infrastructure bill make it through congress make it through the house? it's already been done in the senate it's jobs friday tell you what to expect from october payrolls it's november 5, 2021 and "squawk box" begins right now. good morning, everybody. welcome to "squawk box." right here on cnbc i'm andrew ross sorkin along with joe kernen. becky is off on this friday morning, jobs friday as joe mentioned. u.s. equity futures ahead of the numbers. let's show you where things stand all of this likely to move around at 8:30 when we get the numbers. the dow looks like it opens up 21 points higher, nasdaq 71.5 points, the s&p 500 up about 10

points treasury yields. we'll see where we land later today, but the 10-year note standing at 1.523. if i haven't mentioned and joe hasn't mentioned it in the last 60 seconds it's jobs fridays >> i was expecting you to just mention bitcoin given this -- >> we could do a little -- we should we should. >> now, andrew, we have -- like we're going to have steven sherpa on of the sopranos. we ask everyone about bitcoin but if we asked eric adams would he have told us that he was going to do this, take his first three paychecks in if bitcoin? have you seen this yet >> of course, i've seen it. >> do you think he would have -- how cool is that that the mayor wants new york to be the center of crypto. so he's going to take his first

three paychecks. and we could have -- there would be no reason to act mayor-elect eric adams about bitcoin, would there be would there be any reason to ask him about that >> it wouldn't have struck me as my first question. but here we are. i can't tell -- >> unbelievable. >> i don't know what to think. >> i was shocked. >> part of me thinks it's great in certain ways. and part of me gets anxious. >> you're going back to the cautious andrew. come on, man, you're the one right on the cusp between millennials and whatever you are, you're supposed to be comfortable with this by now i'm comfortable with bitcoin >> how about coin base >> i don't know what this all says can we go back, though we should tell everybody what's on tap in terms of jobs friday or no? >> yeah. >> do you want to do that now or not. the estimate is 450k this is what forecasters are

saying they're expecting a jump of 450,000 in payrolls that's up from last month's read of 194,000. the unemployment rate is expected to tick down from 4.8% to 4.7%. so when we get the numbers at 8:30, those are the numbers to watch and we will see what goldilocks looks like or not >> it's not like that influences the fed and the fed influences what we were just talking about. >> it's everything. >> it's all related. >> it's all related. >> this is related too house expected to vote today on the bipartisan infrastructure bill and president biden's separate build back better act a lot of eli lit ration leaders trying to hammer out support for the legislation. and in the late changes last night, raising the cap on state and local tax deductions from 10,000 to 80,000 in this case

through 2030 before it was going to be i think like five years and then back to no cap so that's -- i don't know. it's weird and then this -- andrew? >> this one -- >> the pandemic. >> the pandemic stocks are going this way >> yeah. >> this way. let's tell you about it. >> i had a call on this. i sold my pell ton i had to take the clothes off of it i hate the bike. i love the treadmill. >> when you said you sold peloton most of the viewers and listeners thought you were talking stock -- >> no. i sold the bike i had. >> who did you sell it to? >> on craig -- on one of the -- my wife handled it we got a lot of offers for it. they're like brand new, they're so well made you know, the bikes -- >> did you get it -- i'm told

there's a great aftermarket for it. >> yes got cash. >> i'm told there was a period where there was a premium for them actually at one point because they were so hard to get. >> it wasn't like a volkswagen beetle but we got a good price, cash, i was happy, the guy was happy. it was hard getting it up from the basementme you needed eight people. they're so well made. >> you should have taken it in bitcoin. peloton shares are plunging this morning. this after the company reported a loss of $1.25 per share. versus the expectations of $1.07 loss revenue also missing in sales of connected fitness products including the bikes and tr trea treadmills, falling 17%. one bright spot was subscription revenue which grew 94% but this has been -- we've been talking about this theme we've seen so many of these stocks that have gone up during the pandemic, the zooms of the world. i got my peloton treadmill we

still use it i love it. we got the tread plus before it was called the tread plus. it's a great machine. >> soft. >> i think there's a lot of people who did that and now i don't know if they're going to do it as much. >> i probably should be on -- obviously i should be on any exercise equipment but i probably should be on the bike instead of the treadmill because my knees, you know, at this point are a little suspect. but i like -- >> the treadmill is -- >> i like the treadmill so much more. >> it's uniquely soft. for those viewers who know for a woodway treadmill, very soft this is very similar in that way. by the way, joe, you know what you can do, i do it all the time, i'm not ashamed to say it. i walk on the treadmill constantly i put it on the incline, watch a movie, a conference call do it. >> it's not the same. >> i wear a heart rate monitor i can get my heart rate just as high. >> for my fatness, there has to

be a point both of my feet are off the ground occasionally. that's different that is different than walking you know, like when they slow mo a horse, like a racehorse, there are times they're all four -- i need my two feet. >> okay. >> off the ground to burn calories. >> we'll play some -- >> the endor fin buzz is amazing too from running i don't think you get it from walking. >> if you're hoofing it you can do it. >> on the incline. >> on the incline, you got to max it out. >> i got to try that. shares of uber are falling this morning but for a different reason we'll talk about this later as well the company reported a lot of $1.28 per share versus the expectation of 33 cents a share. that was due to a drop largely not in what's going on with the operation but the value of the investment holdings which particularly dee dee is down

some 41% this year without that loss the quarter looks rosier so they posted an adjusted profit of $8 million up the from a loss of $5 million in the prior quarter. then bookings for delivery were up 50% the company has been addressing driver shortages reporting ten weeks of driver growth since the end of august. and another sign perhaps the pandemic recovery is upon us, uber said trips to and from the airport grew 35% from the prior quarter and 200% from the period last year. that's inline with what we saw from lyft earlier this week. and we have the ceo of uber joining us on squawk at 7:45 a.m. eastern time in a first on interview with us. >> that's good awesome. yesterday president biden unveiled his new covid vaccine mandate for businesses with 100 workers or more.

deadline is january 4th, but now business groups are speaking out. two retail groups, for example, including the national retail federation had requested a 90-day implementation period, they say january 4th will burden -- that date will burden retailers during a busy holiday shopping season. the nfib which represents small businesses says the rule will restrict owners from operating their own businesses and josh bolton welcomed the extension for the federal contractors but a call for the biden administration to be flexible and josh is a friend of the show we should have him on. that would be a good discussion. >> we should. >> he's -- he likes me now one time i kidded around and said josh -- i thought we had michael bolton and i pretended to be disappointed and he took offense to that.

andrew >> we'll call bolton we'll get him on the air >> michael bolton, josh bolton. >> this should be a call-in radio show have people dial in. >> we've done that. >> in the moment. >> he can call in right now. or michael bolton can call in. i'll take either one of their calls. we have steven sherpa on later on from "the sopranos" the national manufacturers worried about the burden as the mandate is implemented sherpa, it's friday, he's on early. i love talking about "the sop sopranos" which as you know a new generation is addicted to it i've watched it three or four times all the way through. man oh man. >> have you watched the new film >> i tried, i didn't like it i tried to watch that. i miss beganle fee knee.

i didn't know him, we all feel a connection to him. he was so amazing. we feel a connection but every one of those episodes would be cancelled every one of them in this current milieu that we're in right now. i watch it now and i'm like, does anyone see me watching this i might get fired for watching some of this stuff on "the sopranos". >> i don't want to spoil it, you know how it ended now, right >> i read the -- that's not different from what i've thought. and i've had ice cream at that place in bloomfield, a cool little place that david chase grew up in north caldwell, i think. >> that's a nice tease for later if in terms of what we'll discuss. i hope we discuss it >> he wrote the book with michael, who i also love, maybe we can get him to call in, too >> all of that and more right here on "squawk box" when we come back, though, we have some

of the biggest stock movers of the day, including airbnb, expedia, yelp, peloton and uber. and don't miss our first on cnbc, the interview with uber's ceo at 7:45. look at the auful betishot from the nasdaq market site live in times square jerry is here! j! mate, how are ya!? it's so good to see you. good to see all of you, yeah! why is jerry so... popular? it's been like this ever since we started using workday. what do you mean? it makes it easier to develop great relationships with our suppliers. now everyone, everywhere loves jerry. they sure do. they do. they really do. mmhmm. workday. finance, hr, planning and spend management for a changing world.

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welcome back to "squawk box. airbnb reporting strong third quarter profit growth and beat on revenue estimates nearly 80 million nights and experiences were booked in the quarter, a slight decrease from the prior quarter but up 29% revenue and income hitting record highs as well the fourth quarter guidance was in line with estimates joining us to talk about that and other big movers, we have uber, the drop in peloton, stephanie link is here what do we do? >> good morning. >> what do we do what do we make of this? really on one side you have the success of airbnb and uber getting -- both of them getting back close to 2019 levels, depending on how you want to measure what's really happening here and then on the other side, the great success of peloton through the pandemic and the question

is, is it over >> well, i don't think peloton is over. connected fitness is a total addressable market theme it's a big market. they're going through growing pains infortunately. the surprise to me was the stock was down 42% into the print. and now all of a sudden they're revising their outlook because of weak bike and tread growth despite the fact of price decreases in august, now they're changing their strategy going after the less influent customer, so that's less profitable i think you have to give this one some time because at seven times price to sales the valuations support obviously there isn't. so i think, in addition, you have hard comps because of reopen so i think this one at some point might be worth a look just given again the total addressable market but for now let the dust settle.

>> stephanie, i was thinking you're one of the great value investors. is that something you give it a look at? what's the price tag >> i don't know about the price tag. i think you have to see if their new strategy changes are going to take hold are they going to start to lower prices on a more regular basis that's the thing to me that i'm going to be watching for i think for now, andrew, i hate to say it but i think it's a no touch even though it's down 60% year-to-date and down more than that from its highs in january i will tell you this, on the positive side. the positive callout of all these names that's expedia if there's a conference call to listen to, it's that one they beat on earning, they beat on revenues, ebitda beat by 50%. they're taking market share in v verbo, have their verbo customers are new so they're gaining share.

they're already booking out to summer of next year because it's so strong. he said, if you're trying to get a reservation for this december, he said, quote/unquote, good luck that's how strong the business is that spills over into airbnb as well. >> if you could own expedia right now or airbnb, which do you own? i'm assuming you're going to say expedia? >> i am because i own it but i got to tell you, i was nervous headed into the quarter because it's trading at 12 times ebitda, it rallied 17% in the last month expectations are high but they delivered we talked about reopen consistently andrew for the last year and now we're seeing the results. so you can pick airbnb if you're comfortable with 14 times revenues and comfortable they have enough supply that's the big issue with airbnb do they have enough supply i think expedia is the easier story. booking holdings is also a good one, too. >> my other question is the

sustainability of all this, in so far as do these turn into not a peloton story but a year from now, you look where the money is coming from, whether it's uber, lyft, expedia, airbnb. they're able to charge a lot more than they used to be able to charge because there's such a great demand and not enough supply, as you know. the question is does that balance out at some point and all of that get compressed >> well, i think you're not going to see the strength like you're seeing right now, the recovery because there's so much pent up demand right now there's $2 trillion in excess savings from the consumer. so you have tailwinds. so eventually you'll have tough comps and slower growth but i think you're still going to have growth there's been a real big change in the way consumers behave, in the way consumers act, right so i think the total addressable markets for all of these

businesses are quite strong. yes, the incremental growth might start to slow in a year's time or maybe less than that but for now that's an eternity in terms of being a shareholder and being a portfolio manager, i think this is where the money is, especially the next six months. >> that's the six month trade folks. stephanie, have a great weekend. thank you. >> good to see you >> nice. >> we'll be able to wish her a great weekend later in the show, i think. she may be back. coming up, steven sherpa is going to talk to us about his new book and why young progressives are flocking to bing the hit show. i don't know about that. as we head to break, shares of shake shack the restaurant chain posting a small per than expected loss and the current quarter guidance disappointing investors.

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the sopranos final episode aired more than 14 years ago, yet the series found a new younger audience, in part due to streaming and other services joining us is steven sherpa. his new book is titled "woke up this morning, the definitive oral history of the sopranos" how are you doing? uncle steve, you're everybody's uncle. that's your great sauces that you send me once in a while, i'm not asking for that, but if you remember -- >> it's a good thing you're not

asking joe because i'm out of business with that. >> oh, no! i still have -- i have one left from what you -- if i -- can we restart it if i fund it? >> yeah. you fund it. >> you got too much going on, actually the "sopranos" is such amazing content that in the new age of streaming and podcasts, it was like a natural and you're very successful and now the book >> a lot of -- we found out that a lot of younger people started watching the show, kids in their teens, their 20s their parents watched it, they were too young and, you know, a whole new generation watching the show, probably more people watching now because of streaming than did back then, not everybody had hbo. so we started a podcast.

we had a plan before the pandemic, we started it in april. we're finishing up we're coming down to the wire. we went through every single scene, not just every season every scene. and then the natural progression, we had so much material we had the book, the book is the podcast plus 50% >> amazing i saw that michael has a band, he was playing down in lower new york and people came, the girls were dressed like ad and christopher's girlfriend so they're all into it i couldn't tell whether he was somewhat chagrinned that he's always going to be christopher, and i wonder how you view that you're always going to be remembered as bobby. is that both a blessing and a curse would you say steven >> before i was on the show, i -- you know, i was dabbling in acting

i had a whole other life, i was entertainment director teri -- at the rivera in las vegas i get on this show they're going to see you as bobby. i worked for 22 years straight i was on another series for five years. blue bloods now i play a detective. i've been on that show this is my seventh season. so let them remember me as bobby and him as christopher but we've done a bunch of other stuff. it was a great moment in our lives, you know. once in a lifetime -- a once in a lifetime situation where we all got together and made this incredible show. >> and we've all heard stories about jim, i didn't know him i pretended i can call him jim, which i can't -- >> yeah, you can, joe. y you're an honorary soprano

you can. >> i feel the loss he was so big in so many ways larger than life and one of the great actors i don't know if he got credit for how -- i mean, he was in that role at times and that was -- when that happened i don't think i'm over it yet. it's got to be -- how many years is it? >> it was -- it was one of those things i remember, june 19th, 2013 you know, and yeah, i had seen jim, we talked about it in the book, the last time the three of us were together was may 20th. you know, we went to a premier of a movie for nickolodian that we were all in together. he was a dear friend of both of ours we talked about his generosity contract dispute he gave each one of us $33,333 each we found out after he passed away, he paid off people's

mortgages, gave them money went to a police officer in new jersey, he didn't know, the family contacted him, went to the wake on his own, drove the car, knew no one and paid his respects he was a good man and a great actor. i think as good an actor as you anybody. >> even though supposedly i think on the show he went to seton hall for a semester. i'd be remiss if i didn't say he went to rutgers. >> a rutgers guy >> yeah. >> steve, i got to ask about the david chase interview, i think it was this week with "hollywood reporter" about the ending i was holding out hope maybe, maybe i just wanted to hold out hope, maybe i was holding out the wrong hope, clearly i was wrong. did you know exactly what the ending really was? did you know that? >> no, i did not. >> are we going to ruin it if we tell everybody now is this a spoiler. >> no.

we'll tell the audience. up until the other day, i always said tony soprano was alive and well living in new jersey. i said, what, they killed him in the diner in front of his family that was my thing maybe. i was hoping and then david has been on the podcast twice, he's coming on again for the finale, i asked him, he gave me a waffle answer. and the other day i understood it as tony soprano was dead. it makes me sad. because i always held onto the hope that somehow nothing happened in that scene and it faded to black and that was that i read what you read i think tony soprano is dead >> so much to -- so much to talk about reading through this and the -- his mother, the great actress, and the way that apparently they had a stand in after she had already passed away to sort of tie things up in the show

and jim had trouble -- had trouble acting the way he had with -- i can't remember the actress' name -- >> nancy martshan >> great role. >> it's a funny story, when somebody came in -- somebody came in to david, i think it was stevie van zandt read the script in the beginning, the script is great but who is this mother and david said that's my mother. they said when nancy marshan came in to audition, she channelled david chase's mother. and jim i think was a little out of sorts they had that cgi actress with, you know, nancy marshan's face and the technology wasn't great.

i think he was a 4little out of sorts. she passed away, she was a huge part of the show. >> huge, he wouldn't have been going to the doctor if he hadn't been raised by that mother. >> we talked about what would have happened if she didn't pass away. >> that's good. >> it would have been a different show, a different story. >> man. >> i think that's why the actress who played janet after they killed her husband to be, they put her on the bus. >> jackie, right between the eyes i could talk forever you know what campnolla is still open can i go with you and michael to that can you set that up? >> it's on me, pal i'd love to take you there better, let's go downtown to mulberry street. >> all right call me an honorary soprano. >> i knew al, too. he's cool. >> he's a good man

i like ala lot, yeah >> okay. this is a business network, andrew as you can tell. i would watch every episode. >> it's kind of biusiness. this is the best kind of business. >> same kind of business. >> every episode is worth going over steve, thanks for comingon we have a podcast. i bet you'll be on our podcast. >> any time. it's my pleasure joe knows how to get ahold of me. >> i do. thank you my friend. great to have you on. >> thank you very much. when we come back, we'll -- how do we go from that to this we'll talk about new survey data on how american workers feel about the vaccine mandates, we'll talk about it after the break. as we head to the break, take a look at yesterday's s&p 500 winners and losers

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good morning and welcome back to "squawk box" live from the nasdaq market site in times square checking futures, they're positive been positive a lot lately, haven't they makes sense. we're near all-time highs. the s&p is up 11 dow jones up 14. nasdaq indicated up 79 79 and change. ten year, i don't know what that says, andrew, did you see the news from germany? that's worrisome another wave >> i saw that. >> it's unvaccinated, though, isn't it >> mostly. but i don't know you know me. you know me. >> i do. i do >> i read that headline. meantime we're going to go over to talk to sharon epperson now because president biden announcing that businesses with 100 more or employees have until january 4th to make sure workers are fully vaccinated here

against covid-19 so how do workers feel about the vaccine mandate? a lot of views and sharon epperson joins us with the latest results from a new cnbc survey. good morning, sharon. >> good morning, andrew. although most say their employers do not require covid-19 vaccinations right now, a majority of workers, 54%, support president biden's employer vaccine mandate that's according to the cnbc survey supporters including 52% of those who are currently working fully in person. 58% of hybrid workers. and 65% of remote workers. themandate applies to businesses with 100 or more workers and requires u.s. company ensure their employees are fully vaccinated by january 4th or face regular testing. the u.s. occupational health and safety administration which will enforce this rule does not require employers to provide or pay for tests. so who will pay for it

>> i know already that many businesses are going to transfer the costs to the employee. and that will be another incentive for the employee to get tested >> of the 37% of workers whose companies already require in-person workers to be fully vaccinated, the survey found most are in health care and pharmaceuticals, airlines and aerospace and advertising and marketing. construction, transportation and delivery have the lowest share of in-person workers fully vaccinated, according to the study andrew. >> you've reported on the labor crunch caused by the so-called great resignation that seems to be upon us what does this say about the impact on workers left behind who stay in their roles? >> well, half of them, more than 11,000 workers who were surveyed say their company is currently understaffed and that's a huge threat to further attrition,

those workers are considering quitting their jobs they said and one in three workers say they seriously considered quitting >> what type of worker is most likely to walk away from their job as a result of all of this >> this survey showed that low wage workers, those making under $50,000 a year are most at risk of walking away. the food and beverage industry, advertising and marketing and agriculture have the highest percentage of workers considering quitting parents with kids under 18 are no more or less likely than others to say they've recently thought of quitting although mothers are more likely than fathers to say they thought about it >> this is counter intuitive to me or maybe i'm completely and utterly ignorant i'm unclear why we think that the folks that are under $50,000, i would have thought that people who made more than $50,000 -- i thought the wealth

y ier people would be more inclined to quit their jobs because they would think there would be more optionality. is that not the case >> that's not the case according to this survey we're looking at people in lower wage jobs may be in the food and beverage industry and that's where we're seeing folks thinking about quitting. >> sharon epperson, thank you. good to see you. >> thank you. the count down is on for the jobs report. we'll get you ready for what happened in october with payroll. and later, youuber's ceo, ia first on cnbc, interview a good sign for the economic recover, the company said trips to and from the airport grew 35% from the previous quarter. venyimonhenbh or listen to us li a te t cc app.

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breaking news just out from pfizer meg tirrell joins us with more. >> reporting results on the oral viral drug for covid coming in at 89% and reducing the risk of hospitalization or death from covid, when people not hospitalized but at high risk of

the disease take the drug within three days of symptom onset. it's a benefit that pfizer was told but the outside committee that it should stop enrollment right now and file for emergency use authorization as soon as possible so that is what they are going to do. this is a similar population of patients as the drug from merck which showed that 50% reduction on that measure just last month. merck's was given within five days of symptom onset. pfizer measured that and there the benefit was 76%. so the ceo calling this a potential game changer in this global effort to halt the devastation of the pandemic. he said the drug has the potential to save patient's lives reduce the severity of infections and eliminate severe infections

merck was just approved in the uk we have the ceo of pfizer joining us in the next hour. guys >> we'd be remiss if we didn't put up an ntraday chart of merck. seems like a no brainer. so let's put it up and i guarantee you find -- >> pfizer is up 6% this morning. >> merck is down 3 >> quite a move. >> yeah and that is related. i have a couple of questions so that's better efficacy. does it work the same way? i think the merck drug is a -- isn't it a nuke low side analog, disrupts the replication but there were questions about it, and the uk did it quickly, even with some of the concerns. any similar concerns here with the pfizer drug, meg >> so pfizer's drug is a different mechanism. pfizer says they have not seen

that risk in animal studies so there aren't similar concerns with that. pfizer's drug is given with an hiv drug which helps slow the breakdown of pfizer's molecule in the body. and i think analysts have pointed to some drug, drug interactions for that drug which could limit the number of people that could get this, that's something to better understand but a different safely profile but merck said the concerns are not something they're worried about with the drug given the short duration of treatment. >> exactly i know that's been mentioned i'm seeing some possibilities for great cocktails down the road and 89%, that's a good number. if it holds up >> and meg -- >> it's huge in this trial -- go ahead, andrew. >> no, no. go ahead, i apologize. >> i was just going to note in the trial they only included people who were unvaccinated so it'll be interesting to see

the regulatory pathway for this, whether it's just high risk people in general, vaccination status doesn't matter. they are including a trial of vaccinated people. so a lot more data is coming, but very exciting initial results. >> that's the -- i was going to ask about the manufacturing side. >> moving merck seems crazy. it's key truda, they have this stuff. maybe it's a knee jerk reaction but was this drug that important to this pharmaceutical company the one that was okayed in the uk it's hard to imagine going down 5% on that, but i guess it ran up on prospects for it, too, meg? >> i think you're right. i think the ideas of sort of continuing revenue stream from this, depending on how long people need drugs like this. but these initial reactions aren't always completely

rational andrew, in terms of manufacturing, they have been manufacturing at risk already. you i believe they'll have something like 187,000 courses available by the end of the year, which, of course, is coming up quickly. they'll have millions next year. i think 50 million for the entire year with 20 million or so coming within the first half. so they ar so they are representing this out quite largely. >> is this the kind of thing that scales up if they have the equivalent of a become doses, hopefully, there won't be that many people that need this will this be the kind of thing if you get covid-19, it will almost be a part of the regimen? >> potentially you get covid, you take a rapid test. you can do it by mail or go to the pharmacy and take it up quickly. ordering it proposal lakt

prophylactically right now we seen the initial numbers. they're investing a billion in this i think what they've shown us through their manufacturing prowesss, you can't count them out. if you think they can ramp them up, they really can. >> this protease, it needs to be now or is it so similar that they can customize it to covid fairly quickly it looks like this is done fairly quickly, it looks like. >> they've developed this for the coffee in the beginning of the pandemic that's remarkable. it's something that had been developed, this one pfizer started on in the beginning. now we are seeing the first of that work. >> they knew it was a viable mechanism in terms of something

to attack in terms of the life cycle of covid in it >> meg, in terms of studies that need to happen, are you talking about studying people who are vaccinated and more. what's the time line like that look like right now? >> pfizers kept a forecast on that earlier him it seems like it will be coming into the middle of next year. we should get the readouts of those. they are testing people at standard risk, vaccinated and testing preventably as you were talking about. we'll see that through the next year or so, it seems like. earlier, it seemed like pfizer pushed back on getting anti-viral results, really, it was three days later it's kind of a surprise. >> i don't understand moderna, either although that has something to do with disappointing numbers in forecasts we saw early dwler week but now, wow, i got my pfizer

drug, i'm not getting vaccinated that doesn't seem to make a lot of sense to see moderna down, does it? that's another knee-jerk reaction >> it is, it is a fear of people in the public health world you hear from dr. fauci, extolling how great the merck results were there is a concern that people will think there is a potential drug that can keep me out of the hospital, i don't need my booster, that's what health officials are worried about. >> maybe it's a booster, it's still a fairly small subgroup of people at this point that the cdc is on board for recommending, right, still immune compromised and over 65 it's still like that, isn't it, meg? >> for people who got the mrna vaccine, it is, it seems like they are going to try to broaden

that at some point pretty soon >> if you ever smoked cigarettes, you can say i've got an underlying condition, so people can go if for whatever reason >> meg, i don't know if you heard joe and i talking at the top of the show of some of the numbers in germany i'm concerned you are about that what you think the take away is? >> i think, personally, i am concerned by it, also seeing the u.s. numbers kind of plateauing where they are, just above 70,000 it's not great to see either him we are hoping this would have been a delta peak and a fast come down to levels we saw if june, 10,000 a day, something like that. heading into the winter, it's hard to see that in the united states in europe, we have tended to follow europe him i did hear you guys talking about germany i looking to see what the characteristics of that wave are. germany had 65% of its

population fully vaccinated. it's fully similar to us so we could be in for something similar to that, depending on how things go over the next few weeks. >> it will get cold. we have been doing pretty well with how openly we are in what we see in the stadiums and the basketball and coliseums and everything else. there are some great fears of what might happen i'm afraid to say it hasn't happened, because the cold weather is just coming. but fingers crossed. so it went to 65%. you got to add in the people who have already had it, too i wonder if there is a difference between germany and here we'll have dr. gottlieb. we can ask him about that. it's mostly unvaccinated people. >> he'll have the data >> thank you >> thank you we will continue this conversation we have a big interview with

pfizer is ceo albert bourla. "squawk" returns right after this this >> on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day.> we'll keep you ready for what's next. comcast business powering possibilities.

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. it's jobs friday and how many workers joined or rejoined the work force in okay that's the question. we got the answers coming at 8:30 we will tell you what you need to do watching in today's trading session. in d.c., the house preparing to vote today on president biden's spending plans, will any kind of infrastructure deal get done we got a lot of deals in washington straight ahead. breaking news, just in the last 15 minutes, phaseer saying its covid pill cuts the risks of covid death disby 89%. we will hear from pfizer's ceo as the second hour of "squawk box." begins right now

good morning, welcome back to "squawk box." here on cnbc, live from the nasdaq market's site if time's square. i'm joe concerning, along with andrew ross sorkin becky is off today it's jobs friday, it would have been hard to imagine anything that could preempt the importantness in this pfizer news >> newser news. >> it does, we found it. we will talk to the ceo of pfizer, you just heard andrew talk about it a. pim 89%, we saw, remember when merck reported those results, andrew, the futures turned around that day. a month ago. so, and you know this is act jobs this pfizer news is ahead of us on its effects on the economy and jobs and everything else so we know what happened in our delta supply chain, all that stuff. so i would venture to say that we have a new lead if we were

print reporters. i guess you are. i'm not. if we were print reporters this would have to move something off the right-hand side of the page i think. u.s. equity futures right now. >> it might. >> you can see it's the best of times, worst of times, pfizer up 4% that's a big market cap company to be up 4%. is a big market cap company to be down that much on this news we know that, you know, merck, it's like feast or famine. yesterday or the day before, they were celebrating. because the uk, that was a pretty early approval for this covid pill that they've developed with some of the safety concerns and the efficacy of the pfizer appears to be higher, 89%, versus 50 or 60 so, we're bracing for the as you are going to say now, i don't know, i'm ready to lead with this >> well, that is the big story right now. we'll see whether the big story turns out to advance or change

the story atle:30 this morning, because the jobs report will be here tapping a very big week with a fed meeting fed chair j. powell says the jobs recovery is the key to economic and policy outlook. steve leishman joins us ahead of the big number what itself the big story today? is it going to be pfizer this number, steve >> i don't know. i think pfizer is a big story. can you are get a pill that reduces hospitalization and does all those funny science things that joe was talking about, then maybe you can go back to work. we do expect strong payrolls this morning for okay. we had two lackluster months as a reflect of those surging the supply chain backups this will be the first full month with in-person schooling throughout the nation and following the expiration of the emergency pandemic insurance benefits the number can be up have you the absence of a hurricane last month and distortions in the data from

government hiring. here's the numbers you are looking for. non-farm 150 better than the 198 last month, unemployment down by a tenth, average hourly earnings watch that here is adp coming in better-than-expected jobs bounced back this summer, modest gains in the past two months that's the jobs deficit around 5 million we are trying to fill. watch the rate, see if americans are returning to work. some forecasters think the end of the pandemic jobless benefits could help bring back some who have dropped out along with declining covid cases and increased vaccinations but it may be, many are not coming back, especially since there are millions of mori tirees out there -- more retirees out there some absence. and some have done a terrible forecasting jobs growth. for the year, the aroar is plus or minus 23030 monthly, four

times before the pandemic. question, whether there is a permanent change in the labor mark not reflected in these expectations i throw it back to you i did the story. maybe have you the real lead here. >> one as we pointed out, you are giving us october. now we got news that might influence november, december and beyond with this other stuff i thought both were equally important. don't you think -- >> i did my best, joe. >> we can't talk about we got to move, we got to go let's go to dom chu. i don't know if you got peloton guys like us don't need exercise, we golf. >> you know how unbelievably that is taxing on the body you walk anywhere from four to six to seven miles, depending on where you go on the golf course. by the way, it's over 2,000 calories if you just walk 18

holes. ly try to loop together all of those themes you guys were talking about, between the pfizer pill and steves jobs report the morning move tells you it's dramatically telling you a big story of what's happening in the markets overall. you mentioned the peloton report, after the bell yesterday, the reason it's down 33% is it came down with worse than expected financial results. more than everything else, it cut its revenue forecast maybe they won't sell as many exercise bikes and treadmills as people get out or go to gym facilities, so that recovery from the pandemic alongside maybe pfizer's news, if we can get a covid pill out there that can really get people feeling comfortable about the economy. the peloton story is interesting. they're down 32% on the flipside of that same coin, we will talk about shares of expedia up 12% in the

pre-mark, because people are feeling more comfortable about going outside and traveling, dining out, experiencingthings on the travel and leisure front. the reason why those two go together with the big jobs report coming out this morning the key focus will be on a lot of that leisure and hospitality hiring the professional services side of things. so expedia and peloton incapsulate that two-way trade, the stay at home versus go back out there and get back to life kind of trade. then one other place i want to show you guys, joe, andrew, is alphabet shares, the parent company of google the reason i want to show this, a half percent gain is not that much. a 7% gain means this company is just shy of $2 trillion in market cap so if we get a little more of a bump into this regular session, you could see alphabet shares join microsoft and apple in that rarified air of $2 trillion

worth of market cap, so peloton and expedia for the stay-at-home experience life trade, alphabet shares, yes, it could be the next $2 trillion company, back to you >> dom chu, at the domino, thank you. when we come back, ceo albert bourla will be with us that the new covid pill cuts hospitalization by 89% before we head to break, let's get a check on the markets right now as "squawk" comes back after this the do you up 35 points.

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welcome back to "squawk box," we want to head over to megan tirrell with special guests with big news meg. >> reporter: absolutely, joining us now albert bourla, the ceo of pfizer long time no see we saw you on tuesday. now the world is changing, amazing results that pfizer developed in-house tell us your expectation for a drug like this, 89% it can do for the pandemic >> of course, it's a game. this is a demonstration of the power of science in fact, a year almost to the date since we announced the

previous break through, 95% efficacy so it's now november 5th i think this medicine will change the way things are happening right now. which will save millions and millions of lives. >> pow, tell us about how quickly you think you can file with the fda merck has an advisory meeting coming up november 30th. could we be seeing back-to-back meetings potentially your drug be available back soon? >> you know, i can't speak act the fda and what they plan to do and how fast they will do it we plan to submit quite faster, to submit before thanksgiving before the date. so it will be the date we plan to do the same we will do it very fast. >> i see before thanksgiving filing tell us about supply we know you have invested a

billion dollars at risk to make sure that this could be ramped up, how much will you have this year and next year and tell us about the deal have you already struck. >> actually, we have invested a bill more than a billion dollars, the 1.25. but we have capacity right now of 500 million pills, which means 50 million treatments. right. so it is one, two pills per day. one for five days, the course of treatment. so we have around 50 millions of that, now, of course, we realize that high efficacy comes to us as a surprise, it composed our most visionary expectations. we are starting immediately to see what more we can do with the manufacturing side >> that was obviously the question to ask. what we're talking about

that's fast. i didn't know the panel meeting,al ber, was going to be at the end of this month that could be before the end of this year. i will ask very gently i don't want you to get upset about this, but if the world had a pill that does this, is there anyway that lessens the very divisive mandate question we talk about every day that's january 4th you make a vaccine, too, a great vaccine as well, albert. i think everybody should be vaccinated we are seeing you are hitting some walls on getting above these percentages and we have you know sad cases where employees are actually fired and for not agreeing to take the vaccine. will there come a time where the vaccine mandate that come not mandates albert because we have a therapy put the egg that takes the worst case scenario off the table in >> well, first of all, that is a

very good question it's not me that decides on the mandates or not. it's the health authorities. but the public health and from my perspective, i want to say the fact that we have a treatment is not at all a reason not to take the vaccine. in fact, you should take the vaccine. some unfortunate will get the disease and that's good news that we can reduce it. ten people go to hospitals, maybe one will go, likely very few will die if any that take the medicine so this is important this is for people already they get the disease. this is for sick people. but the goal here is to pre vent people from getting sick >> and the vaccine will never be perfect because it depends on the response of someone's immune system to theant again, obviously. >> yes >> to have something that

affects the virus, itself, instead of, you know, depending on a compromised person's body to defend it is a huge step. it's a big difference. it brings in a whole new group of people that could benefit from taking a pill or getting a vaccine. it's fantastic >> absolutely. you are absolutely right >> i've got another question for you, albert. going back to the supply question the "new york time's" has reported this morning that the u.s. government is if talks with pfizer to supply 1.7 million courses with an additional option for another 3.3 million at a similar price to merck here about $700 per quart can you tell us, is that right and what are the natures of the discussions you have going on around pricing >> i don't want to go into the details about ongoing discussion and negotiations but we are very much in

discussions. i think it's zero right now. obviously, many were expected to see how things will go in terms of the efficacy of the study if it's positive and the efficacy it will advance all of these discussions. so, i think we will be having news about the condition but we already had discussions with the companies >> wow i also want to ask you about the drug's safety profile. because the fact that it doesn't have that nuto genic risk. merck says the duration of the treatment they do not think that the a risk or this indication. but your drug is co-formulated with rotonovir, the medicine that breaks down your prothese

inh -- protease inhibitor? >> merck was very impressive in fact, it was way less aggressive than the placebo group. if we go to the -- one earlier, we had 1.7% and 6% in the placebo group. which is explained, there is a lot of incidents because of the disease. >> albert, this may be a follow-up in terms of what joe was saying those that don't want to have vaccinations at all. what conversations have you had in washington with other folks what this may do to the conversation around boosters >> boosters are needed boosters are needed, without them, we will never get rid of this cycle we need to have people that are vaccinated and they have their

immune system, they're at a high level of anti-bodies we immediate to have herd immunity otherwise, that will continue forever. for those, they didn't get vaccinated or unfortunate, i think this will be very good news because that will reduce deaths and hospitalizations significantly, dramatically, yes. >> albert, obviously, hiv totally different. it's not, in terms of how long it lasts in the body, it goes into a person's dna. but it did, it was able to get around the initial therapy puttics through mutationles. that's why we eventually in addition to a protease inhibitor the cocktail worked much better. does covid have the ability to get around -- i guess we don't know at this point, but would you imagine you will need a regimen of therapeutics to

totally stop covid or in other words can it mutate around your protease inhibitor >> the development of resistance, it is alike. it is likely first of all because the trust is coming now with the 3cl properties protease the second thing is the protease which inhibits these inhibits is essential for the function of the virus. so, it's very difficult to change that. and the third is most of the mutations are happening in the spike, as you know this one doesn't work in the spike, which is the powerful virus. >> how much, any idea about how much this is going to cost >> you know, we have going to have again going to be able to offer it at a very reasonable

price with comparable to this ware with the high income and we'll have lower prices for middle income and they are working on solution on the low income countries we will make sure they will have upper access as well. >> albert, just going back to the question about potential viral evasion of the drug, put more simply, that suggests it should work against all known variants, right? >> yes, because all the known variants so far are mutations in the spike. this has nothing to do with the way this medicine may work so it should work with all the medicine this is why the providers said it's a live mutation, at least in the next two years. >> of course, if we are vulnerable, we will find solutions. we have proven that we have the science. you know, this one, if it was

discovered from scraps, we started the program and within four months, not four years, four months, we have synthesized 600 more protease inhibitors 600. we source this one then in 12 months, we were able to bring the results so it's amazing 16 months. it is amazing how fast we are able to do it. usually, the synthesis and the discovery last four years. we did it in four months >> it is really remarkable, albert, that you have been able to do this remember now as you said, the results are so much better than you expected they were now you are raising up the manufacturing. i am wondering how you make decision how to allocate manufacturing space when you have a drug that works so well for this pandemic bug. are there any consideration

about either switching out other drugs for this drug or raising down some of your plants for the vaccine with this drug remember it's a different manufacturing process. how do you process all those different decisions? >> it's very different for manufacturing process of the vaccine and the manufacturing of this one is happening in very different manufacturing sites for vaccines, vaccines that will not be affected. how we are okay, manufacturing capacity, we are all potential, everything goes, this is the number one priority. this affects humans lives. this is where we go first. >> albert, we're obviously excited about this from the health aspect, the science aspects, everything else i will be very gauch and bring up the legislation, it comes in, it goes out, they want it included in some of the proposals that are actually being voted on today i know you employ lobbyistles.

i am sure that you believe that the innovation that comes from pharmaceuticals is the best deal in town instead of chronic stays at hospital, et cetera there is a lot of pressure there is a target on big pharma's back in terms of pricing and in terms of patents and everything else. where do you think we are right now? what would your feeling be would you be included in build back better? >> first of all, i think the drug price in america is a serious problem. the problem is americans are paying out of the pocket like if they don't have insurance. the insurance will cover the cost of the medicines. and the cost of medicine insurance represents 12% of the costs. so this is not the problem by the way, our prices were minus 5% this year and minus two last year. so they're going down, they're not going up the problem is the americans

don't see minus five they see propesthetic. it's how much of the cost. that makes a big result. now, that is the problem that should be resolved what i think some parts of congress are trying to do, and reduce not in the out of pocket, which is very reasonable to be reduced, but the in general if there is one lesson learned in this pandemic it is the power of the science, this is what have saved trillions right now. trademarks of people across the globe. that's because of the introductions of vaccines, now because of the introductions of the anti-viral treatments.

>> albert, film us out i know you are negotiating figuring out the pricing for this i was looking as you were speaking, tamiflu costs without insurance somewhere between $155 or $175. i don't know if that is a fair comparable in terms of being able save people and how many days they would have otherwise have been potentially in the hospital or, of course, died, therefore, how you do that valuation. but just speak to that and how you think about it >> the way we think this is a pandemic so let's make sure there is a reasonable price as i said likely, to give you the size, this is likely one-third or i don't know clearly more than less than half of what the anti-virals are right now. so it's really very reasonable >> albert, so just going back to the merck comparison, you said

it may be similar to that pricing around $700 per course wondering also how you look at the marketplace for these two drugs hitting the market at the same time. your data are different. 89% for yours, 76% reduction versus merck's 50. how do you expect they will get used >> in five days, it was 81% reduction. demand, it's very, very consistent, the reduction of the hospitalization and death. i don't think we make a fair comparison, america didn't start with drugs in the same study i think the progression is very similar and i think there is room for both. we know what we can have outstanding efficacy and safety and this we will present all over the world. >> thanks for joining us such a historic morning and almost i was in of your data,

it's a good time for pfizer and for us with your drugs the and vaccine. >> i will say, meg, november is a great time for world and for humanity we were speaking about a year ago we saved millions of lives we are expected to see additional millions of lives swaved because of this additional drug. >> thanks again. >> thank you, meg. it's nice to know, andrew, you hear that, national drug design. they look at which one binds we do it all nationally now. it used to be like what is that mold growing on that bread, i wonder if that's good for anything. >> now we know where we want to get. we start, the guys know how to, it's amazing there are all these incredible things coming up, house democrats are expected to vote on president biden's economic agenda today the latest from washington straight ahead

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the latest version of the democrat's build back better plan, this is build back better 9.0. wait a minute. maybe 10.0 anyway, new rules on retirement plans for the wealthy. a vote on the bill could come as early as today ylan mui joins us. i don't think we are there, but we're close. >> reporter: we are getting

closer, joe, after months of debate, democrats are finally set to advance president biden's economic agenda through the house today. members will convene in half hasn't hour to start procedural motions and leadership believes that i have the votes to pass both the infrastructure bill and that bicker social spending package of negotiating until nearly midnight last night two of the big outstanding issues were the costs and the tax on state and local tax deduction. the social plan will generate about $2.2 trillion in savings enough to pay for this package and reduce the deficit in the long run so that includes changes too retirement plans for the rich, the bill prohibits contributions to an ira worth more than 10 million and requires dispersementes from that threshold as well the new rules take effect in 2029 and are projected to raise about $7 billion there is no cost of this package

yet that is giving moderates a little bit of heartburn headed into the vote. they raised tax deductions to 2030 and goes back down to 10,000 in 2021 and expires after that even if the house passes today, it still needs to clear the senate the deadline is now thanksgiving but the infrastructure bill has already passed the senate. once the house votes, it can go to the president's dpefk for his signature and give him that win he has been waiting for. over to you. >> maybe that will happen. i thought if that didn't happen, we've have one pass the senate one the house. neither one of them would be ready, right >> a see-saw >> you think the likelihood is now the intraparty factions? the moderates were for away from

the far left in the house. that caucus may as well be two different parties. >> that's what the late night negotiations were about. pelosi said she will not bring this bill to the floor for a vote unless she knows she has a vote. we seen it punted multiple times. maybe they were planning to do it today says a lot. >> thank you, ylan now, according to predict it, glenn youngkin's win this week gave republican as well come bump in regaining the house, which they lost in 2018. joining us now to discuss whether investors should adjust their portfolios ahead of the mid-terms. weg cantrell at pimco. i tell you one thing, libby, the election, have i got this right, was it like a year ago they happened in november. a few things have changed in the

past year. and now we're trying to predict a year from now. why should we think that the electorate is going to be in the shame place it is right now 12 months from now? how much confidence do you have in that? >> that's it that's a great point and we are definitely caveating to our clients that it is difficult to extrapolate what the environment will look like in a year from now, particularly as it relates into the economy, especially if and when they pass both of these infrastructure packages, also with covid you know, what does vaccination look like? and some of the sort of the temperature of some of these cultural wars could decline for sure so the environment could look difficult. however, joe, you know this, democrats only have a four-seat majority in the house, a very small cushion in the house and fit passed its prologue, the average loss of the party in power and the house is 25 sights they go to the averages,

democrats are facing do you think that those virginia and new jersey, new jersey, obviously, more so more wake-up calls for democrats that maybe they over interpreted their mandate, particularly as it relates to the progressive left. maybe it's more time to get some of those points on the board we were talking about with those two infrastructure bills and stop the intraparty battling, i don't think they had a lot of patience for >> libby, you said both of these infrastructure build pimco is ahead of u.s. public policy can you speak for -- i mean i read that as you taking a stand here so you think that the build back better - >> i got to tell you, i will try to take a provocative stand. >> it's provocative to me. there is infrastructure and there is social spending and democratic wish lists and everything else.

i think that kind of outs yourself in terms of how you feel so you think we should pass a one and three-quarter bill, you think that's a positive for building back better in the future >> we call balls and strikes over here, joe, we're not editorializing what should happen but, however, whatever the semanticss are, the bipartisan infrastructure bill, the build back better agenda, i think that the argument has been made that there are some components of that, that do help human infrastructure in terms of labor force participation and what have you the economy could look different, it could not. a lot of the spending bills are long last in terms of how they get into the macroeconomy. but what they could do for the president is to show they are confident, that they can govern. i think there has been a lot of misery on capitol hill and the

legislative process still. >> vcar invevelcarvel, he isn'te left hand has done enough or biden hasn't gotten enough done or congress hasn't moved on these two bills. he says it's a clear case of wokeness going insane and de-fund the police is insane and a repudiation for what the far less stand for young youngkin would have won if either of these bills passed prior to tuesday >> i'm not trying to say that, the lessons that democrats rightly or wrongly will take from that virginia block is that they do need to get something done to show the american electorate that they are actually governing that was my point. >> okay. >> and you know we don't know the counterfactual

we don't know if it passes in the summer, it had 69 votes in the senate, a very large bipartisan vote in this polarized environment, whether they would assuage voters, we just don't know. the point that i am try trying to make here, joe, joe biden won because he won incidents, according to exit polls 13% over president trump in terms of democrats lost independents in virginia >> a big swing i wonder what was the swing 17 points in independents it was like staggering like you got to work at that you got to really, you know. actively seek to lose those. libby, thank you >> thank you >> you know where you are coming from and where i am coming from. i'm not afraid i got to speak my mind, like, you know who never speaks their mind, libby, andrew ross sorkin.

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"squawk box," we got a quick check on pfizer. the company announcing earlier its covid pill cuts hospitalizations and death by 89%. first, when we return, uber reporting last night we will run through the results and talk about the economy with uber ceo dara khosroshahi. "squawk box." returns after this strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information.

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we're back on "squawk box. we have dara khosroshahi i know the ddd clouds it a bit how do you see things now? >> things honestly are great as the world is opening up, so is our business him we have all time highs, bookings, 23 become. october again was an all time high for us. it was up over 40% on a year on year basis our mobility segment is hitting highs in terms of margin uber eats outside the investment we are making in new verticals like grocery, hit ebitda profit

margins, the whole company is ebitda profitable. so we are really pleased not only where the company is now. we are finally ebitda profitable but the road ahead the supply situation is getting much, much better. so all signals are pointing to great. >> speak to the margins, too, though, you did very well, this quarter on it feels like a per drive kind of situation. part of that seems to be a supply issue when things come back into better balance, is that going to be better for you in the end or n not? >> it's going to be much better. our part of the science part of our busyiness is to blevins supply and demand. what we saw earlier in this quart ter demand for profitability and food, frankly, was growing much faster than supply so the team went to work to make sure we communicate to drivers and couriers out there, this is flexible work, earnings

opportunities are incredible we brought over 640,000 drivers or couriers onto the platform since january, drivers are up 65%. couriers are up 80%. when you look at the amount they made this quarter. they made $8.6 billion up 60% in terms of earnings as well. so now that you've got drivers and couriers earning really good money, their service is really singing. the average eta when you push that and get the car under the magic five-minute mark we want to take it under the magic formula as well and the surge and demand is growing as the service quality levels are getting better so so far so good and we talked about q4 and q4 we expect profitability to increase. right notw, all signs are positive for us. >> when you look at one of the

metrics around airports up 35%, similar to lyft. but you're global. i was curious what you think that looks like a quarter or two from now >> airports are the last use case for us to coming ba but they're definitely coming back so, for example, we see business travel up over 60% over the past couple of months we see travel in europe from a small basis starting to come back n. asia, it's starting to come back as well. so when we look all over the recalled who, generally the airport use cases, the use case that has bottomed out the most in the u.s. probably is coming fastest followed by land america and then europe and some of the other places but the rebound is unmistakable. the human condition of wants to move up, wanting to travel, wanting to get out of the house. it's true for everyone and it's universal. >> which raises a question, what does that mean for uber eats

which to some degree, a lot of the excitement was around a poke play >> yeah, i think as things were opening up, we were asking ourselves the same question. but if you look at the results no for uber eats bookings were up 50% on a year on year basis. we are seeing an uptick in terms of q4 volumes even versus q3 and q2 the fact is that when you try eats and you get to have, you know, unbelievable selection of food and now groceries and diapers, for example, delivered to your home in 30 minutes, it's a great product. so we're actually seeing the audience for uber eats being sticky we're seeing right now audience is up over 25% basket sizes are up 10%. orders for eat are up 10% as well so all of the metrics are move him in the right direction,

which to us means this is a very, very sticky product that is going to be a part of every day life for a long time to come >> dara, i know that you requiring vaccination among the corporate workers at uber. how are you thinking about the drivers at this point? given to the common sense from the white house. these people technically are employees. >> yeah, they're not employees you know, you've seen us we have supported vaccinations all over making sure that we provide free rides to those who need to get vaccinated who have a hard time getting to pharmacy, et cetera so we have been big proponents of vaccinations and drivers are feeling more safe and i think that safety is very much driven by vaccinations. they're hitting the road the number one concern drivers have told us that they are hesitant to get out there is safety

as a high percentage of our drivers are getting vaccinated, we see them baming back to the road earnings are terrific for earners driving more than two hours, totally flexible, get to work where you want, which in this world is even more important. so we are supporting vaccination for drivers, riders, and we'll continue to do so. >> supporting it but not requiring it what's the thought there i mean, i know how strongly you feel about it. and so i am curious why you wouldn't just say, you know what, i will require it both for their benefit and maybe for the benefit of the business to feel more comfortable getting in the cars >> i think that we will follow the direction of what's government mandates, et cetera the fact is that our drivers are independent contractors and they get to make those choices on their own. we are going to be encouraging them in every way, shape and form and by the way, that also applies to riders as well.

so what we are doing is making sure that we protect your health, for example, our mask policy is still in place but ultimately, these are individual decision unless the government says otherwise. >> and then finally, what to do about didi, dara do you hold on to didi do you not what itself the thought process here >> well, first of all, we do believe in the ride sharing space as a space that has a on the of growth ahead of it. you certainly see it in our business as far as how it's coming back, the pace at which it's coming back the mar jens you like to arn. we like the category i think the issue with didi, are they going to be a government entity or not, when you take a ride, is the chinese government going to know where you are, et cetera i think that's a difficult issue that anyone, non-chinese has to wrestle with as far as an investment goes for us, we're not fund managers.

so didi is a big stake that we have on our books. we have plenty of cash we have a very, very strong balance sheet. we're now moving into profitability territory. so over a period of time, i would anticipate we monetize that stake but we are not in no hurry over another. >> dara cost khosroshahi, alwayd to see you >> thank you coming up, covid cut the risk of hospitalization or debt by 89% the former commissioner dr. scott gottlieb will join us. then loews hotels ceo and chairman jonathan tisch, he will be our guest li will talk vaccine mandates, hoday travel, the economic

recovery much more. we'll be right back. ♪ ♪ ♪ ♪ ♪ ♪ at pnc bank, we believe in the power of taking steps forward. whatever the pace. and whatever the size. that's why we set out to help make it easier for everyone to move forward financially. see how we can make a difference for you at pnc bank.

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♪ (vo) reflect on the past, celebrate the future. season's greetings from audi. breaking news, just a possible game changer. pfizer saying its anti-viral pill cutting risk of covid-19 by

89%. we've heard from the company ceo him up next, former fda commissioner and board member dr. scott gottlieb will join us. don't forget, it is friday 30 minutes now from waiting for the number everybody is waiting for as the final hour of "squawk box." begins right now. >> good morning," begins right w >> good morning, welcome to "squawk box. becky is off today u.s. equity futures are a little changed. the dow stup, the nasdaq is up s&p trading higher a lot of it as before the big jobs number has to do with today's top story. pfizer stopping a trial that's

anti-viral pill for covid early after it found that the drug cut by 89%, i almost said 90, rounding up, 89% the chances of hospitalization or death ceo albert bourla joins us this morning reflecting on how fast we might be able to get this drug to market. >> i can't speak about the fda and what they plan to do they plan to have a pfizer committee and how fast they will do it before thanksgiving for the date >> joining us, dr. scott gottlieb, fda commissioner and contributor, serves on the board of pfizer and illumina interesting action, scott, i know are you not a stock an a list merck immediately sold off 4/5%. we know the uk the day before gave authorization to use their

covid theraptherapeutic. does this, from what you can tell i know you are on the board of pfizer, people say, do we ever disclose that. sometimes we don't have enough time left for the interview, we disclose it so much. do you feel this pfizer drug has shown better efficacy than the merck drug perhaps they're less concerned about eugenicity or other side effects? >> there were trials done. we have a tool to battle covid this exceeded any reasonable expectation with a caveat it was stopped by the monitoring committee for overwhelming ev kaels. i think the bottom line is the end of the end of the pandemic as least as it relates to the united states and the tools to combat this disease. we have to get through this delta wave unfortunately, we will not be able to vaccinate our way out of it these therapeutics are coming through that wave. once we get through this infection over the course of the next two months.

i think this therapeutic and innovation coming from market, mark the end of the pandemic in the united states. we need to think how we put that victory side on the side of the white house. we declare victory over this pandemic, at least here in the united states. >> everyone stresses this should not be in anyway thought of as an either/or for getting vaccinated but as contentious as that issue is and mandatory vaccination, i'm not sure in the past you've sid don't know whether the carrot or thestick might work better do you think this might alleviate some of the what's been very divisive in terms of government mandates or mandate, people losing their jobs because they don't get vaccinated? it could be as early as december, perhaps that this was actually on the market, maybe? >> well, if this isn't in lew of vaccination.

this is despite study for breakthrough infections, people to that don't respond well or can't vaccinate, whatever reason i think the bottom line is these mandates put in place by january 4th are coming on the tame end of this pandemic by january 4th, this pandemic may well be over at least as it relates to the united states when we get through this infection. it will be more of an endemic phase of this virus. in my hometown of connecticut, we have 5,000 cases, we lifted our mask mandate at those levels, those are the lowest levels going back last summer so we are nearing the end of this pandemic as it relates to the united states. i think the availability of therapeutics can be used to help people with breakthrough infe infections, people that don't respond well to vaccination and the small number to forego the vaccination dememarkate

and we have been successful in vaccinating the adult population the uptick so far in the five-to-11 vaccine has been very brick. so there have been a lot of people who made the decision to protect themselves and their families. >> scott, one of the big policies is going to become pricing. if you want to get this into the hand of everybody from vcs and walgreens and people that have access, i imagine with the prescription and nonetheless, the pricing is going to have to be at a level that is, therefore, affordable. it appears that we are talking about a $700 price point potentially that may be half of what ramdesivir is without insurance, it's a lot more the question is, how many people will having a says if it is at that kind of price point >> look. first of all, i don't have price points for pfizer, tamiflu is

jenic e eric pfizer has access to lower and middle countries, albert talked a little about that this morning. i think this will be widely accessible i don't think price will be an impediment right now the pricing is being set with the government. the government is setting the purchasing here. this is priced the way i understand how it's comparable around the merck pill as well. i think the price will evolve over time as the virus evolves, as this becomes more of an endemic prvirus, you will see different things involved. >> the headlines out of germany, very troubling in terms of a resurgence of covid, it was noted in a piece that it was primarily an unvaccinated people, but the hor

ivenlg horrific fast is people can lose their lives by february. talk about saving lives from here on out with this immediately. that might take that off the table. but what are the chances we have a type situation here in our unvaccinated population? >> look, we still need to get more people vaccinate ltd. we've done a good job getting people vaccinated. we will still have covid infection and endemic virus. we will circulate and get revaccinated or change the vaccines over time this will be something like the flu we have to combat on a regular basis. when have you therapeutics this acted, that can be a backstop for whom people have break through infections in that setting. it is a backstop against death and disease, europebetween

anti-bodies, therapeutics like the pfizer drug, if it gets over the finish line, highly effective vaccines, nobody should die from covid. this is an avoidable death at this point, the widely accessible diagnostic tests to get people diagnosed early we have a tremendous toolbox that we have developed over a very short period of time. we've largely conquered this disease. at least as relates to the rest of the world we have to make sure that is equitable around the world >> scott, just to follow up on joe's question though, what is your read? what do you think is happening there? not enough people have gotten vaccinated are we getting into a situation like israel pre-booster, not enough boosted, what's the analysis >> loose, it could be some combination of all those things, you haven't ruled out the booster, so you have some declining efficacy there is some decoupling between

the overall morbidity you see from the infections spreading in the uk right now there is infections circulating. it's life back to normal and you see the de coupleings between hospital and death there will continue to be a decirculation of covid, they can get the populations vaccinated as we have done so here in the united states and in part to the united states. there is pockets of germany that are more unvaccinated right now. they may be grappling with the delta spread later, so i don't know why germany experienced a reyou is jens. you will see a continuation, it's not going away, it's an endemic virus. with tools like this if, in fact this holds up in subsequent studies and the full data when it's available this puts an exclamation point on i think the end of the pandemic phase of this virus >> it's a big statement, scott we hope from your lips we hope it happens, thank you. i appreciate having you on this

morning. you were already booked. >> thanks. >> you were coming on anyway >> did you have wind of this yesterday? >> albert predicted the board late in the afternoon, almost a year-to-date that the board was briefed on the initial results with the pfizer vaccine. it felt like a very similar moment this exceeded any expectation i had in terms of how effective this might be. >> the world, we have been through some things. it's been a year, the entire world had to go through this i don't know. >> this looks like a kroif pim this pcoronavirus pill this is something that could be effective against multiple variants and strengths of the drug as well active. >> thank you thanks, scott, see you. >> thanks a lot. >> all right >> remember, stocks on the move this morning, of course, the

pfizer news moving lots of things around. i want to go to dom chu at the domino to join us to take a look at some of the stocks to watch right now. dom. >> so andrew, joe, to dr. gottlieb's point here. the news has been very impact. we'll start at the epicenter, which is pfizer and look at the ancillary stocks around that complex within vaccines for covid-19 the big standout, of course, is pfizer, up 11% in the sex highs right now-- session highs right now. the pill treatment could reduce hospitalization and deaths by almost 90% but other parts of the complex have now reacted negatively. right? because you would suspect competitive advantage on top merck has its own treatment down there. it's down 9% the complex for vaccine makers also down as well, moderna has been on a big slide as of late, a huge negative momentum there

biontech, pfizer's partner in the vaccine side of things is down 11% in the pre-market trade and novavax down 0%. a huge ripple effect a lot of red elsewhere in the covid-19 vaccine and treatment complex. meanwhile, dr. gottlieb talked about this end of covid phase so to speak all of that is playing out in the reopening trade. travel and leisure live events, expedia on the travel and leisure side, blockbuster earnings, live nation, norwegian cruise lines, marriott, doing well as well keep an eye on those things, the i'll send it back to you. >> coming up, we will stay with this big story pfizer's anti-viral pill, the impact on getting the economy book to normal we will talk reopening with chairman jonathan tisch. we got the big jobs number at 8:30 you don't want to go anywhere. you are watching "squawk" on

cnbc a beautiful shot from time's square on the nasdaq market.

you don't want to go anywhere.

this is the power of science. i think this magazine will sense the way things are happening right now. we will save millions and millions of lives. >> that was pfizer's ceo am better bourla speaking with us last hour about the company's

new covid pill that cuts the risks of hospitalizations or death by 89% you can look at pfizer stocks, they're up as well you can check some of the reopening stocks all popping, dr. scott gottlieb telling us, this is the end of the pandemic as we in the u.s. know it. so let's take a closer look at one of those plays the travel sector, joining sus jonathan tisch, loew's hotels chairman, kicking off the 43rd industry investment conference it is in person. so congratulations to you. it's in new york city. i have have been a part of it before it's great to see jonathan >> andrew, thank you for having me good morning >> on the back of this news, by is remarkably positive, i'm imagining we're going to see a continued uptick in travel i'm curious what you are seeing. we obviously had the news from

airbnb expedia. we now had uber. all of it suggesting that things are coming back. the question, of course, is how quickly and then there is the labor side, whiff i want to talk about. >> if you can mash up the last half hour of your show you put together what dara was talking about, pickup at airports, obviously, the announcement from pfizer dr. gottlieb, i have been boyiant. this is incredibly positive for our country, the world and the travel industry. the international travel band ends on monday almost two years of not allowing visitors from overseas business travel is picking up. groups are meeting again transient demand is very, very strong this is all very, very positive for markets like where we are right now. new york city, orlando, where we have a joint venture with

comcast, nbc universal we have eight hotels, 9,000 rooms, many nights were sold out a. really positive sign to show you how we feel about the travel industry, loew's corporation and hotels we have committed $240 million of equity. got a $300 million construction loan from met life we have under construction currently 888 room hotel with 250,000 square feet in larlgton, texas, that opened in 26 months. we're very bullish >> we are about 11 minutes away from the jobs number and so i want to talk about jobs and labor. because one of the things that has happened is the supply of labor has become tougher the costs of labor has become tougher the turnover, you look at the numbers in august, i think it was the highest turnover, 10% in the hospitality industry what are you seeing? what is it going to do to the margin >> all of the factors you mention reasonable doubt very

true in some markets, we are struggling to find team members. we try i to make it as easy as possible for them. there are incentives if you refer a family member, a friend who become as part of our team as loews hotel this is very true. it depends on the market, where, our costs are going up we are doing everything we can to keep an eye on our expenses >> i think we've just lost jonathan there for a brief moment home hopefully, we will get him back tech technicalu snafu we will take a break and see if we can get him back we have the big jobs numbers coming up in just moments. we'll talk about nit ten minutes from now, the october jobs report, the data from the government what the report might mean to the fed and the markets.

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. we're going to get back to jonathan tisch a little technical staff snafu he is back in terms of the supply of labor and return of labor as we talk about the sort of great resignation period that's going on in this country what are you seeing?

>> all the factors that you talk about every single day up until september getting mo infrom the gove -- getting money from the go amazon affecting hotels as do our competitors. amazon comes in with a fulfillment center they're paying people a lot of money. everything you can think of is making it difficult for us to hire people. we try to make it easier we give incentives to team members that are a part of our group already if you bring in a family member. we give the ability to have great benefits so we're trying. a lot of markets, it's a challenge. what we're also seeing, it's difficult on middle managers and senior managers of our holes and organizations, because we're helping them to do more and it's a lot of pressure. but we're going to work our way through this the business is coming back. we're seeing strong numbers in most of our markets.

we intneed to get international travel back. we will see the new york marathon in 24 hours it's a strong moment we are feeling bullish about. it will take some time to get back to 2019 levels. we're getting there. >> in terms of wages, how much are they going up right now? >> it depends on the market. everything is competitive. everything is market-driven. they are going up and trying to keep an eye on things. we also need to get back to fuller staffing levels >> in terms of passing those costs on to customers, the pricing on our overnight room these days has gone up as well >> what we're seeing, andrew, is five star, four star, five-star resorts are very strong in terms of the amount to raise prices. the competitive nature of less business travel in central busy district hotels during the week is not allowing us to increase prices weekends are strong in most markets.

though it's really a variable. we look to raise rates where we can, where there is enough demand so that we feel we can charge a bit more and, obviously, try toy cover our expenses >> and what's your sense long term, a year from now in terms of what business travel looks like is it back to 2019 levels? is it? i remember bill gates a year ago saying the pandemic has changed everything, to the point where business travel will be cut in half flu is mentioned the eu conference, which will start monday night, monday morning, the ceo panel moderated by your colleagues there at lunch on monday, i'm having a conversation with jamie dimon. he feels differently he feels business travel is going to resume. we are optimistic. will it be a we're, two years, can't them people are more comfortable. i was at miami beach loews, we had a conference in-house. it was full. they were communicating with each opts. they were in person.

so it's getting there. it will take a year, it will take two years, but we're going to get back to levels that we are accustomed to in the travel and tourism industry >> jonathan tisch, it is always great to see you we got the jobs number in just a moment i will kick it back to joe >> three minutes now, andrew, before we see those numbers, highly awaited let's introduce our panel and get some predictions kne neela richardson, former cea chairman and really a major star of tv, film, broadway, he's everywhere, nick mulvaney, former director of the office of management and bucket, former white house chief of staff and stephanie link, high powered streef strategist. rick santelli and wow a six-box.

our own steve leishman, myla, will it be a better report than we've seen in recent reports in your view? >> the adp reports shows hiring and goods and services, a good number about 450,000 >> thanks. austin, i never know with you. i think you have a lot of time being sort of, i don't know, you've taken on the you were betting on draftkings, you'd always be on the under are you on under today >> i usually am. but today the virus has been down, so i'm going on the over i'll say 525 >> okay. you got to bring my six shot back up. that's why i was going from left to right so i can remember who is there who is on the right there? is that mick nul vamulvaney >> yes, it is. >> you want to get into the economic business or the overall

environment? what were you doing tuesday night? were you laughing? >> oh, having a good time tuesday night. it's always fun to see the folks in the other party fight over whether or not they're too progressive or moderate. we had those swings in my party. it's good to see them deem with that when we look at jobs, i'm with the rest of the group, we see something between 450 and 5. it's all anecdotal, i talked to employers having trouble finding people, i wouldn't be surprised if it's closer to 350. anything above 250 will be okay. sure, we like to see something close to half a million. >> i will continue going clockwise, am i doing that is that leishman, steve. we already talked to you, i think. sorry, stephanie, forget it. we heard steph, where are you >> i think it's going to be a strong report. 500,000 is kind of the whisper i'm go with that lower covid cases,

back-to-school, unemployment benefits expiring. i think all that is very favorable for the number today >> steve, would you be terribly hurt if i went direct early. he will have the number eventually i apoll jiesz. >> i'm long past the point of being heard let's hear from rick >> rick, you got a number and the real number? >> 490 4.5% unemployment would be my number >> all right what is the numbers? >> the numbers are going to be coming out here momentarily. i see the unemployment rate stuck or excuse me, i'm seeing it come out in a different piece. 531,000. there we go. 531,000. the non-farm payrolls, private payrolls 604,000 wow, that's a biggy. change of manufacturing, double expectations, up 60,000. and if we look at the unemployment rate, i still don't see it showing up, but i see average hourly earnings month

over month up .4 of 1% as expected. lower 4.6. year over year, okay 4.6 on the unemployment rate i see 4.9 year over year average hourly earnings. put an asterisk there. that's one of the biggys if we look at average hours worked 34.7. 34.7 that's actually a tenth light and finally the most important number in my opinion 61.6 on labor force participation. i'm sure everybody at the deck remembers it was 62.6 pre covid. you have to go back almost 50 years to find the 61.6 in the mid-70s and that translates into about 4 million workers missing, i'm not sure exactly where they are. the under employment rate 8.3% that drops o'2 versus the rear view mirror 8.5% as we look at the markets, we

see the pre-opening equities, the dow starts to gain some points well, let's throw it back to you, joe, and the panel. >> thanks, rivenlg stck steve, since you didn't join us, what jumped out from the start from the actual numbers? >> you know i want to focus on the private sector, which is what really matters here you still have this 73,000 jobs lost in the government sector. you are still losing jobs in state government education and local government education to 60, you know, 64,000, 65,000 so you have this 600,000 on the private sector that's really what we want to focus on leisure and hospitality came back strong, 164 rick pointed out manufacturing doing well professional business services it looks like it's pretty jobs

based growth that was the other thing we were looking for. i wanted to see what happened to the participation rate it ticked down hold on. >> you were talking about that >> you made a big point about that rick talked about that you were at the study, obviously, which said, go back all the way to the 70s 4 million workers, we don't know where they are rick was agnostic about the cause. mylarks does this meet your expectations >> yes because what we saw earlier this week with adp is we saw broad-based gains i insurance ih hospitality and reconstruction the press gains in that sector there is a huge amount of demand the biggest challenge we see is the disconnect between large first and small firms. large firms really love the gains in the adp report. i suspect it's the same thing here small firms are struggling to hire in this environment because

of wages, because of the challenge in competition out there for hiring i will note, though, that the government hiring matters for the private sector because it's in education. remember, we need teachers and child care workers to get women's labor force participation back to where it needs to be. these things are totally related. it's a big bottleneck to hiring. >> austin, you made the move the knicks are in milwaukee tonight. >> what do i got to do to get i to notice me, joe? you already owe me dinner from before, you refuse to pay. i will get you the number. i got to hit it exactly? 600,000 is not enough. >> knicks-bucs, over or under, i will do what you tell me >> bucs. it's the number with the government is remember there is a major seasonal adjustment

thing going. when we add up the numbers, it's not that 70,000 people lost their job. it's that it's 70,000 fewer than would normally be hired in this month some the fact that you still have some of the schools in a mixed-up state is going to show up in a number like this. >> you know, rick is a cnbc-nbc employee he's hesitant to take any stands, if you ever watched him over the years he doesn't really say what he means a lot. do you know where the 4 million workers are, the participation hate is so low >> i talked about that last night with a group of employers. the options are fairly limited either they've decided as to simply leave the labor force, except the lower standard of living they retire. they're paying people not to work the one thing you see in these numbers is a validation of some

of the folks who say, look, as soon as the supplemental unemployment runs out in september, you will see a tick up in employment this is the first jobs report to show that number if there is anything looking forward, these are great numbers, let's not miss the point there. but looking forward, what is this going to do this the going to focus even more attention on the supply side the demand side is looking good. you got the government jobs that have gone away temporarily the teaching jobs are not gone away forever will you have a competition. you will see more demand for wages. it's going to draw more attention to the supply side of inflation discussions, yeah, great job numbers, looking forward, it will draw more attention to whether or not we can get these goods and services to market. >> austin, i have pa political question hoy is it possible, this is a question, for a democrat, how is it possible that biden's numbers in terms of poll numbers are as bad as they, are yet, the jobs

numbers are beer talking about them right here in the last hour talking about covid, basically had scott gottlieb say it's over what is happening here is this something much deeper? >> i think that's an important point hopefully, it's just a lack the polling started going down as the disease started getting worse. we had the surge you saw the numbers deteriorate a bit. that's when he became unpopular. i think if you get a bunch of months like this pand we are putting up half a million plus jobs a month and we get control of the disease, i think we will be back in the state that we were at the beginning of this year, where growth is high and i would think that that is going to, that his popularity would benefit from that. but you know, they got to pass a

bill they got to get something from what he pledged in the campaign. so a little of a nail-biter. >> austin, anything else happen? last four, five months never mind, i don't want to go there. steph, maybe a couple other things steph, what do you make of this? >> yeah. so headline, obviously positive, very broad based private jobs i think that's just incredible what a number. but the wage number 4.9% year over year, that's a number, that's a hot number. right? that comes on the heels of unit labor cost 8.3% yesterday, employment cost index with the third quarter, 4.2% year over year. this is a stickier part of inflation so these are the numbers have you as to watch i think this may cause, not this report but if we continue to see strength like this, this may cause the fed to taper faster next year. >> hey, steve, when we do this on the monthly basis, it is lumpy and you know all the months start, you know, merging

toke how many bad ones did we have in the last one was bad wasn't the one before that one bad? when we try to figure it out do you remember? you know, joe, you tee'd me up for exactly what i wanted to say without knowing it i don't know we've reported the revisions to the prior months, not nearly as bad as previously reported 194 has given way to 312 366 to 483, we've added in revisions, 235,000 additional jobs then when i look at what's happened to the deficit of the 5 million jobs that we had compared to the pandemic, it's now at a 4.2 million it's still a ways to go. it's a lot of progress it picks up on what stephanie was talking about. not only did we have a strong jobs report today, the two lackluster are not what we needed we did do 400,000 back in

august now we retail back in september, a big disappointment at 194 back then so we're making position and look if you don't want to talk about tightening, i think a better word to use for the fed would be normalization and so there is an argument here as we move down as this unemployment rate ticks down to normalize, at least faster than we have currently had plugged in and also there is another argument as a way to fight or combat inflation out there that the fed ought to be a little tidier. so that may be something that goes along if we do stronger job growth, we might be doing faster economy. >> what is happening to productivity a lot of the productivity numbers have been very strong f. they remain strong, you can have wage growth without inflation. so the fed is definitely keeping an eye on that >> all right >> well, we didn't get good productivity numbers yesterday, though >> yeah, true.

>> it's hard to invest when there is a supply shortage as well there is a cap on what businesses can do because of all these other log jams in the economy. it's really interesting times. i think where we evolve from here is looking at the stock and asset prices in general. because some of these 4 million workers have captured a tremendous amount of home equity asset prices and 401ks well past what they expected two years ago. that's provided a lot of choice for people i think what we're seeing in the future is that they're going to offer their services back to the market more on their own terms and that's sticky, too it's permanent >> hey, rick, has the fed -- i mean, obviously, they will feel better about tapering, i would think, rick. and i mean if this was a backdrop all along and we were being artificially held down by covid fears or transitory supply

chain issues, they're behind again, aren't they >> yeah. listen, i think the federal reserve is doing the right thing. they're just dock it way too late insofar as your question, it's pretty much their programs and some of the well-intentioned programs by uncle sam that have caused some of this. nayla was great to point out, some of the dynamics if you look at equity values and piggy banks somewhat pre-y-2k along with the 2 trillion passed out in stimulus checks the notion of issues in some of the pending legislation that create entitlements, all of this feeds into the dynamics of what we are discussing. those 4 million people absent, it doesn't matter. what matters is all the efforts try to pull them back. when i hear that calm, i hear that call inflation. these are where the inflation currents, the inflation passages

channels are coming from all the things we're discussing. many of those issues, the ports in l.a. compared to the ports in florida. what itself the difference how they treat truckers, independent contractors. much of the problems that have caused all of these supply shortages definitely were because of covid many were a response to covid. well intentioned, but history won't be kind to how we screwed some of these things up. >> did you all, i'm not from down south, but did you all see the pfizer news? what do you think that means for the future that can't be a bad thing, i don't think, neela >> no, the pandemic has been in the driver's seat for much of the last 18 months and to see news like this that we have remedies that, are could be coming to market that really gives us another lever of progress in controling this

pandemic is such great news. it's globally great news, not just for the u.s taking it and pairing it can safer health conditions oak, that has a really nice narrative for the last two months of the year into 2022. >> austin, you and your friends there. >> i don't. >> hold on, austin, you and your friends can't wait to i don't know do something to the ford drug company to develop all these great vaccines and therapeutics all you want to do - >> it's amazing news, this is amazing news and the thing is. >> go after those that pay for them i know you got something you want to pay for. >> rich guys like you should pay your fair share. you shouldn't be against that. >> i'm working until august in new jersey s. that fair? >> i asked you about salt and migration. we'll take salt back how dare you say it.

>> rick, you got as to slow down >> i think you will agree, i have a point, which is, inflation and we slow the rate of the spread of the virus, people can go back to spending their money on services, which is what they usually do. that will relieve the supply cane we can have less inflation and get back to normal. >> mech, you can weigh in. >> zptding on what state they're in >> does anybody else have a political discussion too bad. >> 50%, that's not fair. what do you think is fair? >> we asked about those 4 him many if some are staying home because they're still afraid of the virus, afraid of health, if the pill today from pfizer helps, maybe that unleashes a couple of those 4 million. i think it's a combination of people living off savings, you hear about 401ks, equity we have little savings americans

have or they are just, they've decided not to work anymore and the government is going to help them out if that's the case, if the government subsidies are that high where you don't have to work, that's structural. that's not going away. if you are living on savings, you can't do that forever, it will be interesting to see if folks are living on savings or afraid to go back to work or deciding they're not working anymore as well. >> joe >> i'll be right with you. one more point from steph. we had a segment earlier whether investors needed to switch portfolios for a switch in the house in 2022. i don't know whether this changes the prospects of that. probably not one data point doesn't change it. have you thought about that yet? predict it has a republican takeover at 82% likelihood now for the house in 2022. >> well, if nothing gets done, have you gridlock. that's good for equities for

sure i'm focusing in my portfolio what is happening in the economy this week was encouraging. it showed an october rebound since september because the covid cases are starting to rollover you look at the services, record levels, durable goods, transportation, good numbers initial claims would argue is forward looking in terms of johns versus the non-farm payroll numbers, best since 2020 we have encouraging news this past week. my portfolio is set up for recovery, reopen, cyclical and higher rates and i'm not going to change that stance, especially after today >> let steve talk. you heard him, right, anne, you heard him talking. got to get in, they were rang me i'm sticking up for you, steve, go ahead >> i appreciate it i want to put some numbers around your discussion about what that pfizer pill can mean i'm looking at not oughtwork,

because of illness, 1.3 million. the worst month is january 2018 when the flu is in full rage that's 1.2 million it's only october. typically in october that number is below so anything we can do to bring the people with jobs back to work is something that has an important influence. it's something you don't think about. there are jobs not being done from people who have those jobs because of concern about the actual illness >> nela, thank you austin, again, we're a little closer to our meetings for dinner just -- mick thank you. wow, mick was on twice here. that's weird stephanie, thank you, rick, steve, one and all let's get down now to the new york stock exchange. jim cramer joins us now. pfizer, jim, pfizer, pfizer

pills, 89% pretty good news >> well, dr. gottlieb said something, he said it twice i think. he said, well, then, of course, this is now the end of the pandemic and i'm thinking, oh my god, there it is, he just said the end of the pandemic. here's a man that's gotten it right all the way as you said you have to say the pfizer stuff. but, yeah, i mean, i think we have to just recognize that this is the anti-teleton pro-lifetime fitness world. i just think this was -- did anyone hear that he said that the pandemic was over? like they're talking about employment i don't care about the employment the pandemic ended >> he tweeted that out that he said that. what is the rate 4, it's fought a forehand him this is theoretically before the pandemic end, it was the october numbers. so this could be good for

stocks >> it's good you know, there are people, joe, who come on all day and they find something that they think is bad okay well, sometimes things are good and this is one of those times i think we could sit here and say, well, but wait a second if you look at you look at the wages, forget it today is a good day. the only people unhappy are people who own the stocks that required you to stay inside. soft it's a good day. >> uber and lyft, those are all rear-view mirror problems, except maybe peloton some of these stocks, now they're going. are they the new pelotons? the gyms >> i had planet fits in on, i was doing some work on peloton it turns out to be an

exer-cycle. >> what about the pierce that aren't pandemic plagues? >> i think docusign transcended it zoom, the probably is we're all kind of over-zoomed and would like to see people again what you've got to do is be in the stocks that require you to go somewhere i think the most significant number after the numbers from pfizer from delta. i mean, people going -- all the planes have been full november 8th. this is really big >> jonathan tissue, hotels, restaurants. airbnb was fabulous.

i had frank del rio on, he says this is like the war ended people went nuts people had a great time. we're in that moment we just heard from the fed that nothing is going to change, at least for now. so let stocks go higher. it's okay. >> thank you, jimmy. >> i'm sorry i'm happy i like gottlieb so much. >> thanks, jim we're going to see you in just a couple minutes we want to remind you about the new investing club dest point your phone at the co on the screen it will take you right there, and we will be right back.

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we have two big stories for the markets this morning it's the big jump in payrolls in october and of course the news about pfizer's covid pill that reduces hospitalizations and deaths here's dr. scott gottlieb. >> the bottom line is the end of the pandemic, at least as it relates to the united states, is

in sight right now, given all the tools we have to combat this >> jim paulson is joining us as sdwrim cramer said, what dr. gottlieb said may beau more important than the jobs number. >> i think it's bill, no doubt about that, andrew we can finally declare some victory on covid and feel like we're back to normal i think that would raise optimism a lot and also stoke animal spirits, allowing people to travel against, which would help other parts of the world, including ours next year, at the same time we may declare victory over covid, we could declare visibility torrie osupply chain problems. if they come together next year as a dual package, that could do a lot.

>> you have a jobs question for you from a viewer -- please tell they geniuses they can't see the forest through the trees why am i not going back to work? i made enough for ten people to retire and i'm bad at it >> i raise that, jim, because talk about inflation, supply chains, there may be people who are not coming back. >> i think there's some truth to that certainly with the outside subsidies we've had for people outside of work, at least compared to history, certainly raises that question i'm not too worried about it, andrew i think we just had almost 9 million people come off extended unemployment benefits since august nine million let's say half stay home, that's

still 4.5 million people that probably will find their way back to the labor market, this will be an unbelievable surge in the labor supply coming to this economy at an odd time >> in terms of the way you -- though, you think about empire portfolio, has the roe station already happened or is this just the beginning of it >> i think the leadership shift is just starting to occur again with this reopening cycle. i think it's going to continue into next year in a bigger way i think it will move away from growth in tech next year, i diversify away from the s&p 500 in particular, and look more at small and mid caps, more cyclical rather than growth, even more at international than i would in the united states one of the wild cards next year, in my book, is what the dollar does

if the dollar has been strong, that's held down inflation problems, helped assisted the fed in being patient, but i think the dollar is going to weaken that will help the economy overall, it will help more cyclical areas, but also bring pressure on the fed maybe to give up on their patient approach a little bit. >> okay. jim paulson, always good to see you on this friday take a look, joe big morning. >> it is a big morning 140 points, and you wouldn't think that reflective of the end of the pandemic, as we know it, but we have set a series of new highs. the market does always seem to sniff things out beforehand. a good jobs number as well, added to its gains i hope it's not all about all the good news is out, but maybe

a little breather. i would trade the end of the pandemic for a little breather in the stock market, even though, as you just said, everybody is rich and staying home, maybe that's the problem >> i don't know. we should probably show bitcoin, we're at about 61,000, maybe flip an, show the ten-year note, and pfizer and the drug stocks >> let's do it again next week, as we always do. >> join us monday, "squawk on the street" is next. good friday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer david faber has the morning off. good news, a jobs beat, positive revisions. pfizer released positive