tyler, look at these markets. there is a lot of steam here going forward. the nasdaq now up more than 3% you've got the dow up more than 2-1/3, the s&p up more than 2.5% this is a big boom starting in march. >> and the russell is up 3.5% as well we've got a new month, we've got a stimulus package and rates backing off just a bit that will do it for today. contessa, good to be with you. "closing bell" starts right now. >> welcome to the "closing bell." stocks booming to start the week jumping at the open and climbing high ever since. the dow up more than 700 points. driving the action today, vaccine optimism from the j&j emergency approval, but it's not just the reopening place, apple and tellsla up about 5%, the

nasdaq trying to recover from last week's losses economic data beating estimates. it's enough for a sea of green the s&p up 2.6% as we stand with 59 minutes left to trade >> every sector is higher by at least 1% coming up on today's show, we are counting down to earnings from two companies that have seen dramatic changes as a result of the pandemic: zoom and novavax. we'll bring you those results and we'll speak exclusively with the ceo of novavax about the numbers and the company's vaccine candidate. plus we have two great guests to help navigate the market volatility in today's big rally. we'll talk to morgan stanley's head of investment, daniel

simkowitz and oakmark portfolio manager, bill nynygren >> getting back pretty much all of last week's losses. the s&p 500, this is a similar move to what we saw in late january. it touched a 50-day average and slingshot high what we do have, though, it is coming right up in this zone where we spent much of february. 3925 or so we haven't really gotten past that on a sustainable basis, so there are people who say this doesn't necessarily have the look of something automatically off to the races in terms of new highs. we talked about growth versus value. take a look at march 1st of last year through september 1st of last year in terms of the nasdaq 100 against the high beta which

is cyclical stocks that's more than 40% performance, right look at the subsequent six months it's exactly the reverse you have high beta outperformed the nasdaq 100 by about 30-some-plus -- higher than that, more like 48 percentage points if we're at a place with yields backing off and everybody kind of acknowledging the economy is getting better, as to whether it's going to be a little less binary, may not be all growth, all value all the time today, as they say, everything is pretty much working we'll see if this goes through the month. this is a seasonal composite chart. this is based on an average year nothing else, no other factors you're kind of in here right now. we did have the weakness in the seasonal studies actually call for. we probably could have some more static as people look at the weekly chart and say, look, you still have to be careful here. right now it's buying with both

hands. aits it's kind of a fear of missing out where last week was a fear of rates >> fear of rates, and it seems to be going the wrong way. what do you also make of the reserve of australia, the central bank actually stepping in to step up its bond purchase program again to combat this global rise in yields we've seen there is chatter that maybe central banks, including the fed, could follow. powell speaks with the "wall street journal" on thursday. not sure if they would actually do that, but that does seem to be playing into the psychological impact here of rising rates >> central banks will always have more to buy than you are able to sell with bonds. if that's what it comes down to. the fed has been very hesitant to keep this specific yield type of strategy, but the general sense out there that the fed has been very explicit in terms of its own guidance of what it would take to move off their

very easy posture. the market is wondering if it's a little bit too conservative. the market is trying to push that question, but right now i think we're still in a zone where the fed is comfortable with 1.5% 10-year, and the equity investors can be relatively comfortable with it if it's not getting more on the up side in terms of yield. >> could mean better growth prospects. mike, thank you. we're getting vaccine news from twitter julia julia boorstin has the update. julia? >> reporter: they say they will apply labels to tweets that could contain potentially misleading information on vaccines and it may lead to curated content on health information. they will lock people's accounts for 12 hours after two strikes, and for seven days after four strikes if they spread misinformation around vaccines twitter has already removed more than 8,400 tweets with

misinformation about covid now with this focus on the vaccine, twitter says the strike system will help educate the public guys, back over to you >> julia, thank you very much. sticking on the topic of vaccines, the united states officially approving a third shot the fda authorizing johnson & johnson's vaccine over the weekend. meg tirrell has what's next. hey, meg >> hey, the johnson & johnson vaccine is different in that it requires just one dose it can also be stored in the fridge for up to three months, making it easier to store and distribute what can we expect in terms of supply more than 4 million doses are going out across the united states this week we could see the first vaccines received tomorrow morning and start going into people's arms, but it's going to be a little bit bumpy over the next couple weeks in terms of the supply we're not going to see any vaccines from j&j next week, but 20 million bit end of march, 100 million by the end of june

we talk to j.c. gorsky this morning about the ramp-up and why we're kind of seeing this pace here's what he said. >> whenever you do something like this, it's never lainear shot i think more than anything else, that should say something about our commitment to quality and we're very happy about the objectives >> hey, guys, this is a complicated process. we actually took a look at what it takes to make the j&j vaccine and how long that process is >> the process begins with cells being grown and replicated to create what's known as the drug substance. it's frozen at minus 60degrees celsius to preserve stability and then transported at minus 70 to production sites. there it's thawed and diluted, made into what becomes the final vaccine. then it's bottle sd into vials

a process called fill finish then it's frozen and shipped to j&j warehouses, all with quality foszs along the way. it takes 18 to 22 days for manufacturing. it then goes to seven countries worldwide. >> guys, a complicated process, but just being one shot, 4 million doses going out next week, meaning enough for 4 million americans. guys >> great news we're already celebrating. with these three approved vaccines, i know it's the case of the more the merrier, but will that be enough to get america fully vaccinated >> if all the companies meet their production goals, yes. we've ordered enough for 300 million americans from both pfizer and moderna, with j&j by

the end of june and the end of jewel for pfizer and moderna we've overordered for the u.s. as long as they reach their targets, we'll have more vaccine than we can use. morgan stanley closing a $7 billion deal today you're watching closing bell on c cnbc "closing bell on cnbc " on cnbc

so far four stocks of the dow zooming higher 682. the high of the session was 735. boeing is in the lead, charging ahead by about 6%. big reopening play there airlines also doing well the only two losers, crm, salesforce and walgreen's both down a little less than half a

percent. apple right near the top there at 5%. 270 u.s. stores of apple are now open in the u.s., first time we've seen that since march of 2020 remember, it was such a psychological thing when apple started closing stores they did it in china first and then in the u.s. we know what followed next now they're all open >> we certainly do only two stocks on the dow low today. very bold and very strong rally off last week's declines morganstanley made a deal of $7 billion. joining us now, dan simkowicz. nice to be with you. thanks for joining us. >> thank you it's great to be here this afternoon. >> we want to dive into the details of this deal, which congrats on closing today. and before we look forward with the deal, i'm interested on how

exactly it came about. were you looking at a lot of targets, and we know you were bidding largely against jp morgan how did that shake out in the end? >> we were looking to grow asset as well as wealth management for the last several years as morgan stanley transforms itself. we were looking at a variety of things we certainly didn't expect to get a call around eaton vance. it's a great company but when we d did, the focus was really on the asset strategy and the existing management business when we did more work, there was incredible elements to what eaton vance does as well as the morgan stanley investment management franchise they were growing fast we at asset management at morgan stanley were also growing but in

different segments of the market we felt that the culture would work ultimately it was about our view that we would be a great partner for eaton vance shareholders it would also make sense for morgan stanley shareholders, but importantly for the clients and employees of eaton vance i think we were a great outcome and partner for eaton vance. >> they're seen as kind of a traditional asset manager, but asp aspects brought you toward it, assets which aren't talked about very much? >> we believe their strengths are in real innovation in the marketplace where they added real value to our asset management business and to the overall strategy of morgan stanley, is that they are the leader in customization through parametric we think customization is a long-term secular trend. clients are going to want a

portfolio that is customized to their own tax situation, customized to their sustainability agenda, recognizing if they have diversification issues, especially around stocks that they may own around their employment or their entrepreneurship parametric is a clear leader in that the second one is, we feel strongly that sustainability is a long-term trend. and calvert is the leader and a pioneer. sustainability is not a fad for calvert. they were formed in 1976 around the apartheid divestiture movement so that added secular growth finally, fixed income is where we really wanted to build scale and eaton vance was a leader in fixed income, values, yields, bonds. that package did extremely well.

they're not your existing acting only manager, they have a lot of positives that they bring. >> that's a lot of positives particularly to fit in with what you guys might have already had. what i'm interested in is the price overall. often investment management acquisitions don't go that well, and the typical multiple is sort of nine or ten times over, one was lower than that and wells fargo below that you paid 13 times. did you have a lot to live up to on this acquisition? >> i think 13 times may be historical, and if you go back to august and september, asset management was very much out of favor. i think, as james has mentioned, you can't buy great quality cheaply. eaton vance is one of the fastest growing asset managers in the world

they were seeking out a great partner. we think the partnership is really significant so growth is the real driver of this transaction we think we can deliver between the second growth of our business and alternatives and active high conviction equities, but their customization engine, their sustainability brand in calvert as well as the fixed income side brings growth. and, importantly, versus some deals that are out there, there is a little bit of overlap so the ability to execute is something we feel very confident in we closed today way ahead of expectations, earlier than expected so the teamwork we've already seen from both eaton vance employees and morgan stanley employees to get us to this point is a great indicator >> dan, i wanted to ask you about another topic that's been hot in the news and that is the retail trading frenzy and how you're able to avoid attracting

some of the short-term money into the dennis lynch funds who have had just as good performance as the arc ets how do you do that >> well, i think -- again, the gain stop phenomenon, we're looking at whether it's in the high conviction public side of our business, in equities, counter point group you just mentioned or our private markets business we're evaluating companies over weeks and months and then owning them for years so we're very different than that sort of concept that's out there. we also don't do thematic funds. we certainly analyze long-term themes, we understand their implications on businesses, but we're building, you know, broad portfolios where we think we can find the best risk reward. we're not really bound by any theme, and increasingly, we don't like the value label or the growth label we like the deliver in great

value, long-term clients so far we've avoided the volatility in flows and the volatility in trading that you've seen in the market this year >> dan, sara mentioned that theme has been one that raised concerns as to whether market levels are a bit rich. others have been, of course, this back trend as well as bitcoin. you were formally the head of that at morgan stanley sitting there in an investment management position, do you feel it's fair when someone suggests the market is a britt frothy when we see the scale in those areas? >> i think it's a fair question to ask, there's no doubt what we try to do outside our investment management portfolios and decision making is every asset, every transaction one by one. and so there is clearly going to be some transactions or new companies that come that are going to be very, very

attractive we think that is a hallmark of today's market, today's ipo market i think it differentiates itself, versus, let's say, some elements of 2000 but you do get a little bit of follow-on and everybody joins the party, and that's where you have to be very disciplined. transaction by transaction, company by company, and that's the hallmark of what we try to do at morgan stanley investment management >> what kind of market is this, dan, for active versus passive funds? we're starting to see some actual performance for like a decade how do you view the outlook? >> we believe we're in a period where active can really shine. if you look at the active outperformance of the last 20 or 30 years, it is quite cyclical this is a setup where we think this occurs.

you need to distinguish at the asset class and at the company level around that marketplace, so we're seeing that in our performance numbers both at morgan stanley investment management but also at eaton vance. one of the things that we've been very impressed by is the client support for the transaction. morgan stanley had client inflows in investment management in the fourth quarter of $25 billion. eaton p vanvance last week just reported record ebm but also client flows i think that kind of attraction, the performance our teams were delivering was a great support in the transaction between announcement and closing >> dan, just to finish off, we'd like to get your view on bonds reports over the weekend saying bonds face a bleak future, and rates have already risen quite a

lot since you closed and priced the deal just interested in your outlook there and whether, again, i guess referring back to the price of the eaton vance acquisition. >> we think the question of how does fixed income fit into a portfolio, a long-term portfolio, is one of the biggest questions we're working with clients on the eaton vance transaction where it has value add, higher yield fixed income is a real asset. even the move in yields the last two weeks still only yields 1% 1% is really challenging for savers, pension funds, insurance companies. in that context you have to go into more value-added fixed income whether it's high ield, loans, money market debt, or in the case of morgan stanley investment management, our private credit funds you can't just follow the ag index today. you have to look at other parts

of the fixed income market to build the right portfolio given how low the overall yield situation is still after the move >> dan, thanks for joining us. congrats again on closing the deal today >> thank you, sir. thank you, wilford on the show we'll talk about today's big rally when we talk to portfolio manager bill nygren today's top-searched tickers. the 10-year yield right on top along with tesla, gamestop, byd. apple gaining ground tesla is at 5.5%, but gamestop is up 26%, building on a rally we saw last week of about 150% we'll be right back on "closing bell." mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position.

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34 minute left of trading. big gains on wall street analysts are bullish there is more room to run in some pandemic winners, wayfair saying while buying from the pandemic is likely to slow down, wayfair has emerged stronger as a leader they're up 18%, up more than 400 the last year. draftkings to a street high. draftkings' solid earnings and the fact it turned a profit in

new jersey last year, that stock up 10.3% time now for cnbc news update with rahel solomon rahel? >> hi, sara, hi, everyone. the senate judicial committee has advanced merrick garland to be the next u.s. attorney general. he now has to be confirmed by the full senate within days. a top official at the world health organization says it's, quote, unrealistic to think the pandemic might end this year he says that vaccinations are likely to help reduce hospitalizations and death but that countries must remain focused on lowering new infections three-time defensive player of the year j.j. watt has found a new home with the arizona cardinals. he has reportedly signed a two-year contract worth $31 million. a new study finds that eating fruits and vegetables does in fact help people live longer and lowers the risk of cancer and heart disease, but researchers found beyond a certain amount, the benefits didn't increase.

watch the news with shepard smith tonight to find out what doctors are recommending sara, here's a little hint it's still quite a lot of fruits and veggies, a lot more than people consume, myself included. i'll send it back to you, wolf >> thank you very much. switching focus, a busy day for goldman sachs. they're losing two executives, omar ishmael and david stark second, a separate and more high profile departure, co-asset management eric lane leaving to be the new president and ceo at tiger global this means the second committee departure in the last six months, given gregg lemkau

departed last year this one was less discussed with management they were taken by surprise when they heard of the move i say somewhat because david solomon had been discussing the reshuffle of the management committee and the different business lines over the prior couple of weeks. and, sara, the interesting thing here, i think, is losing two people of this caliber is a disappointment provided, though, it doesn't continue along those lines, then these are both very applicable departures, both lemkau and eric lane, too. >> so how big of a blow taken all together is this it doesn't look like investors are concerned. stocks are at 3.5% it's trading at a record high and it's done better over a longer period now, about a year, than a jp morgan what does it ultimately mean for solomon's leadership and for the firm >> i think the key point here is

that as long as it's two standalone, we have one standalone and now a second, i don't think it means a great deal for the business. the business is performing well the last couple quarters in particular are showing that, but any leader doesn't want to establish a trend when senior talent start to leave. now, it's interesting, if you look at these ages, gregg lemkau in his 50s, eric lane in his 60s, both leaving departments at goldman sachs with a path to one day being ceo, or an uncertain path as any business with lots of hurdles in front of them, and they decided to go on to greener pastures that's not something any ceo or management team would want to see proliferate beyond just a couple, but since it is just a couple, the stock price is able to rally in light of it. >> yeah. adding to the dow's gains today, it is up sharply

only two dow stocks lower. much more on this huge market rally as we count you down to the closing bell with less than just 30 minutes to go. plus the novavax ceo discusses their earnings yields are mostly lower after last week's big spike. the 10-year yielding right around 135 last year it got as high as 161. we'll be right back.

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. the dow is up about 630 points exxonmobil higher today after announcing that jeff ubben will

join the board he told me what exclusive capital considers when getting involved in a company. >> what we're looking at is an intersection where externalties start to interfere with the price rate mcdonald's is at an all-time high, so while that's a risk that may not be incorporated in the stock price and there is no return to go after the externalities of that business right now, there may be in the future for now the stock price is the signal, it's the return dynamic and it's the failing, the environmental social failing we can fix when, in fact, it's impacting the stock price. >> along with evan, come paq's e

will come in sam, did this change the thesis, the case against exxon >> i don't think so. mr. ubben made a point in that clip that you could attribute the underperformance in exxon to the lack of an esg strategy or one the market is not underwriting you could also attribute it to the fact that oil prices went negative last year there is a lot of cross currents involved, but one thing that is intuitive is if they did have a more firm strategy around esg, it couldn't hurt >> what does that mean they would probably say they've been putting out lower emissions targets and putting lots of things in their annual report to respond to greater pressure that's now become public from a number of investors to do more on this front.

what changes >> one thing that's been consistent feedback from a market we've been getting and one thing that stands out, if you cover the company long enough, it has this tremendous capacity in applied sciences there are a lot of people that work in the company, there's a lot of phds. there is probably not a good reason why exxon is not the leader in every sort of vertical people associate it with eng, whether it's hydrogen or batteries or anything else other than they just haven't seen the return there for themselves quite yet. so if there is an opportunity to outline those returns and communicate them to management and apply the company's capacity in this regard to some verticals that the market is really ready to sponsor and get excited about, there is probably some upside opportunity in this stock which i think was sort of a part of what his original comments are. >> is it realistic for an esg fund to buy exxon on legitimate reasons rather than just large positions in index funds and factors like that in the next

decade or will oil and gas still be such a big portion of earnings that these are all only going to be very small attempts to change the direction of the oil tanker, for want of a better anecdote? >> it could be both. it's very likely there will be another cycle in the oil market in the next 10 or 20 years oil profits funding the energy transition or alternative energies is probably the most esg-friendly story that's possible that's not to diminish what exxon can accomplish in the oil and gas base, because they can still grow in that field at really high returns, but i think there is room in global energy for both this isn't a new issue, this is something people have been talking about for a long time. as emerging markets kill, as per capita function in these countries gets to ocd levels, it's going to be hard to find enough traditional energy to accommodate that

commodities will be swcarce. it's going to require a lot of different solutions, also require a lot of money and oil and gas can survive in the long term stocks take off. a new interest in the spacs space race we'll be back in a couple minutes as we go into the market zone before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.

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cnbc market commentator is here, and we have barbara duran back as well. nice to see you, barbara we'll kick off with the broader market stocks are surging into the close. all day long the s&p 500, the dow and nasdaq seeing largest gains since november last week stocks sold off on this idea that higher bond yields were happening too quickly and had downside effects for valuation and for growth, and this week it sound like the narrative is they're friendly for growth, they're a sign that we're looking at better days ahead, and central banks can always step in if they get too high so why is it such a shift? >> they stopped going up the 10-year was surging to 1.76%. we've kind of gotten through that little selling panic in bonds, so the trend is

moderated. i think what was going on last week was the rise was definitely pressuring big growth stocks at the same time as we were talking about at the time, the financials and the industrials and all the cyclical year stocks had just run a little bit too hot and they had to cool off at the same time growth couldn't pick up the slack. that seemed to be what caused the 2.5% drop in the s&p last week, basically those things working against the market, and today both have been relieved to some degree. growths participating today. again, it only gets the s&p back to where it was a week ago friday, so we've still been kind of treading around this same territory. but sometimes the market needs a little bit of a slingshot effect, the pullback and getting people to feel smart for buying into the dip as opposed to just chase tg ing it higher. that's what we seem to have today. >> does it show that you buy the dips for the stocks you buy in

the months ahead >> yes and no. the last few weeks you had inflation here and you had to go through all the data points on what you think about this. i expected a spike at one point, not this soon. inflation will back up somewhat because economies are expanding. rates are rising for good reasons which is what's happening now. inflation, i'm not sure where real inflation will come from. it looks like biden will get his stimulus very close to what he wants, but that's really a short-term effect, and i see that as plugging the hole. we still have big holes in this economy in terms of unemployment and certain sectors shut down. but you look at in the past pre-covid when unemployment was at 3.5%, and the fed was having a hard time even getting to its 2% inflation target. those forces have not changed. that led to that amping up of

technology and ai and great integration that's happening i think inflation will pick up a little bit, but not enough to derail or get the fed off its commitment to lower interest rates. by the way, last week, even when rates popped up, you still had real negative rates. we have a long way to go before it's a real problem. >> airline stocks taking off today as united makes a big plane purchase phil lebeau for the details. hi, phil >> the united news coming early this morning it's going to be expanding its fleet of 737 maxes, not only ordering 25 new maxes in addition to what it already has, but speeding up the delivery of the existing order, so when it's all said and done by 2023, the airline will have more than 120 737 maxes in operation for boeing this is more good news for the 737 max as it gradually increases production of the max and think about this since early december, they've

logged more than 125 orders for the max. huge improvement compared to a year ago or 18 months ago. and, finally, as you take a look at the airline stocks, again, they're all moving higher on this reopening trade that has been out there for a while they all seem to be kind of flut t fluttering around in this range where they're up a bit, going down a bit still higher than they were a year ago sara >> i'll pick up on that, phil. still significantly off those highs a year ago, as you mentioned, and mike, they've rallied pretty aggressively. the question is, have they taken on a lot of debt at the same time that makes this rally a little questionable? >> most of them have the entire market, all of corporate america has taken on a ton more debt. if you've taken in a ton more debt and yet your revenues are going to be growing and it seems like the economy is generous enough, it's going to let you keep rolling it over, then

that's good for equity holders, right? a more leveraged company will announce shareholders. i think it's moving toward incremental progress in reopening. there is not a lot of math going on in the day-to-day trading in the airlines, but obviously benefiting toward the obvious move of this accelerator reopening idea >> while we have you, we have to talk about the ev chargepoint. it is falling in this market >> you have to have the infrastructure in place and chargepoint is one of the main players when it comes to charging networks, both public and private. here's what they have. they have 132,000 charging locations in the u.s. and europe, really worldwide, and again, public and private. you might see this at a target or other retail location you may also see it at an office building they expect to grow with e.v.

demand here is the ceo talking with us this morning about what he expects over the next couple years. >> as consumer confidence starts to really take hold, and actually, consumer skepticism about the long-term value in driving a gasoline car, that is going to move in the adoption rate furiously >> not surprisingly someone in the e.v. business believes the adoption rate will dramatically increase from here remains to be seen if that is the case by the way, guys, we are expecting about a million e.v.s to be sold annually in the united states by 2025. 221,000 were sold last year. again, this is the latest fact in that ev space where so many investors, prior to when a company actually starts trading, pushes the blank check higher, and when it actually starts trading, that's a little more volatile see what the spac index has done

post deal. >> maybe we should launch a cnbc spac. that's a good idea >> just about everyone else has one. bash, tesla is up 4% right now, gm and apple is also up. how are you playing this space, if at all? >> i had not been investing in gm, to my chagrin, and i think they are going to be a major player they're doing all the right thingsl not in tesla i still find it tough valuationwise. but i think that ev space will continue to expand there are so many players coming in, and with chargepoint, they have to. they want to get to 2.5 million

charging stations and they'll need the funds to do t. it will be chicken and egg their success will be driven by auto penpenetration, and auto penetration is given by availability ev is still a safe way to play and you still have substantial growth ahead two more space cos -- commercial space rocket lab will go public in a $4.1 billion deal. it's up about 37% right now. rocket lab is among the elite few to already be launching payloads to orbit, having completed 16 missions so far with its small and inexpensiveie ele

electron rocket. they have a deal to produce a smaller rocket and even taking people to space. >> the next program, which is a very large launch vehicle, and also gives us some public currency to do some of what we really want to do. we're looking forward to doing that in much greater vigor to really build out a pure play space company. also today, satellite maker and rocket lab inspector they are emerging in space as a service industry nasdaq is up about 5% flight this adds two more names to a best of yo burgeoning space start-ups the others, black sky, virgin

galactic that we focus on so often, at least from a space industry, pioneered this going forward, guys. >> mike, two more immediately come to mind, a couple more due to come. when do we get to the point where there is enough supply out there that we start to see some of these stocks pull back? >> you would think maybe the supply would start to pressure things already, but there's been massive inflows, both in terms of small traders and even into regular equity funds it seems to me that spacs, one of the selling points for the company being acquired is you can make any kind of projections you want the less mature the business with the bigger opportunity they're pursuing, which is why with a space company, you can speak about your addressable

market and it makes sense. there is retail excitement for general businesses in this area, and that's why i think it's also working, because there is commercialization progress that is really tangible at this point. >> a little over two minutes to go, mike, before the close we've seen the dial come off we were at about 35 when we started the trade. we're at 572 for the dow pretty strong rally. why do you like the internals? >> earlier today it was more than 90% all volume was on the upside that is a very, very key kind of thrust signal for future gains we're still very, very strong. as you can see here, 30.6 billion shares on the advancing side of the new york stock exchange want to take a peek at bircher hathaway remember, it's the biggest company in the financial sector in the s&p 500

it's a malice sieve cyclical play with the railroads. also, by the way, apple is up 5% today and nobody owns more of it outside the company than berkshire. usually it's a pretty good day for the market when berkshire is making new highs the volatility index took a real tumble today remember, we had a little bit of that spasm of anxiety last week up toward 30 and now we're back in this comfortable range we've been in for a while. around 23 right now, wolfe >> we're off the highs but a resoundingly high rebound from last week. the high is 735, so that's nearly a 2% high the s&p is up 2.4% and the nasdaq nearly 3% high. russell leads the way at 3.3 all the sectors are higher and higher by at least 1%. real estate less than 1% but it's still green

leading the financials, tech, energy, kind of a broad range of different types of sectors highlighting how broad it's been gold is down 0.4%. treasury pulling back, 1.3 on the 10-year. 2% on the s&p, 2% on the dow and 3% on the nasdaq wow, best day since june for the s&p 500. closing up 2.4%. welcome back, everyone, to "closing bell. i'm sara eisen take a look at the dow closing higher, 603 points biggest contribute tore to the dow's gains was boeing the most dow stocks did close in the green. s&p 500 up 2.4%.

had its best day since 2020. best day for the nasdaq since last november, and it was its third up day in the last four. the russell 2000 index of small caps 3.4% higher on the day treasury yields backing off from their highs we saw last week certainly helped calm those nerves about rising rates. coming up this hour, noted fund manager bill nygret weighing in on this market he'll name some names about the recovery for you as tech and spacs grabbed today's headlines. i think he'll reject those as a traditional value investor realities fof rallies from

the pandemic-related businesses today. plus we'll speak to novavax ceo about the vaccine. plus, let's talk about this big market rally day barbara duran from capital partners is still with us. megan shue joins us with the discussion mike, very strong rally. in some places knocking out what we saw last week >> not quite really rushed back up to this area, s&p level, 3,900 we spent february there just trying to see if that was going to be either a ceiling or platform for something beyond that last week when the market did have its shake-out, the markets never did really flinch, so that seems to say it really wasn't that much of a macro story you reminded me of the s&p day

since june 5th june 8 was actually a short-term peak the next monday i'm not saying we have something similar right now, but we do also have a lot of pricing in of momentum on this sort of spring-loaded recovery story with a more full reopening i think the question for the market is how much of that is built in already >> to that question, megan, does the u.s. economy rebounding mean cyclicals will continue to outperform or have they rallied enough in the last three or four months that profit needs to be taken there also >> yeah, we've recently added more to some of our cyclical positions and cyclical managers. we do very much think that the economy is at a pivotal point, and we can see it sharply inflect higher over the next couple months. i think this is going to be a market that similar to today, over the next year or so, we expect it to be a little less on

growth versus value, which frankly has taken a little oxygen out of the room in terms of conversation but more about fundamentals, more about cyclical we think they're going to go there. we'll probably see quality underperform in this market as well as we see pent-up demand move toward services and other parts of the economy that have really been just totally closed off. so i would avoid swinging one way or the other we're really remaining pretty well balanced to growth and value, but also watching, as i said, some of those other factors that i think are going to play a bigger role: size, quality and things of that nature >> as i said, today was a day for that where both those strategies worked, barb. financials up 3% -- actually, it was technology technology and financials both rallied more than 3% those two have not exactly been

doing the same thing all year. tech is up 3%, financials are up 12%. is it an either/or situation, and if so, which one >> i wish i knew i think megan is right you have to be balanced here if you saw what happened the last few weeks when there was a big inflation fight, all the high flyers were being clocked apple, microsoft, facebook, whatever they were people saw high, multiple stocks coming in. let's face it, there is every epic class you look at is at the top 5% of its valuation for the last 20 years. there are no cheap stocks. but there are cheap stocks and there will be this ongoing volatility where last week you got opportunities, and i did add across the board in lots of names, because i said, okay, we've seen this before i don't believe inflation is going to be a major factor so you add there on the cyclicals, you have the same issue they have gone fast and furious

as have emerging markets and commodities. i think you can wait if you're not positioned at all, you start to nibble. those could be there for a while or have a correction as well all is well for a balanced approach where you have both your growth names, which have long-term secular stories, and the cyclicals because there clearly is a cyclical play going on and that might continue for a short pause, we might be due for that novavax quarterlies just out. let's get to meg with the numbers. hey, meg >> hey, cheryl this is an unprobable company that will probably change its numbers soon for the covid vaccine. reporting a larger than expected loss $279,000 over $900,000, but this

is a company turned around by doing work on the covid-19 vaccine, and they are laying out a status update on that vaccine through the process and the regulatory process they say they're doing rolling submission they could file there in terms of the second quarter. they're phase 3's, expecting results in the second quarter with an intentional university filing to follow they say they should be able to get to a run rate of 2 million doses in one year followed by 2021 and also evaluating for variants with the variant vaccines, they plan to start human trials midyear this year. this is a turnaround story of the century in many ways because of their work on the vaccine, and you are seeing yours stack up there, 4% after hours

guys >> meg, the question is, i guess, whether in the next couple quarters they do get holed back into profitability in a way that isn't obviously the case at the moment, nor does it matter at the moment, as you're saying >> yeah. i mean, with the capacity that they have, they can make a lot of vaccine the question is how much money will they make from that vaccine? pfizer and moderna which are doing this on a for-profit basis. pfizer forecast $14 billion for its vaccination this year, moderna more than $18 billion in sales. novavax has no obligation to provide vaccine for covax, so it's not clear how much money they'll be making on that. i guess you guys could ask the ceo. >> and we will do just that in just a few inutes. we have an exclusive with novavax's ceo. meg, thank you j&j went up half a percent

today. how do you treat these shots they've been around for three decades when we need it now, but isn't this interesting to you? >> at. i think that there may be more because you get momentum most vaccine makers don't make a lot, the margin is not great at this point i think these stocks are really recording best case in terms of what's happening out there. when you're johnson & johnson, it's a much smaller part of their business so it doesn't move the needle, no pun intended, that much. i think if you only thought you should be trimming -- actually, more than trimming, probably selling certain parts in

position >> let's go to some neighbors. just as investors were respected. beating on all fronts, kohl re n new. revenue grew 2-- a revenue customer group is a company with more than 10 employees they grew more than 70% year over year. quarterlies, they also jump to 70%. you see the stocks soar 6% on a

10% gain in the session. ups also better than expected. for the full year, revenue and epf also above estimates this is 30% from its all-time highs but really taking off today. it's really getting ready for an eventual return to offices with its hybrid offices with zoom at home >> don't miss the -- let's bring in richard dal lu rio. clearly the market likes it up 5% do you like it as snch. >> yes, and thank you so much for having me.

i thought it was -- the main worry is about the guidance, right? what is the growth it's unlaheard of to be able to grow off such a tough repair i think all the metrics i look at are very, very strong and i'm not surprised tosses the stock back up. in fact, i'm surprised the stock isn't back up in the aftermarket. >> explain the $600 price target and what a fair valuation is even if you do expect momentums to continue, or fair >> it's a good question. with a stock i think you have to be very thoughtful about long-term trajectory the way i think about it, a, this is a quick way to think

about having work for every vocation also, i think zoom will get more into this. they already got into zoom phone, but i expect them to do mes messaging, so i can't think. that's how i arrive at this. >> a very clear beneficiary of lockdown can it continue in the years ahead? >> well, that is the question kwefl. >> we all know they locked down overnight. them many well, i think they're showing because thechld.

the salesforce, their capability the foernl hau i think because of people. >> they have great pricing, they're starting to do packaging and they have the potential to become a very large enterprise software as a service company. i think they've got big goals and big aims and given that forward guidance and all the other numbers we've seen in these earnings, and we haven't had time to do a deep dive, i think they can do it i think this is a powerful report and not just looking backwards. it's really looking forward. >> mike, the challenge for investors right now is what do you do with these pandemic stocks and winners because the outlooks and the guidance are very different and so are their trajectories for who can stay in demand if you were in zoom last week, it was a painful win

they had their longest losing streak on record as we saw a pretty strong shift into reopening plays. how can you tell which ones to stick with >> you can't, really, in the moment tell, and they're pretty recall how integral the service is, i don't know if there's a lot of stocks that value similarly to what zoom is now, and of course zoom does have earnings, unlike these other companies getting these generous sales multiples e-commerce and others are not available at this stage. it wouldn't be surprising to see you get into the market.

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shares of novavax are slightly higher just after the company reported 4th quarter results. joining me is stanley, and the real question is how are the trials going and when can we expect novavax trials in the u.s. >> we've been doing three efficacy trials at the same time we conducted onein south africa, one in the u.k. and started a trial in the u.s. where we fully enrolled 30,000 people now in the u.s. so where are we? in the u.k., which is the country where we will probably file for our first approval and get our first product approval, we've demonstrated efficacy in that country interesting efficacy trial during the trial of the 15,000 people, roughly half the people that got infected got infected

with the traditional wuhan strain, but after the people got infected by a u.k. variant, which people are referring now to as strange variants in the u.k. and south africa. so we got 96% efficacy in the wuhan strain, and people who got infected with the variant strain, we have 60% efficacy so high efficacy in both groups, but it did show there is a drit meant as the virus mutates we saw a similar situation in south africa it was a bigger detriment because they tried to escape the immune system. nevertheless, we showed the vaccine works well in south africa so we're taking those data and filing them under what you call a rolling forecast not only in the u.k., but canada, australia

and other countries and we're awaiting approval in the u.s the trial is on its way. the data on the trial will probably come out in a couple months, the final data, so those data will be behind what we've got in the u.k. now. our hope and expectation is that the fda will agree on reporting the eu data. when you ask, is the vaccine going to get approved, it is -- when it's in the hands of the mhra, which is the u.k. equivalent of the fda, it will be up to them, of course, but our job is to get them all the data they need from the trial. that will be by the end of this month and they'll be evaluated throughout some part of april. and in the u.s., it's probably a month after that

>> so my question, if we're looking around the u.s., what do you see as the market here now that we have three approved vaccines, we hope by the second quarter we'll make a lot more progress on getting americans vaccinated where does yours come in, and what are some of the differences between yours and some of the others on the market >> great question. i'm not worried about lack of demand for the vaccine, even though we'll be the fourth vacci vaccine. there's plenty of need nfor the vaccine in the u.s. and it's a big world. we have advance purchase commitments right now for 200 million doses of the vaccine outside the u.s. with the expectation that there will be a lot more on top of that. and inside the u.s., we have a commitment to the u.s. government now to supply them with 110 million doses by

sometime around june/july, and then we negotiated with them for an additional procurement on top of that. you ask, what is the difference between the vaccines well, they all have different efficacy rates we've shown, as i mentioned, 96%, moderna and pfizer showed very good levels of the same range. we're the only company that's shown efficacy in all three strains, including the variant strains, so i can't compare ours to others. we do know that everybody has a safety profile, and that ours is a very good safety profile you look at stability. can the project be shipped and stored at regular refrigeration? ours can you look at all the factors, but i think the point is all these vaccines work, and if they're available, people should take

it >> do you think it's realistic, stan, that the fda will receive data from overseas trials rather than wait to receive data from your trials? it didn't work for as tra gen -- astrazeneca, why would it work for you? >> this is important enough that our data is really strong data so they'll be very tempted to approve it on that if they don't, we'll wait until we unveil the phase 3 trial we start in the u.s., and that will be a month, two months >> the j&j data, one thing that struck me, and i know everyone talks about efficacy which is obviously very important, but j&j is almost 100% effective of keeping people out of the hospital and dying, which is

what really matters here what can you tell us about your results on that front? >> i think we did something even more important in the u. kachlt trial where we had 96% efficacy. that's again mild, moderate and severe it it also has a big effect on moderate it's very hard for vaccines to protect against the most mild of the vaccines, and ours did >> what is your expected revenue the next few years from covid vaccines and related products? we've had estimates of 15 to 20 billion from some of the arrivals are you in that ballpark, or because you're coming later in the game or mainly going to sell internationally rather than the u.s., is it quite a lot lower? >> i don't think it's quite a lot lower. we don't make financial projections. we did say in our release that

and the ability to supply that would result in several billions of dollars this year to give you an kbrd of what we're planning for is that by mid-year we expect to be able to produce at a level of 2 billion doses annually which is roughly 150 doses per month. we have maybe a unique effort. we partnered with tserum institute. they will take and help us supply up to a billion doses through gav, which is global

alliance of vaccines, to help distribute throughout the country. we have tier pricing the higher tributes will be around 20 matthews >> stan, pretty amazing stock chart over the last year thank you for joining us up next, mike san tosantolis looking at how the s&p 500 is impacting the risks. and bill nygren from oakmark portfolio manager is here, after this we help make them healthier.

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best day for the s&p 500 since back in june let's go to mike santoli for risk appetite right now, mike. >> there are those that appear extreme if we're talking the last 20 years of data. this is the southside indicator. it's the recommended equity allocation by a sell side

strategist back in the mid-2000s, you would have to say maybe people are getting overexcited about equities, but if you go back to the late '90s, this is an era when systemically there was more enthusiasm for stocks and this indicator was much higher. similarly, if you look at the difference between the equity earnings yield and the 10-year treasury yield we talk about this all the time. goldman sachs has a measure of this it also looks pretty extreme based on the post-2000 range this is really as low as it's gotten, as small a cushion as we've had in equity evaluations versus bonds however, it was always way lower than this in the '80s or '90s. i think you have to understand nothing is a magic, intrinsic relationship here and lots of things had gone back in values ppe, the concentration of the s&p, so who knows how much we

can say how extreme we'll get this time around >> interesting that bullish is still rising despite last week's activity >> i should say it's not a realtime indicator, it's something that moves a little slowly ly. oc from bill nygren, the small stks he thinks are especially attractive right now municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest, call and talk with one of our bond

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the dow, s&p and nasdaq finishing their best day so far in 2021. thank you for joining us we had significant pullback in a nice pullback of that today. do you look at pullbacks being fairly regular >> at oakmark we're very long-term investors, so trying to predict what the market will look like over the next week or month, i would say, is frankly something we're no good at an observation we make, though, we talk about the market there are really two different markets out there. there is a very speculative market, the traders, the spacs,

a lot of high flyer names, and then there's the boring part of the market which is where we live at oakmark, financial stocks with ten-time earnings, the oil market with cash flow and good growth, others that bear no resemblance at all with what's going on in the rest of the market there is an old george soros quote that i like which says if you're finding you're investing, entertaining and fun, good investing is boring. i think what we do at oakmark is about as boring as it gets >> bill, do you think the speculative side you talked about f they did see a buckle back type, do you think it would bode well for the market >> we saw where they were selling multiples of the cheap

part of the market, and the traditional businesses that kept performing well fundamentally, they went up, while the s&p had a big correction and the internet bubble and the large cap growth names went down significantly. so i would like to think that we could go through something similar to that again, and that we could be immune from a market pullback you know, you look at the difference between the way the russell growth and the russell value have performed over the past four years, russell value is up like 50% and russell growth is up like 150% there is a lot of room for a pullback in that part of the market that's done very, very well that wouldn't need to bring down the rest of the market. >> bill, facebook is not so boring it's a fang name why is that on your list >> it's a fang name, but i think it's probably the most boring of the fang names

if you look at facebook, it looks like it's selling at a mid-20s pe multiple, and it would be very easy for a value investor to look at that and say, that's enough premium to the market people recognize it as a good business but when we look at the assets that they have that aren't earning money today, about $30 a share in cash, whatsapp that they paid about $15 a share for seven years ago. if you only gave that s&p performance through today, it would be another $30 a share that most analysts believe is not being monetized yet. and then you've got the augmented reality, the oculus consumer product probably losing a dollar a share but has real technology embedded in it. we think after you make those adjustments, you're probably only paying a mid-teens multiple for the facebook and instagram businesses that produce more than all of the earnings of

facebook no matter what you want to argue about, regulatory risk and maybe a slowdown in facebook's growth, i think it's pretty hard to argue it doesn't deserve at least an s&p multiple. >> another name on your list is citigroup. it closed up 5% today on james frasier's first day on the seat. how many other small gains are there based on your analysis >> i think there is a good gain ahead of it. i don't know if it comes in 5% chunks or not, but if you look at citi, three years ago, pre-covid, the stock price was over 80, it was earning $8 a share. today it's in the upper 60s. it's below book value. about nine times the earnings that are expected next year, and the new ceo, jane frasier, is starting a strategic review of the company with the idea of trimming it down to the areas

where it really has strong competitive advantage. one of its biggest assets, the treasury business, is basically global financial services for all kinds of businesses. it's the bank that allows a company to d to. we think that as citibank slims down toward that business, anything it decides to sell is worth a premium to book, and with its stock price selling below book, it gives it the opportunity to repurchase shares with those proceeds and kind of increase the undervaluation in that core business we think citibank, based on its core business, ought to sell at more like a 15 times earnings number, and that a couple years out that could be an $8 to $10 number relative to its stock today, we think it's very attractive >> bill nygren, always good to

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welcome back time now for a cnbc update with rahel solomon. rahel? >> hi, sara, hello, everyone the senate will begin debating president biden's covid bill this week. chuck schumer making that statement on the senate floor. he did not, however, say when he expects to vote on the bill. former president trump and wife melania both received the covid vaccine in january before they left the white house. in a speech yesterday, trump said everyone should get vaccinated the state department says that the u.s. would take more actions against myanmar and its military leaders if forces there continue to kill unarmed demonstrators. today dozens of monks joined under protests that continued throughout the country there's a little something to look forward to this month: deals. consumer reports said march is

apparently a good month for discounts on things like cameras. we have julia boorstin with the details. >> roku and nielsen announced strategic alliance the two companies will work together to have a new measure of ratings on roku's platform, while roku will be able to integrate nielsen's ad rates roku shares are up about 4% in after-hours trading and that's after shares gained 6% guys, back over to you >> interesting julia, thanks. up next, suntory on growth

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bars and restaurants are

looking to sell more alcohol as the vaccine rollout continues, when can we expect to see the beverage industry recover? it's great to have you back on the show, todd tell us what you're seeing right now in the u.s., which is a huge market for you, as things have improved a bit on the covid front. are we seeing more people drink out more or stay at home >> yes, more people are going out. but still consuhome consumption more robust for us we've been targeting home consu consumption. >> where is the growth for you, then is it in these cocktails to go type drinks that you've been getting into, even after the pandemic >> yes, premium brands like

maker's mark and plum creek. they've been responding very well to the home consumption as well as cocktail to go we launched ready to serve cocktails for home consumption that has been growing a lot, too. >> we've seen so many new brand launches in the liquor space tied to celebrities. is that a risk broadly, not necessarily specifically to you, but to the broader industry of established players and established liquor brands? >> yes as long as the quality meets the demand from consumers, and consumers prefer quality and premium brands it's amazingly quality brands and premium brands are preferred, but it probably depends on quality

>> talk about what you're seeing in different parts of the world, because you've got a really good global perspective at different regions at different points in the pandemic what are you learning and what are you seeing globally? >> china is very muc we have a limited presence in the china, but the chinese people started to take risk. they now like the sing the malt. i think they are taking more sophisticated to find good quality whisky and india we launched india whisky which is called the oaks smith doing very well so amazingly indian consumers are thinkingof quality products, premium products indian market in the space of whisky is very resilient.

>> after lock down do you think we'll see people drink less liquor is liquor something people have bought more of to drink at home during this stressful period of time >> yeah, that is true. drinking is prevailing in countries, not we see less drink. having said that, our consumers love quality and premiere brands so premiere brands are doing very well. so i expect that pent-up demand will be seen sooner or later again, we have to launch more premiere brands and plus maybe we have to create innovative concepts no sugar content beer will be

launched in april. >> tak, want to ask you a question as a japanese business leader i think you've also been an economic adviser to the government the country only started vaccinating the population a week or two ago. do you think, do you expect the olympics will happen in july there? >> yeah, i'm optimistic about that as ioc and the government announced, it will be held anyway by limiting the number of spectators, by ensuring the safety of the players and their staff. maybe the government and ioc will request players and their staff to take daily pcr testing. so a lot of elements to host the olympics i think that will happen

and that's -- that will create very much strong consumption momentum in japan. >> always good to hear from you. thank you for joining us. >> we appreciate it. >> i know there is pent-up demand here, wilfred, going out to a bar last time we've had a drink together, been a while. >> there's pent-up demand for whisky a winding loss for novavax big after llarngbe enis. back in a couple of minutes. does your vitamin c last twenty-four hours? only nature's bounty does.

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first in the u.k. and in the u.s. mike, how do we follow up? very strong rally. still a lot of earnings ahead. >> yeah. the retail earnings, that might actually help set the tone but also is this a one-day or two-day respite on the yield story? are we going to have to start fixating that. >> out of time on "closing bell." thanks for watching. "fast money" starts right now. i'm melissa lee and this is "fast money. guy adami, karn farnham and james mcdonald tonight on fast, the games are in for the year. warning from mike wilson he'll join us exclusively ahead. plus, boeing takes flight. the stock soaring as one major airline doubles down we'll break down the trade all over the after hours action. shares of zoom, that stock is higher by 9% on earnings as the analyst call gets underway we're on that zoom call, muted of course. we'll bring you al