most at risk and works for everyone, of all races, and urban and rural communities alook. today, i am formalizing the health equity task force that we announced in the transition led by the brilliant dr. marcello nunez-smith w.h.o. is going to ensure that equality is at the core of every decision we make that includes addressing vaccine hesitancy and building trust in communities as well as fighting disinformation campaigns that are already under way. above all, our plan is to restore public trust we will make sure that science and public -- that scientists and public health experts will speak directly to you. that's why you are going to be hearing a lot more from dr. fauci again. not from the president, but from the real, genuine experts and sign scientists we are going to make sure they work free from political

interference and they make decisions strictly based on science and health care alone. science and health alone, not what the political consequences are. vice president harris and i and our entire administration will always be honest and transparent with you about both the good news and the bad we will level with you when we make a mistake we will straight up say what happened and i said at the outset, the honest truth is, we're still in a dark winter of this pandemic it's going to get worse before it gets better it's going to take many months to get where we need to be progress from our plan will take time to measure as people getting infected today -- they don't show up as case counts for weeks. and those who perish from this disease die week after their exposure despite the best intentions, we are going to face setbacks, which i will always explain to you. but i also -- but i also know we

can do this if we come together. that's why ultimately our plan is based on unity. and all of us acting as one nation it requires families and neighbors looking out for one another. health care providers and business and civic and religious and civil rights organization asks unions all relying together on a common purpose, with urgency and purpose and resolve. it requires reasserting our global leadership, which is why i took an act yesterday for the united states to rejoin the world health organization and the re-establish our global pandemic office in the national security council it requires congress coming together to provide the necessary funding in the covid relief package and the american rescue plan that i will soon be sending to the congress. i know these bold practical steps will not come cheaply.

but failing to do so will cost us so much more dearly i look forward to working with members of both parties in the congress we are in a national emergency it is time we treated it like one. together with a national plan as the united states of america as i said yes in my inaugural address, there are moments in history when more is asked of a particular generation, more asked of us as americans, than other times. we are in that moment now. history is going to measure whether we were up to the task i believe we are the american people have given so much already. but i believe they are ready to set big goals and pursue them with courage, conviction, and honest, because the health of the nation is literally at stake. it is not hyperbole.

i am convinced the american people are willing as well to spare no effort, no expense, the ge this done what could be more important the more people we vaccinate, the faster we do it, then the sooner we can put this pandemic behind us, and the sooner we can build our economy back and build it back better and get back to our lives and to our loved ones. we can do this we can do this if we stan together, as fellow americans, and as the united states of america. god bless those lost souls from this pandemic, and their families, and all they left behind may god bless all of you on the front lines who define the best of who we are as americans thank you very much. now i am going to go over to this desk and sign these executive acts but, again, this the plan. this is the plan you can go on line and get it. i know it's a lot of heavy reading, but it is all laid out in stark detail here thank you.

this executive order i am signing is strengthening the supply chain >> president biden signing executive orders there, having just made some remarks saying we will get through this, help is on the way he had expressed that the death toll is likely to top 500,000 in the u.s. next month, he is pressing that while the u.s. is 4% of the world population, 25% of the confirmed covid cases and 20% of the confirmed deaths, and saying that it will take months before the majority of americans are vaccinated. in the meantime, wearing a mask is the single best thing to do and could save as many as 50,000 lives between now and april. some of these executive orders are designed to encourage more

mask wearing adding to the ones signed yesterday let's bring in kayla tausche to help react to this another executive order in space of mask wearing being added to the one yesterday. >> that's right, wilf there are going to be ten executive orders in all according to the administration all of them dealing with the covid response, which the federal government is taking back the reins on. when the trump administration originally assembled its own effort it was rather fragmented effort with up in of the responsibility delicate gated to the states the rationale at that time was that the entire nation wasn't seeing a surge of cases. it started in the northeast and then you saw it go across the south, then the midwest. here we are one year later and it is really the entire country that's seeing a a surge and a spike in cases president biden saying the results of this plan are not going to materialize overnight it is going to take several weeks for the actions the government is putting in place to show a material impact on

case counts and hospitalizations but nonetheless expressing confidence that this is the right direction to go in, a reversal from the trump administration's policy of locally executed, state funded tz, and federally supported where they really left the bulk of the responsibility to municipalities because they assumed that there was a different scenario on the ground in each of those locations the administration now saying that is not the case the federal government needs to centralize this and put the full weight of its resources behind this wilf and sara. >> kayla, one of the orders he is signing is calling on the defense production act to get more supply to make more vaccine and speed up the entire effort is there a thinking that it will have a material impact, that doing this, which is something the trump administration did not do, will actually work in getting more vaccines out faster >> well, it's something that the trump administration tried to do early on with respect to

ventilators and personal protective equipment you may remember, a lot of those companies involved being part of that early effort in april and may, around that time frame. w what the pieden administration is saying is they are going to be looking at agencies to look at 12 product categories, supplies like vials and syringes that are needed for vaccines also storage and transportation like refrigeration that perhaps you couldn't have anticipated a years ago that the country might need it. sounds from conversations with the administration this is all still at a very early stage. they are still taking stock of what exactly there might be that the previous administration assembled together and really what the state of play is for each of those items. i imagine they will be able to size up the stockpiles and fairly short order and figure out exactly what agencies are needed to fill in those gaps and what companies they will need to call on to produce them. >> we are just looking at the

live pictures of president biden now getting up from his desk an signing the orders with vice president kamala harris watching kayla, one of the other changes that he maids or that he talked about, the administration talked about is rules on travel, the sanction rules that the cdc recommends for people who travel to the u.s., negative tests for people who travel to the u.s was this not happening before? was it just not being enforced >> there are a couple different issues there, sara first the coronavirus task force under the trump administration had recommended before thanksgiving to reinstate travel between the uk, europe, and brazil the president waited on that recommendation and didn't sign it until just a you few days ago to take effect subpoenaingly early next week. the biden administration said no, we don't have the pandemic under control here one of the issues that had come up in the discussion with the previous task force was the cdc wanted everyone to be tested before they got on a plane and

coming into this country there was not agreement within the task force on whether that was appropriate in the previous administration but it sound like the cdc and that specific guidance has won the day under the new administration, at least according to what we have learned so far >> kayla tausche, thank you. meantime, watching the markets, we are higher, at least for the dow, the s&p 500, and certainly the nasdaq mike santoli is tracking the market action, as always technology rallying, mike. that's carrying all the major averages. >> it is, pretty unflappable market 1.4% gain in the s&p yesterday not a lot of give in overall indexes mostly because of those growth stocks. really the pullbacks this entire way, this very, very orderly two month or so uptrend when you only had a 2% or 3% pullback along the way. the corrections are happening locally today. small caps are pulling back. risk appetite tells, bitcoin lower. tesla is off its high.

transports down today, but the overall market rotated and stayed healthy you could say that's a perfect takeoff if it's an airplane or a roller coaster that's exactly of a roller coaster before it falls. look at the accelerator indicators we have this moment when we are all in and the "fast money" is aggressive kind of, this is a weekly index. it is active, tactical professional managers here this is about 112. it means they are leveraged long they are basically own more than the absolute value of their cache. there is essentially borrowed money in the market. it is basically a record high. it is not a perfect timing indicator on a contrary basis. in 2017 in particular this was very high and the market had this glide path higher the whole time looks like the action in january. finally -- two ends of the see saw, nasdaq 100 and small caps this tells you the nasdaq 100 made this huge surge against

small caps starting ten years ago. now we have give a bunch of that back people would look at this and say wow look at all the room for small caps to make up. or is this still a uptrend when you have big dominant growth companies taking more share of the economy and maybe there is not as much room for the small caps to make up that room. maybe in the short-term we have see how it hashes out. >> the flip side of today. joining us for more, liz ann saunders, chief investment strategist of charles schwab and rampal -- liz ann, a question on what we just heard from president biden and the slew of executive orders we are seeing as relates to fighting covid-19, how are investors viewing it it doesn't seem like the market, investors, have been too worried about short-term impact that we

are seeing on the economy and on live of this covid surge >> i think the executive orders were largely expected. but i think there is a more subtle shift that actually has been driven to some degree by the weakness we have seen in economic data, particularly retail sales, the most recent jobs report. and that may help to explain this rotational move back into the pandemic winners the stay-at-home stocks, whoever terminology you want to use. i think it may be reflective of this dip in activity of course driven by the virus. that's just the latest phase of what have been a series of rotations since october. >> rupa, you are not focused on the rotation based on recent months or even the last year but what's more likely to rotate based on the last decade, right? >> absolutely. i am a long term investor. when people are caught up in trying to win the battle, you should actually focus on winning the war, which is how do you

position your portfolio for the next decade. i don't think it is going to look anything like the previous decade so it is time the reposition. >> what does that look like exactly. >> and how -- exactly. >> i think there is a regime change that's underway if you don't pay attention to it, you can miss the boat. that regime change is that the days of making double digit returns by doing going long beta through passive indices was frankly the way to win in the last decade but thing are so rich around the world that beta is not going to result in big returns. it is alpha. it is stock picking. i think it is another asset class which is unconventional. that's the currency markets. i know all the attention is on equities and fixed income. but i think in a the u.s. dollar is likely to weaken significantly over the next decade having strengthened over the last decade.

that's another form of a regime change i think international equity investing will give you two sources of return. not only are the stocks cheaper, but you can also have currency appreciation more bang for your buck abroad. >> hmm liz ann, how are you thinking about the big picture over the next few years do you agree with that all this that a weak dollar to dictate which types of stocks globally outperform. >> absolutely. we have had a weaker dollar view for quite some time. this year we shifted between march of 2017 and november of 2020 a bias toward u.s. large caps, underweight small caps we eliminated that tactical view then in the beginning of the year based on our view of also seeing a regime change we went to an overweight developed international stocks and a few months prior to that, we went to an overweight to emerging market debt we also agree. that's typically what happens. when you come out of a major

combined cycle, meaning you get a bear market, you get a recession, you move into the next cycle, you do ten to have a regime change. we think opportunities, i agree, both for active investing to at least be on a more level playing field versus passive, also selling the notion of diversification outside just u.s. large cap, i think that's going to be to the great benefit of investor portfolios. >> rupa bring this together for us you picked out one stock in particular that captures that view for the next decade it is a bridgestone. the us about it. >> shurmt i have to say that even though markets in general are very expensive at the bottom of stock pickup there is plenty of opportunity bridgestone is leading tire industry one thing that i like about the tire industry, it is future proof, whether you go autonomous driving, electric vehicles, you are always going to need tires all of these next generation

developments, whether autonomous car or ev require a tire now the traditional compact car market uses 16-inch diameter tires. that is commoditized incrementally you see people wanting to drive bigger vehicles suvs, and thankfully electric vehicles because a battery causes heavier weight you need a higher spec tire to support the wait of the car and to have safe braking distance i think all of these strengths speak to the tire becoming more mission critical as a car component even if other car components get obsoleted bridgestone being a leading player will ben pit from this bankability of growth, of higher spec, which in turn means higher profit margins obviously because of covid all

companies suffered so the earnings corrected quite a lot, 50, 60%. we think that's not important. as long as you come back and drive your cars you will have to replace your tires n. that accepts, a tire is consumer staple there is no discretion in terms of replacing it after miles or a number of years. i also like the fact that the valuation is compelling. two or three years out we think that the company could earn what it made in 2019, which is a 400 per share yen eps. the stock is roughly at 4 thousand yen that puts it at a forward multiple of ten time i think they will resume the dividends to the tune 306% once they resume it, you are looking at a stock which is going to be a 4% to 5% dividend yielder and it's net cash value sheet n. a world where you are taking a lot of valuation risk akin to the tech bubble valuation risk in my view or you

are taking on a lot of corporate balance sheet risk the credit/debt tsunami around the world, in bridgestone you can bypass boast of them. >> rupa and liz ann thank you for joining us much appreciated. >> thank you. >> thank you for having me. up next, shares of truist off to a strong look in 2021 we will discuss the outlook for financials under the biden administration and details of today's earnings report. that's next. you are watching "closing bell" on cnbc. ♪ what do i do when my love is away, ♪ ♪ does it worry you to be alone? ♪ ♪ how do i feel at the end of the day, ♪

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welcome back truist shares are trading flat as we speak, this comes on the back of strong fourth quarter earnings the regional bank showed a growth in profit and wretch from the same period last year. joining us now is their ceo, kelly king thank you for joining us good to see you. >> good to see you wilfred hope you are having a good day. >> very good so far. thank you.

and only getting better. kelly, i wanted to start with loan loss provisions which of course has been a big focus of earnings throughout all of 2020 and this quarter as well for you and your peers you had a loan loss provision of $177 million for the quarter it fell significantly from the prior quarter though not to zero into benefit territory do you feel like the worst is behind you as relates to the economic cycle tied to the pandemic >> wilfred, all the dynamics are volatile right now and it is hard to know for sure, but, yes, we think that the clarity we see going forward is much better than just 60, 90 days ago. it certainly appears that the worst case expectant ewith regard to loan loss problems is much, much down. as we look forward, we feel much, much better about the quality of loans they are performing extraordinarily well and we really think the worse r

worse could easily be behind us? what about the volume of loans excluding ppp, down nearly 10% for you. s that that bot o.j. somed that trend. >> what is going on there, wilfred, recall that end of spring when we had the panic around liquidity, most banks, including ours that have large corporate relationships we had a huge draw dawn on all the lines. i mean, it like doubled overnight. that spiked up the loans early in the year. now of course they are paying it all back down because they are flush with liquidity and the combination the paydown on ppps and mortgage outstandings are down all of those are normal paydowns, it is not indicative of normal type of loan growth. >> have you actually started issuing new ppp loans as part this latest stimulus round, kelly? if so, just gauge for us how small business is doing relative to where we were a few months

ago during the previous round. >> yeah, sara, we started actually i think today you know, we have had a few dies work on it this is different. so we had to reconstitute all of the process and procedures and so forth but already we are taking applications we are basically going back to all the loans that got a round in the beginning to see if they want a second round. this can be a new application or can be a second round. that's under way it is hard to know based on early responses but for example, we did about $13 million, one of the top lenders in the country in the first round we think it might be more like $3 billion or $4 billion this round. in terms of what is happening with small businesses -- and this is a really bifurcated economy. the midsize and larger businesses are doing pretty well not great, but really relative to conditions very well.

it is the sexual smaller micro businesses that are really struggling what we hope is that most of the smallest businesses are the ones that will come in for thou round of ppp because they are really the ones who need it most. >> kelly, when you executed your merger to form truist everyone talked about it unleashing a wave of m&a in banking we haven't seen it yet do you think more would come this year? would truist be interested in any more smaller bolt-ons? >> i do. i think there will be a continued consolidation in the industry the reason is the same reason that we formed truist. there has been a dramatic change in the last ten years in terms of scaled business required to be a thriverer and our industry and frankly most industries because of signaturization, et

cetera you are beginning to see that happen i think you will see it more so as we go forward and i think it will be, over time, a continued consolidation, and of course i remember not too long ago we had about 20,000 banks in the country and we are down to about 5,000. but it will continue, maybe at an accelerated pace. we have our plate full right now. we are doing a pretty big deal, two $245 billion companies we will not be instituting in the short-term any large bank acquisitions but we are interested in boltons, short-term loans we are interested this some small technology types of companies. we are interested in acquisition, but nothing big right now. >> kelly king, thank you for joining us great to see you. still ahead mohammadel aryan will join us and talk about why thecome onic crisis facing the

biden administraton could create vicious cycles and the measures he thinks the biden administraton should take. we'll be right back.

welcome back time for a cnbc news update with sue herera >> hello wilf. good to see you. hello everyone, here's what's happening at this hour new york city police say they have caught a serial kill who are murdered three elderly women, all in the same building, including one on monday. they say 56-year-old kevin gavin was the handy man in the brooklyn housing project. in seattle, a federal judge has reject ed parler's bid the

restore hosting evers for-- hosg services th more acclaim for youth both laureate and the people she read at the inauguration. the president of a historically black university was impressed he offered her a job he wants her to join them as poet in residence. i am sure that's the first of many offers she will get she has become an internet sensation. i think she started the day with 1,000 twitter followers and ended with more than 1 million. still ahead, dr. anthony

fauci returns to the white house briefing room as the biden administration gives an update on the pandemic. we will take you there live. earnings from ibm, intel, and csx all on deck. we will tell you what to expect from intel's results they prepare for a high-profile ceo transition. a check on bonds yields are mixed to higher the ten-year leylanding at 1.1%. higher yields growth and momentum names working in this market we'll be right back. our retirement plan with voya, keeps us moving forward. hey, kevin! hey, guys! they have customized solutions to help our family's special needs... giving us confidence in our future ...and in kevin's. voya. well planned. well invested. well protected. it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets?

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home setting and found it could reduce the risk of getting covid when there is an outbreak in a nursing home for residents by 80%. the way they see it being envisioned is not instead of vaccines but in order the try to treat an outbreak and prevent others from getting sick they could move in really fast and potentially use it in that setting. they would have to get through the fda but it could be a tool alongside vaccines for prevention. up next, we will talk with cme chairman terry duffy we'll be right back here on "closing bell. [squeaky shopping cart] [sniffing] is the salmon wild-caught? she only eats wild caught.

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20d marks president biden's first full day in office earlier this week he announced hess nominations of gary gentsler for fcc chair and

chopra here to discuss is terry duffy for an exclusive enter view. welcome back good to see you. >> thanks, sara. appreciate it. >> you know gary againstler pretty well. he regulated you as head of the cftc what should wall street expect >> i don't think they should expect anything different. i think you hit the nail on the head gary was will in 2010 during the crisis and during the dodd/frank reform he was part of the architect on the dodd/frank legislation we had major financial regulation overhaul in 2010 which was just less than 11 years ago when that regulation came out why people would think he would do something dramatically different than what he did no 2010 wouldn't make much sense to me if he was new to the role i would say it would be a different story. gary is familiar with the regulation that was put in place because he was a huge part of

it i don't anticipate anything changes. the move major legislation in coming is a big lift this is like yesterday, 11 years ago, the financial reform regulation i don't see a lot happening. >> you don't see them trying to roll back any of the rollback has the trump administration tried to do on financial regulation, make it tougher? this was a post that elizabeth warren, the senator, has praised? >> i guess you would have to say, tried to do what did they do as far as rollbacks? how specific do you want to get? i don't see a lot of rollbacks the president announced the rollback on the keystone pipe lienline that's one example that he has already done i don't see that as a shakeup in the financial services industry. other than that i would have to ask the question what particular deregulation did president trump and his deregulation do for financial services

they talked about the volker but didn't make passive changes. >> what would have been your views on all the unrest in the weeks leading up to the peaceful transition of power? >> thank you wilf. i was extremely pieced to see the transfer of power. i am pleased to see george w. bush as the 43rd president, i was happy the see him and the clintons and obamas coming together i was proud as a zip and i think the financial services industry and other industries in the united states and around the world were pleased to see the collaboration amongst those four gentlemen. >> i think you, as many corporations did, reacted to the insurrection we saw on january 6th by pausing or suspending political donations. what's the thinking there? i am wondering how long that's going to last. are you suspending it? are you cancelling it to certain

lawmakers? it is not campaign fund-raising season right now i am wondering how much teeth it has. >> it is a good question sometimes we get remiss in locking at different things that we do. when i look at our political action committee, it definitely was a time to have an overpaulie haul of the pac. what we did and i included it in my statement is we wanted to make sure we give to candidates that have the values of a cme group. we never said that before, we always said we want to support candidates that are very pro markets. we still believe that but we want to analyze and evaluate the members of congress that values of cme that are not raesist, anti-semites that are not opposing the transgender community or any other community such as that the best thing to do is suspend it instead of trying to split hair asks say who you are going

to give money to, who you are not. you are going to take it away from the 139 who voted against the certification of president biden in the house and the seven in the senate? that didn't make sense we decided to success send it completely and go from there the insurrection was raik wakeup call to a lot of businesses and how they want to do their political giving we are no exception to that. >> i wanted to ask you about bitcoin. you have bitcoin futures yeah >> only in big contracts, though i wondered what you had seen in terms of action over the last month or so as it ramped up and now has pulled back off its highs whether the people that traded on our platforms have held throughout that because it is unlikely to be the retail trade given the size of contracts that you offer >> it is face nating what's going this the crypto world. our contract is five bitcoins better one contract. it is an extremely large institutional contract we did that on purpose

we are trading a couple billion of notional a day, every day of our bitcoin contract we are seeing record open interest and trade in it i mean there is a lot of interest in this we announced we are going to list a theory in futures coming up in february we are excited about that again, we are going to take the approach we are going to walk before we run when it comes to the cryptocurrencies we understand there are still some concerns by people out there, rightfully so but at the same time we can't neglect the fact in a the word is looking for different ways to conduct their commerce crypto seems to be one of those ways so we want to offer a risk management tool for those participants. >> thank you for joining us. >> thanks. united shares under pressure and the key metrics to watch for intel's earnings, due later today. that and more when we take you inside the "market zone. the s&p is up .2%.

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12 minutes left in the trading day. trading day, we are now in the "closing bell" "market zone. commercial-free coverage of all the action going into the close. cnbc markets commentator mike santoli leer to break down these crucial moments of the trading day. today we are stephanie link with us as well the dow, the nasdaq and s&p all higher for the day on track for record closes growth momentum names higher today. intel leading the bell with reports after the bell stephanie, have you been adding to your favorite positions as the market reaches new highs

every day, at least every week >> today was interesting yesterday was as well in terms of tech and momentum they being the leadership. i wouldn't be surprised to see that continue. but i wouldn't bet against the cyclical names wells fargo was a way overreaction down 8% i think the turnaround story is going fine it is going the take time. i bought union pacific no idea why it was down 4% today. i am looking to own cyclicals. i want to own technology but i believe the cyclicals are the story for 2021 because of all the stimulus that's going to get infiltrated into the system over time. >> mike, when you look at the action this week the nasdaq 100 surged 4.5% or so. what is driving that, do we think? is there still room for upside each without any real sign of any news for most of those names other than netflix >> it is really just a return to

the area of the market that hadn't done much we went sideways in the nasdaq the last couple of weeks before the last couple of days and the nasdaq stocks were ceding ground to the cyclical plays. the me it seals me it is a rotational market. it is keeping itself supported there is not broad based selling activity even on pullbacks nothing fundamentally is really driving things from here i think everybody is operating on a similar preppis high liquidity, we are going to get a upturn in markets. you are not getting new information. it is more of the same and we are willing to stay long is keeping this tape intact. >> united airlines shears under pressure after theory being quarterly loss. >> the reason they are under pressure is because there is no clear projection in terms of when this company will be back to cash flow positive, in other words break even and then in longer be burning threw millions of dollars every day it all depends on what is happening with covid-19 both in

terms of the spread and the vaccinations there is good news in their outlook they are seeing an improvement in advanced bookings people beyond the summer say i am wanting to take a trip i am booking a flight covid-19 is dictating demand that's why at this point there is no target for break even. here is ceo scott kirby from "squawk box" this morning. >> i think we will be the first airline to return to cash break even if you look at it on an apples to apples basis but we are not ready to project a big -- the inflection point and the turn in demand because we really need to get a critical mass of people in the country vaccinated and we also need a specific medical conclusion that it not only protects you from the virus but also protects you from transmitting the virus? nowhere to hide in the airline sector today they were all lower. they assault still are this is because everybody is saying the same thing. when do we actually believe demand will come back?

some are saying the spring some are saying it could be the summer who knows for sure. >> could be a long road. bitcoin down 18% in the last week guggenheim scott minerd on with us yesterday calling for a top in the cryptocurrency. listen. >> when we have a doubling of the price of an asset in the course of a month we are prone to having a setback here i think for the time being we probably have put in the top for bitcoin for the next year or so and that we are likely to see a full retracement back toward the $20,000 level. >> could go down to $20,000. but i think he's still overall bullish. he was the one who said it could go up to $400,000. not sure how he got to that number mike, how do you see bitcoin correlated with the stock market, the dollar still weakening, stocks are still going up about bitcoin moved down for a change.

>> it moved in sink with the risk appetite plays, tesla, the ev spacs and things like that but that's not necessarily an enduring correlation. the fever breaks every once in a while it gets over extended on a technical basis and then you see the gray scale trust trading massive premiums it is not sustainable. you have selling out of there by selling out of the trust and short selling it how do people get to $400,000? they are saying all the gold in the world is world x trillion dollars. if you take all the bitcoin in the world each one would be $400,000. >> is it a risk asset like most of the aggressive high beat

equities >> it's kinds of interesting that the number one question i get from investors at high tower is about bitcoin it is the most popular question. you could say, yeah, there is reason, it has been a great performer. you could also say it is probably just the sentiment is so skewed on one side, on the positive side. and it doesn't make much for this thing to fall back. i don't own it i am not involved in it. i do think it is interesting for the long term but it is not something that i would -- that i put in my portfolio. >> investors have been letting ready for a trio of big earnings from intel, ibm, and csx, all due after the bell appears intel has leaked early >> obviously we are waiting for the intel numbers after the bell but it looks like a media outlet broke the numbers and you saw the stock lift we have the formal release intel is reporting eps of $1.52 the street was at 1.10 revenue beat as well $20 billion. the street was at 17.5

segments, chips for pcs, better than expected, 10.9 billion. and dc chips for -- also better. the chips for servers are higher margin we have a statement from bob swan of course stepping down pat goelzinger taking the reins. bob swan saying we significantly exceeded our expectation force the quarter.kaing off our fifth executive record year he says demand remains strong and our focus on growth opportunity is paying off it has been an honor, he says, to lead this company i am proud of what we achieved as a team. i am going to comb through the numbers and i will bring you more later >> whether by design or by luck, it was below 45 recently. >> it was, cheap stock based on

current numbers. washed out sentiment before this run. if you look back multiple years the stock traded between the low 40s and 0 plus for a while it seemed like it was down in that for people to give it the benefit of the doubt bigger questions long term manufacturing plans, how they are going to structure the business all still to come i think that's going to require probably more clarity. but right now people underown this stock not liked on wall street sell side very suspectcal. >> do you see it as a turnaround play, steph w the new ceo? >> it definitely is a turnaround play it can only get better from here it is all about the ceo. we know the fourth quarter was going to be confused because pcs and all the idc data that we have been betting have been so strong the question is do they gave guide? i think they will probably give first quarter guide only and how bad is it? data center is losing share to amd and they have manufacturing problems and that's not going to change overnight

while i am always up for a good turnaround story i think there are other areas -- ibm i like that one better than intel the we will get to talk about it because ibm reports after the bell as well intel now leading the cow. two minutes to go in the trading day. mike, what do you see in the market internals >> it has been mixed all day we started down on some of the major indexes. on the knox new york stock exchange the breadth has been negative clearly right now 1.7 billion shares of advancing volume to 2.1 on the dee kleining side a little bit of profit taking even though the big cap growth stocks keep things moving on the earnings level mega cap growth has had a return to favor especially if you look attet against rpvs, pure value that's close to a 5% percentage point spread that's a catchup move for growth it has been left behind. the volatility index recede at

the low end of the range we have been in in the post covid trade. near 21. we did get around 20 this should bleed lower. if the market holds together it should have downward pressure on it but it is sticky with all the crazy stuff going on and call options as well, a little bit of an instinct to protect with put buying. >> just under a minute left in the session. set for three record closing albeit by small margins for the nasdaq, the s&p and the dow. the russel not joining in on the port down 3/4 of 1% today. it has been on a tear of late and it was at a record close yesterday like the others. sectors, led by tech up 4%. consumer discretionary and communication services only three sectors in the green energy down 3.3% recall the down 1.4% the dollar today seeing a little

bit of softness down about half a% in fact as we approach the close. oil down half a percent. bitcoin sliding some 10% during today's session. at the close we are seeing just enough gains for the s&p for a record close, up about three basis points the dow just dipped into the red at the close by about a basis point or two the nasdaq up about half of 1% so a record close for the s&p just, and nasdaq by half a percent and the dow just in the road. welcome back, everyone, to "closing bell. i'm sara eisen here with wilfred frost and mike santoli, cnbc senior markets expectator. look at how we finished the day on wall street dow slipped into the red in the last second or so despite intel coming out early, ahead of the bell, with its earnings after a media network seems to have broke ten embargo. the big beat, surged 7%. but the dow did finish lower

chevron, wall greens and boeing, the biggest losers s&p 500 did eke out a small gain a record closing high. technology consumer strugs and communication services which typically march together were the three sectors that are higher energy lagged. nasdaq did well, up half a percent. record close tech had a very good day, the faang names, momentum names all working. the russell 2000 index of small cams lagged after running up to record highs of its own. down almost 1% there we are moments away from ibm and csx earnings intel numbers looekd early we will have analysis of all of the numbers coming up. plus we are awaiting a white house briefing from president biden coronavirus ased a vier

dr. fauci to give a briefing on the covid-19 strategy. we will join it live when it begins first, to mike santoli, on a day of tech outperformance, leading the major averages higher. what drove those gains >> it doesn't seem as if it is news driven. you could argue that netflix's results reminded people of the earnings power of this group obviously they had not done much in the last few months to me, it is the market rebalancing and rediscovering what had qualified as somewhat defensive secular growth stocks. i don't know if this is a new trend. it seems like it is just a slippage in the ongoing broadening out of the market toward cyclicals to me it is a trend is a friend of your environment until it is not. yes people love this arguably a little too much but that does not stop a rally what have you made in

response to the early reporters of earnings over the last week or so? >> this earnings season more than most where you tend to see levels of 70% of beat is really sort of a shot in the dark we had exactly what we expected, which is a third quarter -- of economic activity. since the time that pfizer announced the positive trials that were going on -- have largely kept pace week on week with vaccinations. that continues, we expect that to continue. what hasn't kept pace with that is analysts on wall street and corporate executives moving those numbers higher, providing guidance the other thing, you had the financials lead, which is always an interesting asher the and now you have a rise in announced buybacks there is being to be more money floating into some of these growths. likely to fuel the growth story?

we will hit pause on that discussion and listen if in to the white house briefing room, jen psaki is speaking about to introduce dr. fauci. let's listen in. >> just to give you a bit of a run of show here dr. fauci will speak at the top about the state of the pandemic, the status of vaccines he will take some of your questions. i will play the role of the bad cop when it's time for him to go and get to the work of the american people and then i will do a topper and i will answer a bunch of our questions as well so there is lots to come after this with that, i will turn it over to dr. fauci >> thank you very much i am just going to spend a couple of minutes just summarizing the status of where we are and then maybe addressing some of the things that i know are on people's minds first of all, obviously, we are still in a very serious situation. i mean, to have over 400,000

deaths is something that you know is unfortunately historic in a very bad sense. when you look at the number of new infections that we have, it's still at a very, very high rate hospitalizations are up. there are certain areas of the country as i think you are all familiar with which are really stressed from the standpoint of beds from the standpoint of stress on the health care system however, when you look more recently at the seven-day average of cases -- remember, we were going between 300,000 and 400,000 and 200,000 and 300,000, right now it looks like it might actually be play thieuing in the sense of turning around. there is good news in that but you have to be careful that we might not be ceiling an aircraft fat of the slowing down following the holidays when we see that, we think it is uhl real one of the things -- it is interesting, i am sort of

getting a deja vu standing up here because i said something like this almost a year ago when we were talking about the acceleration of cases in the late winter, early spring of 2020 when we were having the new york city metropolitan area being the epicenter of what was going on that there are always lags so please be aware of that that when you have cases and then a couple of weeks later you will see it represented in hospitalizations, intensive care, and then a couple of weeks later, in deaths so you have almost a paradoxical curve where you see something plateauing and maybe coming down at the same time as hospitalizations and deaths might actually be going up so this is something that i just put on your radar screen it is not an unusual thing to see that sort of thing the other point i want to make is one that we are getting asked a lot regarding questions. that is what is it about these mute antants that you are heari

about. the mutants in the uk which we know are in about 20-plus states the mutants that we are seeing in south africa and in brazil. first of all, we need to understand that rna viruses like coronaviruses mutate all the time most of the mutations don't have any physiological relevance with regard to the function of the virus itself however, every once in a while you get mutations either singly or clustered in combinations that do have an impact what have we learned thus far? i want to emphasize thus far because we are paying very careful attention to this and sake it seriously. at least from the experience that our colleagues in the uk have the one that is this the uk appears to have a greater degree of transmissibility, about twice as much as what we call the wild type original virus. the one that is in south africa

is a bit different i will get to that in a second so it does look like it increases the transmissibility they say, correctly, on a one to one basis, it doesn't seem to make the virus more virulent or make you more seriously ill or kill you however, we shouldn't be lulled into complacency about that because if you have a virus that's more transmissible, you are going to get more cases. when you have more cases, you get more hospitalizations. and when you get more hospitalizations you get more deaths even the virus on a one to one basis isn't more serious, the phenomenon of a more transmissible virus is something that you take seriously. the next thing is does it change enough to interfere with the efficacy of a whole group of monoclonal antibodies that many of you are aware of. the monoclonal antibodies that are being used for treatment in

some cases and prevent since monoclonal antibody bind to a very specific part of the virus when there is a mutation there it has a much greater chance of obliterating the efficacy of the monoclonal antibody we are seeing in the much more concerning mutations that are in south africa and in some respects brazil, which is similar to south africa, that it is having an effect on the monoclonal antibodies. the real question that people are quite clearly interested is is what is the impact on the vaccine? and so far, literally, we have this new phenomenon that are preprint journals, people get data and put it in a preprint journal where it hasn't been peer reviewed. but it gives you good information quickly. ultimately it gets confirmed we are seeing them coming out over the last few days

what they are saying is that what we likely will be seeing is a diminution, more south africa than uk. uk, is that diminution in what would be the efficacy of the vaccine-induce 9ds antibodies. now, that does not mean that the vaccines will not be effective let me explain why there is a thing called a cushion effect if you have a vaccine like the moderna and the pfizer vaccine that can suppress the virus at a dilution of let's say of 1 to 1,000 and the mutant influences it by bringing it down to maybe 1 to 800 or something like that, you are still well above the line of not being effective. so there is that cushion that even though it is diminished somewhat, it still is effective. that's what we are seeing both -- certainly with the uk, which is very minimal effect we are following very carefully the one in south africa, which

is a little bit more concerning, but nonetheless not something that we don't think that we can handle what is the message? because someone could say, wait a minute, if you have the possibility that the vaccines are diminish,ing in their impact, why are we vaccinating people no it is all the more reason why we should be vaccinating as many people as you possibly can because as long as the virus is out there replicating, viruses don't mutate unless they representl replicate. if you can suppress that with a very good vaccine campaign, then you can actually avaid this deleterious effect that you might get from the mutations bottom line, we are paying very close attention to it. there are alternative plans if we ever have to modify the vaccine. that is not something that is a very onerous thing we can do that given the platforms we have. right now, from the reports we

have, literally as of today, it appears that the vaccines will still be effective against them w the caveat in mind you want to pay close attention to it. why don't i stop there and maybe just answer some questions on anything else that i said. yeah. >> how helpful would it have been if amazon got involved with the federal response to covid-19 before biden took office do you know about any plans for discussions ahead of yesterday >> no. i don't think i could answer that question. i would be waving my hands about that sorry. you know, one of the new things in this administration is if you don't know the answer, don't guess. just say you don't know the answer yeah yes. >> doctor, a couple of questions, if i might. i would like to follow up with you on what you just said about this vstrain in south africa has that strain made its way to the united states? what concerns do you have.

>> how much do we understand about it >> great question. thus far, it does not appear at all that the south african strain is in the united states however, we must be honest and say that the level of comprehensive sequence surveillance thus far is not at the level that we would have liked. so we are going to be looking very, very carefully for it. but given the information we have today, it didn't appear that the south african strain is here. >> okay. if i could just ask you about the effort to described the vaccines, because, of course, that's what most people want to know, when are they going to get a vaccine? is the biden administraton starting from strategy with the vaccine effort or are you picking up where the trump administration left off? >> no, i mean we are certainly not starting from scratch because there is activity going on in the distribution but if you look at the plan that the president has put forth about the things that he's going

to do, namely get community vaccine centers up, get pharmacies more involved, where appropriate, get the defense production act involved not only perhaps with getting more vaccines, but even the things you need to get a good vaccine program, for example, needles and syringes that might be more useful and that. it is taking what's been going on but amplifying it. >> president biden side what was left was abysmal, essentially. is there anything actionable that you are taking from the previous administration? and does that delay your efforts to get the vaccine >> no, i mean, we are coming in with fresh ideas, but also some ideas that were not bad ideas with the previous administration you can't say it was absolutely not usable at all. we are continuing. but you are going to see a real ranking up of it. >> one more final question you said most people will be

vaccinated by the middle of 2021 is that still your expectation >> yes, it is. i mean, i believe that the goal that was set by the president of getting 100 million people vaccinated in the first 100 days is quite a reasonable goal and when you get to the point -- and one of the things that i think is something we need to pay attention to -- and i quite frankly have been spending a considerable amount of my own time, is outreaching, particularly to minority communities to make sure that you get them to be vaccinated and you explain why it's so important for themselves, their family, and their community. if we get 70 to 85% of the country vaccinated, let's say, by the end of the summer, middle of the summer, i believe by the time we get to the fall we will approaching a degree of normality. it is not going to be perfectly normal but one that i think will take a lot of pressure off the american public. >> dr. fauci, you are one of the few holdovers from the previous

administration what has been your experience with this new team in your view, what would have been different in terms the trajectory of this outbreak from the start had a team like this been in place at the beginning >> well, i can tell you my impression of what's going on right now, the team -- i don't know if i can extrapolate other thing. but one of the things that was very clear clear as recently as about 15 minutes ago when i was with the president is that one of the things that we are going to do is to be completely transparent, open, and honest f. things go wrong, not point fingers, but to correct them, and to make everything we do be based on science and evidence. i mean, that was literally a conversation i had 15 minutes ago with the president and he has said that multiple times. >> looking back on your comments over the last ten or 12 months, is there anything that you would like to amendment or clarify >> no, i always said everything

on the face. that's why i got in trouble sometimes. >> you mentioned pharmacies. the new cdc director said today the goal of getting vaccinations into pharmacies by the ends of next month isn't realistic as had been previously suggested. when will most americans be able to get a vaccination in their neighborhood pharmacy? >> i didn't hear that comment. are you talking about dr. woe lenski's comment i didn't hear that comment i don't want to comment on the comment but what she may be saying is that for many people in this country who don't have access to a pharmacy, they may not be able to utilize getting things in the pharmacy i am not sure conscious i want to be careful because i am not sure that's what she said. we just had a conversation about how we are going to get vaccines to people who are in pharmacy desert areas where they don't have easy access to a pharmacy that's something we are working

on. >> just to be clear if you have access to a krsk or a walgreens when will you be able to get this vaccine >> in the spirit of not guessing i am not sure when that will be but we can get back to you on that. >> you mentioned the fall, you just heard the president say it is going to be several more months just to be clear you are saying by the fall the majority of americans you think will be vaccinated >> no, i didn't say that i said if we get 70 to 80%, the majority of americans vaccinated by then we could have a degree of herd immunity that could get us back to normal. the concern i have and something we are working on is getting people who have vaccine hesitancy who don't want to get vaccinated many people are skeptical about that so we really need to do a lot of good outreach for that i don't know what the -- the best case is scenario for me is we would get 85% of the people vaccinated by the end of the summer if we do, then by the time we get to the fall then i think we can approach a degree of

normality. >> on that mowtations that you were talking about a question about how exactly they increase transmissibility does it take less exposure time? >> no, what it is is you can do invitro in a test tube setting binding an affinity to the receptors which you have in your nose and your lungs and gi track. the receptor for the virus is called an ace-2 receptor and the facility or afippity with which a virus binds to that means it very likely will have a better efficiency of infection and replicate more in the nasofanks. that's how you make that determination, in the test tube. then you look epidemiologically and you see a spike going up in the sense of number of cases, and they sort of match each other. a virus that has the ability to easily bind to and replicate with your receptors is one that likely will spread easier. >> it doesn't mean that you

would have more viral load >> well, you could, yes. in exact it would mean, because if it binds more easily, it could replicate in the nasofanks more easily and it is likely you would have a higher viral load. >> does it make masks less effective? >> no. it makes it more of a reason to wear a mask. if you properly wear a mask, you should still be okay. >> the uk strain, do you have any idea how widespread it is in the united states? >> i think it is in at least 20 states that people have mentioned. the question that is asked, is it going to become the dominant strain or will the straps realready have prevent it from flourishing and being the more dominant strain? but it is here, for sure yeah. >> just a follow-up on vaccines, some state and local authorities are saying that they would be able to distribute more vaccines and they had more. is the biden administration now

trying to increase production by moderna and pfizer in the next six weeks? >> yeah. as well as to utilize what we hope will be another player in the field, the johnson & johnson as well as other of the companies. but, also, as the president has said in his plan, to do whatever he can to expand the availability of vaccines, whatever that is i mean, he said that he is just going to use every possibility, including the defense production act. >> can you explain the discrepancy between what some states are saying about needing more vaccines and the cdc saying a lot of vaccine is still remaining on their shelves >> i think that is something that we need to really take a close look at because that is sort of an inconsistent discrepancy. one of the things we want to do is find out why that's the case and if it is the case, particularly the thing that would be most disturbing if there is vaccine laying around

and people are not using it when others would need it i don't know the answer to that question but we need to look into night dr. fauci >> yes. >> you joked a couple times today already about the difference in -- that you feel in being kind of the spokesperson for this issue in this administration versus the previous one can you talk a little bit about how free -- how much different, do you feel less constrained what is the -- i mean you -- for so many times you stood up behind the podium with donald trump standing behind you. that was a different -- that was a different faelg i am sure than it is today. can you talk a little bit about how you feel kind of released from what you had been doing the last year. >> you said i was joking about it i was very serious about it. i wasn't joking. no, actually, i mean, obviously, i don't want to be going back over history, but it was very

clear that there were said be it things like hydroxychloroquine and things like that really was uncomfortable because they were not based on scientific fact i can tell you i take no pleasure at all being in the situation of contradicting the president. it wasn't really something that you felt like you could saying and there wouldn't be repercussions about it the idea that you can get up here and talk about what you know, what the evidence is, what the science is and know that's it, let the science speak, it is somewhat of a liberating feeling. >> you were basically banished for a few months there for a while. do you feel like you are back now? >> i think so. okay >> that's mike shearer, if you don't want to take questions from him -- thank you dr. fauci, for taking questions, we appreciate it and we will have him back again >> well, thank you, everyone, as i promised we will have a full

briefing from here so as you know, just a few moments ago the president also released a national covid-19 strategy and signed ten executive orders and other directives to move quickly to contain the crisis underpinning everything the president signed today and everything we do every day will be equity. highlights of those actions include an executive order to fill supply shortfalls for vaccinations, testing and ppe. the president directed agencies to exercise all appropriate authorities including the defense production act to accelerate manufacturing and delivering of supplies such as n-95 masks, gowns, gloves, pcr swabs, test reagents, necessary equipments and material for the vaccine. the president also signed a presidential memorandum to increase federal reimbursement to states and tribes for the cost of national guard personnel, emergency supplies, and the personnel and equipment needed to create vaccination

centers. an executive order that established a covid-19 pandemic testing board to bring the full force of the federal government's expertise to expanding testing supply and increasing access to testing an executive order to bolster access to covid-19 treatments and clinical care. establishing a comprehensive and coordinated preclinical drug discovery and development program to allow therapeutics to be evaluated and developed in response to pandemic threats sorry, i had to clear my throat. there is a lot here. he also issued an executive order directing the departments of education and health and human services to provide guidance on safe reopening and operating for schools, child care providers and institutions of higher education. an executive order on the occupational safety and health administration to immediately release clear guidance for employers to help keep workers safe from covid-19 exposure. an executive order to require

mask wearing in airports or certain modes of public transportation including many trains, airplanes, maritime vessels, and intercity buses and an executive order establishing a covid-19 health equity task force, something we had prfl announced, but making it official today, to provide specific recommendation to the president for allocating resources and funding in communities with inequities in covid-19 outcomes by race, ethnicity, geography, disability, and other consideration. these steps of course build on the actions we announced yesterday. i had an additional update some of you may have seen this come out late last night but i wanted to share with you that as a result of one of the executive orders president biden signed yesterday the acting homeland security secretary issued a memory dumb to review and reset immigration enforcement priorities for 100 days beginning tomorrow the department of homeland security will pause removals for

certain individuals this pause will allow the administration the review and reset enforcement approximately sees and ensure that resources are dedicated to the most pressing challenges and that we have a fair and effective enforcement system rooted in responsibly managing the border and protecting our national security and public safety i had one other item i just wanted to flag for you. about something the first lady is up to let me see if i can find it or i will circle back to it a little bit later. with that i am happy to take your questions zeke. >> there was reporting about the president's commitment to extending what the president's record has been. the president requested reports on the d and i and assessment of foreign interference in the 2020

election and the solar winds act. >> the president has long been clear that the new start treaty is in the national security interests of the united states this extension makes even more sense when the relationship with russia is adversarial, as i it is at this time. new start is the only remaining treaty contraining russian nuclear forces and is an anchor of strategic stability between our two countries. to the other part of your question, even as we work with russia to advance u.s. interests so, too, we work to hold russia to account for its actions the president is issuing a tasking to the intelligence commune for its full assessment of the solar winds cyber breach, russian interference in the 2020 elections, the attack on alexi navaly and the alleged boupty on u.s. soldiers in hafg.

that hopefully answered all of it >> how long is the president willing to pursue bipartisanship democrats are talking about a reconciliation process is there given the critical need for the aid the president is talking about, is there a deadline that he is giving to republicans? is it february 1st is it president's weekend, by which he will say -- [ indiscernible >> i am not going to set any deadlines on our first full day in office. hopefully i will have more on this for you tomorrow. we are going to be increasing our engagements. it has been ongoing even before the president was inaugurated yesterday. hopefully we will have more to share with you tomorrow on meetings, engagements, discussions that will be going on with leaders on capitol hill. and many members over the course of the next several days as i conveyed to all of you yesterday, his preference, and

priority, is a bipartisan package and working with members of both parties to come to agreement on that because he believes that the crises facing the american people, as we saw the jobs numbers this morning, the unemployment insurance claims, we put out a statement by our nec director in case you didn't see that. as we have seen in the reports from dr. fauci just a few moments ago, this crisis is dire and requires immediate action and we hope and expect members of both parties to work together to do that we are also not going to take options off the table. we will proceed with those discussions over the next couple of days. go ahead kristen. >> if i could follow up on that, there was some reporting there was going to be a meeting this weekend with the bipartisan group of lawmakers can you gave us any indication, is that going to happen with president biden or his economic team is that your expectation >> i think the reporting was around a meeting with nec director brian deese

i spoke with him he is definitely going to be engaging with a range of members different groups of members from capitol hill over the coming days we were working to confirm specific meetings before we came out here i hope to have more for you on that tomorrow. >> president biden has proposed this $1.9 trillion pac package you already have some republicans who say we just passed a stimulus plan, they are not going to get on board with this myth romney among them who says we just passed a prom worth $800 billion and some say the price tag is too big how does president biden expect to get this passed with bipartisan support and how does that fit with his broader message of bipartisanship. >> i think it fits perfectly with his message of bipartisanship he wants to work with daeemocras and republicans to face the crisis the package was designed based

on recommendations from health experts, from economists it has been applauded by everyone from senator bernie sanders to the chamber of commerce and there are specificist pieces in there that are meant to serve as a bridge for the american people including a large percentage of it that's for unemployment insurance, funding for vaccine distribution, something that is pivotal as we have been discussing here today. for reopening of schools part of the discussion we will be having with members is what do you want to cut this is a plan that he feels addresses the crisis at the moment. >> one quick follow-up on that the work of the senate is being held up by this dispute over the filibuster where does president biden come down on that does he think there should not be a filibuster so the senate can move forward with its work >> well, the president-elect spoke just yesterday as you all saw about the spirit of working together and bipartisanship to confront the four crises facing us

you have already seen him work with democrats and republicans and work toward a bipartisan approach to passing packages that address the crises we are facing that certainly is his priority and his preference that's what he will continue to work on on day two of the administration >> i want to push you a little bit more on that question. >> uh-huh. >> there is this call for unity that the president made in his speech yesterday but there has so far been almost no fig leaf even to a republican party you don't have a republican cabinet member like obama and president clinton had, the executive orders out of the gate have been largely designed at erasing trump executive orders up many of which the republican party likes and agrees to. he put together an immigration

bill that gives a path to citizenship but doesn't do much for border security. and you have a covid-19 relief bill that has drawn criticism. where is the actual action behind this idea of bipartisanship when are we going to see one of those, you know, sort of substantial outreaches that says, this is something that, you know, the republicans want to do, too >> well, i guess what i would send back -- there is a lot in there. let me do my best here mike, is unemployment insurance only an issue that democrats in the country want do only democrats want their kids to go back to schools do only democrats want vaccines to be distributed across the country? that's -- we feel that that package -- he feels that that package is designed for bipartisan support i will also say we have also had some positive developments on our confirmations and our nominees last night as you all saw, his -- the president's nominee,

now confirmed leader, first female leader of the intelligence community was confirmed with a vote of 85-10, 84-10, check me on that, but an overwhelming vote. we have seen progress today on the nomination and hopeful confirmation of lloyd austin so there is movement supported by both sides of the aisle, members of both parties. i think if you talk to republicans on the hill, which i know many of you do, they will say they are not looking for something symbolic they are looking for engagement. they are looking to have a conversation they are looking to have a dialogue and that's exactly what he's going to do. >> on that,s that president reached out to congressional leaders to sit down and discuss this relief package? will he be how much personal involvement is he going to have in this process? >> i expect he will be rolling up his sleeves and be quite involved in this process mary. yesterday was a busy day for him. as you know, his schedule was minute by minute and his family was here

but he was involved even before yesterday having conversations with members of both parties, picking up the phone and having those conversation he saw of course members of both parties. he invited leaders from both parties to join him at church. obviously that wasn't really a discussion about specifics of the bill but he did have an opportunity to talk about his agenda and working together on his agenda moving forward. but i think see him quite involved in the days ahead but you will also see the vice president quite involved you will also see policy leaders like brian deese and others in the administration quite involved and having conversations with both democrats and republicans. >> no plans right now to sit down with them. >> well, i think we will have more to share with you soon in terms of engagement of many of our senior officials with members of both parties. >> on the defense production act just to be clear, has the administration actually invoked the defense production act if so, can you spell out what changes we may see because of this which companies are being asked

the make what? >> well, let me give you a very specific example that helped really make it clear for me. one area is to acquire more low dead volume syringes what that does is these specialized syringes allow pharmacists and vaccinators to extract an extra dose of the pfizer vial making more doses available of course. it also prioritizes the defense production act raw materials that are used to produce the vaccine, so reducing bottle necks, and it enables manufacturers, us to empower and invoke i guess an action from manufacturers to make sure we have the materials we need to get the vaccines out the door and in the arms of americans in terms of obviously he signed it this afternoon. i will have to circle back with you what it means, if it is officially invoked in this moment or if it take some time we can do that after the

briefing >> on stimulus is the white house drafting a bill? >> in terms of what he announced last week, last thursday he announced his specific ideas and his vision but right thousand we are having discussions with members of both parties as we have for the last week about what that will look like. >> no bill draft coming out of the white house? >> i am happy to talk with our legislative team about that. i think important to the president was to outline his vision this is how the process should work the president outlines my igs vision, here's what should be in a package, let's have discussions, and let's see with what comes out in the sausage making on the other side. >> following up on what kristen asked i don't think i heard an answer about whether the president supports keeping the filibuster, where he sits on that has he talked to senator schumer about that i mean he served there a long time what are his thoughts on that? >> i think what i was conveying

to kristen is that the president has been clear he wants to work with members of both parties and find bipartisan paths forward. i don't have any more conversations to read out for you at this point in time. >>. [ indiscernible >> i have no more to add to my answer. >> on the impeachment trial, i know there was some talk about sort the senate doing both, both things at the same time, two things at once there is some reporting this afternoon that republicans are pushing to have the impeachment trials start in february where do you all stand still now on that? are you still looking for that both paths to happen at the same time would it be preferable to do that first are you okay with later as some republicans are talking about? >> we have been consistent that we believe the timing and the mechanisms for the congress and the senate moving forward in holding the former president accountable -- we'll leave that to them. what our biggest priority and

focus is ensuring that it doesn't delay the senate, congress, moving forward in conversation consideration, in discussion around the covid relief package that the president proposed last week >> thank you, jen. i have a question for myself and then a question for someone who cannot be here because of the social distancing? >> sure. >> my question is about this, unity. i heard from conservatives who are afraid that the president is going to try to pull back religious conscience exemption for groups like little sisters of thor pool the president pledged he would do that in july when little sisters won a case in the supreme court. the health and human services nominee about sara pursued that line of going after the exemption as attorney general of california what's the president going to do on that? >> i haven't discussed that particular issue with him. i am happy to circle back with you. but i don't -- there is not a change in his position from what i said earlier this summer

do you have another question into from adam longa of wusa 9 he says we saw the president warmly greet mayor bowser during the parade she is pushing for the d.c. statehood measure to be on the president's desk within 1-days will the administration get behind this bill does the president support it? >> i hate to disappoint you but i will have to circle back with you on that as well. there is quite a lot going on. i have not discussed d.c. statehood in the last 36 hours. >> i will look forward to hearing. >> thanks jen. i wanted to circle back on something covid related. i know the president has made a priority of resuming in-person learning in the first 100 days i wonder, is the administration offering information the states, opening schools, businesses, indoor dining -- >> we have been listening in on white house press secretary jen

psaki taking questions from reporters after her first full day as the new press secretary quite a different voib than what we used to get out of the trump administration in these press briefings. we also saw the return of dr. anthony fauci talking about the medical science that's going on in covid-19. two big headlines stood out to he moo he said it looks like new cases of covid-19 in the u.s. are starting to plateau. looks to see a plateauing in the seven day averages. he also talked a lot about the various mutations that we are watching, the uk mutation which he said is now in 20 states, the south africa mutation which he does say seems to diminish the effect of the vaccines but it is something we can handle. let's bring in medical correspondent meg tirrell with more meg on what we heard from dr. fauci along with some jabs at the previous administration. >> sara, you mentioned the different vibe

talk about dr. fauci unleashed, i mean he said it was a liberating feeling to be able to be up there and the just let the science speak. he did reference, at the urging of questioning from reporters that it was a different experience of when the president was standing behind him and he cited high droksly color quinn as an example that was not scientific fact being shared from the podium. even though he cited cases may be plateauing he warned us not to get complacent because hospitalizations and deaths tend lag cases. he wanted to make sure it was not an artifact following the surge from the holidays. he also referenced prepenned reports. and he said there are antibodie

reacting differently against the south african mutation rather than the wild information but the vaccines still works we have seen that coming out in the preprint papers. he did say we have not picked up the south african variant here in the u.s. but warned that our system is not where it should be. still ahead on the show, much more on today's after hours earn, including a deeper dive into ibm results that have come out after the bell we'll be right back.

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from our resume database. claim your seventy five dollar credit, when you post your first job at indeed.com/home. just want to show you shares of ibm they are under a pressure here after missing on revenue estimates for wall street. though big beat on eps the stock down 7%. we will dig into that move in just a few moments, talk more about ibm. a trio of big names reporting after the bell intel came before the bell that report was released early they were leaked it was better than expected. a both on both and top and bottom lines and a strong guidance issued. the suck stock surged 7% into the close. it announced its dividend up crease by 5%

>> let's talk more broadly now about markets. aliant's mohammad el erian joining us great to see you i wanted to touch first of all on the outlook for yields. clearly they spiked. they have now stabilized a little bit is that stabilization we have seen important for equity markets in the year ahead? >> it is and we continue to see the rapid steepening of curves that would have bad news for stocks in two ways, one in offering a bit of an alternative stream of income elsewhere, and two in undermining the discounted cash flow story what's really interesting is how quickly the central banks came in and said you know what, we want to preserve loose financial conditions we heard it again from the ecb so the central banks are responding, there are almost fine-tuning their policy interventions in terms of words

to market moves. >> are they going to be able to keep doing that if we get a trillion or two trillion as biden is proposing, more stimulus, mohammad, on top of the $900 billion that was just passed >> that's the big question and it is important for the markets to focus on that if -- i stress if because the democratic majority is razor tin in the senate. but if we get the fiscal package and if we get a second fiscal package in february, which we should, and the fed continues, and some of the excessive income relative to trend consumption comes into economy you are looking at 20 to 25% of gdp in terms of injection that will raise inflationary concerns keep an eye on that. i think what you will see the central banks ultimately do is change the pattern of what they

buy in order to suppress yields. but it is going to be harder if all this money materializes. >> if all of that happens, mohammad, do you want to be big gold do you want to be buying bitcoin? >> i think bitcoin is really tricky because there is such a big layer of speculation on on too much long term holders and you saw pushing to some combination where i would focus most is the content of the curve that is solidly anchored that you can have control over >> great to see you, as always >> thank you >> it's been a busy after hours earnings session we'll focus in on ibm's move which is lower back in a couple of minutes.

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. ibm out with its q4 earnings miss on revenue. shares are lower by 7% after hours. for more, let's bring in amile it was a big bottom line relief.

they restated giendance with a stronger outlook on cash flow and 20% growth in cloud revenue. what's your take >> yeah. you mentioned all the good stuff. the bad stuff is revenues are down software down dramatically that's a bit of disappointment that's one other part, to your point is good, there's an asterisk there when if i go apples to apples compare, about ago billion, a couple billion below ambitions >> so what are you looking out for in the earnings call they've been announcing some restructuring of the sales teams, also of course a new vice chair of the board what will you be listening out for? >> i've locked into corner at ibm, so maybe that's a good

place. structurally, what you want to understand is what does ibm or star stem that's happening other part, are these revenue heavens are having essentially customers driving better terms ahead of the spin potentially and is that going to be a big drag for them. and what kind of investments they want to make, m&a or r and d. >> i mean, does this company ever get credit? is it after the spin out for being a cloud company? it is a $25 billion, 20% growth, as i mentioned but in that top three. when does wall street give it credit, if so at all, for this hybrid business. >> it's a great question i'm sure ibm would like to figure that one out. to the extent we can start to see some degree of stable

revenue growth out of the model, you incredible in this i think consistent stable refuse knew growth, three, four, 5%, low single digit i think i can get that i think investors would so far >> my final question amit is ow tied they are to the macro environment and the outlook and the appetite for i.t. spending if we get five irks six percent growth rate, what does that do for a company like ibm >> it's a great question i think as long as there's a rising tide, it should come on board, including ibm gdp up by 6% or is it driven by profits? if it's consumer interest, maybe someone like apple if there's a corporate cost of living and infrastructure

spending happening, you should see an acceleration to a hybrid force narrativewhich would benefit really bell for ibm as we go forward. >> we'll leave it there. thank you for joining us >> thank you just been getting through the pay for 2024, j.p. morgan chase top brass. jamie diamond chairman of ce o's held flat. 31.5 million dollars that's 1.5 million dollars base salary, 5 million dollars in cash bonus, restricted equity bonus. i have been interested in this on the bottom line some of these banks did quite well, particularly in the investment banking. though in other areas with lots of provisions for bad loans you can not so good to see whether in a year which is so tough for the economy that these banks are so tied to, whether we would see

pay cuts or as is the case, clearly enough in there to feel like they should hold them flat. doug petnow, gordon smith head of chase and flat is an increase for daniel pinto, who heads the investment bank and the investment panic in particular had a great year wonder if that shows the likes of morgan stanley, goldman sachs to extent. maybe some of the retail banks don't. we'll have to watch as they come out. 31.5 million dollars for jamie diamond, so in interest for him. those were pretty strong in the fourth quarter >> it's not a good headline to come out in a year when we have so many millions of americans lose their jobs, covid, the fed has stepped in and all that, but it speaks to the disconnect we've been talking about

wall street versus miain street measures that congress can pass can get through to that. like unemployment. we're still in a hole for about 10 million since february. >> j.p. morgan has by revenue the biggest investment bank. this was a year for investment banks, not commercial banks. j.p. morgan also being a commercial bank. you can find the argument to spin it either direction, i would argue, for j.p. morgan it would be a harder argument to make for a wells fargo an easier argument to make with j.p. morgan or goldman sachs they've been tightly linked to ppp and other areas to help with the up and downic. i'm not surprised to see it held flat >> no. the comp levels have been at a going rate there's not a lot of swing from year to year at this point

you can make an argument that it was a tough year on the other hand, didn't give you raw material for much of an increase and i think they wanted to keep things more or less steady at these levels >> we are pretty much out of time here. record close just about. the "fast money" starts now. >> this is "fast money." tonight's trader lineup. tonight on fast, a tech double play intel and ibm on the move after reporting results. straight ahead plus retail ripping, dillard's and kohl's posting gains go lone or go home what a 50-year u.s. treasury could mean for your money.