the way higher in 2021? >> precisely it will be in those sectors, in the smaller mid caps and in those regions which have underperformed in 2021 if you look regionally, markets like the uk is down 17% this year that is in contrast to places like the u.s. up by more than 10%. so we have a big divergence and there is plenty of scope for

that to close in 2021 as we get back to pre-pandemic norms hopefully iffacilitated by the vaccine. >> the reason why i think the market may be pufpushing back j slightly, looking at the qqq, it is on an 11 day winning streak, it has reasserted itself large cap and mega cap technology as the leadership in this market. so what is to say that investors don't just fall back to what has been working all year and that is that mega cap tech trade? >> there is certainly fundamental appeals to the technology trade, the fact that interest rates are so low means people are willing to pay up for froet and we're still getting very good results from these companies, double digit revenue growth from some of the large cap names. so plenty of support for those areas. we just think that the valuation gap now between growth and value is sufficiently large that if you can get a catalyst such as more clarity on reopenings,

vaccinations, fiscal stimulus coming through in the u.s., potentially even rising yields, that is the kind of thing that we think will drive people away from technology in the u.s. and towards some of the other markets. and to be sure, it is not to say that people shouldn't hold any of this in their portfolio, but we just think if they have made significant gains in these areas through the course of 2020 this is a time to diversify away from those >> already, kiran ga nesh, thank you very much. when we come back, one man in the united kingdom who was among the first in line for his injections how he is feeling 24 hours later and more plus how softbank reportedly plans to consolidate control of the company. that news has sent the stock soaring. and later, the asset class jamie dimon says he would not touch with a 10 foot pole.

for skin that never holds you back don't settle for silver #1 for diabetic dry skin* #1 for psoriasis symptom relief* and #1 for eczema symptom relief* gold bond champion your skin at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead.

we are morgan stanley. people are saving hundreds on the most reliable into strategies in a land not so far away, network with xfinity mobile. they can choose from the latest phones or bring their own. and choose the data option that's right for them. they even get nationwide 5g at no extra cost. and since they are on the carrier rated #1 in customer satisfation, they live happily ever after. again, again! xfinity mobile. your wireless. your rules. your way to stay closer together.

click, call, or visit an xfinity store today. . welcome back now to some of the morning's top stock stories. rahel solomon is back with those names to know. >> so let's start with chewy, 45% growth in revenue. the ceo of the pet food supplier telling jim cramer that the

company is benefiting from emerging trends in the pet retail industry and down playing the idea that growth is only coming from a pandemic-driven shift in shopping habits you can see shares are down 1.4% shares of softbank jumping in tokyo today. this after bloomberg reported that the company is considering going private but slowly buying back stock until the founder has a large enough stake to let him squeeze out other investors. and shares of penumbra slid yesterday after short seller quintessential capital management released a very critical report on the company so quintessential alleges that penumbra misled investors and thanks a substantial portion of its research is authored by a fake doctor. they have requested that the fda launch an investigation.

in a letter dated yesterday, a managing partner for the company reiterated the claims on "halftime report." the company says the claims are baseless attributing the scientific research to the company's co-founder and fifa i chief innovator. and they are also reviewing its options on how to respond further. >> rahel solomon, thank you very much still on deck, details on doordash's public market debut and how it is getting its investors excited. today's bringiig number, $9 trillion, the total value of bonds and other debt companies and governments around the world have issued this year. get iphone 12 on the 5glida, america's been waiting for. this new iphone plus verizon 5g is incredible.

switch now and get iphone 12 pro max on us. unlimited plans start at just $35. this is 5g from america's most reliable network.

(betsy)) quarter mile of tinsel. of lights. (harold) and real snow all the way from switzerland. (betsy) hmmhm... gonna be tough to top. well played. (vo) add some thrill to your wish list. at the season of audi sales event. get exceptional offers now.

this holiday, get iphone 12 on the 5g america's been waiting for. this new iphone plus verizon 5g is incredible. switch now and get iphone 12 pro max on us. unlimited plans start at just $35. this is 5g from america's most reliable network. let's get a check of the other top headlines. frances rivera with the latest >> good morning. we start with breaking news from west virginia. after a large explosion, a shelter-in-place order was issued for everyone within two miles of this chemical plant in bell emergency responders have now given the all clear in that area the company says that one of their tenants had a fire but now it is under control. at least four people were hurt

and many schools announced classes would be remote today. the supreme court has dealt a blow to the president's legal fight over the election, they rejected an appeal filed by mike kelly that challenged the certified win in pennsylvania. they say plaintiffs waited too long to file the complaint and now the supreme court denied the appeal forbes announced the list of 100 most powerfulwomen of 2020 angela merkel topped the list followed by ecb president christine lagarde. kamala harris made her list debut as the highest ranking and most powerful female elected official in u.s. history debuting in the number three spot of course the election shuttling her right to the top of that list >> powerful list for sure. frances, thank you very much still on deck, robinhood looks to join the growing list of high profile initial public offerings, details on the big bank the trading app has tapped

to lead the big ipo. in a land not so far away,

people are saving hundreds on the most reliable network with xfinity mobile. they can choose from the latest phones or bring their own. and choose the data option that's right for them. they even get nationwide 5g at no extra cost. and since they are on the carrier rated #1 in customer satisfation, they live happily ever after. again, again! xfinity mobile. your wireless. your rules. your way to stay closer together.

click, call, or visit an xfinity store today. we're following a developing story in the news for a push if a stimulus deal as the trump administration re-enters negotiations ylan mui breaks down the details of its offer and what it could mean for getting a real agreement. the fda praising pfizer and

biontech's vaccine ahead of a key committee meeting on that treatment. we're talking to one person who got the vaccine in the united kingdom. gloo a and doordash topping expectations investors getting no rest amid a block buster week of ipos with airbnb coming up next. you are watching "worldwide exchange" right here on cnbc ♪ welcome back to the show i'm dominic chu in for brian sullivan here is how futures are shaping up you as you can see, we're poised for modest gains at the opening bell 91 points higher for the dow, 9 points hire for the s&p, and a slight decline, 7 points for the nasdaq it has been the leader over the course of the past couple of weeks, so we'll watch that trade. the dow, s&p and nasdaq and russell 2000 small cap index and

dow transportation index all coming off fresh record closes yesterday. and by the way, gold coming off its highest settle in about three weeks. that gold trade right now 18 1862.30. and the two year note hitting its lowest yield since october 16, currently at just a hair below 1.6%, ten year note yields.yield 0.95%. and to washington, d.c. now and a developing story over stimulus talks. late yesterday, the white house reinsertsing itself into the negotiations for the first time since the election with a new $916 billion offer upping liability, state and direct check funding amongst others ylan mui is joining us with the details. does this put us right back to where we started this whole process? >> we now have three competing proposals out there as the white

house is jumping back into the fray with that new 9$916 billion offer from the treasury secretary. this proposal does include another round of direct checks worth $600 a person. and one senior white house aide tells me that is a high priority for the president. but it comes at the expense of a boost in unemployment benefits and democratic leadership immediately call the trade unacceptable and they said that it should not have struck the good faith talks under way among a group of bipartisan lawmakers. now, they propose a $908 billion package that includes $300 a week in enhanced unemployment benefits, $160 billion in state and local aid, and liability protections, but no stimulus checks now, it is not entirely clear where senate majority leader mcconnell stands on those checks, but yesterday he offered sort of a fall back plan and he said that he would give up on his demand for liability protections if democrats gave up

on their demand for state and local aid. >> why don't we set aside the two obviously most contentious issues we know we'll be confronted with another request after the first of the year, we'll live to fight those another day. and pass the things that we agree on >> so this is a three sided negotiation now. and it is not clear where we go from here. >> so if it is not clear, let's handicap some of the outcomes. we know that every time we get any kind of chatter, any kind of headline about incremental progress, it is pretty much knocked down maybe a couple days later. what is the chance something actually does happen and if you had to handicap which has the best odds, which deal would it be >> i thought that the odds of something happening were a lot better before the white house came up with this offer. the $300 unemployment boost is incredibly important to

democrats, and it was something that the white house had previously signaled support for and something that even republicans had signaled support for. so getting rid of that at a time when many americans will be facing the prospect of losing their unemployment benefits, that one will be tough to swallow. now it is just muddy where the negotiations are lawmakers gave themselves an extra week to try to hammer out a deal, but i don't think that they were counting to having so many different moving pieces in this puzzle. so quite frankly, i'm not sure if bewe'll get anything done by the time lawmakers go home for the holidays on december 18. >> i still remember that the days when democrats were looking for a $2.2 trillion deal and republicans were offering a 4$40 billion deal so at least we're in the middle. that is something. >> that is something, but i'm not sure it will be enough >> ylan mui, thank you very much now sticking with the covid-19 vaccine news, the u.s. now less than one day away from

an independent panel review of the pfizer/biontech covid-19 vaccine after the fda yesterday gave it the green light. the move is bringing this country one step closer to an emergency use authorization and the start of a mass vaccination program. overseas, the uk vaccination program already well under way with the first inoculations being given to the country's most at risk residents and frontline health care worker, one of whom is paul johnston, manager at the palmerston care home in northern ireland and the first care home to see all of its residents and staff vaccinated against covid-19. paul is joining us now live from belfas belfast. paul, my first question to you, you got the shot how do you feel? >> i feel perfectly fine no real side effects and nothing but positive news. >> all right

now, if you are feeling okay, have you gotten other vaccinations that you can remember before? >> yes >> you have this idea now that we have a whole idea of flu vaccination program which is very common to us in many parts of the world now, does it feel just like another vaccination program? >> very much i've had the flu vaccine and it is very much the same circumstances. just try to protect the most vulnerable and yesterday it was very much the same we were given the information to make the nfled decision to choose to take the vaccine or not and there were low risks and the benefits are just overwhelming to get life back to some normality in the near future >> low businegistically speakin know it is rolling out to the highest risk and health care workers first.

you are going back in three weeks, or somement amount of tio get the second dose. is there a sense that you are getting that everybody does want to get the vaccine when it is available to them? >> yes, i think very strongly that the information needs to be -- as we know, there are various stories in social media and people are concerned of the trials being rushed. but once you actually get the accurate information, getting people that information will inform them to make the right decisions. but as a country here in northern ireland, people are keen to have the vaccine to get back to normality. >> have you felt as though the lack of a vaccine so far has really been a detriment to the economy locally where you are? did you feel as though that will be a huge motivating factor? i ask because here in america, we are struggling with this idea

that many of our economies locally are now starting to lock down again, there is a huge pushback against it. do you -- we're trying to look at northern ireland as an example. can you feel as though the residents there would open up their economy if everybody got vaccinated >> yes r, with the hospitality d all those sectors and small businesses, i think that vaccination is the only way forward. and people need to be willing to accept that and i think that if the vaccine doesn't happen, i think that it will just be more restrictions and the virus will continue to spread and the right way forward to receive the vaccine. >> how have you -- you are a frontline health care worker how have you kind of dealt with i guess the best way to put it, how have you coped with this notion that you have seen the effects of the virus on perhaps some of the people that you know, some of the people that you work wrks some of the people

that you care for, how devastating has it been for you as a health care worker to deal with some kind of a pandemic >> it has been very sad. there have been many sad occasions for my personally, watching the news, and it has been a challenge and i think that there needs to be support in the care sector and hospitals everywhere for people to be able to have good mental health services going forward, that all needs to be considered, the long term effects of it combined with the real trauma for people and i'm a real advocate for some mindfulness things like that to help people's well-being >> paul, the government is obviously a huge part of the effort to kind of inoculate everybody out there, the uk government has taken a lot of steps to roll this vaccine out

what do you think the uk government has done correctly so far in this campaign and what do you think they still have to do to make sure that everybody gets vaccinated >> i think what they did correctly is reviewed everything, our health minister had to make very difficult decisions about opening up hospitality and food, and how that will affect the businesses on a long term basis but there does need to be the financial support going forward. and so that is where i would be with that. and i'm trying to think of anything else that they did well the vaccine, the process that we went through, finding out 24 hours before the vaccine was administered and that highlights the importance of it and again, giving everybody the

information is what is so important. and maybe dispelling the myths that are going around social media and fact checking i think is very important too to maybe remove those comments that would make people anti-vaxing. >> and before we let you go, paul, if you could say one thing to us here in america and elsewhere around the world, the case that you would make to get vaccinated, what would you tell people right now >> it is the right decision if we want to continue to live our lives with less restrictions, seeing the most vulnerable in society and to move on i think that the vaccine and following the rules, wearing makes, being masks, being aware that this is not over and err on the side of caution and just look after each other. >> paul johnston, in northern ireland, a he recipient of the

vaccine. please stay in touch, we want to know how you're feeling in the weeks ahead. thank you very much, paul. >> all the best. coming up, jpmorgan chief jamie dimon not mincing words when it comes to one asset class in particular, where he says you shouldn't be parking your money but he has to anyway it's been a tough year.

and now with q4 wrapping up, the north pole has to be feeling the heat. it's okay santa, let's workflow it. workflow it...? -uh-huh. just picture it... with the now platform, we'll have the company you always imagined. efficient, productive, seamless. ok, i'm in.

whatever your business is facing... let's workflow it. servicenow.

. time now for your executive recap, headlines you need to know before starting your day. are a hrahel solomon has the lat >> jamie dimon says low yield in u.s. treasuries are a poor investment right now speaking at a financial services conference yesterday, he said he would not touch the asset with a 10 foot pole >> i think there may be a small part of the stock market, not all of it, i would not be a buyer of treasuries. i think at these rates, i wouldn't touch them with a 10 foot pole. i wouldn't be a buyer of rates at these rates and unfortunately, we are, we have no choice >> he also said he would like to buy asset management businesses and fintech companies say our line is open shares down about 9.2%, and

the company said it had been hack likely by a state sponsored agent. fire eye says there are tools it uses to test the cyber defenses of its clients had also been stolen not exactly clear when the hack took place, but reuters is reporting that the company resetting user passwords and robinhood has reportedly picked goldman sachs to lead preparations for an ipo which could come as soon as next year. and the ipo could value the company at more than $20 billion. retail trading app was last valued at $11.7 billion during a private fund raising round in september. that is certainly one that we have talked a lot about. >> absolutely. a red hot market for sure. thank you very much. and the ipo market has been very hot this year with more than $70 billion raised, that by the way is the most since 2014 two giant offerings are making their debut this week. first out of the gate, doordash,

that food delivery service pricing its shares well ahead of expectations at $102 a piece that is again above the expected range of $90 to $95 a share previously doordash raising about $3.4 billion giving it a valuation of nearly $39 billion it will trade on the new york stock exchange under the ticker symbol dash. so let's talk more about doordash, airbnb, expected to price tonight. the overall ipo market and this year's hot trend, which is of course those spacs joining us now is president and managing partner at drexel hamilton so let's talk about whether or not this is frothy, john, is this a sign the ipo market is booming, does it feel like 1999? >> not at all. i think that we're just getting started. and doordash pricing at $102, pretty exciting stuff. i think that price outside of the range that you just talked about that was already raised is the excitement around this

transaction. it is also shows the demand that was built during the road show and their thesis let's not forget, doordash is a logistics company. massive opportunity in the food vertical, but clearly states in their proce property sp proceed spec tuesdk tuc that tho business ticks company >> and we're showing the numbers about how much they do 390,000 merchants, 900 million orders placed. are you part of the syndicate for this doordash ipo, do you have an ax to grind with regard to allocation into your clients, and if not, what exactly do you think is going on with all of the demand for doordash? >> yeah, again, it goes back to their road show, their thesis,

their ceo tony shu, what an amazing story for his family and his american dream i'm not in the underwriting group. i can speak freely about this transaction. i do think those bankers at goldman sachs and jpmorgan have done a if a him nonatural job bringing this transaction to the market that $102 price is the max they are allowed to bring based on the demand of regulation sk. that just speaks to the demand that doordash has generated from telling their story and their opportunity as a logistics company. i'm very excited about this transaction. i'm not involved today i wish i was and drexel hamilton is pretty good at underwriting transactions and ipos, we're becoming a leader in the space and you mentioned acquisition companies, tonight will be

airbnb and just like doordash, they have an addressable market of opportunity. doordash has that addressable market airbnb's addressable market is in the trillions of the lodging industry we're talking massive runway for airbnb to come to market, their thesis, their story as far as their address justable market is in the trillions for the lodging. airbnb outside of doordash is a must buy if you're a portfolio manager in the lodging industry. were you going to sit back and watch doordash and airbnb in your sector, you need to at least get in there, start a position, start averaging today. >> and here is what i would say, some say that the valuations at

these levels, $39 billion for doordash, a huge amount for airbnb, are already re234rekf r that growth. but a quick take on spacs, that poolly liquidity is also driving the market right now it is pumping deals. how long can it last >> so we're seeing 214 acquisition company ipos this year that is layering $72 billion proceeds raised on top of the $70 billion already raised with the 200 ipos so that $142 billion of issuance is massive but digestible because that money is sitting in a trust waiting for their business combination and what really works in the acquisition company is the management team you got to look at the management team. when they find their portfolio

company, it has to fit like a glove where they can layer the skillset on top of that company and have additional growth in the future i expect 2021 to continue with robust activity. ed a juand even if we revert bak to the mean of the spacs issued in 2019, you will still see triple print of ipos next year >> all right, we have to go. thank you very much. coming up, doordash co-founder tony xu just are mentioned there, that is coming up at 9:30 a.m and on deck for the show, markets looking to build on record highs, jenny harrington is standing by, where she is seeing value and buying opportunities. labradoodles, cronuts, skorts. (it's a skirt... and shorts) the world loves a hybrid.

so do businesses. so, today they're going hybrid with ibm. a hybrid cloud approach lets them use watson ai to modernize without rebuilding, and bring all their partners and customers together in one place. that's why businesses from retail to banking are going with a smarter hybrid cloud using the tools, platform and expertise of ibm. don't settle for silver #1 for diabetic dry skin*

#1 for psoriasis symptom relief* and #1 for eczema symptom relief* gold bond champion your skin

a couple an lalyst calls on disney this morning, wells fargo upgrades to overweight and mean time key bank has an overweight as well and a $177 target price they cite streaming strength there. disney will hold an investor day tomorrow shares up 1.5% pre-market. a check on futures, you can see the dow opening up just slightly higher, about 90 points to the up side, s&p by 7, a little bit of underperformance in the nasdaq. joining us now is jenny harrington, at gillman hill asset management, you will see her on the "halftime report. thanks for being with us this morning. you've heard the show so far, there has been an overriding bullish feel is it justified with markets at record highs >> i think it is and the records

at market highs to me is always a bit misleading the way we're thinking about this, it is really a tale of two cities you have some segments of the market that are up tremendously and you have others that have been completely neglected throughout the year. so when you look at the multiple divide between growth and value, you have the growth stocks trading at a multiple of 28 times, value stocks at 17 times, that is a 60% premium on the growth stocks. and last time we saw multiple divides like that was actually during the dotcom boom but the leadership won't come from those that have led in the past year. they might continue to work, but they won't lead. what will lead is the ones that have been left behind this year. >> we've heard this story several times in the past year about some of the hot stock sectors that are due for a full back you mentioned the valuation gap. is there any kind of a mean reversion, any kind of a closing of that gap that will happen and

how will we know it is happening? >> so this is really interesting. i see the peak in the valuation divide was really september 2. what led up to that peak divide was do you remember how people chased the splits in apple and tesla as if that added economic value, which it didn't but if you look since september 2, or even since the beginning of this quarter, i don't know if the word rotation is right, because rotation usually implie losers and winners we're not seeing that, but just a major leadership change. since september 2, you can see value is up about 10%. growth is pretty much flat quarter to date, if you look at energy for example, energy is up like 30% this quarter. and tech is up i think 6%. so you start to see leadership change so i don't know if a rotation is the right word leadership change is really the way to focus on it and it has been significant and it has been real >> so if there is a leadership change at play then, what

exactly do you do to position for that in 2021, what are the types of stocks and industry groups that you are buying right now? >> i don't look at the industry groups so much and i think the best part of what we're in right now, this is a true stock pickers market. so you can look at say car max for example versus carvana, which somehow became one of the tech darlings, it is up 200% this year. and loses money. are car max on the other hand is very profitable, is up 8% and trades at 21 times earnings. so you can find things like that you can find things like intel still down 15%, trades at 11 times earnings, and is one of the top ten earnings contributors to the s&p 500. ibm down 6% year to date, totally underappreciated in that they might be a major leader in the ai boom that we'll see coming up. there is all sorts of stuff to find out there >> so those things that you

mentioned, there is a theme there. these are established names with valuation discounts to the rest of the market. what exactly does that mean then for some of thefof the valuoverd sectors, sell them or ride the wave >> i think it depends on what your capital gain was. i was talking to a client yesterday who has insane capital begin in pinterest it doesn't make sense to sell it, it makes sense to ride at it because he still has a huge profit so i think it depends. you can just ride them if you have the wherewithal, but if you are a trader, you want to take money off the table, maybe you take money off the table and switch out of those high flying names and into things that have more leadership. so it really depends on your specific situation but if like taxes weren't a part of it, i'd get out of them now you know, i booked my gains, i think they mitt plateau the next three, five years, there is more money to be made in other places that haven't performed as well

>> that is huge there. pinterest 200% in just six months there jenny, thank you very much have a great day that does it for us. "squawk box" picks up l e rk cere xtalth when you switch to xfinity mobile, you're choosing to get connected to the most reliable network nationwide, now with 5g included. discover how to save up to $400 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones,

bring your own device, or trade in for extra savings. stop in or book an appointment to shop safely with peace of mind at your local xfinity store.

good morning dow futures are up again on this wednesday morning, a day after the nasdaq and s&p 500 closed at record highs a full rundown of some of the biggest movers is straight ahead. the white house is jumping back into stimulus talks in a meaningful way for the first time since the election. we'll show you which proposals are on the table and doordash makes its public debut today at a price above the expected range that had already been raised.

everything you need to know before today's first trade it is december 9, 2020, still 2020, "squawk box" begins right now. ♪ >> good morning, everybody i'm becky quick along with joe kernen and andrew ross sorkin. i'll start with the markets because there has been a lot happening. this is just a day after the s&p 500, nasdaq, russell 2000, dow and the dow transports all closed at record highs you will see that the dow futures are indicated up another 95 points. s&p futures by about 8.5 record close for the s&p and i think that is the 29th record close for the s&p this year. about 253 trading days on