. >>> mike santoli is tracking market action. leslie picker is following coin base which just filed for an ipo. we have information on the crackdown of robin hood. and meg tirrell is refewing the fed's decision on the moderna vaccine. mike santoli we gwynn with you. >> seasonal good cheer, why the markets continue this slow upward leiftation. the s&p. next stop, options expiration, that stuff feeding into the slow grinding strength that we have 2, 726 or so is exactly 70% above the intraday loaf march 23rd a nine month move of 70% the move has moderated and cooled off a little bit in the broad market i want to look at a handful of catchup trades that have been pronounced in the quarter to date look at small caps leaders up today 1%. that's the iwm the rest of the world besides the u.s. up well more than the s&p 500. a little bit more than the s&p this quarter xls, energies has had a big move in a short period of time. however, look at the same four on a therein-year basis and you will see how much territory they had to remain in

mike santoli, thank you. >>> to the clear short-term driver for the market, a stimulus deal. ylan moi has been tracking all the twists and turns what's the latest? >> sara, house speaker nancy pelosi and senator majority leader mitch mcconnell are back at the bargaining table. the two of them spoke over the phone earlier this afternoon about both a government funding bill as well as another coronavirus relief deal. now those things are being negotiated separately. but they are expected to be bundled together for a final vote pelosi's office said the two sides have a shared commitment to getting the two pieces of legislation done as quickly as possible mcconnell's office did not kmend comment but earlier today on the senate floor he did say that a compromise is within reach now, it has been a long time since the leaders of these two chambers spoke earlier this week pelosi sent mcconnell a private letter with a new proposal for a covid relief deal. however since then they have switched course and gotten behind the $908 billion framework from a bipartisan group of lawmakers mcco

mike santoli is watching the market action. bob pisani is watching tesla as the company gets set to join the s&p 500, if you have living under a rock and meg tirrell has the latest on the coronavirus vaccine mike, let's begin with the market what could be a volatile after-hours session today. >> tremendous amount of mechanical flows churning back and forth related to not just the index rebalancing but the options expiration all of this has been coming at a time when the s&p has been hovering around 3,700. first touched it ten or 12 days ago. we are about a percent above where we stretched up toward early in november. this flattening out phase hasn't done any damage but slowed things down to some degree and maybe allowed the market to digest meanwhile the rest of the market is where high energy wild stuff is goingan look at the overall trading volumes. this is not just about the index. this is based on quarterly numbers of dollar volume in u.s. equity trading it goes back to three years ago when we were at around less than $300

of high growth, scott cutler, we will get his take on the e competition in apparel and sneakers mike santolihe market covered. ylan moi is tracking the latest movements on a stimulus deal and we will dig about sboo the jobs report with dana peterson. mike first to you. what are you seeing behind the charts. >> almost all news translated to good news for the market in this current mood that investors are in if you look at a five-year chart. decided to broaden it out here -- more like a three year chart of the s&p 500 it is kinds of an up and away move yes, wos than forecast jobs numbers but better than feared and nothing getting in the way of this idea we are positioning for a better 2021. leaders are good semiconductors and brokerage stocks -- everything you want to see in a bull market let me point thing out i am taking liberties drawing this trend line here but a lot of folks are saying how much more are you going to be able to get? it is getting stretched i keep saying that but markets can stay overbought. in the past two post election cycles, 2012, margaret had a little bit of turbulence

mike santoli coming to you first.re with tech, with communication services, highlighting the point we mentioned that this was a sort of broad positive day even though we slipped approaching the close. >> eclectic. we talked about the treasury yields moving higher, .90 on the ten-year at the same time, high yield debt rallied really strongly today and compressed those spreads. that's all positive backdrop why not? we are processing the vaccines, the rising earnings estimates and expectations we are going to be through this period of difficulty ina while i think the issue becomes how overexcited it is. the market is overextended the bulls are pushing their luck it is not unusual but at some point you get where you need a lot more good news to feed it. >> joe, i like to track these numbers. s&p's year to date 27th record close, nasdaq 47th record close. people wonder is it too late to get in joe? joe? joe is frozen. mike santoli, do you want to take that? >> i would be happy to take it almost all the indicators i look at

mike santoli on market meg tirrell has an update on vaccine progress sticking with vaccines, frank collins will give us a case study how the vaccine will be kploid mike first to you, at the ends of an interesting week, a little bit of win taken out of the sails. >> going sideways to down for the s&p 500. really being left out out of awful the fun. the endy spaks and the ipos shooting all over the place and the s&p sliding sideways november 9th we keep talking about it, the intraday high, that day, pfizer monday was the high. we hit it again this morning we keep kind of bumping along on what might be considered the floor of this upper range right here september 2nd, less than 2% above that level going sideways koss that mean the market has been resilient in the face of the covid surge and a lot of new supply of shares or has it lost buying energy? so far no trend change look at stocks versus bond this is a year to date of the treasury exchange etf against the s&p 500. they start together. they came together here. december stocks were ready to overtake and then went the other way. you had a

mike santoli tracking the market action ylan moi with the latest on the stimulus in washington and we have the latest on what it means for the economy mike santoli start us off. >> just a few feet away. it has been a steady rally under the surface, about half of all the volume is to the downside the mega caps rallying along with value stocks. it seems there is a lot of money coming out of the really overheated momentum stuff that worked in december and going into things like mega cap. look at that, very consistent upturn we have seen here it has kind of left a lot of the emotion and the crazy to speculative growth plays outside of the index we will see if that insulates it or not a lot of folks are looking at 3750 as the near term objective. maybe when we run the tank empty on this move the high yield etf continues to make progress to the upside. treasury yields are going up that would mean you would expect weak innocence the price of all bonds but that's not happening and it goes all the way back to february right before that big free fall. that's positive from a macro signal point o

let's go back to mike santoli for a look at the economic surprise index. >> the u.s.onomic surprise index, the magnitude of the shock, the depth of the decline, also the policy response and the upside surprise in terms of the economy fairing better than economists expected. that's probably never going to be repeated again. a consistent show of better than expected results now they have adjusted this is going to come back down as economists raise their vos and the data coming closer to consensus but we are trending lower. that happened at a time when the overall markets are much more focused to just turning their sights to next year. the numbers coming in now are less important than what happens post vaccine and during the first quarter of 2021. ten-year yields minus two-year yields three recovery cycles, early 2000s, then of course right in here in the financial crisis recession, coming out of that. then you see this steepening move it has been pretty steady. in other words the bond market is still positions for better economic results looking on meanwhile with the fe

and mike santoli cnbc senior markets commentator.k at how we finished on wall street the dow closed around session lows, down 200 points. a few attempts at positivity but we closed lowerfight despite apple's gain s&p 500 down .2% the sectors that led us lower, energy, communication services, and consumer staples both technology and real estate finished positive. that was about it in the s&p as for the nasdaq, at a record, up half a percent thanks to some strength in names like apple and microsoft. paypal also have a good day. ado adobe. some of the tech winners facebook, tesla, and google were all lower on the day and there is the new star, the russell 2000 index of small caps outperforming the s&p yet again, and now for the year at a new record high, up 1% coming up this hour, investor bill gurley on why he thinks the s.e.c.'s approval of the new york stock exchange new direct listing proposal is a huge win for companies going public >>> first let's talk markets eugene profit is still with us victoria hernandez joins the conversatio

. >> all right we'll focus now on the big stories we're watching, mike santoli watching the market action as always kayla has the drama surrounding that new stimulus bill and meg tirrell on pfizer's new vaccine deal with the united states. mike, start us off with the market and the strength we're seeing, which is pretty broad right now. >> it is, and tilted toward those cyclical sectors that have sat out the last couple of weeks. largely flat around this range, hovering near the highs with some rotation underneath taking turns with different types of stocks, groups. it seems relatively healthy if not so energetic i think you can look at this as being the market just cooling off after that heated move from october 30th to the first week of december. however, while the s&p has been going sideways, look at these other subsectors of the market racing higher. i charted this since december 8th, which is the first day the s&p crossed above 3700 you can see very, very flat for the s&p, which is 75, 80% of the overall market value iclean, over 20% russell small cap growth, growth segment of the sm

mike santoli tracking the market ylan mui has the latest on the $2,000 stimulus checks and the question whether that will pass in washington. mike, start us off with the action you're seeing in stocks. >> yeah, sara. some drift upper tilt all day especially among the hovering here couple trend lines nothing out of whack we're on track for a 15.5% gain for 2020 in the s&p 500. while it's amazing, given where we were in march they're perfectly on trend now it's 15% gain annual wise since the 2016 election. also since the 2009 low. even though things seem like they're ahead of themselves on some respects it's really not necessarily a change of the longer term return trends. take a look at the one way of viewing the aggressiveness or defensiveness of the market. anti-beta etf. it essentially is long, low beta etfs, very, very stable stocks it is short high beta stocks the more risky, aggressive, cyclical stocks. massive decline right here since early november, which has been a beta chase everyone going for the riskier stuff. but it's not unusual to see this toward the end of a year we still

. >>> first the storieser with watching today mike santoli on the market hey la tausche -- kayla koushy -- >> the market is comfortable around these levels. market looks extended, sentiment is too happy is what could be said but no warnings showing up from credit or other capital parts of the market to say there is stress going on. zero real interest rates for high grade corporate debt right now. hard to get in too much trouble. you see a gentle but steady up trend we have had. pointing out the old highs probably would be the floor to this new range if indeed we do get a pullback we are about flat for the week for the s&p 500. it is important to keep an eye on the fact that the high adrenaline parts this market continue to really put the impetus to the upside meaning the more speculative racier areas of the market have been driving thing. this is a handful of sectors, handful of etfs. ivbj small tech biotech. clean energy, iwc, micro cap etf. small hear the the russell 2000. the micro cap sector of the market, up 28 since the end of september as against 10% for the s&p 500. moves moving

. >>> let's focus on the big stories we are watching this hour mike santoli tracking the market action meg tirrell covering the concerns over the new coronavirus strain in europe and ylan moi with the latest on the long awaited stimulus bill mike, start us off with the margaret and the recovery we have seen. >> looked like coming into the day it was going to be a stiff test of the bulls' convick right after the open the s&p hit a low this morning of 3636 this brought it down late and mid november levels. there was a little bit of a test of dip buying condition vix. we did pass it at least so far still down. we have been hanging around the 2,700 area for two or three weeks now. it seems like the margaret has slowed down to a certain degree. bullish sentiment, flows into stock funds. very, very strong. shows me we have maybe priced in a fair bit of good news this market has absorbed a lot of potential selling pressure, including rebalancing out of stocks into bonds which is something pension and asset allocators have been doing and likely this week will be doing this is outperformance of

mike santoli here to break down these crucial moments of the trading day.with us as well. good afternoon, stephanie. let's kick things off with the broader markets. nasdaq leading the charge. s&p 500 just turned positive dow is fractionally negative we are well off the lows of the session, having opened lower mike, the sort of sector performance today an odd one you don't usually see energy and tech at the top. most things are flat with a few individual winners the market has cloed'd slowed down there have been a uhl few pullback taemtsz en in of them got a lot of downside momentum. no net damage done at the index level. energy benefits from the year end laggards that can move a lot in a short period of time type of trading really, there is not a lot to take away from -- to say there is any kind of a trend change under way with the broad market. >> have you been surprised, steph, to see the resilience of the market in the face of, i don't know, you could call ecb's move this morning disappointing because the euro went up, which is not what it's supposed to

by the way, welcome to closing bell, everyone i'm sara isen with mike santoli today as wilfred frost is on holiday for the holidays mike, as far as market reaction, soothing to hear powell sound very accommodative he did not change the composition of the bond purchases as some thought he might. didn't talk about buying or focusing in on the longer end but did talk about the fact that the fed is there and could do more if needed. >> absolutely. s&p at the highs it was a comforting message, and i think investors largely comforted. not too surprising, many of the details. we'll certainly get much more into the fed and the response in a moment also coming up on the show, high time for a deal. ceos of tilray and aphria. plus, ceo of adidas weighs in on everything from kanye west and the focus of its brand let's bring in david zerbos, and paul mccauley, former pimco chief economist. thanks for sitting there, watching the press conference with us. paul, let me start with you. as sara was saying, chair powell was really vociferous in saying, look, we know the economy is going to get better ne

first, mike santoli tracks the final trading session of the year and steve liesman has an outlook on economic data for us. >> mike, let's start with you. nasdaq down, but could get record closes for the other two indexes. >> a one-year look and year to date, same thing, minus an hour of the s&p 500 i want to remind folk. look at the start of this year the same angle of ascent the orderly increase the fourth quarter of 2019 s&p was up 10% fourth quarter of this year it is up 11%. it is in a similar mode, upward grind led by tech, people asking if it is too expensive i think it is interesting that we are entering the new year with a lot of the same debates going on about the staying power in the market given the valuations sometimes the best way to get a look of the what has gone on the last year is to take a longer term view. this is a kbots. i drew this trend line it has been an amazing march over the last decade it has been outperforming the s&p for a very, very long time look at this this launch above the trend line essentially this kell rags that we have seen in the big cap tech st

we have a panel to have the conversation mike santoli to you.ally continues in the nasdaq interesting to see the russel outperform on a day when the sector construct might have suggested otherwise played out by the fact that the dow is down half a percent. >> right exactly. you know, it wasn't exactly a one haddan way trade that explains he everything that was going on today i think you could look at the nasdaq and say tesla is up 7%. that matters a lock for the nasdaq right now in terms of overall performance. so i think it was idiosyncratic in that respect. in general a little bit of fatigue in some of the largest cyclical stocks, industrials, consumer discretionary that have had this nice run. really the position market is in now is we have already mostly gotten on board with this idea that we are looking into what's going on with covid cases and vaccines how much of that is priced in at the moment people just new reembraced stocks in the last four or five weeks in a way they had not before today it is much the same story. benign action overa

welcome to "squawk box" here on cnbc i'm becky quick along with joe kenner and mike santoli.is off today. let's take a look at the u.s. equity futures what a difference a day makes. things are looking different today than they were yesterday right now dow futures are down about 30 s&p 500 up by about 3.5, nasdaq up by 42. but yet at this time, the dow was off by more than 500 points we were watching things slide rapidly. and that is not the way the markets closed the day yesterday the dow actually ended in positive territory and that was a comeback to kind of watch and keep an eye on mike santoli will talk more about that in a second we did close well off the session lows, the s&p 500 and nasdaq were lower, but barely. it was an average selloff given where we started the morning let's take a look at the treasury yields. you will see

morning, welcome back to "squawk box" here on cnbc, i'm joe kernen along with melissa lee and mike santoli becky and andrew are off today if they weren't, there would be like five people squeezed into this shot. >> mike and i would be nowhere near here if they were here. >> you wouldn't just come in just as a back up maybe. >> do you ever see us when becky and andrew are in. >> no. well, it's good. i think becky is back tomorrow you guys, we're going to give you tomorrow off, i think, and thursday as well i was trying to think of what today is it's the eve of the eve of new year's eve, i think. anyway, u.s. equity futures at this hour, the dow, the s&p 500, the nasdaq, the nasdaq 100 all posted record highs yesterday. for the nasdaq, it was the 55th record close of the year, but who's counting treasury yields this morning inching slowly one way or another. .943 we'll see what happens maybe it will be a big day if we ever go back over 1% we will, i guess, at some point, mike. >> most likely here's what's making headlines at this hour the house green lighting $2,000 stimulus checks for ameri

look at that price for bitcoin we'll start with the market and mike santoli is here with more on that. mike, you say today has kind of a reopening feel to it. >> it certainly does every time you think the vaccine optimism may be priced not market, i joked every day that passes presumably is a day to when we're fully back to normal so maybe that's the reason to buy some more. let take a look at the mainly or indices. real synchronicity between the s&p and nasdaq happens sometimes when apple is a big winner s&p officially up more than 15% and price year to date and also up more than 70% from the march low show those are two eclipsed today. here's a closer look at that reopening type of trade. leisure and entertainment stocks, an etf for that as a pretty steady uptrend since the eexwill. tics you back to february 25th so you have the initial burst lower and basically recovered almost everything until then and then, of course, the flip side of that have is the stay-at-home work-from work, workout from home type of stocks have begun to roll over in a more pronounced way take a look at pelo

deirdre bosa, leslie picker, mike santoli and maureen farrell from "the wall street journal." >>> we'llalk about ceos and one firm seeing the sun setting on home rentals. we'll have more on this all in just a moment. ♪ ♪ ♪ ♪ >>> welcome back let's catch you up on a couple of different stories on your radar today. it is rapid fire here to break down the headlines are robert frank, seema modi and mike santoli we want to start with this booking boom coming off the airbnb ipo moments ago seema spoke with the ceo of one of their biggest rivals today, bookings ceo glenn fogle >> i do believe that happening with this pandemic move forward, people now believe the home is the place to stay sometimes. they're going to look through next year, the year after and say, not sure home or hotel and then they'll make a decision the great thing about booking.com is we have the greatest, greatest list of both homes and hotels so, we're very well positioned for this >> of course, sounding a positive note there, seema, but why are some analysts calling for a deep freeze on the home rental market? >> it is wo

welcome back to cnbc >> a lesson to all of us. >> along with becky quick and mike santoli you don't dance if i can avoid it. >> how many drinks >> there was a time, but not lately. >> i go from dancing to unconscious. >> the great benefit of this pandemic, no dancing occasions. >> i have to say, i'm missing those holiday parties and i know what my challenge is next year, to get you two to dance. >> oh, it's bad. elaine looks like a good dancer, compared to santoli and me. >> i didn't say i was a bad dancer i just said i don't. >> we got to go. we closed up 30 points after being down 700 think about that in percentage terms, as we pointed out, it's, you know, just a little over 2%. but the points moving around like that get your attention nasdaq's up nicely this morning, up 44, and the s&p is up here's what's making headlines at this hour congress has approved a $900 billion coronavirus aid package, including $600 payments to many americans. additional unemployment benefits as well. president trump is expected to sign it into law the bill includes a $15 billion in support for u.s. airlines

here to break down the headlines, dominic chu, leslie picker and mike santoli. to go public again. it reportedly plans to raise $will hundred million in the ipo and will trade on the nasdaq under the ticker woof, of course this is its third time going public petco last traded in 2006. this couldn't come at a better time because people are spending big bucks on their pet pet care spending is expected to hit a record $99 billion this year, nearly 67% of u.s. households now owning at least one pet. that's the highest level on record and pet owners are expected to spend $38 billion on food and treats alone and it will be a very happy holiday season for our furry friends consumers will spend $9 billion on pet gifts and supplies this year dom, listen, is this the best of -- you would think a brick and mortar store wouldn't be that well-position right now to go public, but what do you think about petco? >> it's one of those situations where many of these types of stores not only have that brick and more tore presence but omni channel distribution as well where you can

santoli. mike >> reporter: tyler, thank you very much. been dip buying active since the open really a modest decline in the s&p right now, a little more than half a percent. the low in the morning was about 36.36 so in the morning we swept away most of december's gains. back to late november levels here we are the dow a little bit green. check out the dow futures overnight. we did have that selloff originating in europe. some of these concerns about a new coronavirus strain you can see right around 6:00 a.m. we bottomed out that the decline happened mostly around the european open and we've fought our way back. it should be noted that the dow is really benefiting today from jpmorgan, goldman sachs and nike all three of those together are creating about 200 points of upside support for the dow, and take a look at the bank stocks they are reacting to friday's somewhat surprising news that the fed would allow them to restart share repurchases in limited amounts, and you can see that this was not really expected the market was a little bit wr

i'm carl quintanilla with morgan brennan and mike santoli cramer and david faber have the morning off. premarket pretty steady, record highs for the nasdaq russell stimulus relief gets a last minute curveball but market is more focused on this government deal for new pfizer vaccines, jobless claims better than expected and core durables disappointed. road map begins with that deal for pfizer 100 million more doses are set to come by the end of july >> then is a new world for direct listings the end of the traditional ipo. we'll explain that this hour as well >> and finally, tim cook refused a meeting with elon musk three years ago, a potential buyout of tesla. that's those those details are next. >> let's talk about the setup as we get this day and half a day tomorrow before we break for the christmas weekend. typically we head into this period, it is about liquidity and the lack of news that's not the case this morning. >> no. it is not -- we're not worried about the lack of news now there is plenty to chew on and in terms of liquidity, the market has been, you know, kind of just slo

just like santoli, thank you, diana olick. mike, good morning how are you?> good morning. >> did santa bring you everything you wanted? >> yeah, no complaints no complaints this year. >> what do we want when you get to where we have everything? >> a little bit of time alone, i don't know >> underwear >> although that's not what we wanted after this year it was tough to come up with a list but i guess i'm in good shape not having any regrets on it let's talk about what's going on across the world here. shares of alibaba fell nearly 8% in hong kong overnight the stock down about 8% in the previous session last thursday as well after chinese regulators announced a probe into monopolistic behavior. tencent also fell sharply. >> baba shares fail, antgroup is ordered to comply with regulatory requirements and rectify its businesses china bank executives ordered them to bring their business into compliance with regulators and switch the focus back to the payments business. it said antgroup lacks sound governance, defied regulatory compliance and engaged in regulato

lunch, as tyler mentioned, moderna vaccine providing a shot in the arm for stocks let's start with mike santoli. >> an overnight scare related to the new strain related to the coronavirus overseas but maybe a bit of a rethink here as we don't really necessarily think it going to be something that challenges the vaccine the overall story of stimulus, easy money here's the intra day of the s&p. you saw a selloff right after the open we got rid of all the up side that had been in the books since september. take a look also at bonds. the bond market has also had a similar path we actually had a little decline in yields, depression in yields and they've also bounced back. essentially the bond market saying we probably don't have anything necessarily going on here that's going to change the overall macro story. the fed gave the banks the clear. you see jpmorgan nudging a new postcoronavirus. and energy actually coming off travel related as well as energy shares this is on a one-month basis we peaked a couple of weeks ago with energy. that is a little bit of a drag but overall the market did find its

big stories we're watching, mike santoli, looking at this action, and comeback we're seeing for stocks meg tirrell on the rollout for the vaccine. mi mike, to you. >> markets holding firm, first of the month boost we got yesterday. kind of very gently extending toward these new highs again, a lot of measures internally getting a little overbought. the steepening of the treasury yield curve, it's as steep as it's been in, i think, 2 1/2 years. so we're not quite back where we were right there and also right here back in june. but essentially this is an uptrend. it's pretty solid as the short end remains anchored bullish thing. bond market responding to inflationary resources in the world in the economy, looking for a recovery next year that's generally a positive thing. the big question is, what does it mean for stocks if this rise in yields continues? the short answer is in recent decades, those two things have gone together, rising stocks and rising yields. this is a global measure of equity performance with bond yields rising and falling, the correlations there for the past two decad

leslie picker on that incredible first day of trade for doordash, and mike santoli, as always, tracking the markets mike, first to you. >> we're taking a step back. we hovered around the highs just as doordash opened, matter of fact, is when the overall nasdaq had a sharp pull back. it was almost this last little burst of enthusiasm. november 9th, the intra-day high was actually 3645, less than 1% down from here we actually touched that level going back a month at this point. we're still hovering a little bit above that right now seems as if the market is still holding together just fine we've been talking about it being stretched on a technical basis. a lot of build up of bullish sentiment and maybe that nasdaq move was one of pent-up selling hitting the market in terms of its reach for faster moving stocks lately, russell 1000 has tremendous overlap with the s&p 500. you can see they ride one another largely. this is a two-year chart look what happened recently, though, separation smaller stocks doing better. some of it is the very large market cap stocks that are not yet in the s&p 5

. >> michael, we appreciate it mike santoli >> the inning k on the deal isn dry. let's go to ylan mui for that. >> the president almost department put ink on the paper because he wanted the direct checks to be $2,000 instead of $600 now congress will begin voting today to increase the size of those payments the house has just convened for its last working session of the year and democrats have really latched on to this idea. this is the second time the house will have tried to pass a stand alone bill for $2,000 checks when they tried to do this last week, republicans blocked it yesterday speaker of the house nancy pelosi called every republican vote against this bill a vote to deny the financial hardship that families face and to deny the american people the relief they need. this time the bill is expected to clear the house and there are some gop lawmakers who will support it i'm told that republican leadership is not whipping this bill, they are mere lily telling senators to vote their conscience it is unclear if and how majority leader mitch mcconnell will allo

this morning before fading those gains in the last few moments of trade we'll bring in our own mike santolio break all of this down in what is a holiday shortened trading week, and albeit one with lighter volumes in general, mike, but the fact that we did start at least the last half hour strong and we're seeing some of that strength come off right now indicates what >> well, there were some cracks in the momentum leadership yesterday and i don't think this changes much of the overall trend necessarily but if you saw the ipo index really reverse downward sharply yesterday, the russell 2000, a loft the super high momentum stocks up strongly this quarter since the election, this month so that might have been a little bit of an unstable rotation going on. also, s&p hitting 3750, it's been one of those objectives out there on trading basis, people thought the market could maybe tag 15% plus gain year-to-date in the s&p 500 as of yesterday, up 70% from the lows i'm not saying this is an "enough already" type moment but the russell 2000 faded this morning. it's been the momentum leader and it kin

. >>> ghcood morning, i'm melissa lee along with joe kernen and mike santoli yesterday we notched recordall three major indices and we're looking to build on those s&p 500 looking up 19 at the open, dow by 165, nasdaq by 55 taking a look at treasury yields, we do see them moving a little bit lower compared to yesterday. we have the ten year at 0.943% two year at 0.127% >> and the boeing 737 max returning to the skies for paying passengers today. american airlines will carry about 18

i know mike santoli has pets at home as well we're one of millions of americans out there who continueets so it perhaps makes sense that you're trying to strike while the iron is hot. yes, those are my two dogs they're older now than they are in that photo, but still they are some cute pups, which is why i continue to spend money on them. >> leslie, what about the spac vehicle? >> that's up about 20% today, indicating that the investors in that spac are excited about the prospect of getting into this space and new investors would come in and bid that thing higher that's usually indicative of the investor sentiment surrounding these deals. the spacs don't usually move too much until a deal and announced and then you can see whether its a company its investors approve of or, perhaps, one they want to sell out of and aren't willing to stick around for a while to see that thing through clearly investors see this as a good deal, despite what i was surprised about which is the $1.6 billion valuation on this company. >> mike, it's everything the street loves it's netflix it's adobe, right? >>

. >>> first, mike santoli and steve liesman tell us their key moments for the markets and the fed thisd the catalyst 1.ey're watching for 202 stay with us chnology is a leading education technology company in china it creates a more efficient, effective, and engaging personalized education experience for teachers, students, and parents. we are so honored to have 17 education & technology join the greatest new economy companies on nasdaq to make the world a better place. >>> welcome back 2020 was unconventional by any stretch. that includes what we saw from the markets and the federal reserve. steve liesman and mike san tetoy had front row seat i love this question for both of you and we mentioned it with rick earlier, but, steef, what was the most significant moment for the fed this year? >> look, kelly, you know, you would think it was the fed going to zero, announcing a new round of massive asset purchases that would be the highlight. those were obviously huge but they had already been done in the last recession the real new ground, the game-changing decisions that will last the ones

julia boorstin, mike santoli and deirdre bosa for rapid fire. moderna more than doubling over the past month it's up more than 118% and one strategist has likened this rally to someone running are up a snow-capped hill as fast as he can only to slide back down again. he's going to talk about what he means by that in just a moment first, boost stocks found a bid on vaccine hopes we'll hear from the ceo of moulson-coors is ashes lt areap 20% in a month we're back in two minutes. i felt like... ...i was just fighting an uphill battle in my career. so when i heard about the applied digital skills courses, i'm thinking i can become more marketable. you don't need to be a computer expert to be great at this. these are skills lots of people can learn. i feel hopeful about the future now. ♪ before money, people atools, cattle, grain, even shells represented value. then currency came along. they made it out of copper, gold, silver, wampum. soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing u

mike santoli, seema mody and bob pisani joining us for "rapid fire" today. >>> still ahead, we're a littleess than 20 minutes away from the fed's last decision on interest rates in what has been a wild and you precedented year. bring that to you right at 2:00 p.m. eastern, but first telehealth stocks are tanking as one tech giant may be looking to e deilar the space thtas e next on "the exchange." good to know. like where to find the cheapest gas in town and which supermarket gives you the most bang for your buck. something else that's good to know? if you have medicare and medicaid you may be able to get more healthcare benefits through a humana medicare advantage plan. call the number on your screen now and speak to a licensed humana sales agent to see if you qualify. learn about plans that could give you more healthcare benefits than you have today. depending on the plan you choose, you could have your doctor, hospital and prescription drug coverage in one convenient plan. from humana, a company with nearly 60 years of experience in the healthcare industry. you'll have lots of doctors a

we're following two big stories impacting the markets and your money at this hour mike santoli is goingop of the breadth of the recent rally. first we'll get it over to ylan mui with the suddenly optimistic stimulus talks. good morning, again. >> reporter: andrew, those talks did last late into last night as leadership from both parties try to hammer out this deal before the end of the week because that's when the government runs out of money december 18th. lawmakers are hoping to pass a comprehensive spending bill alongside another covid relief package. republicans and democrats did sound pretty up beat after several rounds on capitol hill yesterday with treasury secretary steven mnuchin dialing in over the phone. senate majority leader mitch mcconnell said they were making progress and he's optimistic that lawmakers will come to a complete understanding sometime soon the one thing they are in agreement on is that nobody's going home until this job is done here's what mcconnell told reporters earlier in the day >> we're not leaving here without a covid package. not going to happen. we'

faber with morgan brennan and mike santoli futures as we head to the final trading day of the year. we're set up for a lower open, not much of anything not much of anything that will keep our viewers tuned in, won't it that's where our road map starts this morning >> exciting. >> yeah, stocks continue to post freshhighs, to close out the year. >> that's right. mcconnell blocking stimulus. what the senate majority leader is taking about the $2,000 checks. >> protecting the vaccine. what is being done to combat fraud as the rollout continues >> we will start this hour, though, with stocks, and, mike, you can always make it interesting for our viewers. you and i were talking prior to coming on air, and i asked you, what is of interest, and you did mention the performance number this year. it was a key number that we have seen a number of times >> well, it is actually striking that 15.5%, the gain in the s&p 500 right now, that is where it will settle out, without dividends, but what is striking about that is if you go back four years, four plus years, since the 2016 election, it has be

i'm david faber with morgan brennan and mike santoli carl and jim have the morning off. let's look at futures as we get ready. we got to more trading days of the year, right? there it is. wi we look like a slightly higher open at this point after another gain yesterday for these record-setting markets let's get to our road map this morning. and it begins with some news out late yesterday, involving, well, potential changes or at least activist campaign at intel third point calling the chipmaker to explore strategic alternatives >> then, green light for astrazeneca and oxford's covid-19 vaccine in the uk the country deals with another surge of cases and new variant of the coronavirus >> and finally, futures pointing to a higher open this morning as david mentioned, the dow, the s&p and nasdaq closed lower for the first time in several sessions yesterday >> and let's start there, of course, with those markets as mike just mentioned, futures indicating stocks near record highs in today's session as we do count down the end of 2020. thankfully i think most people would say,

let's bring in mike santoli. a few culprits this morning, one worries about this uk variant.ad of an ill liquid week after a good year >> the context matters a lot the lead up into this monday was a market that was kind of relentlessly heading towards its highs. we were talking about how people were reaching for riskier stuff. this backdrop where just small little disappointments threat market vulnerable for a little gut check. that's mostly what's going on. right now the action is kind of sequestering the pain in travel related areas. small cap energy down. even the small caps have been resilient. offsetting a lot what you said is the fact that the banks for their own reasons have a relief good bit in there and lifting the broader tape and we're in this situation where i still do think the market is priced in a lot of good. excess of certainty about this acceleration early part of next year and the economy and the vaccines was this light switch that got flipped and we're all set. that gets challenged over time but right now it doesn't seem like today's action is necessarily

with their store location so give consideration to dillard's as well >> let get headlines with mike s santoli. >> in minneapolis, police will release body cam video from a traffic stop that ended with a man shot dead, the first police-involved death since george floyd a crowd formed at the site of the shooting last night. >> the u.k. reporting 5,000 ne covid cases today. they are urging people not to go out for new year's eve >>> pope frances skipping the vatican new year's eve because of a flair up of his sciatica. and back in britain, the father of prime minister boris johnson is applying for french citizenship. stanley johnson says he's french because of his mother. stanley johnson was a member of the european parliament who voted for the urchl.k. to remain the eu >> sciatica is no joke mike sto, ananlithk you. >> unusual activity trades are next "halftime" back after this yourg else that's good to know? if you have medicare and medicaid you may be able to get more healthcare benefits through a humana medicare advantage plan. call the number on your screen now and speak to a licensed human

. >> beck, thanks, cnbc senior markets commentator, mike santoli is here to explain a little bit more're seeing mike i saw the stimulus deal getting done in with the reasons to sell off, as a sell on the news, you know, buy on the rumor, sell on the news, and then you got the poster child for every bit of fluff or froth tesla going into the s&p, that's a good reason, and then you got the virus, of course do we need to explain a less than 2% drop in the dow? i mean, do we got to do, you know, bend ourself into contortions, trying to explain such a small move. >> i'm going to get the stretch to try and explain it, because of the context, i think that does matter. no doubt about it, the future selloff did trigger near the european open. it seems as if those restrictions in europe are a little bit of an immediate catalyst if you look at the s&p etf, the premarket action what we're doing is coming from a record high, and sort of skimming away the december up side back in early november, we traded at this level november 9th, a lot of fund inflows into the epidemquity mutual funds a k accele

i'm carl quintanilla with morgan brennan and mike santoli cramer and david faber have the morning offsell stimulus relief gets a last minute curveball but market is more focused on this government deal for new pfizer vaccines, jobless claims better than expectednd

cnbc's market commentator mike santoli joins us >> it's not so much about winners and losers, differentitself, it slowed down a little bit. there's been a couple of failed minor pull back attempts haven't come to anything if you take it from september 2nd, 3.5% above. look at the s&p above the russell 1,000. this is the largest 1,000 stocks in the u.s the s&p 500 is the overwhelming majority of the market value of the russell 2000 you see how they usually go very much in sync in the last several weeks, why might that be? in the russell 2000, not in the s&p, very, very large stocks we know tesla is about to go in the s&p. many other very large names at or around $100 billion that are very hot performers are not in the s&p. here's just a handful of them. tesla, 600 billion or so in market cap square, zoom, snowflake. snowflake brand new. around $100 billion. just for scale there are 50 stocks in the s&p 500 smaller than 10 billion. you have 10% and a bunch of market cap outside of it a little bit of a conundrum. it's very dynamic because basically people are grabbing at the hot growth sto

faber with morgan brennan and mike santoli futures as we head to the final

overdue for a pause in the rally, and for that, we bring in cnbc's senior markets commentator, mike santoli >> if we're getting a rest for the market, it's a well earned one. if you look at the s&p 500 over the three years since basically we last saw that multiple record highs on all of those indexes, you will see it's a little bit extended to the up side here now, we have had this little push higher, above the former highs, and one thing to note is where we are relative to a 200 day average. it's about 17% above that. 16% above that on second 2nd this is one measure of how far and fast the index has gone. we're at the top of a general range, overshot to the downside there. basically, wouldn't be a surprise if the market were flat semiconductors, always a good leading indicator when semiconductors are ahead of the market they obviously have been again, look at this steep acceleration higher. we saw a few of these before one thing to look at if you get a pull back in the overall market and index, if it settles out on top of where the old highs were, that's really usually pretty routine we ha

bonds might look like they're endorsing the stock market rally our senior markets commentator, mike santoliseeing >> remember back in the summer, we were making new highs, july and august, led by the nasdaq, and the big question, what's going on with the bond markets, yields aren't moving look at the s&p first of all here that was that august run up. we didn't see a lot of response from the bond market here we are, looks like the market has been doing not much of anything in the last three or four weeks sentiment is definitely getting a little bit over excited. but right now, the behavior of the market itself looks okay especially because the big tech stocks that have been resting are starting to get into gear. take a look here, though, at the yield curve. this is a big move, back to 2018 levels, a difference between the ten-year yield and two-year yield, usually it means bond market is positioning for healthy levels of inflation, and perhaps better growth next year. remember last year there was a lot of concern about how we went negative on the yield curve. that's usually a foretelling of

i'm david faber with morgan brennan and mike santoli carl and jim have the morning off.at futures as we get ready. we got to more trading days of the year, right? there it is. wi we look like a slightly higher open at this point after another gain yesterday for these record-setting markets let's get to our road map this morning. and it begins with some news o

mike santoli is monitoring the markets, looking at if most of the vaccine news is priced in.imulus. >> the biggest development is we are getting talks between mitch mcconnell and nancy pelosi they spoke yesterday, and take a look at the statement from mitch mcconnell who's suggesting that both he and pelosi are interested in getting to an outcome here that sounds like bland washington speak, and it is, but it is a signal that there are some real negotiations going on behind the scenes, so the expectation now is that there could be a potential for about a $908 billion bill, only 300 to 350 billion of that would necessarily be new money some of the other money in the deal could come from the c.a.r.e.s act funds and ppe funds that weren't used last time around, redirect those to new targets. less clear is a prospect for a spending bill by the endov of t year that was hanging as well the prospect of the relief bill out there. not clear where that's going to go and we saw a fascinating series of tweets from the president of the united states threatening to veto the $740 billion de

mike was so tapped in. >> he's -- you've got to keep up with santoli he keeps us all on our toes around here. >> i'm a parentd-in people. >> exactly that's all you need to be. discovery could become a casualty of the streaming wars warns bank of america. the firm is dropping its rate on the stock from buy to underperform, and they are cutting its price target to 25 bucks a share, 11% lower from here they are saying it will be challenging to produce must-have content in this fragmented media land skate granted discovery is down about 3% to date but coming off a six-week winning streak, its longest winning streak since last summer. ed, i find this fascinating. they were an absolute winner monster of the cable era can it transition now into -- into streaming >> so, i think discovery's long-term genius during this whole cable period was that it was effectively background tv, right? it was sort of always on, you know you walk into any household, like someone was watching one of the discovery networks it's easy to watch the content itself is relatively cheap to produce and they made a lot of money on advertising.