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eamon?is was the first time that jen easterly sat down for an interview since this became public last week and what she had to say was concerning. take a listen. >> the law for j vulnerability is the most serious vulnerability that i've seen in my decades-long career everyone should assume that they are exposed and vulnerable and to check and make sure that they're not vulnerable >> she calls it the most serious vulnerability that we have seen, and reminder that includes stints at the nsa and also at the u.s. army, posted in baghdad, setting up u.s. cyber command. this is an official who has seen a lot of vulnerabilities in her time and she is calling this one the most serious i asked her what to expect and what they learned about it, and here's what she said >> my view is we are going to see widespread exploitation that likely impacts on both private and public infrastructure. we're doing everything we can with our partners to get ahead of that, but we will be dealing with this vulnerabilit

everybody "power lunch" picks things up right in and out -- right now ♪ >> and welcome to punch, i'm eamonafrsz in tour tyler mathisen today here's what's coming up. >>> full steam ahead, the markets are factoring in faster fed following positive vaccine news from pfizer and investors are taking it in stride >>> staying power. the stay-at-home trade is still a thing, believe it or not bank of america says demand will remain elevated for the home-related items the analyst behind the report has the names to watch. >>> and power failure. texas sustained $195 billion in damage during last year's deep freeze is its grid ready for this winter we have a live report from the lone star state. >> thank you, eamon. the market taking a breather from its two-day rally the nasdaq the outperformer up 68 even toe the turn year above 1.5% earlier on. it has come down after a mediocre test reauction and news on the omicron variant here's the tie'd how, 1.56 got above 1.52 late morning. we have been pulling back some the nasdaq having a lift today we also have optimism amplg after pfizer said its booster hel

us now from washington hello again eamon. >> hello again, joe.s. there was real speculation in washington that manchin wouldn't attend this emergency call among democrats last night in fact, though, he did join that calm. he was talking to his colleagues so we know at least he participated there chuck schumer, the majority leader told his fellow democrats on that call last night, we are not giving up on build back better, despite joe manchin pulling his support from the current version of that schumer making the argument in stark economic terms and pointing to goldman sachs and moody's analysis suggesting the gdp forecast would have to be ratcheted back if there is no build back better program. all of that happening as mitch mcconnell the republican leader is sort of playing footsie with manchin here saying, we'd love to have you on our side, switch parties, drop the democrats, come over to the republican's side that is viewed as highly unlikely one reason is manchin gets a lot of benefit from being the 50th democratic senator and the swing vote

cnbc's senior washington correspondent eamon javers has the details. eamon?s of this have already been wide spread and devastating. security firm checkpoint sees an astonishing 100 hacks per minute while most are unsuccessful, they said this shows what's going on here. they're taking advantage of what amounts to a new back door into millions of devices. cyber security expert dimitri predicts a tsunami of ransomware, maybe within days. >> this is the most serious vulnerability i've ever seen in my career because of its broad impact, because of the difficulty in detecting and mitigating the impact of this vulnerability, and because frankly how easy it is to leverage it to compromise networks >> the software is called log4j and it's designed to take data from an app and store it elsewhere. but a feature added back in 2013, allowed users to send data so the program could execute code but that also allows attackers to send malware. and last week, users chatting in the video game minecraft realized just how damaging that can be within hours experts around the globe

ubiquitous that's the problem. >> all right eamon, thanks.g from washington you have ever been hacked? >> i don't think so, but i feel it could have happened and maybe i didn't know it. >> i have, but it was taken care of rather quickly. i did have a, an episode like it, but it is a very disturbing moment thanks for being here. >> thanks for having me. >> great to be with you. thanks for watching "power lunch," everybody. "closing bell" starts right now. >>> and welcome to the "closing bell." at the new york stock exchange a strong pre-market picture giving way to down beat session on wall street nasdaq sharply lower as we head into the final hour of trade. >> ping-pong session i'm morgan brennan in for sarah brennan. tech under serious pressure and adobe and chip stocks seeing biggest declines and mega tech apple and tesla falling as well and investors trying to make sense of the fed's latest guidance including a mor

cnbc's eamon javers has been poking around the dark web eamon, what did you find >> well, shep, the criminaleb is operating more and more like an evil mirror image of the legitimate business world, and that includes these hackers offering steep discounts over this past weekend for black friday and cyber monday. take a look at this post that our consultants at the cyber security firm q-6 spotted on the dark web this weekend. it's offering 15% off and giveaways and prizes for regular customers. or this one offering 40% off stolen credit card information and there's that cyber monday branding to help bring in the customers. cyber security expert david kennedy says his company spotted hackers making twice as many discount offers as last year, meaning the criminals are hard at work building market share. >> so during black friday we saw a number of sales for various different services, whether it's you wanted to hack into your spouse's account and see their text messages, it was at a discounted rate. 70% off. we had facebook account takeovers that were normally $125, discounted to -- $25 on the d

eamon javers has the details eamon? this flay have been widespread and devastating. security firm checkpoint sees 100 attempts a minute. they're taking advantage of what amounts to a new back door into millions of devices. they predict a tsunami of ransomware, maybe within days. >> this is the most serious one i've seen in my career, because of its broad impact, the difficulty of protecting and making this vulnerability and because, fair and accurately, how easy it is to leverage it to compromise network >> the software is called log4j and take it and store it elsewhere. a feature in 2013 allowed them to execute code. that allows attackers to send malware. users realized how damaging that can be within hours experts around the globe started to grapple with the enormous implications they found. they posted an alert warning the vulnerability poses a severe risk between the government and the private sector >> now the race is on. dashing to attack this flaw as workers are frantically trying to use it. break in the system j

good stuff, eamon javers it's time for the half and the judge. >> carl, thanks. welcome to the "halftime report." i'm scott wapner front and center will the post-decision rally prove to be short livered? some action in the market today is very interesting towards that question we will ask two great voices on that issue tom lee, altimeter's brad gerstner they'll be along momentarily and first welcome in the investment committee, joining me, kari firestone, jim lebenthal, josh brown and jon najarian of market rebellion. the nasdaq getting hit again, down 244 and the ten-year note yield at 142 we're watching for that closing high on the s&p and we were above that level until we gave it up. it's 4712 so that's the number you need to keep an eye on as we have the conversation for the next hour or so. jim lebenthal, i turn to you first. you suggest that the activity in the market yesterday post fed was in your words, nonsensical, and you have been mr. all in, so that sounds very interesting to me. >> thank you, scott. i appreciate you starting with me i will take the e

eamon javers now what's going on between the white house and the secret service? >> reporter: well, contessa, it's not every day you see a dispute emerge between the white house and the secret service, but that's exactly what happened today. at issue here was the word stolen and whether the bether way to describe what happened is potential fraudulent activity, including fraud but also things like overpayments or money sent to the wrong address what is clear here is that a whole lot of money has gone to people the government says committed crimes in one case an oregon dentist allegedly took $8 million in business loans for restaurants located in sarasota, miami and daytona beach. in another case a new jersey man allegedly helped file 100 phony unemployment claims but in massachusetts. that one resulted in more than $1.2 million in payouts. two men in michigan were part of groups that filed 500 false claims for unemployment benefits and were able to take more than $1.7 million in relief funds roy dodson is the new head of the secret service's pandemic fraud effort h

eamon javers has the details. >> the coinbase customers here are circulating a petition, organizing onhange make them whole in the wake of an incident that happened in november the investors put money into a gyen which began trading on coinbase's exchange on november 10th it is supposed to stay at a price fixed to the japanese yen. somehow it was untethered causing a sharp spike and a sharp decline. customers told us they were seeing account statements that didn't make any sense and then coinbase froze their accounts. the freeze locked in large losses for many of those who were affected. in an email to customers obtained by cnbc coinbase wrote, quote, we apologize for this, we know this is a signature karcht inconvenience and are working as quickly as possible to correct this to ensure customers impacted can access funds as soon as possible coinbase told us it is going to have a blog post out soon that will explain exactly what happened but the customers are angry their accounts are frozen, they have not received compensation we talked to ricky peacock arc coinbase customer in florida

eamon javers is investigating a security flaw that may be the scarest he has seen ever >> the expertsaid this is a big problem because the software involved, log 4j is ubiquitous it is a popular java open source library for embedding data it is used in apple's i-cloud to the mars rover there is no guarantee that publishers will be able to patch the problem before hackers take advantage of it. the software was initially designed to take data from an app and store it elsewhere but feature that was added in 2013 allowed users to send data that would be interpreted as a url so the prom could then execute code it also allows attackers to send malware. since its discovery last week it has been exploited by bad guys u.s. cyber security and infrastructure security agency posted an alert about the flaw on saturday warning that it pose as severe risk and urging cooperation between the government and the private sector now the challenge here is that this software is embedded in so many products it means just about every company will be impacted by this new flaw which is just coming to light. si

we focus on the business roundtable which is out with its quarterly ceo economic outlook survey and eamon us >> in the economic survey here from the business roundtable this morning take a look at some of the numbers from the brt they'll release these at the top of the hour. hiring ceos up 13 points to 121 on their survey. plans for capital investment up seven points to a value of 115 sales expectations up 9 points and the overall ceo economic outlook here in their index is up 10 points to a value of 124 on the survey. that business roundtable index now at its highest level in the 20-year history of this survey says the business roundtable they caution, however, morgan, that this survey was taken before the development of the omicron variant news that has rattled markets in recent days some of the ceo optimism came just before that still, they say, what's driving all of this is pent up consumer demand that is really boosting ceo expectations over the next six-month period for really optimistic and rosy outlook in terms of hiring, spending and all the things that companies do, morgan, back

eamon javers has more on what's being done to fight it >> that's right.ll time. law enforcement officials expect they're going to spend years clawing back as much of that money as they can. so far, the secret service says it's investigations have led to the arrests of 100 people and the seizure of more than $1.2 billion as well as the return of over $2.3 billion in stolen funds >> as a taxpayer, it kind of, it's shameful to think that individuals would take advantage of these programs that were established for people that were truly in need because of covid-19 and that they would target them for their own personal, you know, advantage. >> now the secret service announced this morning that it's appointing roy dotson to the new position of fraud recovery coordinator where he's going to coordinate all of the services pandemic investigations. he told me he's amazed at the scale of the problem >> i've been in law enforcement for over 29 years and worked some complex fraud v investigations for 20 plus years and i've never seen something at this scale >> now, jo

i want to bring in cnbc's senior washington correspondent eamon javers. when they put together the c.a.r.e.s. act and they failed to get the oversight committee together day after day, when we looked at billions of dollars in ppp, the paycheck protection loans going out that were going to be forgivable, you and i said, man, they're going to have to track this because there are going to be fraudsters in the mix. and alas, there are to the tune of 100 billion bucks? >> yeah, that's what the secret service is saying, and in fact, there are so many cases out there right now, they've got more than 900 open investigations right now the secret service does, so they say they're going to appoint a new official, roy dotson to oversee all of those investigations and coordinate all of the anti-pandemic fraud stuff they're doing. but the question is why did this happen. and the answer is you got trillions of dollars moving fast and low, whenever the government turns on a gusher of money like this, there's a huge possibility for fraud. everybody knew it at the outset.

eamon javers said it hasn't.s action" is next we'll see you on the short side of this break for the "options action." ♪ ♪ 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, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq imagine having someone else do your books for you. as your quickbooks live bookkeeper, i'll categorize expenses, reconcile accounts, and close your books. cool. yep. know where your business stands. intuit quickbooks live bookkeeping. >>>. >> announcer: "options action," new opportunities to profit from the market's hottest >>> it is friday, so that means it is time for "options action." i'm brian sullivan in for melissa lee tonight. here's what we've got coming up as always live here at the nasdaq marketsite in times square >> announcer: health care. when it's top of mind, it should be at the top of your tradin

let's bring in eamon javers on that angle eamon. >> yeah, you guys are right to focus on that sound bite at the end which is going to make all of the newscasts, i think, which is the president saying senator manchin and i are going to get something done very optimistic sounding, upbeat he clearly feels like there's a path forward here or at least he wants the rest of us to believe there is a path forward here in terms of salvaging this legacy piece of his administration's agenda we'll see whether that's the case or not, but it's always political when presidents decide to talk about the stock market, and it was just there, too the president attributing yesterday's sell-off in the stock market to the fact that a lot of people felt that the build back better program was now off the table entirely, not necessarily as to what a lot of market observers say, which is omicron. the president said it went down because of the build back better news and he cited that goldman sachs report that you guys were just mentioning i have that report right here that goldman put out late sunday what goldman is

eamon, thanks. eamon javers reporting from washington you have ever been hacked? >> i don't think so, but i feel it could have happened and maybe i didn't know it. >> i have, but it was taken care of rather quickly. i did have a, an episode like it, but it is a very disturbing moment thanks for being here. >> thanks for having me. >> great to be with you. thanks for watching "power lunch," everybody. "closing bell" starts right now. >>> and welcome to the "closing bell." at the new york stock exchange a strong pre-market picture giving way to down beat session on wall street nasdaq sharply lower as we head into the final hour of trade. >> ping-pong session i'm morgan brennan in for sarah brennan. tech under serious pressure and adobe and chip stocks seeing biggest declines and mega tech apple and tesla falling as well and investors trying to make sense of the fed's latest guidance including a more aggressive taper and rate hike signals for next year and bank of england anonounced a hike thi morning. and housing starts showed a big beat got 59 minutes left to go in

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you have to get democratic primary voters to vote for you >> eamon javers from washington d.c. coming up later we have dr. scott gottlieb on the spread of this variant, what it means, where it's going and everything else stay tuned you're watching squawk on cnbc >>> futures in the red this morning as the spread of the omicron variant spooks investors. joining us to talk about it is mohamed el erian he's the president of queens college, cambridge and we've come a long way since 2020 but i can't help but feel a huge setback where do things stand right now and when do we get to the point even if covid is around, cases are high, it's something that's manageable i don't know if it's now, but the market is looking at this and obviously getting pretty worried. >> yes and we're not there yet because in europe in particular, governments are reacting by putting on restrictions. and that's making people more risk averse. so we getting both the demand dampener and the supply disruption elements coming back in but what's really different this time, becky, is that policy is amplifying this.

foxes eamon dignam has more from new york. how do you design a video game?e basics of the game are built on. and while there are competitors, there is a top dog. the unreal engine owned by epic games. the minds behind fortnite unreal has been in use since 1998. and since then it's developed thousands of video games as well as tv shows and feature films. now there's a new version of the engine, an epic has created a playable short game called matrix awakens to show it off. matrix actor's cano reeves and carry on mars, lending their talents to show how cleanly and quickly it can render new graphics using characters like neo and trinity and a side by side showing the original matrix films and how the newest engine could render it and it almost gets rid of what's called the uncanny valley where computer generated face still doesn't look like a real person. the playable demo is available for free on the playstation five. xbox series x and s. and that's your insiders cheat code to the unreal engine in new york. ayman dignam fox news. what is stellar day across the

the rachel mad doe show starts with eamon mow hi dean in for rachel.you so much. thanks to you at home for joining us this hour. rachel has the night off but we have a lot to get to tonight. >>> tonight there is new guidance from the cdc shortening the recommended isolation time if you test positive for covid-19. now, before tonight you may recall the recommendation had been to isolate for ten days, but now the cdc is saying you only need to isolate for five days as long as you are asymptomatic at that five-day point followed by five days of wearing a mask when around other people. now, this new guidance comes as the omicron variant sends daily case loads to record levels in parts of the united states. today president biden joined a call between

the rachel mad doe show starts with eamon mow hi dean in for rachel. good evening. >> thank you so much. thanks to you at home for joining us this hour. rachel has the night off but we have a lot to get to tonight. >>> tonight there is new guidance from the cdc shortening the recommended isolation time if you test positive for covid-19. now, before tonight you may recall the recommendation had been to isolate for ten days, but now the cdc is saying you only need to isolate for five days as long as you are asymptomatic at that five-day point followed by five days of wearing a mask when around other people. now, this new guidance comes as the omicron variant sends daily case loads to record levels in parts of the united states. today president biden joined a call between his white house covid response team and state governors and the president acknowledged that the administration has not done enough to make covid tests available. we're going to have a lot more on all of that tonight. >>> also, we're going to have a few bits of good news for the white hou

eamon javers joins us with the details. >> that's right.ty he has seen in 20 years and maybe ever. that's because the software is so ubiquitous. it is a program that's used in everything from apple's. >> loud to the mars rover. there is no security -- a feature added in 2013 allowed users to send data that would be interpreted as a url so the program could test test. test test. test now now is the time. 4: thanks for coming. now when it comes to a financial plan this broker is your man. let's open your binders to page 188... uh carl, are there different planning options in here? options? plans we can build on our own, or with help from a financial consultant? like schwab does. uhhh... could we adjust our plan... ...yeah, like if we buy a new house? mmmm... and our son just started working. oh! do you offer a complimentary retirement plan for him? as in free? just like schwab. schwab! look forward to planning with schwab. ♪♪ this flag isn't backwards. it's facing this way because it's moving forward. ♪♪ just like the men and women who wear i

. >>> the justice department opening a probe into short selling my hedge funds eamon javers has the detailsice department is looking into hedge funds particularly short sellers and the koex between research and the hedge fund themselves with a possible insider trading twist to this. the justice department won't comment but i talked to an attorney what he told me is there's an investigation. he said that citron provides everything that the justice department asked for here and what doj is looking at is published for short selling hedge funds. is there a possibility of insider trading with reports paid for by the short selling firms and jumps ahead to short companies. what james told me is he believes citron will looked at and investigated and not find anything and justice department will not he said there's possible exposure for people disguising false statements as research and dressing up pump and dump schemes as research reports. he said ultimately if you deal with research they're not oodsers and can't be inside every trading. they rely on public information so if you're compiling public

before we do as eamon javers says, tweet out weekend, we have a big jobs number coming up. >> we do wallking news on the debt ceiling. ylan mui joins us with more on that front >> becky, the bipartisan policy center just released its latest forecast for when treasury will actually run out of money. and it puts the date between december 21st and january 28th now, treasury has set the deadline even earlier at december 15th. secretary yellen has said she cannot guarantee the nation's bills will get paid after that there's a big transfer due to the highway trust fund on that day and a lot depends on how much revenue will come in from corporate tax payments treasury is moving deeper into the yellow zone with only $247 billion left in cash in extraordinary measures unless congress intervenes. now, we are seeing there is a bipartisan push to end all of this debt limit drama. it comes from representative scott peters and jody arrington. their bill would automatically suspend the debt ceiling for one year if congress passes a budget that reduces the debt to gdp ratio by 5% over the next decade if