dr. j? >> l brands, scott a lot of that bath and body works was bought and this stock is up 120% year over year. >> okay. and lastly, steve weiss? >> gbtc, gray scale bitcoin trust, relatively new position i think bitcoin just keeps going higher and higher. >> buy high and sell higher you hope. >> all right, gang thank you. >> there you go. >> thanks for watching "the exchange" begins right now. >> thank you, scott, and hi, everybody. welcome to "the exchange." it's a very big day in washington and wall street investors are watching the political landscape with a close eye on the next 24 yourself who had. the certification count for the presidential race is beginning in the senate and the votes continue in the george runoffs with the markets jumping to a conclusion with a democratic sweep of knows sweets and control of congress as a rough we're seeing big moves in stocks, rates, certain sectors and energy in particular

even sports betting. let's get the very latest now with mike santoli. hi, mike. >> the market is repricing in a moment for higher economic growth, better cyclical growth nasdaq up from a negative opening and outperforming the russell 2000 by 5% right now take a look at treasury yield. a huge part of this story. they have clicked above 1% on the ten-year yield one way to think about this the yield move has been it's gone from 1.5% before the covid crash. it bottomed about half a percent, and you've gained a bit more of half of that back. past the halfway mark of getting back to what used to seem like normal is.05% right now it has been small caps over tech it's been banks over tech. the yield move is helping the financials as well look at the xlf compared to the technology sector. what's fascinating here is, yes, this is dramatic right here, but it's been going on for months this rotation has been in motion and the senate results and the perception of what that means

have added torque to that and then old economy stuff, infrastructure, we'll be building stuff again this is very much by the way the same trades that worked right after the 2016 election. the infrastructure etf, a lot of engineering and material stocks, just gone vertical it's a huge move today obviously 5.5% but, look, this has been in an uptrend. i think it was somewhere between early at the qing of a tre-- the beginning of a trend and efnted of trend didn't flick like a switch either in the november election or last night. >> mike, it's fascinating to your point you've got banks, energy, some infrastructure stocks. i mean, certainly with the former two, these are exactly the groups that we saw take off when trump was elected >> 100%. >> they, like many american voters, apparently changed their minds. >> exactly, and i think that the common thread is right now it seems like the policy mix is heading for higher nominal growth back then it was about lower tax rates doing that and maybe some infrastructure now it's much more, maybe another fiscal push but it's a

very similar calculus that the markets are doing. keep in mind that that theme after the 2016 election, it only really led the market for a few months after that it became more of a growth-centric market andmore diversified. it isn't as if the market gets it perfectly right about what the next couple of years is going to look like >> no. that's for sure, but it's jumping to some conclusions right now. mike, thank you so much. that's michael santoli. politics front and center this hour with congress counting and confirming joe biden's presidential win georgia working to finalize its vote at all to, and all of this happening amid protests within congress and on the streets of d.c. for the latest i'm joined now by our own shepard smith host of "the news. what can you tell us >> good afternoon. an historic day unfolding, a joint session of congress convening in this hour to count the electoral votes and formally declare joe biden the 46th president of the united states, but it promises not to be was easy as that far from it.

this process normally a formality will be a long one here's what is set to happen the electoral votes to be counted are in two mahogany boxes which were just brought into the chamber moments ago then, vice president mike pence, minutes from now will call the session to order congress then will go through the certifications from each set alphabetically, individually, lawmakers then have the ability to raise objections if they like we now know at least 13 republican senators say they plan to do exactly that, object. more than 100 house republicans as well. the first state that's likely to yield an objection is arizona, and then following the constitution senate and house members go to their respective chambers to debate that objection. each debate can last two hours and then each chamber votes and the process continues. to be clear, there are not enough republicans who say they plan to object to change the outcome at all whenever the political theater

ends, joe biden will be declared the winner that is a fact that is being protested right now in washington thousands of the president's supporters gathering, echoing his baseless claims that the election was somehow stolen. the president himself stoking the message loudly and profanely to the crowd >> we will never give up we will never concede. it doesn't happen. you don't concede when there's theft involved our country has had enough we will not take it anymore, and that's what this is all about. >> well, it appears that he won't. as the president continues to focus on his election, his party is on the cusp of losing control of the senate, one of two runoffs has already been called for the democrats. nbc news projects georgia's raphael warnock has beaten the incumbent senator kelly loeffler and the other race still too

close to call but the democrat jon ossoff is leading had over senator david perdue according to the npc news decision desk. votes still being counted. if democrats do win that race, which is likely, it would create a 50-50 split in the united states senate which would leave the new vice president kamala harris serving as the tiebreaker so she will have a busy few years. that would give democrats control of the white house, both chambers of congress and effectively in control of washington kelly? >> shep, stay right there because we just got some breaking news from the vice president himself mike pence let's get right to eamon javers. we would love for you to stay right there. the what can you tell us >> reporter: well, kelly, the vice president mike pence has just rejected the argument made by his boss president donald trump about the role that he's set to play here in the house chamber as you were just looking at those shots, presiding over this joint session of congress, to count the electoral college

votes. remember, president trump has argued that mike pence somehow has the authority under the constitution to reject some of these electoral college votes. that view is not shared by any constitutional scholar that we can find and the vice president has just issued this statement saying that the president is simply wrong on it he says it's my considered judgment that my oath to support and defend the constitution constrains me from claiming unilateral authority to determine which electoral votes should be counted and which should no. it's a length statement from the vice president, but he also goes on to say that vesting the vice president with unilateral authority to decide presidential contests would be entirely antithetical to the design of the founders as a constitutional scholar and reveers it, i don't think the founders invested with the president the unilateral authority to decide which

electors to support. he'll serve in the ceremonial role that vice presidents serve in throughout the history of the country here and not to do what the president has urged him to do as recently as within the past hour which is to reject some of those electoral college votes, so a substantial blake here politically between mike pence and donald trump, but under the constitution and the law there simply was no other course can have action for the vice president here, kelly back over to you. >> eamon, thank you. shep, with this move by the vice president, does that effectively seal it? >> well, it should i mean, it was sealed long ago actually this -- all of this is formality and political theater, and the president continues to riley up the crowd. i was list inge to him on another station just a minute ago and the level of vitriol is still -- it's up there with bitcoin. i'm telling you. it's -- it's profane he's -- he's cursing he's blaming he's pretending there was a steal of the election, and there

is a group in america who believes the election was stolen despite the fact that it wasn't, and, you know, i've heard republican after republican say, you know, he's going to burn down the house on the way out the door, and it appears at least that that's what he's doing today. whether this is a setup for something that comes after remains to be seen, but on the 20th of this month there's a new president, and he's out. >> yeah, and the vice president again saying, you, he disagrees with those who think that electoral votes should never be challenged but disputes should be settled by lawmakers, a fine line between what his boss is pressing for and what he believes his duty is shep, appreciate t.shep smith recapping all these developments for us don't forgot, catch him every night on "the news" at 7:00 p.m. eastern right here on cnbc. let's dive a little deeper into the looming power shift in washington as a result of the

events of the last few moments and hours. joining me now is the executive washington editor of "the wall street journal" and has had a front row seat to politics and power in washington for the last four decades and interviewed every president since reagan jerry, good to see you being ba. do you want to comment at all on what's gone down just in the last few moments here as we begin? >> it's kind of hard to know where to start takes your breath away a little bit. shep is right are. the president's rhetoric at the rally is pretty remarkable, and a lot of it is directed at his own party, other republicans, bill barr, liz cheney, republican leaders in general, so, you know, there is kind of a take the party down with me aspect to this, and a lot of it was directed at vice president pence who must have known that was coming because he was prepared to say how he's going to handle this afternoon i do think we're look at mostly political theater. the outcome is a foregone conclusion, but it will be hours before this plays out. i do think that every step of this process it becomes a little

more clear that joe biden will clearly be the next president of the united states. >> yeah, and as we talk about the power shift, the balance of power shift there are, i also think it's worth noting that after november 7th initially it looked like a reckoning for the democrats. i mean, here was a party that thought they were going to have a blue wave and instead was given a purple if not red congress with a democratically -- democrat president which is highly unusual. now it looks like a moment of reckoning for the gop with the result of this georgia runoff, jerry, suggesting that the lack of enthusiasm and the civil war i think as you alluded to that's now brewing. >> yeah. it's a really good point you know, republicans could have been doing over the last month or six weeks was celebrating what was a very good election night for them initially i mean, they gained seats in the house which was not expect most of the republican senators in peril defended themselves and

held their seats there was every reason to think they would win at least one georgia senate seat and except for the vote at the presidential level, republicans had a very good night they won states in the legislative chambers all around the country. now though they are about to apparently lose control of the senate because they have lost the two georgia seats in part because it appears of the president's rhetoric probably helped suppress republican votes. he said essentially that the voting is rigged and you say why should i vote in a rigged election, and so what might have been a very happy post-election period for republicans is turning out to be anything but that, and that was probably avoidable because, you know, the truth is on november 3rd the party did quite well except at the presidential level >> november 3rd, i think i said november 7th appreciate you correcting the record there so the other interesting factor now with control, let's call it a light blue wave, democratic control of the senate which appears like the outcome here, you know, there's a lot of focus

by investors in the near term on what that is going to do for tax rates and certainly for stimulus checks we've already been hearing rhetoric from the new leader chuck schumer but to me the new consequential issues are longer term are we doing away with the filibuster and is joe manchin all that stands between now and the outcome? >> a democratic president -- this democratic president and the democratically controlled senate certainly means more stimulus spending, and that makes the markets happy because it's a short-term stimulus coronavirus stimulus probably means better chances can of a big infrastructure from a bill in the next year or so. president trump tried to do that but didn't succeed this alignment probably speaks to that and as the previous segment indicates there's aspects of the senate that like that in the medium term it probably means more attempts by democrats to roll back trump tax cuts but that's going to be difficult because with the senate 50-50, democrats are not only in charge

but really nobody is in charge and us a suggest centrists in both parties who aren't going to be wild about big tax increases have a lot of leverage, so you could expect some movement on the tax front but not giant movement, and president biden has kind of made it clear he's not really interested in rolling back the filibuster. he's kind of a senate institutionalist and was there for four decades so a lot of liberal progressive wing of the democratic party will have a wish list that i think is actually going to be fairly difficult to enact even though they will have nominal control of both the white house and congress so i think from the market's point of view this is a formula that still kind of keeps the process in the middle of the road in washington it's not going to veer as far left as some people in the bernie sanders wing of the party might have expected or liked sfwllt one final question, jerry, as we watch the dow up more than 600 points today and a

lot of this seeming to come back to some of the points that you just mentioned, you know, maybe there's not big changes. there could be head winds but we could see stimulus checks. it's the checks i wanted to ask you about because we've seen economists on the left like larry summers coming out saying he doesn't think it's a good idea, is a percentage boost to household income this year, highs and growth rates we've never before experienced so is it in your mind a foregone conclusion that we're going to see some sort of stimulus package and checks with a multi-$100 billion price tag attached to it or could they face more resistance than we might face at this hour. >> i think there's definitely another stimulus package, whether it includes precisely $2,000 checks or not, i don't know senator schubeger has indicated that's going to be his goal but as we've seen in that month it's a long road to travel from wish to reality on this front and that will still be the case. clearly, there's going to be

more coronavirus stimulus spending one footnote worth noting, another thing that happens if this alignment hold, if democrats control the senate and the white house, there will be a regulatory role forward that some of the trump deregulation will go away there will be fewer conservative judges and more liberal judges the other big thing with democratic control of the senate. >> and the implications there for a wide range of industries and states and so forth. jerry, great to have you here. thanks so much for your time. >> happy to be with you. >> jerry seib with "the wall street journal." let's stick with some of the these, not the only developments for the markets to digest today. we also learned from adp that the jobs report was a bit of a disappointment and against the backdrop take a look. investors shaking off some of this and taking it in stride as i mentioned a moment ago we're at session highs north dow and s&p and record highs as well dow up 619, a 2% gain and the

ten-year yield back above 1% for the first time since march, and even the dollar moving slightly higher off of nearly three-year lows what's most important for investors to focus on right now? for that lets bring in barry james, president of james invest research and terry sampath with sierra mutual funds. great to have you both here. what's the most important thing of this entire mix that we're sifting through today for you? >> well, in 1976 irwas at the air norse academy in colorado and it was a centennial, and there was a song that played day and night on one channel requests rocky mountain high." today investors are market at new high and our research shows when you get one new high you tend to get a second and a third and it keeps on heading higher, at least for a while i would say that the changes in washington might elicit some volatility and perhaps a pullback but the economy looks

pretty good. the fed is right there there's going to be more stimulus so we would see upward but with a change to more cyclical types of stocks, maybe smaller types of stocks and we think that's probably the best place to play this market. >> barry, you sound more upbeat on the market and the prospects for the economy than the last few times that have spoken what's changed >> well, the biggest thing that's changed is the market doesn't seem to, you know, think that there's anything to hold it back, that the federal reserve doing what it's doing, sim plus that's been pouring out. i would say we're going to see some volatility. it's not that i don't think that that exists, but it's more of a rotation than anything else. the rotation to small, the cyclicals. we like names like caterpillar on the infrastructure side and nova on the small side does, you know, lending to small businesses, and then, you know, a company like pioneer natural

resources in a much hated area, shale drilling in the permian basin, but all of these are good companies and growing margins, and they look pretty promising to us. >> yeah, and it's not so hated anymore after the last couple of months and saudi arabia helping everybody out yesterday. terry, let me turn to you. i know your ways to play this market are a little bit different. where do you seat most areas of opportunity, and are you still in it the camp that says this is a risk-on environment? >> yeah. great to see you, kelly, and happy new year in terms of theme, the georgia race as you've been highlighting is absolutely front and center and that reach can be felt far and wide in the markets today, but i loved what you said that it's not a blue wave but light blue wave. completely agree with that, and a lot of the trends that we saw four years ago in terms of rising interest rates and infrastructure plays are absolutely playing out today as well as a record high in the dow, but we would point investors to look outside of

these borders. if you think there's been strong trends in small-cap stocks and infrastructure stocks we've seen that to much greater extend in emerging market stocks, and i think we'll continue to see that going forward, the weaker dollar with strength in china, with inflation in check in these countries, monetary and fiscal support so we would definitely ask viewers to take a look outside the u.s. for even stronger trends for their investment portfolios. >> anything that could upset that apple cart, terry, because, you know, a lot of times looking outside the u.s. means weak dollar but we see a little bit of strength today. we're kind of thinking through the impact of higher interest rates and what that could mean for other markets. >> sure, a stronger dollar generally hurts a lot of things, including emerging market stocks, emerging market debt and even u.s. stocks so that would be something to keep a close look on. i also think that this trend that we're seeing in the treasury rate on the ten-year above 1% is something to keep an

eye on because that absolutely serves as a headwind for a number of different things a less risky way to play outside of these borders is to own emerging market debt you can get really nice yields on that. a lot less volatility and a return that we think makes sense for the risk that you take for that >> makes me nervous, but you're the pro r.terry and barry. thank you both today for your thoughts on these markets. terry sampath and barry james, we appreciate it. with markets hitting record highs has investors digest all the news from washington, cnbc pro has rounded up the stocks analysts expect to benefit the most from a democratic congress. it covers key sectors like infrastructure, industrials and clean energy we've got names like vulcan which is up more than 9%, jacobs engineering, first solar seeing similar gains. the whole list is over at cnbc.com/pro. still ahead, the distribution dilemma the vaccine rollout is going a lot slower than planned. we'll take a look at some of the reasons why including several issues not being talked about.

plus pot stocks are lighting up not only in hopes of a democratic senate win but also as new york governor cuomo proposes to legalize it in his state. is cannabis back in investors' good graces? we're back in a moment i made a business out of my passion. i mean, who doesn't love obsessing over network security? all our techs are pros. they know exactly which parking lots have the strongest signal. i just don't have the bandwidth for more business. seriously, i don't have the bandwidth. glitchy video calls with regional offices? yeah, that's my thing. with at&t business, you do the things you love. our people and network will help do the things you don't. let's take care of business. at&t.

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welcome back the covid-19 vaccine rollout kicked off in mid-december with promises of bringing the pandemic to an end, but obstacles are getting in the way of vaccinations as hospitalizations and deaths keep rising across the country. so far just over 17 million of the 200 million doses secured from pfizer and moderna have been distributed and less than 5 million people have actually received their first dose. so why the holdup here to discuss is dr. nahal, ceo of university hospital at rutgers medical school doctor, welcome, we promise that you have some points here to make that we haven't really heard about the hiccups in the distribution process what would you point to? >> thank you so much for having me so, first of all, there was definitely a delay in the shipment of pfizer doses we were set to receive another shipment just a week after our first, and we had scheduled patients going into the next several weeks, and, unfortunately, the state had to make quick work to switch those with moderna vaccines which did

cause a delay. the other piece of this is the actual setup for administration of these vaccines is quite complex. if you think about the schedule of the typical pediatrician, about 30 patients a day, let's say, for childhood imzations we're expected to do between 500 and 600 immunizations today and about a 300 to 400-bed hospital so that real requires an assembly-like line setup, several weeks of planning and requires making sure the complex storage is connected to individuals at the other end of the process and for places that don't have all of that infrastructure and that expertise, they really need more technical assistance from the federal government and, unfortunately, operation warp speed only really seemed to focus on the science and ultimately the development and approval of these vaccines but not the logistics around distribution and administration. >> i guess that said we've known for weeks that these vaccines were likely coming, so why couldn't people start making plans? mean, why were they caught so off guard? >> well, have you a situation

where very to limit the initial doses to phase 1a people so we're talking about health care workers. we're talking about folks who work in nurses homes and long-term care residents we've not really gotten out of that phase yet and we need guidance from the federal government to do so so that's one element. another element is a lot of places just don't have the resources to be able to administer the vaccines efficiently and, again, to have a federal government that's not stepping up and planning on this for the several months before to assist underresourced states and health care systems to be able to administer this i think is unfortunate. we have to make sure that we're supporting underserved areas in this country and, you know, our experience, we ended up use greater than 90% of our pfizer stock right before our next shipment so there are hospitals and health care systems that are able to do this but we need that expertise and that help from the federal government to get others to do so >> so we have now alex azar of hhs saying that u.s. states can

accelerate administration by moving on to broader populations. this was in a briefing that pharmacies can provide more rapid access than hospitals potentially. is this a key pivot point where woe could start to see the handoff from hospitals to now pharmacies, supermarkets, drug stores, anybody who can start to get the general population in there? >> absolutely. i think extending access by any means including through pharmacies which are accessible and familiar to so many people will really help had the other thing is that the guidance that secretary azar gave is allowing states to continue with the prioritization process and governor murphy here in new jersey literally just announced that essential workers, particularly police and firefighters, can start getting the vaccine soon, so that signoff and that blessing is really important i do think that if states are ready and health care facilities are ready, they should be able to be vaccinating more of the population the key here is to get 770% 2080% of the entire country vaccinated so if there's no

reason to wait we should real be pursuing this. >> yeah. we're at 1.5%. time to get cracking doctor, thank you so much. appreciate it. coming up, new york governor andrew cuomo giving another sector a boost and sports betting is making liftoff. made some comments that he'll push for online betting in his statements those statements coming up plus, ppp is coming back with al84 billion soon available for sml businesses but will the tweaks that have been made to the program actually make it better this time around? stay with us fu

welcome back to "the exchange," everybody a big rally on the street. the dow crossing above 31,000. we're just below that level. still up 570 points as the dow clearly paces the way with a 1.9% gain. s&p up 1.3% and nasdaq way lagging, up .4 of 1% and a look at the secretariesors tells you y.financials and materials are up nearly 5% today energy up 3.5% and on the flip side tech is the biggest lagard. a half percent decliner there. real estate communications services down as well. small-cap stocks are participating in the rally today and with a vengeance the russell 2000, take a look here, is up nearly 5%. we talked about the ten-year as

well the yield popping above 21% for the first time since march take a look at how banks are reacting zion is up 11.5% and the energy secretary is also taking off take a look at some of those names. oil above $50 a barrel we first touched that yesterday. schlumberger up 6% and now to sue herera for a cnbc news update. >> hello, everybody. here's what's happening at this hour in washington president trump telling a rally once again that the 2020 election was stolen from him but not giving any proof to support his claims. >> we will never give up we will never concede. it doesn't happen. you don't concede when there's theft involved our country has had enough we will not take it anymore. >> multiple reports said president-elect joe biden has selected judge-maker garland to

be his attorney general. in 2016 president obama selected garland to sever on the supreme court but the republican-led senate refused to hold hearings on his nomination. and for the first time in four years gas mileage for new vehicles in the u.s. fell and pollution levels rose. this as americans bought more suvs and trucks which are not as fuel efficient that is the news update this hour kelly, i'll send it back to you. >> no, they are not, sue thank you very much. my minivan has terrible gas mileage, like 21 miles per gallon. >> but you'll come out of minivan phase at some point, kel, i did it just takes a few years. >> yeah, like 20 probably. >> sue, thank you very much. >> you got it. >> sue herera back at headquarters. coming cup, a top analyst calls tesla the chosen one, oat milk may be the next ipo and tiffany has record sales during a pandemic it's all in rapid fire right after this

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on your radar today. it's time for "rapid fire. joining me now with jon fortt and leslie picker and trader tim seymour, switching things up a bit. >> hi, kelly. >> let's begin with morgan stanley's -- let's start with tesla. he calls it the chosen one in a new note and is raising his price target to $300 to a street high of 8 so jonas says tesla industrializes the internet of cars and is still the best position in electric and autonomous vehicles it's helping to push the stock higher again today it's on pace for its ninth straight day of gains. that's the longest winning streak since april tesla is up 20% in two weeks, tim. >> yeah. so talk about a selloff that people thought was going to happen after the s&p was put through. look, adam joan yeah, one of the most respected auto analysts on the street also pointing to the fourth quarter unit volume which analyzes somewhere around 720,000, can a interesting to me as a tesla skeptic that we now are actually

paying attention to the unit volume in other words, the car company aspects of the company are the things that people are focused on you know, i look at the 80% move on the stock split and the 85% stock move on the s&p inclusion as the reasons that i think you need to be cautious on the stock right now. >> yeah. i mean, to put it mildly it's up nine straight days it. i mean, jon fort, this thing has been up when the whole market is down it's been up no matter what's going on with politics it just goes up and up and up. >> kelly, this is like the analyst equivalent of drag racing, i think, and it makes me incredibly nervous the target prize on stocks we had an analyst on earlier who double upgraded micron because of the exuberance in the market. one these guys set a price target, then when the stock exceeds, that they have a really tough decision what to do. it's almost like they got to

justify or abandon, you know, this number that they went with before i don't know, if you like tesla and you've got a justification for that and you've got a thighs behind, that in a way like as an investor just embrace that be careful of the price targets and believing that it's going to hit a number or deserves to be at a particular number and i think just embrace what you believe is going to happen in the economy. >> is 100% gain in two years not anything else, you just rattle off the stats and wait to see what happens with this one and we'll all find out because in the s&p, let's move along from the very big to the very small. sources are telling cnbc that the vegan milk brandoatley is liking to enter the market and poshmark and petco and affirm are looking for ipos this year people are rolling their eyes at oatley saying this is just at sign of froth. does it stand out any more so than some of the names we've

seen come to market? >> it does if you've had the barista edition you would know that the froth is there if you want it to be no, i think a lot of people recognize that companies going public right now are getting tremendously high valuation and that's why they are going public i've spoken to a number of sources who say they talked to ceos who are moving up their ipos targeting a summerlition or early fall listing and now they are looking to go public in the first quarter of the year and see the ipo window is wide open and they are worried about the ipo window shutting. you can see a list of some of the names that are due to come within the next few weeks with the exception perhaps of oatley and affirm, petco, poshmark this morning, no guidance right now on robinhood or coinbase, i've talk playteci and in any other

year, a quieter start to the year, people get their books in order before debuting. not so this year everybody around this ipo ecosystem is up and running and -- and, you know, pulling long hours. >> tim, take your pick you saw the names there, is oatley oatley at the top or bottom? >> you know how much i love oat milk and when we look at planned-based fods and all the success of beyond meat, i think that this is a great time and covid winners, think about petco, a secular trend going on for some time, but pets have been great friends, and then, we saw what robinhood was able to generate around the market and their impact on. market around covid and another round of stimulus checks i mean, look out i think the time is hot had. i think it's a good time for robinhood to come through. this is what happens when money is free, and it's easy to be

cynical about this i certainly have been, but some of these names, i actually think the valuations are going to go higher based upon the current trend we're in >> quick last word, jon fortt, wonder what you make of it all >> there's no rule that you have to buy something this isn't a secret santa for investors, so, yeah, some of these things have gotten pretty reexpensive. don't file like -- don't justify the price that you pay for one thing by the fact that it's -- it's, you know, not as expensive as everything else you don't have to buy right now. just -- just, you know. >> that's a good point i miss secret santa. that was like the classic office party thing. who -- i miss it it's just not the environment anymore. >> we can do it by mail. >> let's talk pot stocks -- >> just not the same since you're here, mr. seymour, on a good day because there's a lot of cannabis names flying high after the runoff or giving

people the sense that the congress will decriminalize marijuana at the federal level and new york governor cuomo offered a proposal to decriminalize cannabis tilray, tim, is up 21%. >> let's talk about new york and the u.s. those are the real important issues the perverse dynamic for folks investing for a lot of folks is the canadian cannabis names tend to get more focused on a day when it's u.s. news. look, the reason that some of these names are outperforming because they are listed on the u.s. exchanges the good name for the u.s. cannabis industry is the states act after georgia really looks like it could be a second half event for the cannabis industry. what that means is capital markets. it means listing on exchanges for some of the biggest and most profitable cannabis companies in the world. that's the news. around new york i think that the key for cuomo and the -- and the

new york statement government has been about criminal and social justice, but, look, the east coast is about to go full legal and new york won't be outflanked by new jersey and it's just a matter of time it's a huge day. it's a huge day in cannabis and there's a lot more to go >> anything that you would add to that, jon >> my experience with cannabis is about as deep as yours, kelly, so i -- i really don't have anything to add. >> yeah, exactly. >> come on. >> same. >> yeah. >> tim, you're with a bunch of losers. >> we may be wearing green we're not smoking it. >> be sure to watch "closing bell" to see the exclusive interview with our rah cannabis at see if anybody has more than tiffany, overall sales up 2%, but huge growth in china, the

jeweller says global net sales were up just like a percentage point or two asia-pacific up 20% and china up 50%, and, yes, surging e-commerce helped, too, leslie, up 80%. >> yeah. it's amazing the resiliency of china this year. this is just the latea data point. also e-commerce was so surprising to me because i thought jewelry would have been one of the last remnants of going to a physical store to pig out this high-ticket item. people are clearly buying diamonds and bracelets and earrings and necklaces and -- and all sorts of things online during this holiday season when they feel that it's not as safe to go in store so i think that that is a remarkable change, and i wonder if that's going to be sticky as -- as things start to look a little bit safer from a retail -- physical and retail standpoint >> tim, to me it's all about china and corporate businesses and how they are salivating over

that kind of growth and exposure and at a time when we're talking about whether to de-list chinese companies and what's going on in hong kong, 50% sales growth in mainland china that. ignores -- that makes you pretty eager to overlook a lot of other problems you might have politically in dealing with that country. >> yeah, and at a time emerging markets are breaking out, kelly, we're reminded why this consumption story in emerging markets, especially in luxury goods, has been a cycle that's now coming back. five years ago this is the story why you wanted to invest in tiffany and has talked about you look back in the third-quarter numbers, 70% china constant currency, the dynamics there are extraordinary and -- and i think the e-commerce dynamic only helps the multiple of a company that i think is also moving higher >> jon fortt, final word. >> my favorite thing about this, tiffany lvmh thing, is the shotgun wedding aspect of it i mean, you know, first they

were supposed to get together like november 2019 and then it was like, oh, no, material things have changed. i don't think you're so attractive anymore and then, you know, there's this comeback and this likes tiffany so lvmh likes tiffany and on january 6th they are getting together only at like $400 million difference in the initial size of the dowry, and that legal shotgun, i guess, made it happen >> i know. the jon fortt, you look like a superhero today, just a great look overall leave it there. >> your secret santa gift is in the email. >> thanks. breaking news on washington. let's get right to sue herera. what's going on. >> kelly, severaldevelopments on capitol hill. let's start with the fact that two build% on capitol hill have now been evacuated or are in the process of being evacuated it is one part of the library of congress the other part is the canon house which is an extremely

large building all of this is happening as capitol police are instructing people how to evacuate and where to go against a backdrop of what you're looking at right now live, that picture out of washington, d.c. those are pro-trump protesters that have been moving down the street from where they were encamped earlier this afternoon. so those are two parts of the breaking news that we, have and then the senate is now debating objections lodged by senators from arizona to the electoral vote count that is also going on on capitol hill none of this is necessarily relate however, as you look at senator ted cruz taking the podium there to object to that vote, we do have evacuations going on in two buildings on capitol hill, and we will keep you posted no word yet on why they are evacuating those buildings, but capitol police are going door to door in both of those buildings. kelly, back to you. >> yeah, we're all watching those events this afternoon. sue, really appreciate it.

sue her rara >> the dow and s&p are hitting highs regardless dow up nearly 600 points and this with 300 billion of ppp funds to become available to help small businesses. some of them have lingering concerns about the program what the rollout and the demand for aid could demand for aid could look like coming up. you can watch us on the go using the cnbc app incomparable design makes it beautiful. state of the art technology makes it brilliant. the visionary lexus nx, lease the 2021 nx 300 for $359 a month for 36 months. experience amazing at your lexus dealer.

welcome back to "the exchan exchange." mobile gaming stocks are spiking after an announcement by new york gmayor cuomo. >> he says the state's need for new text revenue is behind his

decision look at how the gaming stocks have reacted this has calmed down from earlier today. boyd gaming up 5.5%. draftkings up almost 5%. bally's up, churchill and mgm is popping. gan, a tech provider for multiple gaming providers like churchill downs, fanduel and wynn it just launched on the nasdaq last year. it's up almost 12% today the ceo told me today gan has multiple clients with market access in place for new york he says the opportunity in expanded tax revenue for the state would come from legalizing i ga igaming. that's casino gaming you can play on your phone that's where the real growth potential is here. >> for new york, they have to balance that between their need to support the casinos as well quick comment on that, contessa? >> cuomo says he's not doing this to make money for the

casinos. he says, you know, we may have to look at this like the way other states run sports gambling through their lotteries. and we've had analyst notes out on that today already. carlos from deutsche bank was pointing out there are three other states that run sports gambling through their lottery that would be bad news for the casinos. in the meantime, you have the governor's own office sending out a note saying, we're going to have the licensees apply, but they have to have a relationship with existing casinos. so, that would limit the number of people who want to get in new york potentially could be the biggest sports betting state in the nation. >> it could be, again, a delicate dance with some upstate casinos. thank you very much. contessa brewer is watching that action for us. another round of ppp money will be available soon for small businesses, but is it too little, too late kate rogers with more on these efforts as we might hear from the president-elect on it next

hour. >> that's right. the sba says it will be releasing its latest rules for the program today and lenderses are expecting a launch potentially by early next week, although that hasn't been formally announced just yet. the $284 billion in ppp funding will look similar and different for borrowers this time around now, this new package has set aside for small businesses under ten employees and $30 billion in loans for smaller community lenders. advocates are hopeful that businesses that truly need the aid are able to access it early on this time around, including minority-owned businesses, which are more likely to be nonemployer firms. >> to have it set aside for those lenders by themselves of $15 billion is also very helpful to ensure we're getting funds to the businesses who are left out of that initial round of funding and who have been struggling for a while and that are in communities also being hardest hit both by the pandemic and the

economic fallout of the pandemic >> second draw loans are available if you can demonstrate a 25% decline in revenue restaurants can borrow a bit more, although they weren't given the rescue fund that the industry have really pushed and asked for. there's also streamline forgiveness for loans under $150,000 but while advocacy groups are hopeful for many businesses, kelly, this could just be coming weeks and months too late to save their operations. back over to you. >> and, kate, what are we hearing from the president-elect? does he have concerns about the way this program is structured right now? >> i think he's going to be focusing on getting the aidto the groups we mentioned. minority-owned businesses, businesses that missed on you the the first time around. those truly small firms with perhaps under ten employees or no employees there should be pretty high demand the nifb says its members that have received loans have used them in full and half have said

they would go back for second draw if you can demonstrate you have a 25% revenue decline, which is really important. we'll see. >> a lot of tweak this is time around hoping it reaches as many people as possible to be super effective. kate rogers keeping tabs on that story for us. that does it for "the exchange" but up on "power lunch. new hampshire has one of the best vaccination rates in the country. governor sununu will join us to discuss what they've been doing to get those vaccines out to as much of the population as possible

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that is easy. so, need another reminder? no, no no, i'm good. uh, yes please. oh. ho ho ho, yeah! need worker's comp insurance? get a quote in 3 minutes at easyaspie.com. good afternoon welcome to "power lunch" on this memorable, even historic day in america. along with kelly evans, i'm tyler mathisen the dow up 600 points. along with the s&p 500, hitting an all-time high, call it, perhaps, a resolution rally as