gas pump i guess when we are all getting back in our cars and commuting every day. >> and obviously seasonally we're at the low point of driving right now, but as earl hesterberg said, there are a lot of people going on trips and driving instead of flying and we come in as wes move into march and april and may into a higher driving season. >> yeah, i remember when meg terrell said that her mom drove across the country to see them this year, didn't have a choice. we'll leave it there and hand it off to "closing bell" to pick up coverage thanks for watching and we'll see you back here tomorrow thank you, kelly and tyler welcome to "closing bell." i'm sarah eisen with wilfred frost. another rocky day on wall street was 2021 gets off to a volatile start. the major averages now firmly higher as we enter the final hour of trade. let's look at what's driving the action right now it's election day in georgia and investors are closely watching the outcome of the two special senate races which are likely to

have a big impact on joe biden's policy objectives. some positive news on the data front, the manufacturing index topping expectations for december, hitting its highest level in more than two years and energy, the top-performing sector as oil prices break above $50 a barrel, first time since february this following a production cut from saudi arabia. we're going to discuss it in a moment 59 minutes left to go in the session. >> up 0.8%, coming up on today's show, the vaccination playbook, we'll speak exclusively with the governor of connecticut about his state's relative success in distributing the vaccine so far. and his advice for other governors. plus, with georgia on everyone's mind, we'll talk about how the election could impact your money moving forward. first let's focus on the big stories we're watching ylan mui is covering the georgia runoffs and joining us to talk about the massive move for

energy mike, let's kick it off. >> recapturing about half of what was lost yesterday at this point. the s&p 500 and nasdaq gaining traction throughout the day. i think partially it was a little bit technical twice in the 11:00 a.m. hour the market almost went below 3700 and held and went up then you had the ism and energy news which did seem to give a push to some of those cyclical secrets. pretty flat-ish since the beginning of december, so it's kind of holding in this range. meanwhile, lots of stocks, the majority of stocks are down significantly from their highs, about half the s&p 500 are at least 10% off of the 52-week high there's been a reflationry mood and a prevailing wind in that direction. if you look at what's known as the ten-year break-even rate, essentially the market implied rate of inflation for the next ten years, it tells you how

people are positioning their money. it's up at 2% right now so essentially we're pricing fixed income securities based on this idea that we do have some kind of a tailwind towards the fed's goal of 2% annual inflation, whether it comes to pass or not it's animating a lot of assets look at metals and the mining sector on a one-year basis you how how it was in the dull drums and this is going on across commodities. what are we going to call that, a commodity, a currency? it's flying along with everything else. it's not all or nothing because those growth stocks are also up today, if not as much as the s&p, guys. >> and, mike, this morning some good data on the manufacturing side i mean, surprisingly strong. to what extent could we get a bit more of that that would start to worry the markets circa

2016, 2017, the good news becomes bad news because it removes stimulus >> it's the best reading since 2018, which was that year when the market just had quite enough of the fed normalizing policy in response to a stronger economy so i do think that's somewhere out on the horizon maybe a little bit of a confrontation between market expectations and the fed's position, which is that it's going to not really listen that much to the near-term economic data until we get back to full employment. also, people are saying that there's some inklings that perhaps if georgia goes in the democrats' direction it does mean a stimulus push and some people are trying to either bet on that or sniff that out with today's action as well so there's a chance the market starts to price itself as we might get stimulus but we might not even need it as much as we thought we did, in which case it's fuel on the fire. >> also services has to patch up we knew manufacturing was strong. >> right, which we can do nothing about, really. >> exactly

mike, thank you. speaking of, the polls close in georgia in just about four hours. the outcome of those two senate races could have a major impact on american policy going forward. for investors it's led to a huge surge in campaign spending ylan mui has all the details. >> there's a lot of money at stake as both of the races shattered spending records democrats have raised more in direct donations than republicans. jon ossoff and raphael warnock have brought in $263 until and compare that to $181 for the republicans. the democratic candidates have said that they will not take corporate pac money, however they have gotten hundreds of thousands of dollars from workers in the tech industry, namely apple, amazon, microsoft, is responsible for $1.7 million in donations for republicans, it's employees at delta and home depot who have been the biggest donors to

senator david purdue, not surprising given where their headquarters are located and intercontinental exchange has been one of loeffler's biggest backers. these don't take into account all of the outside money, and most of that cash has been deployed to help the republicans. back over to you >> ylan, thank you we were just having a conversation about stimulus and what investors can imply from this race, the balance of power in the u.s. senate what sort of numbers are being floated in terms of what the biden administration would like to see on top of what was just passed, the $900 billion >> i think a lot of it is going to depend on how much leeway they have in terms of what happens in the senate. however, it was interesting to hear biden yesterday when he was campaigning for the democratic candidates say that those $2,000 stimulus checks would go out the door immediately and he blamed republicans for blocking them. so, you know, democrats have

been a little wishy washy on whether or not that would come back up in the new administration biden yesterday clearly making it plain that he is going to take that up, something that president trump had made a top priority democrats are now turning the tables and using that as a major messaging tool as well. >> ylan, thank you so much for that meanwhile, crude oil topping $50 a barrel for the first time since february this as saudi arabia announced its cutting output by an extra 1 million barrels per day. the energy etfs having their best day thanks so much for joining us. good to see you. are you surprised by the scale of today's move? >> i'm not sure we've got the audio there. perhaps we'll try and fix that i think we've got you back talk us through it are you surprised by the scale of today's move? >> it's a big move in oil. let's put this in perspective.

when saudi arabia takes such unilateral and pretty dramatic action, they're doing it in response to problems with demand global oil demand started to recover very strongly last summer after the first wave of lockdowns expired, but then in the last six months it's been, frankly, flat to down, and particularly in europe and north america. there's some upward movement in asia, but across the northern hemisphere it's really been a very difficult winter. so saudi is reacting to the demand headwinds by trying to cancel them out through reduction of supply. unfortunately, that's not something that they can do forever. they need the revenue. so ultimately the only sustainable and lasting solution to the difficulties that the oil

market that covid has created is to vaccinate billions of people around the world >> but it's one reason that investors, not just on the price of oil but on some of these energy companies are optimistic. the group up 5.5% up today in the s&p and up 32% in the last three months, pavel. is it a buy still? it's still down sharply if you look year over year, but it's had a nice comeback on some of the optimism. >> that's right. this is the reopening trade and we've seen this since the vaccine began to be announced about two months ago, i should mention. the good news for energy investors, there is running room left it is a question of timing we think that oil prices will be above $60 a barrel, but only in the second half of this year but first the stocks themselves,

last year energy underperformed the s&p 500 nine out of the last 11 years, so to say that the group is beaten down, contrarian, is an understatement this is the worst performing sector on the market by far in the last decade. so looking at the last 30 days gives you a little bit of perspective, but the fact of the matter is it's been a lost decade for the sector. so plenty of room to play catchup. >> and what would you be buying then >> well, last year on average oil and gas stocks were down 30%, so just to get back to where they were january of 2020, pre-covid, you know, you would have moves of 40% to 50% large caps, names like chevron,

bp, pioneer, natural resources in the pipeline sector, energy transfer, williams, kinder morgan, these are some of the blue chips that are in many cases playing the role of consolidator in the industry by, to be blunt, all of them trade in tandem with the commodity itself, the underlying commodity market >> that's about $50 a barrel pavel, thank you, we appreciate it some of those names up 10% to 12%. still ahead we're going to discuss the vaccine distribution in america and we're joined by connecticut governor ned lamont, whose state has had early success in the rollout and after the break, when political donations get political. we'll talk to jeff sonnen field who just talked to some of the leaders.

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political advocacy group is urging congress to certify president-elect joe biden's victory in the electoral college. this comes after many of the network's republican beneficiaries plan to reject the results. the group says the top priority is building policies to end the pandemic and economic recovery we've got much more on this story up on cnbc.com right now make sure to check that out. meantime, senators like josh hawley, marcia blackburn, ted cruz, are among those planning to challenge the election results. according to a new survey of ceos, business leaders were in strong agreement that president trump is trying to overturn democratically run elections how does that impact the ceo's corporate spending

join us is jeff sonnenfeld we'll get to the survey results in a moment. first, tell us what happened, how you convened this group of ceos as you sometimes do with emergency questions like this one. >> thanks. yeah, this happens from time to time and it happened, as you remember, because we spoke about it and i came on and joined you, right after the elections, of course, which were on november 3rd. on thursday night, the 5th, president trump went onto the news hour at 6:30 in the evening and made claims that were not accurate and asserted powers he didn't have and that alarmed quite a number of ceos, so we gathered with 10, 12 hours notice, and the same thing happened last night. ceos were asking me about regrouping the last couple of days and i thought i don't think it's necessary, things will move through smoothly then we see with all these former defense secretaries

across parties saying this is alarming, there was some language that was used that seemed overblown last time, but this time far more people were accepting, which it's pretty astounding that 88% of the ceos saying that president trump is trying to overturn democratically run elections to stay in office they want to do something about it so we had roughly 40 of them, 33 plus some former ceos that joined in. and they're quite vocal, open and, again, with very little notice >> can you share any of the names of people that you had on the call, and what people said about what ceos can do about it, what role they should be taking in all of this >> we promised them confidentiality, but several of them had said things it's important for the ceo to speak up, it's a moment for you to lead, this is not business as usual. they're top titans, everything from finance to farming to

transportation, manufacturing, quite a number of them were the leaders of the business roundtable or the national association of manufacturers or the u.s. chamber of commerce and what was astounding is that i thought that they would want to rest on their proud achievements, which as you just mentioned, charles koch's statement, which is let's get on with it, which all of those business associations did. their statements are very crisp, clear and positive and they would want to rest on those laurels, but instead they all wanted to move to action stage saying we need to put our money where our mouth is and start to go after what they saw as insurrection or aiding and abetti abetting sedecision, saying leading to angry workforces and hostile work places is not in the interest of american business, the gop acting this way, these gop members are not

the voice of american business, large or small so they're talking about cutting off support. in fact, believe it or not, 90% of them were saying, 88% said that they would want to cut off support. in fact, 100% said they want to do it privately through lobbyists to put out the threat that it's time to move on and respect the constitution >> but what action will actually be taken, whether it's short-term or medium-term, jeffrey, given as you said, they kind of want to keep secret their par anticipation in your phone call >> it's had an impact before and we haven't seen them put the money where their mouth is previously and that's a big change, that in the past the concerns had a lot more to do with making a clear statement

that the messaging that came out of our meeting back at the end of november, which we think had a strong contribution to the business roundtable wrote, that as soon as pennsylvania was declared the next day and then president-elect biden was so certified and welcomed, is that heads of state around the nation, including george bush, heads of state around the world, that is, used the impact story board, some of it verbatim and it was a very clear message that we're moving on and this is the way a legitimate democracy works and not to work on the level of superficial. the message is that president trump was welcome to pursue all legitimate challenges of appeal and to find whatever evidence looked legitimate, but the business group said back then and say now we don't see any evidence of any systematic fraud and of course the department of justice and fbi and everybody else has said so, and now that

62 courts have stood behind it, they say it's time to move on and pick up the transparency in the pentagon and other critical transition areas, but also start to move forward on infrastructure what a lot of these ceos worried is we're going to have congress playing this gamesmanship and infrastructure is going to continue to be a joke, as we've talked about and it didn't happen yet and there are other areas of great mutual interest you would think between the parties and they're hoping that we can make progress on it, the trade issues, the china trade with the nonsense going on with soybeans and pork bellies, the technology issues and privacy issues and intellectual property issues still haunting us now as they did four years ago. that didn't help, so they're trying to get past the flame-throwing, the tweets and make actual progress and they're really worried about a congress that is acting in this divisive a way. the charles koch messaging is very strong and completely

consistent with that but we've never had surveys that are 100% this group, it's cross-parties, different parts of the country, different sectors of the economy. we keep expecting that there are always going to be some variations it was exactly four years ago today, i was actually with vice president biden and we were with a small group of business leaders on the 6th of january in 2017, and little by little they were draining away it was exhausting and it was poor vice president biden and me at the time and they said you're going to miss the new briefing and he said the new team doesn't care an hour later we were still talking about long-term investing things and they said you've got to do now to do the certification and we jokingly said what happens if you don't go, and he said i don't know, but i think they would still move on without me

it was strictly a ceremonial thing and to suggest as president trump did that i'm not leaving last night and that i'll like vice president biden only if he does what i want him to do, that's not our way of life we don't have a parliamentary system where the congress -- the legislature picks the executive branch and we surely don't have an autocratic system that doesn't go through a routine election. >> you've got stories for days thank you for joining us always interesting to have a window into those conversations you're having with ceos, especially urgent ones. >> it's an honor to join you and have fun with governor lamont. it's an untold story what they've been doing in connecticut. >> thank you >> a free promo from jeff sonnenfeld for the connecticut governor coming up s&p up 0.7% with just over 35

minutes left of the session. after the break, jack dorsey warns of per verse incentives. he has a message for lawmakers when it comes to regulating bitcoin. we'll tell you what that message is in a couple of minutes. ♪ ♪

still ahead on "closing bell," connecticut has one of the best records in the country in administering the vaccine so far. we'll talk to governor ned lamont about that early success and who gets the shots next. and as we head to break, a check on bonds for you as we see

stocks off session highs the ten-year yield just backing up here, 0.95% "closing bell" will be right back

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welcome back bitcoin resuming its furious rally, climbing by more than $2,000 at one point earlier in the session. and twitter boss jack dorsey warning lawmakers about a new regulatory plan. kate rooney has the story for us. >> jack dorsey wants bitcoin to stay anonymous in a letter posted to squares website the ceo says he's against a recent proposal that would require financial institutions like square to collect names and addresses of both parties in a crypto or a bitcoin transaction. treasury says that could prevent crypto from being used in things like drug trafficking but dorsey says it would create unnecessary friction and that he says could lead to, quote, perverse

incentives for people to avoid regulated entities he says they could turn to companies abroad with even less oversight which could have detrimental effects on u.s. payment innovation the treasury proposal is also getting some pushback from the ceo of coin base back to you. >> kate, clearly regulation is the big potential outstanding threat to the price of bitcoin i was interested that his main reason for the pushback was that it could lead to more nefarious use of bitcoin if it got pushed onto other exchanges the question is what volume of transactions would take place on those other exchanges versus ones in the u.s. and elsewhere that might fall underneath this regulation >> right and his argument and that of the people like katey hahn have said that this might actually end up doing the reverse. it could push people to exchanges abroad but if it's an illicit behavior anyway, you don't know what

percentage of the transactions would be for things like money laundering really interesting, he also makes a point that there isn't this type of regulation for cash and he says it's going over the top here, so really interesting, dorsey has been one of the most outspoken advocates of crypto. so he definitely is coming out here strong. the comment period for this rule-making ended yesterday so we'll see what the next step is here for the treasury department >> back above 34,000, kate, thanks kate rooney. time for a cnbc news update with sue herera. >> good to see you hello, everyone. the cdc says fewer than 300,000 doses of covid vaccine have been administered in the u.s. since yesterday, bringing the total to 4.8 million. the daily pace will have to reach into the millions if most americans are to be vaccinated by this summer in los angeles para medics

and ambulance drivers are being told not to bring patients with low chances of survival to the hospital and restrict oxygen as the coronavirus surges there in columbus, ohio, reverend al sharpten says the firing of the police officer is not enough he gave the eulogy at hill's funeral earlier today. and the nhl has reshuffled divisions because of changes brought on by the pandemic for the first time the nhl has also sold one-year sponsorships of those divisions which will have names like honda. the honda nhl and the discover nhl central. there's a sneak peek at what those jerseys will look like that's the news update this hour back to you. >> sue, thank you. we've got just about 27 minutes left before the closing bell here is where we stand energy is by far the best performers we are seeing a pretty broad rally. the dow is up 171.

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stocks bouncing back today with all of the major averages in most s&p sectors moving higher joining us with his 2021 outlook is bob doll. great to see you, as always. thanks for joining us. of your note that you sent over, the first one i wanted to jump to, you think the ten-year will hit 1.5% at some point this year by when and what are the implications for broad equity indices? >> 1.5 is higher than the consensus. the consensus for next year is 1.5% so we think we're going to move up at a slow but study pace.

i don't think we'll see it until later in the year. and if accurate, what that means is it will put a little pressure on pes for the market. we think the market is going to be up this year, but less than earnings, implying really good earnings, because of modestly higher rates, to give us a single-digit return for stocks that would be the pressure if we get the 1.5%. >> a lot of people suggesting overseas equities might have a better year than u.s. equities where do you stand on that and jim cramer, i'm sure you saw, came out with his calls for the year and china was one of his picks. >> yeah, i think i'm in agreement, non-u.s. markets beat the u.s. simply for the fact that global gdp is likely to improve with vaccines, et cetera. we all know among the reasons the u.s. has done so well for so many years is we are the most defensive stock market of size on the planet.

and there's more cyclicals there for outside the u.s. so as the economy improves, those non-u.s. markets i think led by emerging markets probably have a pretty good 2021. >> you saw jim's list. he also picked health care as a major theme. he likes cvs, johnson & johnson. you also have health care at the top of your list in terms of outperforming sectors. why and what sort of names should we be looking for >> health care to me is a garpy group, i can win from growth or value, growth at a reasonable price. i'm going to assume the republicans are going to take one of the two seats in the election day and a divided government probably means not a whole lot done in health care, whether it's price reform or anything else. the stocks are pretty inexpensive. i tend to like the service and the product companies, meaning the providers, the hmos and many of the product companies,

whether they're in the more traditional pharma area or in biotechnology. we think there's more advance to come there we're an aging society and societies that age spend more and more money on health care. >> bob, where do you stand on the dollar has it already experienced its weakness or is there more to come >> i think there's more to come. it's been down pretty hard for the last few months. we could get a bounce, but on the theme that non-u.s. economies do better than the u.s., we struggle with our net national savings rate, our balance of payments, our balance of trade none of that is particularly good for the dollar so i think there's more to come for the course of the year i think we could see 85ly on an index basis. >> you like value and small caps, that have outperformed

lately and have had a nice little run is there still value out there how do you think about cheap in this environment >> we still think no matter how you measure it, value and small is cheap relative to big and growth that doesn't mean you sell all your growth stocks, we just think you need to complement with some value stocks value stocks tend to be more cyclical and if we're thinking this economy is almost on fire, i think we'll have the strongest gdp in at least 20 years as consumers spend some of that $1.4 trillion of excess savings, and that would mean the the cyclical stocks do a bit better. so there's more to go, but you're right, they certainly came to life kind of post labor day last year. >> great to see you. thanks for joining us. >> all the best. >> you can check out more of jim cramer's top investment themes for 2021 on cnbc.com

let's go to washington right now. we're getting some breaking news on treasury secretary steven mnuchin. aman jabbers with the details. >> that's right, a senior administration official is telling me and confirming the report that's been out there that treasury secretary mnuchin told the new york stock exchange that he did agree with their reversal on chinese stocks you saw the reporting earlier today that the new york stock exchange had said it no longer intends to delist three chinese telecom giants that itself was a reversal of an announcement that was made last week and there's some confusion now over just where the u.s. crackdown is on these chinese firms and the nyse the senior administration official telling me that, in fact, mnuchin told the new york stock exchange he disagrees with their decision on those chinese stocks we're pushing for more details separately, i'm told that the nyse, according to one official, acted on its own on this and now appears to be

reversing again. so it looks like there's some confusion and perhaps a new moving target in terms of what the policy is regarding these chinese firms and we'll have to get more information i know bob pisani has been diving into this in detail as well and he might have more this afternoon. that's what we know right now, senior administration officials saying treasury secretary mnuchin told them he disagrees with their decision on the chinese stocks, so a fluid situation to say the lead. >> so many questions, eamon. number one, wasn't this whole decision, i think, for the new york stock exchange to delist three of these big chinese companies in compliance with an executive order? where does that stand? is that still the case and number two, if the treasury didn't direct the new york stock exchange to do this, i wonder why they changed their mind.

>> yeah, that is an unknown question the initial decision here, you know, this was in response to u.s. government pressure to push some of these firms out of the new york stock exchange as part of sort of u.s. broad soft power. this was a november executive order. it would have been -- it banned u.s. investors from buying shares of companies that dc alleges are owned or controlled by the chinese military starting in november of 2021. so there are a couple of questions here one is legally what is covered by the order and what is not and what is the timeframe around that, and then politically who put the pressure on who to do that and i think we're sorting through all of that right now and we don't know all of the answers. what we are getting is an indication that treasury secretary mnuchin told the new york stock exchange that he disagreed with their decision and the decision is still fluid.

so more questions than answers right now. >> thank you for joining us with that breaking news all sectors are higher on the s&p 500, which is up 0.8%. 15 minutes left in the session after the break we'll have the latest data on auto sales and which company is pulling ahead in the streamingar ws when we go inside the market zone you can always watch or listen to us live on the go on the cnbc app. we'll be right back. save hundreds on your wireless bill

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of all the coverage heading into the close. mike santoli is here to break down the crucial moments of the trading day and we have chris a varone with us as well energy came to be the best performing sector by a big margin, crude prices up past $50 for the first time since february earlier in the session, just below that level at the moment but the energy sector up about 5% so far today. mike, clearly the energy sector had room to bounce the bounce today significant and enough to drag up the indices, even though it's a fairly broad rally overall. >> yeah, it seemed like the whip end of what was going on today, definitely a move toward the more cyclical stuff. no follow through to the downside after this morning's

selling attempt. it seems like getting into a more neutral spot prior to the election in georgia and other events people might view as having two-way risks the market continues to remain at levels where it's hung around for a month, where parts of the market have kind of cooled off when they seemed to have overheated a few weeks ago we'll see if that's enough to get things stabilized and set for another run as we get into this year. >> chris, how about a take from a technical analyst, what are the charts telling you happens next >> i think despite an s&p that's been sideways to start the year this far, the tone of the surface has been very much strong, dollar on the lows, copper at new highs. rates have gone nowhere, but banks have outperformed. staples have been weak so i think this scyclical trade isn't done yet i think it's premature to say that it's too hot yet.

our best guess is you get a forehandle on the s&p before correction at some point later in q1 or q2. >> let's talk about bill gross, legendry investor, out with his investment outlook for 2021. in it, gross calls the stock market bubble licious and predicts that the growth stocks and spacs may struggle he takes a dig at tesla's surge saying that the hands of the robinhood gods, i'm afraid it's overvalued he said he likes the natural gas section, highlighting stock picks. it's worth a read, mike. also he talks about his latest legal troubles very personal news about all sorts of things, including his non-working toilet what do you make of the calls, especially on natural gas?

>> non-working heated toilet seat who knows what else he's alluding to there. i think that if you have to think back to bill gross having made his career as somebody who was looking for relative value, mostly in the fixed income markets, there was always yield to be had. it was what was going to be more attractive, where in fact could you find some paper that was going to rip higher. that's not the world we live in right now. there's almost no yield out there. there's definitely a tremendous role for central banks and fiscal authorities in this market right now he's always been pointing to this apparent dependence that the economic might have on that. so i think it's a little bit more of the same, but it shows you how somebody would be stymied in this current environment if what you really do want is higher nominal yields and stuff that doesn't look as if it's too popular, such as tesla or spacs >> one area people sometimes go

to is real estate. what's your view on that >> i think you're seeing a bifurcation. on the one hand, all the reopen rates are starting to outperform conversely, the defensive area where people have piled in, the data centers, the storage names, are all starting to roll over. so i think much like they're seeing with the broader market, this preference, you're seeing that and i just think with respect to yield, you talk about bill gross, who made a career out of knowing where the consensus was and staying away, if you look at the consensus on bond yields right now, of the 54 forecasts out there, only four people have a ten-year yield forecast above 150 for the end of this year that seems too low i think the surprise in 2021, you get ten-year yield in excess of 2%. >> automakers reporting their full-year sales for 2020 and phil lebeau has the details.

>> the numbers are mixed for the full year. basically april and may were lost when you look at the fourth quarter numbers, it actually was not that bad for some of the automakers specifically we're talking about volkswagen and general motors reporting positive sales in the case of gm, that was two times better than the analysts were expecting fiat chrysler and nissan reporting lower sales. as you take a look at shares of gm, one important statistic to keep in mind, the average transaction price, meaning the average vehicle sold by general motors in the fourth quarter, a record high, $41,886 we take a look at shares of toyota, its december sales were up 7.5%. so we're seeing demand continue to be strong toward the end of the year we'll find out what the final year-end total was for auto sales, expected to be around 14.5 million vehicles. we'll get that probably in the next couple of hours. >> thank you so much for that. chris, clearly tesla was the focus in the auto market for most of last year, but the

traditional automakers had a great run toward the back of the year how are the charts looking >> they look good. i think names like gm andfo for are viable this entire market is not as aggressively priced as tech or growth a lot of these auto stocks, whether it's the european auto names or u.s. ones, haven't made any progress in four or five years. these were four-year bear markets in these names that have only just started to end so i think there's room for these stocks to work, the bmws, the gms, the fords as we look ahead here >> roku spiking today, while another firm is sounding a warning about netflix. julia boorstin with the details. >> roku shares jumping over 4.5% today on the price target increase from wells fargo to a high of $415, with an overweight rating wells is bullish on roku's

opportunity to profit from the growth of ad-supported streaming. the shares up more than 5% now in contrast, netflix shares are in the red today on rosenblatt warning that it could lose subscribers, saying that one-third of its survey respondents say they're likely to cancel netflix in the next quarter, compared to 13% in the prior four surveys guys, back over to you >> julia, thank you for highlighting those moves roku has been amazing to watch you would have made so much money putting your money into roku stock over the last four years. what's priced in, especially off of the news that they're looking to buy content and an analyst bullish call. >> it's interesting how we've recast roku as the incumbent, the one that was established in streaming television and video that had more to lose by other players coming in than it had to gain from traditional tv that's just the way the valuation of netflix got going and the stock has been sideways

for i guess eight or nine months right now, at least. and it's gone a full year going sideways on the way up roku is more just additional penetration, this idea of a virtual bundle i think it all makes sense it's a super expensive stock it's not trading on results, just as netflix in the early part of the trajectory was not trading on near-term results. >> if i would spend the money i spent on buying actual rokus, i would be able to afford it i want to pivot back to the s&p 500. in the very short term, what would be the level below that you're keeping an eye on >> i think when you look at the way the market thas traded over the last few weeks, there's support in the 3600 neighborhood so i think you've got short-term setback over the next number of weeks. i think what's important, even yesterday where you had 110

point reversal from the highs, there was no selling pressure under the surface. leadership was not bad i think if you're going to get a big correction here it's going to be preceded by signs of selling pressure by changes in leadership and that just hasn't happened yet. >> just two minutes, just over two minutes until the session is up what are you focused on, mike? >> relatively solid in terms of the equal weighted s&ps and you have over three to one advancing to the new york stock exchange, very similar over on the nasdaq. in fact, if you look at the ledger of new highs versus new lows on the nasdaq, 200 and change new highs, only 12 new lows not too surprising, obviously, we're less than ten months after a crash right now. but if you look at the volatility index, it is giving back some of yesterday's pop we talked about how it was very

switchy and you got a little swe sense of a decline in the s&p 500. so some degree that probably places people on a posture of being somewhat ready for some more volatility. nobody is saying this is over. we could see some chop i think there's a combustible mix, and you have economic momentum building. but right now the volatility still above the recent lows, sarah. >> you predicted, mike, a turnaround on tuesday and that does appear to be just what we're getting. stocks are rebounding. we're still down so far on the week taking a look at the major averages, the dow is up 174 points we were negative, as you can see, a few times earlier in the session. managed to recover nicely. the session high was about 280 points higher. the s&p 500 up about seven-tenths most sectors are higher. energy is the big winner

the saudi production cut helping that group materials, industrials, consumer discretionary also near the top. real estate is the only sector that is lower right now. nasdaq is good for a gain of almost 1% right now and you are seeing a lot of these big cap tech stocks rebounding, apple, amazon, nvidia the russell 2000 the biggest winner, value outperformed growth, up 1.7%, making the best day for the small caps since back in the middle of december overall, four out of four positive closes. >> strong oil and strong banks helping the russell. welcome to the "closing bell." i'm wilfred frost along with sarah eisen. we did slip a little bit there in the final hour. the dow was up 167 points, the high had been up 280 the low had been in negative territory, down 80 points or so within the first couple of hours of trade the nasdaq is up nearly 1%

the russell led the charge up 1.7% energy, materials, industrials, banks, some of the best performers energy the big winner, up 4.5% as oil prices gained nearly 5% coming up, we will discuss where a sweep of democrats could lead to a major market rotation. plus connecticut's governor on how his state has gotten off to a strong start distributing coronavirus vaccines advi mike, i'll come to you first in terms of actually the international picture as well, which was strong yesterday, strong again today we had a dip into the red earlier in the session and you were looking at things thinking this is a really slow start for the u.s., but rebounded and fairly good breadth as well. >> yes, it has been a global move the dollar being weak. i was looking this morning at

the emerging markets index, especially if you exclude china, it's been incredibly strong for a movement they're moving along with a general kind of global reflation gust that we have blowing through the markets. we don't know if this is a runaway story or this is the market readjusting and rotating away from things like growth and defensive type assets. but it is a very clear and distinct theme right now inflation expectations going up, dollar down and things leveraged to a global recovery seeming to do well. but not to the exclusion of everything else. so i think we're treading water here we're still consolidating in the u.s. indexes for about a month and we'll see if that's been enough to reset expectations and the technical position of the market >> mona, we've got the georgia election runoffs obviously awaiting results on that we're going to get into earnings and we've still got uncertainty over the near-term economic outlook until we get mass vaccines

what do you think is the next catalyst >> yeah, absolutely. i think the market is climbing two walls of worry here. the first that you mentioned, the georgia senate runoff races, hopefully we'll have clarity later today or tomorrow. really markets are pricing in or at least the betting odds are showing still republicans will gain one or two of those seats in the case that the democrats do come away with both seats, we still think, you know, the biden administration has an uphill battle trying to execute $4 trillion of tax hikes and even the $7 trillion of fiscal spending so in our case, in our view, even the tightly -- i guess the tight senate is still a recipe for a little bit of gridlock in the government that being said, we do think if the democrats come through we'll get a little bit more of the hacks hikes, but a lot more of the stimulus, which net-net may be positive for markets. the other wall of worry that the markets are climbing, of course, is the ongoing covid battle and right now what we're seeing is

the vaccines and the distribution of the vaccines has been lagging to some extent, the expectations in the market 20 million were expected, i think we are at about 4.6 million distributed vaccine doses thus far. we do expect over the next quarter or so that this will also improve we think the distribution will work itself out, some of the kinks will work out and we'll have a new administration in place focused on this. and then of course we will have perhaps more vaccines approved in the end of the quarter as well, including players like j&j, novavax, et cetera. so we do continue to feel like the markets will be able to claim these near-term political and health worries and we continue to feel like really the trade is going to be - continued value over growth, continued small cap over large cap and then the international markets, we do think also have legs so in the near term wee feel

like any period of consolidation or sideways movement are good opportunities tactically to position yourself if you haven't already done so. >> chris, nice start for gold, up 3%. can that continue? >> we think it can what's interesting about gold is how aggressive sentiment got this summer, flows into gold were about as aggressive as we've ever seen in a number of years when you look back to august, september. those have cooled. so i think from a contrarian standpoint we've seen an exodus of flow from gold. it had a good couple of days and we think it gets back in gear. importantly, silver is leading silver outperforming gold tends to be good for both. we've seen copper break out and platinum is strong i think the entire space is mimicking a lot of the themes we're talking about here and the outlier is bond yields we think bond yields are too low and will break above 1% here and

that continued reflation theme will persist. >> seems like it's helping all commodities, especially oil with a particular catalyst today. energy stocks one of the big outperformers on the session lifting the overall s&p 500. let's get to brian sullivan with more on saudi arabia's move to cut production which fueled the rally. talk us through what happened here. >> yeah, a saudi shocker this opec meeting was supposed to be boring, and maybe about raising output a bit they're still off 2 million barrels a day from their lows of last year. the big reveal was a surprise cut of 1 million barrels a day by the saudis. the saudi minister said they were doing it on their own, as saudis, as a gesture of what he called, quote, goodwill from

crowned prince salman. in the nearly two-hour video call, he sort of laid it out at the beginning saying i've got a surprise in my pocket and then later on revealed this massive cut. now, i asked him in the call if this was maybe not just about goodwill, guys, but also projections of big demand cuts due to global lockdowns. >> what is going on now is lockdowns and this and that, so immediately we'll take a preemptive action. this is what i was told in january last year with the current lockdowns seriously impacting the world's economy, they may, but not necessarily in the same size magnitude that we have seen back in march, april, may and june >> so it's not a hunch

h he thinks things will slow but not to the extremes of last year russia does get to raise production a little bit, something they wanted to do because they want to gain market share. but overall, you're looking at cuts of 1 million a day. look at the stocks this surprised the market. normally opec has more leaks than a swiss cheese dam, but not this time. this was truly a shocker occidental, marathon up 10% and 12%. you've got marathon up 3%. really a saudi shocker that sent oil stocks higher on the day >> brian, remember when oil prices dipped below $0 in 2020 remember the saudi/russia price war? i feel like these stories of 2020 would have gotten so much more attention if not for the pandemic, obviously, and the fact that it totally changed our world, our economy, and our

markets. but where does all of that stand right now? it was such a crazy time for oil. >> it was a crazy time in a lot of ways, and certainly a crazy time for oil those days, there's the dip you're talking about those days we wrote about it, we talked about it. they were sort of anomalies of oil contracts as well. the etf disaster, everybody was called out on that the saudi energy minister, and having seen a few levels of leadership in my time covering it, he has done a great job at wrangling up the troops. in fact, he kind of alluded to it he's a funny guy you know, he said here's johnny, that's literally what he said on this call. it's not quite the same virtually as in person, but what he said was somebody kind of alluded to russia and if they're friends, he kept calling alexander novak, quote, his pal.

and as far as opec goes, this is his quote, and he actually said i'm sure brian will use this on the air, there is no, how did he put it, swinging or winging it anymore. meaning opec is not going to be rough around the edges, he has wrangled those opec troops tight and it shows their cooperation, if you will. >> no longer swiss cheese dam, it's something with fewer holes perhaps. thanks so much, brian. >> fontina. >> brie, still a bit leaky potentially, but not directly gapping with holes in it >> the leakiest cheese in the world. >> thank you very much for that. mona, i'll come to you on the energy sector. some attractive dividend yields. >> it's an interesting trade and it probably goes along with our theme of exposure to value, the

traditional value secrtor. if you look at 2020, it was the sector that got clobbered the most, down nearly 40% in some sectors in particular. so we do think the rebound will play out in the energy sector as we do get a reopening story. that being said, when we think about energy longer term, we do see, you know, some competitive threats there to traditional energy, namely the advent of clean energy, the rise of electric vehicles, for example, certainly the rise of areas like renewables, solar, all of these are also part of a focus of a potential biden/harris administration as well so the tran decision away from traditional to clean energy we think is in early phases so if we were to have exposure, we would certainly have exposure to both. but certainly traditional energy for the reasons you mentioned, the dividend and the bounceback trade for 2021 i think are attractive but certainly for longer-term investors, complement that with

new energy initiatives as well. >> thank you both for joining us >> thank you up next on the show, the potential risks and warerds to the markets if democrats do sweep the georgia senate runoff and win control back of capitol hill we're back in just 90 seconds. pay off my student loan debt. they were able to give me a personal loan so i could pay off all of my credit cards. i got my mortgage through sofi and the whole process

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outcome will determine the control of the senate and how much president-elect biden will be able to advance his agenda. joining us is krishna guha who heads the global bank policy team you say here in the notes that if the democrats do sweep and flip the election, which isn't necessarily the base case of the markets at this point, you expect a powerful internal market rotation. what do you mean >> well, the market might well go lower on a dem sweep, but i think what matters is really what's going on under the hood you're going to see some big winners, you're going to see some big losers. so investors are going to be pricing a lot of different changes, different implications if we were to get that dem clean sweep. one of the most obvious ones is more fiscal, but more upward pressure on yields that would

tend not to work well for the tech stocks, not to work so well for housing. on the other side, more spending on infrastructure, pushing up those industrial names, more spending on greener environmental initiatives, pushing up those names so it's not just a question of market up, market down it's a question of whether we can get one of those big wrenching internal rotations and i think that would be very much on the cards if we get that sweep. >> what about if the status quo remains? what if the republicans keep the senate do you think the market would favor that kind of outcome overall? >> so i think the market feels like it's still very much set up for that as the base case outcome, so you wouldn't see, therefore, as dramatic effects, if that's indeed what we get but maybe just yields cooling off a little bit as we take away

that risk of additional fiscal spending under an old dem government and i think the market would probably like taking away the tax risk that weighs on the minds of investors now, whether you really would get a lot of taxes with a dem sweep i think is a separate question i'm skeptical we would get an awful lot of taxes, given that in the best of all worlds for the democrats, they would only have 50 seats in the senate, meaning that the moderate centrist democrats like joe manchin, mark kelly, would really govern how much gets done on taxes i'm not sure an awful lot would get done but certainly i think the market would like to take that risk off the table as opposed to have to learn over the coming weeks and months exactly how much of that tax agenda gets implemented. >> krishna, what would be the peak of the ten-year during the

course of 2021 in terms of yield and how much does it rely on fiscal stimulus? >> well, i think over the course of the year and beyond the bigger driver of ten-year yields and bond yields in general is the progress we make with vaccines and stamping out the virus and allowing that big normalization of economic activity to take place that's the number one driver does that move forward successfully or does it not, for instance, because we get some new vaccine resistant strain the number two driver is the fiscal outlook and that's driven, as you say, by the politics the way i look at it, in a benign baseline scenario where vaccines are effective and we get the normalization really kicking in in particular mid-year onwards, i would think that under a scenario in which we have divided government, so

not too much on the way of additional fiscal, we would be looking at ten-year yields ending the year maybe a little bit north of 125, say 130, something like that. i think if we did get a dem sweep we would be looking at more fiscal, not as much fiscal as some people think, but definitely more fiscal and that could mean we're ending with ten-year yields more like 140, 145 perhaps. >> do we risk overheating if there's more income policy support at a time where vaccinations are ramping up and we've already have had much support and does that put the fed in a bind and make it a more complicated outlook for markets? >> well, i think it's important to recognize that a lot of the fiscal support that we've had to date isn't really your classic fiscal stimulus, the sort of thing that's going to drive growth over multiple quarters or multiple years it's really a question of

filling holes in incomes for households and businesses that have seen their business income essentially disappear over the course of the pandemic so a significant part of the support just replaced lost income, so that shouldn't be counted really as ongoing fiscal stimulus it's true that the household rebate checks in particular, combined with the limited ability to spend money on services has resulted in a big increase in savings balances and that could get spent that's among the households that didn't take as hard of a hit from the covid shock itself. so there is some overhang there if we add more fiscal fuel, that would further strengthen things going forward. on the other side of the debt we still are short nearly 10 million jobs of where we were back in february of last year. there is a multi-decade

disinflationary trend that we would need to overcome in terms of moving the inflation rate higher and i think from the fed's perspective, the more help they get the better from fiscal if they get more fiscal, does that mean all else equal, they would eventually be tapering qe and other rates sooner than otherwise, sure. but i think it's much easier for them to be dealing with a scenario where they're getting a ton of positive shocks coming in and they get to decide at what point they need to start nudging rates forward, as opposed to not getting enough of an assist and having to try to do all the work themselves remember also, the fed is trying to raise the average rates of inflation, trying to raise the expected inflation rate back to 2% so they can at least for some time accommodate, sit back and allow these fiscal shocks to come through because it's taking them closer to their goal rather than taking them further away.

>> great to see you. thanks for joining us. up next, mike will head to t e charts and have a look a how new signs of manufacturing comeback could impact the market you can always watch or listen to us live on the go on the cnbc app. we'll be right back. ♪ you can go your own way

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we'll have a look at liquidity right now. mike >> a couple of different ways. we heard about how the ten-year yield sounds like the outlier. this looks like a lot of charts right now. this is the percentage of global manufacturing indexes that are in an uptrend and are above 50 and you see it has tracked very well with the ten-year yield here you have the ten-year yield lagging, big gap similar if you chart this against cyclical versus defensive groups or bank stocks versus utilities it all looks the same and it leaves wu the impression the ten-year yield is anchored too low, a level given its history here is the looseness of financial conditions, the record low for the goldman sachs index, it means central bank generosity and stock valuations being high,

credit spreads are tight all of this stuff is working together and arguably it's a similar story, because the reason is probably because the fed has told you it's not going to respond in the same way to a lot of these economic things that it has in the past. they're going to try to keep short rates anchored at zero for a number of years. that is a little bit of a mismatch in feeding into this idea that we have an assumption of generous liquidity even as economic liquidity builds. >> so long as the fed sticks to its word, does that hurt equity valuations as long as that maintains and it's only the long end that picks up? >> i think it probably supports them a steeper yield curve would support valuations up to a level and we don't know what that level is presumably there is some level that the fed itself would not like to really tolerate for longer-term yields it has resisted trying to specify that

so it's not clearly exactly how high, but i think it's fair to say ten-year yields can go well above 1% so i think we're in a zone where things can work in the same direction without it necessarily being a moment of truth for the markets or the fed >> thanks, mike. mike santoli up next on the show, nnnnectic coectic connecticut governor ned lamont on how his state has had success administering the coronavirus vaccines and what it means for the economy. we'll be right back. broken windshield... take 1... hey guys, my windshield just got broken, i feel like i need to blow off some steam. let's go... 1, 2, 3, 4...

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connecticut has administered over 75,000 covid-19 vaccine doses with over 2% of the state vaccinated meanwhile, vaccines remain idol in new york and california new york governor andrew cuomo threatening penalties for the slow rollout in the form of a fine or reduced vaccination allocation for hospitals this as georgia becomes the fifth state to detect the new coronavirus variant strain let's bring in connecticut governor ned lamont who joins us for an exclusive interview great to have you back on. what would you say you're doing differently than some of the other states to get to that 2% level of the population vaccinated >> hi, sarah we're going to get all of our nursing homes that are going to have their first shot, vaccine, by the end of this week. that's really important.

that frees up capacity over time at our hospitals as well we have good partners in walgreens and cvs. now we're working with them to start getting it out to the retail outlets, so once they have the nursing homes done, they'll be able to better, by appointment, get people vaccinated at cvs itself >> so are you done with all of the health care workers? we're looking at the 1-a eligibility here, the nursing home residents and the first responders can you move on -- >> oh, no. >> okay. >> we're not quite there yet, sarah. we're getting everybody their first vaccine, nursing homes this week. it will take the hospitals another couple of weeks. then we start with the second vaccines look, it's a logistical rubik's cube, let's face it. sub-freezing, 70 degrees below, three weeks, four weeks. but right now we have a lot of really good private sector

manager types in our state government and we're handling these logistics very methodically. >> governor, would you like to see more private sector involvement once we get past the most vulnerable, the frontline workers, would you like to see companies step in and help you distribute or is that a bit of a pr nightmare and it raises questions about the most well-off getting it first? >> well, wilfred, as you know, cvs, walgreens, walmart, they've got a big retail distribution facility so after the nursing homes, we're going to be able to roll it out more broadly. so the private sector is very involved in this i will tell you that, look, let's face it, the federal government made a mess when it came to ppe and every state on their own, there was no distribution network at all. we've done much better, i think, so far in terms of vaccinations, bulk purchase up front they're getting it out to us and now it's our job to get it

administered >> i'm sort of surprised to hear you say that because there's been a lot of criticism on the part of the states from the federal government and the federal government to the states on how flow is going we were supposed to have 20 million americans vaccinated by the end of 2020. we did a fraction of that. so whose responsibility is that? >> look, the federal government is responsible for the supply chain, no question about it. and let's say it's a pretty low bar to say we're doing better than we did with the masks and gowns back in april. but our vaccines have come more or less on time and they are being delivered to the hospitals and nursing homes as scheduled we're tracking that very carefully. but it's going to be much more complicated when we get to the next group of essential workers. many want to get to the front of the line, many are hesitant about getting vaccinated and the vaccines have a shelf life that's what the issue is going to be. >> i wanted to switch focus and talk about if outlook for the

next year or two, and clearly there's been a lot of migration from people to various city centers to rural and urban areas, but also from higher tax areas to lower tax areas what do you think is going to be the key defining characteristics for where people settle over the next decade? are taxes high on the list and do you think president-elect biden should reinstate the salt deduction? >> i think reinstating the salt deduction could make a big difference but we've had tens of thousands of young families move to connecticut in the last six months and a lot of that is lifestyle. a lot of it is if you think you're going to have to quarantine again, people in connecticut have a small back yard and that's an advantage over a small apartment maybe they don't feel as comfortable taking the subway any longer and they feel more comfortable being able to telecommute. so there are a lot of reasons that people are taking a second

look at connecticut right now. >> back to the vaccine for a moment, governor, and the threat from governor cuomo that he would possibly fine the hospitals and threaten to take away their vaccines if they did not move them out fast enough, is that something you would consider >> i don't think -- that's not a problem for us right now we're doing a lot of inventory and tracking exactly how much vaccines the hospitals or nursing homes have in this case. we're seeing what their supply is, regulating the supply. if we've got to move vaccines to another place where there's more demand, we're doing that so i don't think i need a heavy stick to make the hospitals do the right thing. i think they're doing the right thing. >> what about a state like new york and the fact that state and local governments were not allocated more aid, they were given money for the vaccines but more aid as part of the stimulus

bill how much harder does that make it to, as you call it, to get through this rubik's cube of vaccinating an entire population >> well, we kept going at full throttle even if it took a little longer for the senate to make up their mind we knew we weren't going to take our eye off the ball, how important the vaccinations are and thankfully now we have a pathway, we know when the federal funds start coming and i hope that's true for all of our states, really for connecticut we've got a six-month glide path and we know exactly what our vaccination strategy is going to be and the more vaccines they get to us, we have a platform to be able to vaccinate more people. so speed it up, guys. >> how concerned are you about these various new strains, particularly i the one that we know a little more about from the uk, over the weekend the seven-day rolling average positive rate in london is over 25%, hospitalizations across the whole of england back to march

and april levels it all happened very quickly, over three or four weeks seemingly because of this new strain are you worried that the u.s. could be a few weeks behind? >> i do worry about that thankfully our infection rate is a little less than 7%. but we're part of a region where the infection rate is a little bit higher as you point out, this new strain, thankfully it looks like the vaccine is as effective against the new strain as it is against the existing covid strain but let's face it, it's going to make sure we're more careful about our masks and social distancing, do everything we can to stop what could be an accelerating spread. >> governor ned lamont, thank you so much for joining us >> thank you nice to see you. large movie theatre chains were shut out of the new stimulus bill. coming up, amc's ceo on whether they need to raise more crash and whether the vaccine rollout could lead to a box office

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of jacob blake, who is black, leaving blake paralyzed and setting off sometimes violent protests in the city in a rare public statement, the fbi and other u.s. intelligence agencies say the massive cyberattacks using solar winds software are likely russian in origin. the statement does not mention china, which president trump says may have been behind those attacks. pennsylvania's republican-controlled senate has refused to seat a democrat whose razor thin win is being challenged by his republican opponent republicans also voted to remove democratic lieutenant governor john fedderman has presiding officer of the senate for the day. near the white house, a pro-trump rally has drawn hundreds of people a day before congress votes to certify the presidential election results. moralies are set for tomorrow. it's a story we will be following throughout the day

tomorrow i will send it back to you. >> thank you, sue. up next, the future of movies theatres struggling due to rovis-lad utwnconarureteshdos and a huge uptick in at-home streaming. we're going to discuss with amc's ceo adam aron after the break. "closing bell" will be right back innovating, sourcing organic ingredients, testing them and fermenting. fermenting? yeah like kombucha or yogurt. and we formulate everything so your body can really truly absorb the natural goodness. that's what we do, so you can do you. new chapter wellness, well done.

♪ ♪ ♪ ♪ ♪ amc entertainment is getting slammed in 2020, falling nearly

71%, despite recently securing $100 million in debt financing amc didn't qualify to receive any of the $15 billion in aid set aside for the entertainment industry in the latest covid relief bill. joining us for more, amc entertainment ceo adam aron. thank you so much for joining us do you feel hard done by the latest stimulus bill >> well, our congress has certainly done no favors for amc entertainment, the largest movie theatre chain in the world i think there's a bias in washington towards helping small business, and assuming that business big will rely on self-help and take care of itself but that is what amc has been doing. if you go back to last march when we had to shut all of our theatres globally and our revenues fell literally to zero overnight, we found ourselves in a position where to survive this pandemic, we would need to raise capital. we did that in april, we did

that again in july, we did that again in october we've done that again in december so our strategy, without any bailouts or congressional help is to do what we can to raise capital to get to the other side of this pandemic. >> are there any further steps you would be willing to take, you would even welcome, adam, in terms of strategic partnerships? >> no, that's not in the cards, at least for now you never say never to anything, right? but right now our strategy has been very clear and quite transparent dating back to last spring number one, if our theatres were to reopen, we wanted to make sure they opened safely, so we created safety protocols which we did in cooperation with faculty from harvard university's public school of health and second, secure the capital

we needed to make it to the other side i need to be absolutely clear, just last month we said that we needed to raise at least $750 million to make it to the other side of this pandemic, and we're not there yet. having said that, we did raise $204 million in the first two weeks of that effort so we are off to a very good start. but we have a long way to go we will need to raise more capital to make it to the other side >> yeah, i mean, i was just going to ask you, adam, from a pure solvency standpoint, are you guys going to be able to survive this >> well, we are working as intently and cleverly as we know how. we have proven over the past ten months that we are resilient, resourceful and creative here at amc. as i said, we raised money, in april, we raised money in july,

we raised money in october, we raised money in december in our filings last month we laid out a series of strategies that we've identified to raise the kind of money that we're going to need to make it to the other side and i can't make any comment about what will happen starting tomorrow, but i can look back and i can tell you that in the first two weeks of our capital raising process that began in december, we raised $204 million. we need to raise more, but we're working hard to do that and we've laid out a plan and a blueprint to get there whether we get there or not, only time will tell. but certainly the steps that have been achieved so far are good first steps towards that end. >> adam, when you look at the streamers and the studios and the position they're in and the way they're releasing movies as

we speak, are you envyous of that position, are you angry or do you understand it >> we certainly understand the theatres the world over have been closed since march of 2020. and if you look at the studio releases that were going to come out in 2020, while some of them went to streaming services and the like, most of them have been deferred to release dates in 2021 the ceo of one major studio said we're laguardia in a thunderstorm and there are planes circling overhead and they have to land, meaning there were 46 major movies that were supposed to be released in 2020 that have been deferred for a theatrical release in 2021 right now very few movies are out that are new, that are what you would think of as major franchises but if you look at the release dates for april, may, june and

certainly the summer and beyond, there are a lot of movies that are going to be coming out theatrically in the last half to two-thirds of 2021 that's something that we can all look forward to. as i said, though, when you look at amc and not at the industry in general, we're not out of the woods yet. we have our work cut out for us. we do need to raise more money to get to the other side having said that, we've done that four times already and that's our focus and we understand our mission and we will all live it together. >> just thinking about what happens when we go back to normal, whatever that is, on the other side and the differences, adam, that we've seen in some of the studio responses to the theatre closures, they've all gone different routes. warner announcing that it's going to go on hbo plus for the rest of 2021, universal

negotiating that deal, disney doing different things with mulan and hamilton which one do you think gets it and what does that look like on the other side >> well, we deal with every stuo disney is still very much committed to having a successful disney plus product and a successful theatrical exhibition business they have a lot of movies coming out in 2021 that will be released exclusively in theaters upfront. with universal it's well known we had a little spat with your corporate parent, i guess, last april. but in 90 days of very amicable discussions between the two companies, we reached a ground-breaking, landmark agreement to have movies in theaters and movies going to home earlier than before something in which we share in

the home revenue we think that the end result of the universal discussion was very positive for nbc universal and very positive for amc. we think we can expand the market for universal movies and we'll do just fine obviously we're not pleased with the action that warner brothers took negotiations, serious talks have started with warner brothers i don't know how they'll end up. but clearly that's something we need to look at. you look at other major studios, sony, paramount, lionsgate, they have a lot of movies coming out in 2021 and we're looking forward to selling a lot of tickets for all of them. >> adam, thanks for joining us appreciate it. >> happy new year, guys. i mean that in everysense of the word it has to be better than 2020. >> hear hear to that, absolutely. still ahead. georgia's runoff has taken center stage and the candidates

are reaching out to voters in ll id new ways wit really translate into votes? we'll discuss that coming up. plus, the key things we're watching ahead of a fresh trading day tomorrow "the closing bell" back in a couple so what'd she say? wrong person. guy named carl. but he's very excited and on his way. word-of-mouth advertising. it's what they did before commercials. it's not complicated. everyone gets our best deal, like the amazing iphone 12 mini on us. ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential.

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up next, after a strong day on wall street, the key things every investor needs to watch for tomorrow, including results of the georgia senate runoff we'll be right back.

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apple making some changes to its executive bonus plan. >> those headlines just dropping here that apple will modify executive bonuses based on environmental values this is its annual proxy filing that's going to modify executive cash bonuses based on progress toward the company's social and environmental goals. this change, they say, is intended to further to modify the executive team we know tim cook has talked about some of the these issues so publicly, specifically the environment and climate change for example, highlighting as he does that the company runs its whole global operations on renewable energy but apple will modify its executive bonuses based on environmental values starting in 2021. >> josh lipton, thank you very much. as we look ahead toward tomorrow, after a positive

session on wall street, mike, we'll get fed minutes in the afternoon. notes from the last federal reserve meeting where they didn't make a change but always interesting to hear the discussion around extending asset purchases as they tweak the language making it even more accommodative for wall street. we'll also get adp, a report on private sector jobs report december is not supposed to be a pretty strong month. in fact a lot of forecasters say we could even lose jobs in the month of december. i think the consensus calls for just under 100,000 jobs added. >> clearly the market has shown a willingness to wait for economic numbers to get better it definitely got a little bit of a taste for stronger data with the ism today but the jobs picture is a little more muddled in terms of the near term. the fed has become more accommodative rhetorically some fed officials say down the road if things heat up in the economy, we might be talking about cutting back on asset

purchases so maybe there will be interesting color in the minutes. tesla, which is already up 4% so far this year and closed at 735 today getting an upgrade from morgan stanley, a new price target of 810. >> yes the stock already kind of ticking a little bit higher in the after market certainly now is a big influence on the nasdaq for sure and to some degree the s&p. >> we are out of time here on "closing bell. "fast money" starts now. >> i'm melissa lee and this is "fast money. guy adami, karen seymour polls closing in georgia in less than two hours from now in two key senate runoffs we'll break down what's at stake for your money. plus we'll tell you what sent these names into overdrive. mcdonald's tripling down in the fast food chicken wars we're digging in straight