good monday morning, welcome to "squawk on the street." i'm david faber with jim cramer. we are scumming m ming -- comio from separate locations. carl has the morning off we begin trading in a half hour. we are looking for a

significantly lower open pay particular attention to the nasdaq our road map begins with concerns on covid. futures are pointing to a fairly sharp sell-off at the open. goldman sachs cuts the gdf photograph, as senator martialing essentially kills the build back better plan. shares of amc go down 30% in the last month, on track to on the floor lower this morning adam arron will join us later this hour. jim, where you want to start -- i'm sorry we're not in person. i'm leaving the floor to you >> okay. look, we know that the world is worried about the covid.

i also think the gloom is so palpable that you may want to take the other side of the trade. if omicron is on the move and delta is on the move, people will pull back, and they're not going to go shopping, but they're going to get what they need i think everything is for sale it's an opportunity. >> okay. >> you know, it's funny, because last week, we had a lot of different cross-currents, including, of course, the fed. it feels like a long time ago, but it was only a week away we were sitting at the stock exchange, where we had a growing level of concerns, at least for some of the growth stocks, some of those with higher multiples, in part because they don't even have earnings. i remain convinced those are the wrong place to be. i think the market was rounder

multiple tech, tech that has earnings, david, the tech that have sales, overrun by a belief that -- there is so much stock for sale should we throw alps health care should we throw away the banks david, these banks are going to make a huge amount of point there is a lot of good stocks that i'm interested in >> what also we have to start

talking about the variant. >> david, my tell, the keep to this market a company that hasn't done that well. i do not believe the supply chain is getting worse i think that can improve evening some labor, of course, everything is looking at limber again. i just don't think we're i like

to buy panic. >> you mentioned panic, i don't know if we call it that, but there's a good deal of growing concern. about covid. here we are sitting here in our headquarters, you're at home light for you. i think we can both say, i've never known so many people who have gotten the virus. >> i have three of a kind. >> we know what those are. thankfully everyone who i know has got it is not sick, because they were triple vaxed >> i came down with covid on thursday night i tested in the morning, didn't have covid, tested in the evening, i had covid woke up friday, felt pretty good woke you said saturday, worked out hard, yet my -- and got up

at 4:00 as usual today this keeps me from joining us, because it's the abbott binax now, and i know exactly how i got it it's certainly not -- i was at an event where you had to have a pcr tested that day. i got it that night from someone who tested that day. it works so fast, meaning i can test in the morning, i test in the evening, but then i'm giving it to people i feel so good, i feel like i should go for a run today. >> it's funny. i've had similar conversations with a number of bends of late it's all anecdotal by far the most i've ever talked to you can call someone -- oh, yeah, i'm isolating right now. that's happened numerous times

but thankfully most of them seem to be largely asymptomatic that doesn't necessarily matter, because you are not participating right now in doing much a lot of other people who want to do things are pulling back, because they don't want to be removed from being active during the home day season or taking a trip, so the question does become -- this is, by the way, for the fully vaccinated and hopefully those people have gotten booster, and moderna out with at least some studies from the lab that show effectiveness for getting that booster against omicron, but we do know that that could result in people not doing stuff. you know, it's not going to be a lockdown per se hopefully from government in any way, but at the same time you certainly could have people who shut down their own activity >> well, i would say this, david, again, i keep emphasizing -- we'll hear from moderna, i was triple vaccined, had the strength of the last one

was the strongest. i came down with this rather recently i want to apologize to mire colleagues i have come to work far more sick than i am now but -- that is why i thought this was so cool it's a bummer when you see the second line, but i think there's going to be assuming the risk. i think we're going to say, okay, i did triple -- i've seen people just not realizing they were sick. my wife is a little more sick than i am. she had j&j and moderna, but i would say this, the gold is, i think to be able to assume the risk you want to go out, go to the movies, and you are triple vaccinated other than the fact you have to

stay home, which is a huge bummer, i've had -- there's never a covid that i have had that was as weak as this. >> well, that's what you want, jim. >> exactly. >> strangely, you hugged me three times on wednesday, but apparently it hasn't gotten to me yet. >> no, and i was with some executives on thursday, and gave them a warning that i thought i might have even though i tested negative they had tested negative we know from the nfl there's a certain number of days you have to go, but david, i should be there with you, but i understand i'm still contagious, which is kind of nutty. i have dr. topol on today. i think the level of arrogance for people who no what's going on is the thing. i think what's happened is it's every man and woman for themselves all i can say is i got triple vaccinated

i don't know what would happened if you're not, but i would say you're probably not as up and around as i am. >> we assume the case. everyone will tell you the data -- >> i'm trying. >> i'm happy to get hugged we would assume the data is not there yet, in terms of knowing the disease with the omicron variant. we keep hearing anecdotally, it's expected to be less severe. we hope that's the case, jim if you have four times the spread with delta, even with less severe symptoms, for the unvaccinated in particular, you still could see significant rise in hospitalizations. that does seem to be at least the concern right now. >> yes, absolutely you want to try to flatten this. i follow various people on twitter. dr. faust up at harvard is literally saying our goal is to not have the hospitals

overwhelmed. that is what we need to worry about. that's why everyone got vaccinated then i think -- now, the people who hate vaccines, and of course, therefore hate me, i have this to say if you'd like to lessen your chance of getting very sick. if you then get vaccinated. if you don't care, then i can't do anything for you. >> all true, jim >> how about the rails, david? >> how about them? >> i saw some canadian pacific i get a constant e-mail every morning. is it spam >> i know. yeah, i get them as well let's talk bbb quickly here, and of course what is a setback for a major part of president biden's agenda

senator manchin yesterday on the morning show saying no to build back better legislation. here is what he told fox yesterday. >> it's never too late to get vaccinated if you're vaccinated go get boostered -- >> i cannot vote to continue with this piece of legislation i just can't i've tried everything humanly possible i can't get there. >> you're done this is a no >> this is a no. on this legislation. i have tried everything i know to do. >> jim, what is the implication going to be? >> nothing he'll figure what he can live with and what he can't i don't think it's all that much stimulus a lot of it does help the poor people of the country. when people studs,the bill, you have to say there has been to say things in there that with --

but it shows how fractured our nation is, and it seems to be very little with substance there's not that much in that bill is stimulus when you look at what it could do for health care, for the poor, it's really a shame. i think republicans and democrats would agree, if you expand certain things that allow people who are botch risch or lower part of our country to be able to do more, that's a great equalizer. it doesn't matter. and he'll be at peace. people have concluded that washington is a big joke if one guy from west virginia can -- what kind of kin is this? it's a stalemate there is many places that have a more functioning democracy that ours does.

this guy from soutwest virginias holding you have our country can i hear that up green day, the packers' biggest fan, coming up >> i do. i do >> you must be so happy. the ravens could not get -- i was thinking about it the whole game little did i know that you have the -- >> you're talking about -- still chairman -- >> best interview yesterday. >> former ceo. as of the end of the year he'll leave the company that he's been associated with for 47 years certainly worked his way through wide world of sports, and at abc, and then the deal itself, where cap city sold, but bob

iger and i sat downfor a long interview going through so many of the different highlights of his career, an also talking about the future, as you would expect, as we walked around disneyland and the "star wars" attraction there, which i highly recommend. we took a couple rides, not bob and i, but a few of us did, we enjoyed that as well though we didn't get to the packers, i will say. but we did a lot of important topics that are, you know, that any shareholders of disney, including people in the investment club, would be curious about and want to know more about. >> that's why i was so enjoying this interview, we saw after selling disney to get back in. and so far, i like to own my mistakes, it's been bad.

i don't believe that the franchise is as worth as also as it is, but i recognize what everybody gets what i have, which is omicron, or delta, the numbers will go down but i'm looking forward to speaking to adam arron sorb is bob sanguine about the way the company is being run now >> i think they seeing about the challenges that they fay, but i think he also believes that they are going to be successfully navigated. i won't speak for him, but jim, i would not say that he sees it negatively, though he certainly is realistic about so many of the challenges they face any industry, in particular as they face the giant platforms that we talk about so often. whether it be apple or amazon or

alphabet or formerly known as facebook, and the power that they have. we kind of hit it all, no the to mention sort of his ambitions for life after disney, which begins only a few days from now for him. >> his book was pure joy i think a lot of these books come out and you say, whowrote that i think he wrote it, including talking about his father's illness -- this is a man, bob iger, who in the media truly love we love him for his candor he's not john leissh from the t old t-mobile, but very candid in a calming manner thank you. we'll be rolling that out all

day tomorrow, my conversation with bob iger but you mentioned it a number of times, jim. we should say it again adam arron will be joining u later in the show. we'll talk everything from the blockbuster debut and this is one of the leaders of the memes stocks trading is 12 minutes from now, we are looking at a sharp down at the open. we're back after this.

let's gets to a mad dash

i was out thursday, watching from my hotel, because i was about to go over to dig anyland and you have positive things to say about at&t i sent you this emoji. >> barclays joins me today in big more positive. >> i believe that the telco and cable guys will just go at it. however, at&t is down enough action i said last week, i'm joining the bulls. i think the penalty is over.

i'm not saying everything is forgiven that doesn't happen, but i would point out it's too late to sell. >> all right it's been a very pour year for the stock. still down 60% t mobile down 11%. they've all had a bit much a bounce lately. charter is hanging in there, only down 1.7% as we pointed out, it's been a poor year to own any of these things on the competition front, it would not appear yet, at least based on what you hear from comcast or charter, that they're seeing significant erosion in the broadband subads from at&t or overt over-billeders. or essentially what's been a slowdown in moving overall, which results overtime in what

people do with a hookup. >> is it possible, david, it's not a static situation, even given antitrue, even a very tough regime, can cable -- can they capable companies buy somewhat oversees? >> i think roberts is just sitting there saying, i don't like how things are going, but i'm going to continue to not like it. that is not his style, is it >> it's not at all, but there's that overlay, you mentioned, of over-regulation, and it constricts the ability of niche these companies do anything meaningful even outside of it, you know at the get scrutiny, jim. >> i just feel like the cash flow is big.

>>. >> i would just point out, let's say comcast is a movie pattern i don't think they necessarily make that stuff up could be wishful thinking, i know that, but i think the idea that these companies are finished doesn't make sense. what do we have, about 5:30 hey? adam aron will join us we are going for a lower open.

welcome back we want to direct our viewers to cernor last night i tweeted we were expecting a deal this morning, amid 90s a share cernor shares are halted news pending, so it appears we'll get that release ahead of trading. we're only two minutes from an open let's call it 95 it's all cash, as you said, of course, the journal was the one that broke the story last week kudos to them. this is not a deal that won't go without some serious scrutiny. >> yes, now, i had proposed

vociferously, the reason i did, is your apple watch needs to -- and cerner has -- a lot of hospitals hook up to a private system if we had the ability to make it so that you were hooked in every, the apple watch would be the true gift to give. her watch contacted her daughter from far away, appeared her daughter was ability to direct lawyera to a hospital. she was in a accident rho a taxicab. cerner is the company -- >> any surprise on your part -- it's not an insignificant premium.

at multiples go i think the business is very strong. here's what i worry about oracle had a good quarter what the hell? why are they they have a very good technology company. >> well, by the way, david, this is a -- >> yeah, that is your bad. only you would be home being with covid would not be wearing sweatpants underneath. i assume you haven't even taken your tie off for covid no is there a reason i should >> no, i expect you in ties all the time i'm looking at it here to my left

it did it via a spac over at the nasdaq, that was component maker as we get started with the s&p, the nasdaq off by 1 1/2%. >> tomorrow is the day that the santa claus rally has begun. larry williams saying this morning that it's time to buy, making a move. that is very contrary to what people are doing i do i think that amazon is down 75 is ridiculous by the way, omicron, again, i

think you're not protected from the illness, but you certainly are -- you're not immune, but what does it make it feel like, strangely, it's less impactful than a cold, but i like that david, i want to point out that health care should be on fire. manchin stopped the billed that would have basically setted government is going to negotiate directly with the drug companies. that's a drug company's worst nightmare. a drew company should be bought. just give me a break some companies do well and i was concerned about off the table, buy the drugs. >> to your point earlier about

some of the key components of the bill that does seem to be -- what what happens to that you mentioned pharma let's look at shares of moderna. they are you have -- you can see up over 6% here's the news, of course, currently authorized moderna maybe you even got a full shot that gave you at least a 37%fold innocent against omicron, jim. >> cramer 1, omicron zero. it stop you from getting what's an incredibly transmissible virus.

>> and my wife is in another room and far more sick than i am she had j&j and moderna, but watch pfizer look at that i pointed out many times you could look at a 20-year pfizer and they had done nothing for 20 years. then the breakout, and now you look at the 20 year, and it's look, our numbers are good.

this one i think has far more legs than moderna. there is an expectation that you're going to see the fda approve both the two antivirals that we have talking about well over a year and a half the merck drug pfizer has proved more effective in trials, but, you know, at the president will be speaking tomorrow, jim, about covid, right? it seems hard to imagine you're not going to see the fda approve

these vitally needed antiviralings when you got a positive test, you would have cede, great, let me take either one. you would have taken one, why not? >> no, i wouldn't. my doctor asked how i felt, i said, i don't know i mean, like a million bucks, then he said i don't want you to take this. this things is for people who are really sick. my expectation is when even when you're -- hence result so i don't know, jim. >> that might be true, but my doctor was saying.

>> i would have to see my doctors in my hospital >> why wouldn't he just write you a scrip? >> i think the expectation is when they are available, when they're approved by the fda, they may readily be prescribed very quickly when come tests positive that's what i've been led to believe. the idea is. >> in they're in abundance, i would grab one. >> but in the early onset, you take them to make sure you don't get sick. >> that would be great, but again, if there's not enough, let's save them for the people who are in far more danger

i legitimjust fear there's sickr people than i am the president will be speaking tomorrow and moderna coming off -- the rest of the market, though, not a pretty picture, you know, fear, fear, fear, fear why shouldn't there be, to some extent by the way what about airlines and cruise lines, what do you do with them now? always becomes the dominant strain, because the virus doesn't want to kill the host, because it can't spread as much. i think what you'll find is next

year's cruise bookings will be very big the one thing i will say that is really interesting is you get frank del rio, he will tell you, look, it's everywhere. what are you going to do when you assuming risk, you buy these stocks. >> if i'm going to buy a travel stock, i would rather buy american express all i'm saying, david, is why are we selling -- what is it about selling nvidia what in their business will be impacted about i delta, omicron? i don't know, an omega, what is going to be -- there is no impact there is no impact for nvidia, other than the fact that maybe the economy is a little slower >> and just general derisking going on. >> i know. it's still up 100% for the

years. >> let 'go after the companies ha have no earnings. those i don't like people should not be in those stocks the spacs -- you did mention the s spac. >> you know what, i've got an assignment you read that release over the break. and i'll movie on to tell amc 'co adam aron is up next, and a look at the bond markets there's a look at yields right here you can see the ten-year note is still below 1.4% we'll be right back.

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welcome back, we want to give our viewers a look at oracle and cerner. kind of interesting that oracle is trading around that level as well, but we'll keep an eye on the shares they're not using their currency here the stock was down on friday after the talks were reported by the journal. jim, they say according to a recent study by nay i don't clinic, physicians spend 1.2, as well an a one to two hours of ehr-related activities, so working together they have the capacity to transform healthcare delivery by providing professionals with better

information, enabling them to make better decisions resulting in better patient outcomes they only say calendar 2022 is when they're looking for a close. >> i think it's great that it's immediately acreasive. whether i read through the rationale, health care has not been digitized oracle can that do this is a great way to expand what people feel is a narrowly pegged business you know, i've got to be impressed, david, when you can do a deal that's accretive, then oracle should be up to it >> we'll see we'll keep an eye on those shares they're trading right now. >> no stop cash -- look, they bought back like 40% of the stock. it has not raised their multiple this will be a multiple revenue

raising event. i think that this is -- when i read through what they're saying, health care is in the dark ages, when i wanted apple to buy them, i felt like apple could own health care, given the fact there's so many digitization >> yeah, we'll get more details here on the curious antitrust, but jim, back over to you for the interview we've been teasing all hour >> absolutely. okay amc shares are rallying, you know what? it is still down more than 25% in the past month, but it's got in mojo moving people are going back to the movies joining us is amc chairman and ceo adam aron. the business seems to be very strong >> great to be with you, but

especially great to be with you after the weekend we just had. thursday to sunday we just blew all of the post-pandemic records. 7 million people came to our theater, mostly to watch the spider-man movies. we said a new report again on thursday, friday and saturday. just to put 7 million -- we didn't do 7 million tickets in the entire first quarter of 2021 that tells me that movie going at sinema cinemas is back >> one thing is certainly. >> can you tell miswhat your competitors are doing? >> what we did was starting in

april of 2020 we lost 99.9% of our revenues in a week we started raising money the concessions we got from our lenders and landlords, that put es in a position to weather this horrible pandemic, that was the biggest test that amc has ever had in our 101-year history. it is true that you and your

family have sold a great deal of stock at higher levels but can you go over what you did and what else you have >> sure. i'm happy to, because i think on this subject than just anyone alive. in the six years of the company i did say in august that i was approaches my 67th birthday. in september i gasp the market months and months of notice. i told people i was going to be selling the stock at the end of the year i put it in a plan, which means that all the trading decisions were taken our my hands. i said i would spread the sales over several months, so no one

could accuse me of gaming the market i actually sold some shares at prices below where it's trading right now this morning but, look, the important thing, when this is all done, i'm going to be granted more than 2 million s company's future i am very committed to leading this committee i'm very committed to its future i actually think that future is quite bright >> all right >> tell me why you believe it's quite bright there are plenty who believe you have done great job stewarding this company through an unprecedented period and to your point have raised sufficient funds to be able to navigate through it but still wonder how profitable this company can be given your debt load and how many shares additionally you have outstanding on a per share basis certainly and just, you know, what seems to be at least broadly speaking, an unwillingness of some people to

go to the movies in a regular way, pandemic or no. >> look. those are all very good questions. unwillingness to go to the movies, 7 million went this weekend. it was a record for us on thursday and friday again, we broke the thursday record, on saturday we broke the friday record it turns out "spiderman no way home" is the third biggest opening in the history of cinema they're going to theaters. what we need for amc to come back as the amc we knew prepandemic, we need two things. number one, we need to get through the pandemic and we are making good progress. 70% of the u.s. population has had at least one vaccination so far. beyond that, though, we need new movies to be released. what this weekend proves is when they give us good movies we fill our theaters what we haven't had since march of 2020 is a lot of movies but

end of october when four movies led the way in october we had strong attendance. in december, when there are lots of new movies out we're doing fine when we look at the movies coming in 2022 we think the industry wide box office in 2022 will double the industry box office of 2021 nobody knows for sure. no one has a perfect crystal ball but there sure are a lot of big movies coming out. that's one reason i'm bullish. the second reason and here's the mistake that i think a lot of analysts are making, they're looking at what amc was a company prepandemic and assuming the best thing we can do is bring that company back. we're going to do much more. we intend to transform our company, intend to do more than just bring back the old amc. we've announced dabbling with cryptocurrency, we've announced our participate with three nft

which will have a distribution of 700,000 or so nfts. the $6 billion home popcorn market those are some of the ideas we have there are a lot more in the works. >> okay. all right. adam, i get all that but when you say the old amc the one thing you probably don't want is the old multiple you've been a huge beneficiary here of this meme craze. we've talked about it this year which resulted in -- you haven't been making money but an incredible multiple on your out years when you are going to make money. the world you're describing would bring back a company that was profitable but sergwas valua single digits as a multiple to its earnings. >> we have to do much more as a company than just bring back the old amc. our shareholders armed us with a $2 billion war chest to do that. you know, there is m&a opportunity out there for amc in the movie theater industry and

outside the movie theater industry and we have the cash reserves to participate in that activity i know like you live and die on share price, that's your job my job is to run the company and to restore the health of this company that was strong and viable prepandemic, that got put on its knees early in the pandemic we've stood up tall. we're rising to the challenge, and i expect that the same management team that got this company through against all odds in the last two years, is going to be very seriously focused on transforming this company and making it an exciting prospect in 2022 and 2023, 2024 and beyond. >> adam, you've made tremendous, tremendous effort to be in contact with your shareholders you used to be 80% institutional, now 20% institutional.

can you talk about how that may be a new paradigm, you're going to say i don't care about other ceo, give me a break, other ceos should embrace what you're doing? it's been a few form of capitalism >> i can only tell you this, someone i greatly respect runs -- has a trillion dollar private equity firm told me a year ago when -- almost a year ago when we realized that retail investors have taken over amc, that i was leading a company that is on the forefront of the democratization of wall street, and company executives have always talked to our shareholders, but we were used to talking to our shareholders old way, talking to institutions, quarterly earnings calls and road shows, we talked to security analysts well in july we announced we had 4 million shareholders at amc and so we instantly decided, since companies always talk to

their shareholders we needed to continue to talk to our shareholders, where you talk to 4 million retail investors on twitter. i've tweeted an average of 20 to 25 times a month now since april. my tweets have been read something like 170 million times since april. i'm following 2500 people which gives me investments a day there's real two-way communication between amc and our companies' owners as there properly should. we set up a program in june called amc investor connect and gave them goodies like free popcorn but also direct access to the c suit, communicating by e-mail every several weeks and i think this is going to be -- we're leading the way here it's

unchartered territory but there aren't a lot of ceos that practiced tweeting almost on a daily basis but this is the wave of the future here and i think amc is leading the way. >> thank you, adam aaron i do believe that what you've done is save the company i think a lot of people felt that company would go bankrupt and i think you rallied people around it and i want to congratulate you david knows how i feel about that adam aaron, job well done for your amc shareholders. thank you for joining us >> thank you, jim, david, and 7 million people in amc theaters this weekend, 7 million. >> that's a lot of people. jim will stick around, of course, as we continue to watch this market not at the lows. the nasdaq coming off the lows as well. all right. "squawk on the street" coming right back.

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welcome back rick santelli awaiting the november release of leading economic indicators. we're expecting a number in the zip code of up 1%. last month our final read for october was up 0.9%. the high watermark for this series both high and low, it goes all the way back to 1959, the high watermark was 3.1 in may. the low watermark of 20 was march of 20 at minus 7.6 1.1. so it's up one tenth more than expectations up 0.2 more than our last read. this is pretty good. the first question everybody is going to ask is, how much of the omicron type of trade was already incorporated in this number and i can't answer that for you, but it is a november

number and that really is the issue, is that markets internationally, whether it's central banks or the new variant, are a bit different than they were just several weeks ago. david, back to you. >> thank you, rick santelli. good monday morning, everybody welcome to another hour of "squawk on the street. i'm david faber with leslie picker and jim cramer. carl has the morning off let's give you a look at the markets right now at this 10:00 hour we are down 1.38%, call it 1.4% on the s&p and the nasdaq as well, along with the dow also down rather sharply. leslie >> good monday morning we're 30 minutes into the trading session. here are three big movers we're watching starting with moderna, moving higher although given back a lot of those gains after the drugmaker said its booster increased protection against the omicron variant 37 fold. shares up almost 200% year to date the omicron outbreak hitting the cruise lines royal caribbean off their lows, the company docking a ship in miami over the weekend with 48

cases of covid canada's producer canopy growth sliding after piper downgraded from underweight to neutral citing sales pressure under trends that name down 60% since the start of the year. david? >> leslie, thank you and again, coming back to the broader market, jim, we're hanging around down about 1.25%on the s&p. we started at 9:00, there may be opportunities and as you and i like to do, talking about the key to this market to continuing to be potentially clorox. >> right well look, i just am a believe fer everybody is right about the downturn and how the economy is not going to come back, supply chain may be alleviated and plastics go down in price, clorox is the one to own clorox was hated because it was successful, too successful, and then came back down. there's issues

laura has to deal with product lines that aren't doing well the fact that this stock is up almost 4 tells you there are many who believe that supply chain issues are going to be rectified, that raw costs are going to come down and that the economy is going to slow because of the fed or not, because there's not enough stimulus or because of omicron/delta >> yeah. you know, jim, and leslie, we're not seeing the reaction that you might anticipate in some of those stay-at-home names, so to speak. shares of zoom are not up. i notice netflix is up about 1.7% but peloton is getting hammered again down 3%. haven't had a look at the airlines and cruises we talked a bit more about that, we talked a bit about that in the last hour. right now, it doesn't look like -- well, there's zoom up fractionally the covid playbook has not been gone to yet by investors >> no. i think that we all wait what zoom is going to do, when their

stock price was higher they tried to make an acquisition and failed microsoft teams, so many people have switched to, i happen to like zoom, and by the way my stepson works for zoom, peloton, i don't know, david. if adam aaron is on talking about everyone going to the movies why wouldn't they go to f planet fitness there are a lot that have assumed the risk that they might get sick and are going out and yet for peloton it is not as strong a franchise as it once was. >> it's more fun to see the spiderman franchise than workout, talking from my own experience jim, you mentioned last hour, the fact that we're on the verge of the santa rally, what is traditionally the santa rally, during the end of the year, right now looks like it's more of a volatile sleigh ride. do you think things will turn around before the end of the year >> you know, leslie, i think that i will rely heavily on

market history and my market historian is larry williams, really the dean of technical analysis, and he went long this morning, and he went long because even during 2007, 2009, the next five days, have been strong it doesn't seem like that's possible and i know there are a lot of stocks that just look like people have given up on, but i do think there are values here i don't think it's -- look, i'm not an end of the worlder. i understand the dow is down badly and the nasdaq is down badly. but i find things i like i like health care at certain points i will like the banks again. they're so strong. the actual tech stocks being thrown away, i think being thrown away as part of a sense maybe, david you can judge me on this, but the tech stocks are viewed as being too expensive. i hate the rubric. i think there's the tech that is losing money hand over fist, and then there's the tech that we both know with well multiple

and that could be meta, it could be alphabet. these are not expensive stocks and trading as if they are. >> that's true but there are any number of other reasons, perhaps, that meta might be trading and has continued to trade at a relatively low multiple, certainly given its growth rate, jim, as you point out. and the banks, yeah, you said it, they're not performing well. ou viewers saw all the big banks down sharply right now you said -- you kind of indicated it's time to buy, but right now or you want to wait? >> i would buy morgan stanley -- the club bought a lot of morgan stanley right here i just don't think that morgan stanley, james gorman, should be viewed as having anywhere near the risk of the other banks. i think it's about time that people realize that morgan stanley's business is very advisory particularly after the e-trade the idea it should trade with the others i think is -- shows a lack of knowledge, david

just a lack of knowledge >> all right jim and leslie, want to get to meg tirrell because we haven't spoken much about the omicron variant and that positive data from moderna at least in terms of dealing with it, meg, so much going on here. moving quickly >> very quickly. seeing cases, hospitalizations and deaths on the rise move than 130,000 cases reported every day here in terms of the breakdown between omicron and delta the national picture is still fuzzy. the cdc will probably update us tomorrow we got the last update on tuesday of last week when it was 3% nationally but 13% in this region of new york and new jersey over the weekend we heard from houston methodist hospital 82% are omicron, in connecticut 40% on friday, expected it to be on pace to cross within 50% in the coming days. this is spreading quickly and

really important for the medicines and vaccines because we know there is evasion of existing immunity here in terms of the antibody drugs a key question because it looks like the eli lilly and regeneron drugs lose potency against omicron. we heard from hhs over the weekend that there's an extremely limited supply of the antibody drushgs 50,000 doses, being allocated this week. we won't see more until january when they will have 300,000. you have to reserve those medicines for the highest risk patients either diagnosed with omicron, which you can do through certain pcr testing or in areas with more than 20% prevalence of that variant which, of course, is likely to be most of the country if not now than soon. of course, we are also looking at the implications for vaccines, new data as you mentioned from moderna this morning reiterating what we've been hearing about the boosters, two doses looking like they don't do a lot of neutralizing

on the antibody level but a half dose boost cleared for most now raised antibodies by 37 fold a full dose raises it by 83 fold doesn't sound like moderna is recommend going up to the full dose they are testing omicron specific vaccine in case it's needed, though that is not the current plan but the plan is to starting human testing early next year. >> i'm can can curious, what ha you heard given the increase in cases, hospitalizations are lagging, the number of hospital tests that come, but are the health care systems in a position to handle this onslaught? >> yeah. they're already stressed and while we have been hearing that perhaps omicron cases will be milder overall, particularly because so many people who are vaccinate ready getting infected and they have a lot of protection built up perhaps we'll see fewer hospitalizations with folks in that situation, there's a lot of worry about

staffing if you see hospital workers, doctors, nurses, other folks in hospitals getting infected and they have to go into isolation, that will be a big problem going into this winter at the same time we're seeing delta hospitalizations and flu is starting to pick up so we don't know how severe the flu season will be, but there's a concern about the sort of triple whammy of threats hitting all at the same time >> meg, last week you asked me about molnupiravir, the merck antiviral that has come out of committee being approved, and i am hearing very soon any moment now any day. perhaps pfizer as well just give us a take on the importance of those two antivirals, if and when they are available soon. >> the merck drug shown 30% reduction in the risk of hospitalization or death when given to folks at high risk. the pfizer one, of course, almost 90% reduction there's going to be limited

supply of both of them at the beginning but, of course, they work across variants so they will be powerful tools as we've discussed a lot, those drugs have different characteristic, one might be better for certain patients, one might be better for others the more tools we can get will be helpful and it's exciting to hear that, david >> we'll be checking in with you later. meg tirrell. >> let's take a look at the biggest laggard's on the nasdaq 100 right now as david mentioned earlier, peloton getting hit here, down about 5% right now, pin duo duo, jd.com lower as well we'll discuss with evercorps's mark mahaney after this. don't go away.

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so that a foster child isn't doing it solo. you just have to stand up for a kid who isn't fluent in bureaucracy, or maybe not in their own emotions. so show up, however you can, for the foster kids who need it most— at helpfosterchildren.com remdesivir. meta, amazon and apple lower, netflix shares higher bucking the downward trend joining to discuss the sell-off is evercorps' mark mahaney it seems like there's kind of a confluence of macro factors throughout whipsaug the tech stocks how do you make sense of this and where do you see the buying opportunity, given the inflection point that we're in right now? >> thanks, leslie. we have seen a bifurcation in terms of tech stocks higher quality names have held

up better in this market than lower quality names. it's true. you look at consumer tech where i focus, the stocks that have held up have been the google, amazon, facebook, apple of the world and it's the peloton, the newer companies, the companies that traded those price to sales multiples, not p/e multiples, much more challenged if you're worried about portfolios near term stick with the highest quality tech names in my space they have an acronym, f.a.a.n.g., i don't think that changes that much we're trying to get more offensive and look beyond this, assuming there is beyond this, you can lay into more names that i think are dislocated here. i think facebook and amazon fall into that category and so does uber. >> given what we've seen in recent days and over the last week or so with regard to covid, do you think it's prudent for investors to go back to some of the trading behavior we saw until spring of 2020 and mid

2020 where people looked to software names and tech stocks that may not have profits, may not have the quality identities that you mentioned in order to kind of play off of this idea that people are maybe staying at home more, on "squawk box" this morning, said that's potentially something investors should be considering. >> i guess so. i hope we don't have to consider that again, but it's possible that we do there are going to be some stay-at-home again names that probably pretty similar to the first stay-at-home names it's probably a boost to online retail, to at home entertainment. that's where netflix would come in there are other names that would benefit those two come to mind maybe at home fitness again, too. peloton. they just showed major execution issues between then and now to make you wonder about them, anything more than a fleeting play on that stay-at-home trade.

in this inveenvironment stick wh the highest quality or look 6 to 12 months out, the big dips create great opportunities like covid did for good or bad, but it did in march and april of 2020 looks like we're getting a similar, not that dramatic, but a similar setup here >> jim cramer. loved your book and it's a great retrospective. during that period of the times you and i have been around it does seem that companies that come back the fastest are the f.a.a.n.g. stocks, and i wanted to get your advice on when you see people shut in again because of a virus, amazon has worked, you mentioned that, and people were worried amazon was having a weaker holiday season. doesn't this in the last five days make up for it? >> it may well thanks for -- your help with the input on the book there. this stock has traded sideways,

the way i think about it, a structural winner in 2020 and last year traded as if it was a pull forward beneficiary i think we're going to find out it was a structural biseneficiay from the covid crisis. this company is doing something unusual in tech doubling down on their corps competency, adding more administration capacity this year and last year than they have -- than walmart has in its history and amazon has in its history and we as consumers will benefit from that and react because we're going to get faster delivery, greater one-day guarantee, greater three hour, two hour delivery, and i think we're going to prove out this concept of shipping ehas tis i, the faster you ship the more people will demand i look at amazon as probably the single best on the asset i cover. modestly dislocated here i don't know why if you're going to start buying consumer tech you have to start buying amazon here the largest tam, good management team going through the right

investment cycle. >> goldman sachs had a report out on friday showing hedge fund relative to the s&p fell to its lowest level on record as single name and etf shorts continue to rise do you think that sets the sector up for more pain ahead or do you think there's a potential for a short squeeze? >> well, i just prefer to buy the sectors when dislocated and out of favor telling me that info tech and consumer tech has become out of favor, for anybody willing to look 6, 12 months out that's correct your buying opportunity. that's when you kind of step in and add the position and begin positions thoughtfully if that, in fact, that data point is correct, i have become more bullish i will pick my spots and pick amazon here and pick facebook. i think they can solve two of the problems beguiling the company, trying to get beyond the apple privacy changes and addressing esg concerns. i think they can do both of those, so i like the dislocation stock and buy that one

uber, that's probably the biggest opportunity stock. it's a stock in a full reopening, hopefully we get there, will have the biggest upside in terms of its funds. >> not monolithic. we appreciate you helping us make sense of the increasing complexity there. >> zenya making its market debut on the nyse. we'll speak with the company's ceo next.

italian luxury zegna group going public completing its spac merger you can see the stock moving higher joining us first on cnbc is gildo zegna and andre ya benomei. thanks to you both for being with us. mr. zegna, start with you, you're a public company now and so you're going to get questions like this one, which is, i notice that you're forecasting your core adjusted earnings before interest and taxes is going to move higher from 2021

to 2022 and 2023 higher at a rate that you've seen in the past, and i wonder, why is that? what is fueling your expectations of significant growth in the adjusted ebit. >> we have prepared to become a better company covid has helped us to get lighter in the cost and to come out with a new strategy, which is moving our brand from a power suit brand to a luxury leisure wear brand the lifestyle of the customer changing and i think this is the way to go. then we decided to consolidate our brand from three brands to one. our name is zegna, more focused, more consistent, one strong marketing message across the world and i think these are some of the reasons why we are going in the new direction last but not least, we are an important industry in italy and we are going to strengthen our textile part of the industry

which is key for the nation industry raw material becoming scarce and expensive and difficult to find so through these vertical processes we're going to be able to control better the chain. >> are you seeing signs of that transformation you were just discussion already in this time or is this all what you expect to see as a result of changes you've made? >> absolutely not. i think we have seen -- we have started to change already this season and we see a good traction across the world. and so i think that this season has been a good test you see the way i'm dressed today, if it was two years ago i would have come with a double breasted suit with shirt and ties today i'm going casual, jersey, and sustainable fabrics. you don't see my sneaker but my sneaker is done with zegna fabrics. it's a whole new paradigm.

once you get used to this type of apparel it's hard to go back. that doesn't mean that suit is bad. absolutely not we remain champion of the suit, but it's a measure through change the styling of the suit so the answer is yes. >> this deal gives about 762 million in gross proceeds. what would you like to see that money spent on >> i think zegna has the possibility of being the center for italian consolidation in the future, but not if you want in a french manner, so it's not going to be a conglomerate per se, it's going to be a luxury group. key to zegna and to gildo is to remain focused on luxury, therefore organic growth will be important but there will be a position gildo courageously a few years ago invested a half a billion dollars and it's a great brand here in the states and they benefitted each other for being together. >> gildo, this is a 111-year-old

company. rare to see century-old companies go public. why did you do so now and choose the spac route to get there? >> good question the talks of an ipo have been forever and until last year we decided we should continue the course that was strategically correct and i think that the family had enough means to go forward. the example is three years ago we played the long short very successful and pleased on how tom is proceeding. so the fact is that andrea, an old friend of mine, created last november in new york and asked me last january if i wanted to join we talked, thought it made a lot of sense we saw a sinner in gettic effect and we brought it to the family

and board and we decided to go we worked hard to make it happen and here we are. i will remain the capital of the ship but the strategy is clear and we'll continue along the course . the governance is very clear, the board of directors very strong we have one of the strongest boards of italy i would say that will support me to make the right decision i'm not a guy to look at the stock every day. we concentrate on my business strategy i think i remain confident on our capacity and leadership in men's luxury around the world. >> right 58% of the holders in the spac chose to redeem which means less money in the trust going to zegna. is that a concern? is the company going to have to perhaps cut back on some of its growth initiatives >> no. because zegna was, if you want, unlevered before, so the transaction, if you create the spac, the pipe and the pipe that

we did, about 700 million goes into the company it's a very solid and flexible company and, you know, we invested recommend a quarter of a billion dollars behind it. it's a different spac than the transactions you see out there zegna is cash generative it's not a cash burning company. it's got the balance sheet and the growth. >> final m zegna, i love that jacket you're wearing. >> thank you >> i'm wearing a tie and i do wonder, i mean is there any market for these anymore is it over for what i'm wearing around my neck am i the last guy who has to wear a tie to work hard question to answer. like asking me about the weather. i tell you that ties will not be what they used to be, but they will still be around you'll be seeing me wear a tie at board meetings or some dapper evening and so don't give up the

tie. you look very dapper. >> all right i appreciate it. good luck to both of you thanks for joining us. >> thank you >> thank you very much >> thank you. to a man who always wears a tie, even in the shower, what's on "mad" tonight >> all right i have dr. topel on tonight to discuss my illness, i feel like people have to understand i feel terrible for those who have been sick, of course for the families of people who lost someone, but i do have i believe omicron and because i am fortunate to be vaccinated that it is not really impacted me. we'll talk with the doctor about that. >> jim, i'm really glad that you're fine. let me just make sure to let everybody know that. that's the most important thing. >> thank you. >> hopefully you won't get bored, what do you have, six days left? >> yeah. i know i wish i could come back i understand. >> we'll see you soon.

>> jim cramer. we'll see him on "mad money" and tomorrow morning a news update, kristina partsinevelos has that for us. >> i'm going to stay on theme right now. here's your cnbc news update at this hour. senators elizabeth warren and cory booker and representative jason crow have tested positive for covid-19 and said they are fully vaccinated and have had their booster shots. it is unknown which strain of the virus they have. israeli ministers have agreed on a ban on travel to the united states, canada and eight other countries amid the fast global spread of the omicron variant. the move to the red list for the united states comes amid rising coronavirus infections in israel the u.s. will join a growing list of european countries and other destinations to which israelis barred from traveling and returning travelers must remain in quarantine once authorized the travel ban will take effect at midnight wednesday morning. and the death toll has reached 208 lives lost and 52 missing

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help protect yourself from another dvt or pe. ask your doctor about xarelto®. to learn more about cost, visit xarelto.com or call 1-888-xarelto about an hour into trading a check on the markets at this time firmly in the red today. the s&p 500 down about 1.7%. the nasdaq 1.5% lower and the dow down over 600 points 1.8% lower joining us now to discuss is morgan stanley wealth management ceo lisa shillette and mike santoli. lisa, start with you what do you think is the key driver of this market activity we're seeing today so many headlines over the weekend, the market is digesting all of them. how do you make sense of that? >> look, i think that, you know, we've been calling for a 10 to 15% market correction really

back since september, believing that markets, you know, had to really finally make this mid-cycle transition to a regime where maximum accommodation both from monetary authorities and the fed and fiscal authorities if washington was going to take a downshift. we got, you know, step one of that with the fed confirmation last week that they, in fact, were prepared to accelerate tapering and move forward with at least pencilling in through their own forecasts as many as three hikes in 2022. that's the beginning of the tightening of financial conditions then obviously we got this bomb over the weekend, you know, from senator manchin that suddenly he's, you know, going to push away from the table. and reduce the likelihood of any

more fiscal stimulus i think those two things were probably enough. then you layer on the acceleration and negative headlines around omicron, and you have people wantsing to pull back risks at a time where they made money and they want to lock it in and go on holiday. >> mike, as lisa mentioned, it was somewhat of a surprise with the build back better plan being tra delayed or rejected entirely with regard to joe manchin's decision to reject it. what do you think there's a risk of a monetary policy mistake given in the environment you have monetary and fiscal tightening taking place at the same time? >> i think the crucial thing, it raises the perception there's a higher likelihood that the fed will tighten too aggressive into a slowing economy. it's not clear that that's the

case that market was counting on every dollar of the $1.7 trillion over ten years or whatever, five years, that build back better plan would have brought but it definitely feeds into the current orientation of the market which is get more defensive, downscale your expectations for growth, and i think crucially, as the market, the indexes try to regroup around some key levels that are the bottom end of the range fuss look at the s&p 500, it's trading right where it peaked in early september, and that's defined the sort of a bottom of a two-month range and the russell 2000, it's putting the buyers at bay at the moment because they've been in, you know, lock it in mode and not feeling as if it's the moment to layer back on risk i still think below the surface the market is starting to look more sold out depending on where you look the majority of stocks have been really blasted relative to the indexes so it's unclear to me if you need more downside but doesn't mean you

don't get it. >> lisa, do you see opportunity anywhere out there given the recent sell-off? obviously the trading address numbered heading into the end of the year would you be a buyer anywhere? >> we're absolutely a buyer in this market. this is a wonderful stock picker's market. you know, as michael noted we've been turning pretty violently underneath the surface of the indexes since september. you've got about two-thirds of the stocks in the russell 3,000 are down at least 10% from their 52-week highs. so there's a lot of things to buy. we're pretty aggressively accumulating the more cyclical stocks financial, industrials, energy, materials, mining, transports, as well as consumer services, which we do think are going to come roaring back and we're balancing that barbeling that as

michael noted with some defensive. we like some of the reits, some of the consumer staples names. the conundrum for investors -- and i think the fed -- is that on the one hand omicron may delay some of the recovery in the services businesses, but it may also stall out a recovery in supply chains. >> right. >> so here we are all the forecasts except for the fed's were that -- or maybe including the fed's for that matter where that inflation decelerates quickly in 2022, it may be that growth disappoints and inflation stays persistent because these supply chain delays remain very lumpy and unpredictable. >> right. >> because of the pandemic >> mike, given all of that, do you expect to see -- and the limited liquidity we often see toward the end of the year, do

you expect to see continued volatility from here >> it would make sense to continue to expect that just because of the potential for air pockets. we're not seeing a rush to the exits. it's people being patient with their dollars. looking at the volatility index to indicate stress levels well below where we were in december and credit spreads they're softening up and starting to show a little bit of concern, but really far from levels where you would have expected it coincided with previous december purges in the equity market like in 2018 and to a lesser degree 2015. yeah, makes sense to say the market could continue to be choppy, but, you know, that's one of those things we're kind of forecast the present. it's hard to know if that carries through. >> it's definitely a throw out the textbook kind of environment. we appreciate your perspective lisa, mike, thank you both >> thank you. >> still to come rocket company

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will it be and how much will it impact future bookings when you look at what we're seeing so far, look at the weekend travel, i mean, i looked at the numbers, it was down 13% domestically, still strong there's no indication that you're seeing widespread either cancellations or people saying i'm not going to take that trip. international bookings are easying a little bit, but we heard about this from the ceo of delta. he said you go further out our international bookings are a little bit softer, not falling off of a cliff reflected in the analyst notes today, bank of america, raymond james, saying the booking data is not terrible, it's not what you would expect when people first said there would be another variant of covid covid-19, having said that as you take a look at where we are with the airline index, one of the concerns out there, what happens with corporate travel bookings, especially as you go into the first quarter. q1, corporate travel traditionally is what keeps the airlines going it's not leisure travel.

as you take a look at the airline stocks today it's a volatile trade, down premarket, but since then we've seen the airline stocks turn positive and that's reflected in the fact that when you look at holiday travel, still remains very strong and q1, at least now, is easing a bit, but it's not terrible again, guys, it is not as bad as people i think were fearing when they first heard about another variant spreading around europe and then around the world. >> yeah. although, phil, it is early. i mean, people who were looking at taking international trips who have to test to get to a country could be getting more difficult in the days and weeks ahead. >> and david, i've heard anecdotal stories of people who have trips planned to go to europe and they're reconsidering. it's not getting there that's the problem. the question is what happens if you're there three weeks from now and then all of a sudden there's a lockdown and you're like how am i going to get back to the u.s david, this is, you know, really i think what concern is for a

number of people when it comes to international travel. >> yeah. certainly understand that. phil, thank you. phil lebeau. tomorrow, hope people are not going to want to miss my sit down with bob iger, the current chairman of disney, long-time ceo of 16 years or so in that job. he's saying goodbye to the company he's been a part of for 47 years as of the end of the year that will be it for him and disney, of course. what is he going to go on to do and think about his tenure what does he think about the many challenges that face the company? leslie, we had an opportunity to talk about all those things and much more, sort of some of the key tenants of his managerial approach and a lot of other unexpected territory as well that's us walking around disneyland and the star wars world there, which was really fun. >> yeah. i'm really looking forward to this one i think the exit sinterviews are

instrumental and interesting given the time we're in. you see all of these executives kind of delaying -- he's done so three times, he's delayed stepping down from the ceo role, and now he's leaving as chairman, but because of covid, a lot of ceos hung around, wanted to see the company through the crisis, and so we're seeing -- starting to see i think the beginning of a lot more of these ceo resignations, new people coming in, but again, i'm really looking forward to that conversation. >> yeah. >> time now for a sector sort. kristina partsinevelos has that for us hey. >> hello, leslie looking for hope throughout, the sector with the smallest losses in today's selloffs, consumer staples. gainers fighting the downward tide, clorox and kimberly getting a boost. potato processer lamb westin moving higher. walmart did open in the green and while moved lower, it is still out performing the broader market we're going to have more "squawk on the street" rhtft tig aerhis short commercial break.

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rocket companies announcing it will acquire personal finance

start-up true bill for 1.275 billion in cash. it's the company's largest acquisition. good to have you what is true bill and why is something you want to own? >> david, thanks for having me here we're super excited about true bill it's one of the next generation financial services membership apps they really help people with budgeting, with subscription management, with bill pay and bill savings over 2.5 million of their members have downloads or connected their bank accounts to true bill. every day there's data coming in about deposits, withdrawals. we're talking to millions of people a year. those people who don't need a mor mortgage, how do we help them? this allows us to complete this important component of our

platform and lean in to continue to market in 2022 and continue to grow. >> what is the hope here and what am i getting out of that platform that will lead me to yours? >> absolutely. true bill doubled in size from '20 to '21 they are growing quickly many of their users are gen z. they are budgeting, planning you have all your data in true bill you're saving money each and every month and now it's time to buy a home instead of going through a long mortgage process, you can tie to rocket mortgage which is built to service millennials, gen z. you're data transfers right over you know you're approved and you're ready to buy your home pop to buy a car, to get a personal loan. whatever you mieght need it's removing the friction

it's providing the data and information to make great decisions. all of those things is how we envision tieing the two companies together >> there's still very tight supply inflation as we look ahead to next year, the potential for rate increases, this way to diversify your portfolio a bit >> this is way for us to continue to grow market share. we talk about the fact we will go north of 10% in the mortgage market in 2022 rates are low. we're watching a ten-year below 1.44%. this will allow us to strengthen our market, engage with our clients and maybe today they don't get a mortgage but we pride these other services that truebill has as six months later, a year later we're able to help that client with car,

with mortgage. we want to keep growing our organization this is many tra t.j.ic play allowing us to do so sdplo you will likely have less than 4 billion of that left. do you expect given where the stock is playing that you use more of that cap to repurchase shares as opposed to do additional acquisitions after this or can we expect the latter >> our company continues to be profitable we're generating lot of cash our servicing book generates $1.3 billion in cash on a yearly basis. we have the toopportunity to ke

being strategic. continue to buy our shares back and think about doing a special dividend as we get into 2022 all those things remain on table and true bill, the 2.5 million users that iey've got, all of t things will allow us to continue to grow and accelerate the way we're engaging with our clients. 2022 is shaping to be a great year we think the housing market remains strong and true bill allows us to engage in people thinking about buying a home to reach the goal of being the largest purchase lender at the end of 2022 as well. >> jay in looking at charts of your market share, your overall originations, it keeps going up and to the right i look at your stock price, which is the opposite. it's been a disaster no offense meant but i want doesn't go up at all where is the disconnect here between what you claim is the business is doing well and stock price that's done far from well? >> we know from the results that

the business is doing well as we continue to separate the engaged users, as we talk about the rekoccurring revenue, it's growing billions of dollars a year, people will see our company different than traditional mortgage providers that's the mission that we're on what today provides is a great opportunity to buy the stock and get the benefits as we continue to grow the organization over the long all we're focused on where we're be in '23 and '24 and '25 it will be choppiness here in '21. that doesn't deter us from our mission to be one of the largest fin tech players in the country and the world as we continue to go >> the difference between fintech multiple may be one of the keys thank you. >> thanks for having me. >> david, i want to get a check on crude now

down 6%. brent is down 5.2% that's dragging lower some of the other companies. it's been surpassed by materials as the sector that's the biggest laggard today. interesting move today and clearly one of the biggest laggards today, david. >> yeah, that is an interesting move reflective of a dim munition in economic activity. we're tracking these cases if you have three shot, you're highly unlikely to get very

sick this is depending on data coming in >> we don't know how consumers will behave. we try to look at history as a guide. every variant is different the way people react to these things and the consumer behavior affects the way the economy functions. >> we're at our lows on the broader market now that's going to do it for us on "squawk on the street. let's go over to "tech check" which starts now happy monday the today's stocks are lower across the board the major averages on pace for the fifth down day in the past six. ev stocks falling