good morning, everybody. welcome to "squawk box" right here on cnbc i'm becky quick along with andrew ross sorkin joe is off today andrew was just e markets last week. in fact, it was a pretty rough way all the way across the board. but week-to-date it was the nasdaq that was the biggest decliner, it was down by 4.5%. this morning the nasdaq indicated down once again, by about 35 points. s&p down by about 2.5 and the dow indicated up by 12 points right now. but we've seen markets flat this morning. we had the confusing jobs number on friday, where you had jobs created far less than anticipated, but the unemployment rate falling down

to 3.9%. a lot of questions about which one of the surveys to believe on that you can see treasuries are picking up in the yield. ten year yielding 1.774% the two-year is at 0.87% right now. as people speculate when the fed will raise rates and the betting was it will be sooner rather than later financials, as the fed is considering raising rates financials have been doing very well looking at technology there, down by about 1% they suffered greatly but financials closed at a record level as banks would be the biggest beneficiaries with the highest rates. energy, up for the best week last week since september 2020 however gold had the worst week since november, natural gas had the best week since november we'll keep an eye on all of

these as we head into a new trading week. >> a new week with potentially this new combo variant we should be over the weekend a researcher in cyprusortedly discovered a strain of the coronavirus that combines the delta and omicron variants together. researchers have found what they're calling 25 cases of delta-cron it combines omicron in the delta genomes. it's not clear if it's more deadly or contagious than the individual strains alone but every time you wake up in the morning and there's a new strain there's a different variant we heard about about a week and a half ago we just talked to dr. scott gottlieb about it, it was discovered in france, i don't think people are worried about that particular variant, hopefully they won't have to worry about this particular variant obviously the omicron variant was something we had to worry

about. we have to keep our eyes on all of it. >> if you're wondering about the new variant, you have to wonder which characteristics it takes from each of the variants. if it takes a less aggressive form of how quickly it transmits to other eople that's the problem with omicron, it's so contagious if this was less contagious, say like a delta, but still continues to be milder in terms of the effects it has on most people that would be great news. if it did the opposite, it would be bad news. if it was more deadly and more highly contagious. so big questions about what this might mean there's some officials who are still questioning whether this is even the case if you look at the science it showed up in other countries, too. so we'll see you know that this is going to continue to mutate and to kind of evolve and change with time that's what we've seen time and time again, don't know what it's going to mean until we get more

data in china officials are racing to contain an outbreak there as well residents in the port city of tianjin are facing new restrictions as authorities try to stop an outbreak. those new measures implemented just weeks before the winter olympics kickoff this is another question, too. if you have the chinese zero one wins out, the olympics takeover, the zero tolerance policy takeover? because the olympics are pretty important for china, too >> absolutely. by the way, we have a couple of great people to talk to about these topics this morning coming up in the 7:00 and 8:00 hours because we have the ceo of pfizer, we have the ceo of moderna later today. so a lot to talk to them about and maybe the answer we talk about vaccines but maybe the answer is therapeutics maybe we will live through various

variants but if the pfizer therapeutics works, that will be the solution meanwhile, let's tell everyone another story overnight. this one in australia, tennis star, novac djokovic has won his court battle in australia. this after his visa had been cancelled because of his vaccination status we told you that part of the story last week. a federal judge there, though, made a ruling in a virtual court hearing today, meaning that his visa remains valid he'll be released from detention and given back his passport and belongings the saga is not over because australia's immigration minister can still personally step in if they so choose and cancel the vid visa there's a lot of pressure for him to do that as many bristled at the idea of

a millionaire tennis star flouting australia's rule. so the judge throwing it back to this minister to make a decision about the visa itself. >> the judge himself was pretty heated up about this he said he would be very upset if the minister did overturn his decision but there's so many facts still floating around with this. the reason this started to begin with is jdjokovic tweaked how h was coming into australia. he said he had gotten an emergency extension from that visa and was given the right to not have to follow the rules -- or to not be vaccinated. i think there were questions because he has said that he tested positive on december 16th there were rules that said you had to turn in your application for this emergency visa or rules getting around being vaccinated by december 10th there were pictures of him on december 17th and 18th unmasked,

with children in one case and other people all right around him at that time so there were questions around it but the judge said it was treated nfairly because they took his phone and wouldn't allow him to speak with his legal team we'll see what happens next. in the meantime, new york representative alexandria ocasio-cortez has tested positive for covid-19. her office released a statement yesterday saying that she is experiencing symptoms and recovering at home the statement also said that the congresswoman received a booster shot last fall but over the holidays there were lots of pictures of her unmasked out and about in florida and already picking up heat for the fact she was saying people shouldn't be doing these things but she was pictured doing a lot of these things in florida. so this is additional fodder for anyone looking to take shots at her. >> you know, it's funny. it's funny whether getting covid now -- and i wonder whether it's

changed. whether getting covid is a scarlet letter i would think not. >> i don't think so. it's not a scarlet letter. >> there was a point early on in in the pandemic where people thought people who got covid were somehow acting irresponsibly. knock on wood, i haven't gotten it but every friend of mine, every person i know has gotten it. i have great sympathy. >> i don't think it's a scarlet letter but i think there's a particularly high bar for public officials, elected leaders who fought to have the most stringent and lockdown policies who are then seen not following those policies, particularly indoors, not masked up and looking like you're having a grand time when you're making rules for other people saying they sul that's where it gets more complicated. like i said, this is fodder for those looking to take shots at

her. >> like now. when we come back, right after the break. we'll get ready for the trading week ahead, including some key inflation data and the kickoff to earning season. squawk planner is coming up next still to m come, a huge lineup incding the ceos of pfizer and moderna the ceo of cesar, and so much more you're watching "squawk box" here on cnbc back after this. i think you're going to like it here. umm, why is everyone... throwing things at me? look, as cfo it's my job to be ready for whatever's next. that's why i have my finance team, randomly hurl things at me. it's also why we use workday. it gives us insights, so we quickly pivot our strategy, people, planning, you name it.

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time now for this week's squawk planner fed chair, jay powell, is set to testify tomorrow before a senate panel for his renomination hearing. and there are several key data points on the calendar this read on inflation, when it comes to the consumer price index. that will be followed by producer prices and jobless claims on thursday, and friday we get december retail sales and import/export prices and we're going to be kicking off earnings season at the end of the week as well. on thursday, delta airlines, friday, j.p. morgan, rock. so much to know right now. so there will be a lot to be paying attention to this week. >> a lot to chew on. i want to hear from delta and j.p. morgan at the end of the

week i think those will be thee interesting ones again, maybe it won't be -- no it will -- >> the numbers will be backward lookinging but what they say in the conference call will be interesting about what's happening in the most recent weeks. >> let's talk about tech stocks. it's been a bad start to the year for tech stocks last year the qqq etf nearly down 5%. joining us right now for where maybe the pullback has led to good buying opportunities, mark m mulhaney let's talk about the group before we get into the opportunities. how bullish or bearish are you broadly speaking at this point >> less bullish than normal. the new new thing for tech investors, is rising interest rates. we'll have three or four

increases there are, the first time for that in years that's going to create more headwinds. what you've seen is most tech stocks that trade at that price of sales more than 10 year-to-date have corrected more than 10% so you want to be careful going into the high multiple stocks this year, that's a big chunk of nasdaq that's a challenge. >> if that's the broad thesis, you do have a couple of stocks you think embedded in there that are value plays, that may be a relative term as well. too our top three picks for this year, and i want a specific, 2022 catalyst for these names but we think we have them, amazon, facebook and uber. amazon we had a massive investment cycle the last year, doubled the distribution capacity, we think we'll get a return on that investment in the back half of this year

margin expansion, valuation is so the stock hasn't overrated and it's been stag innocent for 18 months. facebook they have two challenges here, fixing the apple privacy targeting loss that occurred in the middle of the year and addressing esg concerns, i think those are addressable, maybe fixable, and the stock is trading below the multiple uber is our big recovery play. assuming there is some sort of recovery coming out of covid, chances are greater going into this year than last year uber is the stock most below its pre-covid demand levels that's the stock we like the most, those three stocks, amazon, facebook, uber. >> i don't know if it's a clarification, uber over lyft for you, why >> it's more of a global asset, more diversified, it always has

been it has the mobility and delivery segment and then they have this new membership program called uber 1 i think there's something interesting going on here. they just soft launched this a month or two ago, i think in november if you have daily weekly utility, putting together ride share. if they can create an amazon prime like subscription offer, if it can gain that kind of traction i think it can be an enormous win for the company so that's one product i'm watching out for that's the advantage that uber has versus say a lyft or door dash >> let's get the screen back up because we have mid cap and small cap stocks that you like as well. >> that's going to get more risky getting into the smaller cap names but in the large cap, lessha we like names like roku, spotify and chewy. those latter two have a gross

margin and inflection point. spotify for example this is the first year ever you'll see material gross margin expansion due to a couple of different things but scaling against podcasting is one of those low gross margin stocks like netflix when gross margin starts to inflict and small cap, we like names like dualingo and wicks. >> give me an argument for wicks up against square space or shopify to some degree. >> yes going smaller caps than shopify. wicks has been around for almost a decade as a public company israeli based company, their web presence company that has a good track record of product innovation this stock has round tripped in terms of multiple, treated as a

covid winner so the stock rerated and there's some concerns over execution issues the stock had the last year the stock then derated back to below where it was trading, multiples lower than going into covid. i think that create answer opportunity for investors. it's a high quality company, consistent management team in a nice secular growth space. >> give me your bumble take. >> well, this is a bit of a recovery play like match and so, as we come out of covid, hopefully, at some point this year you'll start seeing a pick up in dating activity. we want to make sure we have in the portfolio, a couple of reopening trades at some point this year we think probably we will be and that's one way to play in the small cap. >> fair enough mark, i don't know if you swipe right to get rid of somebody -- i wasn't trying to get rid of

you. but i was trying to say thank you. >> thank you, andrew. >> that's the other i'm swiping over to -- no. i was about to say i'm swiping to becky, but then that's probably -- i don't know it's all -- you can't say the right thing anymore. >> there you go. bye. wait, wrong way, bye >> anyway, when we come back, tesla preparing to hik and l talk to super bowl winning quarterback eli manning about the nfl playoffs, the league's covid protocol, and his new equity, and the show he does with his brother "squawk box" will be right back.

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welcome back to "squawk box" this morning tesla now raising the price of the premium driver assistance package in the united states which is marketed as full self-driving mode. elon musk announcing that on twitter saying the option will climb from 10,000 to $12,000, that starts on january 17th plus the subscription version of the package will also cost more. becky? >> in the meantime ford is sending a warning to its dealings over the f-150 lightning telling them not to up sell reservations for the pickup truck and it wants customers to sign a contract preventing them from reselling within a year, i guess to prevent the scalpins f.

>> that's the problem for all of these guys >> high class problems. disney looking for a few good tiktok creators the company has posted openings, maybe just tell everybody if you want a job, here you go. looking for two content coordinators working at the theme parks to support the social media accounts. are you on tiktok, becky quick >> no, i'm not i have some concerns about the safety issues that, you know, just the idea that you could be spied on and the security concerns i've heard from people who know things in washington. i think it's fun -- >> i'm not a creator. >> my kids are on it >> we'll see what disney has in store. clearly everybody is having to take advantage of it when we come back it's a busy week in washington ahead.

we'll show you what's on the political agenda and the latest on the fight against covid. we have the ceos of moderna and pfizer here on "squawk box" straight ahead to answer all -- basically everybody's questions about where we are in the pandemic and where things are headed as we head to a break, a look at friday's s&p 500 winners and losers hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this. your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, like asap!

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goods monday morning and welcome back to "squawk box" here on cnbc watching the markets this morning you'll see things are relatively flat, the dow has turned a little bit weaker, it's been fluctuating back and forth between positive and negative but now indicated down by about 15 points. the dow was the effective

relative winner of the week last week, down week-to-date by0.3% the big loser was the nasdaq, this morning indicated off by 61 points, last week it was off by 4.5% for the week. that's continued to come as we look at yields kind of moving higher the idea that yields step up has put pressure on the high multiple stocks which happen to be a lot of them in the nasdaq s&p this morning indicated down by about 7.5 the biden administration kicking off high stakes talks with russia today over the situation with ukraine both sides down playing the prospects of a potential agreement with roughly 10,000 russian troops gathered along the ukrainian border the white house has called it preparation for an invasion. the white house is keeping a close watch on the violent situation in kazakhstan. russia sent reinforcements into

the country to help the government gain control. nearly 8,000 people have been detained over protests regarding government corruption. congress kicks off a new session, with democrats facing a lengthy to do list including trying to move forward the president's build back better bill. >> and senator joe manchin pulling his spending offer, manchin telling reporters he's no longer in talks with the white house and privately signalled he is not interested in approving any legislation like the current iteration of build back better at all which raises aew question for me, i know he was in talks with the white house for quite some time about this, whether he was in talks at all. whether there was a misimpression on the white house's side of what he wanted or -- i'm just not sure. because at this point i think he

never wanted to do this to begin with >> i don't think he was being insincere, but i think he was pretty adamant about the numbers that he was saying he'd support. and not believing some of the budget things that he called budget gimmicks being done saying you'll cut these projects to a year or two, i don't think he thought that was honest about the accounting for it. when they said we'll get to your numbers he thought they were doing it with faulty math and fake budget gimmicks i think both sides were probably sincere in trying to push things along. you can understand bad blood coming up during a negotiation when one or both sides feel they've been manipulated or not been upfront with it i can understand bad blood on both of these sides because those are negotiations that went on for a long time and came up with a stall mate, nothing and you can see the idea of that falling apart and saying forget

about it and both of them walking away i think it was a much more difficult place for them to find common ground than people had been suggesting. i think the white house was saying we're making progress, we're making progress. i'm not sure that manchin felt a lot of progress was made i think parties with good intent can come together and still walk away without a deal and feel disappointment on both sides and feel they weren't completely upfront with it. i'm not going to fault each side of it trying to y either side c this with bad intent but it does look like it's way more complicated and far less likely to happen at this point to have anything they could agree on >> all right >> anyway, when we -- go ahead. >> we're not that far apart. my view is that the white house -- that manchin was never going to go along with this and the white hous-- i'm not saying they had the wrong intent

but they didn't -- they kept somehow believing they were going to get him across the line or something was going to happen when it wasn't. >> i think they thought they were going to steam roll him it's understandable. i think they thought they could find a way to say we're giving you what you want, $1.8 trillion, but he didn't think that it was true accounting i think they were trying to say, okay, we'll find a way -- and politics is ugly any time you start putting deals together and negotiation, it's not just politics, it's negotiations in general where both sides were trying to get what they want and there were so many parties that wanted so many things i think the administration's expectations they would be able to convince everybody in their party to go along with it. didn't happen that way oil prices are rising again this morning, nearing $80 a barrel

after the dip in december. we have more after this break from an analyst looking at this and called it correctly. he said when prices fell it was the time to buy. stay here for our huge lineup that continues this morning, including the ceos of moderna and pfizer, cesar's ceo and much more. plus a reminder you can watch or listen to us live any time on e bcpp - [narrator] introducing the grubhub guarantee: our promise to deliver the food you love on time, and give you the lowest price, or you'll get $5 off your next order.

welcome back to "squawk box. look at u.s. equity futures this morning, dow off -- everything is actually off this morning, dow about 22 points, nasdaq by 60 points s&p 5:00 looking to open off 8 points. comcast, setting a $62 price target, the analysts there saying they remain cautious on the broadband outlook but that's counter balanced by a discounted valuation multiple pr comcast and reopening tailwind for theme parks. lulu lemon sliding in the premarket saying the fourth quarter results could come in at the low end of the projection range due to a variety of consequences stemming from the spread of covid-19 giants legend eli manning on

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oil prices ended up 5% last week unrest in kazakhstan and outages in libya potentially weighing on the supply, longer term oil has recovered from the late winter swoon, up nearly 20% since the start of december.

joining us for more is jeff curry, goldman sachs head of commodity research we saw the swoon in oil prices when it looked like omicron was coming to the fore and could potentially start shutting down things you at the time said this was one of your top recommendations for 2022, was to buy these commodities dips because you saw it coming roaring back did you think you were going to be this right, this quickly, though >> the fundamental set up in the markets is incredibly strong right now. the dislocations across oil, copper and the rest of the commodity complex are record levels oil right now today it's in a 2 million barrel per day definite, that's 2% of the market missing. inventories are 5% below the five-year average, so the fundamental set up is spectacular right now. that's not to say anything about about the financial set up investors don't like the space, overall participation is quite low and you look at it in the

context of the financial markets, equity, price earnings, pe ratios, very stretched, interest rates low, you have high convexity to bond prices. you're left with financial markets exposed to the down side, particularly given the fact you have a ped pivot, commodities the best place to hide we think not only do you like commodities from a pure return basis but also a hedging basis >> so we've seen this huge move but you don't think this is the end? you think there's more to come >> we argue this is the beginning of a commodity super cycle, at least about a year in it we first forecasted the commodity super cycle in october of 2020. you go bac than what we originally anticipated but all the structural support for that type of bull market are in place. structural underinvestment and the ability to supply and

deliver these commodities. this is something you don't fix overnight and then you have the esg factor overlayed on top of that, which makes the market struggle to tr to the oil price, struggling to keep pace. so it's low, which means you're not getting a supply response. at the same time demand does not look like it's going to slow down, whether it's oil, copper or the rest of the commodity complex. >> what's a super spike mean what are retalking in terms of prices you might anticipate over the next three, six, 12 months. >> we argue the metals are the primary benefactor of the super cycle unlike oil in the 2000s. the reason why is the green cap x story. you have every country and world pursuing the exact same policies at the exact same time there's no way you're going to decarbonize the world without copper, it's the most important

commodity out there and copper is the new oil we like to say. there inventory is dropping like a brick. inadequate supply already and we haven't even started to decarbonize the world. cobb copper is the one that benefits from that story. >> taking the derivative plays out of this, moving beyond commodities, where could the potential problems come? what would be something that could pose a problem that other people haven't figured out in terms of the supply chain? >> well, in terms of resolving the supply problem in oil, the oil's there, you just got to get money to where the oil is. and that's really where the struggle comes from. it's not about the supply and demand of oil or copper, it's about the supply and demand of the dollars used to create that supply right now you have severe impediments, governments and che

making it difficult to make large scale investments. and look at the drc, where a lot of the world's copper is, it's difficult to make investments there. oil, you have esg impediments that i can ma it difficult to attract capitol. the commodity is out there, it's the difficulty of getting the dollars to where they are toprom on the demand side it could take a recession -- the demand for commodities it's not the growth rate of demand that matters, it's the level of demand that makes them different from financial markets. if the demand is above the supply level, it can be going down, up, as long as demand is above supply i'm bullish, that's what creates the diversification against equity markets. >> in the past it's been said that high prices are what settles high prices because it's

attractive to put money in those places you mentioned the issues that people have this time around, maybe it's esg when it comes to crude oil production, issues of not wanting to work with certain governments but is there a price point where people put their principles aside and say i'm going to invest here anyway? >> i think we'll find out where the number is in the next let's say 12 to 18 months. you look at oil and gas last year they outperformed esg related stocks you have two parallel systems going. you have the old carbon economy and the new green economy, they're going parallel, side by side, and right now both of them are sub par and cannot meet demand that's what's creating the price spikes all over the world. pretty much the u.s. shale market is the only one immune to it but the key point, capital has to be on both of those tracks until we get to the point we don't need the carbon economy. but that's going to take decades

to get to that point in the meantime you have to invest in both, not just one. >> jeff, thanks for your time today, great to see you. we'll have you back to talk about what that price point may be where investors put aside their principles if that happens this year or not andrew >> thanks, becky joining us right now to discuss, first on cnbc, a new venture as a partner to private equity firm, former giants quarterback, eli manning. it is great to have you on the program, eli there's about a million things i want to talk about in terms of what's going on in the football landscape. but let's start with the new gig and what thinking about private equity in terms of angling yourself into the world of investments >> i didn't always know it would be private equity. i've been retired almost two years and that's what i was doing in that time, researching and looking at different fields and i was interested in business

and didn't quite know where i wanted to enter and how i wanted to get involved. i looked at venture. i think with private equity and teaming up with bvp, a company i got to know through an investment in a company called barbecue how once they acquire a company, they like to grow it through this marketing and put some investment back into the employee so it is something i just really connected with and enjoyed learning i'm all about private equity usually, i could help expanding sourcing and vetting poe tep shal acquisition >> speculation about an even bigger investment for you and perhaps your brother in the papers right now both of you may

want to own a football team in the future and are in the mix to buy the denver broncos can you talk about that? >> i have no involvement about buying a team or the broncos in any way. i don't know about payton. i haven't spoken to him about that you see it in the nfl where franchises are selling and private equities are getting involved with this >> you see things in the paper, you don't call your brother and y,re you doing this? >> i don't always believe everything i see in the paper or

see ob twitter the broncos is a franchise that looks like it will sell soon it would make sense for payton because he played there. i live in new york i'm a giants fan i don't know how all of these things work. i just don't know what the process is right now >> the decision two and a half or three weeks ago to shift the testing. i think at the time, they had like 230 players effectively sidelined.

that has come down to about 80 as a result of the shift of the quarantine >> i think the nfl has done a great job trying to keep everybody safe the fans, the players, the organization in the building with the giants, i understand when i go to the building, i'm not allowed to even see the players or go into the cafeteria. i'm restricted to a certain area where there is a little pod. they are trying to keep people safe but games need to get played going into key games with key

players out. you want to have your best players out there on the field >> we should wish well don't knw overnight, 79 years old and contracted covid owner of the team in atlanta want to ask you also about the world of betting and gaming. it has come to new york. you could do it in new jersey. do you think this is good for the game how do you think that changes the dynamic or if it does at all inside the locker room do the players have conversations about what the betting line is and how it is going to work. >> does that get into the discussion now that it is so purr vasive? >> players don't talk about it i never knew what the spread was or cared what that was players were focused ongoing out

there. sports betting has been happening a long time. now you have a trustworthy name getting involved with it you have ceasers sports book, you can set time and money spending limits. when it was kind of wideopen. >> asking you about crypto it is an interesting field that

time we get in it is not something i understand totally in conversations with people whether it is blockchain or the best way to get involved. the ones that go early enough have been successful. just trying to figure out the best path to stay involved there. >> from the future of private equity and being with us this morning. >> we'll have a lot more on the launch of mobil sports betting in new york in the next hour when ceasars entertainment ceo joins us ahead, moderna ceo coming

up >> and more of what to watch in stocks

futures are little changed after a rocky start. a confirmation hearing for fed chair jay powell in focus. we'll break koun what you need to be watching >> discussing the surge in covid cases and moderna's ceo joins us for a first interview. >> ceo of ceasar's entertainment talks to us about fierce competition in that space. more now take a. equity

futures. s&p 500 off about five points. a couple of headlines off. the faa designating 50 airports to designate buffer zones to address or try to address concerns the new service might interfere. including chicago o'hare, three major new york city airports the fed expected to accelerate the tightening process shrinking the balance sheet in july predicting runoff would begin in december. moving that up a bit in terms of

expectation. the platform reddit. currently potential value at about $15 billion. >> let's get over to dom >> keeping a close eye on what's happening with some of these top picks all a yos wall street. one of them is getting some attention in the pre-market trade. maybe no surprise. the electric vehicle out there in terms of overall rket share and tap as well. despite the fact goldman sack has upped their target price and called it an outperform buy-rated stock. that idea with its position in electric vehicles and global auto industry as well. some of that industry there as well as the ev adoption trends

being put in place in europe and elsewhere. they do see a risk if those f 1t trade. with regard to what's happening, overall because they've been in such a focal point apple down 1/3 of 1% amazon up about .21% analysts have called amazon their top pick for tech and internet think think a lot of businesses spending more on public cloud will help drive amazon services. then, cryptocurrencies, it has been trying to hold steady

currently at 41,476. remember, the levels we are watching are back to the 40, 41,000 range it has been hovering around here for some time. we'll see if that plays out. not just bitcoin, ether, doj coin and more. we'll continue to watch those. >> so much of what is happening now is a reflection of what might happen next. you were watching that closely because as yields go up, it could put the pressure on higher multiple valuations. we did see financials close at record levels again on friday. does any with the fed and crypto

is that essential to what's happening with bitcoin prices? >> you hit the nail on the head. you and i both know. everybody else we've been talking about this cryptocurrency trade on the upside if the inflationary story we look at some of those things. if bitcoin's narrative has been a possible inflation health, maybe it takes some of the demand away.

maybes that why. part of the story that price decline is being taught and remember bitcoin prices still coming down at that level. a lot of traders are seeing what happens if it does come to an acceleration of a down side. >> thank you we'll see you a little later >> thinking there was a flow at 40 and maybe another at 38 health care conference kicking off today. moderna ceo will join us live here on "squawk box. ahead of his remarks this morning, an interview you don't want to miss just crossing the wires, take two interactive to acquire

zynga. that's a big transaction in the world of gaming. before we head to a break, check on the markets rhtig now "squawk box" returning after "squawk box" returning after this 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, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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res tents in tianjin just outside the capital of beijing facing new restrictions. trying to stop the spread of omicron that could affect the global supply chain. just weeks before the winter olympics kick off. >> thank you vaccination centers like the one behind me have been urging residents to get their shots with the onlymicron outbreak 30 minutes from here. two confirmed, 39 suspected, two additional cases in anyang we don't know the source and how long it has been circulating

they've said the cases they've found are three generations, which means they've been jumping to jumping human to human at least two rounds they've been dubbing this as the frontline against omicron. 14 million people tested, 76,000 quarantined. buses and flights canceled flights to get out have been spended. you need a permit from employers before you leave so far, operations are normal. it has been ramping up testing for workers. they've recently warned, omicron could become, quote, mother of all supply chain stumbles with

omicron so infectious, really testing beijing's zero covid approach >> how are they going to handle the olympics how is that going to work? will they have people quarantine when they get there? it is obviously complicated? >> right and president xi wants these olympics to go off without a hitch as much as possible and that the tight controls are going to stay. athletes or journalists have to be fully vaccinated 14 days before you come to the country if not, you have to quarantine in the government center for 21

days they just unveiled the restrictions for the general public as well you are only allowed to clap you cannot shout and cheer if an athlete is in one of the olympic shuttles that is attached to the closed loop system to kind of cut off a lot of the athletes and journalists. if you see them get into a road-side accident, you are not allowed to help? >> you are not allowed to help >> yes you have to stay away. you have to wait for the official authorities to arrive and stand at a close distance away from the athlete. so obviously very strict they want to make sure whoever

is in the bubble is in the bubble whoever is outside of the bubble stays outside of the bubble. >> the summer olympics in japan, there was some serious push back from the japanese people who didn't really want it there because they were facing such a huge outbreak. the official numbers the chinese are putting out are nothg li those we saw in japan. i don't know if people believe those numbers or not i wonder if it is the same and if people have a clear idea. what do you hear >> there isn't much discussion about china's zero covid approach we have been seeing some frustration with the approach and the way they are handling. one of the cities, that city has seen a lot of turmoil because of

what has been described as a handling of the wave you are seeing signs of frustration and covid fatigue. >> i guess it is the same feeling everywhere the annual jp morgan health care conference begins today it will be virtual because of concerns of that omicron variant. joining us now ahead of the kickoff. good morning >> good morning, the ceo of moderna. thank you for being with us this morning. hearing there the whole world is caught up from omicron tell us what you think whether we'll need to update our

vaccines for omicron what does that look like >> as we've shared holds well against omicron i would encourage anybody from a family that only got two doses to get protected the data released by the uk shows very strong y privileged 2021 to help hundreds of million. we have seened 807 million doses around the world about 25% have been supplied to low income and middle income

areas. around $17.5 billion >> do you expect at some point this year, the decision will be made to have to update the vaccines at one point do you think we'll see if we need another dose, if you can tell >> with this virus, we all want to be very humble. we are working on an omicron specific vaccination that should be in the clinic very soon deciding what would be the best strategy we believe it will contain omicron. we need to search ahead for the

virus. governments eastern the world are very much looking to 2022. on that earning call that sign of $17 billion we report this morning that we payment now for $18.5 million. we've seen the uk and others have ordered for the fall of 2022 increasing their order to $3.5 million we have a lot of countries that want to be ready we have the best product possiblefor 2022

>> these orders are for the fall of 2022 and can be whatever vaccine construct is deemed most appropriate. world health organization set a goal of vaccinating. do you think it is realistic to reach that goal over the summer? do you think there is more moderna can do for that? >> i think there is two sides to get the world vaccinated quickly. one is the supply of vaccine and two is getting doses in arms if you look at supply, it's true

two thirds or quarter around september, the world's supply of vaccine, there is no doubt that has switched at the end of the year. we shared this morning with the 60 million doses we have prepared for this year, they declined them the reason for that is between the orders from europe, china, u.s. government, they have way more vaccine than they need to get to the 7acnation

>> just a quick question, you mention you have contracts ready to go with south korea united kingdom for vaccines to be ready for the fall of this year where do things stand with the united states? will other countries that want them be able to get them >> last year, we were ramping up supply chain if you look at the output in q 4 with $300 million doses. that was the highest amount ever in 2021, we supplies millions of

doses. we have more online for this year we think we can supply the doses this year. if you look at the numbers i mentioned. the $18.5 billion assigned and continuing for the u.s. government >> where do things stand getting delayed by a few months, there is a gap of coverage in the u.s. for kids under five moderna waiting for clearance and you need data for kids in that middle age group. because e is that gap, where do your data stand and could moderna potentially fill that

gap if that is different from pfizer and you get them earlier? >> for teenagers, we have more from the u.s we should get very soon data specifically up to several times a week the agency is very up to date. as soon as we receive the data, we share it. we can help to the part and help as many people as we can >> i have two questions. one relates to targeting omicron in terms of the next booster there seems to be some debate whether you do that, you effectively create or up the odds, if you will that we actually get a new variant on top of it. i have to admit, i don't

understand the science as well as i should, the initial approach to this with alpha. can you speak to that? >> sure. i think, again, with this, we all want to be humble with what we don't know. the way i think about it, andrew, number one, as we see many people being infected as we speak. it is a great opportunity for the virus to mutate. literally, several billion people will get infected with symptoms with omicron. what we have learned over the last year, we have vaccines available to the public. if you have very high neutralizing antibodies, you can expect infection from person to person that is the trick going on right now. that huge shift from the original virus to omicron. that protection person to person

is not as good as it was with the previous variant we believe the next generation booster containing the omicron sequence is important not only to communicate and prevent infection between people >> i wasn't sure if andrew had a second question here >> asking so much about the vaccine. we are in the think of it right now. we are working on other things you allowanced a deal on oncology the conference this week, questions if this will be about your valuation beyond covid. what should we see this year from moderna and what we should expect from other mrna focus projects >> as you know, mrna is a

platform where we believe the wormd world deserves that booster and all of those vaccines against flu, rsv and covid. we have another program in phase two or three to combine this. the other piece we are doing is partnering around the world to manufacture facilities to

customize the vaccine in the country we announced the return with canada. the same 10-year partnership where we've agreed to the vaccine. it is a very big evolving project. it should get an upgrade by adding more vaccine in the same vile but you'll get an adaptation where we've seen the winter vaccines. the second one the one i'm excited about is

latent viruss like hiv that get in and stay forever. with the number one cause of birth defect, cmv in the country. at the can drain and weaken your immune system. a huge implication on cancer we are working on that there is no cmv or other vaccine. in the fall where there are a lot of people who would have

taken this and gone eflktively six months without would you advise people to have taken it earlier i think i took mine in november. you'd be pushed out to may or june as opposed to waiting until september, october, november of this year? >> yes, andrew those are really important decisions what is important for these and the memory part of these. looking at the data, it seems the omicron wave because it isy quickly and go down very

quickly. to your question here. that has updated with omicron and so many people are affected. we'll make the right decisions to protect people. >> we appreciate you being with us this morning. we'll listen to your presentation later meg, thank you coming up a little later in the show, meg will bring us another special guest. that is pfizer ceo albert bourla we'll be right back.

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♪ dream, dream that's the thing to do ♪ ♪ music ♪ when you see value in all directions, you add value in all directions. accenture. let there be change. welcome back we have a couple of stocks to watch this morning take two is set to acquire all outstanding shares of zynga for

a t the value of $12.7 billion that brings games like grand theft auto and nba 2 and harry potter racing and znyg still at $9.8 which would be below that bid you have to keep doing the image on that at the moment. royal caribbean paused sailing for three ships and delaying the return of fourth until march due to the rising number of omicron cases. royal caribbean shares up about 18 cents you did see some downward pressure earlier this month. still to come this morning, pfizer ceo albert bourla will

join us. sec chairman with the outlook for 2022 "squawk box" will be right back. 'r with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. -capsule! -capsule! -capsule! capsule saves me money on prescriptions. capsule took care of my insurance. capsule delivered my meds to my doorstep. capsule is super safe and secure. get your prescriptions hand delivered for free at capsule.com

welcome back new data showing the fight to lower taxes accelerated during the pandemic robert with more on that >> we've heard the anecdotes n 600,000 people leaving new york and california for lower tax states california lost 300,000 residents between april 2020 and july 2021. new york lost 365,000 people about 2% of its total population the biggest winners not surprisingly were texas and california texas gaining 382,000, florida adding 243,000 people move for many reasons

lower cost of housing, move for remote work. there is a shift of high tax to low-tax states the top third states 3.5 percent. the bottom third more than 7%. the five in the bottom also have local income taxes, so let's say new york city. no denying the very strong core relation with many states responding and heighten state competition by cutting taxes these trends may only get larger what we don't know is the income of this group.

we don't know whether it is high earners or low we'll hopefully get that data as the year goes on when we come back, new york opening its doors for sports betting. ceo of ceasars entertainment >> you'll see right now, things are under pressure we've been relatively flat s&p 500 down by 24, nasdaq down 15e saw last year and first trading week of the year we'll be right back.

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the last date we launched in arizona and volumes were about 9 x. is that why there was an outage and where your servers were anticipating the demand. where you see the pinch points in your system we had with a couple and did not have flawless performance. as a sports better myself, i know how frustrating that can be we took nearly a million bets this weekend we can be even better moving forward and improve every

weekend. walk me through it you were given $300 if you set up an account and with the initial deposit, you would match it how do you keep people from taking that and then$300 upon sd we matchup to $3,000 deposit to prevent people from just walking away you have to play through the entire $3,300 of bonus before you can withdraw >> i have to lose it before can i withdraw >> no. you have to bet it

it plays to the idea coming on cnbc last year about how he's been shorting draft kings. it makes them a couple of years in many cases before states are profitable i wonder how long you think new york will be a profitable state for you when it comes to sports book >> our expectation it will be profitable for our entire enterprise that will include new york of football season and

we'll report data as much as is meaningful moving down the line time wise, they become more profitable we expect this to be 25 to 35% ebita margin >> we are showing the stats on the screen right now with the taxes. new york takes an incredibly high percentage. 25% compared to 13%. how do you operate in that environment? >> no doubt. it will be less profitable than new jersey as you put up on the screen there and in other states ultimately, the promotional environment is far less in new york than in new jersey because

of the difference in tax rate. you are likely going to get a better offer in new jersey than in new york. once you get out of this opening time frame >> that's really interesting just the idea we've been talking about how maybe this is the end of hot cafes and starbucks where people would leave new york and come across the bridge to place their bet but maybe they still do it if they are getting a better betting setup thank you. we appreciate your coming on hope to see you back here soon >> thank you, becky. >> take care snoochlt when we come back, mohamad el-arian with us the dow about 80 points off.

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let's talk markets this morning. joining us to do just that is

mohamed el-eriano talk to you since we got the weird series of jobs numbers on friday more than half as many jobs were added, but the survey showing that unemployment had went down to 3.9%, much better than expected. >> it is confusing, becky. good morning overall, it basically tells you we're at or near maximum employment why? labor participate didn't go up, because monthly wages went up, and an unemployment rate below 4%, for the big question for the labor market, the economy, the fed, can you get labor force participation to increase?

so far we have not succeeded, unfort unfortunately. >> and the fed has been signaling it's really concerned about what all of this means for inflation. you think anything that happened on friday will change the fed's hand, to make them more reluctant or eager to change rates? >> i don't think friday changed anything what changed over the weekend is condition-to-consensus has moved. you have a number of analysts now saying the fed will hike rates four times this year, not only will it end qe, but it will start qt, maybe as early as the summer that's a significant removal of accommodation. the analysts have move the fed has not move nor the ifs conditions have moved as far as the analysts

i think the analysts are correct. i i think the at the would have to do that the fed has an inflation problem and it's going to have to react. >> you bring up all these points about how maybe other people haven't caught on quite as quickly, but the market has been moving as if this is going to be the case, at least the last week and a half or so the nasdaq is down once again this morning we saw financials close, and the ten-year now -- so have the markets moved to where the consensus did over the weekend already? >> no, consensus of the analysts is ahead of the market look at the two-year, we're still below 90 basis points. the markets aren't there yes the reason why the market is not there yet is because they're not sure the fed will be willing to

do what it needs to do there's a willingness issue out there. the marketplace needs to wait to see what the fed actually does. >> you think the market players are wrong to wait? do you think if you were advising people to tell them to continue on these bets, because we're nor where near the end of it >> i would tell them inflation is real. it will come down by the end of the year, but it really matters how it comes down. i would tell them the fed is late as a result, there's a high risk of bunching three measures that tighten financial conditions, and we really didn't want to bunch them that's why i've been coming on your show for months saying they could have started qe now. they didn't, now we're bunching them so it's going to be a wonkier time for markets remember, i told you there were

two drivers of last year liquidity, that's going away, but behavioral aspects, the notion there's no alternative to stocks where also do you go that's going to be tested in a big way this year? >> where else could they go? if you were thinking of alternatives, where would you tell the people? >> that's the big problem. there isn't a place to do that doesn't involve some sort of risk of loss if you go into cash with inflation at 7%, that's a minus 7% real return bonds are vulnles incredibly vo. while you may be uncomfortable about stocks, you're even more uncomfortable a about what the alternative is that's what we have done the fed gave us an incredible 2021, the third consecutive year of double-digit returns, but it's made 2022 that much more

difficult. >> are we talking about a year, you know, where risk concerns come back in, market valuations tighten up, and come back more to the historical norm that we have seen, and all these payment gains go to money heaven is that what you're worried about? >> not necessarily that is certainly one possibility. the marketplace does not know where else to go money has to go somewhere. i think for sure it's going to be more volatile than last year. we won't be able to buy the dip quite as easily as last year and people should just buckle up this is a very uncertain environment. >> just praying it all doesn't go to money heaven great to see you >> thank you, beck,. another big hour coming up albert bourla will join us

and later gary gensler will join us to discuss the regulatory outlook for 2022 we'll talk cryptomarkets, meme stocks and so much more. "squawk box" is coming up, right after this good to see all of you, yeah! why is jerry so... popular? it's been like this ever since we started using workday. what do you mean? it makt to develop great relationships with our suppliers. now everyone, everywhere loves jerry. they sure do. they do. they really do. mmhmm. workday. finance, hr, planning and spend management for a changing world.

good morning it is the start of a very big week for the markets earnings, testimony, inflation stocks futures have been ticking

steadily lower and game on big merger today taketwo buying zynga the deal estimated at $12.7 billion. we'll have two news-making interviews, al better bourla and gary gensler on crypto and so much more. the final hour of "squawk box" beguns right now. andrew was talking about the sell-off picking up.

now you can things are firmly in the red. dow futures are indicated down as well as the nasdaq and s&p 500. again, that continues that trend we have seen since the beginning of the year. last week the dow was down, but only about 0.3%. s&p 500 was down about 0.9%, and nasdaq down by 4.5%. you see the concerns about technology, questions about what will happen with the fed with yields, all of that playing out. the same thing has been playing in yields, too right now treasure are you ten-year looks like it's yielding 1.771%. 30-year is 1.23% bitcoin at this point has fallen below 41,000 there's pressure across the

entire spectrum this morning if you looked at that as a hedge for inflation, maybe that raises some questions about it as well. andrew >> thank you, becky. g ready for the next wave of the coronavirus. the ceo spoke with us in just the last half hour here's what he said about what the company is doing right now and what he's expecting later this year. >> we are discussion discussing -- do we need to add any other components, that needs to be discussed.

we need to steer ahead of the virus and not behind the virus. shares of moderna well off their highs from last summer, but stint gained close to 90% over the last year we'll speak to albert bourla about these issues as well royal caribbean pausen sailing on three ships, and pushing the return of a fourth ship to march down it was due to depart last thursday, called off covid concerns on the economic front, goldman sakes saying it expects the fed to celebrate its tightening process predicting the fed will start shrinking the balance sheet in july instead of september, pushing that deadline up a bit earlier. >> andrew, thanks.

dom chu has been checking things out, getting us ready on what t >> it's a merger monday. this one is big in terms of video games, mobile gaming it's a big 12.7 billion guiel on an enterprise basis between taketwo and zynga. take-two will buy zynga with a mix of cash and stock. now, that deal combines franchises like grand theft auto and other take-two titles. so mobile gaming driving a lot of that particular deal. this particular move has been maybe anticipated for some time, but it's been a while since

anybody kind of put zynga in the cross hairs here, but looking to boost up its online presence also what's happening elsewhere in the market with some moves specifically with regard to lululemon, after their forecast for the coming quarter coming in shy of some analyst expectations they also cut it a bit due to concerns about covid 6% down side for lululemon, down about 8% for the year. now seeing some slowing movement over the last several months here then, as we often do here. a check on the most popularity ec maybe no surprise, the meme stocks front and center. gamestop was near the top of the li list

tes tesla, and then media stocks continue to get decent attention hear comcast, the rest of the top ten are on my twitter fe feed, @thedomino >> it's a little complicated if you're looking at the two share prices, and trying to figure out why the pressure. >> this is an interesting structure for a deal of the money they're offering, o.ey're saying $9.86, it's $3.50 it wasn't the percentage of the shares they were talking about $6.36, which means they'll put up more shares as the stock goes down.

i do think they have a collar that a symmetrical collar, with a share price, so that may explain just some of the complicating factors. >> basically they're kind of locking in a certain range for this deal to happen. they will have to issue more shares, but anytime you do see some of these shared deals, this is not an all-share transaction, but there's a dilutive effect out there, what is curious, what you are seeing is an interesting move this is buying a discount, certainly to what it was at the high of zynga, so if you look at

its shares, just over the course of the last five-year period, this is where it was before the deal was announced as you can kind of see, it's not where it has been over the last few years. we'll see if investors -- first of all, i would say a lot of this is probably merger arbitrage, with regard to structure and certain trades and transactions, kind of close the gap or take advantage of the discrepancies here we're seal whether or not some some of the tradings those gaps >> that five-year chart is interesting. there were so many people doing mobile games you had time on your hands, you were in lockdown, so talking to other companies, they mentione the fact that women were drawing into gaming in a big way the question is, do they stick

them, do think stick? that, of course, is the huge question >> it is i would also feel as though brands are a big part of that conversation anytime you talk about consumer-facing things, there's a very, very big audience out there for certain franchises that take-two is known for i can think of grand theft auto and redemption you wonder if there's any possibility for crossovers or merging of some of these brands. you kind of sin corporate that is there a could certaino apick. there's all kinds of possibilities. >> there is. dom, thank you we'll see you a bit later. >> i'm fascinated by the strategy as everybody is talking about

the metaverse on one side. this is a real play on mobile. zelnick was with us a couple weeks ago where he received a scoff at the metaverse, so it's interesting to see how -- our exclusive interview with gary gensler is coming up first, we'll be hearing from albert bourla. what does the potential booster picture look like later this year all that and more on the way as we head to the break, check out the surging shares of tilray, reporting a surprise second quarter profit. students you're watching squawk on cnbc ♪ ♪

♪ ♪ [music: “you can get it if you really want” by jimmy cliff]

welcome back to "squawk box. all day today cnbc will bring you the biggest names from the healthcare conference. meg tirrell joins us with another special guest. >> andrew, thanks so much. that's albert bourla thanks for being with us this morning.

of course, you also expanded your relationship focusing on a shingles vaccine how much of a driver of your business going forward do you expect that to be? >> well, i think it's going to be a driver of finding solutions for our medical sneeze we have a strong belief in the technothe best of mankindir you have seen where we're standing further, this is a corroboration, like that they are fantastic partners. now we're going with a third target we believe that it's very high

probability of delivering solution to a genetic need it's not only the infectious diseases out there. there are other implications that they can have there are three more deals that we have announced, and a havi important one being is a leader in the base technology we believe that the base technology is atechnology that has the most promise, and right now we have partnered with them to deliver three targets of significant importance, being a believer in the nervous system and also the platform, one is with -- -- lessons for ten

targets in a basket technology this is the lipid technology, a sense of a part of everything we do with mrna right now, and that would give us tremendous -- i wouldn't -- a telling knowledge that you can produce dna not through biological means, which is how we do it right now when working, vaccine with chemical, enzyme mattic. that -- the the can reduce the time for manufacturing vaccines from almost a month to a couple days that has tram dib potential. thirdly, the variant that could produce dramatic for our fight

against covid and other diseases, for example, like flu, which allows us to be close to the time the new variants are. >> that would be a massive change you mentioned biontech being -- there ever a time when pfizer would buy biontech >> of course we don't even speculate on that, certainly wouldn't comment on something like that. right now our relationship and environment are perfect. >> the first product of that relationship, of course, the vaccine. what is your expectation in terms of whether we're going to see an really the focus is on the of course, already israel is given fourth booster doses what do you think the future holds?

>> i would say the future is very early predictable right now. but like we start with -- i don't know if there's a need for a fourth booster that's something that needs to be tested. i know they have already started some experiment to make sure it's needed also, we are working on a new verse of our vaccine, a version to be effective against omicron as well as the other variants the hope is that we'll achieve something that would help way, way better protection, particularly against infections, because the protection against the hospitalizations and severe diseases, it is reasonable right now, as long as you are having

the dose it will be ready in march. i don't know if it will be needed or will be used, but we'll be ready we're already starting manufacturing so if there is a need, we will have some immediately, because there's a lot of -- and -- when i see from the mobility on the viral, they are all placing orders, and some of them, they are discussion right now about stockpiling we're waiting eagerly for the results that is already circulating in real-world data. let's talk about that pill

paxlovid here in the u.s., and i imagine it's the same in every country, the supply is really constrained expected about 265,000 courses in the u.s. by the end of january, 10 million by the end of june. what can you tell us about the cadence of delivery between now and the summertime it's going to go exponentially up then we're going to go we spoke about -- and then we are going really, really big 24 million -- so 30 on the way to half the year we are already a the 120

capacity, but because there are discussion about stockpiling, we are trying to understand how we could scale up even more >> i'm curious whether you think that will suppress the public's appetite longer term for boosters over time. >> i think this is a real risk there's always the element of people who could get tired, but i believe this accounts for different mindsets >> there's a mindset that they don't want a vaccine, and then there's another that wants

maximum protection there's an element that they do believe in the value of the vaccine, the people that want massive protection, they will follow the instructions of the healthcare and their physician for them f. and then there is in between, which is the number of people, that it can go one way or another, and this is where education needs to heche help. you just mentioned the pill. there are people who may be vaccine skeptical, let's call them, who may be thinking this therapeutic will be available. this goes back to where meg was going. can you scale up -- you're talking about 20 million doses could you scale up to hundreds

of millions of doses in this calendar year? >> just to clarify something, we aren't speaking of dose, but course of treatment. when we spoke about 120 million courses, this is 30 tablets per, three tablets a day for five days so it's already very high, but we are looking at the opportunities, and it is feasible to scale up we just have to make the decision early, because scale up will take six or -- >> albert, i think that gets to the heart of the problem we keep running into that is that nobody knows where this is going.

>> if you're not prepared, if you don't have situations, like we have just caught in the united states without enough testing at this point, abbott labs was in a position where people weren't buying their tests, so they weren't producing as much. a lot of these tests haven't been approved for a long enough shelf life to stick around for es to effectively stockpile these things what are you getting that is helpful or not helpful with the u.s. government to provide for things we may need come fall of 2022 how do we prevent ourselves of being in another position had we planned enough for fluff contingencies? >> i think it is a very good old saying, that you regret things you didn't do more i think that's high on the mind of many governments.

they are the discussions about stockpiling has to do with that. better if we have some stockpiles to provide us independence and provide us certainty. eventually those stocks will be absorbed because the shelf life will be, let's say many years, i think. so, yes, very -- there is a lot of thinking. i can't speak about either the u.s. or any other government, but all of them, they are on this mindset right now how to build an nevin toffee. one of things one could envision you going through the fall was a new variant, which would be just awful, but experts say if this keeps spreading to the degree it is around the world, it's almost

inevitable that they have the goal of 70%, do you think that is a goal that is likely to be achieved we know the supply is getting better do we expect to say to be delivered? is there a chance we can vaccinate enough people that continued variants emerge this year >> it will be challenging, not because of the vaccine ability, as you just mentioned. we already have more vaccines than people will eventually need right now, particularly in the low-income countries, they have more than they can absorb right now. i think all of the efforts should be right from you from w.h.o., but from us, everybody should help us on that build infrastructure in the low-income countries so they can absorb more vaccines. also the campaigns to convince the population the vaccine hesitancy, it is

very different country by country, society by society. scandinavian countries, highly educated, very -- and you can go down -- unfortunately the lowest incomes of countries have the highest degree of hesitancy. so i doubt we will reach a level, but because you will have everyone vaccinated and all the rest of the people in disease, we will control within the next ten years this virus i think it will continue to be present, without being certain about it, right? but i believe they will continue to be present, because it's spread everywhere, and because no -- and vaccinations seems to

produce not very durable no the protection, so it's going to be coming again and again, but we can have it perfectly controlled that's my message. perfectly controlled we can hopefully with a -- and with pills available, and with our ability to stay constantly ahead of the virus, because we can produce very fast, we can make the newest 1.2, 1.3, 1.4 of the vaccine, but to have perfectly normal lives with a vaccination maybe once a year. and in the case we are sick, the pill will help us move through it rather than a life-threatening disease. >> perfectly norm at lives, that's what we're hoping to get back to. albert bourla, thank you. >> thank you. meg, thank you for some

great interviews this morning. i know you have more coming up all day from the virtual jpmorgan healthcare conversation next our the ceo of gilyard, and then later this afternoon, jamie dimon. up next, another big interview. gary gensler will join us live u us stay tuned you're watching "squawk box" on cnbc seen it. trust me, after 15 walks... gets a little old. ugh

coming up a "squawk box" exclusive with s.e.c. chair gary gensler. we'll ask him to lay out his agenda for the new year. you won't want to ssmi this one. stay tuned to "squawk box" on cnbc to be on autopilot.

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welcome back to "squawk box" this morning we want to get to our next big interviewer this morning this has implications two investors from wall street to main street. joining us to talk about it in the new year, s.e.c. chair gary gensler.

mr. chairman, great to see you this morning we are coming up on the anniversary, in fact, of the gamestop saga. as you lay out your priorities this year, whether it be crypto, whether it's compensation plans, climate and the like, what would be the number one thing you think you would look back on if they had this conversation next y year. >> i think about updating our markets for these 2020s. i think of -- in light of that that means the lowers cost for companies and individuals raising money in the market.

versus efficient markets in the middle on the one hand, people on the other side in raptly changing technology. that's what we're trying to accomplish there's lots of pieces to that let me start this morning with this there's a story on "wall street journal" today saying the s&p is pushing for more transparency from private companies that's becoming an increasing feature, if you will of the market or marketplace. i wonder if you can comment on that will you make it harder to become an accredited investor this becomes quite complicated one of these we're hearing is people want more access to private companies. >> we've long had both public companies and private companies, and we have disclosing

information that's important to that investor and dot defraud them don't lie, basically that's our basic bargain we are going to take up again a project around driving greater competition and efficiency in the private fund space these are the funds that raise money the total number is about $17 trillion, raise money fro pension funds, and also from wealthy individuals, but those pension funds are our money, individuals, raise money and then invest in the capital markets. there's about 300-plus billion dollars a year in fees in these funds. we'll see if we can propose some rules to drive more transparency and competition in that

important part of our investing capital markets. how do you feel about the increase in crowdfunding happening online, increasingly with various crypto currencies and coin i'm thinking about the project that happened earlier this year to raise money to basically bid on the constitution. that ultimately lost and those investors in it lost ultimately at least some money. >> i won't comment on any one project, but you raise an interesting point crypto tokens, i will call them, are raising money from the public, and are they sharing the same type of disclosures to help the public comply, and call it the securities act antifraud

provisions there's thousands of these projects you named one, but there's thousands basically trying to raise money from the public so that they can back an entrepreneurial idea well, that part's all right. that in fact is called innovation, but it's bringing it into the securities law, and unfortunately way too many of these are trying to say we're not secure, we're just something else we had a lot of viewers sending in questions one is, can you explain your view of whether ethereum is a security or in and out, but then why you believe that ripple is a security i know there's an ongoing -- but can you speak.

>> andrew just to have some fun with you refer back to my previous question, i'm not going to speak to any specific -- i'm the chair of an organization that's was a civil law enforcement. we don't talk about any one project, one possible circumstance, and give legal advice over the air ways that way, but again, let me talk about more generically, the overall market, if you're raising money from the public, and the public is anticipation of profit based upon that promoter, sponsor, that group'sers, that's within the securities laws, and it's within there, because congress painted with a broad brush they wanted to protect you with what's called full and fair

information, and protect you against fraud, scammers and the like, but it's a simple basic idea you get to discuss whether you want to invest this security or that security. you get to decide, but there needs to be some basket disclosures and protection against lies and fraud >> chair gensler, this sounds like a pretty important distinction, maybe a new way of thinking of they markets this is a new broad framework that may open the way for the s.e.c. to have a say over other different arenas a year ago, there were spacs that was a huge rage and what you're talking about is making sure that you are looking at

broad protections, because there's so many retail investors maybe investing in a different way. is that kind of what we're listening to >> it is important part of it is new, part of it is old. it's like the old saying about, when one gets married. so the new part is the new technology, whether it's crypto tokens, whether it's special-purpose acquisition companies or spacs, these are new. therefore in ways to trade on the markets through brokerage apps, obo-advisers and more the basic idea that you raise money from a public, and the public is thinking about a profit, you have to give them disclosures. that goes back to the 1930s, when the supreme court defined this test in 1946.

that's the important public policy things that we should not be neutral to, and then the technologies come along. they promote innovation, whether it's crypto, a new form of doing additional public offerings, that's exciting. our role at the s.e.c. is to ensure that you, the public, still gets the basic protections. >> if i'm the industry, though, i hear that as you guys are laying the groundwork for getting involved in a lot of areas that you maybe hadn't been necessarily closely involved in in the past. this is the justification for why you're going to be overseeing all of these different arenas is that -- >> becky, i beg to just differ with that description. >> yeah. >> the s.e.c. has been involved in these arenas since the 1930s. our l our laws have been updated often. staying within that framework,

the public policy frameworks of the public gets to decide, but we try to have basic disclosures and protect the public, new technologies come along, and sometimes industry is trying to find what they might think ways around the basic protection. they may be trying to find ways to arbitrage the system. >> i'm going rapid fire with you on a handful of other issues before we close out this segment. there's been a number of massive insider trades -- this is not insider trading per se, but ceos who have been selling. you've been trying to update the 10-b-15 program on how they're able to do that. i don't want to ask them so much about congress nancy pelosi was recently asked whether members of congress should be able to buy and sell individual stocks. she made the case that they should i don't know if we've ever asked you directly

do you believe they should >> there's a law that congress passed not that many years ago so-called the stocks act it addressed this issue. it has addressed this issue about the use of material non-public information sometimes that non-public information is inside a company, but it also be inside the deliberations and discussions in the legislative branch so congress did address that, and we're the agency that has some oversight there we're going to vigorously enforce that law, which i'm sorry, maybe it's ten years old. >> but you have no concerns about the credibility of congress, the credibility of corporations that oftentimes are talk to go members of congress when it comes to these issues?

>> i think -- i think our whole system of finance comes back to one basic wort, and it's trust it comes back to becky's earlier question and your current question -- how do we get the best trust so companies can raise money efficiently and investor can, quote, trust the market protecting against insider trading, whether it's a company or government official, both are important to the basic trust. talking about trust, a lot of question morning americans investors whether they should be investing in chinese companies at a time when we're seeing massesive shuffles in the way the chinese government is regulating their own companies what's your thought about that and how the american public should think about it? >> we've got about 250, 270 companies that are related to china in the u.s. capital markets we have a couple

challenges right now one of the these is that the chinese officials, for about 19 years, have yet to let the auditors of these companies, accountants, be inspected. we have a law passed in 2002, s sarbanes-oxley 509 countries have allowed that, china has not another challenge is, as you said some things are changing rapidly in china. what disclosures are the public getting, what disclosures they're getting, particularly since they're usually not buying just listen to this for a moment you're usually not buying the

company in china, you're buying a company in the cayman islands that doesn't even own the company in china the company in cayman islands just has a contract to operate that company in china. we have a couple projects here one is to enhance the -- and two, implement a that you that consequence passed a year ago that gave a clock, a three-year clock to come into compliance. >> chairman gensler, we want to thank you for joining us there's so many issues i want to take about climates, dark pools, meme stocks, so much more i hope to get to though the next time we have an opportunity to think. >> thank you becky, thank you andrew, thank you to all your

listeners. >> you bet when we come back, new inflation data is coming, nkstimony from jay powell and ba earnings on the way, too. "squawk box" will be right back. growing up in a little red house, on the edge of a forest in norway, there were three things my family encouraged: kindness, honesty and hard work. over time, i've come to add a fourth: be curious. be curious about the world around us, and then go.

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maybe what your family needs is a vacation home slash vacation home. find yours on the vrbo app. ♪♪ let's get down to the new york stock exchange. really eager to get your thoughts -- thing we're going to be looking at very closely, at different ways to kind of, talking about your profits, talking about your earnings. this is something that they've been hinting at for a while, basically just laid it out we're going to make sure you're being transparent, telling the truth. areas of the industry you might

expect they will be taking a close look at. >> i thought it was great, becky. he basically said we're done with the laissez-faire we're watching what you're doing. we don't necessarily think it's good for investors their whole point is we are not going to bow down to the s.e.c if they regulate us, then we're not going to be able to do our job. i don't think gary was talking too much, becky about innovation i don't think he thinkis -- >> he made appear argument that if you're taking money from investors, we're make sure you're transparent he even said wall street looks for a way around the rules and regulations, but they're going to be stopping all those cracks, and say gent because you think

you're in an area not covered by the s.e.c., we'll be watches. >> it was brilliant. what he doesn't say is we dismiss this whole argument that something is a product it's a product that isn't regulated by us. what he basically said, look, forget the product, if you're selling it, we're regulating it. it's a new doctrine he laid out. if i was a company in crypto, i would say, you know what we're regulated. maybe we shouldn't be giving 8% to the people who have deposits with us. suddenly that 8% is covered by gensler. he may say why are you at 8%, when the banks are at -- so this is a much -- i'm sure they're going to say, listen, this is too brought, but the fact is he can get away with it, and he's not respected the s.e.c. at all.

no, you're in the united states, the s.e.c. is in charge. great interview. it will be interesting >> jim, you have the ceo of gilyard coming on. we look forward to that. we'll see you soon. >> thanks. liz young is the head of investment strategy at sofi. liz, let's talk a bit about where things stand after friday's confusing jobs numbers. you have about half the number of jobs we had added that we had been expecting, but you did you see the unemployment rate drop the market has not been thrilled with that. what are you taking away from all of this? >> i actually think the jobs numbers weren't that bad i don't know would you there was a lot of fear over them. realize some of the private payrolls weren't as exciting as we expected them to be, but an unemployment rate below 4% is a

pretty big deal. what the market was looking for, is there anything in this report that changes the fed's speed, that changes the fed's react i think the answer to that is absolutely not i think the fed will have to continue to focus on inflation first and foremost i don't think it changed anything about who the fed is planning here. >> that's an important point last week all through the week, but then against this morning with the nasdaq stocks down once again. has the market priced to the point you could be see four interest rate hikes this year alone and the tightening of the balance sheet at the same time >> right i think you have to start with the ten-year yield we have seen a 25 basis point move upward since the beginning of the year. that happened a lot faster than i think any market participants

were expecting that's what the indices are reacting to. the nasdaq down more make sense. i like when they makes sense in the pattern they're moving that's hashedly a big deal, considering 70 new highs in 2021 we're coming off a pretty good base we came into 2022 a bit less strong than we went into 121 but that's still a strong pos position. thank you all no your ti ame good "squawk on the street" beginning "squawk on the street" beginning right after this quick break that helps you build a future for those you love. vanguard.

become an owner. well, would you look at that? jerry, you gotta see this. seen it. trust me, after 15 walks... gets a little old. i really should be retired by now. wish i'd invested when i had the chance... to the moon! ugh. unbelievable.

good monday morning, welcome to "squawk on the street." tech under pressure once again as the ten-year flirts with 1.1. powell's confirmation here this week, q4 earnings kicking off with the banks on friday five straight declines, nasdaq futures are down 1%, despite early hopes that omicron may be peaking on the east coast. >> take-two is buyin