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

average, so person better than . for the nasdaq, 49th record close. if you are looking at the year, nasdaq is up by better than 40% for it year, the best performance for the year that it has seen since 2009. if it gets maybe 3.5% more from here, it would be the best performance since i think 2003 let's also take a look at the treasury market because if you are looking at the treasure ary yields, right now the ten year note is yielding 0.943%. i believe yesterday the two year closed at its lowest yield since october 16 speaking of treasuries, at an investment conference yesterday, jamie dimon weighed in on those low rates. >> i think maybe a bubble small part of the stock market, not all of it you usually analyze it by segment, that's not true. and 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 ratings at these rates unfortunately, we are, we have no choice. >> banks have no choice, insurance companies have no choice pension funds have no choice but the rest of us do. you can read more about dimon's comments on cnbc.com >> those comments were fascinating by the way but anyone the lenonetheless, l the white house reinserted itself into the stimulus geesh negotiations for the first time with the election with a new $916 billion offer from steven mnuchin backed by the president. among the offers, direct relief payments of $600 per person, money for state and local governments and liability protections. that puts the white house proposal at odds with senator majority lead leader mcconnell's latest position. we'll get an update from washington 7:00 a.m. on where

all of this stands joe. >> and news out early this morning, united arab emirates has released trial data for the covid vaccine made by china's s sinopharm. they say it has 86% efficacy rate the analysis showed no serious safety concerns. but it did not include data on how many patients were given the vaccine versus the placebo and did not mention anything about side fepgtss just that no major safety concerns shares of fireeye are lower this morning after the company said it was the victim of a highly sophisticated foreign government attack that compromised the software tools that it uses to test the defenses of its customers.

fireeye said that the attacker primarily sought information about government clients the hackers reportedly used a rare combination of attack tools that hadn't previously been used in any known attack, that stock be down by about 9%. tough to say how you can protect others when you have a tough time protecting yourself >> yeah. that by the way is a dangerous situation. a meaningfully dangerous situation because those tools are the tools that fireeye uses to effectively hack into companies on what is called a red team to actually show he them what hackers can do so you get those tools, you can do some real damage. i don't know if you saw this, the "new york times" described it as effectively robbing the bank and then robbing the -- basically breaking into the fbi that would be investigating the robbery. so they have done some real potential damage here. we'll see what happens

>> i'm in awe of hackers there are mornings where i can't even get into this three password, that one doesn't work, and then i'm on the phone. so trying to hack into my own account here at nbc universal, which i could use help so getting into fireeye, you know where to start, sorkin? which button would it be any idea >> i don't want to give you any ideas. >> okay. so you know how to -- >> i don't want to -- >> in other words, you have a good defense going, joe. it is so good, you can't even get in >> i have a good defense of myself i'm defending against myself getting into my accounts so we have to change our password again here, did you see that i always agreed when that happens.

oh, god, i've done the birthday, done the address, done the kids ookids birthdays. i'm running out of those is there a generator that can generate a good life-how do you feel when it goes all the way up, when it gets stronger and stronger i'm like yes >> i hate it because it means i'll never remember it >> i know. but the more it goes up, it is like i'm really doing well here. almost like a test this password is just amazing. anyway, go ahead, andrew doordash, i know you wanted to get to this. going to be a big day. >> we'll talk about it on the other side of the break. maybe we'll talk about hacking as well. i don't know what to say but today is the day, doordash pricing its ipo above the expected range that had already been raised. we have everything that you need to know before today's big first trade of the doordash ipo. we'll talk about it next

take a look at stock futures at this hour. a little more than 3 1/2 hours before we open dow up about 90 points, s&p 500 up by 8, nasdaq up about a point. everyone wakes up every morning to a world that must keep turning. the world can't stop, so neither can we. because the things we make, help make the world go round. they make it cleaner, healthier, and more connected. it's what we build that keeps things moving forward.

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♪ dashing through the snow in a one horse open slay, laughing all the ♪ >> i love looking at the christmas tree, great shot there. meantime, doordash ready to make its wall street debut, its own version of a holiday today the delivery company pricing its shares at $102, above the revised target range and leslie picker is joining us with the latest. >> that $102 level doordash is raising $3.4 billion, that is about half a billion more than the company initially sought to raise after hiking the range and then pricing $7 above that boosted range. the ipo price gives doordash a market cap of $32 billion and fully diluted valuation of $39 billion, that is nearly 2.5 times the company's valuation from a funding round just this past summer.

there is no denying that food delivery has become a bigger part of americans' lives during the pandemic induced restrictions on restaurants. and doordash has disproportionately benefited reaching number one market share in online food delivery. look no further than their top line which nearly quadrupled in the third quarter, along with gyme er glimmers of profitability over the spring and early summer. but of course there are risks. doordash notes that it may not keep up with this pace of growth and that it has a history of losses additionally the food delivery industry is fiercely competitive and potential changes in regulation particularly as it pertains to the classification of dashers with their delivery men and women could alter their business model >> leslie, thank you for that. we should mention the ceo of doordash will be on "squawk on the street" around 9:30 a.m. and for more on other unicorns

coming to market this week, we're joined by managing partner and portfolio manager at douglas c. lane. and we have doordash today, airbnb coming. are you a buyer of the ipo >> i am not. i think, you know, these are companies coming out when we got zero. >> rates, a lot of momentum, peak market valuations, you look at a doordash, look at the competitive with uber eats, grubhub. so what happens when we did reopen, when restaurants push back and say you know what, that 30% that you will get will be much less because we can actually sell to customers who walk in. so i think people have to be very careful when you invest in these companies. great top line growth, but you have to look at margins and cash flow, that is what will matter the next three to five years >> do you feel the same way about airbnb >> i think airbnb is an

interestinger to you with playing two sides of it doordash is the stay at home and then airbnb you are playing for reopening. now, again, valuation will matter and if you are going to say people will travel, go outside, you really have to look at the valuation again and i think that it is pretty extended on this one too. what is going to be that growth rate for those companies there are a lot of other values for the transportation mome hospitality sector we like delta, they know how to run their business because i think there is a lot of fast money in these stocks especially with the pricing of the ipos >> let's talk about an industry where there is a little less fast money, some of the traditional big banks, i don't know if you heard the comments jamie dimon made yesterday about his expectations for the economy and for just potentially that maybe some of the banks are o r overreservover reserved effectively against a worst case scenario. would you buy banks right now?

>> that is our biggest position actually as a sector we're about 15% versus about 10% on the s&p so we do own jpmorgan and bank of america these are some of the big banks not only are they overreserved, but they have great balance sheets and they have been able to expand operating margin, growth their wealth management businesses and stocks are trading at 10, 12 times earnings i think can throw morgan stanley in there as well and yousaw in november financials were up 17% versus the s&p that was 11% so you want strong dividends, you got capital reserves, and you are playing a reopening story and seeing the ipos like airbnb doing that, a place that you will do well is the banks. >> how much room to move is there? if you were to look at these bank stocks on the whole, 12

months from now, what do you think the up side is and by the way, what is the down side >> so let's talk down side down side is that the bridge to reopening is longer, provisions are more and the ten year comes back done on the spread interest comes done and m&a activity slows and the banks also wealth management business slows. that is the down side. base case is rates now are the highest spread we've had in many years. short term rates this twhich th said they will keep short for a while, if m and a picks up, all the banks are participating in the capital markets. and all of a sudden their rate of growth is going to be better and higher in the next few quarters and that is what investors pay for. they want acceleration growth, cash flows and banks have not been allowed

to buy back any shares or increase dividends so there is a great opportunity there and we feel with the leadership change, it is two steps forward, one step back, we get a negative reaction in the market for something, but there is a good opportunity there, you can add asset management firms like blackstone and prudential and i think that you put a diversified basket together, you can do well in this sector that has been unloved because of the reasons that jamie talked about. >> real quick, if the unloved companies, some of the cyclicals, start to win, if you will, in the market place, does that mean that the stay-at-home stocks lose, the nasdaq stocks lose >> i don't necessarily think they might lose, i just think capital will start going to where there is more opportunity. and even though the earnings on the-at-homes will go up, multiples will contract.

so many from expanded on very also earnings growth so you might see even a flat market, but a lot of sectors co doing better at the end of 12 to 18 months, those portfolios are either market wait weigmar weighted, but there are definitely companies out there that are reasonably priced doesn't mean that you have to stay away from technology. companies like godaddy, they are growing their cash flow double digits every year. it is just a herd mentality that i think investors have to be careful of so many have just followed the leaders, large cap mega growers that i think people have used as defensive stocks >> all right, we have to run real quick, tesla, that is one of those stocks. 12 months from now, up or down >> i think down. you are up seven times, 165 times earnings, the company is

$600 billion it is being added to the s&p a lot of momentum there. they have to do everything perfect and plus plus. they have to become a software company, they have to become every type of company out there to actually discount into their valuation. but momentum could take this a while. we don't short i would not short this one there is lot of tesla lovers so i'll probably get a lot of tesla hate mail after this, but not one that i think i want to own the next three years because i think that you can do much better in other areas especially as the economy reopens >> okay. i'm sure ron baron will take the other side of that debate later. thank you again. we'll talk to you soon >> thank you tesla actors have been a little quiet lately. i don't know if they are still short. maybe the wi-fi is turned off and they can't tweet anymore coming up, the development of covid vaccines at an

unprecedented pace that is creating enormous wealth for investors, robert frank will have a look at vaccine billionaires that would be a good name for a new band i think. and speaking of vaccine stocks, if you look at the biggest pre-market gainers in the nasdaq 100 it says here, moderna trading higher we'll be right back.

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shares of biontech and moder moderna, creating enormous wealth for the people behind some of the world's top covid vaccine candidates and i guess it is all relative i mean, you know, elon musk, robert frank, looks at these guys like they are pikers. but we'd think that they are doing okay, i think. >> yeah, elon musk gaining $111 billion in wealth this year. you look at the rising shares of moderna, biontech, nova care, all creating billions in shareholder wealth including at least four new billionaires. biontech of course partnering with pfizer, the founder sahin gaining $4 billion in wealth this year, the 436rd richest

person in the world. now, biontech's founding investors have done even better, the german twins have a he hadded added $7.8 billion to their wealth now, moderna, they created three new billionaires this year, the ceo is now worth over $4 billion, that is after cashing out 30 million in stock just over the past year now, harvard professor tim springer was an early investor and now worth over $2 billion. and then joe, you will like this one, m.i.t. professor bob langer is wofrt ov worth over 1.5 building. springer saying that he would fund a not for profit saying feel that i've had enough wealth for myself, i don't feel like i

need more. by the way, their stock up 6%, so he gist gained the another $60 million. but think if you had stayed at m.i.t. and looked into rna, maybe you could be one of these guys, joe. >> oh, i was looking into it the lab next to me was phil sharp, won a nobel prize all kinds of guys like that. my professor started integrated genetics malcolm gefnr, they saul -- i got out just in time i decided you know what, i want to be e a commodities broker oh, god. and the rest is history. no, but i watched it happen. gentlem genetech wasn't public yet. and i watched amgen.

just amazing my roommate went to cell agakrcl genesis. so, yeah, i was able to avoid that windfall too. but i get to read a tell prompt he were thousand so they are all jealous. anyway, i was thinkingprompt he were thousand so they are all jealous. anyway, i was thinking human nature, we had a 25-year-old on last week or maybe it was this week, it all runs together, he is a billionaire he started a dough wh company ws 17 and we were all over him why did our eyebrows go up when somebody has created something for the huge benefit of mankind, which potentially to stop this pandemic, and we're like this guy sure is getting rich off of these vaccines it is weird. i would think that we'd look at them like with even more awe and admiration than some guy who

does some -- i don't know, you get your food on time. >> i think normally we would with 10 million unemployed and so many people dying every day, i think that it is that contrast that is so striking to people. look, i think some people will see these billionaires as pandemic profiteers, others the hero of health care who have come to the rescue that is capitalism doordash this morning creating three new billionaires when you make a product that is in huge demand, that is where we are, you become very wealthy and that is our system better or worse. >> well, we have mentioned bono's comments in the past. there are certain areas of the world, you point at the guy up in the big house and you say i want to get him. coming here, we're supposed to say i want to be him so there are elements in the country today that really do not like people that are doing well. or at least, i don't think -- we

know that, we watch it every day. we're very 23r5ked fractured asa society. but they also diddo a lot of go it as you heard, the professor at m.i.t. spending it on philanthropy, parlaying his profits into maybe more good if humankind. thank you, robert. and when we come back, we'll talk to an occupational medical specialist from the mayo clinic about the long term effects of the coronavirus. and the impact on the workforce as a result. right now as we head to the break, let's take a look at yesterday's s&p 500 winners and losers winners and losers winners and losers

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u.s. equity futures this

morning up about 86 points nasdaq has turned negative down about 3 points s&p continues to trade up about 7.5 points becky. >> thanks. and we know that symptoms that come along with covid aren't fun. many experience a bad cough or fever. however, some covid patients are experiencing long term effects even after contracting the virus and long after they should be clear of it. it is impacting their ability to go back to work. joining us to discuss more about this is an occupation at medical specialist at the made i owe clinic doctor, good to see you. this is something that really hasn't been focused on how many people have the long standing impact that comes with doe covid that lasts longer than the three or four weeks? >> thank you so much for having me

at this point it is a little too early to accurately estimate about how many people will be coming down with post-covid syndrome and the reason is that the research out there has looked at pretty specialized populations because of that, the ruesults have been varied in italy, almost 80% of patients were still suffering patients about two months after the acute infection. but in london, they found out about 10% were suffering from continued symptoms about a month afterwards but what i can say at this point, and i feel confident, that post-covid syndrome is not something that is rare and patients, providers and employers should be expecting to see this in their communities. >> what are the long term impacts, can you describe it and i guess because it is not necessarily an easy thing to catalog or say exactly what it is, that could explain some of the difference between the 10% or the 25%

but how severe are the symptoms, what should people expect? >> unfortunately, they can be quite severe there are three main symptoms that we most often hear about from patients. the first is fatigue and it is not just like any fatigue like, you notiyou know,a bad night of sleep, but profound fatigue. patients will say doing something as simple as taking a dog for awake, going up a flight of steps at their home can result in them needing to take a nap or rest for several hours afterwards the other symptom that we hear a lot about is something called brain fog and that manifests with difficulties in short term memory, concentration and also difficulties with multitasking and the third most common symptom that we see is shortsness of breath and cough and that seems to occur both with rest and activity >> so doctor, i'm just wondering what your thinking is on the

actual underlying causes for these things does the initial onset of the virus as a scourge to the body leave lasting scars on different organs or different parts of the body or is there an autoimmune response that we're seeing that seems to continue even after you've completely cleared the virus? >> there is a lot of research going on to this and we're trying to uncover what the true ideology is of the condition i don't believe this is related to an ongoing acute covid infection but rather the sequa l sequelae there could be an autoimmune state like you mentioned or increased inflammation for a longer period of time afte acute infection.

that is something that we're just starting to scratch the surface on >> do you think that this is something that is impacted based on different genetic makeups for people, is it something that if you get different treatments, if you receive a treatment earlier, maybe it stops the virus before it continues to replicate? what are your guesses on that? >> at this point, i can't say that there is a genetic basis for the differents in the outcomes we of course have seen patients who have more severe cases of covid like those patients being in the icu or in the hospital, or patients of advanced age being more likely to come down with post-covid syndrome but i think one of the real startling things is that those kinds of patients, hospitalized patients or the elderly, don't make up the majority of the patients that we have been seeing in fact many of the patients we're seeing are younger in age and are quite healthy and physically fit before their covid infection. so unfortunately, it does seem like this is something that anybody can come down with after their infection.

>> doctor, i think there were similar things seen with mercy and sars so is it specific to this respiratory virus? so can you can get clues from those other -- not quite like this, but we've seen epidemics in the past where you can test those patients years after being exposed. is it similar and any clues? >> similar, yes. and fortunately or unfortunat y unfortunately, we did see this previously with the sars and other outbreaks. but we have learned from our experiences with those patients about the treatments and again, that is where we saw in patients who had more advanced age and severe illness acutely get post-covid syndrome. it does have some similarities

with other viruses such as mono, but not a trait that we see for viruses across the board for example this is not something we've seen with the common cold or influenza >> are there other institutions like better than the mayo clinic looking at this? i mean -- no, i'm kidding. if the mayo clinic can't figure it out, i think we got problems. but how much research would you say is -- a lot of research is basic science. this seems really applied and it seems like something that should be funded and going on at a lot of different places. is it? >> yes, absolutely initially post-covid syndrome just because we saw cases initially on the east coast of covid, treatment started there on the east coast. there is a great center at mount sinai for example. and the research is quickly building up. starting as you have alluded to mainly with just trying to figure out who these patients

are, what kind of characteristics they are developing we've been a little bit held back by the fact that not many people recognize post-covid syndrome for a while and now that this is becoming more apparent, more and more research efforts are developing and hopefully funding will follow with that as well. >> doctor, we're getting towards the point where we hope that we're seeing real light at the end of the tuchblnnel with the vaccines being rolled out. and that is great news but there is still months and months to go before we get a significant portion of the population vaccinateded before t so what would you advise people if they do happen to come down with covid, if anything? because i've heard all kinds of things, some things that you can look up and find research to back it up on the internet, but things like pepcid ac because

some doctors have been taking because it supposedly slows replication of the virus in things hike sars like sars in tr taking vitamin d, because supposedly you have a better chance of a better outcome if you have been on straigvitamin . anything that you would subscribe to or anything that you yourself have been taking? >> i try to keep things as natural as possible when it comes to my own health care and for my patients. so i'm hesitant to recommend things just based on what i call dr. google but i've been looking for that silver bullet, the vitamin d replacement and pepcid ac, but unfortunately, we have not really identified anything that seems to change the trajectory of the patients in a quick fashion. what i would say, the main stay of treatment something that we have seen helpful is helping patients regain their strength and function in an appropriate fashion. because this really is a scenario where you can do too

much too fast and make yourself much worse >> do the mercy as and sars peo years later, is it gone, are they okay? or is it gone now? >> for the most part, those patients have improved, but it took quite a bit of time sometimes even more than a year for them to recover their function of course not everyone has improved in fact the patients that we've had in our program here do seem to be following a positive course and we have had patients get back to their normal baseline function. >> how many patients have you had there? >> i would say a little over 100 at this point. >> wow doctor, thank you very much for your time this morning it is great talking to you and we hope that you'll come back and update us. >> thank you very much for having me. take care.

coming up on the other side of this break, the nasdaq notching another record close yesterday, we'll have one tech name to keep an eye out on this season and make sure to tune in tomorrow, we have a huge lineup including cvs health ceo, starbucks ceo, and united airlines ceo it is a show you do not want to miss and a reminder, you can watch or listen to us live anytime on the cnbc app

welcome back u.s. equity futures at this hour implied open on the dow looks like up about 64 points higher, s&p 500 up about 6 points. and nasdaq looking to open down about 4 points new yorkers may soon pay more to have online purchases delivered. brooklyn assemblyman robert carroll proposed a bill that would add a $3 delivery tax to online orders. he says the move would invent in-cent advise people to shop local. and it would offer a check on amazon's dominance of the retail land scale it would be tacked on for nonessential goods, so food, medicine and diapers would be

collu excluded the revenue gained would be used to help the struggling mass transit system i don't know how i really feel about this i don't love the fact that fedex has taken over the sidewalks either and turned them into, you know, temporary warehouses effectively. maybe they should be paying for that in some way but i don't really like using the tax system in this instance to protect other industry because there is an element of innovation at the same time, i love small business so i'm so conflicted >> sorry to hear, i'm going to look at this and see if i need to feel bad about this you know who i feel bad for? the fedex by i see on sunday nights outside my house. it is like what is happening in even the postal service. and the other guys i feel bad for are people trying to drive in the roads out here because the amazon guys just stop. and they get out and like

traffic is stopped on both sides of them and it is like i'm parking here, i'm with amazon, i'm sorry, you got a problem, take it up with bezos. >> it is our fault, we have everything that is getting delivered to our doors it is our own fault. this is every one of our neighbors. >> but do you think that there should be an additional effective tax, if you will, on these deliveries because there is an element to which the amazons and fedex and u.p.s. working on behalf of the. so shopifys and everybody else are using the roads if you will and sidewalks in ways that were never really imagined or expect expected >> i think you're going to see a tax in new york city on everything they are so short of revenue, they are having such issues with this if they raise taxes on any of the businesses, though businessbusines those

businesses threaten to leave so you will see a tax on everything in the coming years >> but andrew, you are right to think that though. >> i think that that will make it harder. >> you're right to think it, but these companies are innovators and they are paying taxes already as their business grows, they are employing a bunch of people this is anti-thet cal to the you didn't build this mantra that we used to hear that it is because of the government building roads and this and that. and that is where you used to come down, that corporations need to pay their freight. so this is progress. >> i'm saying two things all of us have helped build the infrastructure which are the roads. and so there is an argument to be made especially about an amazon or frankly all of the folks using all of that to get these products to us i would believe as you know in a minimum tax for corporations

because amazon as you know has a corporation as not paid taxes or historically not had a very high tax bill in but a $3 tax on one of these delivery things just means that they will add a surcharge to you. so you the customer will pay the $3 surcharge every tax that comes down is going to get passed onto the consumer >> no question >> maybe that's what's really bothering him. it's good to be conflicted, i think. i'm conflicted it's my middle name. anyway, coming up, mystery software company -- software company. i wonder if it has anything to do with the cloud. it has to from that chart. company's been on a tear since its debut earlier this year. here's a hint. hear the music we're playing it fits in with the cold weather we're seeing and it fits in with the current people on twitter if you say something wrong. we're going to talk to an early investor in this company next.

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before the break we showed you a mystery chart for a software company on the rise that stock, probably figured it out. snowflake up sharply since the ipo three months ago that had the great debut. it more than doubled on the first day of trading and yesterday passed ibm in terms of market cap i know that doesn't sound like much, but for a new company it actually is. joining us is peter wagner you've been head of a lot of things, peter, over the years.

i think we've talked to you before about what was it right at the very beginning that caused you to be so early on snowflake? was it the people? was it the idea? was it the -- that it was unique among some of the other cloud companies? what was it? >> well, it's certainly all of those things, but i think probably the key factor was just this excitement about what the cloud could do for data. the ability of businesses to consume data, to use data more effectively to run their business today to share data. i think what we've seen really is that the appetite for enterprises to become more data driven is -- you know, we really don't even understand how big that is. we're in the early stages just like the cloud unlocked infrastructure, it unlocked applications, it made them easier to a don't, consume

we're seeing that with data. snowflake is the data cloud as the company says we're in the earliest stages of observing how far that's going to go. >> so 119% revenue growth. triple digit revenue growth. no one expects any company to be able to continue that. if we are really in the early stages, how long could you see outsized revenue growth with this company >> well, i think that's one of the really key questions that people are asking themselves i mean, you know, the movement of enterprise data to the cloud is really one of the biggest stories of the past five or ten years and i think it's going to continue to be one of the biggest stories of the next ten years or longer. and, you know, that's just the basic replatforming on top of that you then have all of these different work loads and ways that data will be leveraged by businesses once they've got it in the cloud once they're able to make better use of it, once they can access it more easily,

once they can share it with partners so there's a lot of different growth levers associated with this company it shows up in some of the metrics. the net revenue retention, 162% for snowflake. it's really eye popping. i think we sometimes hear sort of wonder is that going to be a core attribute of the great cloud data businesses or is that really unique to snowflake in some fundamental way it is one of the most eye popping attributes of the business model. >> you get -- the company gets big names, iconic names, then the smaller names follow, but how did you -- i mean, how did this company take on an amazon or google and have a product that people would adopt? i think one of the things, you only pay for what you use, right? unlike a licensing fee you might play to some of these other places is that the big benefit? >> you're referring to the consumption-based business

model, and that is huge. it's certainly very customer friendly it's one of those things that drives, you know, the per customer growth. what i was referring to as net revenue retention inside the snowflake business model so, you know, that's a core attribute. you also mentioned how do they compete against data services from the cloud service providers themselves one of the reasons is because snowflake is not pinned down to any particular cloud the way the offerings from an amazon or google or microsoft would be. >> works on all -- all right, peter. thank you. we have to keep it short got to end it there. thank you very much. >> okay. >> so early so often good talking to you. "squawk box" will be right back.

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developing news in the push for a stimulus deal as the trump administration renters negotiations we've got the details straight ahead in what is now shaping up to be a three-way party. elon musk dancing his way to the lone star state. billionaires and companies fleeing high tax places like california and new york. assault tax debate is coming up. we're never going to stop running this video. ipo rush coming in as door dash prepares for the public market debut to the tune of $102 a share. we'll talk about the pricing and what investors can expect. the second hour of "squawk box" begins right now ♪ ♪

good morning and welcome back to "squawk box" right here on cnbc. i'm andrew ross sorkin along with becky quick and joe kernen. the markets this morning looking up, at least on the dow right now. we'll show you where things stand. implied open 80 points higher on the dow. s&p 500 looking to open 6.5 points higher. the nasdaq looking to open down marginally at 30 points. >> factoring in all of this, new developments out of washington steven mnuchin floating a new $916 billion stimulus aid proposal ylan mui it's not 917, not 915, this is 916 exactly. >> reporter: $916 billion on the nose, joe. that price tag is pretty close

to the framework that a bipartisan group of lawmakers have been trying to hash out but there is one crucial difference. the white house plan includes another round of direct checks worth $600 a person, whereas it pays for that by getting rid of the $300 a week boost in unemployment benefits in the bipartisan framework a senior white house aide tells me the checks are a high priority for the president they called the trade unacceptable the politics of this do not break down cleanly along party lines. there are democrats like senator bernie sanders and ilhan omar are trying to rally support around direct payments and josh hawley are calling for direct payments that are double the size that are in the white house's plan now lawmakers have given themselves until december 18th to try to reach some sort of agreement and if they don't senate majority leader mitch mcconnell has suggested a fall back plan, and that is to get

rid of the things they don't agree on, including liability protections in state and local aid and pass the things that they do agree on guys >> that's interesting. is that the right kind of bipartisanship, ylan i guess we would take any? >> reporter: well, the question here is, you know, is there enough support around the direct checks at the expense of something else i think that democrats would be happy to add in another round of direct checks at $600 a person but they're not willing to do that at the expense of something else if you add that in there, the price tag suddenly starts to creep up there and maybe you're at $1 trillion or so or maybe even a little bit more that becomes an uncomfortable place for republicans. once again, you're back at that jigsaw puzzle in trying to figure out what is the right mix of policies that can pass? at the end of the day, mcconnell's suggestion may be the one that carries the most water. just go for a bare bones super

skinny package, if you will, and go home for the holidays and then let this fight be taken back up again once there is a new president sitting in the white house and a new dynamic perhaps on capitol hill. right now these negotiations are incredibly muddy and it's unclear which of these ideas, if any of them, is going to win out. >> ylan, trying to think through the numbers on this. even if we're thinking about a skinny bill that mcconnell is now sounding like he's endorsing. if you get rid of the liabilities which didn't have any funding behind it, i think, if you get rid of the state and local government, the last i saw that number was around $160 billion. you're still talking about something close to $750 billion, not the $500 billion skinny plan that the republicans in the senate had originally been endorsing. do you think there's some likelihood that they get something done what are the odds they get something done versus going home on december 18th having done

nothing, not even this new plan mcconnell is talking about >> reporter: yeah. frankly, becky, i just don't know the numbers are really fuzzy partly because of some of the offsets from the money that was repurposed from the fed, partly because there's leftover money from the ppp and partly because mcconnell said get rid of the things they don't agree on it's unclear what else in the laundry list like postal service money, opioid funding, vaccine distribution there are differing numbers around that. how much for each of those other categories will be included or will you be simply looking at extending the expiring unemployment benefits, ppp, maybe a little bit of extra money for distribution even what the contours of a super skinny package might be are not clear at this time and the negotiations keep getting stuck on these other items that then don't address what's going on in the broader package overall. so, you know, it's in a very difficult place right now and i think that's evident by the fact

that the bipartisan group of lawmakers who have been trying to hash all of this out still have not put out their detailed summary because as we know, the devil's in the details it doesn't seem perhaps worth while to put out some more specifics when you have leadership already haggling over what's out there in the public domain so far. >> it seems like it's getting more complicated, not less ylan, thank you very much. ylan mui. breaking news now on the mortgage market. for that we're going to get over to diana olick good morning. >> reporter: good morning, becky. i feel like i should copy and pace this headline every week. mortgage rates set yet another record low that is the 14th of this year. the average rate on the popular 30-year fixed dropped to 2.90% from 2.92. that's according to the mortgage banker's association that was around 4% the same week one year ago and the rates for a

15-year fixed and fha loans hit record lows. let the refinancing continue those applications jumped 2% seasonally adjusted and 89% higher annually. despite millions of refinances, millions more borrowers can still save on their monthly payment, even if they refied last year. the home buyers may be hitting an affordability wall now as prices surge higher and strong demand and meager supply that showed up in the type of purchase mortgages that buyers applied. more fha and va for lower-priced homes. toll brothers mentioned on the company's earnings say that some buyers may be experiencing sticker shock, andrew. >> thank you for that report meantime, coming up on the other side of this break, can your employer require that you get

vaccinated as vaccines start to roll out, workers are raising the question and we'll debate it after the break. futures this morning are slightly higher after record highs. the s&p 500 topping 3700 "squawk" returns right after this ok, just keep coloring there... and sweetie can you just be... gentle with the pens. okey. okey. i know. gentle..gentle new projects means new project managers. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database so you can start hiring right away. claim your seventy five dollar credit, when you post your first job at indeed.com/home.

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vaccine, workers and employers will be eager to return to the office, but will a vaccine be required first that's the question. a debate is walter isaacson. advisor partner. he's also proifessor at tulane one of the great writers and authors of our time. cnbc contributor great to see you if you were running a large company would you require your employees to take the vaccine to come back to work? >> yes first of all, let's establish that that should be a right of any company, any restaurant, any cruise ship, whatever. i think at some point we don't want to force people to get the vaccine as a government, but in the free market some restaurants, companies, markets can say this is the way we're going to do it i think you could have an immunity certificate, passport that are done not as a method for the government to force people to do things but let the

markets figure it out. if i run a business, if i run an office, i might have to work it out with my workers that i want everybody to be immunized at a certain point or if notthey have to work in a different section or from home i don't think we should try to decree this on a national basis. that's what's great about having different companies sort it through themselves >> so, walter, the coo of quantus, the australian airline, said they were considering requiring it, for example, for all passengers on the plane almost as a way to potentially be competitive advantage quickly i don't know if it quickly became a competitive disadvantage or not but the outcry was real. so the question is whether you think it does become a competitive advantage or, as i said, a disadvantage given the seeming anti-vax movement? >> that's something the market can sort out, not only with

vaccines or tech i think we'll have another issue. point of service tech. whether you're a restaurant, cruise ship, bus line, you can say to people, you've got to take a test and test negative before you come in and eat or get on board if the market says, no, i'd rather eat in restaurants where people aren't tested and aren't vaccinated or there's some outcry, fine, let the market say that if i'm a business owner, i know which side i'm going to be on. >> what happens if the market does say that though because one of the things that's been so bizarre in my mind, i know that a lot of people disagree, this issue of masking. you go to certain parts of the country and masking is just not part of the day to day in new york it is part of the day to day but there is a meaningful pushback on masking in this

country. i hate to say that, but it seems to be. >> yeah. i mean, at a certain point you have to have public safety methods and they're testing it out with limited passports you don't want to impinge on somebody's freedom except if that person is potentially going to do harm to other people you have a right to say don't go around without a mask. this is something obviously that's been litigated and argued in the united states i think this notion that we're afraid of vaccinations, we're afraid of masks, fine. let there be some restaurants where unmasked, unvaccinated people can go if they want but let the rest of us say we want to patronize businesses where people are safe. >> joanne lipman is on the line. i want be to bring her into the conversation i don't know if you had an opportunity to hear all of this.

at the institute for advanced study at princeton and a cnbc contributor as well. the question i'd ask you, joanne, there is also concern among the scientific community, epidemiologists, others who have worked during the pandemic, some would love a mandate in theory they'd love a mandate but one of the things you do hear about is the potential backlash, which is to say if there's a view that big business or big government is imposing their view on people, whether it helps those who want to go to the restaurant that walter was talking about, it can hurt, quote unquote society because more a larger percentage of the society says, you know what, i don't want to take this thing. i tonight know if it's true but it's a view that's often posited. >> i've heard that view as well. i think, andrew, first of all, i have to say you have been doing a real service by talking about the science. i didn't hear the earlier part of the conversation, but we already know four out of ten people don't want to take this

vaccine and we know that the black and hispanic communities are less likely to want to take this vaccine so you have that in addition to all of the other push back that you are talking about. i can imagine a situation where companies ultimately offer this the way that you offer a flu shot instead of making it mandatory, offering it in that way. and also you could see an incentive. i would say most companies i would imagine are going to go with the carrot rather than the stick. in other words, perhaps you could get a gift card or even more substantively, you could get perhaps a discount on your insurance the way that you do if you are a non-smoker or the way you do for auto insurance if you're a safe driver you could see those sorts of incentives being more effective than trying to make this mandatory for everyone >> hey, walter, do you think it's fair to say that, you know,

there are some things who -- some people who don't want to take different vaccines that have clearly been tested, been around for years if not decades and the safety profile is so clear it's -- it's unquestionable and there are companies, as you know, schools, hospitals that require people to have those vaccines to effectively enter them is this different? >> no, the same sort of thing. most schools say you have to have measles, mumps, those types of vaccines. if people want to be anti-vaxxers, they have to avoid the schools. i understand what joanne said, making it a carrot if i were working in a cubical, trading room floor or whatever, i would want to be able to talk to my employer and say i don't want to work next to people who refuse to take vaccine that should be entered into the equation people have all sorts of reasig

to not take the vaccine but they don't have the right to send their kid to nursery school with mine or sit next to me in an open work space. we have the right to say companies, schools, whatever it might be have the right to set certain health standards so you don't hurt other employees >> i think walter brings up a really good point. >> i understand -- okay. >> he makes a very good point about the unintentional transmission to others i've been seeing some studies. there are only a few that have been done. there is a study of arab smsian countries where half of all covid cases were in some ways work related there were other studies in the u.s. that found that up to 9% of could he individual deaths, not cases, deaths, were related to workers unintentionally bringing this home into their households. this is public health, about

protecting other people. >> there are people who have to work if you're works as a hospitality worker, restaurant worker, you don't have the choice to say i'll telecommute those are the people who will get most exposed i'm sorry, becky. >> i was going to add to your point. i agree with that. there are some people who can't take vaccinations. there are people who are immunocompromised, people who are cancer patients who can't take them. if you are going to school and haven't been vaccinated, you are putting them at risk the same thing with every vaccine we've dealt with if you don't get the measles vaccine, you go to school, you have a good chance of infecting people who aren't old enough to get the shots or other issues that lead them not to get them it goes along with a lot of other laws we have like anti-smoking laws. >> absolutely. it's an impingement on our

freedom a little bit to say if i'm a company you can't come sit next to everybody else unless you've been immunized but that impingement exists because you're threatening the health of other people if you do something like that. >> right. >> i also believe this can be worked out at best at each level. in other words, each school, each company, each restaurant can figure it out because that's the way our system works best. if somebody says, okay, i want to create a school for unvaccinated kids, let them try to do it, but it's really hard to say you're not allowed to have the immunization requirements in the workplace. we should be allowed to have that. >> okay. it is a debate that i know will continue and i'm sure we'll have you back to continue it. walter isaacson, joanne lipman, thank you both very much we'll talk to you very, very soon joe? yesterday new york

congressman tom swaze caught the attention with everyone around the country with this statement about the salt deduction and new york's high tax rate. >> right now new york subsidizes the rest of the country. we are the biggest net donor state. we set this up to subsidize these other states to help them catch up with us now we're subte is he diezing them to kick our ass >> he's going to be back with us today along with former white house chief of staff mick mulvaney who had some real-time comments about some of these things, as did a lot of people on twitter "squawk box" will be right back. time now for today's aflac trivia question. what iconic baked goods company went public in 2000 and was later taken private by a german lln?stment firm for $1.35 biio the answer when cnbc's "squawk box" continues aflac!

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aflac trivia question. what iconic baked goods company went public in 2000 and was later taken private by a german investment firm for $1.35 billion? the answer, krispy kreme >> should have known it. anyway, still to come on "squawk box" this morning, the state and local tax debate heating up as more companies and billionaires flocking to states with lower rates and lower taxes. elon musk is the latest to announce he's from california to texas. let's take a look at the winners in the s&p 500 after the index broke 3,700. american airlines leading the pack up 3.75%.

high tax states like new york and california are seeing fortune 500 companies and

wealthy individuals leaving for lower tax states like florida and texas. tesla ceo elon musk is the latest to join this growing trend. >> the team has been winning for too long they do tend to get a little complacent, a little entitled. california has been winning for a long time. and i think they're taking it for granted a little bit >> musk's comments follow a report earlier in the week that goldman sachs is considering moving its asset management base from new york to florida joining us now with more on this, mick mulvaney, former white house chief of staff and new york congressman tom souazze is back with us and, mick, i know you're ready to go. congressman, you remember a lot of the points you made yesterday. in this day and age, mick, you said something sounds a little

stalinist, that term and facist has become so cheap i don't know if it's bad to be stalinist. what particular part of what the congressman said yesterday did you refer to as stalinist? >> that was the key thing of the list which really surprised me and disappointed me that it seems like so often now we're keeping lists. lists, for example, that my alma mater wants to keep a list of trump people to exclude us from campus tom talked about publishing a list of people who didn't support reinstating the salt deduction. that's what got me fired up about the list part. the substance was the salt deduction itself i read the same bloomberg piece that y'all talked about and it did not reference the salt at all. it referenced the high tax environment in new york, it referenced the crime, the poor way they've handled covid. that's the reason that folks are

leaving new york city or new york state, not because of something the trump administration did in the tax plan in 2017. >> one thing that i can tell you for a fact, tom, we didn't get to talk enough about it yesterday, i don't think, is who the salt tax, if that were deductible, who that would help. there are no ifs, ands, buts about it you as a democrat like wealthy people because that's who it helps. we're talking hundreds of thousands of dollars for anyone that makes money with the salt deduction. is that where you really want to park your car right now, in the wealthy person space, helping them, as a democrat? >> well, let me first say that i like wealthy people. i like low income people i like middle class people i like all people. i want to try to help people that's why i'm in public service because i want to help people.

i want a list of elected officials that are not reinstating the salt tax i don't want them coming to the city of new york to collect campaign contributions i'm going to keep a list of those elected officials and the people who give them the contributions so that the public and the people can be aware that you're subsidizing our own demise we need the state and local tax deduction. it's been there for 100 years. they got rid of it in 2017 i heard people like mick and others boast about the fact that people are leaving new york state to go to their states. it's leaving behind low and moderate income people to hold the bags they've got to pick up all of those expenses that were previously covered by those wealthy people leaving the state. >> what about that, mick >> looks like mick -- yeah, that's -- that was so

compelling, tom. all of us -- >> all done. >> is mick back -- god, you're good hold on a second let me see if we've got him back wow, does that happen on the floor when you say something all of your opponents just go, holy cow, i'm with -- i'm with tom now. is he back is mick back or not? >> m i can is -- >> you lost him really >> mick's the former chief of staff to the president of the united states of america he was also a former congressman from south carolina and every year new york for every dollar it sends to washington, d.c., we get back 79 cents. for every dollar that south carolina residents send to washington, d.c., they get back $1.35. new york is subsidizing south carolina we're happy to do it they have a lot of poor problems, higher poverty rate, more uninsured people, higher

crime rate we're subsidizing them. >> i heard that. he's back. he's brave enough to come back >> welcome back. >> mick, just in summary, you can imagine what he's saying he's saying new york just pays for the rest of the country and they have central park and, you know, it's just so great, everything that goes on here and they subsidize everybody else >> the meeting was ended by the host, which was by you folks maybe by tomorrow, not by me go back to -- >> stalinists did it >> go ahead. >> okay. is that where's the list of folks who passed the laws in the first place that made the tax so high where is the list of folks who passed the laws on how to handle covid so poorly? where's the list of folks that made it so unsafe to go into new york city? let's talk about donor states versus recipient states. states don't pay taxes

people pay taxes the reason on average new yorkers pay more is that they make more. that's the system that tom likes. that's the system that tom wants to encourage, rich people should pay more he had a bill, in fact i know it passed out of the house last year, they got rid of the saltalamacchia, reinstated the saltalamacchia deduction for two years but raised the income tax rate forever so, i mean, i hear the rhetoric and i know it's hard for new york politicians to want to blame themselves they want to blame somebody else for the difficulties new york is having but to blame the federal government and the challenges that the state is facing is simply not accurate. that's why i wanted to have a chat with tom today on your show >> let me make it clear that new york -- >> tom >> let me make it clear that new york state is doing a great job compared to a lot of places in this country dealing with the coronavirus. a lot of people died early on. it was a new phenomenon in the

united states. we faced some real tragedy in our state and that's why we need a covid relief package for the entire country, including state and local aid, for places that have been decimated by loss of revenues the reality is the state of new york is -- needs to be more competitive. no question about that but elimination of the salt deduction has been a real punch in the gut yes, i did propose that we raise the top income tax rate for the wealthiest americans who make over $400,000 a year back to what it was before president trump and you came into office it was 39.6. for some inexplicable reason you lowered the rate of taxes on the wealthiest people of the united states from 39.6 to 37 so i think that we need to have the salt deduction reinstated and we should raise the income tax rate for the highest earners in america back to 39.6. >> one of the reasons we got rid of salt, it was a philosophical

issue. it's a subsidy, incentive to raise taxes. when we want people to save money for retirement, we allow them to take a deduction when we want them to pay more for their own health care, we give them a deduction for the others when you subsidize something, you get more of it many states, such as yours, your county took advantage of that to raise taxes and were able to go to the taxpayers and say don't worry, you're not going to pay all of this. you get a deduction on your federal tax return that's not fair to the lower tax states we tried to level the playing field with a flat deduction so there was some accountability to local and state leaders raising taxes. >> mick, we have a very astute viewer who wrote something and i want to ask you about it if a u.s. citizen pays income tax today to a foreign state, to

a foreign country, they get an uncapped foreign tax credit. this is not, by the way, merely a deduction, against their u.s. tax liability, their federal tax bill however, if they pay income tax to a domestic state, right, like new york, they get capped. does that make any sense to you in the world >> andrew, in fairness, i'm not familiar with the first one. i know there are certain tax incentives for americans to go overseas and work. it helps our exports i'm not familiar with the details of that specific tax credit that you're talking about. to come back to your point about the -- go ahead. >> andrew, i am familiar with this tax credit and it's the same thing that right now businesses can deduct their taxes that they pay state and local governments. they made it so that individuals couldn't deduct their full deduction. it's simply unfair

it's unfair that people are being taxed on taxes they've paid that doesn't make sense. it's not fair that this deduction has been in place since 1913 the very first, why? because we wanted to protect state's rights we wanted to be able to protect state's ability to do what they want the people who hold them accountable are the people who live in those states they will hold them accountable. i can't benefit because i thought the property taxes were increasing we'll hold our own people accountable in our state right now we are subsidizing states in the country. >> the only thing i'll add to this, when you're talking about one country versus another country as you're talking about federal taxes, and i don't think you can compare federal taxes to federal versus state and local taxes. i mean, they're different jurisdictions and different ways

to do it if you're paying taxes in a different country, it's because you're living in a different country. it's hard to double charge you from one federal level to another. it's a complicated question, mick it is a situation where these states are pushing back. it's something biden doesn't have on his platform do you think it's something that will actually pass the congress? >> i think it depends a lot on the outcome of the georgia state senate races if the democrats control both the house and the senate and the white house, then i think that's the least of the things you'll see changing over the course of the next two years so if the republicans keep those two seats in georgia, which i expect they would, georgia's a reddish gray shade of purple, both of those seats, no, you're not going to see any dramatic changes here nor should you. the philosophy was correct we're trying to level the playing field so right now, face it, if you live in florida

you're actually paying income tax on more of your income, federal income tax on more of your income than someone from new york because someone from new york gets a larger deduction than they did before they could deduct more of that from your federal income tax if you lived in florida more income was available to be taxed by the federal government. one of the things that gets lost -- >> tom, just going back to a previous point sorry to cut you off, mick, but, i mean, tom, let me see how you said it. it's inexplicable that trump and mulvaney lowered taxes on these fat cats, these people making over 400,000 -- >> i never said fat cats >> that's my word. that's my word all right. it goes from 39.6 to 37. you want to go from 37 to -- do you know what the salt tax does for wealthy people 2.6% is peanuts compared to the

break you're giving wealthy people by putting the salt tax back so you feel horrible about this 2.6%. >> i don't feel horrible. >> well, you're giving wealthy people a much bigger tax break by bringing back salt, much bigger. >> i'm talking facts people are moving out of my state because of the fact that they've lost their salt deduction. >> because the taxes are so high. >> mick said earlier philosophical decision this was a target of blue states in the united states of america to try and help other states, to try and push people out of our -- because they didn't want the progressive. poverty wage is lower, minimum wage is higher people have a better quality of life they want to push people out of our states into other states and it's hurting us. we're losing political power

we went from 45 members of congress to 27 members of congress in new york state and it will go down again. we have to make our states more competitive. >> you're making my point for me the salt deduction came into effect in 2017 you have been losing since 1950. jamie dimon was talking about moving his operation out of florida -- excuse me, moving out of florida from new york to 2013 the bloomberg article doesn't even mention salt. this is not a salt problem this is a structural problem in new york go read the article again. it talks about things like crime bill de blasio the way y'all have handled covid. >> mick -- mick -- >> it's lower than south carolina. >> great. >> mick, i'm not going to disagree with you about the this innings that need to happen in new york the question i'm going to ask you, two things, one is do you think it's fair that new york subsidizes a large part of this country? there is a -- by the way, talk about socialism in america, the

entire setup of the country is a socialistic program insofar as there are givers and takers and right now there are takers all over the country in states like yours, frankly so let's just accept what it is, but the question is don't you think that the -- that changing the salt tax was meant specifically, you said philosophically, but specifically to disadvantage states like new york and try to advantage others i don't understand how you could see it frankly any other way that's what was happening. it was a political effort. >> andrew, i disagree. it was a way to raise money. by joe's point, by doing what we did the wealthiest people paid more in income taxes it's fun look at senator kamala harris's tax returns from 2016 and '17. she had to file those as part of her campaign for president you can see the percentage of her income that was available to tax went up. the percentage of her taxes that

were able to be taxed by the federal government went up she's a high -- in the top 1% of earners. your point, i disagree, andrew, with one of your premises, which is new york is subsidizing the rest of the country. new york state doesn't pay a doll dollar's worth of tax. it's the wealthy people that live there that's what they want to continue and expand. they want to raise taxes on the wealthy. if you do what tom says and the wealthy folks who stay in new york will end up paying more into the system and subsidizing more folks around the country. no, what we tried to do is say let's take the incentive away for state and localities to raise their taxes. let's stop subsidizing it. stop giving a federal tax break when they raised their state and local taxes. that's what this is about and why it had a flat fee. i disagree with the premise. >> we're going to take it -- >> no, we've got to go we have to take this on the road we'll have you both back can we do that again because i'm going to say we'll anyoight back.

thk u, congressman thank you, mick mulvaney we'll be right back. (♪ ) keeping your oysters growing while keeping your business growing has you swamped. (♪ ) you need to hire

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welcome back, everybody. doordash pricing at over $100 a share last night ahead of the first expected trade this is above the range the company had been targeting and way above the initial expectations from last week. joining us is laura foreman. she is the heard on the street columnist and rohit ca lca rney.

you wrote doordash was performing perfectly picture perfect. is this something that you think that can last once covid becomes something that's a little less virant >> i think what we are seeing with food delivery is the last frontier of ecommerce. door -- dash is right there. we are entering winter winter is coming for restaurants. cold weather, no indoor dining, no vaccine door -- dash will play out once you do that for many, many months you will change consumer behavior and that will help doordash here. >> laura, you're the heard on the street columnist what have you been hearing on the street these were deals originally downsized in terms of the market

cap. they've been up sized recently is it priced for perfection at this point is this the right level? what are you hearing >> yeah, becky, this is a deal that started at the low point at 75 bucks and now we're seeing $102 that says a lot, obviously, about the demand, but in the suburbs, people are sheltering in place personally, i have three kids. i am ordering in almost every night. let's be honest, i'm a terrible cook this definitely has legs even longer term, if you look, there were secular trends before the pandemic doordash went from zero to a market leader before the pandemic began if you look at places like china, even some places in the u.k. where the market is developed, you see there is significant runway in the u.s., pandemic or not. >> pandemic or not that's the question.

you seem to be of the opinion that consumer choices have changed and people aren't frustrated with eating at home, don't want to get out once we do see the vaccines that are rolling out now. rohit, what would concern you on that front what would change your mind. you're right, what happens after that >> i think what happens after that is you have an environment that's level set ub uber, insta cart and then this doordash big tech is not going to come in with food delivery and grocery delivery it will rise and even in a smaller consumer behavior market, i think all three can win. grubhub and the other logistics

networks will get left behind. it will continue to grow and all three can win. >> laura, what do you think about the state of silicon valley right now these companies are doing very well very much in demand at this moment then you see things like elon musk becoming the latest billionaire moving out of california saying forget it. is that environment going to be there? >> i'm very much of the opinion silicon valley isn't dead. people will leave. i live in california i'm personally not going to leave. i do think they'll be back i think there is a lot to be said for california, the excitement, the environment, intellectual curiosity of everyone here in silicon valley. i think there's more to come >> laura, rohit, thank you for joining us good to see you.

>> andrew, i'll send it over to you. thanks, beck when we come back, new hampshire governor chris sununu will talk to us about his push for more virus relief. stocks poised for more record highs at the open take a quick look at the futures. the dow looks like it would open 73 points higher s&p 500 up 4.5 points. nasdaq opening down 12 points. in other words, you want a hybrid. so do telcos. that's why they're going hybrid with ibm. a hybrid cloud approach with watson ai helps them roll out new innovations anywhere without losing speed. from telco to transportation, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. good work little buddy. ♪ ♪ to a world that must keep turning. the world can't stop, so neither can we. because the things we make,

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good morning

suddenly washington is all about stimulus the white house weighing in now with a more than $900 billion plan and it's doordash's day the first of the two monster ipos this week pricing above its increased target range and getting set to trade. as the u.k. starts giving out the coronavirus vaccine, we're going to look ahead to an american rollout and ask who should be at the front of the line pharma industry veteran will be our guest. final hour of "squawk box" begins right now good morning and welcome to "squawk box" here on cnbc. i'm joe kernen along with becky quick and andrew ross sorkin u.s. equity futures are indicated a little bit mixed

this morning there is some upward momentum continuing with the dow and the s&p although the nasdaq is now, as you can see, down a little bit over 10 points we are inching our way towards 1% on the 10 year we'll see what happens with stimulus talks. that might help. we'll also see what happens with the vaccine. those are the two data points that we talk about vaccine rollout as it happens here like in the u.k., it causes them to reopen and it helps get the fed out of things and helps normalize things 1% is the next step. we've been waiting a while we'll see, beck. >> waiting for it to go. speaking of treasuries, jpmorgan ceo jamie dimon saying he is not a fan right now. dimon spoke about equities and bonds at a goldman sachs financial services conference. >> i think there may be a small

part of the stock market, not all of it. you analyze it by segment, by this, that's not true. i'm not -- i would not be a buyer. i think treasury, 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. >> banks have no choices the rest of you do the 10-year bond they will come in above the $66 billion expected by analysts next year because of investments they're making now he said this year's fourth quarter revenue is tracking 20% higher than a year ago and he noted that jpmorgan is interested in asset management and fintech acquisitions. soft bank shares popping on a report that the company is looking at a new strategy to go private. sources tell bloomberg it could be accomplished by share buy

backs by the company specifically softbank could purchase shares until he can force them to sell that's something allowed in japan. we're expecting doordash to trade publicly today they priced the ipo at $102 a share. that was above the revised range of 90 to $95 a share the ipo gives doordash a value of $38 billion we'll be talking much more about the offering a little bit later this hour. andrew >> thanks, becky. as we approach the end of the year the s&p 500 sitting on more than a 14% gain for 2020 still being outrun by very similar indexes. cnbc's market commentator mike santoli joins us >> it's not so much about winners and losers, different degrees on winning the s&p 500 itself, it slowed down a little bit. there's been a couple of failed

minor pull back attempts haven't come to anything if you take it from september 2nd, 3.5% above. look at the s&p above the russell 1,000. this is the largest 1,000 stocks in the u.s the s&p 500 is the overwhelming majority of the market value of the russell 2000 you see how they usually go very much in sync in the last several weeks, why might that be? in the russell 2000, not in the s&p, very, very large stocks we know tesla is about to go in the s&p. many other very large names at or around $100 billion that are very hot performers are not in the s&p. here's just a handful of them. tesla, 600 billion or so in market cap square, zoom, snowflake. snowflake brand new. around $100 billion. just for scale there are 50 stocks in the s&p 500 smaller than 10 billion.

you have 10% and a bunch of market cap outside of it a little bit of a conundrum. it's very dynamic because basically people are grabbing at the hot growth stories and they don't care if they're in the s&p or not >> okay. mike, question for you, which is what does this ultimately mean for index investors especially as the index looks to incorporate the massive growth stocks over time that's going to happen. >> it should happen over time. what it means, if you're the owner of an index fund, you're buying high or higher than you used to. s&p doesn't want to refer to the markets. there are other metrics that it meets. it's a tricky position for the s&p. when you have a ton of market cap, the stocks you're likely to

inject are much, much smaller. it creates a lot of friction and arguably makes it difficult in terms of being an index owner now buying after the huge runs. >> so really the addition, for example, tesla you think actually -- i mean, depends where you stand. ron baron will tell you it's still going to go up we had sarat sethi saying 12 months from now given the run it's been on, it will have to be flat to down that's the argument? >> first of all, i would say the fact that it's going in the index probably does not -- should not have a lot of bearing of whether it goes up and down if the index inclusion is a bullish bump, it's been priced in i do think though that arguably tesla has to have a pretty compelling story going ahead they always have had that. and it does seem as if now there's a little bit of a trick

in terms of deciding if it's still going to be mostly about a car company, if they're still going to remain in heavy investment mode. still raising capital. honestly unique when it comes to the size of the company relative to the economic footprint going into the s&p >> hey, mike thank you. have you done the math i tried to do -- i was starting to do it >> yeah. >> 3700 on the s&p what was the lows? it's getting up there, isn't it? >> you're up almost 70%. under 2200 interday. >> i feel so bad for the people who got scared out from the panic, from -- you know, obviously covid was frightening but, oh, i know, don't we know it. the trump administration reentering the stimulus debate and floating more than $900 billion aid package. would it deliver what states

need we're going to ask new hampshire governor chris sununu after a break. tomorrow don't miss a very special edition of "squawk box." really, i guess they're all special. we have a great lineup of guests including cvs health, starbucks and united airlines. stay tuned, "squawk box" will be right back every year, we set out to do one thing

help the world believe in holiday magic. and this year was harder than ever. and yet, somehow, you all found a way to pull it off. it's not about the toys or the ornaments but about coming together. santa, santa, you're on mute! just wanted to say thanks. thanks for believing.

welcome back to "squawk box," everybody. futures indicated higher after gains yesterday, too dow futures indicated up 81 points s&p up by 6 and nasdaq giving back indicated down 7.5 points. joe? >> thanks, beck. white house jumping back into the stimulus debate with a new 12 figure aid proposal one, two, three -- did you do the math, ylan deja vu all over again did we talk about this earlier, ylan >> reporter: we did, joe we talked about it all day long because there are now three competing proposals and just nine days to get something done. white house plan clocks in at $916 billion includes money for state and

local governments. they want $600 a person. that is pretty close to a framework put together by a bipartisan group of lawmakers. that's $908 billion. but instead of direct checks, that one calls for $300 a week boost in unemployment benefits and democrats say that iks changing one for the other is unacceptable then there is the bare bones backup planfrom senate majorit leader mitch mcconnell who says rock the controversial provisions like state and local aid, liability protections and just pass the things that everyone can agree on. democrats say that doesn't work either because it puts the jobs of firefighters and police officers at risk >> every governor and mayor across the country is -- has been fighting to keep these people working and mcconnell is pulling the rug out from under them >> becky, schumer also said that

the bipartisan framework right now, it's the best hope for getting a deal done. back to you. >> ylan, we will continue to wait and to watch. as you said, nine days left. we'll see. thank you. these developments come as a group of republican goof noresu are calling on congress for key help this year let's go to chris sununu governor, let's talk a little bit about this get out of here, cat first of all, why is it that you are actively pushing for this right now? what do you see as being the most urgent need >> the most urgent need is that we are still well in this pandemic there are still a lot of costs driven by it the vaccine is coming out, being distributed. costs surrounding that our message is very clear. first, congress, you have to do something.

they've done nothing surrounding the coronavirus pandemic in over eight months with nine days to go, we don't have a whole lot of hope whatever they do has to be focused much like it was in the original c.a.r.e.s. act, focused around the relief efforts, costs states are bearing, ppe, maintaining testing and all of those things that comeinto play we want to focus we want something that is flexible for the state that we can manage and doesn't have that megalo maniac attitude a one size fits all. that's not going to work >> the devil, again, being in the details on this. right now as ylan pointed out, you have three competing bills or proposals that are kind of out there. one of them would suggest giving the money to every individual below a certain income level rather than adding the extra unemployment benefits. how does that play out to you? then the idea that mcconnell has put forth which is to get rid of the state and local aid and get

rid of the liability protections just to pass things that both sides agree on how would you feel about each of those ideas? >> obviously i think the liability protections for businesses are critical. crucial. a lot of states already have something like that. in a place for nej, we have so many families and businesses that cross borders that's one case where to have something we can all -- everyone knows the rules across the border on a nationalized level would help the unemployment business, look, our economy is open. the unemployment stipend might be valuable for some folks it comes with some detriments as well in terms of disincentivizing people back to work and all of that i want the dollars focused on the transportation costs, ability to support my national guard, all of those folks that are going to be on the front lines, getting the vaccine out, maintaining the high level of testing we need, all of the other ancillary costs that come around the public costs about it not on pension bailouts. focus on the costs that the

states and localities are bearing for operationallizing what needs to be done for the citizens. >> this makes for some strange bed fellows. you are in agreement with the governor of massachusetts but you've been there to talk about your disagreements with the governor of massachusetts and how he's trying to keep the tax money from citizens who live in your state and are working in your state alone too how does this come down when you're looking at the issues and who you team up with >> it's not about teaming up a lot of the governors are in agreement as long as they keep the dollars focused, where it needs to be, a lot of the governors on both sides go charlie baker and i get along great. he's a great governor. i don't much care for their attempt to try to take an income tax out of citizens in new hampshire that aren't even working in massachusetts that is unconstitutional on a variety of levels. they need dollars. everyone is trying to scrape up

revenue. i can appreciate that. taking time to take it out of my citizens' pockets, that ain't going to work. governors work in a bipartisan, non-partisan way we're the managers and are implementing a lot of these solutions. one thing i can tell you every governor will agree with, what is good for new hampshire isn't good for new york, california, massachusetts. that's why the flexibility is so important. the original c.a.r.e.s. act came with flexibility i was able to use $600 million to support businesses and all of those things to keep businesses viable some states chose not to do that, we did we did it in a very aggressive way. it's helped our economy tremendously again, we all have to find that path first, a, congress do something. do something that is coronavirus driven and don't get over and above themselves, kind of like flipping over the handle bars of your bicycle they get going too fast, think too big, nothing gets done

that would be the worst thing for the american citizens as a whole. >> hey, governor, i want to ask you separately about the vaccines new hampshire has a remarkable record when it comes to vaccination of children. you require children, preschool to go to school and be vaccinated, nine to ten different diseases, in terms of compliance it's 94%. my question is, when this vaccine comes out are you going to require it of citizens of new hampshire? >> absolutely not. no way anyone that's going to mandate a first trial vaccine really could be potentially asking for trouble. this is the live free or die state to be sure no, we're not mandating a vaccine. i think a lot of folks will take it at an extremely high rate those who don't want to take it, don't have to take it. when we wear masks, it's to protect others more than ourselves. that's what the vaccine is all about.

it's about providing that ability so i don't have to worry as much about going to the grocery store and infecting somebody else. i'm fairly healthy i can lose a few pounds, i get it i'm a fairly healthy younger individual my fear is i'm going to infect somebody else and their parents get sick the vaccine is they have the choice to protect themselves and we as a society can get back to whatever the new normal is going to look like >> governor, your state though does require this currently for, as i said, nine to ten different diseases in your state simply for children to go to preschool or kindergarten. this is a requirement. are you planning to roll that requirement back do you believe that that's not fair >> no. those are different vaccines for different situations those are all mandated by the legislature. i don't think the legislature is going to mandate a vaccine that has never been introduced into the public yet we know it's going to be safe. we feel very confident about that but to start mandating that for children, the first round of

the vaccine isn't going to be approved for younger children. under 18 or 16 years old it's not even approved for that just yet. again, that would be a step to take well off into the future. i think in the future series of the vaccine and something for the legislature to decide well down the road. >> but is that something a year from now if you felt it was safe that you would want the legislature to take up in the same way they've taken up with measles and other things >> no. >> why not >> no. i mean, look, i think to say where we are today to be where we are a year from now, could be light years away i can tell you, we're not looking to mandate this vaccine at all >> governor, back to the stimulus what conversations have you had, if any, with the players in washington that are involved in this what do you think they say in terms of the concerns you're bringing them? >> look, we've had conversations with everyone, frankly, with the trump administration i haven't talked with folks

directly in the biden administration but i know in talking to governor cuomo head of the nga is working with the biden administration, asa hutchins is working with the trump administration so we're kind of all working in concert making sure both sides of both the trump and biden administrations understand the message very clearly i've talked to senators about it, republican and democrat, my own congressional folks. i think the message is out there. we've made it very, very clear what's expected. the most important is to do something. we were shocked they did nothing. they let politics, politics, politics drive their agenda. at the end of the day the american people suffer even if it's a little piece. do something today, maybe a little more tomorrow don't let perfect be the enemy of good and don't let perfect be the enemy of necessity that vaccine is coming next week we're requesting to be prepared. i'm going to get the ability to move that along, but we have a long way to move that along. technically we have no dollars

to support that after january 1st. it will be a massive, massive undertaking. congress needs to step up. they know they need to they have to stop worrying about the fringes of what can't be done and focus on the core of what does need to be done, what can be done and move forward in the first phase. >> what happens if they go home, they being congress, go home on december 18th without having passed anything, meaning you won't get a bill passed before the end of the year. what would your message be for them >> par for the course. i don't think any of them -- to this point, i don't think any of them deserve to be rehired when it comes to congress and the senate maybe they can stand up and do something to show they care. other states would be in much more difficult situations than new hampshire. we'll get by we'll figure out a way we'll innovate we always do we have a strong economy here. it doesn't mean not being able to survive but you're talking about making tough decisions

tens of millions of dollars in terms of vaccines, additional testing, supports to school, remote learning, broadband, all of these investments that have to be made around the pandemic and we have been making. the virus doesn't care that december 31st is coming and going. it will be here just as strong on december 31st as it is january 1st. the need is going to be there, even greater, knowing we're getting the vaccine out. we see a light at the end of the tunnel if congress walks away and does nothing, nobody will be shocked. >> governor sununu, thank you for your time. >> thank you >> andrew? coming up, thanks, becky, when we come back we're going to dive into the question of who should be the first to get the coronavirus vaccine once it is available. plus, everything we need to know about the doordash ipo. to that break, a quick programming note, this year has

proven that work can be done from anywhere. connectivity has proven critical, of course, to the success of any organization. the next cnbc @work spotlight tomorrow businesses prepared to pro tell into the transformative era. register at cnbc events/work spot like. "squawk" returns after this. - did you know that americans have bought gold in 2005 quadrupled their money by 2012 and even now

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here's a couple stocks on the move campbell's soup reporting first quarter results. beating analyst's estimates. raising the quarterly dividend by 6% to 37 cents a share. you can see the stock is lower about 1% but don't forget, soup is good food and don't miss an exclusive interview on the second hour of "closing bell." that was free. i hope the market appreciates that. in the second hour you can catch an exclusive interview with bank of america ceo ryan moynihan shares of fireeye systems

are lower as they were breached. they gathered information about government clients which is interesting becky? >> thanks, joe. when we come back, the first debate over essential workers happened back when the pandemic shut down some businesses but not others now that debate is about to begin. only this time it will be around who's first in line to get the vaccine. up next, pharma doctor sam waksal will join us on this important question stay tuned, you're watching "squawk box" on cnbc

president trump signing an executive order that aims to prioritize america's access to the covid vaccine, but that access will be limited at first by production constraints, obviously. the debate now turns to who should be first in line and get the vaccine. to talk about that let's welcome dr. sam waxcal

now it's equilibre. >> that's a great public company and i am now the chairman, ceo of equilibre, new company in the neuroscience field. >> neuroscience. look, before we get started. i mean, to talk about who should get the vaccine first, i think i know who should get the vaccine first. that's going to be -- i guess we can talk about that if you have outlier opinions but you have some definite outlier opinions, and we're going to -- a lot of people want to invoke science. we're going to talk about the science of antibodies, t cells, everybody else are you an md ph.d. or ph.d. in immunology >> ph.d. in immunology i'm a t cell immunologist. i have a point of view in the fact that both the press, even

physicians and some of our pharmaceutical scientists talk about antibodies all the time. the immune response to viruses is a t cell response and, in fact, there's someone, i won't mention his name, that's got agamaglobulin anemia his t cells responded and he's immune to this virus the vaccines that are being developed should be looked at not only for their ability to make antibody but their ability to make long-term t cell responses. that will give us long-term immunity the pfizer vaccine -- >> yeah. that's what we'll get to you actually make the case that you would rather take the j&j or astrazeneca vaccine, and i think, if i understand you

correctly, because it's mediated by an adenovirus vector and it causes a response in the t cells which you thinks makes it possible to imbue immunity to an individual is it possible antibodies tell the t cells to wake up and to look at the virus as well? i mean, obviously antibodies are important. you're saying not as much? >> well, i'm of the school that's totally different one, antibodies don't tell t cells anything, it's the other way around an old colleague of mine used to call generation of diversity god in the immune system and it's the t cell that does it. in fact, whether it's j&j or astrazeneca or even a new company that patrick chong is moving forward under natworks

that induces t cell immunity and t cell immunity gives you long-term immunity there are people that are alive over 100 years ago that are alive during the great influenza. they have no antibodies but they have t cells and they are still immune from the h1n1 virus so it's the t cells not the antibodies that help them. >> why wouldn't the spike protein, the epitope, you think that doesn't stimulate t. cells as well as the other vaccines that you would prefer? >> well, frankly, the pfizer vaccine does stimulate cd8. >> he's thinking >> vaccine >> we've been having some. go ahead you froze for a second so start over >> pfizer vaccine stimulate cd8.

moderna induces cd4 cells which are helper cells for the immune system, but i've not seen their cd8 data i am of the school that unless you're inducing cd8 t effector memory cells you won't have a long term response many companies are doing just that, as you said. astrazeneca, j&j and i believe the pfizer vaccine as well. >> reading between the lines, this is one man's opinion, i mean, you're a ph.d. in immunology, but you're saying the moderna vaccine in your view, you wouldn't want to take because it's -- you're not saying it's dangerous but you're saying it might be inferior to the other vaccines >> you know, i'm not going to say that because it's just not useful, but i will tell you this, i am of the school -- i'm

going to say this over and over again. it's not antibodies, it's t cells. it's one man's opinion, but i'm generally right. it is fact that antiviral immunity is immunity that is t cell not antibody. and we've seen that over decades of research. we've seen that with nobel prizes and the fact is that that's what's going to protect us long term and when i hear people say they shouldn't take the vaccine for any reason because it's truly to protect others, that's baloney the vaccine is going to be here to get rid of the pandemic and that's what's important. and the more people we vaccinate, the greater a chance -- the greater the chance will be that we'll have tree herd immunity. we will get rid of the pandemic.

so if you only have 60% of the people taking the vaccine, you will need a vaccine that's 100% efficacious. you need to make sure that everyone takes it, and right now we have a world that doesn't believe in science by the way, science in one year from the time that this virus was sequenced, made a vaccine, made vaccines, and that's unbelievable, and that's what science did for society. that's a big deal. >> so we know who should get -- i mean, i don't know whether we designed the segment for that. what should the priority be for limited supply that's distributed? >> the priority should be first line medical workers so that they're protected while they take care of people and then the population that is most at risk of dying, and that population is

a population that's the aged and fragile population people in nursing homes. people over the age of 80. they should be getting it first. that's who's getting it right now in the u.k first woman injected i think in northern ireland was over 90 she may have been over 100 years old and she told everyone, she goes, go for it. it's free. so we have a situation where we can vaccinate many of the people that are at risk and then we need to start vaccinating everyone else. we're going to have a lot of vaccines it's not just going to be moderna, pfizer, astrazeneca and j&j, it will be the vaccines of gnat k west. it will be novovax it may be other vaccines

in the third world vaccines may be distributed we will have vaccines and the population needs to take them. they're safe they're recome by nent they're not viruses. these will save us from this emerging pandemic. >> excellent i believe it too thank you. >> just, joe, one thing i want to say -- joe, i want to say hello to my father who was infected with covid at the age of 95 and maintained a great immunity and cleared the virus and he's fine down in florida. he watches you guys on "squawk box" all the time. so, hi, dad. >> unbelievable. unbelievable great. that's great to hear, sam. it gives us all hope 95 must be in great shape. thanks dr. sam waxsal, thanks see you soon

becky. >> god bless really glad to hear that story mr. waksal, thanks for watching. everything you need for the two month's ipo. doordash tonight a special cnbc program the path forward, race and opportunity in america anchored by john fort and carl quintanilla. education and entrepreneurship in america that's tomorrow night, 8.m. p eastern time right here on cnbc. stay tuned, "squawk box" will be right back

welcome back to "squawk box" this morning doordash pricing the ipo above expectations one of the biggest offerings this year. deidre bosa will join us in a minute with some of the key details of the offering. before we do that, we talked about the pricing. for that we're joined by leslie picker leslie >> reporter: hey, andrew $102 per share makes doordash the second largest ipo behind snowflake. it was able to rake in $3.4 billion at a $39 billion valuation. the delivery company took a few unique steps throughout the ipo process. for one, it used a hybrid auction system to find the ipo

price there. door dash automated this stage in the process and used the data from the auction to decide on that $102 per share figure doordash also took the extremely rare step, i've actually never seen this in my eight years of covering ipos, of not having a green shoe which is the mechanism that can stabilize the stock or allow it to sell 15% more in proceeds door dash's cfo is a former banker we'll see whether the adjustments benefit the company when it starts trading in a few hours' time. while marketing the stock to investors, doordash received greater than expected demand online food delivery i'm told the top question from investors in pretty much every meeting was what does this company look like in a post

covid world? over to you, deidre. >> reporter: and that is consistent, lease lee. a question that keeps coming up. does the company go public softbank had no small role in doordash's rise. the vision run 25% stake in the company is worth $6.4 billion with doordash priced to get 102 bucks a share. the first startup was in 2018. that is a 9 fold return in about two years. back then the startup was valued at under $1 billion and it was far behind grubhub and uber eats in terms of the market share massa son's capital turned out to be a very powerful tool playbook used the money to grab market share from rivals. this focused on the suburbs

versus urban centers the company also used a controversial practice called nochb partnered delivery br it essentially signed up tons of restaurants without even having any kind of contract with them now today seemed to have worked out. doordash has 50% of the food delivery market and the pricing values the company at $39 billion on a fully diluted basis. so far this is a much-needed win for the vision fund. perhaps another key question going forward. this ties into leslie's question, too. what happens if public markets want to see more financial discipline and capital is no longer that tool or the weapon as some people call it that it was when it was private. andrew, again, how sustainable is this revenue growth and the kind of gains it's made in market share >> the question i was going to ask both of you is just how competitive. you really go market by market what kind of, you know, drag out fight there's going to be between the players that are still left i know there's been

consolidation but there's been so much discounting over the years and what that ultimately is going to look like. we were talking to sarat sethi in the 6:00 hour at some point in a post pandemic world maybe some restaurants are going to say, we don't want you taking 30% we're going to do it ourselves, take less, turn into a fight in the same way people are trying to fight apple with what people call the apple tax what do you think of that? deidre >> reporter: well, i'll connect what you just said in terms of commissions to regulations we didn't talk about that in my head, but that is an important point that investors are looking at going forward doordash won an important battle in california with the gig workers bill and the ballot initiative going forward there is that question of commissions. andrew, it's a good question because at a time when restaurants are struggling to survive and they're paying a certain amount not just to

doordash but uber eats and grubhub. this is a great question once we're past the pandemic, do they want to continue doing that as leslie talked about, are people going to be ordering in food because her sizes are bigger. >> leslie, we talked to derek yesterday in the context originally of that deal they did with aurora, but then we asked him about the doordash deal or the doordash ipo he said it was a great sign of what's happening in the market my question to you is in terms of everybody trying to fight for market share, how much do you think that uber, for example, is going to be willing to lose over time to play against doordash? >> reporter: well, i think with doordash in particular a lot of investors were impressed by the fact that the company has been able to show profitability, which is something that its peers have not been able to accomplish they've also been able to quickly scale up that number one

market share position though investors are looking at this saying, what's the next step for doordash do they expand internationally in a very big way? expanding the grocery? pharmacy are they able to accomplish what they've been able to accomplish in food company's growth that's something that i'm told investors were really focused on during a road show, andrew >> okay, leslie picker, deirdre bosa, appreciate it. don't miss an interview with the ceo of doordash, tony xu with "sawonhe on quk t street" 9:30 eastern time this morning. we'll be right back. nationwide 5g network.stest now, new and existing customers can get our best deal. really?! mom! at&t has the deal for new and existing customers! i will. so what'd she say? wrong person. it's a guy named carl. but he's very excited and on his way. word-of-mouth advertising. it's what they did before commercials.

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welcome back, everybody. let's check in with jim cramer, standing by at cnbc headquarters jim, leslie was just saying about this po for doordash, she's told the most common question asked on the road show is what happens after covid. what do you think the answer is? >> i think there is an interesting duopoly developing between doordash and uber eats so i think that when things come back, we will find that there is still a lot of people who like

to have food that comes to them and there will be many more restaurants open so i think that there is a great hope the companies will do even better than people realize, pricing could be good, the only thing i think is difficult is because maybe you can pit one against the other, if you're a restaurant chain, about the i don't know how well that will go it is here to stay, it is additive to your earnings, so you're kind of -- you're going to play. i don't think these companies have a decline in earnings i just want to know whether the enthusiasm can be maintained and whether the insiders don't cash out. that's what i care about >> what about what leslie mentioned about not having a green shoe you think that's a problem or no problem at all >> kind of surprised me. green shoes worked for a long time i think that it is not really understood by the shareholders, by most of the people in the public, but it is something good to have in your -- in your arsenal, i like stabilization. i like the ability to offer more stock. i'm afraid what is going to

happen is the stock is going up too huge and people get hurt i don't want that to happen. >> yeah. jim, we're looking forward to that interview i know it is coming up later on the show and we'll see you in a few minutes. >> thank you very much >> thank you >> okay. meantime, want to talk some stocks on a big day for the market jim paulsen, chief investment strategist for the leadal group is with us before we get into it, what is your take on this sort of ipo week between doordash and we're expecting airbnb later >> well, i think it is companies taking advantage of the opportunity. and it comes about when you got a market that is roaring, comes about when you have sentiment where it is at, really aggressive and optimistic, where we're at right now that's when it is probably the best time to float -- raise capital at cheap cost. i think that we're seeing that in spades right now. >> we are.

if you're an investor, though, do you want to go along for the ride, or is this a sign of something? >> i think it is another sign, sentiment, really, extended. no doubt about that. it is very optimistic. the market just goes up every day, doesn't give any sense of risk so i think we're going to get a pullback at some time, you know, here and i think if you're going to buy these ipos, you need to think not only where they're going to be three months from now but a couple of years. ipos often come out when markets are up, so you always kind of have to have this risk they don't generally come out when markets are down. i don't think it is anything new. i still think the market is going to head higher over the next few years, so i just think right now, though, you got to be prepared for some pullback because sentiment is probably a little ahead of itself

>> are you of the view there is go to be a great rotation, that ultimately the cyclical, the banks, the others that have seemingly been -- the banks have had a nice little pop recently, that they will have success and that that success will be to the detriment of the stay-at-home stocks that had such success or do you think they can both rise at the same time >> i think the stay-at-home stocks, tack in general, i think it is going to underperform in the coming year, andrew. i don't think it is going to collapse i think it will participate in another up year in the market. i think 2021, we're en route to the fastest year on year growth rate in real gdp in 35 years i think we're going to do 6% growth next year, that will be the fastest growth since 1984. if we do that, then something like that, i think we're moving from extreme pessimism this year to massive optimism in the coming year. we will get to a point where this sentiment we see today

looks tame, i think, when we finally blow the horns and declare victory against covid. and in that world of strong growth, it benefits broader market plays it benefits most small caps, cyclical, international markets, far more than it benefits unit growth companies and stay-at-home stocks. so i think they're going to perform, but i would still own some because they do diversify your portfolio against the shocks you're going to have if you just have an all cyclical stock portfolio. >> we should always suggest that people are long-term investors, but you also mentioned there might be a pullback. people try to find opportunity and they do try to time these things to the extent they can. are you suggesting -- if you're playing this out, you're saying 12 months from new, you're thinking that there is going to be more optimism in the market do you wait for the pullback that you're talking about or do you buy right now? >> if you're not in, i wouldn't wait for this pullback i think it is going to be sentiment pullbacks are tough to

call if it is more fundamental, if the fed is working against it rates are going up, inflation is going up, those are easier sentiment ones are tough it will be brief even if it happens, because we're too close to vaccines, too close to reopening. we're going to have leg impact of stimulus boosting growth earnings going up. i think we might get one here over the interim term, but i wouldn't put a lot of weight on that i would think more where do i want to be -- >> jim, we got 20 seconds. we got 20 seconds. does it matter if the vaccine comes out in may or gets pushed into the september, october, in terms of really people being able to have access to it? does that matter or will people look past whatever it is >> i think we're close enough where the market is going to look through that a little bit i think the economy is in a lot better shape than people give it credit for i think whether the vaccine comes out is in the as important. >> okay. jim, always good it see you. and get a little bit of optimism i appreciate that.

>> thanks, andrew. >> quick final check on markets. optimistic today we got the dow looking like it could open up 103 higher the s&p up about 7 points. nasdaq down 6 points we'll see what happens with doordash and talk more about that tomorrow. in the meantime, make sure you join us tomorrow "squawk on the street" begins right now. good wednesday morning welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber futures mostly steady. the nasdaq, the russell, the dow transports, busy setup as this historic month for ipos kicked in road map begins with the ipo banner year. doordash set to debut today. pricing above the range. valuing the company at $39 billion. the ceo will join us exclusively this hour. >> plus, records for the market roll on. futures pointing to a higher open the s&