maybe even international markets if the dollars keeps falling jim, we have to run. we appreciate your take. thank you. >> thanks. the markets continues to bounce around. we want to remind everybody to watch "squawk box" on monday we have a big show lined up. that's at 6:00 a.m. eastern time we'll see you next week. "squawk on the street" begins right now. good friday morning. welcome to "squawk on the street." david faber has the morning off. yields really zeroing in on the unemployment rate, 3.9, the lowest in almost two yours potus will speak at 10:45 eastern. return of the meme trade

gamestop surges on the news of a -- and abbott labs trying to boost the test production to 100 million a month. we're going to start with the jobs number, as we had, 199k, unemployment falls to 3.9. we mentioned the yield response. 90% chance of a march hike we are at full employment. one of the things, there's 11 million jobs openings in this country. probably the best job market i have ever seen, but maybe too hot. obviously there's a lot of people in our universe saying wait a said -- i think jay powell is much more of a humanist, saying this is great, let's what happens with omicron, and if we have to, we'll take action let's say aincrease dotally and empirically, we really don't know what's going to happen in january, but these numbers are

red-hot. >> labor force participation really didn't budge. >> look, it's a halcyon time for people looking for a job, but it's also what they're ending up paying at the store is too much. i was doing some work with cornflakes you have to switch to generic. i'm using cornflakes, because that's basic the base staple in this country and they're just out of control that's because of the plastic inside, because of the actual cornflake, because of the box which has come down a bit. i'm using it as a metaphor to say holy cow, wow. >> in large part because of pricing pressures -- >> look, i think starbucks is dealing with omicron in a logical way. let's say the three starbucks

around, if you can get full staff for one of them and move other baristas, that's what you do the buffalo people -- the union -- you know, they've been on strike, because they say they're working too hard because of the shifts. i will say that when we -- all of us are seeing the same thing in the country the stores we thought were open at 9:00 are open at 10:00. the restaurants we thought were open at 7:00 are open at 9:00. i think jay powell will say, we can't move just yet, because too of my friends are not going to work. >> youant don't think march is in the bag >> i think we have to see how bad. the cdc has lost control, it is a little walking dead frankly with the cdc. >> i'm not sure there is control of this thing, in the realm of -- >> there's no tests now. the day that dr. walensky said

you can do, five, six, those are horrendous days. however that happened is beyond me i don't know who advised her that day 5, 6 is okay. we talked about the second line. it's radiating, bright red it's kind of like, let's just get it >> yesterday, they said 20% of subway operators are absent this week chicago schools are closed against today, all because a fifth of workers are not in. >> well, you're basically -- meantime they're checking the -- the vaccine -- it's how the vaccine -- since walensky has allowed us to say, you know, you're supposed to look at yourself and say whether you feel good. it is impossible

yesterday constellation, modelo and -- they have corona. they have 99% testing, 99% vaccine, and they have no absenteeism, because if the reverence for doctors and the medical profession is much higher in mexico the doctors they have at the breweries are saying you have to do it, they have 99% we do not have that. >> we have a huge distrust of the vaccine, the science, and a lot of that generating from the state level. masking, there's a lot of friction what a change from when i was growing up i remember my father saying, look, smart people are doctors i got a "b" in biology and he basically said you're kind of an idiot. with a professor wilson, who did the social biology thesis, and what i'm reminded of in this

country is where they are in mexico, the health is that is revered, the doctors of revered. they're not having the production problems we are >> so i guess that leads you to you're going to keep buying the banks, energy. >> more than ever. >> at the expense of tech. >> yeah. energy, it had one great year, but it's still up from nothing you look at the highest yielding segment in the economy, you have to look at the variable yields -- great interview yesterday with scott sheffield from pioneer they're basically saying we're not doing what we used to do we're holding back a little. devin is such a great stock. fantastic stock. pioneer is great, the right faang this year is diamondback these companies are spewing gas. the personalian is on fire look at that

look at that they merged with devin, hetook over devin, devin is the numb devon is the number one performing stock last year, and they may be again. >> kpw versus mdx, best week in almost two decades >> that's when you're talking about shooting fish in a barrel. that would have been the period, when you think about it, when they decided to flood the system with liquidity in order to save the banks. but, you know, when citi is up, i mean, if you've got a -- that's -- that's the jaguars in the playoffs. >> somebody this week said a chart of jpm looks like nvidia

of 2021. >> yes, now you're talking there was a downgrade over jpm, and i wanted to reach in and tell the analysts this is a good time for you to think about alternate professions. a lot of waiters i need at my place. >> meanwhile, the meme stocks are once again a topics. gamestop surging, larging a division to develop a marketplace for nfts, establish cryptocurrency partnerships. let's be clear, you've been all over this story for seven, eight months >> at one point i was so disgusted with how angry people were how fanciful, i was a fictional player, i knew nothing, they've got to become the place for crypto, you have to start winning, and the people -- carl, i was ridiculed, laughed at, but i did tell you

in april, enough already this is what has to happen. >> so when do we start seeing the fruits of this labor >> instantly it was pretty easy to do >> you think we see it this quarter? a q1 story >> yes, if they follow my game plan, they can do it all you have -- by the way, you game palaces, they're a problem for omicron, can't do that yet but we can have rewards in nft right now and be the cryptobank for young people the interaction between crypto for young people and gaming is almost 100%. if you look at the keynote at ces, it willy even nvidia, it made so much sense that even ryan cohen figured it out. >> you have to get stuff to use

stuff, and you addressed this last night on "mad money." >> carl, here's what i know about gamestop these are not where the action is, but if cohen were to take up my bank of ethereum, that he just does cryptobanking in all the stores, he's going to do this and take credit and wall street will say it was all their idea, but they have to go crypto, carl. >> april of last year. >> yeah, you know, a blind squirrel finds nuts, but there is an element that this was the idea and it's not up and up. this is too big of an opportunity. go look at robinhood's business, there's so much of it that's dogecoin i think ryan and his people are all -- they're amazon, google kind of people they will teach people to step up and buy more serious ones

it will be in every -- to figure out what to do they will become -- if they do the game plan, they will become the authority. the coinbases of the world oh, please. >> we did have an upgrade of coinbase on diversification away from crypto. >> whether or not a time to get in if cohen starts the plan now, and i'm not being facetious. i was being facetious last week and everything thought that. convert the stores one by one, and they'll realize the coinbases were basically the brick and mortar -- actually in this case, the brick-and-mortar entry from gamestop will be right to the web i'm very excited about it. >> you think the best use case you have seen so far, maybe nfts, maybe crypto

>> look, if you go back to the nvidia keynote, they have 330 million people who are gaming. these are people who want to want to learn more about crypto, and want to be paid in crypto for gaming when omicron blows over, this is can take all the searses and j.c. penneys you want, and -- with the single entry, and it's going to be brilliant. >> interesting so you see a real estate play here you think it's back to prior highs? >> no. that's harder -- but i do think what will happen is they'll make a deal with authentic brands they'll go to simon properties david simon is one of the top people in the world. he'll drive a hard bargain

they can be the open space in the malls and be all set when omicron blows over, which according to dr. gottlieb will be rather seoon. maybe after i do twitter tonight -- >> i'm talking bed bath and all the other. >> see, they don't understand those companies. bed bath actually had a decent quarter, but they don't know tritton did a good job last night. they're like single-issue politicians. i begged them to spread out. i also told vlad on gamestop and dogecoin, that they have to educate they're people more. he would rather listen to portman, but i'm so old. i do this all the time. >> you do your best to help.

>> i'm try to go help these guy. they're children vlad is a child. i love vlad. he has children. >> as for bed bath, this is from last night, i believe. take a listen. >> we are investing our cap ex, which is laid out clearly, in the infrastructure to build out the plan remember we're only three quarters into a three-year plan. we believe when we look at the long-term value of our stock, the current value is undervalued, and construct the ability to invest on behalf of the shareholder and what we think will be a profitable outcome. >> okay. so 24% sure, billion in cash, no debt market cap 1.3, buy buy baby worth 1.3, i told him yet if he doesn't break this up, he's crazy. harmon is a great outfit, kind of a junior ulta, and they are starting to close more, which is what i wanted him to do.

they have enough money to buy back stock and do the chelsie bed bath is so beautiful this is a buy, but remember, you have to be patient he doesn't have the infrastructure or the systems to make this work all the point of sale stuff we hear about, they're basically doing their inventory by hand. >> that i was a while ago. take a look at the futures speaking of retail, we'll get to a bunch of calls, including at downgrade of kohl's, abercrombie and goose. and some gaming, more "squawk on the street" continues in a moment here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. hey lily, i need a new wireless plan for my business,

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so i think what we'll see is continues ramp-up from our side. >> that robert ford, an interview with robert ford on ces, you can catch the full conversation on "techcheck" today. the lingo pat form sounds interesting, with a wearable, you can measure your lactate or blood glucose or alcohol level. >> that's such new level i think abbott is fire on all

cylinders. people say wince omicron blows through they'll have made millions of tests. pfizer wanted the government to be very involved with the pill, but government said, no, we're vaccine oriented behind the scenes the mistakes the government is making are legion when president biden said he could have 500 million, i don't think they coordinated that with abbott labs. they should be up to 70 million this month we obviously have much more demand and the fda has not allowed overseas testing in. desantis in florida is being taken to task allowing hundreds of thousands of tests to expire. >> the great walensky ruined it by saying you don't have to test out anyway you stay home, and you're still very infectious and now allowed

to go back to work you couldn't -- honestly, it's very heart to imagine how to screw this up more than they have. >> what's hard for me to imagine is a situation in which you would have given them credit, because the situation is so impossible. >> the situation is impossible, but they did have the ten-day at the time-out would have been great had there been enough tests. you really would have gotten people not infectious, but they were worried about the healthcare workers people were given pushback, if you let people out after five, six days there would be more demand with healthcare workers and you'll have to have the department of homeland security get involved yes, i think you could -- it's hard not to be more critical i think a choice of just being -- and not pfizer -- pill oriented was a mistake

dr. topol came on, and said that the pfizer pill is not a hard molecule, unlike what president biden said, and the defense production, if they were to say every drug maker has to make this pill, we would have enough on hand by march to make is so we can blow through this stat news has a piece out about the plaxovid, the first week of availability 780 courses, that's it. >> 780,000 >> no, 780 what is that, mississippi? maybe mississippi state -- >> try to go ramp it up. >> okay. there's a great country. we're a first-world country. >> we're working on it we'll get white house reaction to the jobs number. we'll talk to see cecilia rouse. the five-year yield at 1.5,

looking at the highest level since early 2020 we're back in a moment

the feel great hit of the holidays comes home. audiences give "sing 2" an a+. and a 98% on rotten tomatoes. you're a genius! momma always said "gunter, you're not as stupid as your papa." we mentioned some downgrades this morning ongoing price pressures raise question about the timing of their operating margin target. starbucks down almost 3%, only t-mobile is the biggest s&p laggard. we'll get the opening bell in just over five minutes don't go anywhere.

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tonal. be your strongest. >> announcer: the opening bell is brought to you by - time for cramer's mad dash. >> adam jonas is one of my favorite analysts. now, he has been saying that

rivian, as we know, is the one it's been going down, but he talks about manage you expectation, and on chews glass, elon musk famously said that running a -- it's starting -- i love this. you are glass chewing, and glass chewing never ends if you're doing a start-up he's reminding people how hard the road will be for rivian. he's saying, yes, amazon, meta signed exclusivity the most important thing is 2022, while we'll see ups and downs while in a ramp mode, we think rivian is the one to be included in any diversified ev portfolio. he's sticking by the concept of the one. i've never seen an analyst in my life do this. >> there's no analyst like adam

jonas. nobody like jonas. jonas, in the whole field of people, has distinguished himself as being ability to say, look, i have a very -- i don't know if you've ever seen his fireside chats, he's the most thoughtful analyst people think i'm being facetious. no rivian is his creation >> he got a lot of mileage out of that when he initially called it the one. >> don't you think that's important? >> i wonder what you think of the amazon relationship is a trump card, but affirm and rivian have nod made hay of a relationship. >> one of the things amazon would tell you is, look, we'll take every single ev we can get. i think the seminal moment was when rivian bake the two, when

ford motors said we're a competitor that was really important. now, look at jim farley. now, interestingly enough, the one analyst has a sell on ford i've chided him in person, but he has a sell on it. i would rather have been in ford during this period than rivian. >> i wonder at what point jonas has a mea culpa on that underweight? >> yeah. no joe he is so nice, really nice. >> here's the opening bell at the big board, is black spade. at the nasdaq virgin orbit holdings, operators of air launch system that sends satellites to lower orbit, and we will speak to richard branson and hart in about a half hour. >> spacs were very 2021, and a lot of people lost money

we also have a fabulous millennium index you'll see a series of companies -- so the analysts that say ohio teachers' pension fun, they have no way to analyze the spacs, so they don't own them i don't know -- that's why you'll see something terrific like simple kind is at $7. even though it's sarah fryer, the one person in technology at goldman and salesforce, was at square, and no-no one cares, which is amazing, because it's a really good company. look at that they keep pumping these out. it's like, hey, i'm a sucker we'll call it the p.t. barnum

index. it would have had people who were clamoring for it, but i've been using endeavor, which is our agent, and dutch bros, as two companies not done this way, which are extraordinarily good, bud but spacs. >> we'll see how it weighs on the overall ipo market maybe there's a better argument as ipos as a tool. there is. >> and i think that's what we'll go back to i happen to like blade very much they have a good model i wrote some very positive things about it. it was a tree in the woods just a tree in the woods. >> right right. it's hard to get coverage. discovery today almost 20% gain. today b of a ups to buy. we believe the new warner bros. discovery will have the -- to

make it a global media outlet. >> i thought it was a good note, very thoughtful, made me think the stock has gone down a lot, now it's going back up i don't want to lose my skepticism of what happened with at&t, but i think discovery is very good management, a nice long-term situation, in a period where i don't tend to like that kind of programming. i like sports programming. i think that's the only programming that people can get their arms around, and people are junking it up. i get the sports alerts and so-and-so had a fist fight in brazil and this guy won. that's a sport. >> how about the "new york times" athletic. >> they overpaid now, did someone vet that? [ laughter ] >> it was not a huge premium on

prior rounds the athletic is about journalism, it's like, wow. >> mobile gaming comes to new york state tomorrow, but it's not being done through the traditional outlets, which i think it will be stillborn i like the times management, they're very good, but they are too in love with journalism, maybe perhaps because they are journalists. a bunch of travel names at the top this morning, including names like carnival and royal caribbean. the model is challenged, too much debt, pricing risk, demand risk, and cdc risk >> well, people love to cruise they love it look, i happened to -- i think too many times -- think about it, how many times have we seen the prices go up with norwegian cruise on -- if you looked at 2023 bookings, i think you would

be in shot how well they're doing. >> not on the boat yet. >> no, not on the boat great the great walensky said -- ooh, boy, i keep remembering to that. i keep remember that scene -- just want to get to the cdc. i think the cdc in "walking dead" was every bit as effective as the current season. >> it hasn't dinged the industry, at least since that last missive came out. >> we are talking about an event on a cruise, and what i was talking about is doing the club, the cnbc investment club, maybe doing a cruise the reason i said that is that's what -- lou said the late move was amazing. he said, jim, you have to get into cruises eventually. you can do it, and it's an interesting thing, because people want to cruise so badly, they'll go listen to you on a

cruise i've got to tell you, i don't share the negativity i don't want to buy them right now, but think about how well they hold up in the midst of a tsunami of contagion >> same thing with delta our first buy of a network carrier since the pandemic. >> i was surprised i would have waited, but it's a good analyst, just wants to get ahead of what will be the turn in travel. there was a downgrade of visa today that i didn't like, because i think -- >> yes, mizuho go goes to down i'm looking for what they said about it earlier this morning. our view, covid is dramatically and likely permanently shortened the cash-to-card conversion runway no okay >> this is the same person i think said that square was

going -- they were invoking alexander hamilton look, i have to tell you, when i look at the buy now/don't pays, all these other stocks, the charitable trust owns mastercard these are companies that buy everything they have great business model really quick, on the reopening front, mgm and caesars named topics at wells. their general point is macau is the last great reopening play, but it's uncertainly how china will handle, look and hot shenzhen is being recently handled.

>> wynn is not doing well. mgm is a better buy. everything doesn't have to be right instantly, but the caesar, even after this run is good. i don't know how well caesars gambling is doing, but it can be lucrative. draftkings, you know, i was starting to think it would be a bottom, but then i saw cathie woods was buying it, and i thought, ooh >> speaking of china, i thought of you ideas goldman had a note, is china invest able? we would say yes, if your universe is more than adrs >> well, some of the companies, they want a vibe abrupt middle class.

he doesn't want rich people, because they're a challenge to his regime i think you're investing with the totalitarian government, when gold man says there are buys, there are companies we have seen over time that are dictatorships. the government risk is too great. meantime, back in this country, that jobs number, 199,000 added in december, unemployment down to 3.9, as the country continues to grapple with the massive surge in infections and cecilia rouse, great to have you back this morning. good morning. >> good morning. >> we've spend time liking at the high frequency numbers, and then this payroll number comes along and confuses everyone.

do you think it's time to look past the payroll number? >> i think the pay rom number is still the gold statistic it's looking at the week of december 10th in particular, and i think, you know, all of the statistical agencies have had some challenge collecting their data during this pandemic. i think the number is still reliability. the bls used reliability sources, and i think it still gives us one piece of what is happening in our economy. >> assuming that it's a legit number we can trust. what accounts for the weakness versus consensus is it about self-employment, some omicron dynamic that's flushing through the data? >> the employment number that we focus on every month, so the 199,000 jobs is from payroll data that's a different concept than surveying people about the jobs they may be holding or what they may be doing during the week it reflects a different concept.

again, it's an important piece of data. it moderate the from late last summer, but record employment growth, we've seen the economy has added 6.4 million jobs, and unemployment is down to 3.9% we believe these data reflect a fairly strong labor recovery that continues. >> i love the fact that you're starting to get what we were hoping with full -- and it's back, and i know jay powell wants that i know you want that i love the fact that the mobility that people have but the one thing i am concerned

about, at what point do we have to say that we're losing control of omicron or if you do more stimulus, does that run afoul of what jay powell wants to do? >> i'm not an infectious disease expert, but what we're seeing in the data is, yes, omicron is more infectious, more transmissible, but that it causes less severe disease those who are vaccinated, particularly those who have received a booster shot, have protection where even if they get infected, they will pass through being sick fairly quickly. what we're seeing with omicron to date -- again, these things change quickly, this is a pandemic -- that the demand is still strong for our businesses, but they're having employees absences due to exposure or infection, but those absences are shorter.

we see employers are trying to power through. while this would proceed a headwind, i have confidence we'll power through this wave as well >> it sounds like you do not think we need more stimulus to help more businesses, and we should say that we're lucky omicron moves so fast. >> the rescue plan was designed to have some of this enduring impact of the pandemic built in. state and hold governments have remaining money. so there's still funds available to help address keeping our schools open

i have ever confidence that we will weather through it even better, as more people development immunity and the virus mutates. >> as for inflation overall we have some pretty heady numbers heading into next week on the other hand we did take comfort yesterday in ism delivery times it's about a nine-month low. do you think those predictic the peak of supply chain troubles are over their skis? >> look, my crystal ball is just not that good. i doknow that we've been focused on helping to ensure that our supply chains are as robust as possible with our efforts at the ports, in terms of getting more truckers on the road, helping to keep businesses open, encouraging people back to

work so we are working to try to ensure that we've got the supply chas if our economy. you know, each wave will bring its new challenges, but you know, i am not going to make a prediction about next week's cpi number. >> let's talk truckers for a second if they're independent, three, four truckers get together, they can make $is 00,000. is there anything you can do to help the small trucking companies doing everything they can to make sure we have less friction in transportation, and get paid for what they deserve >> absolutely. secretary buttigieg is really focused on these issues, for example, they've working to get apprenticeships stood up to get more qualified truckers on the road so we are working to ensure

there's qualified truckers available and working with the trucking companies so they can ensure this is a, you know, a good paying, well compensated occupation, which is so very important to our economic recovery >> finally, one last question on labor supply a lot of people did not expect great things from the participation rate today they were mostly right in large part, they argue because of asset prices, the number of retirement and urgency to find new jobs is lessened, because stock prices, for example, are so elevated do you draw a line between the two? >> look, we have seen record recovery in our labor force, and ratio over the past year the labor force participation rate held steady, but we look at prime age workers, with you saw continued growth people are coming back to work yes, we have seen in terms of

early retirements people who are older, have retired earlier. they're not coming back to work as we would normally expect. i expect as we get to later stages of the pandemic some of them may come back, but some are retires because of health concerns, some is due to the increase in asset prices, but we also know that the virus is still a concern. in the data reported today, we continue to see workers not looking for work out of fear of the virus. >>. >> chair rouse, a snowy white house this morning, thank you for joining us. >> you're welcome. thank you. "squawk on the street" continues after a short break.

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markets mostly flattish following the jobs number. take a look at the nasdaq 100 gainers, as you see china tech come back in one reminder you can get in on the new cnbc investing club with cramer sign up and find out more at cnbc.com/intesting club.

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let's get to jim and stop trading. >> we seem to have forgotten that medtech and, by the way, hmo-managed care under pressure. humana was at 464. it's now at 360. this is because they have the medical advantage program of which they thought to be 75,000 people involved. now only 250,000 and that's a very big hit for them. i'm not used to seeing a solid blue chip health insurer be down this heavily one of the reasons i have lisa gill on tonight.

lisa runs the amazing health care conference. but this is the talk of the health care conference how did this happen? and when you look at this, this is not some software company this is a major company. >> i did think offia this morning because equal weights on pipeline delays and you've been hypercritical. >> and i like the company so much that they're great guys they're having real execution problems and it's a shame because they've done so much to try to help the actual body parts that we want to save but they're missing the mark brain, they're not doing that well they've got to heart failure, competitors. i like ew much, much more. far better >> the two other calls we didn't get to two upgrades for cmg, as people watch the restaurant space and we never really talked about

the sell rating at kohl's. >> kohl's is making a comeback but looks like they're talking about there's going to be margin pressure and i look at the bed, bath inventory. kohl's has got some cosmetic business from sephora that they grabbed. they got a bunch of new initiatives and going to have good same-store sales. you usually don't see the stock down from its high i would by chipotle. remember, they make as much money outside as inside. no other people have done that and that's brian nickel and hartongue, who rumazing operators. >> fly eagles fly. >> yes very unimportant but exciting weekend. as my wife said, listen, does the game matter? i said no. take a pass.

>> our director says go cowboys. >> cowboys wait a second. that's meaningful. go cowboys there's repercussions. >> "mad money" 6:00 p.m. eastern time have a good weekend, jim see you tonight. sir richard anbrson and the ceo of virgin orbit next 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. ♪♪

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♪ good friday morning. welcome to another hour of "squack on the street. david favor is off today the jobs number was a disappointment at 199 k. but market looks to treat it as a bit of a push. dow largely unchanged. the nasdaq on pace for the worst week in almost a year. >> dwrau yeah. push, that's a good way to put it here are three big movers we're watching this morning. we're going to start with sonos after an international trade commission says google infringed on some of the patents shares of sonos are up on that news and reports serving that

gamestop is focusing on crypto finally, discovery that's up again, upgrading to buy and hiking its price target to $45 a share bullish on the potential of the combined warner media discovery assets those shares up almost 10% as well >> as we said 199 jobs in december about half of the estimates. the unemployment rate does fall to 3.9 we're joined by steve liesman who helped us get through internals at 8:30. >> a mix where they raise question about the strength of the market andt other parts confirm it's one of the tightest job markets in history overall, trading on the strong data and it keeps the fed [ inaudible ] half of what was expected at 442.

3.9% unemployment rate, down three-tenths 61.9%. unchanged. we've had a million people back in the work force. and the work week up -- unchanged to 34.7 but that's a strong number. remains elevated as they deal with the tightness in the job market how do they do that? by asking for more hours from the existing employees upward revisions of 141,000 to the prior two months over 2021, to which there is data, they res have up in every month but march. the average revision plus 100,000 every month is the government seems to have a little trouble unreporting job growth there are too many other signs of a tight labor market to change the view to the upside and that's what the, mat thinks.

the probability at a contract high of 82%. a second hike in june, now at 69%. chance of a third hike moved to september and the probability of a fourth hike reaching 50% for the first time and that's for december. fed likely to focus on the unemployment rate and the number, which saw a decline of 480,000 jobless americans and concludes quality needs to get tighter, especially considering wage growth strength >> wage growth strength, definitely getting a lot of focus this morning, steeb. i am curious, with another year of data under our belts, amid the economic recovery from the pandemic, can we step back and say okay, we have a stronger sense of how many folks have left the job market? baby boomers, for example, just not coming back to the job market and in terms of what at the means for recovery of some of the jobs and some of the people, the numbers need to be

revised lower and that speaking to the feds and its plans this year >> that's exactly right and i think what you're talking about is this idea of maybe we're waiting for gudough when it comes to the people to come back and it's interesting you bring that up because st. louis fed president basically said that dwrerd yesterday. what you see is what you get for the computers, the old thing from the mid-90s when they finally went wizy wig on computers. they're not coming back. what you have is a long-term trend of declining participation. a bump up at the end of the expansion. i don't think every fed official is there, but it may be, and i think powell has hinted at this. they're going to res vise their estimate of what help means. just look at unemployment rate it's innumber of people who want to work and who are

unemployment >> i would imagine this is going to make powell's nomination hearing in front of the senate next week that much more crucial to watch steve liesman, thank you we're going to turn to the broader markets and the impact we're seeing there tech hit particularly hard this week hey, bob >> hi. and the markets trying to rally but it's really difficult and really difficult because the inflation news did not help the people who want tech to rally. let's remind everyone where the markets are and what the major narrative is the number one narrative is about stimulus withdraw and inflation. anything that changes the narrative is going to effect the market and this jobs report didn't help the one thing we did see was high or hot wage growth. that's inflation a negative for the overall market on the other hand, there's still evidence the market believes omicron is slowing, not

derailing the recovery we're still seeing earnings and margins hold up, not quite record levels but strong on the margins. corporations still have pricing power. for that's why we're only 2% from the pricing power in the s&p. you see the market reflecting these believes you see energy up big time banks are up big time. industrials. these are the three cyclical sectors, that wouldn't be this kind of strength if people were worried about the conomy in the near term. down 3.5% on tech. but the inflation data is not helping things overall bank stocks, a lot of big bank names are at new 52-week highs and multi-year highs wells fargo, bank of america, a lot of the roojinals, berkshire's at a high. not a bank but financial stock this is the bank etf

the highest level for the bank etf since 2007, before the financial crisis that's a big, big move up for banks we've been seeing. another big surprise on the new high list, exxon mobile, that was where it was two years ago, january 2020. this is a new high for exxon mobil. oil's at $80, the highest preomicron in the middle of november these are signs the market believes the economy is strong, not weak the problem is with mega cap tech and more so with speculative tech mega cap is down 1 or 2% this week you can see they're trying to rally. pretty anemic. they don't have a lot of confidence in the ability it's safe to buy these stocks we're seeing a slightly bigger bounce in more speculative tech.

all the stuff that cathy wood loves. this is pretty anemic. they're down 6, 7, 8% this week, most of the speculative names. it's a little bit of a problem i think the big story nex eltweek is going to be the powell conformation hearings the people arguing tech are like don't worry, he's going to sound hawk gsz it sounds like they're quite committed to this particular path maybe the bulls don't have a lot to hang their hat on that march rate hike very high probability and that's got people spooked as well >> shouldn't the banks be a 15-year high today a week out from bank earnings with j.p. morgan and we know what happens when the sector goes into earnings season running high, from a shares standpoint >> right, it sells off that's what usually happens going to earnings season because people take profits because it's already built in

we've got a couple of things going for them definitely higher rates finally now, and we've got signs that loan growth is improving people keep talking about banks like the only thing that matters is interest rates. loan growth has been aneme frk years. been a major problem that's the one thing i want to hear a lot about how is it doing and the early sign are pretty good maybe we won't see a sell off into earnings season >> all right thank you. covid concerns front and center as covid cases surge and hospitalization is still an issue. our last guest was the last to join us onset in meefrp 2020 here's what he had to say back then >> testing is so important and that's quite, frankly a very big frustration we have. >> you don't have enough tests >> we can do a flu test in 45 to

60 minutes and have an answer for our doctors and clinicians and the patients this test right now, on average, takes three to five days from the time it's requested, to the time the result is delivered and that's just unacceptable >> well, joining us now atlantic health systems ceo brian, great to have you back on the show i can't believe it's been almost two years since we had the conversation onset and here we are again with another variant of covid and we're seeing the struggle again for tests i wonder how you would compare this time around verses then are you able to get enough tests in your hospitals and facilities right now and are the labs able to work through the results fast enough >> you're right. every time we've had this conversation, i've brought up testing. testing is still a real challenge and we've had to take it into our own hands at

atlantic we've done over a million covid tests since the beginning of the pandemic we've invested 10s of millions into the testing platforms and that's now given us a row liable way to get results quickly for our communities and patients without that, we'd still be in a pretty difficult position. >> so, what are you seeing in your hospitals and facilities right now? we know we're seeing record covid cases. we know hospitalization rates are ticking up in some cases too. is it folks that are coming in because of covid or coming in and testing positive for covid while they're there? >> so, at our command center call that we had this morning at 7:00, we have about 500 patients in our hospitals here in new jersey and we also have another hundred at hospital at home program. the good news is we've seen a flattening of the increase

we have been increasing 10 or 11% per day. and now we've seen that flatten. our modeling shows us really peeking next week and then heading down, based on the experience we've seen in other countries. we saw a bit of a glimmer of hope today the patients in the hospitals, you know, about half of them are people who come in with something else and when we do the pretesting, we find covid. it's endemic in the community. an interesting statistic i heard today is if you look at our current population, if you're boosted and in addition to your vaccine, those are only about 7% of the patients. so, think about it over half are not vaccinated at all. a little less than half are vaccinated but those who are boosted are doing really well.

that's my plea to communities. get boosted. >> i mean, speaking of vaccines, as we speak right now, the supreme court is hearing arguments about the federal government imposing vaccine mandates, including on health care workers how have those mandates effected your company and your hospital system do you have enough workers in light of those >> sure. we have in place a mandatory process for our team members to get vaccinated or have an exemption and that's worked quite well at the beginning it was a choice and once the federal government directed us to do that, we moved forward. but i do think that we have to, as a country, get vaccinated and get boosted. and i know that politics of this are toxic but from a public health standpoint, we've got to do something because the health

care workers are just getting really fatigued with this ongoing pandemic and we're seeing a lot of early retirements. you've described the staffing challenges that exist in our field. and we've had to do a lot innovative things to make sure that we've got the team members in place to take care of our communities. but getting our patients vaccinated is really important >> yeah, we were looking at some of the labor data, looking at the quick rate in various industries and health care is difficult to watch, the number of people choosing to leave for whatever reason. i wonder longer term, how you are changing your preparation for seasonally modeling, saying flu season and what that's going to do to staffing requirements as we sort of deal with covid and omicron or whatever the letter is in the future, along with the classic flu

>> we're fortunate here at atlantic that we have a significant data capability and we've got everybody on an electronic health record so, we can do a lot of modeling and your point about the comingling of the flu and m pandemic is essential. back when we talked a few times before, we were able to use the incidents of how flu is transmitted to predict how the covid cases would go and there's a strong correlation so, we blend those two we are starting to see flu now occur. in our organizations but still the major viral issue right now is still covid the other statistics i heard in our command center meeting is we do an asymptomatic testing program for our team members and their families we started that this week and we have other asymptomatic

programs when we look at the transmission rates between those patients, who are asymptomatic and those who come to the testing sites with symptoms, i'll give you an interesting number 35% of patients who come in with symptoms test positive 30% this week that come in with no symptoms are testing positive so, look to your left, look to your right somebody's got covid and don't know it. you can't extrapolate that to a population it's a small, not super small, bought small sample. it shows you how endemic this is in our communities right now and we have to use data to try to help drive our decision making >> all right well, brian of atlantic health system, always great to get your insights thank you for joining us >> thank you >> as we head to a quick break, here's our roadmap for the next

hour prepare for launch sir richard branson is with us >> plus, testing the supply chain as omicron spreads how one company is bringing covid testing to your door and more on the jobs number. we will check in with jan hatzius.

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orbit, which rang the bell this morning. down since they bagan trading just over a week ago this ahead of the company's first mission later this month joining us is virgin group founder sir richard branson. con congradilations on this milestone and thank you for being with us. >> thank you very much i think we were hoping that it would be there in times square but we got the giant rock tlt anyway so, we hope you can see pictures of that. >> yes, yes. and certainly the ceo of virgin orbit, to your point, dan hart, was supposed to join us. he's having technical difficulties we want to talk about the deal we saw finalized here. closed with cash, 228 million, verses an earlier prediction of

438 million, including an additional investment by virgin group. do you feel you have enough cash to exculate on the strategy for the rocket company moving forward? >> yes, we do. i mean, we've got some wonderful partners we've got from abu dhabi, boeing, the virgin group we've got outside shareholders as well. we've got our next launch next week or the week after and it's an extraordinary exciting company we've spent many years building it to this stage it's a unique company that can fly rock lgts to anywhere in the world, launch to any orbit from any country. and there's no other company like it. and we've already put nearly 20

satellites up. so, it's well and truly tested and we're very proud and excited about it >> yeah. i mean, and just speaking about the business itself. 19 satellites to orbit so far. another mission for this month plans to expand to uk in 2022. how quickly do operations ramp, given the fact this is an air launched model and there is the flexibility. what does that mean in terms of future growth? >> there's enormous future growth possibilities because the world needs enormous arrays of small satellites and i suspect you and i talking on a small satellite now. countries like britain, that we're going to do a launch app next year. they've never had the opportunity to launch small satellites from britain.

we can literally fly one of our old 747 virgin atlantics and then we can stockpile satellites, take off and put our rocket into orbit. so, there's no other company that is able to do this. every other company that puts rockets up has to have a base somewhere. you have to wait a long time to get a slot on it and we can be much more nimble and much, much quicker than our principal rivals >> the timing's been interesting for the company to go public been a rough start to the year for what's been so-called speculative stocks and virgin dipping below the listing price yesterday. how much to you thing this is

casting a shadow over the debut of virgin orbit of a publicly traded company right now, this broader markdet down draft? >> i honestly don't worry about whether stocks go up and down. what i worry about is we have the best team of people in our companies and that they deliver incredible businesses. and if they do that, then you'll find the stock markets will follow virgin galactic, we had a fantastic successful flight to space with myself on it. last year. later this year, we'll be starting putting people up there. we've got two space ships being built, the mother ship and i would -- i'm glad to make forecasts but when things are hanning again and people are going to space, i suspect that we'll see a movement in the stock price.

likewise, with virgin orbit, yes, it's been launched at a christmas time where stock prices have been a bit jittery but next week we have a big launch into space. the rock will be going at 17.5,000 miles per hour and dropping off satellites around the world. that's what we need to do. prove to people we've got something extraordinary and exceptional that we have and that our wonderful teams will prove. >> whether we introduced you for these discussions, i really should start adding astronaut as well in terms of some of your titles. we have the ceo of virgin orbit joining us as well i wanted to bring into the the conversation many experts in the industry that i speak to tell me they think space is not yet well understood by wall street. and i wonder what you think it's going to take for investors to

embrace the sector, especially when we're talking about a pretty unique company like virgin orbit >> jumping on what richard was saying, it's about demonstrating the technology, operations and then penetrating market, which is what we've been doing last year we flew 19 satellites to orbit and entered commercial operations now we're going to a ramp up where launch will be happening more often in the last eight weeks we putout about seven announcements with various market segments, including international agreement with ana airlines to launch out of japan. we'll be launching out of the uk this year. our focus is really driving the business forward and i think, as we do that, the investment community will naturally understand >> yeah, and i realize you both have to go in just a moment. but sir richard, i do want to digress for just a moment.

the last time you and i spoke was almost a month ago one of the things i asked you then was your outlook for leisure and hospitality industries this year, as omicron was beginning to surface and beginning to spread. a month later, with case -- covid cases rapidly spreading across the world right now, i wonder how that is impacting some of the virgin businesses, if at all and whether it changes the outlook you have >> well, i've had personal experience covid in the last month. i've had omicron 30 of my family and friends have had it fortunately, we all live in countries where we've been vaccinated and boosted none of us, i would say, have had it as bad as a common cold you have a slight tickle in the

throat and omicron is definitely not as bad as delta, as long as you're vaccinated, as long as you're boosted we had one person we know that wasn't boosted, who didn't have quite such a good time so, my instinct is that omicron will spread rapidly and it is spreading rapidly. whether people are vaccinated or n not, it will spread. and hopefully, because of this less damaging than delta, because more and more people are getting boosted, that hopefully it won't have a massive effect i think if you take virgin atlantic as an example, the british government have realized that it is already spread and therefore, they just opened up the skies from america and other countries to come into the uk without stringent testing. and i think that's happened in

germany and other countries in the last two or three days i think, hopefully, humana can start to get back over the next two to four weeks. >> yeah. i hope you are right i wish you a speedy recovery and we're very glad to hear it's been just a mild case for you. sir richard branson and dan hart, thank you so much for joining us >> meantime, next week, don't miss cnbc's coverage of the health conference, the grand daddy of health care conferences. plus, check out the ride-sharing names both bullish on uber, losing early gains and down grades lyft as they're in the narrow range, down 17.

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time for our etf spotlight xlc up about 14% in the last year but down 6% in the last three months

at&t have the top holding and wells does upgrade from underweight to equal weight. they say the bear cases largely played out expect sustained strength in the core wireless business and the stock has had a nice run, up almost 12% >> well, it's time now for a news update. hi, leslie >> hey, morgan, good morning some very sad news in just the last few minutes, word from nbc is actor, sidney poitier has died at age of 94. he was the first black actor to win the academy award for best actor. and the authoritarian leader tries to end violent protests against the government he accused them of attacking the main city. reports say the city is much quieter, although some gunfire

and explosions can be heard. the supreme court is hearing arguments this morning on two aspects of the covid-19 vaccine requirements, that together cover about 100 million workers. business and religious groups are challenging rules that require shots or testing for larger private businesses and vaccines for many health care workers. and a fast moving winter storm is dumping the snow on the northeast. the new york area was getting up to three inches an our overnight and connecticut's transportation department is telling residents it's a good day totaho sy me "squack on the street" will be right back ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations,

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the president is expected to speak shortly on a the jobs number, well below the estimate

of 422 let's bring in the chief economist, jan of course, you know the first question is going to be the asymmetry between household and payroll and some of the high frequency stuff we've gotten >> i think it was a weaker employment number. and not as weak, probably, as the payroll would suggest because the household survey once again was stronger. we've got the string of upward revisions and payroll numbers. i think all it's natural to expect that there will be some upward revision to the number as well it was somewhat softer, nevertheless i think all on the other hand, if you look at, especially the household survey and the unemployment rate down to 3.9%, and the population ratio, up, i think, the evidence we're

getting closer to full employment has grown desite the disappointing payroll trend. >> how does it move the fed, if at all >> i don't think it significantly moves the fed. i think the marge left off for the funds rate was our expectation going into this. it's still our expectation and we're looking for basically quarterly tightening moves we got the minutes this week and mostly it confirmed the message we got at the december meeting one nuance was that there seems to be a little more urgency for getting the balance sheet normalization going. we had already pulled that into the fourth quarter and of this year, prior to the minutes but it may be even a little bit earlier than that, that we'll ultimately see. and i think that could be a reason why they might do, not

just three hikes but four hikes this year. our baseline remains three and we expect the fourth quarter begin the balance sheet run off, essentially substitute for rate hike but if it starts earlier, you might end up with quarterly hikes afterall >> steve liesman raised this point. that is, does the jobs report still hold the same significance for the fed and for economists like yourself, given the fact that we have seen so many fluctuations with variants and the pandemic and the like, when it comes to modeling for the labor market and economic growth more broadly or other data, like, for example, high frequency data taking on more importance in terms of how the process and models play out. >> i think through this pandemic, i would say other indicators have had more importance

in a highly unusual environment, you're going to put more weight on maybe more unconventional types of indicators that are available a lot more quickly so, thinks like mobility embassies, based on cell phone locations, for example, and other unconventional numbers happen a lot more important through the pandemic it's less true than it was in 2020 because while omicron is a significant issue for the economic outlook, it's nowhere near as significant as what we've seen in prior waves. the economy is adjusted to a much greater degree to even sizeable disruptions and sizeable changes in health outcomes, i don't think it's as true but it is to some degree. within the convengtional economi indicators, it's going to be the most important because there's so much information about

different aspects of the labor market of course, it is not the only indicator and probably it gets a little too much attention relative to other indicators like a business surveys that can be just as informative on different aspects of the economy. >> i mean, when you look at the wage growth numbersin this pas month's report, how real is the risk or i guess how great is the potential growing risk around inflation lasting for longer, this idea of a wage price spiral and i ask that because as we're seeing the strong wage growth, it's still not keeping pace with the rate of inflation, based on cpi metrics we've been getting as well. >> i think there is more of the risk, more risk of a wage price spiral of some sort and i think that's one reason why the fed's moving a lot more quickly than

they expected and i think most of us expected six months ago or a year ago because we've seen, not only continued supply chain disruptions, but more evidence of pressure on labor markets we've moved towards full employment, more quakely the employment population has been rising steeply, not just in the employment rate falling and it's shown up in strengthening wage growths month-to-month wage growth numbers are noisy. never want to put too much weight on it but we've seen an acceleration in the overall wage growth to a little bit above 4% based on our composite indicator, which takes into account a range of different numbers. all that suggests we're getting to numbers where wage growth is perhaps more of an inflationary driver than it has been.

i think inflation we're actually seeing in the cpi and pce index has been driven by other factors but it may not be as true in 2022 >> i was struck by your note earlier in the week. a little sign of a wage price spiral in 2022 but we'll see what the coming months bring as always, thank you >> thank you well, still to come, pharmacy delivery start up expanding the covid testing network to more than ten major cities we're going to talk with the ceo as testing remains in short supply plus, check out shares of honeywell, upgraded after a flat 20 twub. 2021 they say the underperformance makes it a good time to buy honeywell. shares are up just about 2%.

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test makers trying to boost production the president finalizing plans to deliver 500,000 rapid test kits in the coming weeks and delivery of capsule has secured hundreds of thousands of at-home test kits and expand to a total of eight cities across the u.s. joining us is the ceo of capsule. it's great to have you i know hundreds of thousands isn't half a billion, but it's a start, i guess >> it's going to be here, carl it is historic we're thrilled the government is unlocking the supply chain and going to make testing more accessible with 500,000 tests they've ordered and are going to get soon we've built the technology infrastructure and get 100 million americans tests at a moment's notice and we think the testing, the need for testing is great and the need to increase

accessibility is great and is going to continue and persist. i think it's a nice compliment to what the government is already doing. >> do you think the hard part is going to be distribution or production, when it comes down to it? >> think it's going to be both it's important we have ample manufacturing capacity but we have to get them in people's hands that's the most important thing is get tests in people's hands, when they need them to take appropriate actions based on what the test results are. one of the things we believe and why we think we're well positioned to keep doing a distribution of tests is everything is wrapped in a clinical layer we have pharmacists on staff you can text with through our app and everything else you might need, following up from whatever your result is, we can provide in a safe and seamless manner. people testing are able to get those tests in the comfort of

their home and not accelerate the spread to get the tests in the first place. >> i mean, the u.s. -- we've got reports that the u.s. is planning to deliver 500 million test kits to households, finalizing plans with the u.s. postal service are you in discussions with the government to deliver tests or is this happening for you on a more local level and not with the government >> so, we started distributing test kits before christmas and very quietly, just to understand what the demand and the need was and they immediately sold out. and so, today, we're expanding distribution to eight markets, including new york and in the past, we've worked very closely and partner wed wi the government in new york and we're excited to lend a hand and accelerate the white house's agenda on testing.

>> it's not hard to spin out a narrative where you get exponential decline of cases in the coming weeks or months, let's hope weeks, and omicron become as past tense and you're left with a glut of tests and there will be criticism about that even if it is this all still necessary do you think? >> we would love for that to be the best-case scenario i would love for nothing more for cases to decelerate. i think it's really important that happens testing is one essential part that can make that happen and curb the spread of that. there is, obviously, a risk of testing. but i think that whether it's omicron or the next variant that we're going to be more likely in a more endemic phase of the pandemic and testing will continue to be very important not only today but in the weeks and months to come but it is my sincere hope that exactly what you laid out happens as soon as possible.

>> maybe we become habitualized and better preparedwith each successive wave, eric. thank you for your work, good to see you. eric kinariwala. more on the state of testing coming up on "techcheck. exclusive sound from our conversation with the ceo of abbott labs and the s&p down to 46.71. no parabens, dyes, or fragrances. gold bond. champion your skin.

don't forget to tune in to cnbc's coverage of the press conference on monday the ceo of novavax will join us. meantime with the major averages all lower, the selling of the nasdaq, in particular, is accelerating this morning. we're at session lows on track for the worst week since february of 2021 "squawk on the street" is back i' oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service. well except now you're binge learning. see how you can become a smarter investor

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. welcome back to "squawk on the street." the most expensive home in the u.s. was originally expected to list for half a billion dollars and now in bankruptcy. our robert frank has the story hi, robert >> good morning, morgan. it is the biggest new home in america at over 100,000 square feet the question is, will it become the most expensive the estate known as the one in bel air, california, listed for $295 million that is way down from the original hope for price of 500

but still break the record if it sells for anywhere near its asking price four acres overlooking downtown l.a. and the pacific ocean, 21 bedrooms, 42 baths it has a nightclub, a 40-seat movie theater, cigar room, beauty salon, a gym and a wellness spa, a bowling alley comes complete with bowling balls and your own shoes and a tequila bar, a 10,000 bottle wine cellar and a car that holds up to 30 cars. the master bedroom suite alone is over 5,000 square feet and a terrace pool seven water features in total, including an indoor lap pool and a mote that runs around the house. but the property also comes with plenty of controversy and a lot of debt. the builder defaulted on over $180 million in loans. if it doesn't sell in the next month, it will be auctioned off to the highest bidder on february 7th as part of a bankruptcy agreement

the brokers say they already have offers from a saudi royal and a chinese billionaire. they've gotten also inquiries from crypto. you covered this market, a big difference between the listing price and what the eventual sale price will be. the clock starts ticking this morning. we'll see if it can sell before it goes to auction >> my goodness, this is a relative bargain, i guess, compared to the original listing price. you take this and you put in context the fact that we did see home sales over $100 million reach record highs in 2021, which was something a couple years ago i wouldn't think we would be having a conversation about. i guess, how does it speak to the fact that this upper, upper end of the market in general does seem to still have buyers, including foreign buyers amid the pandemic >> yeah, it's a great point. eight homes last year sold for over $100 million. often years there would be maybe one. this is a whole new market comes to market at a great time.

we had two big sales in l.a. last year for over $100 million. this is a great time we'll see where it ends up this market is on fire at the very top >> yeah, all right, robert frank, thanks for bringing this to us. all the major averages lower right now. the s&p down about 0.6 668 is the level there that will do it for "squawk on the street." "techcheck" starts now. good friday morning. welcome to "techcheck. i'm carl quintanilla with john fortt and deidre bosa. we're waiting on the job numbers. when that happens, we'll take you there live tech's wild drive continues. almost 40% of the nasdaq is now cut in half and is now