Transcripts For CNBC Worldwide Exchange 20240711

And the u. S. Adding two Key Chinese Companies to its defense black list o and everybody just chill, the ceo of warner media down playing news that sent Movie Theater stocks cratering yesterday it is friday, december 4, and this is worldwide exchange. Jolene, jolene, please dont take my man good afternoon, and welcome from wherever in the world that you may be watching. Happy friday, folks. We made it lets jump right into the markets and your money because friday futures where looking pretty good. Dow futures are up 113 points. Up once again for the week the nasdaq 100 higher by nearly 2 to kick off the month of december technology back in command and this could be the number of the day. 47 no, that is not the number of days that were in march this year, that is how many times the nasdaq 100 has hit a record high this year and well see if we can make it a steady 48. For the dow, boeing has been the star rising 6 again yesterday and accounting for pretty much all the dows gains. This after the company securing its first 737 max order since june of 2019 with ryan air picking up a bunch of planes for boeing and of course oil after a long and contentious opec meeting, they agreed to stay fairly disciplined, raising output in january by just 500,000 barrels a day. The market liked it. And the price of wti crude is inching back toward that 50 mark around the world, a mostly higher session to end the week in asia, europe of course just getting its day started. All amid brexit uncertainty. Do you remember brexit thats right it is happening. And well have much more on that but first, some breaking news to kick off this friday morning President Trump repeating his threat to veto a crucial defense policy bill after a bipartisan deal omitted a provision which the president demanded, one that would strip social media platforms of a key legal shield from a pair of comments just hours ago, quote, very sadly for our nation, it looks like senator jim inhofe will not be putting the section 230 termination clause into the defense bill so bad for our National Security and Election Integrity last chance to ever get it done. I will veto. End quote. Much more on that story throughout the morning here on cnbc outside of washington, some clarification on critical news about the vaccine rollout from pfizer Frank Holland is here on that and more good morning, frank. Good morning. Thats right, cnbc is among a number of news outlets that are actually pushing back on a wall street journal report that stated pfizer and biontech have cut the number of covid vaccines it plans to ship this year from 50 million to 100 million. And it set markets reeling with the s p 500 giving up the majority of its gains from earlier in the day in fact pfizer in a press release november 9 says that it expects to produce 50 million doses globally in 2020 and up to 103 billion in 2021. And the last time it mentioned the 100 dose figure was back in july separately moderna says it expects to have 20 million doses ready by the end of this year. And most of the supply heading to the u. S the new england journal of medicine also reporting that phase one volunteers continue to have high level of antibodies three months after the second dose the Trump Administration officially adding smic and cnooc to the black list of chinese companies. In response china says it opposes the oppression of its companies and says the white house should stop abusing the concept of National Security and Justice Department is suing facebook accusing the company of being unamerican by favoring Foreign Workers with visas over citizens of the United States and this is following after they intentionally favored visa workers and other inch grant workersoff u. S. Workers according to the department of justice. Brian, back to you big stories there the market shrugging it off, Facebook Stock high nert pler i premarket now back to your money and the smartpho money is looki to find stocks that will keep doing well even in a postpandemic world. Joining us is luke lloyd at Strategic Wealth partners. Luke, good to see you again. Everybody has been so focused on the work from home, stay at home oig, whatever you want for call them stocks. And people are adjusting why not just find companies that will do well in whatever weird world we may find ourselves in lets say over the past year somebody has been in hibernation and hasnt seen what is going on if they wake up today and take a look at the stock market and the economic numbers, for the most part they would say things are good and they would have no idea that pandemic was going on but lets say they walk down to main street, walk down and see the mom and pop shops or Small Business owner, they will see a lot of red flags and issues. So instead of betting on stocks that will do well if we open back up or companies that will do well if we dont open back up and we shut down again and the vaccine doesnt prove to be as effective or doesnt get released in time, id rather bet on stocks that have been doing well both prepandemic and during the pandemic. And one of those sectors is ecommerce. The ecommerce trend is here to stay whether we shut down or keep things open we just saw the Holiday Season come around, 20 to 30 growth of holiday online sales. So the ecommerce trend is here to stay. I just watched the old wall street movie with charlie sheen. And one of the quotes in the movie is that you should bet on sure things. He was using it in a different context, but i think this is a sure thing that you want to get on so blue star airlines, anacot steel . If somebody excellent through the pandemic, i would say lucky them absolutely. I get the ecommerce thing and im not knocking it. But im so tired of hearing about the same old names all we hear about is amazon, shopify and everybody will do this and that. Give us a new name so it is really important to get into the smaller cap names i think were seeing that with the big rotation out of the big names like apple, amazon like you mentioned. Apple, amazon, these big tech names, they were considered the safe haven of stocks for a very long time because everybody knew they werent going to go under during this pandemic and this is why we saw the money flock into them but right now, a big name we like is stamps. Com essentially Small Businesses transition to this Online Presence because they need to adapt, and as more packages get shipped out, stamps. Com will do well i mean, the more packages that get shipped, the better stamps. Com does. Not a name that lot of people talk about what exactly is it aside from the fact that, yes, well all mail more stuff Going Forward that you like about stamps. Com you hear their commercials a hundred times a day, but what about the equity that is attractive absolutely. So when it comes down to these Small Businesses, that is really the growth area. I actually have a buddy in the Small Business realm and he package clothing for his store, he sells clothing online and what is happening with stamps. Com is they allow the ship station platform, they allow you to go ahead and enter all the squ numbers and they make it efficient to go ahead and do that for Small Businesses and that is really the growth area down the road but stamps. Com, when it comes to this trend, it is really important to consider these smaller cap names that not everybody is pouring their money into stamps. Com is trading at around 300 a share, cut down to 185, so i think that that is a really good value prop where it was trading at a couple months ago maybe looking to buy a little bit on the pullback. We like the new name on a friday of opportunities luke lloyd, a real pleasure to have you on again. Have a great weekend up next, anybody remember brexit. Yeah. Brexit well, it is here and it is back in focus for the markets. Steve sedgwick taking to the streets of london about it next. Why shares of one of the biggest beauty retailers are taking a tumble and later on, one part of the American Economy that is busier than it has ever been and it just might surprise you. A very busy hour of worldwide exchange. American economy that is busier and never brought to mind should auld acquaintance be forgot and Auld Lang Syne well take a cup of kindness yet for Auld Lang Syne next customer please. [whats this . ] oh, are we kicking karly out . We live with at t. It was a lapse in judgment. At t, we called this house meeting because you advertise gigspeed internet, but we cant sign up for that here. Yeah, but im just like warming up to those speeds. Youve lived here two years. The personal attacks arent helping, karly. Dont you have like a hot pilates class to get to or something . [ muffled scream ] stop living with at t. Xfinity can deliver gig to the most homes. No one sees you need help. No one knows youre not okay. So when someone recognizes the importance of Mental Health and offers a hand, it means everything. My illness may be invisible. But thanks to covered california, im not. All covered California Health insurance plans are comprehensive with Mental Health coverage, and financial help for people who need it. Covered california. This way to health insurance. Enroll by december 15th. Lets talk brexit. Easy to forget with the pandemic, but it has going on regardless and now it is less than four weeks until the uk finally exits the eu with both sides admitting that final talks are entering a difficult phase with hopes slipping away Steve Sedgwick joining us now a and, it has been four years going on that weve been talking about brexit it was prepandemic probably one of if not the biggest market stories in the world but it has been quietly going on as weve all been locked down. Where do we stand right now and what are some of sort of the last mile or last minute key Sticking Points . Good morning. Yeah, there used to be a part of my life before brexit, but ive forgotten all about it, that was before the big vote in june 2016 when britain decided to come out of the eu. Since then, weve agreed to leave the eu, were now in what is called the transition period, weve been out of the eu of course since the end of last year and start of this year. But now were trying to take sort south the trade deal Going Forward. And one issue is fisheries and as im sure some of your viewers know, 0. 1 of trade. And that is a ckocontentious is. Enforcement of any deal is a big issue. And of course level Playing Field and state aid, that seems the third big issue that is a Sticking Point we thought that we were getting to a point where i could be reporting to you that wed reached an agreement on trade, but it appears that schbts the case and now there is all kinds of recriminations going on the british saying if the french fall, if the eu coming to the stable left, the eu for their part saying we havent given anything new, it is the same as ever but what is really interesting, and you talked about the market moving, where do you think the pound is, where do you think the ftse is . Both trading pretty much at their 6 to 9 month high as well with the pound knocking on the well 135 on cable and the ftse over 6500. If things were so dire on the talks, why are those two key Financial Instruments moving to the up side at the moment . Im just wondering if the ladies and gentlemen in the Financial Markets think they know something about these talks was not coming out on the surface from the people who are doing the talks themselves very interesting situation i expect to be here at some stage next week to tell you weve either got a deal or we havent. Back to you, my friend and hold on, were not letting you go he yet. You look like you are in apartmeanswer artie came res answer arrentarctica by the way answer your own question, what do you think they know, why are they bidding up the ftse, bidding up the pound it is really interesting, so there is a lot going on at the moment and the other thing is, and our viewers get this, when the pound goes up, mechanically sends the ftse lower because of all the dollar earners so you have a mechanical movement so seeing both go up at the same time, that is interesting. So i think it is about the dollar story when you look at the euro, 121. 50, you can see all of the major currencies are taking a little bit of ground against the dollar, the dollar trading on this dollar index as you know that is multiyear low as well. So i think that it is a dollar story and also revaluation of asset story as well. Because the ftse unlike the dow, the nasdaq, the s p, is not knocking on record levels. In fact were over 1,000 points away from the record levels. So i think it is a rotation story that so many of your guests and strategists have talked about as well going out of some of the growth stuff and finding the value. And when you look at indexes dominated by value, you find indexes like the ftse 100 that has all the oil players and banks, so a couple sectors that have been out of vogue as well, i think that they are benefiting from that and their International Exposure to a bit of cyclicality coming back into the market and there has been some good news surrounding the vaccine and weve gone early on recommendations on the pfizer by Pfizer Biontech vaccine. And yes, it is raining in london for me and everyone else three things that give me a sense of return already of a sense to normalcy. Number one, raining in london, number two, seeing you, my friend, and number three talking about something other than the fact that were talking about brexit, to me, that is sort of the biggest sign that, yes, maybe we are returning to a weird sense of normalcy when that was the big story Steve Sedgwick, always a pleasure get back inside. Well see you soon and a lot more do here on this\friday china an Unmanned Mission to the moon she got there a they got there and now the hard part, get back to earth. Today es big number. 34 billion. That is the onpaper losses short sellers have incurred year to date betting against tesla according to data from s 3 partners the stock has risen over 600 in 2020 welcome back we normally big you the three big stock stories here, but it is friday and were feeling generous, so well give you four stocks today are you ready . Stock number one, docusign, shares higher after the Company Reported brern expeetter than e revenues and guidance. And the ceo is on squawk this morning. And ulta beauty missed expectations on sales for its Third Quarter and also saying same store sales fell nearly 9 . Ulta down 3. 5 and stock three, the other way, cloudera surging after posting growth of 10 and the board did approve the buyback of 500 million in stock shares up 14 . And the friday bonus stock, pagerduty. This is a Software Company and it reported a better than expected loss, sales also came in above estimates and the Company Forecasting higher than expected guidance. Up 16 , a bonus stock for you to focus on this friday on deck, what you love about fridays other than the fact that it is, you know, friday. Our exclusive look at what companies are making the biggest bets with their own insiders buying the most of their own stock. Is that video giving you a hint . Your exclusive insider buying segment is ahead labradoodles, cronuts, skorts. its a skirt. And shorts the world loves a hybrid. So do businesses. So, today theyre going hybrid with ibm. A hybrid cloud approach lets them use watson ai to modernize without rebuilding, and bring all their partners and customers together in one place. Thats why businesses from retail to banking are going with a smarter hybrid cloud using the tools, platform and expertise of ibm. The teams been working around the clock. Wire, weve had to rethink our whole approach. Were going to give togetherness. Logistically, its been a nightmare. Im not sure its going to work. Itll work. I didnt know you were listening. Futures are higher as cue the holiday music because some are saying the santa claus rally is just getting started. Big ships everywhere, americas ports are booming. You wont believe just hbusy som are. Well talk about it. And the 3407b9dly jobs number is here it is friday, december 4, this is worldwide exchange. Best video of a man cleaning a chair that ive seen all week. Just throwing that out there here is how your money and investments look right now futures, they are in the green dow futures up about 100 points right now, nasdaq up 35. The major averages, they are all up for yet another week. Got a little bit of a selloff late yesterday, but still the nasdaq, it is 46th record close of the year, 47th for the nasdaq 100. Look at that, nasdaq up about 1. 5 on the week and all those get out and travel names, we call it the g. O. A. T. Stocks, tongue in cheek way, continuing to bring in new money. Look at the gains this week. The jets airline etf, it is an etf composed of airlines, up nicely and look at the week to date gainers. Well all be traveling our you know whats off United Airlines up 10 this week, american up 8, delta 4. 5 , all the Major Airlines higher on the week as well and still one day to go. The vaccine hopes folks are really driving everything. Time for our insider buying segment looking at what companies have thebiggest dollar buys of their own stocks by their own executives. And they have been outperforming the overall market so Pay Attention this week, we have four names to bring you. And as always, were koincountig you down to the least to the most and stock number four, liuminex a director buying 100,000 and stock number three, amarin, a board member buying after selling three times last year. So sold three times last year, now back to buying on a pullback something to watch and the second most insider buying this week, yeah, the video gave it away, keurig dr. Pepper, kdp, it is the 15th purchase in two years for a board member of keurig dr. Pepper but the company with the most insider buying is biogen the ceo who has never sold a share, buying 750,000 worth of the pullback remember by ghoio aga bay oww be negative news. And so four more names for you to watch we do this every friday, but only here on worldwide exchange. Back to the breaking news. President trump doubling down on his threat to veto the critical defense policy bill after a bipartisan deal announced yesterday. Eamon javers is joining us with more on this we know that the president has talked about this section 230, a lot our audience may have heard about it, not really sure what it is. What is the president s big beef with that section . Thats right, the president was beefing with that section all night last night tweeting up until 1 00 in the morning about the veto threat. And here is what he is concerned about he says. Section 230 refers to that section of the Communications Decency act which when initially passed protected the big internet giant and social Media Companies now from liability for things that people post on their platforms. It has been called one of the pillars of internet free speech because individuals can post things that big media corporations perhaps couldnt post that would sfwilgts thenti damages. So that is something that the social Media Companies are desperate to keep in place it is not even in the defense bill, not something that has anything to do with the defense bill what the president wants is for that to be added to the defense bill and take a look at this tweet last nirt, you see senator inhofe saying how proud he was to introduce this 60th annual Defense Authorization act last night. And then the president at about 1 00 in the morning tweeting but doesnt get rid of big techs wind fall, section 230, a grave threat to National Security. I will veto. So this is a 740 billion defense spending bill that includes a raise for the troops. President threatening t a koouchlt thincouple thinge i would imagine there is some bipartisan support democrats and republicans probably by the way could have beefed themselves with social Media Companies that just want to be absolved from everything it is our platform, but we cant be responsible for what people post i would imagine that there is some bipartisan support for this some tweaks or changes let me ask you a dumb question why would this go into the defense bill, why is this bill the place where people are looking to tuck in 230 well, look, there is no particular reason why it would go in the defense bill the president simply wants to go because this is one of the last big bills that is moving in this congress and in his term in office so he is looking to attach this to any train leaving the station at this point. And youre right, there are conservatives who feel very strongly that social media is biased against them, that the elites in Silicon Valley are putting their thumb on the scale against conservative voices online there are liberals who feel that freedom of speech may have gone too far and we might need to eliminate some of these voices from the national discourse. So there are people on both sides more on the conservative side than on the liberal side, but nonetheless, who feel that we might have to change section 230 of the communication decency act. We might have to regulate social media. That is a conversation for another day say all of the people involve in the defense bill they want to pass their bill and give the pay raise and all the other spending associated with the u. S. Military. 230 was written back in the day when you were dialing up your hoe dumb and playing chess on line with your friends. And it is one of the core ways that they developed around that legislation that was the platform for the way that we saw the internet develop as we know it today. And there are people who want to go back in and change that but the question that the defense guys are asking on the hill, why does that have anything to do with our bill they feel that it doesnt. And they dont want to have anything coming in at the last minute that will jam up their work for the entire year yeah, because that has been kind of an easy pass bill, nothing easy about 2020. Eamon javers, thank you very much good to see you. But stay with us by the way because there is another er sto to stimulus talk, support for a 908 billion relief package making its way through the senate more on that actually, eamon, i guess were going back to you. I have no idea what im doing. I got caught up in 230 and the prompter says go back to eamon, you ding dong. How you been been a while. Yeah, a lot to talk about. And not clear where any of this will land. You have the defense bill fight and the president angry tweeting about that and now you have the question of whether or not there will be a stimulus or call it a relief bill on covid and then another question entirely about whether well get a bill to keep the government open by the end of the year as well there is a lot of dramatic end of year stuff happening which ro involves billions if not trillions of dollars and so on the idea of stimulus, Mitch Mcconnell and nancy pelosi speaking now this week and here is the quote from mcconnell yesterday, end were both interested in getting an outcome. That sounds bland, but what it means is mcconnell is treating this negotiation with some respect. He is not saying that this is a foregone conclusion that nothing can happen here. There is the potential now for a 908 billion relief bill that is because that would only require about 300 to 350 billion in new money the other money would company from reappropriated ppp funds and c. A. R. E. S. Act funds but less clear if they can avoid a government shutdown. Washington has never been particularly functional at this time of year and now that were in this pandemic, lame duck, end of the year phase, it seems like there is a real question mark about what can happen at this point. Eamon javers, good to see you again, i enjoyed our time together this morning. Thank you very much. A couple dose of javers and joining us now is joe quinlan bank of america private wealth america good morning and welcome ill try not to screw this one up like i did with eamon you have the stimulus hopes, the vaccine hopes. You got more fiscal and Monetary Policy hope. There is a lot of hope out there priced into the market what are the key risks well, you say hope, but these hopes, they are expectations that they will come to fruition at some point. So wul gell get a fiscal stimus packer sooner rather than later. If not now, by early february. Earnings were better than expected q3. Weaker dollar play there is to good multinational earnings. So were still looking for up side and realizing take maybe were getting ahead of ourselves wanting it now, but it is coming so investors should stay in the market and pick their spots. Are people tripping over themselves to raise their targets . Where do you fall, joe i always think about how the roaring 20s ended. And that scares me but hey, we had five or six good years before everything collapsed for a decade for a decade or so and then there were wars and so forth so the roaring 20s has different connotations for people. But were very constructive on equities really across the board, broadening out the large cap small cap growth values. Were adding International Exposure so there are days people talk extended, but go back to earnings earnings were brern expeare bet expected in q3 and we think that that will be the underlying support into 2021 and beyond what if we dont get stimulus what if vaccines take longer to roll out than we think, what if lockdowns especially in the cold northeast extend longer than we think. Were not thinking we dont we all want to look for reasons to be hopeful, i get that, me as much as anybody else out there sort of on the Financial Media landscape, but what if things maybe dont work as smoothly or as quickly as we hope, is there any guidance for your clients and our viewers as a way to protect bias and puts, the vix, some kind of protection that we can purchase exactly watch the vix very carefully but if we would say if there is disappointment because there is delays, the market taps down, negative economic news, that is a b buying opportunity if you do believe science is going to win and it is going to win, that we will get another stimulus, because we will, washington will ante it up jay powell has our back as well. So if there is disappointment around the expectations of not moving fast enough, that is a buying opportunity particularly for that investor who has been waiting. A lot have been waiting all year and so the waiting period is over if we get a mull backe, that is an opportunity to get exposure to equities. By the way, big if because dow futures up once again. A lot of wind in the sails of stocks in what is traditionally a very good month as well. J joe, best to you and your. Thanks very much and up next, call in the tugboats, americas ports, they are booming and you may not believe just how busy they really are but well show you ahead with the port of charleston coming up first, some of the other big stories right now, warner media ceo defending his companys decision to simultaneously release all of next years movies in theaters and on hbo max at the same time pushing back on criticism that he basically imploded the Movie Theater business forever in an interview, he said that everybody should take a breather adding the move was pandemicrelated and the studio is not, quote, spent one brain cell on what the world might look like in 2022. Also happening now, uber wants its drivers to be on the list of professions getting early access to the vaccine. The company sending a letter to the cdc with their request saying the vaccine could help reduce the risk of drivers contracting or everyone transmitting the virus and a china spacecraft carrying moon samples on its way back to earth. This is the first time the country has carried out such a mission. harold twelve hundred strings of lights. betsy quarter mile of tinsel. harold and real snow all the way from switzerland. betsy hmmhm. Gonna be tough to top. Well played. vo add some thrill to your wish list. At the season of audi sales event. Get exceptional offers now. Welcome back you probably havent been hanging down by the docks lately, but something pretty incredible is happening in americas ports. Despite the ongoing trade war with china, business is booming. There are ships stacked up both on the docks and waiting to get in in places like california, texas and South Carolina look at these numbers from out west in october, the volume of tonnage coming into long beach up 19 over last year. In l. A. , even more 27 more than october of 2019. In fact, get this, good rbi, los angeles port had the single busiest month in its 114 year history in october and there is no sign of it slowing down charleston is also booming jim newsome runs the port of charleston and we appreciate you coming on. We talked about the west coast and you guys have been swamped as well. Weve done our show from the port a couple yearsing g a in a. How busy are you our numbers are up double digits and the forecasts are that the volumes will continue flew january and up into next Chinese New Year are you seeing the kind of backlog i do these weird satellite things where i look at the number of ships offshore because that is kind of what i do for fun nowadays. How much back willing do you have waiting to come in, how busy are the trucks . You also have an inland port how busy are the rails we really dont have a backlog, our ports are fluids, but volumes are up and it is a very busy time but were able to handle the volume i think what happened also, there was a trend of moving volume to the east for liability reasons, but a lot of volume was sent back on short notice to the west coast so that created some fluidity issues there that is not a criticism. I think anyone would have dealt with that if it happened unexpectedly time is everything. I mean, we buy something online, we want it like tomorrow if not later on today you guys are deepening going to 52 feet, you will be the deepest on the east coast once that happens. How much is the fact that were all just sort of locked up sitting around buying stuff online, how much is that this omnichannel online retaili trend impacting your business . It is a dominant theechme and if you cant go on a vacation or restaurant or football game, then you stay home and buy stuff and i think that is what were seeing you see the deliveries in your neighborhood, and the major retailers are best able to take advantage of this omni channel trend because they really combine bricks and mortar and ecommerce in an efficient way and they can deliver fast. So i think that it is a trend that will not change honestly. And we will see that in distribution capacity. There is a need for more Distribution Centers to support rapid delivery and that is the new wave of Distribution Center development. And what is amazing, and we sort of half joked about it earlier, we still have a trade war going on, we forget about that because of the pandemic there are still trifls ariffs, trade war. And president elect joe biden has basically said that he will probably keep some of the tariffs on at least in the early days of his administration do you sense youve been doing this a long time do you sense that there is still some kind of trade war going on, do you feel like it is coming to a close . As you know, 75 of the goods from china are paying triflsz tariffs today, but if a large retail her wants to source its scale, you have to do it in the china for infrastructure reasons. They have been at it for 30 years and they have younbeatable infrastructure the trade war had more impact on u. S. Exports than it did on u. S. Imports because you could source so so i have beans a soybeans and other things in other countries. So i think it is a myth that it will be repatriated in the United States when the type of low volume consumer goods that we tend to import. Yeah, we were there at your ports when the trade are war kind of kicked off and we were worried about what might happen. It is amazing the covolume of stuff still coming in. And you handle a lot of the bmw business thousands of bmws down where you are. High value availables, car sales are booming. Are you seeing a jump in business on the high ticket items as well as just kind of the stuff we buy on amazon every day . Absolutely. The car factories were closed in april and may, so that had a big impact on our volume were dependent on auts motiomo. But now there are record volumes. So there is demand globally for what is really a great premium product. So that is at record levels as well truly amazing the port volume there, a lot of import, id like to see a little more imports, but jim newsome, a real pleasure to see you again take care. Good seeing you thanks think about that, port of los angeles, busiest it has been in 114 years in a pandemic and a trade war. On deck, dont forget, it is jobs friday. Well talk about what it all might mean, where the number may come in and how it might impact the markets and your money dow futures up 104 for skin that never holds you back dont settle for silver 1 for diabetic dry skin 1 for psoriasis symptom relief and 1 for eczema symptom relief gold bond champion your skin gold bond should auld acquaintance be forgot and never brought to mind should auld acquaintance be forgot and Auld Lang Syne well take a cup of kindness yet for Auld Lang Syne next customer please. For skin as alive as you are. Dont settle for silver gold bond champion your skin welcome back investors bracing for what will likely be the slowest growth in hiring in about six months, but lack of stimulus progress and growing shutdown threats across the country dealing a major blow to wouldbe employers. Joining us now is tom porcelli im not a huge fan of the jobs number, i prefer the jolts number and this could be a little sloppy because you have 100,000 or so temporary census workers being rolled off, correct . So this number could be messier than it has been so what inside are you specifically looking for to give you any kind of clarity . So you are not a fan of the jobs report just these days . I feel like im never a fan. Honestly, tom, i never have been i like the jolts i like hiring. Like the jolts number. But that said, it does still matter yeah, of course we always have to Pay Attention to it. But i would say im almost never a fan of this report it tends to be, i think youre right, it will be sloppy this month, but i think it tends to be sloppy almost every month there is a ton of moving parts and people gist want just want it is not simple to just say it is a good or bad report. But all that aside, yeah, we do think that you have some census workers about to fall off, which means that it doesnt just focus on the private hiring. Private hiring will come in pretty decent, were looking at about 500,000. That is one of the slower paces of growth that weve seen from a private hiring perspective really since the recovery started. But still, you know, sort of the jobless claims data are pretty consistent with that we think as we move into december, you know, sort of the next report after this, that could even be sloppier jobless claims, we saw a tick up over the prior two weeks seems to have stabilized in the most recent week but we have to be cognizant that with governments scaling back business, it is entirely possible that you see sort of an even slower rate of growth next month. Looking ahead thes, are you . It is not a farfetched idea to think that you could have, you know, outrageously strong growth in 21. And ill talk about that in a second but i think what we have to keep in mind, how sustainable is that and that is where i think we would temper expectations sort of 21 but the pieces in place for dwun to have 2021 to have a really good year. This is all built around the Vaccine Distribution. 202 to have a really good year this is all built around the Vaccine Distribution if that happens, you have to keep in mind that the consumer, there is so much pent up demand from a consumer perspective and the thing is, they want to take advantage of that in a feel Good Environment where the vaccine is coming about, et cetera. They have the stockpile to be able to do that and that is in the way of saving. Saving over and above tom, my friend, i apologize they will whack me as they say in the control room. Well get you back on again soon. No worries. My earpiece came unplugged in the commercial break, so i lost a little time. Folks, squawk box is next. [ whispering ] whats this . Oh, are we kicking karly out . We live with at t. It was a lapse in judgment. At t, we called this house meeting because you advertise gigspeed internet, but we cant sign up for that here. Yeah, but im just like warming up to those speeds. Youve lived here two years. The personal attacks arent helping, karly. Dont you have like a hot pilates class to get to or something . [ muffled scream ] stop living with at t. Xfinity can deliver gig to the most homes. Good morning hope springs eternal for a stimulus deal. Mitch mcconnell says that it is in his words within reach. Well get a live report from washington it was the equivalent of yelling fire in a crowded theater. Warner Media Planning to release its 2021 movies on its streaming platform at the same time as the big screen theater investors running for the exits. And it is jobs friday, believe that forecasters expect a hiring bounceback slowed from october to november as covid cases surged predictions straight ahead it is friday, december 4, 2020, and squawk box begins right now