it is 5:00 a.m. and here is your top five. futures pointing towards a lower open after stocks closed at record highs yesterday moderna's covid vaccine is one step closer to getting emergency use authorization from regulators and congressional leaders are scrambling to strike a stimulus deal to avoid a government shutdown as a midnight deadline quickly approaches fedex shares are trading lower despite better than expected quarterly results. and the nation's largest

cryptocurrency exchange is filing to go public as bitcoin continues to soar. it is friday, december 18, 2020 and you are watching worldwide exchange right here on cnbc. ♪ good morning and happy friday i'm dominic chu in for brian l sullivan futures are pointing to some mixed pictures slightly lower open imt applied for the dow jones, just about 17 to the down side, pretty much flat for the s&p and just 7 point decline for the overall nasdaq if these future moves hold this comes after the dow, s&p, the nasdaq and russell 2000 all posted record closes in yesterday's trading session. you can see this year to date, still the nasdaq leading the way

hire higher up by 42% and nasdaq is on pace for its best wakingly gain since the beginning of november. it has been almost a straight line higher since the pandemic lows and on the treasury yield side of things, a little bit of movement here. higher slightly, about 94 basis points for the ten year. 12.3 basis points or 0.123% for the two year note yield and 30 year long bond, right at 1.69% there. let's go worldwide the bank of japan announcing that it will stick to its current policy framework which includes negative interest rates. most of the major averages in asia closing a bit lower, and in europe, focus returns to the brexit talks julianna tatelbaum is joining us from london with the greatest there. >> good morning. very fair to say that brexit remains firmly in focus for european investors as we enter

the final stretch, december 31st, that is the sded line wde the transition period ends both sides continue negotiations in brussels this morning and we're seeing some gains in the ftse 100, up 0.74% this morning. eu chief negotiator speaking to parliament in brussels saying that path to a brexit trade deal is very narrow so investors quite cautious, but still some gains for the equity market outside of the uk, we have gains for the german, french, italian and swiss markets. spanish down about 0.3 b%. the main european benchmark, the stoxx 600, up 1.8% coming into the session. that is on pace for its sixth positive week in the last seven. taking a closer look at brek im pablg brexit impact on markets, the british pound is trading 0.6% lower versus the dollar to 1.35.

this comes after a very strong run this week for sterling and up notice that the equity market is gaining today, these two things tend to have an inverse relationship so that is the story here. we'll be covering all the brexit developments over the weekend and have an up date for you on monday >> have a nice weekend, thank you very much. now to the top corporate headlines. rahel solomon has those. >> let's start with moderna, now one step closer to getting emergency use authorization for its covid vaccine. an advisory panel voted to recommend approval, it is a nonbinding decision and the fda didn't actually have to follow the recommendation, but it often does if the agency gives the green light, the moderna vaccine could be given to people within days and mike pence is expected to get the vaccine live on camera today. he will be joined by his wife, second lady karen pence and also

jerome adams and biden expected to receive it as soon as next week microsoft was macked as part of a large skanlge scale cyberad they said microsoft had been looking for indicators of the hacker and they found malicious code and removed it other victims include the u.s. treasury as well as the state and commerce departments and finally, the trump administration is reportedly set to add about 80 are more chinese companies to the commerce department's black list. this is said to include smic which saw its shares slide on the news shares are down about 5.2% >> thank you very much, rahel solomon. now to the other developing story out of washington, d.c., congressional leaders are trying to finalize a deal on a covid relief package while also avoiding a big government shutdown tracie potts has the latest from washington >> reporter: for millions of americans devastated by

covid-19, losing benefits just after christmas, lawmakers promise help is on the way >> we'll stay right here, right here, until we are finished. even if that means working through the weekend, which is highly likely. >> we're very close to an agreement, but the details really matter. >> reporter: details on $900 billion to help small businesses and extend unemployment, 885,000 americans filed for the first time last week >> to be honest, i've run out of what i'm going to do next. >> reporter: there is $600 for every eligible adult not everyone wants that. >> what could be dumber as an idea to print up money we don't have >> reporter: this emergency relief includes millions to distribute vaccines. vice president and mrs. pence and the surgeon general get theirs today with key members of congress up next the fda could approve a second vaccine today as the u.s. hits another day of record cases.

>> i think by next christmas, we'll be close to normal >> reporter: joe biden on the "late show" urging americans to hold out one more year so tonight is also the deadline at midnight for government funding, trying to avoid a shutdown since lawmakers want to link that with covid funding what they are likely to do today is pass another short term extension at least through the weekend to try to get both done. >> so sf we do haif we do have f a time frame, we know the deal is not comprehensive, so what is left to negotiate down the line if we do get some kind of a make shift package done for covid relief right now >> reporter: so the two big things that are left out are liability protection for small businesses regarding covid and state and local funding. republicans want the liability protection

democrats want the state and local funding. this is money that they say cities and states need to pay teachers and police officers and others on the public payroll all of that likely to get bumped into the new year and the new congress >> tracie potts live in washington, d.c. with the latest there, thank you very much let's turn now back to the markets. stocks hovering at record highs in what has been a very banner year for investors who would have figured in 2020 and it has been an especially good year for both initial public offerings and special purpose acquisition companies or spacs. for more, darrel has been on the private equity side of things before let's talk about whether or not the initial public offering market, ipos and spacs, are they signaling a bubble-like market that we saw like back in the late 1990s >> i think what you are seeing is this could be the beginning of the roaring 20s

there is a lot of capital sitting on the sidelines for too long, it is looking for high quality companies to bring to the market valuations are high. interest rates have been incredibly low there is pent up demand. and there is a real opportunity for attractive equity to enter these companies and help them grow we've seen $80 billion that has been raised in the spac market and these are high quality sponsors that are going out to find high quality companies to bring to the market. and that is -- that really works for both the companies and for investors. >> it seems almost anecdotally like these days you hear more about companies coming public through spacs as opposed to the ipo process. what does that tell you about maybe the overall market valuation or is it simply a cost feature and maybe more of a logistical issue, a preference to go spacs versus ipos? >> i think that there isa preference if you are a company that has not been in the public markets,

you want a sponsor and a spac allows for a sponsor to work with a company over months, maybe even a year to help them, get them ready to go public it is kind of like if you were to apply for college and not have a guidance counselor. that is what it is to work for an investment bank but here having a trusted sponsor working with you really does improve your chances for success. >> so there is also a case to be made, i've spoken so some folks who say that the tradition al io process providing more transparency, gives more news and data out for investors, not just the institutional one, but folks like you and i -- well, maybe not you, but for me who don't exactly know that much about a company, who haven't been part of the road show how exactly then does that resonate with you, spacs basically have one spoken, so they take it public and then it is just a public company >> it is a great question. but there is the same threshold

required for information disclosure for a spac as there is for an ipo. the banks wouldn't like you to think that it is a better alternative, but one of the things that is true about a spac is that when they become public, they can actually share their projections with investors before they go public. in a bank, it is behind a wall, it is among analysts and kind of comes out in a way that isn't very direct. this is a company sharing with you what their financial objectives are for the next within, two, three, four, five years. so as an investor, you know what you're buying. >> i'm also curious here, you've seen what happened with the ipos for airbnb and doordash, just among others i mean, we could go into snow 234r5ik a flake and everything else. is there a case that you're seeing where those types of ipo performances not just in the pricing but in the first trade and beyond signal that this is very much a market that may be overvalued in your opinion

>> that may be the case. it also may be that the bankers wanted to undervalue airbnb. i mean, if this is what the market says that company is worth, well, that is the value and you know, in the spac contest, i like to call spacs ipos in slow moefgtion it gives everybody team to understand the company in airbnb, if you were one of the few that is truly allowed to get those ipo shares, you really didn't know how much of the company you owned and at what price until the day after the deal was done. in a spac, the capital you commit, you are getting specific shares at a specific evaluation. and that really just sounds like it works better for everybody. >> all right it has been a year of the spac for sure and massive ipos. darrel, thank you very much. have a nice weekend, ir. >> you take care nice being with you. when we come back, fedex posting better than expected quarterly results. so why are the shares actually

trading lower this morning we'll explain. but first, as we head to break, check out some of the other big movers some of the biggest pre-market gainerers. stay tuninged. what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. america's been waiting for. get iphone 12 on the 5g into strategies for the road ahead. this new iphone plus verizon 5g is incredible. switch now and get iphone 12 pro max on us.

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a few stocks on the move shares of fedex trading lower after posting better than expected earn enings and rings , but they cite continued uncertainty and higher costs amid the covid painndemic coca-cola is cutting 12% of its u.s. workforce the reductions come as the company tries to trim costs as it deals with the impact of various covid-related shutdowns on its business. and in deal news, phillips is buying cardiac diagnostics for $72 a share. that is a nearly 17% premium to yesterday's closing price. those shares up 15% in the pre-market trade earlier we talked about the ongoing stimulus talks in washington, d.c. ahead of the big government shutdown deadline amid those back and forth negotiations on virus aid, new

data is suggesting a looming eviction crisis that may force some americans on to the streets this holiday season. diana olick has more on that >> yeah, the moratorium on evictions by the cdc ends in exactly 13 days and the rental crisis is only getting worse as more people fall behind on their payments new numbers this week from the census show 18% ever renters are behind on their rent, this represents about 19 million people in about 8 million households states include new jersey, florida, illinois, oakland and maryland 28% of black renters, 24% of latinx were not current. and 30% said that they would have no confidence that they would be able to pay next month's rent in the latest stimulus package being negotiated, the eviction

moratorium gets extended until the end of january, but more importantly, there is $25 billion in aid to renters and landlords that would be used for current and past rent as well as utility payments now, there are of course multiple qualifications for that including proof of unemployment or significant loss of income due to covid protests are erupting around the country as the deadline approaches like this one in new york unfortunately, thousands of renters whose leases expired in the last several months and therefore did not fall under the current cdc eviction moratorium, have already been evicted. and mom and pop landlords who make up the majority of the market have been hardest hit, some are behind on their mortgage payments because they are not getting the rent it is just a crisis all around >> we can see the ripple effects. it is kind of like this whole idea that if people cannot pay their rent, then landlords who have properties and levered are not making their mortgage payments, it could lead to a whole cascade.

just how critical then is it for lawmakers to realize this about the especially residential market right now, how many people could really be out on the streets because of this and how urgently is this going to be a dealing that they need to kind of get done with regard to renters and landlords? >> it is incredibly all you need to do is look at last sbrink whpring when you hae checks to renters, people were current until about july when that ran out and that is when you started to see that people really fall behind so that $25 billion is incredibly important as for the cdc eviction moratorium just going one more month, that is just kicking the can down the road. you will have a lot of people with a lot of back rent and giving them one more month, what will that do if you don't have that $25 billion and you don't get that money quickly, both to the renters and through to the landlords, you will have trouble not only with

vikts y eviktsed, but again, that is how landlords pay their mortgages and could you have those go into foreclosure. >> it is a huge deal in regular times let alone what is happening with covid and especially around the holidays diana, thank you very much for the update still on deck, we'll talk about bitcoin's big run and the plans by the nation's larn largt cryptocurrency interest change to go pun. public today's big number 35%. that is the s&p 500 realized volatility this year making its second hight ve since the great depression pole o be feeling the heat. it's okay santa, let's workflow it. workflow it...? with the now platform, we can catch problems before customers even know they're problems. wait... a hose? what kid wants a hose?!

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let's get a check of the top headlines with phillip mena. >> much of the northeast will still be digging out after the powerful nor'easter. crews are still hard at work trying to make roads safer for drivers after the storm dumped more than 40 inches of snow in some areas at least seven deaths are blamed on the storm russian athletes will have to compete under a neutral flag for the next two olympics and at any world championships the next two years. a sports arbitration court on thursday banneds ru the russiana

and anthem as punishment for state sponsored doping and coverups and finally, the buffalo bills had some fun in the snow on thursday. several players out there chucking snowballs at each other after practice that is tre'davious white on top of the mound he did not stay king of the month for very long. bills will travel to denver to play the broncos on sunday dom, back to you >> you know what is fun? being part of a team that is on top of the afc east right now. >> it is a great year for buffalo. i just wish the fans were there to see it. >> my aunt barbara is a huge bills fan and i know she's been ecstatic over what has been happening. phillip mena, thank you very much and coming up on the show, a live report from washington as congressional leaders scramble to reach a new stimulus deal and a government funding plan. ahead of tonight's big shutdown

deadline, what investors need to know, all of that coming up.

>> stocks take a breather right now as the major averages trade right near all-time highs. d.c.'s deadline, congressional leaders try to reach a deal on covid relief and government funding as the risk of a shutdown looms.

and like father like son, tigered woods has a special playing partner at this weekend's pnc championship and the video will have you doing a double take. it is friday, december 18, and you are watching "worldwide exchange" on cnbc. ♪ we are family, i got all my sisters with me ♪ welcome back, i'm dominic chu in for brian sullivan. and here is how your money and investmentss a are looking stock futures are taking a bit of a break you can see the dow jones implied lower by just about 23 points s&p by off by a whole one point. and the nasdaq lower by 11 so some stability in that after hitting record highs for many of the major indices yesterday. now, bonds continue to trade a little bit more steady as well ten year bench mark note yields

currently when 94 basis points two year note yields a hair over 12 basis points. and the 30 year long bond, 1.69%. we also continue to watch bitcoin. why? because it has been a surge as of late. you can see there 23,045 the last trade there it got as high as 23,700 plus at one point in yesterday's session. but look at that, 221% year to date gains for bitcoin it has xwaen a lon has been a l that buzz. and a bit of corporate news on this as well digital currency exchange coinbase is looking to go public it confidentially submitted a draft legislation with regulators yesterday so coinbase looking to go public while the iron is hot for the overall crypto market. now back to the big story out of

washington, d.c. and one investors are following very closely. congressional leaders are trying to finalize a deal on covid relief while also avoiding a big government shutdown. ylan mui has the latest there. >> congress is bracing for a weekend of work on capitol hill as lawmakers struggle to put the final touches on that covid relief package and a government funding bill as you know, uncle sam runs out of money at midnight and it is unclear if lawmakers will pass a stopgap funding measure that would keep the lights on more how long that would last they could also just run out the clock and let the government shutdown at least for a little while. now, one of the outstanding issues is fight over the fed gop senator pat toomey has been pushing to prevent the fed from restarting the emergency lending programs that treasury asked to shut down by the end of the year that includes the main street lending program and mubs tnicip

liquidity program. toomey said it was meant to be temporary and it would make its broader authorities in-tax still democrats are worried that ending these facilities could handle string the incoming biden administration and they also argue that there is no legal requirement to wind them down. yesterday the nonpartisan congressional research service agreed so in a letter to the treasury secretary, democratic representatives maxine waters and jim clyburn wrote during this time of unprecedented hardship, the federal government should be doing everything in its power to support the economic recovery, not stripping the fed of critical economic tools. so dom, the bipartisan group of lawmakers that got all these talks restarted, they are now calling on leadership of both parties to put aside these differences and just finish the job. back over to you >> what are the key points, the key points and key parts of

agreement that everybody gets on board with i know that some lawmakers on the democratic side wanted much bigger direct payments, twef$12r more, some people saying that the $600 is possibly a good compromise how much in small business loans. i wonder what the key points are that everyone says yes, this is what we need to get done >> there are actually a lot of areas in which they agree including getting are more money out to the states so that they can pay for the distribution of the vaccine, so vaccine funding is one more money for schools the money for small businesses that you mentioned and that is what has been so frustrating about these processes both for lawmakers on capitol hill, for reporters like myself and of course for americans and small businesses is that there is so much that congress could do, but they keep getting hung up on these individual points that end

stops the final bill and a so there is a lot of help that could come if congress can get the job finished >> you'd think that they could get a package done quicker with all the agreement there is let's get more with andy blocker from invesco andy, you heard the report there. there is a lot that these guys agree on why can't these folks not get a deal done and what exactly is left to do in 2021 >> well, you and i have been talking about this for months. but right now, i feel the most optimistic about there actually getting a deal and mostly because the politics for this align. earlier in the year it wasn't certain, but now with so many provisions expiring after christmas, including unemployment insurance, the eviction more are tore yum and the small business help, those things expiring really puts the pressure and i believe as we heard from senator mcconnell and senator schumer and pelosi, that they will get a deal done

>> so i want to say this is deja vu, but we've heard these headlines before there is a real sense of you are against city because there is a government shutdown that is set to take hold and now there are lawmakers who are tying government shutdown avoidance to covid relief does that mean that deal definitely gets done today >> well, i don't think that it means it definitely gets done today. even if the government shuts down today, technically you have the weekend. and where that doesn't really impact is when you get until monday and tuesday but even with that right now since we're in the holiday season, you won't really see the impacts. so really they have until christmas to get this done and i really think that because it is in everyone's interests, if you think about it with the georgia elections coming up, the senators there are getting attacked in the media about whether or not they will get a deal, and so it really would help -- i know mcconnell really

wants to win those seats >> you work for a financial company at invesco you run a group that looks at u.s. government affairs. what exactly then ask your group look at the right now as being the biggest risk for investors coming out of washington, d.c. >> i think the biggest risk for investors is not getting a deal. i mean, right now if you don't get this deal, the market has already kind of baked in deal in right now. and if washington is shown as ineffective at this level, it is really tough beyond that, beyond washington, i'd say it is really about the vaccine. it is about can we get the vaccine out in time. we've heard that on your show multiple times if by the spring and by the summer we have a lot of progress on the vaccine, not only does it help us from a health perspective, but it of his heit the economy, you can get restaurants open and the economy going. so we're really watching that in the longer term. >> you mentioned that the

markets have fully priced in the expectation of government action right now. that also implies that ifthey didn't act, there will be a market drop. how deep did you think a market drop would be if congressional leaders and the white house do not come to some kind of a deal to both keep the government open and get stimulus out to many of the americans out there who need it the most? >> as far as the market drop, i think that it will be shallow if anything and temporary because even if they don't get it, you know that they will ultimately get a deal. honestly, dom, this deal is actually much more important with respect to individuals out there who are hurting. you and i are on the top side of the economy, we get to work from home, but for those unemployed, or those who actually have to get out and go to work and under hardship conditions, that is who it is impacting. i think the markets will be fine overall. >> so you mentioned the k shape. what exactly happens next year under a biden administration to

narrow that k to make sure that the americans hardest hit by the economic downturn get bruproduc up >> if you get the down payment on the covid relief package, president biden will come back and try to get covid stimulus to really get the economy going, he can also work toward infrastructure that is where he will really focus. and the key there is going to be what is the shape of the senate, if the democrats have the senate, you can see those packages being larger. if the republicans maintain the senate, you can see them being smaller. also like i said before, if the vaccine is fully baked and out there across the country, and the economy is starting to come alive, you will see republicans argue, hey, we didn't really need th need that big of a package >> all right, andy blocker, thank you very much. have a nice weekend, sir coming up, a winter wonder

land normally means big business for the ski resorts. but this year's covid restrictions makes kree quagseqn complicated. we'll hit the slopes but fix some of the other top headlines. posh mark filing to go public. the online clothing resaler has reported two consecutive quarters of profit ability unilever will resum advertie adn on facebook amid calls for the social media giant to do a better job with how it handled hate speech and misinformation xwloo a and uber will offer 10 million free or discounted rides to people looking to get a covid vaccine. a date for when the offer will start has not yet been set, but keep an eye on that. say na-na.

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helping to move some of the positivity meanwhile we'll take the flip side of that coin, some. bigger laggard are intel, amgen and american express this morning's winter storm along the east course may have a lot of people thinking about hitting the slopes, but the coronavirus pandemic is creating very new challenges for ski resorts as they brace for potentially stronger demand. contessa brewer is joining us from hunter, new york, a very big mountain for a lot of new york city residents to go. what does it looks like, will people be skiing more? >> reporter: you know what, it is looking beautiful because that nor'easter, you're right, it made a lot of dreams come true if ski resorts dreaming of a white christmas. 2 feet of fresh powder on a lot of these mountains but coronavirus has caused them to require reservations at many of the ski resorts

in this case, a lot of them are sold out try to get a ski pass for this weekend, you'd be hard pressed to do so vail resorts just reported quarterly earnings last week and covid caused big losses, down 44% year over year get this though, demand for those season passes, up 20%. because, you know, everybody is looking for something to do. and fresh air and scenery and exercise vail's biggest competitor offers the icon pass, it owns 16 properties, its ceo told us that the drive to ski hills are in high demand, fly-to december it i nations are having a tougher time and of course there is a lot of costs associated with the covid precautions. >> right now our margins are under pressure frankly because of the number of people it takes to control large crowds. and we're making sure that those large crowds are smaller crowds for this period of time.

but once we get back in to regular operations with the volume that we typically enjoy, there is significant margin improvements to the way we're running the business now >> reporter: for instance he says there are efficiencies in having people make dining reservations on these apps, and then just pick up their food once they are ready to eat david katz told me ski resorts make a lot of money on packing people on the slopes and then the food and beverage in the lodge. and that is now nonexistent with a lot of ski resorts closing their lodges all together. >> apres skiing is the only skiing my wife likes doing i enjoy skiing but in the golf industry, there is a lot of compiling. there are programs now where golf resorts or multiple properties get together and have like a partnership agreement where they can kind of have memberships where one person plays all these different golf courses. it seems as though that will be

a trend in sdeeing skiing as wet the type of consolidation that we'll see, that they will partner with each other to get more people on to the slopes >> reporter: really insightful that you point that out. what we've seen with vail, they acquired peaks resorts so it folds those members into the pass program so when you look at the number of passes, i said 20% year on year, the sales dollars are flat in part because they have to do makeups for the covid own in the spring but in part because their growth strategy is really about acquisition. for altera mountains and the icon pass, they have more than 40 sister properties or partner properties in this icon pass so right now in the catskills where i am, you have hunter part of vail resorts competing with the epic pass and windham mountain which is part of the icon program just around the corner and both of these drive-to markets from urban centers really core to the way the

companies are looking to expand because they know that the city people looking to get out of dodge, that is a big base of business >> you will see whether or not those partnerships help the consumer out as well to give them more options. it has become a very expensive sport for sure contessa, thank you very much. walmart is betting that tiktok isn't just for watching viral videos and a chip off the old block on the golf course, those are just a few of the stories that we think everyone will be talking about later today. rahel solomon is here with more. >> so let's start with more problems for one of the year's most highly anticipated video games. sony pulling cyber punk 2077, offering full refunds for anyone who bought the game. it is riddled with bugs, prone to routine crashes and a number of distracting visual glitches. you can go to playstation.com to request a refund

unclear whether microsoft will pull it from the xbox store. and walmart teaming up with tiktok in a shopable live stream event happening tonight at 8:00 p.m. it is a one hour variety show featuring ten popular creators pins will pop up so you can buy them without ever having to leave the platform and tiger woods playing with his 11-year-old son charlie in the pnc championship this weekend in orlando, an annual special event that matches major golf winners with a family member they were practicing yesterday and charlie, i don't know, looks like little mini version of his dad right down to the golf swing and the nike swooch on hsh on h jacket the pnc airs on nbc this weekend. so a little dose of cuteness there. >> i don't know if you -- i know that you may not be the biggest massive golf fan out there, but

if you watch a lot of the videos of the two of them together swinging next to each other, it literally looks like a carbon copy in a smauller form with charlie woods looking like his dad. it brings this whole nature versus nurture you know he is getting the right instruction, but it is also in the genes. >> exactly a little bit of both but also much like tiger, i saw some reporting saying that much like him with his father, he is not really pushing the sport on to him, but it is great to see him having fun so we'll see if he really takes to the sport as his dad did. >> and it is kind of funny, they are not the favorite they are close to the favorite to win this thing. it is justin thomas and his father i believe at last check that were favored to win the event. so fun to watch on nbc in weekend. >> absolutely. >> are a hend on deck, the big likely to drive today's trading action but first, do not forgets that as you can see there, "worldwide exchange" is now a podcast

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futures right now pointing to at least a little bit of a mixed open slightly i guess lower action going right now. now take a look, broader markets are coming off a record setting session, all three major averages closing at new highs over optimism over vaccines and a potential deal in washington and take a look at some of the themes that we're seeing develop so far this year first of all, growth versus value, this particular white line shows the growth oriented stocks within the larger cup

russell 1,000. and the orange is the value oriented stocks. look at how they were trading pretty closely pre-pandemic. but then all of a sudden it has gotten so wide over the course of the year so far so we're seeing whether or not the value type stocks will play any kind of a catchup to the growth oriented companies later on in the coming year. and another thing to watch is whether or not small cap stocks will actually outperform you can see again trading fairly close together pre-pandemic and then getting slightly wider here at some of the points during the spring and summer and then we're pretty close right now so small cap stocks have caught up with the large cap ones let's see if the value stocks catch up with growth let's bring in sean snyder at citi personal wealth management. sean, these themes have been talked about for year, but the small cap story is now playing out. is that at least a good sign for

the broader economy and market >> yes, i think that it is a good sign. i think this rotation into value started a while ago. i think it started in kind of mid june it just didn't get a lot of attention until really november. and that is when we saw the vaccine announcements and the high efficacy rates of them. and that really kind of sparked the rally there. but we think that there is further room to run on it. you know, i think vaccines are some of the most powerful stimulus we'll see in 2021 and we're focused on washington this weekend, but vaccines really are a game changer. and i think that we'll see sort of a new beginning where hopefully this is the beginning of the end for covid-19 and a new beginning for society where we return to normal or some sort form of normal and i think that those small cap companies will continue to rally on that.

>> now, shawn, two words i've heard mention a lot are priced and in implying that the levels that we're seeing in the market right now already reflect all the optimism from the covid recovery in 2020 and beyond into 2021 how much then is actually then priced into the market and if so, how much more can it go? >> we often talk about the idea of priced in and i'm not sure anyone really knows what exactly is priced in i do think that optimism is quite high right now particularly in the u.s. i think that could set you up for some sort of full back or correction if you do get a negative catalyst, maybe some disappointments on the vaccine fronts, maybe the runoffs in georgia on january 5 for control of the senate, you know, causes a bit of a pullback. but at the end of the day, i think that if you look at the stocks that were really damaged by covid, not the technology

stocks, but the ones that suffered, airlines, casinos, you know, they still have negative returns year to date so i think that to say that it is fully priced in in those segments is not true it may look like it is priced in when you look at the headline index because of the heavy concentration in technology, but there is significant areas of the market that has in the recovthe -- has not recovered yet but we think will >> so investors have to look toward different allocations how do you balance the whole trend is your friend trade with mega cap technology and com services versus the mean reversion trade can which is all the hospitality companies going back to kind of where they were plea pandemi pre-pandemic >> i don't think that you have to abandon technology companies. i think that they were good companies before the pandemic and it seems like in cases maybe even better companies after the pandemic but, you know, the valuations there are much richer.

you think of a major foenphone t happens to be a type of fruit has a higher ftse 100 in the uk. really not a comment on that one particular valuation, but points out that there is actually pockets of value he will where and i think if you look overseas, the pe ratios there are high but lower than they are in the u.s and also if you have an expectation for a weaker u.s. dollar, that benefits u.s. investors that invest in foreign assets so investors might start to look overseas in the year ahead they haven't rallied, still playing catchup. so you really have to look around a bit it is not quite as easy as it was in 2020. feels weird saying that 2020 because an easy year, but with the monetary stimulus, it turned out to be a much better year for

investors than we expected >> all right have a nice weekend, happy holidays and that does it for "worldwide exchange. check out the futures, because again, showing some stability. dow jones implied lower by just 15 points. "squawk box" is coming up next can in a land not so far away, people are saving hundreds on the most reliable network with xfinity mobile. they can choose from the latest phones or bring their own. and choose the data option that's right for them. they even get nationwide 5g at no extra cost.

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good morning moderna's vaccine could be on the way as soon as this weekend. after a key panel paved the way for emergency use authorization. meg terrill has the details. congress scrambling to puts finishing touches on a relief bill and plus two new victims of the solar winds cyberattack

coming forward, a government agency and one of the world's largest companies. details demonstrator ahead it is friday, december 18, 2020, and "squawk box" begins right now. good morning and welcome to "squawk box" here on cnbc. i'll tell you why i'm laughing in a second. i'm joe kernen becky is off today andrew is joining us on the phone because his power just went out now, i thought -- >> joe, only in 2020 it is 2020 i'm sitting here in the pitch black. i have a computer that i figured out how to work, i'm running off of lte and i actually have return from you. so i can see y