firm because they have a comp competing version of what affirm does called paying for takes six seconds to get an answer in the shopping cart. paypal will say yes or no, we'll let you pay in installments. this is clearly the wave of the future big move paypal almost $ #p 00 billion in market kap today -- almost $300 billion in market cap today. >> thank you very much welcome to "closing bell." history in the making this afternoon. the impeachment vote in the house of representatives set to begin any minute and it does appear president trump will become the first person to be impeached twice. we'll bring you updates on the voting and the moment it becomes official during the show right now stocks are moderately high let's have a look at what is driving the action growth and the momentum out performing today cyclicals pulling back reversing the recent trend focused to president-elect

biden's plan and the size and scope of further stimulus for the economy and the strong ipo affirmed more than doubling in its debut. the dow is up 30 points with 59 minutes left of trade. it had been in record close territory but just pulled back off that level in the last ten minutes or so. >> we will keep you why updated throughout the hour on the impeachment vote as soon as it gets under way what it means for policy, for the biden agenda, and of course for your money and the markets with the dow higher at this moment also coming up on the show an early investor in affirm today's ipo which is surging jeremy liew will join us to discuss the stock's huge pop on this first day of trading plus we'll talk to the ceo of okta about why his firm is banning parler from using its services first up strautight to the big stories we are watching on a jam packed day of news we have the latest on

impeachment and tracking market action as always start us off in washington >> reporter: sara, the house is wrapping up debate on the second impeachment of president trump we expect the final vote to begin within the hour. this time around democrats are unified in their support for the article of impeachment for incitement of insurrection but republicans are divided. another gop lawmaker representative dan newhouse has announced he supports impeachment bringing the number of republicans now to six. but gop minority leader kevin mccarthy said the president should be censured instead >> that doesn't mean the president is free from fault the president bears responsibility for wednesday's attack on congress by mob rioters. he should have immediately denounced the mob when he saw what was unfolding >> mccarthy also called on trump to immediately accept his share of responsibility, quell the brewing unrest, and allow president-elect joe biden to take over. today trump did one of those

things, issuing this statement in light of the reports of more demonstrations i urge that there must be no violence, no law breaking, and no vandalism of any kind that is not what i stand for and it is not what america stands for. i call on all americans to help ease tensions and calm tempers but he did not accept any responsibility in that statement or in his public remarks yesterday and, guys, for democrats and some republicans, that is going to be too little too late back to you. >> so if this impeachment vote does pass as we are expecting in a democrat-led house, then it will go potentially to the senate for trial when house speaker nancy pelosi decides it's time. what is the time frame with one week until inauguration? >> reporter: so we have heard from a top democrat that the house does plan to send the article of impeachment immediately over to the senate but mcconnell's office is saying they will not reconvene for a senate trial until at the

earliest january 19th one day before biden's inauguration. so the trial won't even happen until after president trump is out of office. that is sort of complicating the politics around who would vote potentially to convict the president and how many republicans might get onboard. >> thanks so much for that keep us posted jpmorgan chairman and ceo spoke earlier at the nrf conference and did reflect on those events of last week that led to today's impeachment. >> the mob that attacked the congress, they scared democrats and republicans. that was a scary thing for the folks in the capitol to be going through. so maybe it'll make us a better country with a little more civil discourse and understand a democracy by its nature you have to compromise. >> dimon also said jpmorgan would continue to pause all pac donations but stressed they would continue to work in various areas on helping the economy which he said was

crucial on many different levels >> america's moral, economic, and military power is dependent upon its economic strength i mean, you look at the history of the world, and we should never lose sight of that you destroy the power of this economy, and that is what the chinese are now saying, you know, they're feeling their oats because they are doing very well and looking at us and saying it doesn't work, great innovative system it's failing eating itself. they're kind of right but i'm hoping the great american can do get it done attitude comes back. it is still the best economy in the world. it will be for a long time but we don't have a divine right to success we got to start attacking these problems now and that will maintain our capability as a nation. >> of course no jpmorgan specific numbers or details. the company is ahead of earnings which kick off for the banks on friday sara, nothing massively different in tone from the statement that was released last

week but the first time we've actually seen or heard from him in the last week and, you know, a similar theme we've heard filtering out from a number of business leaders >> he really fulfilled his role as spokesman for corporate america. he sounds like a politician when he talks about america's leadership and why we are still the greatest economy in the world and that we're going to get through these past political events and what we saw, the violence and riots on capitol hill and how he's going to do his part to continue to support the small business it was overall an optimistic tone is what i'm talking about and just we'll get through this sort of the rallying cry that we've heard from jamie dimon before but always important to hear it in a moment where some are left wondering about the future of our democracy and economy coming out of this pandemic and everything we've just been through. >> it's optimistic only if very important actions are taken echoing a line again which we've heard him say before but perhaps not with such relevance that

america has no divine right to success. and clearly recent events highlight that various actions need to be taken to get things back on the right track. >> yeah, good government and also he said in partnership with companies. speaking of that just getting word in that nike is adding to the growing course of companies that are no longer going to be supporting politicians who voted to decertify the electoral college results. just got a note from the nike spokesman saying their pac hasn't made any contributions at this point in the election cycle but will not support any member of congress who ignores these principles including those who voted to decertify the electoral college results. these principles they talk about, they say, it helps our employees support elected officials who understand our business and whose values align with our mission of serving athletes these nonpartisan values rely upon upholding the principles of democracy. a strong statement there from

nike adding to marriott, dow, and a number of other companies that are no longer going to be supporting we don't know how long but at least suspending for now political contributions to some of these lawmakers let's get to mike santoni for a look at the broader market action, mike, on this day of an unprecedented second impeachment vote looks like the market is unphased. >> yeah. market continues in the low drama uptrend though it is sort of in hover mode the last several days between 3800 and 3825 on the s&p the high of the day for the last five sessions including today. we're holding near the highs but not necessarily making new ground finding different ways -- i have a two-year chart for a good reason we have one of these low drama orderly up trends in the fourth quarter of 2019 into january this is about where we were january 12, 13 of last year. obviously nothing says it has to go the same way but it is a pretty similar extension of the fourth quarter rally in a very orderly way and we'll see if we

hit any of those bumps that was at the front end of all the covid stuff, not so much focused in on the pandemic coming out why do we have this rotation are we ripe for it today out of some of the more cyclical areas and into large cap growth? look how stretched some of the high beta cyclicals have gotten semiconductors, small cap stocks and banks over the last six months relative to the nasdaq 100. you see this big gap obviously longer term. it's the other story but recently you've seen these guys get extended the russell 2000 basically over bought as extended versus its relative long trend as it has been ever take a look at flows into small cap etfs from our friends at renaissance macro research down here shows the flows into small caperell , relative to th beginning. you see these spikes it doesn't mean game over for out performance by small caps. usually it chases performance. it is not predictive of

performance. this is coming off a lower base. you see this spurt right here that suggests maybe for now anyway this trend needs to take a breather that's what we're seeing in the markets right now. >> thanks so much for that at the moment the three major indices are higher but off the highs of the session the dow no longer on track for a record close just high by six basis points, a handful of points as we speak still ahead we'll keep you up to speed on all of the developments in washington as the house votes on an historic second impeachment of president trump. and after the break the u.s. recording more than 4,300 coronavirus deaths on tuesday as the pandemic rages across the country. we'll speak with the ceo of abcellera the biotech firm working on an antibody treatment with eli lilly that went public recently you're watching "closing bell" on cnbc.

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president trump for incitement of insurrection following last wednesday's riots on capitol hill this is a shot of the voting floor. we'll keep you posted when they start to actually take the vote. the debate is still going on some new developments here from senator mitch mcconnell on what he might do. >> reporter: that's right, sara. mcconnell is now saying he has not decided whether to convict president trump of ins citement of insurrection in a senate trial. he sent out a note this afternoon to gop senators and said in part while the press has been full of speculation, i have not made a final decision on how i will vote and i intend to listen to the legal arguments when they are presented to the senate now, the "new york times" and others had reported mcconnell was leaning toward convicting the president. that he had been telling associates that he believed the president had committed an impeachable offense but now here mcconnell is publicly remaining on the fence ahead of the trial which we know now will not begin

until at least january 19th and after biden's inauguration sara >> i'll pick it up there thanks once again for the update we'll keep on all the news out of d.c. throughout the next couple hours meantime reported covid-19 deaths topped 4,000 yesterday. one company on the front lines in the fight against the pandemic is abcellera, developing an antibody treatment authorized for use in the u.s. and canada shares are up about 10% today. just recently ipo'd back in december joining us is the ceo. a very good afternoon to you thanks so much for joining us. >> thanks so much. good to be here. >> before we get to the specific treatments and the recent ipo just explain to viewers exactly what the company does using technology to identify antibodies and then develop drugs out the back of that. >> thanks for that

yeah abcellera was founded eight years ago to work on how we do the development of drugs based on antibodies which are molecules made by the immune system we have been taking an approach with investing very aggressively in building technologies and capacity that can serve as an operating system for the industry and we partner with small biotech, innovative companies, new discoveries coming out of academia all the way up to some of the largest companies like eli lilly to help them more quickly and successfully meet their goals of bringing ideas to drugs we test and ultimately can be approved for use with patients. >> and clearly grabbing the headlines in the last six months or so has been your partnership with eli lilly developing your treatment for covid-19 what portion of your business is that and is that why you chose to go to go public in december to capitalize on all of the headlines? >> terrific question in the last two years we have

worked on or signed up to work on over a hundred different therapeutic discovery programs those touch all areas of therapeutic development from can cancer, inflammation and also infectious disease the work on covid-19 has been high profile given the urgency and that was a big boost in the ipo mostly because it underscores the thesis and business model we're taking to the market which is investing in technologies to help us much more quickly go from an idea to a treatment that can be delivered to patients and doing that not by ourselves but rather by collaborating with other groups to bring complementary expertise. in this case manufacturing the development of eli lilly as well as excellent work with researchers at the vaccine research center. >> carl, it's sara here's what i don't get about these antibody treatments. these are game changers and life savers and they were meant to keep people out of hospitals and they're on the market and they've been approved for use

and we are seeing record hospitalizations so what is the problem >> well, i think it is important to understand, for everyone to understand, what the antibody therapy is this is best framed as synthetic immunity if someone gets sick early on in the first two days of infection, getting a dose can help you have the protection you'd have had if you had been vaccinated and responded appropriately before that the data that has been in and was the basis for an emergency use authorization in the u.s. and canada has shown that bamlanivamb is a safe treatment and can have a very substantial effect on reducing the possibility of ending up in the hospital the chance is reduced by 70% tto 80% when treated early that is a big deal when the medical centers are over run with cases and we have an upsurge in the pandemic. it is imperative we work as a team across the public and

private sector at the medical centers to make sure we are doing this last mile effort to get that therapy to patients we are seeing it happening in many locations and is a great example for others to follow >> i guess my followup would be how practical is it? if it is approved for people that aren't hospitalized but can only be administered in the hospital through an iv, how does that work? it seems like a bit of a barrier. are you looking at ways to transmit it other ways or a nebulizer or something to make it easier than going to the doctor or do it at home >> a great question. i should emphasize abcellera is a company that works on the front end and eli lilly has full control over the clinical and commercial development that said we know they are working with the medical practitioners that deliver the drugs and figuring out what are the best ways to solve these logistical problems whether that

is home infusion, infusion centers, or separate woards at the hospital probably the biggest step is for the medical community and patients to know this drug exists and is an option and if you qualify in a high risk group it is something that could well make a difference in keeping you out of the hospital. >> dr. hansen, you talked about the speed with which you can do that front end work, identifying these antibodies that can guff this synthetic immunity. right now we are looking at the spread of the new variants here in the united states and there is concern in particular about one associated with south africa we had dave ricks from eli lilly on earlier in the week who did note this might be vulnerable to that variant are you already looking at alternative antibodies to bring forward? how quickly could you potentially do that? >> we of course have been watching all the variants. i'll start by saying the first

antibody is exceptionally potent and can be used as a mono therapy and has been approved for that but also in combination with other antibodies. as new variants come up it is relatively easy to combine this with other molecules in the pipe being tested or perhaps being developed by other teams in addition to that, as dave alluded to, we do have a large collection of very good antibodies that could be brought into development of course that is a decision where you have to weigh the time line for the manufacturing but i think dave said a couple months and that's probably something that could be pulled off certainly it has been if you look at the track record over the last 12 months >> thanks so much for joining us much appreciated and our thanks to meg as always >> thanks so much. good to be here. 38 minutes left of trading take a look at the market right now. dow remains higher the leader today is intel on a ceo change the laggard is dow for the s&p 500 utilities, real estate, and technology the

leading sectors. materials and energy are lagging. just up barely, four points. a tight range throughout the session. up next former pepsico ceo sharing her thoughts on how the pandemic has changed consumer behavior and why she hopes some of those changes are not permanent. as we head to break, a check on bond for you. yields are pulling back for a change after a number of sessions in a row where we saw higher yields. the ten year has backed off a little bit yielding just under 1.1% that strong auction showed a lot of appetite for ten year notes yesterday. closing bell will be right back.

the dow has just gone negative we are keeping our eye on the floor of the house of representatives where the impeachment debate is ongoing. we are expecting it to wrap soon then the lawmakers will begin their vote this is a vote on impeaching president trump for his role encouraging the violent mob last week to attack the capitol happening one week before he is set to leave office. we'll keep an eye on that and let you know if anything develops in the meantime, the former ceo of pepsico led the company for more than a decade and now sits on the board of amazon.

join me for a one on one conversation first listen to what she said on what the future holds for big cpg brands, consumer package good brands like the one she used to run. >> the big brands clearly provided safety, comfort, stability through this pandemic. and so there is going to be a greater reliance on big brands and the quality that big brands afford you but i think big companies have to double down on thinking about what role they can play in providing a healthier food supply and less environmentally problematic products and packaging. there is way too much plastic. there's way too much junk. >> clearly, big focus for her is on some of the esg issues that she helped implement at pepsico. she also gave an interesting answer on the future of digital and just where we are right now.

we've seen so much e-commerce growth in the last year in groceries and everything else. she had a bit of a warning on that >> now, online evolved to a point where it all comes to you. that's fine but do we really want people that do nothing but cook in their homes? i don't know i know gaming is growing entertainment is growing on demand but i don't know what the meaning of life is if all that you're going to do is sit at home, cocoon, watch a screen, and play games i don't think that is a society we want. >> indra nooyi my take away, wilfred, is as a consumer expert she was one that was really pushing the reopening. she was also very optimistic and said that is the message she wanted to convey today part of it is on the fact people are going to want to get together again and congregate and go to their local coffee shops and go out shopping she thinks that's really going

to power a lot of the economy in the coming years her message was we don't want to be a society where everything is online, groceries. we want to go pick out our fruits and vegetables and get out and hug people and shake hands again. >> when that happens that tends to favor coke more than pepsi. >> i don't think she was thinking about it like that but in the market yes coke has been more of a reopening play because 50% of their business is outside the home pepsi benefited with the snacks. it also by the way benefits amazon where she sits on the board as well. but, still she is pushing the idea that is not sustainable. >> i know she wasn't echoing that sentiment particularly as a former pepsi leader but i just know that statistic, that factor you always bring to us thought we'd get it in there again. >> true. >> great stuff with indra nooyi. and was just going to check in on the broader markets by the way. s&p 500 up one-third of 1% or so, dow just fractionally high

off the highs of a hundred points or so which would have been enough for a record closing high for the dow not the others today. we are off the highs either way as we stand. nasdaq leads the charge up about 0.5% as we stand let's look at individual market movers shares of airbnb jumping after the company says it is blocking and canceling all hotel reservations in the washington, d.c. metro area during inauguration week. the company is also banning some individuals from its platform found to have ties to hate groups airbnb up 5% today shares of gamestop soaring after announcing the co-founder and ceo is joining the board and will help accelerate the transformation plan. the stock a major jump, 60% higher today >> crazy time for a cnbc news update with sue herrera >> hello everybody here's what's happening at this hour the u.s. budget deficit has shot up 60% in the first three months

of the fiscal year it rose to nearly $573 billion, a new record driven by spending on the fight against the pandemic the newest branch of the u.s. armed forces will be headquartered in alabama the secretary of the air force says space command will make its new home at the red stone arsenal in huntsville, which also houses nasa's marshall space flight center. in oregon heavy rains have caused huge mud slides near portland at least one person is missing and thousands without power and 20 miles of the interstate highway there have been closed the european food agency has approved the first insect that can be used as human food. that is the yellow meal worm apparently rich in protein and fat and can be eaten whole, dried, or turned into flour. sorry about that, guys >> do you keep it in your home live >> not me.

not me there will not be a meal worm in my home. >> sprinkling that from a live tub into her frying pan? not sure once it's cooked it looks like a little bean or something like that but i agree. not for me sue, thank you. >> you got it. i think. >> we'll see you next hour still ahead affirm doubling on its first day of trade after pricing above its expected range. we'll speak about that move and, wow, a hundred percent higher. and his views more broadly on stocks like this on the ipo market we'll be right back.

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we know the outcome of the vote is going to be clear the house does have themajorit of lawmakers that it needs in order to impeach president trump over incitement of insurrection. the real question is how many republicans will join with democrats in that effort the vote, itself, was also inevitable after the riots that we saw storming the capitol last week pelosi had said that her phone was blowing up the next day with texts of impeach, impeach, impeach. and even two of the congressmen who drafted this article of impeachment, ted liew and david cicilliny started writing the article and drafting it together while in lockdown in the capitol. that shows you what a personal effort this is for so many of the lawmakers and why they have brought this at an unprecedented speed. many republicans are saying this is a snap impeachment, that they rushed the process democrats are arguing they didn't need lengthy hearings because this is from lived experience and that is why they are bringing this forward now.

we'll see how many republicans end up supporting it so far. there are six who have said they would vote to impeach the president. guys >> that's going to be one of the key questions. thank you. let's bring in ed milissa washington policy analyst. what are you telling investors calling you today saying what is going to happen today and what happens next from there? >> i think what i'm talking to them about is when i look at these images coming out of the capitol i worked on the capitol before 9/11, after 9/11, and i have never seen a security presence like i see today. this is a very tenuous situation. most investors are focused on what the democratic agenda will be over the next year or two, which i think is very appropriate. most of those conversations come about new confirmations and appointments that we're hearing about. what's going to happen next on fiscal stimulus.

and ultimately, will we get a tax increase this year or will it be moved to next year so most of the people are very concerned with the image they're seeing in d.c. but more focused on the future, what happens after january 20th >> all of those things need to get done the legislative agenda, senate confirmation if this impeachment vote goes through and then leads to a senate trial, does that get in the way? does it impede or delay some of the key things that investors are watching and that we need right now to get us out of the depths of the pandemic >> so i think generally speaking there is a view that the senate could walk and chew gum at the same time. what we saw during the first impeachment of donald trump is that the senate would do half the day of the business of the senate, the other half of the day with an impeachment hearing. you don't have to have a trial that lasts the entire time

ultimately, what we expect on confirmations is that once you bring up a confirmation, there is a time line that you have to go through and wait before you're able to have that vote and so doing this as a two track process probably doesn't really change the paves the confirmation it only changes how long individual senators have to sit in their seats and be in the chamber. >> is your expectation for the likelihood of major tech and media regulation changed in the last week or two >> well, i think with the election of two democrats in georgia, the biggest change is the confirmation process what we will see is a confirmed head of the ftc and a full body at the ftc that can go after antitrust concerns we'll also see a confirmed head at the justice department and probably a more aggressive head of the antitrust division. in addition, we could see changes that impact technology,

such as an alternative minimum tax of 15% on companies with at least $100 million in profits. all of that is a head wind for tech this year and i think tech is being used as a source of funds in going into other areas such as financials, industrials, as they look at this as a most likely outcome near term is more fiscal support for this market and more support for consumers and potentially an infrastructure bill so i think that is the tech headlines, both as a source of funds and a continued legislative regulatory push against the group. >> one of the questions is will this and could this influence or impact president trump's ability to run again he hasn't announced anything but obviously has left that open for 2024 and which is why we're watching the movement in the republican party so closely. what can and can they not do

>> reporter: -- for running for federal office again if the senate does indeed vote to convict him which would take a two-thirds super majority of the chamber. at this point the votes are not clearly there in order to do that but what we saw from mcconnell earlier today was firm indecision he did not come out and say that he would not convict the president. he did not come out and say he would convict the president. he sort of remained on the fence to give himself that optionality as republicans try to weigh the path forward i also wanted to comment about what this means for the legislative agenda and confirmations. we'll already see four confirmation hearings on january 19th for biden nominees including that nominee treasury secretary janet yellen maybe that is one reason why they're sort of front loading this to get some of those out of the way with the anticipation you might see a senate trial that while would not eat up the entire day would certainly eat

up a lot of time on the floor and a lot of time for senators who are going to have to pull very long hours in order to both confirm biden's cabinet as well as try to move forward on his legislative agenda >> on the legislative agenda more broadly to what extent is gridlock still likely to be the order of the day, perhaps, six months into the biden presidency and how confident are you that we see major stimulus? is it only going to be immediate and linked to covid or could there be multiple bills over the next couple years that get support? >> in the immediate aftermath of any election there's always this blue sky of all this stuff that could happen in washington, d.c. and something i always tell investors is assume not everything is going to happen and if you want to take a question of timing, always take the over i do think there will be additional fiscal stimulus i think that is a march time frame period i think anything else is probably in the budget

reconciliation package that is more likely than not to be a year end package. what gets in there is not yet decided. that will come down to what i call the fragile flower of consensus. what can get every single democrat onboard in that that's probably where there will be infrastructure spending that will probably be where you see money for child care or sick leave. a lot of the democratic priorities but that is also where you will see the tax changes in the revenue raisers which is really what clients are talking to me about especially the potential for financial transaction tax that could have a real impact on this market. >> what are you telling them is that likely >> what i'm telling clients, sara, is that there is not a lot of things that raise $777 billion and if you boil down what the democratic agenda is going to be it probably comes down to one word fairness what we have seen over the last

year is that wall street has done quite well. main street lower income individuals have not to ask for a 10 basis point tax on some financial transactions for a member of congress seems like a pretty easy trade-off to be able to fund so many other things that they say would actually be very positive for gdp in an investment into the economy so it is far from a done deal but the largest risk i've seen from a financial transaction tax at any time during my 20 years here in washington >> ed mills, thank you for your help today we appreciate it stay close as we watch this debate wrap up on the floor of the house of representatives and keep track on whether the vote begins we'll keep you posted on all of the developments in the meantime we have 17 minutes left before the close. here is where we stand in the markets. we've seen the dow sort of waiver between positive and negative territory it's flat. s&p is higher by one-third of

1% what is taking it higher groups that do well when bonds rally technology and those type of groups out valuing the value stocks today affirm is skyrocketing on its first day of trade we'll break down the move and talk to one of the eliarest investors who sits on the board jeremy liew from light speed ventures we'll be right back. do i hear 7? $7 in the front! $7 going once. going twice. sold to the onion lover in the front row! next up is lot number 17, a spinach and artichoke dip, beautifully set in a hollowed-out loaf of sourdough bread. don't get mad get e*trade and get more than just trading investing. banking. guidance.

. >> 14 minutes left in the trading day now in the closing bell market zone commercial free coverage of all the action going into the close. the house still debating the second impeachment of president donald trump the vote expected to begin any moment we will take you there live. cnbc's senior markets commentator mike santoli here to break down the crucial moments of the trading day today we have wells fargo investment institute here as well welcome scott. kick it off with the broader market stocks fluctuating between gains and losses if you look at the dow currently on track for a record close higher by just 30 points s&p is a little higher than that mike, it does feel increasingly like the bond market is at the heart of the action. if you look at what's out performing today, real estate and utilities. the stocks that have higher yields that do well when bonds

are in demand which hasn't been the case lately. >> that's right the so-called reflation trade which pushed pretty far in a short period, yields going higher basically really stretching the upper limits of this six month or so uptrend as well as things like small cap, cyclicals, financials all the stuff people have been celebrating being beneficiaries of this rotation people positioning for economic acceleration we just have a little bit of spillback from that trend today. a very good demand in these treasury auctions as well as a pretty tame inflation number and really just over sold conditions in treasury bonds has the yields lower and so it is just a way for the market to sort of, you know, shift its weight on to another foot and stay supported near the highs even though most of the volume today is slightly to the down side >> mike, is the vix pulling back bullish? >> it would be if it were to do so decisively and get down below recently the floor which has been around 20 a few months ago. so it would ultimately i think the trend is fine at this point but it does show you

that it is a somewhat jumpy market under the surface and there is still demand for hedging around some event risk and maybe pullback risk in the first quarter. >> scott, how closely are you watching those yields and how much does it influence your sector selection for equities? >> well, i think you need to watch these yields and you need to feel pretty good that they're moving up because if we're seeing a little bit higher inflation which we expect, if you see a little bit higher yield on the ten year for instance, those are signs that the market believes that the economy is recovering, you know, i don't know if there is a line in the sand up above here some would argue it is 2% or north of 2%, something like that. where the fed would be, you know, upset about that i'm not so sure that's the case if yields are rising for the right reasons and at least in our opinion right now they are going up for the right reasons, which, an economy that is improving, is going to improve we might be in a little lull

because of some of the lockdowns but certainly going into the second quarter we should be back in business. >> the house of representatives set to vote any moment on whether to impeach president trump for incitement of insurrection following last wednesday's riots on capitol hill if the resolution passes, trump would be the first president in history to be impeached twice. mike, last week we hit a record close on the dow we were at a record high what would have been a record closing dow earlier in the session. we are a little off that once again i guess for good reason albeit kind of odd to think about it markets are shrugging off the political situation at the moment. >> sure. not really a lot of substantive policy implications for which way a vote goes. if a vote happens obviously it is a new administration in less than a week no matter what happens. i do think, also, you have after the georgia elections especially, support for another fiscal push by many republicans, you have this lack of suspense out there about whether in fact

there will be more government help in general for the economy. we don't know the shape or size. i think that premise is pretty solid at this point so the market doesn't really find anything to reprice in right now in anything going on in d.c. >> are do you agree, scott? the market ripe to sort of look past what's happening on capitol hill both last week during the riots where we saw stocks climb to a record high and today? >> sara, iu look at it, the last nine months the market has been making new highs and all kinds of disturbances, riots, and everything like that so i think the market is looking beyond that. and i think mike put it perfectly. this is a complete lack of suspense we know we're going to get more fiscal help here we know that the market is focused on vaccine logistics, stimulus, the fed, all of those things working in favor of an improvement in the economy and that is what the market is looking on donald trump come january 20th will not be president and the

markets, you know, we may not even have the senate back in session until the 19th they're not going to vote on this in all likelihood and the market is well aware of that >> let's hit shares of affirm. the ipo of the day absolutely skyrocketing after going public last we looked up a hundred percent. kate rooney with the details kate >> reporter: hey, sara affirm just about doubling in its nasdaq debut the lending company is riding two key tailwinds. first the rise in digital payments and installment payments with folks increasingly financing smaller items like clothing about half of affirm's loans come with zero interest and unlike credit card companies affirm partners with stores and take a cut of each sale so the interest is essentially subsidized the ceo is telling "squawk alley" this morning their business model could replace traditional lending. >> our goal is to be a viable alternative to credit cards.

we think that revolving credit is frankly not the best product for consumers and the idea of making money while the consumer least expects it with late fees and other tricks and gimmicks is going to be a thing of the past. so our goal is to be there for every kind of a transaction that our consumers would like to engage in. >> reporter: customer concentration is a key risk here peloton alone makes up about 28% of sales guys, back to you. >> kate rooney, thank you very much we'll talk to an early investor in this company next hour, mike but the extreme, first day moves following door dash and airbnb this is what affirm was hoping to avoid, right, by delaying their ipo and leaving that money on the table >> right i mean, of course they raised the offering price well, well above the previously stated range so it is not as if they were sort of blind to the fact

that there would be a stampede in demand here >> hey mike, sorry to cut you off but we do want to go to the house and elan mui because the vote has begun and the debate has wrapped up over impeachment. tell us who and what to watch for as far as numbers on the screen >> we are now hearing from yet another house republican peter meyer who is saying he will support the impeachment of president trump over incitement of insurrection. in a statement he said the president betrayed his oath of office and does bear responsibility in inflaming the mob that ended up swarming, attacking, and broaching the walls of the capitol he said he would take this step with a heavy heart and it does show the very tough spot that republicans are in as they try to weigh whether to sort of buck the leadership of their party and move forward with this vote, cross go crossing the aisle or whether to impeach the president.

we also heard impassioned remarks from another gop congressman who also said he plans to vote to impeach the president and he said he is not voting based on fear he is voting for the truth and that is the only way to overcome fear and that speech was greeted by applause on the floor of the house. so the outcome of this vote is going to be clear. there are at least 218 lawmakers who will vote to impeach the president for the second time and we are now seeing a growing number of republicans who plan to join that effort. >> then we'll have to follow all of the comments from republicans in the senate of course ylan with this movement from republicans in the house anything from the white house today on this vote >> reporter: what we heard from the president was really an attempt to try to tamp down any future violence that might occur. there was a bipartisan, bicameral call to him to take that action to sort of say to any supporters, violence is not the answer

he did that. what he did not do in his public statement ofstatement was take y responsibility for his actions we herd him say yesterday everyone -- we heard him say yesterday everyone felt his remarks were appropriate certainly with what we're seeing today from the house that is not the case as many of his own party believe the remarks were not appropriate and deserve to be held accountable for what he said in discussing the actions of some of the protesters that day. so what we're going to see is this process after today the house will have to send the article of impeachment over to the senate the senate will then have to convene and hold a trial it's unclear how long that trial will be but we know it won't begin until the president has already left office and there is some indication that senate majority leader mitch mcconnell believes that might be a way to tamp down some of the politics around this and perhaps give the president a fairer trial than if he were still in office. >> ylan, thanks so much for that as always keep us posted it will be fascinating to see

the percentage of house republicans that do vote to impeach and whether or not that is indicative of the number of senate republicans that might then vote to convict we're not sure it might be a bit of an indicator and marker we have three minutes left of the session. just want to pivot back not directly to the firm ipo but we've seen that up a hundred percent today. door dash is now at 50% this week sorry. 50% in the last four or five trading sessions are we starting to see again a few signs of the extreme frothness that perhaps we've stepped away from a week or so ago? >> it sort of moderated for a few weeks but it is very much back if you look at the overall volumes in terms of speculative call options being brought and a lot of the fringe stocks, penny stock volumes really surging right now. this is kind of the energy source, big parts of the market, just a little bit of buy long shot names, cheap stocks, lots

of leverage to some potential up side but also when it comes to things like door dash, lemonade, there are these kind of concept stocks that have this youth fan base. and they like the stocks they like the product. and there's a lot of short sellers out there immediately trying to bet against them in some cases and they're getting, you know, slaughtered right now. at least in the short term >> it's the story impact scott wren, how does the ipo froth look to you as far as recommending stocks to clients to buy right now does it give you pause that we're seeing this kind of euphoric action in the ipo market >> well, sara, i think you have to think about that because if you look at other market tops which we don't think we're near market top, that is part of the puzzle is an ipo frenzy. i'm not sure the magnitude is as it wouldbe if you're coming in to a market top. we're looking more at things like the market broadening out,

more value stock out performance. and then as i mentioned fed, stimulus, vaccine, logistics i think the ipo frenzy and i think that is an appropriate word is worth watching but for us right now it might be in the top ten things that concern us but it certainly is not in the top five >> just over one minute left of the session the dow was up #l 6 points at the high it is only up 10 points at the moment it was up 86 points at the high. we won't have a record closing high on the dow though we were close about 2:00 p.m. to 2:30 p.m. pretty remarkable in light of the political situation that we could have had a record close either way we're obviously close to the records as we speak. s&p up 6%. a reversal of the recent trend real estate, tech, the best performers banks, energies, industrials, materials taking a little bit of a breather oil down 0.6%.

the dollar is up today though like the last recession has pulled back intraday from its highs and the ten year has pulled back a lot in terms of yield. touched 117 yesterday. 109 as we speak. at the close the dow just positive the s&p up 0.25% nasdaq up 0.5 of 1%. the russell index small caps the laggard today down 0.7% but only one of four major averages still higher so far this week, sara. >> didn't quite get the record close. but we are awfully close both on the dow know a the nasdaq welcome back everyone to closing bell i'm sara eisen with wilfred frost and mike santoli xxxx take a look at how we finished the day on wall street with the dow ending just barely lower we were wavering between positive and negative in the last few minutes of the session. closed down the biggest winner on the dow, intel, on the ceo change biggest loser actually ibm, dow,

and nike making up the bottom three. s&p 500 closing higher it was a bond proxy group that did the best the more defensive stock like utilities, real estate, technology has gotten lumped in there as well. tech had a good day. all leading the market higher. materials, industrial, energy the three biggest losers the nasdaq rallying just shy of a record close of 0.4 of 1%. the russell 2000 index of small caps after earlier hitting an intraday record high reversed, ended lower. value under performed. that is a bit of a change from what we've seen in recent sessions down 3/4 of 1%. as you can see on the screen, right next to the market, the house of representatives currently voting on the impeachment of president trump we'll bring you the latest on this historic vote and the impact on your investments on the biden policy agenda and much more coming up throughout the hour plus what a debut for a firm that stock up nearly 100% after going public today

just another extreme ipo pop coming up, early affirm investor jeremy liew on that huge gain and what kinds of companies he is looking to invest in now. first to you, mike on the market action today, what it tells us and just review how the market pays attention to an event like this. such an historic day where we could see the second impeachment of a president for the first time ever and why it sort of brushes off any concerns that might yield about political friction and democracy and other questions it raises. >> i think collectively what the market does is try to take the shortest path to the bottom line on these things, which is whether there is any risk of the sort of swing in economic policy, whether it's going to really destabilize governance or not or whether it is just going to be a lot of, you know, political friction that doesn't

really get you anywhere in terms of what matters to the markets whether it is interest rates, fiscal policy, or anything else. so, you know, there was a chance i think a week ago that the market could have taken that riot as an excuse to say things seem very destabilized we'll back away. actually during the events what you heard was, a lot more people you weren't really sure where they stood about, you know, approving the electoral vote saying they came out and said of course we're going to allow this so there was almost a lifting of uncertainty while you had the unsettling events. that would be my read on this. historically these things have not really been decisive swing factors for the market >> victor, what is your take on the market levels and some parts of the market action like affirm's first day move, like door dash's 50% jump in four or five days. is it a warning sign to you? >> look, i think we've been building here at doe an informed and passionate group of younger investors and when you have younger investors clearly they

have affinity for technology we took the path less traveled at the end of the year we started to discuss the extremes we'd seen with value and tech stocks and what we've been discussing if you were to look at the iwm versus the qs for instance you typically see when you normalize that on a notional basis that trade between 50 and 150 basis points that went all the way to negative 123 in august that spread has really closed 70%. so not surprising that you're seeing the trade get a little tired. i think it has additional upside here but i don't think it is as prolonged and pronounced as a lot of people have been calling for on the value side meaning all of 2021 with sort of a value brush. i think there were parts of the area or areas in the market that have to play catch up. i think path of least resistance continues to be even though interest rates pulled back here today for higher rates and the areas of the market that are going to have the highest positive correlation to a higher ten year is going to be your emerging markets or eem, financials, and continue to be

iwm i think for the short term >> everybody is watching the ten year right now as always, mike. but everyone is having this inflation debate that is really starting to heat up we got the cpi, consumer price number index this morning. pretty muted so it is not really showing up now. gasoline led to the rise in consumer prices. we've read from the base book from the fed today some commentary about moderately higher prices. where is the debate going and how is it going to dictate where the markets go >> the market tends to anticipate and sometimes over anticipate a turn for the higher in inflation that is definitely what's been going on what's had a lot of attention is the fact the market implied inflation path for the next five or ten years has risen back up toward 2%. that could mean that the market has infinite wisdom and says this is going to happen. that is not really the way it usually plays out. usually what it means is there is ndemand for inflation protected bonds which creates

the implication inflation is going to be higher i think there is a little bit of a circular aspect to all this. definitely there will be a statistical rise in inflation this year. the big question is how if at all would the fed react to that? the fed has told you almost not at all it is not going to do much of anything unless it sees sustainable, substantial increases in inflation i think it can move the bond market around quite a bit and probably has been a tail wind behind the yield move for the higher until today of. >> mike, thanks for that let's pause the market discussion and check in with ylan mui where are we so far in the voting and how much longer to go do you think >> reporter: well, the house is now voting on the impeachment of president trump on an article of incitement of insurrection and the process could take as long as an hour or so because lawmakers are coming up in small groups to cast their votes not just for themselves but for other members who may not be present. this is a precaution they've been taking due to covid and sort of the irony here is that

there are already several members who are in quarantine or isolation after testing positive for the virus following the lockdown and being in that closed room with some members not wearing masks last week. so we are seeing now that congresswomen, her husband has tested positive for covid. she is in isolation. several members who are not here and will be casting their ballots by proxy what is very clear is that the house does have the votes to impeach president trump. there will be at least 218 lawmakers who will back this and then once that vote occurs, the articles of impeachment will head over to the senate. so far only two republican senators have said explicitly that president trump should leave office those are pat toomey and lisa murkowski. however, the thing to watch is which senators actually say they support president trump. we have not heard that support from senate majority leader

mitch mcconnell just yet he said he is waiting to make a final decision we have heard from one of the president's previous close allies lindsey graham who says he believes this process has been unfair to the president but that is really the question. who will stand by the president? and that will tell you as much as who has decided whether or not to convict him over in the senate >> just quickly looking at the republican line on the screen seven ayes and 142 nays so the floodgates have not opened against the president from his own party but seven votes so far against him. >> reporter: that's right. there had been some estimation there could be as many as a dozen republicans who vote to support impeaching the president. so far we've only heard publicly from seven we'll see over the next 40 minutes to an hour if there are others who join them some of the political calculation is if there were a large number of republicans in the house who might vote to impeach the president you might therefore see a larger number of

senate republicans who read the political tea leaves and say perhaps this is a vote that they could take as well so if there is a minimal number of republicans in the house, you might assume there might be fewer numbers in the senate but again we'll have to see how the next hour plays out. >> is so different ylan from the last impeachment vote of course in the house which went across party lines. how do you think this impacts the republican party this is really driving a wedge in that party which was already in a bit of turmoil, facing some real questions from corporations as we have been reporting about political donations. where does the party go? >> reporter: i think that is a fight you're seeing play out right now and you heard it in some of the debates that members gave during their floor speeches you heard it from liz cheney in saying that the president summoned and incited and inflamed the mob that attacked the capitol. at the same time you heard from people like matt gates who said it is actually democrats who lit the fire not the president and he was then booed on the house

floor. you're seeing this tension in real time between members as they sort of battle for the future of the republican party and certainly last time this was a very difficult vote for democrats when there were three democrats who voted against at least one of the articles of impeachment. this time it's republicans who are really having to face that tough choice >> ylan, stay close and keep us updated. let's pivot back to the markets while we wait for the vote to get over the line. scott wren, does this give you hope that the democratic party will be clearly united and deliver stimulus fairly quickly? >> you know, wilfred, i'm not so certain the democrats are going to be totally united on all things but i think on stimulus you'll get some republican support here, too. so on stimulus, let's face it. both parties want to spend money. they're going to spend money we're going to see more stimulus in all likelihood. so i think between the democrats and the republicans you're going

to see some bipartisan support for additional stimulus. i don't think that is going to be the biggest problem of course magnitude of that stimulus is going to be more of an issue for the republicans i still think you're going to see a pretty good amount of stimulus passed here the market knows it. >> we will leave the market discussion there thank you so much both of you. scott and victor for joining us. >> thank you. >> much appreciated. up next we will discuss how the historic impeachment vote in the house could impact policy making iwainonn shgt we're back in 90 seconds

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the house vote to impeach president trump a second time currently under way nearing the all important 218 number that is highly likely all but certain to be reached in the next 10 to 20 minutes or so. let's bring in the head of political analysis and policy advisory good to see you. thanks so much for joining us. what is your expectation as to the path after today if indeed the impeachment vote does reach that simple majority it needs in the house? >> good afternoon, wilfred my expectation is simply that this gets passed out of the house with the vast majority of democratic votes, some republicans, some of which are high profile and it goes over to the senate where senator mcconnell is saying that he is not going to bring the senate back before january 19th so

whatever action, and trump is out on the 20th and president-elect biden becomes president. and then congress will have to weigh whether or not it is worth the candle to try to work through the murk of impeaching ex-presidents and whether they want to take the time and effort to do that there is a lot of talk today that they'll still want to do that my suspicion is that, you know, i think of this as three days, three weeks, three months. three days from now they'll still want to, three weeks from now they probably won't want to but they'll still say they're interested three months from now, we'll have forgotten it ever happened. so this particular drama of this week not the impeachment but the back and forth about it. and so i think it's a tempest in a tea pot. it is a very serious matter but the back and forth about this i think is going to be forgotten

>> terry, i'll follow up and say how quickly do you think we'll see policy action then instead from the democrat administration will we only get one stimulus bill linked to covid relief as opposed to multiple over the next year or so? >> i think on covid relief the covid stimulus the jury is still out. president-elect is making some noises and these people are making some noises that they may be interested in working on a stand alone bill that is more targeted and less all encompassing than the last one attempted to be. and that they want to do that in a bipartisan manner. i will tell you i think the politics of that are very smart and i think the substance is very smart, too. because that will get relief to people much quicker than ceding

the negotiations to congressional democrats the way it was done in 2020. and it will be targeted and the biden administration off to a very good start. if that is the way they go they'll have learned the lesson of 2009 when they put together a large, completely partisan stimulus that had the results of letting republicans back up off the mat and being a vibrant opposition party again if biden wants to send a bipartisan message that is a terrific way to do it. >> the republicans that are opposing the impeachment are arguing, terry, that this just makes matters worse. that it further inflames tensions and that it further divides our country. do you agree with that and if so, is that going to impact any of the legislative agenda we're talking about and just the general mood on capitol hill >> i think it does i'm not trying to engage in what about-ism or talking about who might have the better argument

back and forth there has been an awful lot of inflammatory, divisive rhetoric over the years from both sides my two cents is they ought to try to stop and use the opportunity of a new presidency to refocus on the issues that matter and moving the country forward. i think that is certainly the message the business community is trying to send in holding back campaign contributions for a while in one way or another. i think they ought to do that. instead, unfortunately, what i see is too many members of both parties trying to play to their bases instead of trying to do something that transcends the moment as a citizen, as a political person, i think that's unfortunate. from a market perspective, i will say that it underscores there is going to be an awful lot of gridlock. my contention has been for

sometime and continues to be that you don't really have two political parties in washington. you have four factions from left to right, progressive ds, centrist ds, centrist rs, conservative rs. and they will work in their self-interest in coalitions to either move things forward or not. and it will take a real bipartisan effort from the president-elect to try to bust through that otherwise what you end up with is you end up with fiscal continuity in the sense that the government continues to be funded and what not. you end up with continued covid whatever it takes. but you don't end up with much of anything else and that's a shame issues ought to be moved along >> 200 ayes so far in the race to 218 required to impeach mike santoli, we've been talking about how this hasn't derailed equity markets did it play a part in the pullback in yields today >> it is unclear

very hard to prove a negative that it wasn't a factor but i don't think so just because we have known it was coming and yields had gotten pretty far out on a limb so there were other reasons i think they did pull back and maybe to terry's point there's not a lot of sense out there that there is alarm about, for example, continued increase in the fiscal deficit, which we all expect is going to be the case and there's not this sense out there, in fact the senate was going to have controlled -- shall in the control of the republicans that it would be a little bit of blocking the way for further fiscal spending. at this point i think everyone is almost on the same page especially when you hear some populist get money into people's hands calls from many republicans like rubio and hawley >> and the dollar went up. so if you were really worried about the future of american politics or democracy or just what this might do in terms of impacting the agenda, you would think that would weigh on the dollar it went higher

terry, just stimulus which is what the investors are so focused on as we've been talking about, stimulus and vaccines what is the expectation that we'll have, how much money we will get from congress in the new stimulus package on top of the $ #900 billion just passed? >> thank you for that lead-in because remember that the $900 billion goes through the end of march. there is going to be some time to negotiate my original expectation was something around an additional 500 but i think the way this is pointing now not just because of the political desires, i think the desire will want to be to do something in the $1 trillion over say the next following three or four months something like that. the members and senators and most importantly the president-elect are not going to want to do anything that are half measures. they've demonstrated that back and forth even through negotiations and what not for a year now and i don't think they'll want

to stop now. so i think you look at a larger number but something again that is targeted to the moment and something that doesn't attempt to, you know, just merely throw all the spaghetti on to the wall and see what sticks the way we did back in march. >> terry, latest numbers i just saw was 9 perhaps 10 now republicans that have voted in favor of impeachment is that more or less than you expected and does it change your expectation about how the senate vote might go? >> so far i think that is probably right on point. there is certainly no dallas/ft. wo worth -- no dearth of republicans that want to say and act to separate themselves from trump. i've always thought trump and the republicans were in coalition rather than one and the same but they can't get rid of him fast enough and for a lot of good reasons. i think that if the political environment was a little bit different and members had been talking about a range of options

rather than merely trying to throw something as quickly as possible together, you might have ended up in impeachment you might have ended up censured a lot of republicans might be saying i want to take action against president trump but there are two problems one we only have a week left to go so not what is the point but he is going to be gone soon anyway, sooner than we can make him go, number one and number two, we have to talk about the nature of this and frankly we don't know every fact we need to know in order to do this responsibly there have been a number of people talking about the constitutional dangers of kind of snap impeachments and i think that resonates with a lot of republicans and i think it resonates with some democrats, too, frankly >> big question, ylan, and we have about 217 now yeas so

almost 218 the simple majority -- oh, looks like we've got it 220. that means that is the majority vote to impeach president trump. with that we'll send it over to shepard smith to recap this moment that we are seeing for the first time ever, shep. the president is impeached twice. >> indeed he is. donald trump about to become the first president in our nation's history to be impeached for the second time. the house vote, more than the 218 necessary to pass the measure, impeaching the president for incitement of insurrection so far nine republicans or make that 10 now have joined the democrats. dan newhouse of washington is one of them. here's what he said just a little bit earlier during debate >> these articles of impeachment are flawed but i will not use process as an excuse there is no excuse for president trump's actions. last week there was a domestic threat at the door of the

capitol, and he did nothing to stop it. that is why with a heavy heart and clear resolve i will vote yes on these articles of impeachment. [ applause ] >> again, one of the ten so far, ten republicans who have joined the democrats to vote to impeach the president. the charge accuses the president of encouraging a crowd of supporters to march to the capitol building as the congress was affirming president-elect biden's victory. that march became a deadly mob that stormed the capitol forcing lawmakers to hide or be evacuated. we know the rest of it the house is ready now to send the article of impeachment to the senate to begin the process of holding a trial that trial will determine whether to convict president trump, remove him from office, and, perhaps, prevent him from holding federal office in the future what is unclear is whether that trial or when that trial will

begin. the senate currently operating under an agreement where no business can be conducted until january 19th one thing we did learn today is that leader mcconnell over in the senate said while initially suggesting that he was pleased that the impeachment was going forward he held close to the vest whether he would vote for or against impeachment and today said the senate may not be back in time or in fact it won't to hold the trial before the president is scheduled to leave office ylan mui with a look ahead is covering the next steps after today's historic development what is the process now? >> reporter: well, the first thing is the house needs to conclude the vote and then actually formally and physically walk the article of impeachment over to the senate so that the senate can then start the process of convening the trial what is so interesting here, shep, about mcconnell's staumont -- statement is it is such a 180 from the way he talked about impeachment the first time

when he discussed that moment he said the democrats were using this as a way to undermine the presidency that it was a political toy and an irresponsible game. this time he has been very quiet about the president's role in all of this and what he thinks about it firmly staying on the fence is how i've been thinking about putting it what we're hearing from house republicans is even those who voted against impeaching the president sort of did so in a conflicted manner. the top republican on the house foreign affairs committee mike mccall said he would not support impeachment but that he laid open the possibility that the facts could prove him wrong once they all come out. so this is a question that has been a very difficult, personal and tumultuous one for many republicans. this is something that the senate will have to grapple with as they convene the trial and decide whether to convict president trump of incitement of insurrection, shep >> it looks like as so often has been the case ylan mitch

mcconnell has all the power here it's been suggested by republicans on capitol hill quietly that as mitch mcconnell goes, so will a lot of republicans who privately say they would like this process to go forward but mitch mcconnell isn't giving up what he plans to do is there any chatter >> reporter: well, certainly we heard from senator lindsey graham who has been at least previously one of the president's staunchest allies who came out against impeaching the president. he said it is not the right way to move forward. it only would serve to divide the country even more. there was one line in his statement that stuck out to me which was, and senate gop leadership is not helping this process either so it seems to suggest that there is underlying tension between where sort of traditional republicans are and where the republicans who have been supportive of trump in the past are now and that is something that we'll see a fight that we'll see play out in real time in the capitol. as they really grapple with the events that happened just one

week ago when you look back at the previous impeachment, the house's, hearings, investigation, and the public and private depositions, that all took about three months. at the time we thought that was fast but now these events have taken place in just one week and that is why some republicans are saying this process has been rushed >> and democrats saying in this case we didn't need to argue, debate, or explain it all happened in public right before our eyes. ylan mui live in washington, thanks so much all of this of course the backdrop of extraordinary security in washington unprecedented according to long time reporters on capitol hill we'll have complete coverage of that, today's vote, a look ahead to the senate, and some historical context in addition, the troubles with the rollout of the vaccine we'll have team cnbc coverage on that tonight on the news 7:00 eastern 4:00 pacific hope to see you then for now, wilfred, back to you. >> thanks so much for that we look forward to the news at 7:00 p.m. eastern time

sara, interesting looking at these numbers. ten republicans voting to impeach a president of their own party, which is, well, unprecedented of course as the fact that this is the second time the current president has been impeached though on percentage terms not enough that would be required to get anywhere near a conviction in the senate unanimous opinion from the guests we've had so far during "closing bell" they don't expect conviction to materialize. >> right which is why mitch mcconnell's commentary on whether he is swayed in one direction or another will be so key it is also potentially why, wilfred, we did not see a big market reaction either way and this sort of jibes with what we've seen in previous impeachments both president trump's and president clinton's before that which is market brushed it off potentially because it didn't go through in the senate but also wilfred this is a market that is focused on two major things, vaccines, and stimulus

and a judgment here that this impeachment process if it continues to go through to the senate in a trial won't necessarily hinder or delay any of those things. that's going to be a key question going forward can the senate confirmations go through once president-elect biden gets inaugurated in a week from now can the stimulus that he prepares to lay out tomorrow actually get debated and passed in a bipartisan fashion? those are going to be the questions that investors are grappling with after we do see this historic impeachment vote and whether it goes to the senate and whether senate republicans will actually vote to convict for now, the dow closed down just eight points. not much of a reaction mike santoli. the s&p up 0.25% of 1% attempting to brush aside any major concerns of how this is going to impact our economy. >> at this point in market terms relatively distant hypotheticals because we have the tailwinds of

pretty much universal expectations you'll get the spring load recovery, once you get through more vaccinations and obviously financial conditions are very easy it is not surprising the market can stay supported from here but as the market goes up the burden of proof probably keeps going up on the bulls to figure out what could continue to take it higher that's when those questions might come in. >> two particularly stand out factors of this of course to make it so unprecedented one is the fact it is the second impeachment but the other is it is coming right at the end of a presidency when a change was due in seven days anyway and that of course does alter how much impact it will have on policy making and leadership and another factor as to why markets have been relatively speaking unmoved. we will continue to cover this impeachment story including any response from the white house but first let's have a look at shares of affirm as we go to break. up 100% today on their first day of trade we'll discuss with jeremy liew,

affirm investor, on their massive first day of trade .

a headline just crossing from the fed vice chair saying no rate hike until we have 2% inflation for a year mike santoli, no immediate reaction of course markets are closed just checking in on the dollar which hasn't done much but quite specific there from him. >> it is more specific, now remember, there was a new framework the

fed is operating under in which they've decided they want average inflation to be above 2% for a substantial period of time they were not more detailed than that in describing exactly how long you have to have that average inflation surpass or meet 2% for that to be the case. at least a year i guess puts a little more firm understanding of what the fed means right now. i think it is definitely net bullish and trying to accentuate they are not going to be in a hurry to be proactive and over anticipate a jump in inflation unless and until they get the employment situation where they want it, toward full employment, and you take up a lot of slack in the economy >> right they don't want a tantrum. they don't want anybody talking about exits and tapering the purchase program and raising rates which there is some chatter about as we get forecasts for higher inflation and start to see moves like we've seen in the bond and commodity market pointing that direction. the question is how much of an overshoot are they going to be

willing to tolerate. and if we do get very strong growth as predicted in the second half of this year as the vaccines start to roll out and the stimulus starts to really flow what that inflation number actually does and how much it can stay in that 2% range but agreed putting a year on it is brand new policy from clarida. by the way fed chair powell speaking tomorrow. affirm closing up 98.5% today. for more let's bring in jeremy liew a firm board member and light speed is a large investor in affirm and led the first round of financing are you happy to see this move wasn't the whole point in postponing the ipo for affirm to avoid this kind of extreme one day pop? >> well, you know, market trading is not something you can either control or comment on but

ultimately your reviews of investors and other market conditions determine where the stock trades and it obviously traded up very nicely the first day. >> what is the future holding for this company are investors right to be so bullish on it? >> so we've been investors in affirm since seven years now and it's just been a steady progression for the company while we've been investors bringing the service to more customers and to more merchants. and that's, you know, something that i think the company plans on continuing to do. >> i guess, jeremy, credit card companies would be the bracket of companies you consider affirm's biggest rivals. what are the types of companies -- what other types of companies might be rivals either already or in the years ahead? >> i think you are exactly right. the credit card companies are right in the bulls eye for affirm and one of the big principles affirm was based on it wasn'ted to be successful

when its customers were successful and to be able to provide honest, transparent financial products that means things like no late fees, no penalty interest rates, and things like that and so that is why i think we have a lot of opportunity especially with millennials and genz seeking more flexible payment options, digital payment options and borrowing options and finding a lot of suspicion with traditional banks and credit cards so affirm is planning on continuing to take advantage of those trends >> the growth is there revenue up 93% over the last fiscal year up 98% over the past quarter. up to the end of september one question i had is how tied is it to what's happening with pandemic consumer trends large customers are shop phi and peloton which have seen their businesses surge as a result of all these consumer changes on the pandemic how tied is it to that and how

vulnerable could it be when we get to the other side? >> certainly as e-commerce has continued to rise and really saw a big bump in penetration through the pandemic, affirm has been a beneficiary of that i think we all expect e-commerce to continue to grow strongly and affirm to continue to grow strongly in the same way but bear in mind that affirm has over 6500 different merchant customers and partners and they certainly range from companies that have benefited from the pandemic but also a lot of travel companies who have definitely not been beneficiaries for the pandemic as we see people start to move around the country again we'll see different sectors start to pick up. the great news is because affirm is broadly distributed across so many different sectors it really ends up being an index of the e-commerce success. >> how much longer can this incredibly hot ipo market for tech companies continue do you think, jeremy? >> well, gosh.

you know, as a venture capitalist our job is to invest in these early stage private companies and as they grow eventually look to see them get public and so from my perspective the longer it lasts the better >> you mentioned the #6500 partners and merchants affirm has but one of the criticisms and questions around this company has been the peloton relationship making up about one-third of overall revenues and its fortunes being tied to that of peloton which is great right now but is that a risk factor >> i think that, you know, peloton has done incredibly well on an absolute basis across all e-commerce and i think that is the great news for affirm is with so many different clients and so many different merchant partners, 6500 across many different categories, we have an opportunity to grow as anyone in the category grows and so right now peloton is doing incredibly well.

it's doing incredibly well with affirm as we see other companies grow and we expect to see many more grow, with affirm, they'll continue to grow and become more important for both the company but also more broadly for e-commerce in general. >> how quickly, jeremy, could banks pivot and stop this rise, this growth that affirm has experienced? >> i think one of the core things about affirm is its commitment to never having late fees or penalty interest rates, and an environment where so many banks rely on penalties, rely on late fees, rely on penalty interest rates, you know, after a teaser interest rate period ends, it is going to be very difficult for them to adjust their business models. more fundamentally, we've got this rise of the buy now pay later payments mechanism which is growing incredibly quickly globally it is the fastest growing payment mechanism worldwide. and that is where i think affirm

is fundamentally a different offering than what credit cards can offer. >> how is the fintech industry and your investments as you think about this one and others impacted by what we saw yesterday which was the mutual termination of the plaid visa deal this was big, more than $5 billion deal the doj obviously challenged it and sued for antitrust concerns. now it's over. what kind of impact does that make >> i think it's incredibly -- regulators have a really important role in ensuring fair competition. but i think the more important factor is that fintech just as a general category is showing tremendous innovation and lots of benefits for consumers and for businesses and here at lightspeed we've been massively invested in the category we've had over a hundred million dollars invested in affirm but around a billion dollars invested across 35 different fintech companies. you know, ranging from companies like blue vine, carter, affirm

obviously and then others. and i think we'll just continue to see that innovation and, you know, as affirm has showed, it is entirely possible that companies can grow and be independent stand alone successful companies without having to rely on m & a. >> jeremy liew, thank you for joining us >> thanks for having me. >> good day for affirm fighting misinformation. coming up, the ceo of okta on why his company kicked parler off its platform and whether governments should regulate big tech more closely. we'll be right back.

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the second impeachment of president trump is now official. the first president to have ever been impeached twice let's get back to ylan mui in washington with the final vote count, ylan. >> sara, the vote is now over and the final tally for impeaching president trump for incitement of insurrection is 232 in favor, 197 against. ten republican lawmakers did vote with democrats to make president trump only the first president to ever be impeached twice. the article of impeachment now

goes over to the senate where the trial will not start until next week at the earliest. guys >> thanks so much. let's now get to some other headlines with a cnbc news update sue herera has it for us >> thank you very much here's what's happening everybody. california is now opening up and offering the coronavirus vaccine to all residents 65 or older the move puts seniors in line for vaccination ahead of emergency workers, teachers, and child care providers even as some counties there complain they don't have enough doses to go around. in arizona, health officials say hospital systems are under, quote, immense pressure to handle rising numbers of covid-19 cases and expand vaccination efforts. a study estimates 1 in 10 arizonans are currently infected with the coronavirus u.s. traffic deaths rose sharply after the spring's covid lockdown expired in the three months ending september 30th fatalities was

13% from year ago levels this even though the number of miles driven fell during the same period of time. you're up to date, guys. busy news day. back to you. >> sue, thank you. up next for us, cloud firm okta taking a stand against social media start up parler we'll discs thuswi okta's ceo when "closing bell" comes right back apps are used everywhere... except work. why is that? is it because people love filling out forms? maybe they like checking with their supervisor to see how much vacation time they have. or sending corporate their expense reports. i'll let you in on a little secret. they don't. by empowering employees to manage their own tasks, paycom frees you to focus on the business of business. to learn more, visit paycom.com do you have a life insurance policy you no longer need? now you can sell your policy, even a

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the pullout from the capitol hill riots continues there's a growing list of service pulling their service. amazon web services, zenzex as well as apple and google stores. john matzah told reuters today he doesn't know when or if parlor will return joining us now, todd mackinnon good afternoon to you. talk us through why you took this action and perhaps why you hadn't done something similar when lines had been crossed by others in the past >> i've had a lot of feedback. as you can imagine we take it very, very seriously, providing value to customers and trying to make them successful with technology is the life blood of what we do people have asked me what about free speech. aren't you supportive of free speech or what about other special media sites, you have other social media sites, why

don't you take them down so for us, it's really comes down to fundamentally a core premise we have, which is we're very, very much in favor of free speech in fact, we have customers across the political spectrum, news organizations, koitsds candidates, we believe in that strongly platforms that support unable activity it was clear in this case that parlor was not even trying to suppress the unlawful threats of terrorism, the incitement of violence, terrorism, that's what krosted the line for us. >> where do your communications with them stands right right now? what do you need to see to reinstate them are they going to sue you like they're suing amazon what does that look like >> the second point which i

mentioned is, we have other social media companies and various customers across the spectrum these companies don't have to be perfect in terms of any content being objectionable as long as they try and have a policy to follow the law so it's that complete lack of trying and that complete lack of even an effort to moderate the content or bring transparency to the content, which crosses the line for us. any company that does that or doesn't do that, that's how we make decision. >> is it time for stricter regulation that would give private sector companies like you clearer guidance of when to act in the future rather than have to take matters into your own hands? >> you strike a really important point, and even fundamental to that point is that this is an evolve area. this is new for us social media, its impacts, how people view it

it's necessity and evolving. we have to be open to work together to come up with the best solution. i think regular haitian is part of that. it's inevitable. i think it need to start with more transparency, transparency on who is behind the posts, the identity of those people, the social media companies have made progress on that also, the social algorithms, how do things get promoted and not get promoted >> but i do think there's this question about the call that you made i get why you support free speech and there's that criticism. but what about the criticism that it's a profound power in the hand of just a few companies coming out of silicon valley to determine what should be on the internet and what shouldn't. why should that be on you and some of your fellow companies? >> well, i think it's -- it's part of any -- a lot of organization versus power it's

not just tech companies. it's different organizations, but i think it's beholden upon them and their constituents to make sure they wield that power that's consistent and most importantly, lawful, and supports the laws and the context that they operate in the governments that have given them so much capability to build these successful organizations, so i think it's for those that are in that situation, it's up to them to do what they can to support the environments that hemmed create them >> todd, good discussion thank you for coming on. >> yeah. thanks for having me i appreciate it. >> from okta coming up on "closing bell," we're going to look ahead to what every investor needs to watch tomorrow we talked about the ksis po rush posh mark and petco on deck next

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and delta airlines feds will be watching comments from the chair after stock ended mostly higher today. it was a little bit of a rotation of a rotation it was the bond proxies like staples and utilities and real estate outperforming the cyclicals. what will we be catching >> the nasdaq 100 stock. or a small caps day. today was the large cap growth stocks they've gone sideways for a few months there was a little identity of dry powder them for them to take the four i would like to see their reaction to black rock's numbers. everybody knows everything's going right for them see if the stock reacts one way or another based on what it's likely to be very good numbers tomorrow >> the bank's numbers coming the following day. the ten-year stands out. we touched 118 yesterday now down at 108.

>> yeah. and we thought it was going to be this tantalizing move, are we going to get above 1%. it blasted through it. it really did get stretched. i guess now it's probably more subject to news flow certainly powell's comments tomorrow will have some effect because people are wondering about the feds' message. >> we're out of time >> they are all relevant >> i'm melissa lee and this is "fast money. tonight on "fast," the house votes to impeach >> without objection, the motion to reconsider is laid upon the table. >> a new fallout this hour falling that historic vote in congress to impeach president trump for the second time. we are live in washington with the latest plus, intel surging as the company announces a new ceo. we'll debate later, pete is going to th