let's start with the markets the dow was up from the 350-point day we saw the week before. the s&p up by 2% nasdaq the big winner up by 3% 461 points for the nasdaq. that was saying something. check out the moves. you'll see the moves for the week to date up 3.3% for the dow. up by almost 4% for the nasdaq

you can see the dow futures down nasdaq taken up again by more than 31 points the u.s. treasury looking at 30 year at 1.758% >> so much going on the cham ben passing a bill that would allow to raise the debt. a lot on the table the bill needs 10 republican votes in the senate to pass, then the signature from president biden. then the house and senate could hold a separate vote meaning they wouldn't require republican support

senate minority leader mcconnell expects the strategy will have enough gop support to get through the senate tire some discussions. we should just replay them again. >> you leaving again >> we have an interview with former hedge fund manager. went to prison for 7 to 10 years for insider trading. one of the big stories, if you will we'll speak to him for the first time since his release from

prison he wrote a book about the experience so much to dig in with him >> he got 7 to 10, how many did he do? 7 to 10 hours sounds scarey to me you know what i mean >> i'm told they take your shoe laces, your tie, your belt hopefully not going to be here long not really thinking about that it sounds crazy but i think the feeling is so overwhelming >> we'll see to this day he's insisted he is innocent convicted on 14 counts

speaking of belts. many years ago, i won't say who. i went to see somebody in prison >> they couldn't take your belt. you don't have a belt. >> the person asked me you are allowed to bring people books. if you are in prison, everybody wants a book the guy said to me if you could, he said some of my friends take dental floss and put it inside of the pages so dental floss. i guess a lot of people visiting this guy were bringing him books lined with dental floss. i thought that was fascinating >> did you have multiple copies

under each arm of "too big to fail?" >> no, i did not as you get older, in my makeup kit, i have dental floss just in tas. there are times, when you don't have it. i'm like mack, you got to get some like that popcorn thing. all i can think about. i understand what were they using it for? can they put it together and make a ship? i think they are worried you'll use it to inflict self-harm. >> this is the weirdest start to a show >> you are talking to a guy, how

long was he in >> seven seven years. >> was it like camp cupcake or a real prison? >> camp cupcake is a real prison >> i don't think the whole club fed exists the way it used to. i did a whole story on white kwlor crime and went in there. there isn't really any club fed there. >> we took a tour of the l.a. jail when richard ramirez was in there. i'll never for get nobody was behind bars

the people you with -- the guards don't have guns i got some dirty looks like, you are touring. really, i'm in here and you are touring? i will never for get south african scientists say the omicron significantly reduce protection but they say people who have recovered from the disease have more coverage. showing a 41% drop in antibodies compared to the original virus hopefully it is mild because those aren't very promising. >> meg was tweeting what was said yesterday

somebody saying would it be a good thing if it spreads faster but is weaker. he said no because if it is in billions of people, it could mutate again. >> the converse of the other thing that an immune suppressed person could be a single-person incubator. where sheer numbers you might get a variant. i'm sures it both. >> both are possible >> a set back for president biden's vaccine mandate. saying president biden likely exceeded his authority another district court already halted that mandate was issued on december 9 that was later pushed back to january 4. the white house says the justice department will vigorously

defend the mandate in court. when we come back, tech stocks surging with all the faang stocks higher. apple hitting an all-time high we'll talk strategy next why stitch fix shares are plunging right now at $19.14 we'll be right back. flush

firefighter maggie gronewald knows how to handle dry weather... ...and dry, cracked skin. new gold bond advanced healing ointment. restore healthy skin, with no sticky feeling. gold bond. champion your skin. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire what's strong with me? matci know when i'm readytion. for a rest day. so i can be ready for anything... tomorrow. find out what's strong with you with fitbit sense and daily readiness. ♪ ♪ amazing... jerry, you've got to see this. seen it. trust me, after 15 walks ...it gets a little old. [thud] [clunk] [ding] ugh...

it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated 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.

. stitch fix shares are cratering as the number of a being tiff users have fallen short. stock down 23% a drop of mt lds 6 reporting weak guidance overshadowing a beat big tech stocks in the green joining us now with more is stephanie link, and paul meeks, portfolio manager. let's start with you with tech stocks, they were the big losers they've come roaring back. would you be buying here

>> good morning. i feel your pain i've been coughing all morning myself to put it into context you look at technology and communication services together, they are 38% of the s&p 500 in ter terms of weighting apple is weighting these are all really great companies. great free cash flow address of the market are enormous from a diversification point of view and portfolio manager 101 rule, you want diversification you want to be selective i do own a few faang and technology but i am under weight i feel comfortable in terms of

balance? >> is that because of the huge run we've seen over the last couple years >> i do own apple. i do own facebook. i own alphabet those are the three i'm going with in technology, i own a whole ton of semiconductor and enterprise it recovery like ibm, hp and cisco. i'm trying to find areas that are not as crowded >> and similar to you. you like technology but there is only one name you'd add to your holdings here, right

>> yes i'm fairly bullish on technology i concur on most of what was said the one i favor is for alphabet. either in valuation or scary fundamental issues >> what do you do if you are worried about the valuation and big tech names you can look across the board. if you are not buying these names, what do you do? >> i concur with what stephanie had to say stepping away from the faangs, including alphabet

you have some kchs with at least semilag but bright quarterly numbers. i'm thinking numbers like qualcomm >> you didn't mention intel there? >> i'm not a fan of intel. they are doing things in time to get up and running in the meantime, they are not going to be able to increase they'll continue to get further and further behind >> has any of it hinged on if rates go higher and if that's not the case, is that something that interests you >> it does it is important to consider it over time, rates are going higher i don't think they'll be run away they are really more focused on

fundamentals and opportunities it is almost 40% of my benchmark. i don't want to have that wrapped up into all of these companies. there are so much spots to choose from. facebook is interesting here it is very controversial at 20 times earnings you are growing at 25 to 30%, they are gettingtransparent. >> what is your argument here? >> the problem with meta-are the threats. i think they are serious not

just domestically but abroad >> steph, do you have a quick response to that there is 20 times forward and 10 times ebita. i think they want regulation too, by the way. let's see what happens but this valuation to risk reward is pretty effective i love buying the stock when the company is buying their own stock as well. g >> good to see you both this morning. okay coming up, boomers and millennials looking for different kinds of investor

advice don't miss our interview with raj rajaratnam after being released from prison on security's as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

today, your customers want it all. you have to deal with higher expectations and you have to lower wait times. with ibm, you can do both. your business can unify apps and data across your clouds. so you can address supply chain issues in real time, before they impact your bottom line. predicting and managing operational issues that's why so many businesses work with ibm.

♪ ♪ ♪ (sha bop sha bop) ♪ ♪ are the stars out tonight? (sha bop sha bop) ♪ ♪ ♪ alexa, play our favorite song again. ok. ♪ i only have eyes for you ♪

millennials set to inherent $68 trillion with a t from their boomer parents more on what millennials want from a financial advisor

finding about 40% say they are not prepared for financial retirement only 21% say they are getting most of their add viesz from a financial advisor. the latest survey says that 62% get advice online or for social media. 67% have acted on that 71% cited youtube as most popular place to discuss millennials may not be interested in meeting to discuss on the golf course or over a steak dinner but when it comes to veefrp, they want to talk to someone. >> they are more likely to find a financial advisor through digital channels they are also more likely to relate to a financial advisor

who has a strong social media presence >> robo advisers digital tools may work for simple questions. what millennials want is a human advisor. we are going to talk more about market opportunities and trends and more at the cnbc financial advisor submit that begins at 10:00 a.m. eastern to register, go to cnbc events.com/summit. >> how do millennials before to interact >> they do a lot of virtual calls. they do want to see them on social media they may not do their planning over social media but want to be engaged. they do want a partner

they don't want someone to dictate but someone who will think through the goals with them they want to address the short term, long term concerns from student debt to building emergency savings. more important priorities perhaps than preparing for retirement right now >> the second question, they need to prepare for financial retirement now and the question is how are they saving about a quarter say they are investing in cryptocurrencies. about 40% are stashing money away in a savings plan and 24% are putting money in an ira. a recent study found in 2022, a majority said they were planning to increase contributions. you can put away $1,000 more in

your ira the limit will rise in 2022. >> thank you fascinating. coming up, a set back for president biden's vaccine mandate for federal workers. we'll take you live to washington a look at yesterday's s&p 500 winners and losers ♪ ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us.

unleash your potential. uipath. reboot work.

good morning you see a bit of a mixed picture. the dow few durs downright now nasdaq up by 53. earlier this week, the dow really took off. it had its best trading day since march. the nasdaq had its trading day the nasdaq was the real winner

once again, you see green arrows again. >> president biden's mandates have faced set backs we have more good morning, joe, president biden's vaccine man date for businesses was supposed to go into effect this week but now it is on hold today, the senate could vote to repeal the mandate all together. it needs a simple majority to pass all 50 republicans are planning to support it. at a time when the rules are tied up in court this store owner owns 16 super

markets. told us, he can't afford to fire workers. >> we are understaffed across the board. you name it. we are probably every bit of 5 to 10 employees short. our challenge is to get labor, not laying labor off by all means. >> so the mandate for federal contractors was halted in court yesterday. the order for health care employees is facing illegal challenge aswell the reality is that this will be largely fought out in the court

system i think republicans are hoping to show that there are democrats who are on their side as well and to put the administration in a tough spot to force the house to vote on this and make some of those front line democrats some of those in swing districts take that hard vote and say where they stand >> that's why people at home are like, all right. that's why i elected you guys, paid you guys. do something it is the same thing for the republican plan saying, look, you guys can blow up the debt ceiling. but when p it is time to vote,

we'll say this, you did this all yourself it was the democrats who went with this. you have two democrats who make a point to say, i didn't support your vaccine mandates. >> also a point republicans are trying to handle saying many republicans are supporting the vaccine they encourage the support but do not support the government stepping in saying you have to get the vaccine. there are several different mandates covering several different kinds of workers splitting hairs saying it is okay for the military and government employees but maybe the government shouldn't step in to tell private business how to operate. a lot of the debate today. ultimately, republicans are

trying to step in because they feel like it will help them in the ballot box in 2022 >> the polling alertsare another 50/50 on pro and anti. just like everything else. leaders from the crypto industry set to meet with lawmakers. we'll do that next and don't miss our interview with raj, released from prison on security fraud and conspiracy watch and listen to us live. live shot of time squareoutsid of the nasdaq market site.

hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this. your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, like asap! so basically i can pick the right plan for each employee. yeah i should've just led with that. with at&t business. you can pick the best plan for each employee and get the best deals on every smart phone.

i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones

executives from cryptocurrency exchanges meeting on capitol hill to discuss digital assets and the future of

finance. issuing some new rules in the new year joining us now, robinhood chief legal officer. thank you for joining us >> thanks for having me. one would have to assume that congress is actually going to act i heard joe comment on things happening in washington it is a stretch to believe anything on crypto coming out soon >> that's really the question. about legislation or influencing what agagary ginsler and what hi

doing. >> i think it will be informative. the world of crypto here in the u.s. is kind of dividing into two camps. one is bigger than the other the other running away from regulation and trying to avoid regulation the other camp and robinhood is sort of running into the regulation you have entities already so highly regulated who put such a premium on compliance. saying, we can deal with regulation it doesn't squash innovation doesn't take away investor choice the problem the chair has here is he doesn't have legislation to give him the authority to do probably what he wants to do

>> which is what >> i think the analog here is derivatives. we saw what happened in the financial crisis and what happened title 7. highly prescriptive piece that created the structure that many argued with unthat didn't fit. derivatives were fully unregulated before this. before title 7 came along. gary, which he was at the cftc, he played a huge part in the drafting i think he brings that tool set to bear. i don't think that same thing should apply that makes sense to me

bringing enforcementcaseser we are doing this by the way, there is no clear path, we'll try to help that. >> what about these interest products they almost look like a money market product of sorts backed by crypto providing a remarkable interest rate. >> yeah, we don't offer this

we see other platforms doing that it is a popular thing with consumers. i think the government is right to be weary. you know, andrew, sometimes things are shiny but not gold. i think they warrant attention the bigger picture here is not the derivatives but the buying and selling as a whole that will be the large part of debate in congress today >> i've got a question he wants to know how much of your business is people doing business options asking the dollar amounts and percentage of doing nothing but

options it is a minority roughly around 10% of our customers we think it is an important product it is another issue we need to be aware of. >> if it is 10% of people doing options, is there a way to break it down as to what percentage of your business it is. does 10% of your revenue come from that? >> that's all in our filings

it is more than equities >> go ahead. >> i was going to say. with our product, they are not derivatives or these exotic products we've put in so many enhancements, we feel really good jo coin base has proposed a federal regulatory body. i gather you have called this, quote, one of the stupidest ideas in this space. why is that? >> you know i don't pull punches. it is not attributed to coin base i stick with it.

i think it has been kicked around by a lot of folks it doesn't make sense to me. if you come from washington, the new regulator coming on board which takes the jurisdiction on products that kind of look like securities and commodities where they would walk away and not have any jurisdictions it is just silly what we need to focus on is the exiting architecture to not kill innovation >> thank you we have some breaking news >> we have some breaking news out from pfizer. good morning >> good morning. so pfizer and biontech have done their own studies.

putting out the first data saying essentially that three doses, so a booster shot appears to provide a same level of the antibodies of two doses against the older strain suggesting a booster dose can return that does provide good protection against they found two doses may protect because of the t cell response there was a 25 fold decline in neutralizing they find when they give that third dose, they are boosted 25 fold higher. the ceo of pfizer saying although two doses may still offer protection against the severe disease, it's clear from data that protections improve with a third dose of our

vaccine. potentially good news. the company is working on an omicron specific vaccine and could have that ready by march if needed. this will continue if needed or if boosters will be needed >> last night, we got information from south africa suggesting the levels were 40-fold lower. a suggestion there the booster would work but getting more data this morning >> this is good news the dow futures were up as

effective. >> do expect two doses to protect against severe disease it is very important to protect against infection as well. exp experts were worried about protection and keeping people out of the hospital and from dying from covid it does seem we still have a good wall of protection. more understanding coming. but signs the booster dose already available should boost the fight against omicron. >> measuring antibodies here that's what i think you are keying on, 25-fold increase. it is much harder to asset maybe two shots gives you some benefits three probably more. the other thing, do we expect to

see a rise over time so that if tts around over a year, that will be firj >> i said, but maybe even i don't know that begs the question, a fourth, obviously, eight months from now for people that have had three. i'm sure that will do another 25-fold increase in anti-bodies so it looks like there is something that could be their retically annual that certainly could be good for pfizer >> yeah, the amounts are good for pfizer and moderna and the vaccine companies. all those questions on the t-cell responses, it's really interesting here they note that there are enough that don't seem to change in terms of omicron and being able

to recognize that with t-cells, that's why they expect two doses to provide protection, but they note a third dose strongly increases levels, which are considered to correlate with protection against severe disease so that is why they note, the vast majority remain unchanged in the omicron spike variant. so that's why they expect the severe disease pro exto hold up. in terms of how quickly these antibody levels decline, that's something they will have to be looking at over time, programs it wouldn't be spiesing if we see decay and get boosted again and which booster is the question >> meg, one of the things anecdotally, especially in the united states and parts of europe is a number of the people who have contracted the omicron variant had a third booster already. do we think those are just

outlier cases? i ask because oftentimes you've reported over the past couple of week and a half now, a we've gone new cases in different parts of the u.s. and we've heard the history of the person, oftentimes it has been that just another break through case >> yeah, that's true, in particular, the case from knock city the anime convention, and got the omicron variant back to minnesota. so that's a really good question we know if the antibodies are restored with the original virus. there could be break through infections with that the good news is that case was mild and most of the cases we've heard about particularly vaccinated, which sort of jives with these data.

>> we heard things kick in quick little scott gottlieb told us within a matter of days, will you have a big increase in protection, how many people? where are we on boosters right now? >> i know there was a big uptick right before hfg >> yeah. it does seem like a lot more are seeking booster shots, because of the omicron it seems like seniors have definitely increaseed that have been going more slowly than the administration had hoped it's even been difficult in some places for folks to find deployments at least soon for booster shots some we're hearing about public vaccine like at the beginning. a lot more people are going out seeking these. i don't know the numbers off the top of my head we can seek some. >> this is very significant news, you are now talking about dow futures up 120 points above

fair value we have been in negative territory the s&p futures are up a point earlier. nasdaq had been higher earlier now it's up by more. the dow futures are up by 141. we will see meg back here at 7:45 she's got a first on cnbc interview with pfizer ceo abetter bouralbert bourla. let's bring in stephanie lee for reaction to this. the good news is maybe we have the tools right now that address this, this is not going to push off the reopening by a matter of months >> well, i think this shamazing news i think the markets should be up far more, clearly this latest variant is not as threatening. at least we have the tools to combat this. so now what do we do

now we can focus on the economy and it's all systems ago think of the data we have gotten unpointed rate of 4.2% jolts and quick rates near highs. home prices up on average 19%. that bodes well for confidence, consumer confidence. the ism services at record highs. why is that important? because that's a leading economic indicator for earnings and capex spending now have you an atlanta fed looking at 9.7% gdp growth in the first quarter. perhaps this news means the above trend growth is a lot longer term. maybe into 2022. i thought per cap in 2022. maybe now it, tends throughout 2022 therefore, earnings can continue to get higher. fourth quarter alone will probably see 18% and there is still a lot in the system so this bodes really well.

i'm surprised we're not up more. >> as you have been speaking, we have been climbing up, up 175 for the dow. the point subpoena well made this is a really big deal and important. we have seen a lot of ground gained as people were look at this as a potentially more mild variant, anyway. this turns the attention to, okay now, what about the fed? if we don't have to worry as much about covid right now what do we do in terms of worrying about what the fed is going to do next and how large is that one? >> look, the fed is going to do what they will do. we expect the tape tore 30 billion to 15 billion a month. gdp gets higher especially after that labor cost yesterday. inflation is real. we know that it's everywhere w. some is transitory some is not. i guess we're not using the word transitory some of it is is permanent i think we should embrace taper,

because of all the things i listed, the economy is doing quite well if we can get through these variants quickly, like we just seem to get through with this most repeat one, then we can focus on the fundamental also and grow and reopen. that's why i have been pushing the reopen means for a long time you know that. i have been focused on the cyclical's, the economic sensitive companies. because they are still very attractive in terms of evaluation we are not abandoning tech we talked about that earlier in the segment. we do think that there are other place to find value in this market. >> stephanie, thanks very much for jumping back on with us with the breaking news, pfizer is saying based on its own research, that three doses of its covid vaccine against the omicron variant provides as much as two doses did versus the tolder strains of covid. meaning we have the tools right now as a result dow futures at

this point now up about 200 points are you seeing big gains across the board. we should point out this comes after two days where the dow added back points, these are gains onson top of gains, on top of gains the s&p indicated up by 21 andrew >> okay. coming up, when we return, bitcoin hovering around 50,000 after selling off over the weekend. novogratz is here to break down the action don't miss albert bourla pfizer ceo, we will have him on the broadcast. "squawk box" is returning after this >> it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position.

you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪

your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

. breaking news from pfizer on the vaccine's efficacy against

the omicron variant. pfizer ceo albert bourla will join us with this news bitcoin, we will hear from crypto investor mike novogratz and stocks continuing to recover from last week's route this morning, though, the futures pointing to a higher open on wall street. the dow futures went from negative territory to up almost 200 on the news about the pfizer vaccine. we will break down what's moving as the second hour of "squawk box" begins right now. good morning, welcome back to "squawk box" right here on cnbc i'm andrew ross sorkin with becky quick and joe kernon equity futures are moving big on breaking news, we will talk about in just a moment the dow up about 200 points.

the nasdaq up 65 points. s&p 500 up 23 points all of this moving higher after some breaking news just in the last hour. pfizer now taking preliminary lab studies showing three doses neutralize the omicron and two doses significantly lose the chances of an omicron infection. additionally biontech are continuing their development of the omicron specific vaccine and pfizer ceo albert bourla will be joining us in just a bit to break down all of this news. but a big deal, guys and some very good news if, in fact, it holds up >> in your face. omicron. i'm feeling strong >> how many people are in the sun today? i'm heading in there >> triple back to feeling good feeling fine

so this is huge news, if it doesn't push off in a number of months >> it shows you, the spike is a little different it's a little different. but if you get the booster, the antibodies while not any more specific than they were after the second shot. no more specific to this new changed, what they call it an epitope. it works you got enough where it will work and equalize it even two takes the worst case scenario with the t he cell. >> i was going to ask about that, too. is this the third booster helps? because the first two have waned or is this because the third booster gives you something so much more than the first two same anti-bodies, part of my question is, look if you have kids age five to 11, they're now eligible to get the first shot does this mean they're not protected, it's so weak anyway >> as we know.

>> and so a lot of questions fortunately, we have all better bourla joining us later this hour to talk about all these things your point is an interesting one, too does this mean the fourth booster shot, israel is already on their fourth shot >> it literally took me a minute-and-a-half to get that third one. once again, i was like, do i feel weird i'm still not convinced i did. i know people say they get a bit of a side effect i felt a little tired. i'm always tired >> a little grouchy, too >> no one can tell me different. >> it made me feel a little rundown. but it lasted less than 24 hours and it was no big deal >> i felt i had a little of a hangover that's pretty common now, let's get to steve leishman

on how income markets are digesting this covid news and what it means -- i'm not a big fan of the movie >> getting up during the week? >> that's your business,man. whatever works for you i wanted to show you how we do have a real reaction right now and all of this comes together with earlier in the week, we were reporting the fed was getting more hawkish the markets screen e creep up. look at the two year, which is the best sort of real time gain of what you have at 71, call it 70 basis points. they pop on that news. you have to go back to, well, where? before the pandemic? if you go back two years, you can see this is the two-year note prices in a greater probability right there. the fed. now look at the probabilities, this is very interesting first of all, the big thing that's happened is the markets now on board, a 60% probability. fed will hike in may

more assurance as you go forward through the summer take a look there that second hike begins september, now a third priced in. a more aggressive fed hike i think that was a question, for some reason powell decided to look through the omicron scare and be hawkish anyway. that was because of the concern about inflation. that at least at the moment, the medical news is caught up with that and andrew >> we will keep our eyes on all of it, steve it will be fascinating to see what j. powell is thinking. >> i think it's full steam ahead is what i think. >> full steam ahead, straight up steve leishman, thank you. we will talk a lot more about all of this. when we come back, markets surging on the pfizer news we will speak to investor michael novogratz and whether or not bitcoin can hold the $50,000

level. take a check on the markets. the dow up about 100 nasdaq up 55 points. anne anne 500 up about 20 points we are back after this we are back after this >> ♪ i had a dream that someday ♪> ♪ i would just fly, fly away ♪

i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors

who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

breaking news in the last hour, pfizer says preliminary lab studies show that three doses of its covid-19 vaccine neutralizes the omicron variant significantly reduces the chance of an infection from that variant, but discipline pfizer and partner biontech are continuesing their development of an omicron-specific, we'll have all better bourla later in the show, meg tirrell. joining us mike novogratz, founder and ceo, this is another data point another positive one that has been trickling in i'd say for the last three, four, five days in terms of you know threw the market for a loop was this new variant and not knowing anything about it as evidences sort of we have been gathering in repeat sessions has been fairly optimistic and positive.

we're seeing the market is up, turned around today. you think the market is in the right place, mike? >> the equity market can't go down, it feels any good news it wants to go up people have good years the breath is lower, right so you see fewer stocks make new highs, more stocks on the 50-day moving average but overall, it feels like, you know, we're going to go year end at the highs >> and this is after yesterday's story that the fed has again brought in the time line for tapering another one. >> it's really interesting it feels like this is the last surge. we got to get our money to work. push markets to the high and ring the bell on 31. crypto is not trading as bullish as equities, because you are seeing i think this tension between the fed is going to take the punch away, the booz-allen

way from the -- booze away frome punch bowl the economy is booming we will have a monster fourth quarter gdp because we have high inflation and high growth. right now you don't want to fight the trend in stocks. i tried many times, hedged some of my perform every time you find yourself stocking out. >> in crypto, it's kind of a double whammy, not only it is a risk asset it is. we see that. but also one of the main, you know, points for the big crypto bulls is a fed prince and prince and prince, the 21 million bitcoin that are going be around become more valuable sol when they start slowing down the printing, you got the risk asset side of the selloff and

you got it doesn't make as much sense because maybe central bankers aren't going to -- >> that's why you see etherium outperform bitcoin if you look at it, etherium is trading bullish. >> totalitarian. >> people see etherium as a technology bet bitcoin as a basement of the fiat currency bet. >> you've watched it a long time and you've, i mean, are you so rich i don't want how close you watch bit copy but when it does go from, when it went from 20,000 to 2,000, you had to be like, oh my god! so if it goes, sow still see it and -- so you still see it you got a lot of it. 63, 44, 49 now do you think it's in a -- do you think it goes under 40 >> i don't i really don't i was just in the middle east. there are new players lining town participate in this crypto

economy, from the middle east all over the u.s., the pension fund so there is a bit below the markets. an institutional bid it's slowly. they've done their work. they're waiting to participate i think people now have woken up that crypto is an asset class and crypto is a part of a portfolio. that even if the fed starts acting more hawkish, it's an amazingly complicated plane to land for powell and yellen right. we got a political environment that wants to spends more money. we have a monster budget deficit. and if you raise rates too fast, will you shake the economy and no plipthsolitician wants to dot we lost a fed chair. all fed chairman are political based on the deficit the idea that central banking is now a farce. powell can act tough for a while, because he got reappointed f. he puts biden's re-election at risk you will

hear something. >> i'm not asking you to be a chartist that's not a double top we are seeing in bitcoin. if it is, i don't know if you got a monitor what would it indicate, if that were a near-term double top and even people that love bitcoin and say, look, it's going to be here it's an asset class. it's the greatest thing in the world. they've watched it it was at 28,000 not too long ago, mike, it went back down again now. what does that indicate? would it surprise you if it went back below 40? >> i think 42 should hold. that should be the bottom of this move. it would surprise people below 40 we started around 29,000 so we're up a significant amount on the year, 70/80%. pretty darn good return for any asset. there are so many people e more people participating on it it's hard to see it go below if it went below 30,000, 40,000,

that would be a significant change of sentiment. i'd scratch my head. >> i don't know whether we've seen the jump all over it. it's hard to jump all over something when, you know at levels like that that's what's so common to everyone in investing. you'd say to yourself at 62, wow, if i had that at 45, i'd be all over it. are you like at 45, i don't know what regulatory things are near term in this country or even globally in terms of crypto? >> you know, it's claritys that we're looking for. you saw last night i haven't read the full report, australia came out with relatively clear corrections around crypto regulation i think in the u.s. we're a ways away there is a hearing today in d.c. my guess it's going to be split sized, which is unbelievably frustrating we're in this world now where crypto is republican

not democrat when, quite frankly, crypto should be really progressive it cuts out the represent takers >> you hurt big time progressives they don't like your crypto, mike, you got to throw some cred to those nasty republicans i am sad for you that your most belove asset is on the wrong side of the aisle. i feel your pain >> i am frustrated no doubt about it. we're going to go on an education assault. which is what the adviser one of the most respected lawyers and often a guest open your show to help us navigate and tell the story better because it makes no sense to me how elizabeth warren can't see that this is actually -- >> it makes a lot of sense to me if bitcoin is real, it makes a lot of sense to me let's not get into that. mike, do you like just as long as we brooch the subject, you want to do another 4.6 trillion

in spending right now? do you think that's good do you think that will narrow the income gap you like this bill did you go to penn >> i did not i'm a princeton man. >> oh my god excuse me, that's even more hoity-toidy the penn wharton study is 4.6 million we know it's not >> i think you know let's put it in perspective, when donald trump was president, he increased spending $900 billion. that kind of took the cap off. now no one has fiscal responsibility i think both sides should be ashamed of themselves for rolling out deficits, printing money. we just saw what happened in turkey if you literally look what happened in turkey, we had irresponsible leadership and central banking and fiscal policy now you got a currency that's deappreciated 75% in three

years, crushing the middle class, crushing the, whoing class. so we need to find fiscal responsibility in this country >> when turkey kept rates way too low for way too long, it was different than when we kept rates way do long way too low, do you think it's different? >> the central bankers need to come to task powell made a mistake keeping rates so low so long loud and clear it's made wealthier people wealthier. it's created these imbalances that will be very hard i call it happeneding the plane. it will be hard to land the plane. i think we're in for years of macro-volatility you know, it's a really tough job to be the central -- >> do you think that landing the plane will take launch off of future gdp it just will when you have that service in terms of money we don't have

the service, that takes main i money off of growth that hurts growth do you think a half point off gdp for five years or so >> i'm not such a great economist address i trigger, it will take something off the growth the question is how high can you move rates before you really hit the economy? i would sigh the economy is growing really strong right now and there is inflation pressures everywhere you see so, the fed probably should move rates more aggressive than they are and stop lifting but that's a really unpopular decision especially when you have a party in charge that have plunging popularity >> all right mike, fun to talk to you today you know, it goes where it goes, right? these conversations, it's always good with you. and i like it. i like it. we can get more of this talking from both sides and reasonable and everything else. so thank you and i think the

more, the higher bitcoin is, the more outlandish your outfits are, when it's down a little, you wear black, no hat >> it was early. it was so dark out >> it looks like you are headed to a morgue or something we'll see you next time. i want something bright chartreuse next time two a hat >> you got it. >> i think today i wore the crazy outfit. >> that's cool i love animal print. what is that >> i don't know. >> so kind of. >> cheetah, maybe. >> maybe cheetah. anyway, when we come back, we will be talking to pfizer ceo albert bour louisla pfizer is reporting based on its own studies right now three doses of its covid vaccine, the two original plus a booster, it is just as effective against

omicron as two doses was for the older strain and that's incredibly significant. if this holds out, that would mean are you not looking at pushing back or reopening by months, you are not looking at all the concerns since black friday dow futures and the marks jumped significantly. at one point the dow wasup 200 points before this news, the dow was in negative territory now it's indicated up by 115 points s&p futures indicated up by 13 nasdaq up by 40. we have pa lot of questions for albert bourla. he will be joining with us meg tirrell in just a little bit we'll be right back.

at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner.

mom, hurry! our show's gonna start soon! vanguard. i promised i wouldn't miss the show and mommy always keeps her promises. oh, no! seriously? hmm! it's not the same if she's not here. oh. -what the. oh my goodness! i don't suppose you can sing, can you? ♪ the snow's comin' down ♪ -mommy? ♪ i'm watching it fall ♪ watch the full story at www.xfinity.com/sing2

now the answer to today's aflac trivia question. what is the name of the geico gecko? the answer, martin he's named after the martin company, the advertising agency that created him in 1999 still to come, pfizer ceo albert bourla on news about the

company's covid vaccine and its efficacy against omicron plus we will talk to gallion group founder speaking out for the first time since his release from prison in 20s 19. stay tuned "squawk box" will be right back. "squawk box" will be right back. >> and i know how coach prime feels about money. -aflaaaac. -♪ aaahhhh ♪ now that is what this jacket needs. ♪ must be the money ♪ get help with the expenses health insurance>oesn't cover. at aaflac.com ♪ ♪

well would you look at that? health insurance>oesn't cover. ♪ ♪ jerry, you've got to see this. seen it. trust me, afte15 walks ...it gets a little old. ugh. i really should be retired by now. wish i'd invested when i had the chance... to the moon! [thud] [clunk] ugh... unbelievable. unbelievable. [ding]

. mike santoli is here for a check on moving market this is morning i guess the answer of two big gains for the market is just about everything? >> pretty much a lot of worries have been eased. you did see a little pre-mark pop in the futures once we did get that pfizer news, so that was adding to two days of gains, more than 3% in the s&p 500, which largely was about people getting more comfort about the omicron situation. you see basically a round-trip since two weeks ago. we closed at 41, here we are 41.86 at the pre-market levels we will be basically back to that pre-thanksgiving close. in the interim, a lot of people blew out their bets on year-end rally. a lot of deep leveraging from hedge funds.

lot of investors got a spooked, too, on some of the activity yesterday it seemed like there was a rush to rebuild their exposure take a look at a couple parts in the market semi conductors versus small caps these were in lock-step as you can see for a while. huge first quarter gains you were basically even in october. semi conductors have taken off it looks like a real desperate grab yesterday it's gone vertical small caps having a struggle to get out of their way make a catch-up situation if the mark stays stable. then we have been talking about this huge flush out of the more speculative story-type stocks out there. biotechs and spacs for two, i kind of like these charts that show two separate groups working in unison. that's what's been on. if you were the kind of investor that said, look, i don't know if there is anything in this company. down the road, i will take a bet it's good.

if you think you want to bet through the wreckage and see if there is anything at year end. those are two areas that might be right. >> i want to take stock of where we've come from since black friday, when we first got the news about the omicron variant and things kind of fell apart. last week was gown for the markets. we had two days where the dow was up over 1,000 points how does it washout? >> we're right back to the levels right at wednesday before thanksgiving so that was where we fell off the shelf on black friday. so it's not as if people, as in nothing happened, where people are pre tending nothing happened the market got tested for this wild card of the potential kind of restrength to the reopening as i count it, if we get any oomph behind this relief about this strain and the vaccine might be effective to it, it will be the fifth reopening

trade we've had since march of 2020 >> it makes sense, right >> well, that's right. also, each one is a little bit shallower in terms of the worry and a little bit less on the upside because we're kind of living with it >> you feel you know it and we're in better position we have some tools to deal with all of it. mike, thank you. great to see. >> you all right coming up, it's that time, pfizer ceo albert bourla will join us after the break. reminder, jim cramer is hosting a special event for the cnbc investing club he will share his outlook and answer members questions become a member and join the club go to cnbc.com/investing club and the link to attend will be september to you in jim's newsletter, "squawk box" is coming right back.

it's the news of the morning. pfizer's announcement of its latest data and what the third booster shot may mean for its environment. meg tirrell is here. >> thank you so much pfizer chairman and ceo albert bourla joins us now with more information on this announcement this morning albert, it's really great to see

you. this news i think is well komtd by a lot of folks. does this mean three doses of your vaccine should potentially be enough to restore at least the antibody levels against omicron and maybe mean we won't need to update the vaccine here? >> what we saw, this is the first of many, that will follow. it is three doses of our vaccine against omicron basically is equivalent to two doses of our vaccine with the original strain so remember there is no strain, they were very high efficacy of 95% so these are good news on the two doses, the reduction was significant. the third dose restored those types is very, very high >> what information are you expecting to get over the next couple weeks both from within pfizer and biontech and also from around the world? we saw this efficacy last night. we know academic labs everywhere

are working on this, how will you make -- about whether those three doses are enough or if you do need to switch to that omicron-specific vaccine, which we understand you started working on already and can have by march >> yes the data we receive are our data, we the virus, it's not the real virus it is a virus inspected in our labs and identity cal with the omicron virus. this is a very well-known study the first data are coming up from this. we are working to produce also reproduce results of the virus and that will come in maybe a week or two. and those typically, they're awkward, those assays are more sensitive. the ultimate proof is coming from real data we need to see whether people receive two doses or three doses, if they have an outbreak

of cases, et cetera, et cetera it will come by the end of the month. at the end of the month, they will have enough data to say it will be a third dose we will see if it wins or not or if we reach a goal specific against omicron variant vaccine. again, based on the studies we did we didn't touch the first vaccine. there are other vaccines that we tried that are not identical, but they have been constructed just in case we are getting enough conclusions to believe that when, if there is a need for omicron, which is working, that should be a very good one. i think we need an omicron vaccine, it will be very effective.

we will not lose any of our 4 billion annual capacity. >> albert, just to clarify things, all three of the shots, the two original shots and the booster shot, it's same formulation, the same thing. is it a combination of those three working together and somehow making it work better against the omicron variant or is this just a situation where people who got the shot a while ago and are boosted and updated, that's what provides the effectiveness? i'm trying to figure that out. because there are people who have gotten their shots more recently and there are kids 12-to-17 that got their shots a while ago, but aren't el jishlgs where does it leave the category >> the best way is the enemy want to protect ourselves, build a wall build the wall, it's not very high the second dose builds a wall on top of the first, considered high now it was very good for other

variant. now groups like the omicron has the ability to jump over this wall the third dose makes the wall very high so people favor two doses, they should get the third one but if they had two doses, it's very likely that you are better protected than in they don't have any or only one there are different elements of the new responses. the vaccines fly to memory cells. those cells recognize a spike almost 80% identity cam. so this gets the perfection, it gets this as a perfection. >> okay. albert, i'm trying to decide whether the monoclone am, the therapeutic we worry about whether they're not specific

enough for the swomewhat change spike protein. they're not suited for -- they don't do any t-cell -- do you think any part of the retained immupts we have for your original -- immunity we have for the original vaccine, do you think that means these monoclonals aren't effective at all because some are t-cell mediated or do you think it's partly effective because there is enough of the spike protein that's similar, where there is some efficacy? >> i don't have enough data, myself, to make it clear but some of the others said about their own, they have concerns, but others said in groups, it's for everybody you think it is about the treatment that we've had, the oral treatment i expect that we will not lose any efficacy against omicron

because you described it's not on the spike it's working on a different almost of the virus. after this element is very essential for survival in the production of the virus. so it's very difficult the virus to create the variant, but we will resist the viral eesque of it >> albert, just going back to the booster question for a moment, we understand that you filed for clearance for 16 and 17-year-olds to be able to get boosters and some of the reporting suggested we can hear from the fda on that any day now, what are you expecting in terms of that availability >> maybe the developer is the same for 16 or 17. we did file with the fda to make adjustment, when they are ready to make something like that. it will be already needed to provide. >> i mean how about down to age 12 as becky mentioned a lot of the

teenagers and-year-olds hadar that two shots a while ago when do you expect to file forred a less septembers to get boosters in. >> this is a unique question we need to move faster on this i think the third doses was a very good policy and they need to be sell rated you need the third dose. >> also for kids ages 5 to 11 they're getting their first two shots now. i was talking to savannah guthrie and suggesting other countries have moved the space between the two doses and the boost tore as short as three months is that something you will be looking at for kids, potentially also to guide when they should get boosters, if they should get boosters and also for the younger kids, asking as the mom of a 3-year-old? we expect you expect those data by the end of the year, all of this information about omicron play into that kind of time

line >> i think it is more of a question of the cdc, fda or the healthcare -- based on we are indicated. this is other european countries and it's up to again the healthcare to side what is the best to pose >> albert, israel is already working on four vaccination shots. what things have gotten them to that point where they think that's necessary and what are the results, the role world rules you are seeing as a result of that? >> many countries have given four dose to i'm mun no compi

immunocompromised. one we will see if the data will determine if the omicron is well covered by the third dose and for how long and at a certain point, i think we will need a fourth dose i said that multiple times with the previous, i was projecting 12 months after third dose w. omicron, we need to wait and see. we may need it faster. but there are now the most importance thing is we have from healthcare perspective, it is important to understand that we need to be protected to go through and a third dose will give very good protection i believe to everything we have said so that we will go without concerns mr. us the treatment for those that they will have to get they will be affected. they will not have to go to the hospital i think we will be safe to control the window based on what we said right now. if there is a need of something different, better, we will be able to hedge the markets. >> albert, is the risk of

additional variantss is front and center for things we talk about? you made a point yesterday that, you know, if there is a lot of the covid still around in billions of people invariably, there will be the risk of another variant and we had already seen a paper that said immunosuppressed people, for example, in south africa, perhaps, that one person that lived 150, 160 days with covid because of a very weak immontana system, there were 50-plus mutations in just that single person in the covid virus that they had do you think there is a bigger risk of variants emerging from billions of people one at a time, just with the variant? or you can get a variant out of a single person that's immunocomprised that maybe had the disease festering for like 160 days both

>> i think the more people, the more implication of the virus, so the higher there is of getting the variant. my assessment means we will be having regular different variant and that's why we are preparing for that for months so any time we have variant and there will be more, i am sure or it's very highly likely we will be more eager to see something to do. >> can ski about the anti-viral drug, you don't expect that to be affected by omicron you mentioned at a conference yesterday morning the fda asked to see the final results from the trial you showed 89% in reductions in hospitalization and deaths with this pill when given early. because of the merck data really declined between the interim look and the final look. you expect potentially this could be available by the end of the year has the fda indicated it wants

to hold an advisory committee meeting or do you think with that final data, they'll make a decision next? >> i don't what will be there decision they ask for the data and we will provide those data. we will have the full set in a few days it's not we will have them in a few months, in a few days. i feel comfortable about the data will mean what we saw in the first part of the study and several regions and the disease rates like we have seen. so when we are there, i don't expect a difference. then we'll do it this month. fda already is viewing the ile they will make their visionr decisions, give approval how fast, but i think they have a very high sense of urgency we can already see the product

into the u.s., it will be available this month if it's approved this month. >> you mentioned you don't see a different change from the final results and the interim? >> i don't >> all right albert, it's been great to have you on this is news people were hoping to hear about. thank you for sharing with us. we'd like to stay in touch with you as we get more information about the vaccine for omicron. >> the vaccine and treatment, but very important, people need to get their boosters. a very important message >> albert. thanks again >> thanks, meg. checking on oil prices this morning, also taking a leg higher west texas crew now up more than 10% in the past week for more, let's bring in stephen richardson, head of oil and gas expiration and production

res research so anything can affect you got to be an expert, keep your eyes opened for everything. because as we said many times, if i had to pick whether it's supply related or demand related, i'd give up, because it's obviously both and that's what dictates the price. what do you think is taking precedence right now supply or demand >> yes, thanks, joe. indeed, the news of vaccines is really resp i think what's interesting is primarily the demand numbers this round-trip we've had over the last call it week and a half, which is pretty spectacular, is really just the market trying to figure out what the demand impacts incremental shutdowns that we've seen and some slowing in real time to mandate so it's not as if there hasn't been an impact here but it certainly the market was a little ahead of itself anticipatory on the demand side. the demand side is higher than the supply side.

we feel convicted it's very supportive for the market. >> the supply side at any given moment, geopolitical things can throw a huge wrench in the works and the front page of every newspaper today, it's president biden warning president putin on ukraine and we already have seen a lot of i don't know kind of political footballs, natural gas, pipelines, et cetera, in europe and here. i think they couldn't supply all of a sudden it can rear its ugly head, supply concern >> it could. i guess where i was coming from, was, you know, if you look at the big elements of supply, if you look at opec and opec plus and the meeting last week in terms of their plan continuing to methodically bring back barrels to the mark. i think that gave the market a lot of clarity in terms of the participants that see real time demand not being as concerned

with bringing those barrels back on top of it, the part of the market we see intently is, you know, the u.s. supply ledge. that was this thing that took down prices in the last decade i think u.s. producers are standing pat on these strategies right now. so, if anything, a little volatility is good for this market it reminds producers they can't under write 70 or $80 oil forever the volatility plays a little into that supply side dynamics i hear you on the upside risks at the same time, the big moving pieces look very set for '22 i think that's constructive for the commodity backdrop, to be honest >> i guess in terms of demand, you can look at individual producers, but it seems like you need to be a macro-economist then, are you any better than a fed-watcher? or is that really where you get your data, what global looks like and i'll translate prices based on that? >> well, we benefit from having

a really good macro-product and from our macro and broader economic outlook we feed that into we are looking another essentially the leading edge indicators and different geographies as an indication to demand you are right, supply is easier to count barrel than demand is for oil some the demand piece of it is you are really relying on how good is your view of each and every region by the way, joe, i'd say what equity investors should be worried about is over the median term, economic and oil demand growth is so strong, that assuages you it's a binary decision the world is going to grow is it going to grow strongly or lower. and what does that mean for demand it's a low error band in tomorrows of those two outcomes. the thing in oil to watch for, you want to watch for the pandemics and the recessions, right? i think from an investor

perspective, i don't think the small changes on the economic i don't think are as impactful for someone trading commodity day-to-day if you will. >> you didn't say carbon once and i guess that's this is all near term and intermediate term. so, the demand for oil it's gone up, based on the economy. it's not suppose food go up. you are supposed to use a wind mill something else, i don't know, something. something else how is that happening? >> joe, i'm not going to dodge it because the nice thing for being an eggquity investor you don't need to take a view ten years from now the stocks are paying you high and double digit yields. you can say we will be done with oil in 30 years, can i say ten years, it doesn't matter, will you get paid anyway. i believe sign us up for the beliefs, there has been under investment in global upstream.

there has been perennial upstream based on this view on carbon demand is not coming back nearly as quickly as people thought we will need this for the next you know generation, really. so i think that's the important take away on carbon. not to say all things that companies are doing on carbon manage , improving their percent and emissions and a lot of it isn't important. it's all very important. but you know really distilling it down to what's really important is demand strong, supply we got a hand him on and prices are well supported. >> okay. stephen, thank you, thank you for coming on this morning >> thanks very much. when we come back, instagram head to testify today. we will be speaking to senator morocco warner ahead of that hearing. don't miss our interview with raj rajaranam for the further

since his reloo es from jail you are watching cnbc. ♪ ♪ cases of anxiety in young adults are rising rajinder singh atwal ♪ ♪ ♪ ♪ ♪ ♪

where's mom? she said she would be home in time for the show. rajaratnam don't worry, sweetie. she promised she'd be here for it. ooh! nice shot! thanks! glad we have xfinity, with wifi speed faster than a gig! me too! woah, look! mom is on tv! she's amazing! (cheers) xfinity brought us together, after all! power your whole home this holiday with wifi speeds faster than a gig. click, call, or visit a store today. sing 2

variant, we will talk more about that the dow immediately turned positive it's come off its highs. we will talk about what all this means for your portfolio and the fed's next move and an interview years in the making, former

hedge funds raj rajaratnam spent years behind bar for conspiracy. he will join us live, he was released from prison two years ago. the final hour of "squawk box" begins right now ♪ good morning, welcome back to "squawk box." oh, nice h jack live from the nasdaq market site in time's square pocket square. gow in the monochromematic tie it's all good, sorkin, the lighting is great. be still my beating heart. i'm joe concerning along with becky quick and andrew ross

sorkin we got the pfizer news, meg is going to talk about in just a moment and that got us going higher and we erased those loss, exwe're up 1 points we were up 1,000 points in the last sessions and december is looking like a blockbuster month, it came in either like a lion or a lamb it's looking solid treasury yields, reopening is back on. we'll see if we see movement, closing in on 1.57%. theoretically. breaking news from pfizer on the effectiveness of the existing omicron variant. meg tirrell joins us with big take aways from pfizer, hi, meg. >> hey, joe, it is still early days these are lab datas on the antibodies generated by the vaccine. pfizer and biontech found a

third dose of their vaccine restores antibody levels against omicron from two doses from the original strain in less than a month of getting vaccinated, potentially restoring from infection there. noting because of the t-cells generated by two doses, they are likely to protect against severe disease. we are expecting more data from pfizer and biontech and labs that will provide a better picture of what this looks like, including real world data showing the protection against infection and severe disease from two doses and three doses, pfizer is working, though, on an omicron-specific vaccine, just in case it's needed. we talked to albert bourla about that this morning. here's what he said. >> we are getting enough conclusions to believe that when, if there is a need for an omicron or jirngs it should be a very big one i think we've had a good time to

see if we have it in march to be very, very effective we will not lose any of our 4 billion annual capacity. >> so the message looks like that third dose booths up to bot the two doses. we have to wait to see how long these antibodies and the protection from a third dose lasts from omicron, as it becomes the dominant strain here in the united states and whether and when we need boosters to that guys, back to you. >> it's sounding like the iphone to me, the iphone 13, 14, 15, isn't it if there is billions of people around the world that have some version, some form of covid mutations as albert bourla mentioned, if they continue to happen, it sounds very flu-like,

doesn't it like there will be boosters into the future and the world changed? the world changed two years ago, a year-and-a-half ago, meg >> yeah, absolute 4ri9 albert has talked about how he always expected to need annual boosters around he said omicron made him think that was potentially more likely i think you were getting at this earlier, joe yesterday at a conference about the idea that if omicron is less severe but more transmissible. is that perhaps a good thing, if it outcompetes delta he said, no, it's really that much more contagious billions of people get it. it's still percolating it gives a lot more opportunities for the virus to mutate again this lottery of mutations does not always give us good news, so, that could potentially keep happening the good news is we are see figure real time how these companies can work on these vaccines and update them as needed. it looks like it's shaping up a lot like flu in that way.

>> thank you, meg. we will talk more about vaccines, boosters and the omicron later this hour with former fda exceptioner dr. scott gottlieb andrew >> meantime, we will talk about pfizer news and what it means for the market and stocks and the days ahead we head over to mike santoli who joins us now with more mike >> andrew, of course, we are in the markets digesting a real big two-day burst higher, more than 3% in the s&p 500. it seems like that might be the most once the pfizer headline hit keep in mind, two weeks ago, none of us heard of omicron. we assumed three doses of the vaccine were very effective against covid. now we know the same things, it seems, against the new variant and we're back at the exact same levels on the s&p 500. we also have been digesting a kind of hawkish turn at least in rhetoric from the fed if terms of accelerateer their end of their bond buying and all the

rest of it net-net, we are flat right at this level is that we've kind of first hit the first week of november we had a great jobs report november 5th that was first higher. it closed. we have been oscillateing even under the surface a. lot of liquidation has happened a. rickier stock just yesterday, you started to see some bounce hard an indication that some of that forced or aggressive year selling, take a look at the bond market, it's a similar story, two-year treasury yield, noted earlier, we're making new post-covid highs here. that's pre vertical look to .7%, 70 basis points. keep in mind, time passes, two years from now, if ewe all assume and the market does, there will be three rate hikes that gets you to 75 basis points, that's where the two years should trade, if that's the general consensus, fed is on track, longer-term yields not moving much. people don't think inflation will carry on through many

years. that's maybe the upbeat case that's where we sit right now, andrew >> mike, how do you think about goat stocks versus the cyclicalss does it reverse again? >> it's very interesting the past couple days, you haven't had to choose hard we had a lift in the travel-related names because they got sold off hard on the news so maybe there is catch-up potential there. yesterday it was the megagrowth stocks that typically familiarly are the ones people go to, if they want to grab more exposure. the nasdaq 100 most likely is going to participate all those stocks are five, 8% off the highs, like the s&p is within 1 sponsors of a record high right now. >> mike santoli at the exchange. thank you very much i was going to send it back to becky what i think we will do is send it back to joe. >> we will get a break, coming

up, your special "squawk box" interview raj rajaratnam convicted ten years ago and insider trading, he will joins live plus, we will speak with former fda commissioner dr. scott gottlieb, vaccine news from pfizer. you are watching "squawk box" on cnbc

xfinity rewards are our way of thanking you just for being with us. enjoy rewards like sing family fun nights! rent sing for $1, then belt out all your favorite tunes from the movie with sing karaoke. plus, see sing 2 in theaters with buy-one-get-one free fandango tickets. join over a million members by signing up for free on the xfinity app.

our thanks. your rewards. . >> instagram will testify today on the impact on kids. our next guest is demanding accountability and user protection, joining us is virginia senator mark warner senator, thanks for being with us today. >> thank you, becky. >> i realize this is not your committee adam mosseri will be tefgs. you have been trying to write legislation to do something about. just this week instagram went ahead and made some changes. some of them seem like good changes, the idea that you will not be able to comment on someone's instagram feed if they don't follow you that seems like pretty good protection does this go far enough in. >> no, it doesn't.

this is this an area in the last five years, since we first discovered the manipulation by the russians on facebook and other platforms during the 2016 elections, when we've seen these whistle blowers come forward on a variety of platforms, the idea that we will leave some of the largest companies in the world to self regulate is just plain kraechltz even the platform companies have started to say at least in their advertising they'd like some regulation. i will go through this quickly there are four different buckets. one bucket has been privacy where frankly the europeans have already moved certain states like california and virginia have moved we still don't have any federal privacy legislation. the second bucket is more around pro competition. for example, i got bills around data portability and inner operability. if you get tired of one platform, you can move to a new platform easily. legislate consumers know how much their data is worth

i have legislation to protect the dark patterns, going to our kids, where you have one button, say yes, no way to opt out there is a third category where there is a loot of legislation as well around section 230 content rules and changes and finally the questions around many legislators who frankly believes the business model needs upended. that gets into the anti-trust area those are where a lot of the focus has been at the end of the day congress has to act because instagram, facebook, google, amazon, self regulating alone is not going to get it right. >> for, you say a lot of these big tex companies say they want to be regulated in their advertising. you don't buy it they say let's the regulations be brought on? >> in many of the political websites, many of the companies advertise on a daily basis saying we're ready for section 230 regulation, for data port any i'd like to take them at their ord.

that means we in congress. this does not, thank goodness, break down on a partisan basis in each of those four categories, there is bipartisan legislation. we got the get off our duffs and move forward i commend the folks on the commerce committee because there are good senators. miami working with on legislation in each of those buckets. we have to move on. >> you know, it's a pretty unanimous thing both republicans and democrats are mad at social media. some for different reasons, though but the things that you are talking about and the safe tech ad, which is something that would hold social media companies for harassing people online methodically or if the cyber stoalking that takes plac. that seems straight forward and everybody could get behind the same thing with the detour act to do things to protect kids from some of these behaviors it's hard to be opposed to why haven't they passed? >> well, that's great question because there have been lots of people pounding the table.

but the process has not moved forward. i think we are on the verge. unof the thing i warned these platform companies was, you know, you want to actually work with us. because at some point as congress often does, if you don't work with us, we will get to the point and overreact and overdue on these regulatory guidelines or guardrails and i don't think we're at the overreaction stage but i do think we're about ready to move. the section 230, for example, where the safe tax act, which basically says just because you are a platform company, behavior otherwise illegal, you shouldn't get a free pass if are you a social media company that legislation was put in place, the section 230 in the late '90s when these companies were just if their infancy maybe it made sense to give them that protection then it doesn't make sense not to amend that protection in 2021. >> senator, in terms of build back better, i just want to i talked about you so many times,

we got you on, i thought i would talk directly to you where are some of the other moderates, mark warner, durbin, tester west virginia and vast, they're close, aren't they how come there is such a difference between you a and joe manchin? i've heard it said one or two people are blocking it it's not one or two, it's 52 senators not a single republican in the house thinks that $4.6 trillion is a good idea in terms of what's needed right now. you lost the virginia governorship how do you come down with your decision to supporting this like this as a moderate i want to know what you think about that. >> first of all, joe, i think one of the reasons we lost in virginia was because we run the table, presidency, house, people in virginia expected us to get stuff done it was a little iron tick pous

passed the infrastructure bill three days after the virginia election f. we would have passed it back if july. i'm not saying things would have discs but i would say i as a democratic senator, terry mcallive, a gubernatorial candidate would have had a lot more to talk about ways to improve virginia's economy based on that bipartisan infrastructure bill. frankly, on the build back better, there is a lot in there i absolutely support ill actually will accept the scoring of the budget office other folks say it will cost this or that it costs 7.5 trillion over ten years and it's fully paid for f. we talk about things pro growth, which you and i absolutely agree on, one of the things we need, j. powell said this in testimony with us two weeks ago is we need more folks back in the work force. one of the ways to get more people back in the workplace is child care and pre school education. taking on the issue of climb change, i think that is pro

growth that's a big component of the build back better position i think this plan has been actually slimmed down a lot since the original $6,000 proposal we'll see how this plays out over the next when the ore 12 days, net-net, it's a proposal and it's paid for. >> senator you know in your heart of hearts, you know one-year programs won't be just one year >> i know in my heart of hearts. >> you will accept, the cbo if there is a way you can do it, it's degrowth, they're giving garbage in, garbage out. you no at the actual costs will be higher. there are polls people want at this point less government the countries is in the wrong direction. you see the democrats' chances in 2022 based on this, it seems like you are going down by hook or crook and a sinking ship to stay and align with the party instead of what might be good for the country.

>> i would put this, i will take my bipartisan from my intelligence committee to the bipartisan infrastructure plan that i was proud to be one of the ten senators to write that and get that done. a once in a 50-year investment frankly, i find it iron tick same folks who fight cbo when you talk about the republican tax cut in 2017 disagree with it now. that being said, i think at the end of the day, what americans want, is they want us to get stuff done whether you take issues like child care, pre school or frankly trying to drive our economy towards a challenge around climate change and actually having these spending programs fully paid for, based on the official referee. are you not the referee. i am fought, cbo is. i think that net-net plays to democrat's advantage >> senator warner, we want to thank you for your time today.

good luck with all this. >> we'll be back-to-back with those tech problems which is a bipartisan spot. we will get things done. >> you would think thanks for your time. >> thanks so much. okay coming up, we are live with former hedge fund manager raj rajaratnam, he is getting ready to talk about securities fraud and conspiracy don't go anywhere. "squawk box" is coming right back after this.

welcome back to "squawk box" this morning in 2011 billionaire and founder raj rajaratnam was found guilty of conspiracy fraud and they accused only of insider trading and spent seven years in prison. this morning, we have his first interview, founder of the gallion company and raj rajaratnam, his book is out next week good morning >> good morning. >> thank you for being with us it has been quite some time and quite a story that you have lived. you have paid we said $150 million. you have been in prison seven years. you haven't spoken throughout all of it. now you are.

why? >> well, excuse me i had a first-hand view of how the process works. i believe that law and order is extremely important for any civic society. but my experience is something that should concern every american citizen and let me elaborate. number one, people care about civil liberties should understand what i went through number two, i believe strongly that there should be checks and balances and a small group of people for whatever reason bend the rules to win at all costs. and as your newspaper sunday the "new york times" editorial said, there needs to be balances for prosecutors who overreach. and that's the reason. i want to talk about this social

justice issues i think it's extremely important. i don't necessarily want to read it to get the case >> let me ask you his, you've maintained your innocence throughout this. but you were convicted be aja jury you appealed the case. the appeals court reaffirmed the decision do you believe in the justice system >> overall i do. when i decided to become a united states citizen in 1983, i accepted the rules for this country. and so i accept the verdict of the jury, because that's the bedrock of american judicial system but let me step back the jury, another jury in the case of a co-conspirator, the same southern district, the same charges, with the same witnesses

found the defendant not guilty and you might ask me why and because the star witness in my case reversed his testimony totally and said he didn't give me any information that he thought was important. then he went again asked me why, because he was already sentenced to two years probation and he was no longer under the leash of the prosecutor let me explain further five years after my conviction, yes, i did lose the appeal, the second circuit rejerked his theory of insider trading. and said the balance sheet nould not be held guilty >> preet barra

>> they are excited who gave the information. so what is interesting to me is that in 2020, when preet bharara was no longer under the glare, he called it the bharara task force. the conclusion was insider trading laws are murky, it needs to be defined and they feel sorry for the mark participants. so my question is, if you thought it was murky in 2020, how did you convict 80 people in 2010 in now, let me explain. i do accept the verdict of the jury as an american citizen. it's the bedrock of american justice, what i'm trying to convey here, there needs to be checks an balances >> so are you suggesting that quote and quote tip my insider

case effectively, being the tippy should be considered legal? are you suggesting you were the tippy? >> no. you have a tipper. what i am marily saying what the second circuit found that the tippee should know that an insider violates his fish ducia responsibility and benefit that's how the second circuit ruled. >> i understand that, today are you now saying or accepting that you were provided with information by a tipper as the tippee >> i didn't understand that at that time. think about it, as a hedge fund manager, a large hedge fund manager, you get hundreds of calls a week bits of information with varying degrees of liability

you listen to them you want to know what's in the market nobody says, hey, raj, i just got this from somebody i didn't know 90 percent of the people who may or may not have violated a lot of people in this business they buff, they say things i want to make one point 100% of my trades were based on the written analysis of my 35 analysts we were a deep research fund i spent 40 million a year on research >> what do you say to critics, one they say two things, look, you could have testified under oath and perhaps should have so it's hard to speak now when you don't have to be necessarily under oath, i hope you are telling the truth to speak out now but not then

>> well, as you know, my lawyer was a seasoned veteran lawyer, john dowd. our advantage was to show every one of the climate associations in the wiretap was in the public domain if it was in the public domain, it's a question to the juries, why are we here? so we were prepared to testify but he told me we won this case. >> he told you, you won the case >> prior to the jury's verdict >> do you believe going into the verdict that you had won >> correct because he was expert. and i sat there and the former counsel of the sec showed numerous articles and numerous reports that showed that everything that was on the wiretap was in the public domain so i decide based on his advice

not to testify. >> i want to ask you, one of the issues is there are lots of things in the public domain, there was written documentation in your defense of analyst reports or news reports about speculation or what not. but isn't it possible that could exist at the same time this is what the prosecutors contended, that could exist at the same time these phone calls existed, in fact, the phone calls ultimately carried more weight than the documents? >> here, let me answerer it this way. we had an existing poings in each of these stocks prior to the phone calls. i would maintain the phone calls need wire tapped thing a kapg was full of life. the judge ruled the wiretaps had a disregard for the truth. if he allowed the wiretaps and a lot of legal experts were

alarmed, if this happened, other americans could be wiretapped. i think that's a big, big issue. so when you look at the wiretaps for dirty peep home what do you see? you see dirt peep hole, snippets of wiretaps in the courtroom you don't give the full picture. and so the judge himself said if you call your mother and say are you coming for dinner, it can be seen criminal in a courtroom setting. >> but just take step back, which is to say and i accept and you were suggesting that the wiretaps were illegal. but what i'm asking is if we could put that aside for a second the influence of those phone calls and decision to make the trades, how important were those phone calls? >> zero. as i said, i had a prior position in every position of every one of these stocks.

i listened to my analyst and these analysts, it wasn't that they came and spoke to me. they had to write reports. >> can you tell us, we've never heard your side of the story, very famously raj gupta, ran mckenzie, apparently made this call in the middle of the until crisis right when warren buffet was about to make an investment in gold man savenlths. >> yes >> -- goldman sax. >> do you remember all of that >> yes i remember, he didn't remember it it was a 16-second call. i remember every second of that call. >> so what did he say? >> he was calling at about 3:54 or 3:50 just before the market closed, to ask that his investment in voyager, which was

housed at lehman brothers and lehman had gone under. he wanted some documentation so he called me when he got out as i now found out out of the goldman sachs board meeting. i have no idea that he was at a goldman sachs board meeting. i had no access to his calendar and he said, i'm calling about my investment in the voyager i said i think top is about to be passed. we had a concern in congress sending out reports about whether the top will be passed at 3:25, i got an e-mail from the cypress group saying it looks likely that tap will be passed so i said, roger, i'm in the mid olf a big trade. it looks like top will be passed i will buy a whole bunch of until stocks he said that would be good for goldman. i said, thank you, i'll call you back later after that morning i bought goldmoon sax, it wasn't like i

bought gald mon sax from some tip. the morning i bought goldman sachs, i was buying that and my record, i bought morgan stanley. i with the the xlf, which was a financial index, but when you look at through 30 people, you say, oh, raj rajaratnam bought goldman sachs. obviously, i increased my position in all these stocks, when my consult and said, top will be passed warren buffet never entered into my mind when i bought it >> let me ask you a broader question just about the way trading happens and the way the public oftentimes thinks about wall street. they think that the whole business is unfair that there is some kind of insider trading ring, that the access to information have you, possibly by the way even from a consultant, for example, is different than the access that my mother might have what do you think about that

>> well, you know, we've spent maybe 10 or 12 hours a day doing deep research. there is a theory called the mosaic theory where you take little dots of information and check it that's perfectly legal now, your mother might not spend ten hours a day on wall street what i would tell her is to give your money to fidelity or a professional money manager because we spend a lot of effort and time analyzing really research reports, analyzing 10ks and 10qs we get access to the reports of brokage morgan stanley and goldman sachs. so it is the public, in they don't spend enough tame. i am so heartened that with robinhood and with consisted of a lot of people are participating in the market. there is tremendous amount of

information available and, hopefully, lots of people will participate in the capital. >> let me ask you about this n. your book, you wrote, if i am guilty, then the entire investment business should be declared illegal what do you mean by that >> i mean that if incident chit chat you can ask me why do you chit chat you want to know in the market where no granular information of mergers and acquisitions or earnings per share are considered guilty? that's what we do. i want, one of the reasons i wrote this book, was to not necessarily litigate my case but to talk about the biggest social issue. this is bigger than -- but i do want my peers to read the book and judge me >> you were a billionaire before this began

can i ask how much money have you right now? >> well, you know, from where i come, we don't advertise how much you have or how much you don't have but let me say this, i am comfortable and since coming from prison i have a clean canvass. my father growing up told me something that stuck with me he said, raj, you should spend the first part of your life learning the second third of your life earning, and the last third of your life giving i'm 64-years-old, i'm in the last third of my life. and i planned and i am fortunate to give to the less fortunate. i didn't wait until the last third of my life to give my father gave his entire estate to charity i had the given money to

charity. and i just want to correct you one thing. i did not make the a single crept. if everything i did was illegal, the money went to the investors. it doesn't come to raj rajaratnam, i give more to charity than what was alleged that i was made. so how can you call me greedy? do you understand what i'm saying especially understand what you are saying. >> my point is this, i want to now give and i since coming out of prison, i have given to charity boat in the united states and in the country that i was bompblt. >> born. >> you say the experience in crypt changed you and changed you for the better why? >> well, i had a deeper appreciation for my friends who visited me not once, not twice, 20 times

i had 110 people on my visitor list which is a record i have a deep appreciation for my family, my wife and family worked every step of this journey with me. i learned patience you know as a hedge fund manager you go from one adrenaline-filled moment to another, constantly short of time i had time so i think i became and i reflected more and so i think i became a bigger, better person >> if you can go back and do it all over again, what would do you differently? i will say i believe the last sentence on the final page of the book says have you no regrets. and that surprised me. >> so let me tell you a little story a. year or two before i was released, my daughter was a lawyer, came to visit me with my family

and she said, dad, we would love to have you back home sooner or never go to prison but we are so proud of you that you stood on principles and fought them despite understanding this entire penalty in this country. studies have shown that if you go to trial, they punish you and you get 2x the sentence that you would have gone if you made a deal and if you became a cooperating witness, you get parole. that was the only time in this entire episode that tears came to my eyes i looked at my other two children and they nodded my wife was passive and but i few what she was thinking. i had no regrets i have had a charmed life and as a first generation immigrant, i realize how lucky i am to live

in this country. the worlds people live in this country. i have no regrets. i am lucky i don't see people lining up to immigrate into china, japan, india. they want to come to this country. the reason is you can speak out. if without being penalized >> all right raj rajaratnam, we appreciate you being here thank you. >> it's a pleasure. >> it's a fascinating book, it's a fascinating story. insisting on your innocence, we appreciate it, the book is called uneven justice and we will follow your progress. becky, back to you. >> andrew, thank you very much when we come back, we are live with former fda commission dr. scott gottlieb's news that three doses of pfizer's vaccine appears to work up against the comb e omicron variants. stay tuned "squawk box" will be right back.

your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed.

indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire matching your job description. (soft music) hey dad, i'm about to leave. don't forget your hat . good morning. how can i help? i need help connecting with my students. behind every last minute save, ok, that works. and holiday surprise, thank you! a customer service rep is working unseen, making it happen.

and at genesys, we're proud to help them help you everyday. down to the new york stock exchange, swim cramer joins us now. at the end of that i got to tell

you, i have heard anecdotally, when he says he has been charitable raj was very charitable before and after and i don't know, you start talking about the united states or tender like that i sit up and listen and the people that aren't from here and have come here and point out, no one is waiting to get in a lot of those other countries, jim. it's just time think especially nowadays, i see so much written about hand wringing and looking back at our history, we feel bad about it. i think we need to realize what a great country it is. >> i think that a lot of times we have a very wealthy people come on. they talk about charity, you look at charities and it's extensive. i knew raj before prison he had been guilty, everyone has a right to say why they shouldn't be is he doing great things

you know after a tough time, milken and i think that milken gave you frankly what i regard as being lifetimes for many people with prostate cancer, i think the world of mike milken i was going to say, there is a guy that did great things, it's a template of doing great thing. you follow that rather than complain about the conviction. i move past the conviction i'm looking at the milken model. it makes a lot of sense. i shouldn't call it a model. milken is an incredible man. >> i don't know if people realize how many, i'm not going to relitigate the past, prior to junk bond financing, there were like 20 companies that could raise money that they needed to expand a. lot of the expansion we had back then, i know there was parking stock and ivonn -- everything else. but inventing hay yield finance,

which we've seen a lot of the fruits of these companies being able to expand and raise money that they never would have before drexall >> i think preet would walk through the case and the case would seem quite different than what ram said. again, raj has a conviction about what he said but he was convicted and so now the question is, do you continue to relitigate or do you go forward? i'm not raj is counselor i think you and i would agree, it's time to go forward. >> december is turning into a blockbuster month, all of a sudden we had albert bourla, some of the pfizer small studies at least it looks like there is enough of this spike protein that's similar to where even two shots, three shots seems great for pfizer what does the in fact decide to

focus on now that we begin to put this variant in effect that it might not be a game changer >> i think the market focuses in on how strong the economy s. we got to go back to friday to the shortened session as to really taking a loot what got killed that day you go back to the stocks. if we had frank on ceo of norwegian cruise, there have been no cancellations, travel will begin and international travel is next it's an exceptional risk i want to point out three was always right a. lot of people at pfizer few three was much better, even recently three, four months ago. i thought these interviews were trick. i totally think, joe, we are at a point where we have to say, we have to go mete lead our lives, everything on bigger focus on right now will go higher it's a great place to be also the economy is a juggernaut now. we can accept the fact we have

to have rate increases and not kill the market. >> you like swiss chocolate? you want me to bring you anything i have a pretty good feeling i will be walking through the airport, really good prices, can i bring you any special kind you like >> i like the duty know if i cat that in zurich, but i think that's going to happen, gym bo. >> appreciate it, buddy. what do you think, becky andrew >> i think it's on. >> i think it's on game on. >> good thing we have you're tickets. >> join jim's club -- i was supposed to read something, but you know what i'm saying. new this morning, this just that jim and joe were talking about. pfizer says preliminary data in the lab shows that three doses of its veeck -- back it up, three doses of its veeck work against the new omicron variant.

two doses significantly rue deuce the chances of infection additionally pfizer is continues develop of an omicron-specific vaccine. here is what the ceo told us in the last hour. >> we are getting enough conclusions to believe that if there's a knew for an ohm rho, which are working, that should be a very good one it could be very, very effective and we will not lose any of of our capacity to have to switch it joining us is dr. scott gottlieb he's a cnbc contributor who also serving on the boards of pfizer and illumina. >> this is the virus they created in the lab, not the actual virus, it's not peer reviewed, but really early

stuff. it's less than two weeks since we reported about the omicron variant being out there. how much faith and how much confidence do you have in this data at this point >> well, look, with all the usual caveats that these are not a perfect court lators, and if anything they're correlated from the protective value against infection, not against symptomatic disease and outcomes, where there could be more residual protections, we now have three data points that have come out in the last 24 hours, in addition to the pfizer data, two other neutralization, which both showed a significant reduction after two doses, but they both also showed people that were infected and subsequently vaccinated had a pretty robust response against omicron. that so-called hybrid immunity, situations where people are infectioned, subsequently get

vaccinated, we know that's a good correlate for the behavior of three doses that's another point that a properly boosted vaccine should be protective in these settings. so i think you have three data points that suggest that we'll see other studies come out. some won't look as good, because there will be a lot of variability, but i think the balance of the evidence right now is pointing in an optimistic direction. >> some people looked at that south africa study and said the takeaway is that the two doses, fully vaccinated people without the booster, pfizer's vaccine doesn't work as well why does this data should the that down? >> well, this dahl didn't shoot that down. i think across all these studies we're seeing two doses of protection is diminished it's not loss. there was some indication that there's additional protection from the neutralization studies, and they don't take account of

memory b-cells and t-cells which may not protect you from getting protected in the first place, but will protecting from developing severe disease. it doesn't mean that the vaccines aren't going to offer a measurable degree of protection. that's why the neutralization studies are a perfect correlate for how the vaccines behave in the real world the most optimistic study is what we expected s. a properly boosted vaccine will offer protection against the omicron variant. >> we were talking about this earlier,ic of the adeck dossal stories about a number of americans that have come done with omicron had the booster should we think about that strictly as just another breakthrough case?

or do you think there's something going on >> we've seen breakflip infections even with the delta variant. a lot of these cases get reported and skew our perception and no one gets infected, you never know about those instances. those instances are happening, took very clearly, because there's this looks like a highly contagious variant it looks like it's air did not borne. that doesn't mean this vaccine isn't going to protect, and it doesn't mean it's not going to protect against symptomatic disease and particularly severe outcomes i come back to what i said earlier last week. we might end up with a vaccine that's 40, 60, 8090. you know, 80 to 90% protection against severe disease and bat outcomes

that's probably more protection than people six to eight months out have against delta right now. if that's where the boosted vaccine ends up against omicron, i think that will be sufficient enough to provide a good backstop i think you'll see significant uptick of the boosters i would continue to encourage people to go out and get those booster. >> scott, very quickly, your read on this the market took this as good news, futures for the dow went down by about 50 points up to about 200. is this the right take, that maybe this is not going to lock us down for months, or to slow the reopening? >> look, i think we have the tools to deal with this. it's not just the vaccines we have orally available drugs coming on the market, massive amounts of testing and screening

to keep tabs on this it's still unclear what course it's going to take the conventional wisdom is we caught the steep part of the curve. we also may have caught the epidemic while i was underway and the transmissibility may not seem as it appears now another week or two i think we'll have a better handle on it. thank you, dr. gottlieb. that does it for us toy.da "squawk on the street" is coming up after a very quick break. from fidelity s keep you tuned in all day long. so when something happens that could affect your portfolio, you can act quickly. that's decision tech, only from fidelity. esg is responsible investing. you can act quickly. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions.

as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. [voya mnemonic] my retirement plan with voya keeps me moving forward... even after paying for this. love you, sweetheart they guide me with achievable steps that give me confidence. this is my granddaughter... she's cute like her grandpa. voya doesn't just help me get to retirement they're with me all the way through it. come on, grandpa! later. got grandpa things to do. aw, grandpas are the best! well planned. well invested. well protected. voya. be confident to and through retirement.

good wednesday morning, welcome to "squawk on the street." i'm carl quintanilla, with david faber and jim cramer pfizer says early data shows a three-dose regimen does neutralize omicron the s&p needs about 19 points for a fresh closing high we may get halfway there our road map begins with phiers versus omicron plus, well, apple shares are at an all-time