it is 5:00 a.m. at cnbc global headquarters, and here is your top five at five. stocks looking to bounce back on the heels of the market's worst week since october, futures right now are in the green president trump entering his final full day as commander in chief as washington, d.c. and the country prepares for the president-elect joe biden to take office. we are live in washington with the latest there and the u.s. hitting yet another very grim mark in the covid-19 outbreak as one governor looks to bypass the federal government in getting his state's vaccine doses. and act big, that's the message

treasury secretary nominee janet yellen is expected to deliver to lawmakers when it comes to boosting the u.s. economy. and another major milestone for tesla as it rolls out its first china produced model y vehicle it's tuesday, january 19th, 2021, and you are watching "worldwide exchange" right here on cnbc. ♪ 1, 2, 1, 2, 3, 4 ♪ >> good morning, and welcome to the show, i am dominic chu in today for brian sullivan here's how your money and the global markets are setting their day up with stock futures pointing to some solid gains at the opening bell the dow implied higher by 180 points, the s&p by 28 pointis, and the nasdaq higher in 133 points wall street will look to bounce back following last week's losses the s&p 500 and nasdaq both shedding around 1 1/2% while the

dow was down nearly 1% during that same time span. that marked the worst week for the three major indexes since october. this week investors will have plenty to chew on with a slew of big earnings names out today, we get results from the likes of bank of america, goldman sachs, charles schwab and netflix after the closing bell later in the week, as you can see there, it's names like morgan stanley, united airlines, ibm, and intel so let's also get a look at the bond market right now. the yield on benchmark ten-year treasury notes, currently trading just a hair, well, that's wti crude, and we are now looking at some of those moves for those futures and ten-year note yields about 1.1% two-year note yields, 1.4%, and 30-year t bonds, 1.85% you can see oil prices higher.

wti crude, 52.58, ice brent crude, up 1.2%, 55.42 the last trade there. in the last hour, the iea is out with a report cutting the 2021 oil demand outlook citing covid lock downs that are hurting fuel sales and you can see that's having some kind of an impact, what's happening let's take a look at what's happening with bitcoin prices, currently moving slightly to the up side, $1.8.37160. analysts at j.p. morgan recently warned there could be an investor exodus unless the cryptocurrency reclaims that level. 37,145 the last trade on bitcoin. let's go worldwide big gains across most of asia with the nikkei gaining 1%, the hang seng jumping 2%, as you can see there. the shanghai composite,

fallings 3/4 of 1% at this stage here the early trade in europe, the german dax up 1/3 of 1%, and the cac in france flat on the day, off the session highs, now to your top stories, including a major milestone for tesla. seema mody has more on that and the morning's other top headlines. good morning to you, seema >> good morning, dom tesla has begun deliveries of the y model in china it's unclear how many model y vehicles were delivered or whether they were delivered to employees or to retail customers. china, which is the world's largest ev market is seen as critically important to tesla and its growth strategy. the company wants to increase sales volume from 1/2 a million to 20 million annually over the next decade. in other news, social media

platform parler, it's resurfaced the company's web site is back online, thanks in part to support from a russian owned technology company this after amazon stopped providing its cloud hosting services, following the deadly riots at the u.s. capitol. parler's ceo said he's confident the site will be fully up by the end of the month its app remains banned from the google and apple stores. and the u.s. has surpassed 400,000 deaths related to the covid-19 outbreak. this as president-elect joe biden promises to block an executive order by president trump yesterday on international travel to the u.s. that order would lift virus related travel restrictions for much of europe the u.k., ireland, and brazil, effective next week. dom? >> seema mody, thank you very much for that. now to washington, d.c., where president trump is entering his last full day in office as preparations continue to hand power over to his successor, president-elect joe

biden. meanwhile, the senate will reconvene for the first time since the house impeached the president last week. tracie potts is looive in washington, d.c. with what's shaping up to be a very important day ahead. >> reporter: good morning, dom, good morning, everyone, and a day when the markets may have a lot to react to, the confirmation hearing for janet yellen as treasury secretary happening today. president trump planning as many as 100 commutations and pardons that could be announced today, and president-elect biden planning to start rolling back the trump policies within hours of taking office tonight, from the lincoln memorial, joe biden will deliver his final message as president-elect before his highly anticipated inaugural speech tomorrow. >> it's a message of unity it's a message of getting things done that's what he'll be talking about january 20th. >> reporter: biden's team says he'll start signing executive orders on day one.

creating a path to citizenship, ending the national emergency at the border, rejoining the world health organization and the paris climate agreement. and reversing the ban on transgender people in the military, a ten-day blitz of immediate actions to address the nation's most urgent needs today, five senate committees question biden's cabinet nominees, under a massive military presence at the capitol. >> this is three times the number of guardsmen we would normally have. >> to all the people of this country, you will be in my heart forever. >> reporter: first lady melania trump sharing her final message to the nation, her husband hasn't been seen in a week sources familiar tell nbc news president trump could announce dozens of pardons and commutations as soon as today, while work on his impeachment defense and a red carpet sendoff. tomorrow, he becomes the first

president in more than 150 years to skip inauguration, saying good-bye to a city and a nation lit with the glow of democracy and that sendoff for president trump said to include a military band, a color guard, a 21-gun salute, and he may make remarks, dom, before leaving joint base andrews on air force one for the last time as commander in chief. >> a very very stunning image developing there in washington, d.c. thank you very much, tracie potts for the latest there as president-elect joe biden prepares to take control, your next guest says while his economic agenda may initially be welcomed by investors, it may soon look like a trojan horse. mark avalonis, president of potomac wealth advisers. does this mean you are fearful with what's going to happen with the markets and economy in the coming months because of the new administration and a congress controlled by democrats?

>> well, as investors, we plan on enjoying this ride. this ride is full of cash from congress and in the forms of stimulus and infrastructure and incredible liquidity from the fed, and i think it would be foolish for investors to ignore those huge short-term boosts that are being provided. it's candy for investors, and it's really hard to invest against both of these huge forces but to look down the road and to think that the incremental regulation or incremental taxes and massive spending doesn't have costs, i think is a bit foolish. i think this has become more of a trading opportunity. we're not getting off right now because markets can remain exuberant for longer than they should be. but i think investors just need to be aware of that, especially with all the new investors in. this robinhood phenomenon. a lot of these investors, they haven't been through a bear

market and it's going to be very interesting to see if we get price momentum to the downside, how investors react. >> it's easy to say, mark. it's easy to say but it's market timing at this point, right? i mean, where does the short-term stop, and the medium to long-term start, how exactly, then, do you strategize around do you start to take money off the table, at what point, and at what point do you say, hey, the ride is over now it's time for that rationality to set in. >> well, that is the question. and i think one of the ways you start doing it now if you're managing money is you're talking to your clients about that, you're bracing themselves for the emotional ride that's ahead and taking their temperature if they want to stay in the deep end of the pool or if they want to start pulling back. you can also employ strategies with downside capture, and you can also look at stocks with lower valuations, and not be a part of this froth that has

developed. avoid the high flying ipos and look for more granded investments that would have a little more downside should things begin to unravel? >> what are the warnings signs, the things, the factors in the market or individual industries that could tell you it's now time to shift more defensively. >> i think these are intermediate and longer term approximate, but we're looking in the dollars, that's a concern because it's inflationary. looking at early signs of inflation. looking at what tax bills come out of washington. this is what we're listening for, and i'm also concerned about the regulatory environment. we had some really great picks that the market liked from this centrist perspective, merrick garland, janet yellen, but it's who's going to head epa, labor, who's running senate committees. this is where a lot of the meat comes from, and if we're going to get tenor and tone and hard core regulation that's negative,

investors need to know it was only five years ago that banks were setting aside billions and billions of dollars in fines are we under the impression now that that's long gone history, never to return. i think investors need to go in this with both eyes open, beware that we have some really big stimulus coming. we have a super accommodative fed and improving economy. wall street is not a one-way street, and they need to get in touch with their risk tolerance as things develop. >> paying the piper so to speak. mark avellone,. how ramped up security is hitting travel companies, usually booming with business in the d.c. area this time of an election and inauguration cycle. plus, the president-elect tapping an ally of progressives for the consumer financial protection bureau, and then later on, morgan stanley's chief

u.s. economist lays out her outlook as a new administration takes hold and an economy faces renewed headwinds. we have a busy hour ahead of us when "worldwide exchange" returns after this break for skin that never holds you back don't settle for silver #1 for diabetic dry skin* #1 for psoriasis symptom relief* and #1 for eczema symptom relief* gold bond champion your skin gold bond no one likes to choose between safe or sporty. modern or reliable. we want both - we want a hybrid. so do banks. that's why they're going hybrid with ibm. a hybrid cloud approach helps them personalize experiences with watson ai while helping keep data secure.

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welcome back to "worldwide exchange," let's dive into some key sectors and industry moves in stocks that have been seeing strong performances as of late first of all, check out what's

happening with growth versus value. those types of stocks that are growth oriented have been huge, huge drivers of the market moves in 2020 to the up side over the last three months it's been value oriented, dividend paying, safer for defensive names driving the action one etf is the ticker iwf, up a respectable 7% meanwhile, the growth-oriented version is lagging by almost a factor of 2, the russell 1,000 value etf ticker iwd which is up 15%. as you can see here, that gap has been widening over the course of the last three months, so that's one trend to watch also check out what's happening here with some strength in key parts of the market that some traders consider to be possible leading indicators for the overall market and the economy one of them is the semiconductors, and one of them is transportation stocks the white line of semiconductors hit a record high last week. by the way, the transportation

stocks also did as well. remember, that semiconductor stock trade has been a huge one and a big driver of 2020's gains, and by the way, by some measures, we're off to the best start in years for that semiconductor trade, so one to watch there as well. and finally, online retail, specifically ones geared towards selling and delivering to homes during the work-from-home pandemic look at shares of etsy, wayfair, and chewy, all stocks hit record highs over the last week, and pulled back slightly chewy for pet food, up 65% wayfair up 180%, and etsy up almost 300%. that online trade is one to watch for sure as a possible at least incubator for possible gains ahead if the work from home trade stays in tact we'll see if that happens. this is a huge move to the up side it could be a pull back. this week's inauguration festivities would normally be a boom for travel companies in and around the washington, d.c. but

increased security following the de deadly riot at the capitol is creating new challenges. seema mody is back with more on that big trade and story seema. >> dom, typically this week hotels would be sold out in washington, d.c. in fact, hotel occupancy during past inaugurations for president trump and president obama was at around 97% this year it will be very different with the virginia governor and d.c. mayor urging americans not to travel to the capitol due to the risk of violence companies have issued different responses. airbnb blocking all reservations around d.c. around the event this week. verbo is not blocking reservations but requiring those booking a property in and around d.c. and the capitol to reconfirm their identity with government issued i.d.s so they can with vetted. hotel operators remain open but the big operators tell cnbc they have updated security measures at their properties, despite

attempts, though, to discourage travel, travel site hopper says it saw a 32% increase to flight searches to d.c. last friday compared to the previous week. the u.s. house oversight committee sent a letter to the biggest companies in travel including marriott, expedia, car rental companies, retain information and implement additional screening to ensure quote they're not being used to facilitate violence or domestic terrorism. this as security continues to heighten in washington and state capitols across the nation >> seema, i'm curious, why exactly is airbnb suspending reservations for their properties but marriott and other hotel chains, why are they staying open and still giving out some of the reservations, what's the disconnect there? >> well, dom, the hotels will argue that they need to remain open for inauguration related

suppliers, government officials and military personnel that do need to be there in person for the inauguration that's why they say they need to be open for tomorrow's big event and this week as well. but again, congress calling on those properties to, if they're going to stay open, make sure that they have the security measures and also retain records of all customers should there be a need to fall out for law enforcement or congressio investigations >> seema mody, thank you very much for that. we'll see you later on still on deck for this show, google fires back, what the tech giant is saying about its partnership with facebook amid questions over competitive practices there. "worldwide exchange" is back in just a moment. ♪♪ hey you, yeah you. i opened a sofi money account and it was the first time that i realized i could be earning interest back on my money. i just discovered sofi, and i'm an investor with a diversified portfolio. who am i?! i refinanced my student loans with sofi

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tastes great! high protein. low sugar. so good. high protein. low sugar. mmm, birthday cake. pure protein bars and shakes. for every fitness routine. welcome back, let's check on this morning's other top headlines. nbc's francis rivera is in new york with the latest good tuesday morning, frances. >> good morning to you we start with the "new york times" reporting that president trump's personal lawyer rudy giuliani will not be part of his impeachment defense team in the senate trial giuliani told the hill in part that's because he may be a witness. the rules of legal ethics would prohibit him from representing the president. a woman suspected of allegedly entering the u.s. capitol during the insurgence on january 6th may have also stolen a laptop from house speaker nancy pelosi's office and tried to sell it to russia that's according to newly revealed court documents riley june williams seen there

highlighted during the riot, the informant who tipped off police is her ex-lover. the fbi is investigating these allegations. williams has surrendered to authorities. she's been charged with disorderly conduct on capitol grounds with the intent to disturb a session of congress and other charges. chef jose andres spent the night helping troops stay warm with soup and sandwiches, while delivering meals with world kitchen. we show empathy and love one plate of food at a time. a perfect example of how food is love it's one thing to donate or stay in the kitchen and cook and let everyone else go out there on the front lines, he's doing it right out there. >> this isn't the first time he's done something great around the washington, d.c. area as well a great story for sure frances rivera, thank you for that. president trump preparing for his final full day in office as you see a live shot of the

capitol rotunda in washington, d.c. as president-elect joe biden prepares for confirmation hearings for key members of his administration ylan mui is standing by with the latest there as a reminder, you can watch or listen to us live on the cnbc app. "worldwide exchange" is back after isth these folks, they don't have time to go to the post office they have businesses to grow customers to care for lives to get home to they use stamps.com print discounted postage for any letter

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there are green arrows to start the holiday shortened u.s.

trading week dow futures are pointing to a nearly 200 point jump at the opening bell president-elect joe biden's pick for treasury secretary heads to the hill for confirmation hearings today, and janet yellen plans to tell lawmakers the u.s. must, in her words, act big on the next covid relief package. plus, an oil giant is buying a major stake in the world's biggest solar developer. big deal there it's tuesday, january 19th, 2021 and you are watching "worldwide exchange" right here on cnbc ♪ i get carried away carried away from you ♪ welcome back to "worldwide exchange," i'm dominic chu in for brian sullivan here's how your money and investments are looking right now as we are halfway through the 5:00 a.m. eastern time hour. stock futures pointing to, like i said, a nearly 200 point rise at the opening bell, roughly

160. the s&p higher by 26 points, and the nasdaq higher by about 130 points as well wall street will look to bounce back following last week's big losses the s&p 500 and nasdaq both shedding around 1 1/2%, while the dow was down nearly 1% for the week that did mark, by the way, the worst week for the three major indices since october. this week investors will have plenty to digest with a slew of big earnings names out as you can see there. today, we get results from the banks, bank of america, goldman sachs also brokerage charles schwab and netflix is out after the closing bell later in the week, look for the names like morgan stanley, united airlines, ibm, intel, union pacific, ally financial, the list goes on now let's get a check on bitcoin prices as well right now, currently 37,175, the last trade there on the coin based platform you can see over the last month, up 55% it has pulled back beneath that

40,000 plus level that we saw over the last few weeks. now, this is big, because analysts at j.p. morgan recently warned that there could be an investor exodus from that trade unless the cryptocurrency can reclaim that 40,000 plus level that we saw back at the record highs. now to some of this morning's top headlines. seema mody is back with some of those. seema. >> hey, dom, google, let's start there, is defending its partnership with facebook, the company responding to a lawsuit from a group of attorney generals which argue google's ad buying set up with facebook is anticompetitive. in a blog post, google's director of economic policy calls the lawsuit misleading new york governor andrew cuomo sending pfizer a letter asking if his state could buy covid vaccines directly from the company. in a media briefing, cuomo said the federal government was sending new york 50,000 less covid-19 vaccines than the week before

president-elect joe biden naming members of his administration, this time picking two financial regulators from the obama administration, naming gary gensler as his nominee, and biden tapping the former assistant director of obama's consumer financial protection bureau, rohit chopra this time around, recentliy served as fdc commissioner. speaking of washington, and the biden administration, let's head down to the capitol, and check in with ylan mui there's a lot going on, including the festivities tomorrow the inauguration is a key focus. what exactly are we expecting in the next couple of days? >> reporter: well, dom, pl president-elect joe biden will make his way to the nation's capitol as he prepares to be sworn in as america's 46th president. inauguration day has really turned into inauguration week.

biden spent yesterday volunteering at a community kitchen in philadelphia in honor of martin luther king jr. day. today, we do expect to hear from him in delaware, and then later on tonight, he'll give remarks at the lincoln memorial for a ceremony to remember those who have lost their lives from covid-19 now, there is going to be a lot of pomp and circumstance over the next 48 hours, but biden is also facing some tough political realities as well. today five of his administration's top nominees will have their confirmation hearings in the senate those include janet yellen for treasury secretary, along with his picks for director of national intelligence, homeland security, secretary of state, and defense secretary. so it looks like they're trying to pack in as many as possible, as early as possible, because pretty soon all of the attention in washington will be consumed by the senate impeachment trial of outgoing president donald j. trump for incitement of insurrection no word on when the house might send the article over to the senate and trigger the trial,

though we do not expect that to happen today and senate majority leader mitch mcconnell says his focus through the inauguration will be on a peaceful and orderly transition of power so dom, i can tell you that security around washington right now is extremely tight the latest concern from law enforcement officials is the possibility of an inside skjob,s the army is working with the fbi to vet the 20,000 national guard troops who were in d.c. for the inauguration dom. >> ylan, president-elect joe biden's treasury secretary nominee, janet yellen, former fed chair janet yellen is set to go before lawmakers today as part of her confirmation process. what exactly can we expect to hear we have talked a lot about this idea that she wants the government to go big with regard to stimulus? >> yeah, absolutely. i was able to get an early copy of her opening statement, and she's going to make a pretty forceful argument for that $1.9 trillion covid rescue

package as the biden administration is calling it that was laid out last week. her argument is one that we have heard from other economists as well, which is if you don't do something now, the risk of something worse happening later on is even greater she also points out the fact that with interest rates at historic low, the cost of doing something now, and the cost of going big now is not that great. and so there's both an economic and a human cost to consider here, and she's going to be very forceful and very strong in making that argument. >> it's a big deal for sure. thank you very much for that for more on the economic outlook under the incoming biden administration, i'm now joined by ellen zentner chief economist, and managing director at morgan stanley. it's great to have you with us you just heard ylan's report and what we can expect to hear from treasury secretary janet yellen. does the u.s. need almost another $2 trillion to make sure that the economy stays on decent footing? >> so there are a lot of things

that i agree here with dom, so we've got janet yellen heading treasury as economist janet yellen or former fed chair janet yellen so she understands very well labor market dynamics. she's a labor economist by training, and so when you look at the labor market and the fact that we have so many that are classified as long-term unemployed and the fact that the probability rises so sharply for them just leaving the labor market all together, if you don't quicken the economy at a pace of growth as much as possible to bring them into the labor market then you do have much longer term problems down the line, and so janet yellen the economist is approaching this in that classic way i do agree that we need to have much more robust unemployment benefit programs i do agree that state and local governments need a lot of aid here, and so we think that something closer to a trillion dollars will ultimately get passed, and that more is needed

here i don't expect something as large as the full 1.9 trillion think of that as the opening bid. >> so ellen, let's talk about this notion that if nothing is done now, or if the size of the package is not big enough, then worse things happen down the line in your opinion, what exactly are the worse things that can happen if congress doesn't act to get that stimulus out now >> so the body of evidence and the literature and academia shows that every single deep downturn that we study, the longer it takes for the economy to recover, the more lasting damage there is, the more lasting scarring there is to the economy. so structurally higher unemployment rates, lower potential growth, lower neutral interest rates, and so it's really, you want the economy to recover as quickly as possible, so easing the pain of those people that are unemployed in order to keep them attached to

the labor market, and then eventually pull them back in she could be wrapping in some of the pains, though, from covid as well there's a lot of spending toward testing and vaccinating the population that is included in the package that we expect will be passed and that's really important because we're off to a slow start here with vaccinating the population, and we hope that under the biden administration we'll quicken the pace of that and play catch up so to speak, and get the economy back on track faster than otherwise. >> ellen, there's been a school of thought for the last several months and maybe even the past few years now, that there's been a fear of a possible democratic president coming in, a fear of a sweep throughout washington, d.c. with democrats controlling both congress and the executive branch what do you think? should investors be fearful of the coming months and years because of the tilt towards perhaps certain policies or are we making much too much out of this whole -- this idea

that the economy might get derailed or the markets might get derailed because of what's going to happen in a new biden administration >> well, i think, you know, our strategists started writing very early on at the prospects of a biden administration and control of congress, democrat-controlled congress that if there was a negative reaction in markets to that that it was overblown and that markets should look through that because on net, right, what would markets be concerned about, higher taxes and we will get higher taxes later this year, we will probably get a rise in the corporate tax rate we will probably get a rise in the income tax rate for the wealthiest, but guess what, it's not going to be fully -- the spending that democrats will do will not be fully funded by those taxes. you're talking about on net deficit expansion, which adds even more tail winds to the economy. so fears of a democratic sweep

here, if there are, it's overblown. but i can tell you from looking at markets and how they responded since the election, i think markets are looking through that as well it's one reason why we have seen that reinflation trade, markets gaining more traction here, inflation markets and giving the fed credibility that maybe all of this fiscal stimulus coupled with the easy monetary policy maybe gets us higher inflation finally, and so we're gaining more traction in terms of the markets gaining credibility. there's a lot of positive in the markets. therein lies an issue. if the market's already priced in the prospect for all of this stimulus, then you have already digested all of the good news, and we of course then fall back on just focusing on the path of covid, and we're subject to the ebb and flow of covid news >> a lot of moving parts for sure ellen zentner, always good to get your thoughts. thank you so much for joining us

this morning we appreciate it. coming up on the show, president-elect joe biden promise to go change the way the government fights covid, vaccine rollouts across the country. we're going to talk about the implications that's coming up next. first, as we head to break, some of your other headlines this morning. lumentum is in talks to buy laser maker coherent in a cash and stock deal the "wall street journal" says an announcement could come as early as this week oil giant, total will pay 2 1/2 billion dollars for a 20% stake in adani green energy, which is the world's largest solar developer. total says it will help transition away from fossil fuels. and samsung air jy lee is going back to prison for 2 1/2 years for bribery and embezzlement stay tuned "worldwide exchange" will return in just a moment

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can happen because of the transition can we expect the policies that we have to run smoothly in the first few weeks of an incoming administration >> my assumption is you're probably going to have bumps in the road, but when i look forward to what needs to be done, obviously the new administration is going to want to build on what's working, fix what isn't working but hopefully while they're doing that, you're not going to get rid of the good progress we have been making in the past week, we've seen more than 5 million people get vaccinated that's great progress compared to where we were a month ago now it's about a month late but if the goal is 100 million vaccinations in 100 days, last week, you know, we just need another 1 1/2 million per week, and we can be on pace to hit that goal that the new president-elect has, so my hope is that the leaders at hhs and the incoming biden coronavirus task force have worked together and there can be a relatively smooth transition, and it won't

be as bumpy as we saw when the vice president took over the covid task force earlier this year where we basically lost three weeks of the fight >> we have seen a lot of headlines about that hundred million vaccinated in the first hundred days is it achievable how ambitious are the plans for the incoming administration? >> it's incredibly achievable, and all they have to do is use what we know works the reality is each week, pharmacies and primary physician offices vaccinate 8 1/2 million people for seasonal influenza without breaking a sweat so while i appreciate that they want to set up these mass vaccination sites and get all of these people that don't usually do vaccines involved in the fight, the biggest thing they can do is partner with chain and independent pharmacies to make a difference, and if they do that, it's very easily achievable. we can do seven, eight, nine, ten, 12 million vaccines a week without really having to do the heavy lifting we would see with national guard and fema and

other people coming in so my hope is they'll rely on what works, and the people that do this regularly in the health care system, and maybe not spend as much time and effort focusing on things that require a lot of band width for not a lot of outcome. >> you're a former deputy assistant secretary at health and human services, what exactly logistically is it going to take you mentioned the work that pharmacies are doing you mentioned the logistical details on getting vaccinations out there. what exactly is the government needing to do to make sure that we get as many people vaccinated as possible given what we have in terms of resource constraints? >> so what we know is the government needs to focus on ensuring that we increase production of the vaccinations hopefully by the end of march we'll have more than 200 million doses, either the pfizer or moderna with additional companies coming online in the near term. so it's a matter of just getting it out to the local communities and communicating with state and local leaders about what's

coming, when it's coming, so they have more confidence, so they're not going to hold as much back in reserve for the second shot because they have confidence in the supply chain, and that's really been what's lacking is the communication between the federal and state and local officials. if they are able to improve that location, hopefully we can advance. additionally, one of the things the biden administration is doing really well is they're saying look, of course the prioritization would have been ideal, and scientists were right to push for that, but it was probably too prescriptive, and instead, anybody over age 65 get them vaccinated. the pharmacies can get vaccines, if you're over 65 you get it in your arm if you're not over 65, you show your recent pay stub that says you're a teacher, guess what, you can get a vaccine too. otherwise you're going to have to wait. what we saw were some of these governors, especially new york, being incredibly prescriptive and punitive if you happen to give it to the wrong person.

that's the wrong idea. if i had a choice of giving a vaccine to 100,000 people a day and zero people slipping through the cracks or giving it to a million people a day, and 100 people slip through the cracks, i'm choosing the million every day a week and twice on sunday >> it's a big deal for sure. chris meekins at raymond james, health care analyst, thank you very much, we appreciate it. still on deck, earnings season getting ready to kick into high gear we're going to talk about the names you might want to own ahead of the big reporting parade, and if you haven't already done so yet, subscribe to our new podcast "worldwide exchange" every day in audio format if you miss us check us out on apple or spotify or your podcast platform of choice we'll be right back after this break.

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washington, d.c. and the capitol building washington a key focus ahead of tomorrow's big inauguration. today is president trump's last full day in office as commander in chief of the united states. well, u.s. futures right now pointing to some solid gains at the opening bell the dow implied higher roughly, 160, 180 points at this point. the move comes as the dow, the nasdaq, and s&p 500 come off their worst week since october with the s&p and nasdaq both shedding about 1 1/2% last week. for more on the markets, let's bring in kari firestone, chairman and ceo of asset management and cnbc contributor on the "halftime report." thank you very much for joining us let's talk about whether or not you think markets right now are investable given the sky high valuation some claim are out there. >> well, dom, you know that there are some parts of the market that have had enormous moves. let's just think about what's happened with solar energy

recently names like neo and run you can't make a case that those are investable right now, but there are other parts of the market that have been pausing, even technology stocks facebook, google, two examples microsoft, they really have been settling in, forming a base, perhaps ready to make another move as people have moved out of the large cap growth names that helped fuel the market in 2020 and they moved into reopening names, cyclicals, some of the energy and financial plays, so we think that having an approach that includes summary opening, some growth, some cyclicals and maybe a couple of names that are momentum driven right now because they're doing so well in terms of stimulus planning or their technology is really a good approach to having this market. >> the last three months, we talked about it earlier on the show the last three months have seen kind of like this real

resurgence in the so called value trade, right, that the beaten up names, the price to earnings valuations are low compared to the overall market, the ones that pay higher dividends, that are defensively oriented, that sort of thing is that a trend that you see playing out. if so, where exactly do you then put money in value type names? what is on your value shopping list right now >> that's a great question so mostly, growth investors last year, we began to move into a couple of names, such as american express well, american express has been a growth company but of course all of their business sort of disappeared, 20% drop in 2020 because of spending on credit cards for business and travel. the stock could double earnings in 2021, moving into 2022, we think this is a very good place to put money today we have not invested in energy stocks i know they've had a big move.

i think that's great the price of oil has gone up, but that's such a small part of the s&p, it can take very little money to move energy stocks high and they're up about 30 plus percent. so we're slightly concerned that that might have gotten ahead of itself on the financial side, i mentioned american express, sl green is another value name. it's the largest commercial real estate owner in new york city and manhattan. the stock sells for under ten times earnings, trading at a big discount to the value of the properties they own. we think those are two really interesting names right now. united health care on the health care side, you know, health care was an under performer in 2020, not names like moderna, of course, or some of the vaccine names, but we think there's room for a name like united health care, we own health equity, health savings plans, gets a

kick from somewhat of an improvement in interest rates. in financials, charles schwab, that's an attractive stock, even though it's had a big move some of the big banks last week, up or down, there's interest rate, i think the banking business is good -- has been good for them, but they've got some head winds because of course there's some problems with commercial real estate, interest rates are not moving up a lot, but they have had a very nice run over the past month or so. >> now, there's also this idea of a reflation trade, this notion if things get going we're going to have to build more things, spend more on energy i wonder how much the home improvement or construction type trade is playing out, and do you have plays there as well >> that's a great question interesting dichotomy is that in 2020, some of these stocks were considered covid plays, home depot and sherman williams, they benefitted from people being at home, doing projects around their house. the ceo of home depot said he

thought every american family seemed to be building a deck by themselves that's continuing into 2021 because people have moved, they have new houses, they have to spend money. they're painting their houses. sherman williams was great last year, and we think that can continue into this year because of the renovations that people are doing on the new places that they live in so yes, i think that that can continue again in 2021 >> and then one last thing, we've got 10, 15 seconds, how about the construction related names, pure play, cat and dear are they names you want to own >> those have been fantastic stocks if you look at the charts, they look like some of the hottest electric car companies right now. i think some of that's been pulled forward everyone expects an infrastructure play. i think i would let those rest a little bit before putting new money into names like cat and dear but they have been great

>> a lot of names in your portfolio. thank you very much, we appreciate it. that does it for us on "worldwide exchange," "squawk box" is next, tufures implying a 180 point gain at the opening bell

good morning, president trump ordering a travel ban on europe, the u.k. and brazil to be lifted but the biden team says not so fast we'll take you live to washington. janet yellen will tell congress that the u.s. needs to act big on the next covid relief package. maybe she said act bigly maybe not. we've got the details from today's planned confirmation hearing testimony. and big banks set to report. we'll hear from bank of america and gold man -- goldman sachs in

the next 20 minutes. it's january 19, 2021, "squawk box" begins right now. ♪ hello hello won't you come right in ♪ >> good morning, everybody, welcome to "squawk box" on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin, and you're going to see the u.s. equity futures this morning are looking pretty powerful at least at this point. dow is indicated up by about 185 points we have been up by a couple hundred points, nasdaq indicated up by 32 and the s&p indicated up by 27 or 28 points. this does come after both the dow and s&p 500 ended down last week for the first time in five weeks. and if you want me to explain why, well, every morning we sit around here trying to make up reasons for why things are higher, why they're lower, but lately almost always why they're higher the only thing i