wallet hacks all of that isle coming up and more. >> see how we have to quote two different bitcoins because they trade in multiple places . next, critics said truckers would not want an electric semi. we've seen a number of new corporat corporate orders for tesla's semitrucks a deeper dive on what's behind those buys. >> that's a coo l story. major biotech conference kicking off this weekend which companies could be big movers come monday after their data released. first to our top story, the november jobs report come inninn better than expected steve liesman joins us to break down the numbers. >> michelle, this is a good number but o bit of a mystery when it comes to the jobs market the job market never gets tight. take a look at the numbers, up 228,000. overall impression from economists we should be slowing down job growth to better equal -- average hourly wages did not tick up, the unemployment rate did not change, neither did the labor force participation right. here's what ubs said, showed above trend payroll gains stronger than expected but no real indications of further tightening in the overall labor market as unemployment and rates were unchanged on the lack of wage growth, also has the attention of top people at the white house. >> we're still not growing wages in this country. we do believe that tax reform will help us drive real wage growth in the united states, which is something really important to the administration. >> here's where the jobs, education, health services, manufacturing, up 31,000 that's a big number. construction up 24,000 leisure, hos pi tapitality up 1. information, 4,000 that shows you jobs growth was widespread economists adding up all the numbers, find the report is slykely l likely to keep the fed on track to its -- >> pretty low what's the chances we get a three handle on unemployment, when is the last time that happened essenti >> it was the early '70s or late '60s, michelle. >> wow. >> there are a lot of people who think it's gage oing to happen we're at a 17-year low if you back back fufurther -- a people think it's not hard for the market to tighten more the interesting question is, michelle, you don't have inflation going along with it yet, you really have very lackluster or modest wage growth. >> yeah. by the way, steve, i'm curious, how is holiday hiring going? >> actually, pretty good what we looked at, we looked at the numbers from last october and november, to today, and it's up 100,000 especially in retail so i see that as a pretty good oman for holiday season shopping, because, you know, if you're the retailer, you're going to hire people commensurate with what you expect shoppers to be doing coming in the door, the number of shoppers. at least it shows they're confident. that's a pretty good oman for holiday season shopping, up 100,000 over the last two months last year. >> especially? some of those jobs can become permanent as well. steve, thanks very much. >> sure. >> if it means better service at the stores. >> we -- yeah, we can only hope. let's get to our "closing bell" exchange, money signs across the board today pretty good gain for the dow, as a matter of fact, up 91 points keith blitz, senior vice preside president, at post 9 sam, chief investment strategist at sfra, also at post 9. rick santelli checks in from the cme in chicago keith, volatile week, last couple of weeks no the so much but, you know, we've had tech, tax policy wrangling this market, geopolitics. next -- the possibility of a government shutdown next week at the fed meeting. i mean, a lot of things for the markets to think about right now. >> well, they take those things and like we've seen the last few months they tend to shrug them off. yes, the government shutdown, market goes higher any kind of event around the world, the market goes higher. and i think that's just going to be the direction that we're certainly going to have for the last three weeks of the year and into 2018. i think the market's set up very well, the macro data has been very supportive. again, we've come off a very good earnings week we're in unchartered territory when it comes to looking at technical analysis and trying to decipher where we're going from there. we have no overhead resistance to speak of. as long as things continue to be accommodative, as long as the narrative inside of washington continues to move the right way, you're going to see this needle point higher i would not be surprised at all if we see dow approach 25,000 by the end of the year. >> wow, sam, what do you think about that, and is there a risk? we've been so focused on the tax plan, market has been waiting for it for so long is it possible that we actually sell off only the news when it's finally done >> that's a very good point, you know, the old adage being buy on rumor, sell on fact. i think investors are going to be asking themselves what's the next catalyst, what is it that's going to drive earnings so we see a 15%, 20% increase, rather than the current 11% anticipated by the street? but i think certainly with tax cuts probably behind us by the end of the year, that the focus will go toward information spending, something, again, that the president had campaigned on. and that could end up continuing to support optimism. >> rick, you're almost at 94 on the dollar index yields going up. you got the fed meeting next week what are you watching here >> well, you're right, i mean, the dollar index is up over a penny, but it stopped intraday right at that 94 area, and it's backed away a bit. i don't think we're going to get the right close. nonetheless, it was a solid week on interest rates, yeah, they're up, but not much the 10s and 30s, 10s up two basis points on the week, 30s up one basis point on the week. the short end is down a little bit on the week. that isn't the short end i'm paying attention to. shots, closed at minus 70 last week, minus 75 this week boy, i tell you what, that's a tough steepening trade wednesday it has to be accomplished by trading minus 75, and i would continue to pay attention to that i thought the data was good. not only was the jobs data pretty good, but if you look at the nonseasonally adjusted, there was some powerfulnumbers there as well. i tried to cover it all. and in terms of next week, boy, inflation data, retail sales, the fed. but main thing, we have two options on monday, 3s and 10s, tuesdays we have 30s next week is the big hoorah, not only for the event of the fed, but lots of important data and i think how we end up next week will give us many clues as to what type of volatility we're going to have for the end of the year real quickly, remember last week, general flynn, everything was going terrible, yesterday a shakeup by the fbi with regard to the investigation none of this none of this seems to have any lasting effect in the marketplace. >> no -- >> key point exactly. >> everybody, stay right there bitcoin giving back some of its gains after exploding past dr $19,000 yesterday. this weekend we could see more price swings because bitcoin futures will begin trading on the cboe let's bring in bob pisani, he has more details about how this is going to work. >> it's a big step toward improving the regulation a of bitcoin, which is unregulated right now. let's take a look what's going on, what's important number one, it's going to be three monthly futures contracts, likely january, february and march. now, probably be very close to the cash price initially for january. it will be cash settled. that's very important. you don't need to own bitcoin to do this. you can go in, put up the margin requirement which is 30%, you'll do all right questions for the future, questions everyone's been asking, who are the sellers? well, we don't know. likely it's going to be bitcoin miners and maybe people who are hedging, people who are long bit koichb but want to sell futures against it maybe some institutional traders. how many firms will participate? we don't know. a lot of the big guys, jf morgans and citis say initially they're not going to be trading or allowing it to be traded for their clients. goldman will have limited trading. sol some of the other guys like retail trades, ameritrade, seem to be sitting it out at least initially. if things go smoothly, i a sure you a lot of people are going to jump in. historical historically, when you bring in futures contracts with commodities long terming it reduces volatility who knows with bitcoin the bigger issue is the whole regulatory structure because it's not really fully regulated. okay, we have a futures business now that the cftc regulates but the cash market's completely unregulated and the s.e.c. specifically denied bitcoin etfs on the grounds there was not enough regulation. we don't know if that will be enough for the s.e.c. to let bitcoin etfs go forward. those intermediaries, all those people who hold the wallets between everybody who owns bitcoin and the actual bitcoin exchanges, themselves, well, they're another gray area. here's the bottom line, guys, i don't know if this is going to make it more respectable or not. it's a big step toward getting some kind of regulation over parts of the bitcoin market, and overall, it's a big step toward making bitcoin a little more transparent. or at least parts of it and for that reason, alone, i think it's a very important step. guys, back to you. >> bob, you mentione requirements, are they higher for bitcoin compared to other sectors of the market because of the uncertainty you stalked about? >> yes some argue it should be higher thomas petterfy was on our air yesterday. to trade on his exchange, he wants a 50% margin requirement. >> wow. >> you can't blame him we don't know where this is going to go. if it's moving $1 is,000,000 a n hour, margin requirements can get away from you very, very easily prices can get away from you easily. >> bob, thanks see you on the close let's ask our panel about this rick, i'm curious -- some of the big banks are going to take a wait and see attitude. they want to see how this thing opens and what it does before they participate either as to be market makers or otherwise how do you think it's going to go >> you know, a couple of observations, first of all, i traded a lot of corn futures, never really touched a lot of real physical corn so whether you have bitcoin or not, really doesn't matter in terms of shorting it, who's going to short it? speculators are going to short it they're champing at the bit. people never owned bitcoin i've talked to are looking to short it as far as regulative versus unregulated, correct me if i'm wrong, but i don't think foreign exchange trading is regulated. and it's some of the biggest in the world. but yet there's regulated futures contracts that trade foreign exchange so i don't see a problem here. and mr. petterfy is right, when i was in the brokerage business, if our clients wanted to trade something we tlauthought was rii put them on double or triple margins. that's the prerogative i think nobody better than the cme understand margin. i don't see a problem there, either >> rick, a lot of our viewers may not know, you traded gold at some of the most volatile times in gold's history during the iran hostage crisis, $7 hurn00 s in a single day. what do you think when people talk about the potential volatility in bitcoin, are they too worried about it, not worried enough >> you can never worry too much, but listen, back then when you traded gold, it had limits started out at $5, ended up at $50 and there were many times where the cash market was way ahead of where the futures were locked on a limit move because the exchange has control they stopped their trade, they get the money right and the span system at the cme will adjust. the margin to volatility i really don't see an issue. and gold didn't even have options. so gold might have been at $500, but the futures were locked at $450 but yet the system still worked. there was just gap moves where they wsht alleren't allowed to participate. the exchanges always got the margin money. >> i'm curious, keith, sam, anybody have an opinion from the equity side here h keith, what do you think >> well, i was going to say, i was going to agree with rick on all of his points. i'll tick through them quickly let me say this, bit coin and other cryptoconceurrencies are e to stay, becoming a median of exchange people like to use them. because there's no intermediaries in between. you simply pay your bitcoin to the person selling you a good or service, nobody clipping a fee in between that's why it's there. it's a libertarian type of analysis and response to what's going on with currencies coinbase, by the way, is the most popular app on the apple and google store and they're opening 300,000 accounts a day you can say that's speculation i think it's acceptance of what's happening on the retail side of things here's why i think the futures market is an important first step in what they happen to the cryptocurrencies the big problem gocht governmene now is because it's not regulated and fx markets are not regulated as well but the currencies underlying the derivative are in a sense because they're controlled by the governments. the governments currently don't have any control over bitcoin. this is going to be a real inflection point on how the futures of the cbo and cme then translate into potential regulation of the commodity, itself. but, again, i think this is an explosive market we're getting dozens of calls daily about how people can participate it it's here to stay and will get huge quickly >> sam, what do you think? >> well, i spent the last two weeks preaching the gospel of cfra and the question i constantly got was what's going to happen to bitcoin when you have a chart that's parabolic in nature sooner or later it's going to come back down, what's that going to do to the overall market i remind them this is not the tech bubble of 1999 where the technology represented a third of the s&p 500's weighting or financials which represented 20%. so i think that when we do have the increased volatility, it will probably end up being much more of a headline event than a bottomline event unless, of course, we find out some masters of the universe like long-term capital management ended up getting a little bit too speculative. >> always the master of the turn of the phrase. it's more of a headline event than a bottomline evented. i love that. thank you, all have a great weekend. >> okay, you, too. >> my pleasure. >> see you later. so back to the equity market the good old-fashioned equity market here. 45 minutes left in the trading session and, again, we're going out with positive numbers this week the dow up about 90 points right now. up next, elon musk promised tesla's electric semitruck would be mind-blowing, and just weeks after it was unveiled, it appears some minds have, indeed, been blown we'll bring you up to speed on new orders for musk's trucks from some surprising customers. plus we're going to head out to california, get the latest on the massive wildfires that are raging around los angeles and get an update on how costly the destruction has already been and we want to hear from you, you can reach out to the show on twitter, facebook or send us an e-mail, there on screen, you can see all the addresses. you're watching cnbc, we're first in business worldwide. is the monolithic view of emerging markets obsolete? at pgim, we see alpa in the trends, driving specific sectors of out performance. where a rising middle class powers a booming auto industry. a leap into the digital era draws youthful populations to mobile banking and e-commerce. trade and travel surge between emerging markets. everyday our 1,100 investment professionals around the world search out opportunities for alpha. partner with pgim, the global investment management businesses of prudential. ♪ ♪ ♪ ♪ what we do every night is like something out of a strange dream. except that the next morning... it all makes sense. fedex powers global commerce with vast, far-reaching networks... deep knowledge of industries... and, yes... maybe a little magic. ♪ anheuser-busch and cisco the latest companies to place orders for tesla's electric semitruck ordering 40 and 50 trucks respectively this adding to the growing list of companies preordering including walmart and trucking company, jb hunt >> yeah, the trucks actually don't go into production until 2019, so can tesla deliver joining us, fred lampert, editor in chief of electrek." good to see you. welcome. >> hi, thanks for having me. >> what do you think, have you seen the prototype they put out there? >> yes, i was at the tesla event last month i did see the prototype, and elon musk's presentation of the tesla semi and like everyone else, i was pretty much impressed by what this does to offer right now >> what's so impressive about it why would those companies be ordering this truck so far in advance when it's unproven >> well, right now, fleet operator, they can buy a truck just from a spreadsheet, they're looking at the economics of the latest semi right now, and based on what the release, does make sense. now the question is can this actually deliver on those promises so what we're seeing right now is a lot of companies betting that they will deliver on it >> what are the promises does it go faster? is it more fuel efficient? i mean, what -- how would it help their bottom line >> well, the specs right now are mainly what people are interested in is the range, so tesla is promising a 500 mile range on the truck, which would cover about 80% of the routes in the u.s. so most companies are pretty happy with that. but, yes, took advantage of the electric propulsion of the vehicles and leveraged that into the tesla semi to get also pretty impressive performance in term of speed, in term of acceleration and so forth. i don't thinkorder right now they're looking at the economics. tesla is promising a 20%, 30% lower cost of operation and even with a much higher price tag, between $150,000 and $200,000 right now, they're still looking at very good cost savings over the lifetime of the vehicle right now. >> you know, we all know elon musk is given to hyperbole and with this truck, he says this is the future of trucking is it? >> it might be if you're to believe everything that he said, it's for sure it can be the future of the trucking now right now the big question is can tesla deliver it and deliver it within the timeline of 2019? and -- >> you think they can? >> actually, i might be going against the grain here, but i think tesla has a good chance to deliver the tesla semi on time i think people are quick to assume that because historically tesla hasn't delivered a vehicle program on time, that future program won't be delivered on time, and to a certain degree, i think it's fair, but if you go back and look at the reason why those program weren't delivered on time, there are always different reason, if we go back to the roadster or the mobile x or tesla's difficulties ramping up production for the model 3, those are all different reasons to assume the same reason will apply to the semi, is not good log logic, in my opinion, and i will also note that gulien is the program director at tesla right now for the semi and was the model "s" program director and if you look at all of tesla's programs, the model "s" was actually one that was pretty much on time or -- >> okay. >> -- at least was on time for the tenure as the program -- >> you certainly know your production history, quite a lot. fred, let me ask you this, oftentimes when a product is new, the producer will, to incentivize early orders, get a lot of publicity, maybe the list price isn't actually what's being charged to the first-round buyers is there any chance that that's what's happening here when we see this, i don't want to call it an avalanche of orders but a lot of orders from big-name companies, are they actually putting down the deposits that are required or do you think maybe this is part of tesla's marketing to try to prove it's going to be a stuck successful c launch >> well, i think they already proved that already, what's coming in in terms of orders you mentioned the cost of the deposit to put down, have a reservation. at first, tesla was talking about $5,000 per trucks and out of the blue they changed that, increased it to $20,000. so we don't know exactly which companies have to pay which price because some companies have confirmed their orders right after the unveiling and others are just right now still coming in. but if we speculate, it does look like they feel confident enough to increase the -- the truck right now, that they increased the price of the deposit, yeah. >> okay. >> fred lambert, thank you, appreciate your insights -- >> thank you. >> -- on that new cool tesla truck. >> it does look cool. >> i wish it would fit in my garage it's very cool all right. we got 37 minutes before the closing bell the dow jones industrial average right now is higher by about 85 points still ahead, look out spotify and pandora, youtube is reportedly eyeing a jump in the music streaming business as well in just the next few months. going to tell you why youtube could be considering the move into the crowded battle for your earbuds. later, big developments across the pond and it has nothing to do with today's season two premiere of "the crown. we'll bring you up to speed on the brexit negotiations and the impact it could have on your money. stay tuned there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a box of 'em. thousands of opinions. one estimate. the earnings tool from td ameritrade. look at what it's doing today, weaker after months after deadlo deadlock, britain and the european union truck a last-minute agreement that will allow them to continue negotiations on brexit the agreement says there will be no hard border which would have meant border checks being reintroduced to monitor movement between northern ireland and the republic of ireland. a contentious issue that could have made it difficult to reach a final divorce by march of 2019 eu's chief brexit goenegotiator says the progress achieved today is sufficient to move on to the next phase of talks about the british exit from the eu the british pound trading at 1.33, $1.34 right now. >> i think the eu blinked big-time the talk has long been they were going to play hardball with the uk on this because they didn't want to set a precedent for other countries that might consider exiting at the same someti time thi they wanted it make it so onerous for them to leave that other countries would think twice about that the hard border was going to be a deal breaker, yes, but they're giving on that and the rights of eu citizens in the uk, and uk citizens in the eu they're protecting their rights as well. which i find another blink on the part of the eu. >> it could have -- it may have to do with british politics and theresa may having a fragile government here at this point, and them being worried about what would happen -- >> destabilization. >> -- if they had to do another round of elections and what that would mean. >> well, still, though, i think it's very interesting development there. back here in the u.s., let's turn to southern california, wildfire s continue to rage fro los angeles to san diego cnbc's aditi roy is live near the thomas fire in ventura, california aditi, what's the latest >> reporter: hi there, michelle, that's right, we're in ventura county which is an hour northwest of los angeles it's really born the brunt of the biggest wildfire in the neighborhood a lot of homes look like this, reduced to rubble. a lot of cars here that are complete just shells right now right now there's six wildfires raging throughout the state 28,000 homes are threatened. 500 structures destroyed and as those damage estimates are coming in, so are reconstruction estimates core lodger coming out with numbers today saying 86,000 h e homes in southern california are at risk for the wildfires, combined reconstruction cost value of nearly $28 billion. this as some local businesses are also try ing to marn ing tie wake of evacuations. >> we don't have that business right now, but we do have the business of people coming in that need that spot. so are we making as much money probably not >> reporter: she was an owner of -- assistant manager at a local bar and they say that their business has really been affected that their staff has been cut in half because most of them are displaced, themselves. all of this as there are some new numbers coming out from the california insurance commissioner's office. just this week, they came out with the totals of insurance claims that have been filed so far in the wine country fires from just a couple of months ago. those totals right now are $9.5 billion. so a big number and who knows what these estimates will turn out to be. back to you guys >> yeah, bigger. aditi, thank you see you later. we're on the half hour time for a cnbc news update with sue herera hashl hey, sue. >> hello, bill, hello, michelle. here's what's happening at this hour minnesota governor mark dayton says he'll announce his choice to fill al franken's senate seat within days. he didn't tip his hand to reporters, though, saying there are a number of good candidates. >> i'm in the process, i said before, i won't have any comments to make on it until i have an announcement to make which will be a couple of days so we're moving through it that's where i'm going to leave it for now. sexual harassment allegations swirl against hedge fund titan sam isley, eaton vance is reviewing its relationship with the fund he's the founder of orbimed advisers he's denied allegations brought by six former employees. japanese baseball jar otani agreed to sign with the los angeles angels agent confirming the 23-year-old will play in l.a. as both a pitcher and hitter during his five years in pro ball in japan, he won 42 games while hitting 48 home runs it's a big one for l.a that's the news update this hour michelle, bill, i'll send it back downtown to you. >> all right thank you very much, sue we're here on the floor with kenny of o'neal securities before we get to the last half hour or trade, sunday night, going to be locked into the computer to see how bitcoin 2350u67s are trade i futures are trading? >> i think you to. i have no skin in the game, other than watching what happens. >> good for bitcoin, bad for bitcoin, eases volatility, any thought thoughts >> i'm not so sure it eases or creates volatility in the stock market at all. i think it will create volatility in the stock market if all of a sudden it starts to collapse and you get big margin calls which i think potentially could be an issue, would create volatility in the stock market i do think there's money moving out of maybe gold and maybe some of the other assets. people all of a sudden have this fear of missing out. if it starts to clapollapse, yor going to see it turn quickly might create some volatility in the market but in and of itself, no. >> all right what about the last half hour here, what do you think? >> it's a little bit to sell at moment there's not a whole lot of pressure on the market look, we're up ten points. everyone's very happy about kind of the negotiationi ingoing on tax and ability to continue to deduct state taxes in blue states where we're getting hit hard that's a very positive development. so i think the market feels like as we move into the end of the year the santa claus rally is going to continue a.m.lthough i think we're at the top, not going to go much higher from here going to trade and close right near the highs of the year right about where we are >> unemployment number didn't seem too -- >> no, but it didn't, but i got to tell you, the end of the year, veveryone kind of expecte it, expected the number to be better i think the reaction was all about d.c. >> happy friday, kenny. >> and to you. >> bill, back to you. >> all right, guys, thank you. still ahead, shares of biotech company sage therapeutics getting another boost today after climbing 70% yesterday during the session still ahead, we'll tell you what the ceo just said on cnbc about his company's breakout move. and we'll take a look at big biotech catalyst coming up next week as well. plus the nasdaq is up for its third straight day helped along we strength in technology. after that same group saw a big dip earlier in the week. should you stick with tech into the end of theea yr? a debate still ahead on "closing bell." ♪ (music plays throughout) ♪ ♪ ♪ ♪ ♪ ♪ we are the driven... the dedicated... the overachievers. we know our best investment is in ourselves. we don't take no for an answer. we fight for what we want. even for the things that were once a given. going to college... buying a home... and not being in debt for it for the rest of our lives. but we're only as strong as our community. who inspires and pushes us to go further than we could ever go alone. sofi. get there sooner. . there's the heat map of the dow. the dow is up about 83 points. at the very top, microsoft doing quite well the very worst, down at the right -- >> looks like coca cola. >> i was going to say my glasses, i need my glasses. >> i have good distance sight, i just can't see up close. >> lower by 1.5% microsoft, unh, verizon and merck at the top of the chain right now. >> meantime, youtube is reportedly going to announce a new subscription music service in march the new service which internally is referred to as remix would include spotify-like on-demand streaming and it would also incorporate elements like youtube-like video clips reports say that warner music has already signed on and youtube is in talks with sony, universal music group, and merlin about the service as well kind of late don't you think? >> so you've already provided it free, so to get people to pay is pretty tough to make that transition they already have youtube music. i don't quite get the differentiation. maybe it will become apparent once they launch i'm not convinced. so many choices out there. >> a very smart person, if she thinks it's a good idea, we'll see if he can work out there. 23 minutes left in the trading session here as we head to the close the dow finishing the week positive up 87 points right now a major biotech conference kicks off this weekend we'll tell you which stocks to watch for 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pharmaceuticals higher, "the new york times" report that elliot management is looking for a change, elliot built a stake in alexion and could end up initiating a proxy fight if the company fails to offer more aggressive guidance or considers strategic alternatives such as a sale. that stock as you can see up almost 7% right now. shares of sage therapeutics, they're up again today remember, they had a monster move yesterday now higher by another 6% cnbc's meg tirrell spoke with the company's ceo earlier this afternoon about this big drug data that they had. >> that's right, michelle, sage soared 70% yesterday on positive data for its experimental drug for depression you asked yesterday about how the drug makes patients feel, what does it mean to have a dramatic drop in depression scores here's how sage's ceo dr. jeff jonas answered the question today. >> is trained psychopharmacologist i don't think i've ever seen date to this dramatic in a mid-stage trial. so the hope for this is a rapidly acting drug that gets patients better, where you can tell they're getting better within a day or two then you see a remission in nearly two-thirds >> wall street's excitement over that drug's potential is fueling other biotechs as well notably a large ipo this morning of denali therapeutics, raising $250 million to fund its work on brain diseases amassing a market value of $1.7 billion. making it the largest biotech ipo of this year and investors are hoping that momentum will continue into this weekend for the american society of hematology conference happening down in atlanta. there's a lot of excitement about gene therapies, seeking to potentially cure blood diseases with just one treatment. keep an eye on spark therapeutics, biomarin and bluebird bio in that space new form of immunotherapy, investors will be watching novartis, gilead and juneau therapeutics we'll have many of the companies' ceos on monday including on "closing bell," spark therapeutics jeff marrazzo >> i can imagine on the sage therapeutics drug you're going to have to take that forever we're not talking about a cure that you take then you're cured of depression and you don't have to take it anymore, right? >> that's a really good question, bill, of course it's yet to be seen this is a short trial in 89 patients jeff jonas, the ceo, is talking about potentially the ability to take it for a short period of time. >> wow. >> like an antibiotic he was quoted in one story today, if patients' depression comes back, they can start taking it again all the questions will have to be answered in larger and longer clinical trials. >> that's amazing. >> wow you think of current antidepressant treatments, you have to be on them forever. >> exactly it's a chemical imbalance they're adjusting at that point. that's amazing. >> cool stuff, meg, thanks. >> thanks, meg see you monday then. coming in march, by the way, cnbc will host its inaugural healthy returns conference, special event featuring top ceos, newsmakers, investors and entrepreneurs about the business of health care for more information and tickets, go to cnbc.com/healt cnbc.com/healthyreturns. all right. we have 16 minutes before the closing bell dow jones industrial average higher by 88 points. the s&p 500 higher by about 11 1/2. tough times for tech the last few weeks with that sector seeing big declines across the board before a bit of a rebound just the raft few days here. a bull/bear debate on tech on whether you should be buying whether you should be buying that sector into real estate such as e-commerce warehouses. and private debt to finance transportation and infrastructure. building blocks of strategies to pursue consistent returns over time from over $120 billion dollars in real assets. partner with pgim. the global investment management businesses of prudential. your new brother-in-law. you like him. he's one of those guys who always smells good. his 5 o'clock shadow is always at 5 o'clock. you like him. your mom says he's done really well for himself. he has stocks and bonds. your dad wants to go fishing with him. your dad doesn't even like fishing. you like your brother-in-law. but you'd like him better if you made more money than he does. don't get mad at your brother-in-law. get e*trade. as we mentioned, tech has had a tough few weeks as you probably know. down about 1.5% in the last month or so. some say the sector could be the least likely to benefit from anticipated tax reform that would be one of the reasons why. >> as tech tries to get back on solid ground, should investors stick to growth names or not joining us now to discuss, chris johnson from johnson research group, and max wolf from disruptive technology advisers max, weigh in here, what would you do right now with this sector >> yes, so i would be running toward tech. i do think the tech companies, their employees, balance sheets are all located in the higher tax states we're waiting to see how much relief comes there with federal versus state we're also seeing a situation here where some of the provisions of the new bill are not super friendly to the universities which are very, very important to the tech infrastructure additionally, these companies have had some trouble in the markets the last week or two had fabulous years, up 40% or more i don't see the need to run toward them. i think there's more risk and reward plus a lot of folks are holding winners because they want that lower tax regime for 2018 >> okay. so we're calling you our bear. chris, you're our bull in this segment. why? >> well, i look at the seasonality right now, bill, when you look at december, month of december over the last 20 years, nasdaq 100's only beat the dow jones industrial average 30% of the time and when it does, it's basically flat. i mean, it's 0.0% return when you look forward to january, 68% of the time the nasdaq 100 beats the s&p 500 and the dow by more than 2%. this is a seasonality effect right now on stocks. a lot of people looking at it and trying to compare it with the tax situation. but the bottom line is you got a lot of stocks here that are up 50% to 100% in the case of nvidia and some other companies, profit taking right now. you got portfolio managers taking money, putting it into lower volatility stocks, trying to wait until the year-end print of those statements. you're going to see money flow back into technology after the 1st of the year. >> it max, a lot of folks were talking about the tax bill and the tech companies because they have so much cash overseas, there's going to be a one time much lower rate on that money. they don't even have to physically repatriate it they're going to m pay it once, the money can stay wherever it is if we go to a territorial system those are huge numbers for companies like microsoft, apple, et cetera. a lot of people think they cowell do big transformative deals once that money is, quote, you know, unlocked >> it's unambiguous to give to them to be able to repatriate money and do it at a rate that's not too likely to dent the balance sheet assumption that said, they've been doing offerly well borrowing most will anticipate greater growth offshore. some are nervous about the temporary versus permanent and corporate alternative minimum tax provisions as well as shifts in tax law globally. so while they can do it, it's not so clear to us that they will do it, that they'll do it in a way that's really meaningfully constructive in the short term i do think this year is a little different given the size of the tax revamp we expect and the near certainty that we get some kind of major alteration to the rules of the road coming right after the heels there on new year's eve. >> and chris, along those lines, the repatriation tax aside, you know, a lot of people feel like the silicon valley will be a region that doesn't benefit from tax reform as much as other industries would and that's another reason why they've been selling off here. what do you think? >> no, i think it's going to go the other way right now, bill. there's a huge question around the taxes. i think what we really need to look at when you're looking at fundamentals and taxes and such, look at what's going on right now? the industries especially the semiconductor stocks there's a lot of innovation right now, bill. if we get to repat rriate a lotf the money, you're going to see companies reinvesting it into those innovations now. forget about the fact there's going to be this skepticism if they do repatriate that money and don't reinvest it, there's going to be a huge outcry if that loophole kind of opens up you're going to see a lot of companies take advantage of it, if anything, just to look good right now in the eyes of the united states. but they're really going to put that money to work i think you'll see silicon valley in these other areas benefit from it. >> all right chris johnson, max wolf, always good to see you both thank you for joining us. >> thank you. >> see you later. >> thanks. we have a news alert on broadcom's takeover attempt of cnbc.com's technology reporter alex sherman just broke this story. joins us with details. alex >> breaking news, google and microsoft had a private conversation or series of conversations with qualcomm expressing concerns with a broadcom takeover. couple reasons here, number one, broadcom pretty tight with apple. of course, anything good for apple may be not so good for both microsoft and google. so some concern there. secondly, broadcom has a reputation for cutting costs more than investing in chips or at least many people on wall street certainly agree with that expectation. so a lot of concern with both microsoft and google from that point. just because they want qualcomm to be an indent company, pumping investment money into, 5g technology both of these companies not the biggest clients, customers of qualcomm or broadcom, for that matter, but obviously major players in the technology industry >> yeah, i've read a couple of blog posts from deep techies online who are worried about the future of innovation in qualcomm under a takeover that they feel like this company really has done tremendous things, and that maybe some of the r&d money will be stripped away >> yeah, i think it's a major concern. it's obviously we'll see what happens here over the next few weeks between apple and broadcom, if, in fact, that relationship is so tight, will be interesting to see if something is put forward saying from broadcom's standpoint saying they reached maybe some sort of tentative deal with apple, if, in fact, they were to go forward and acquire qualcomm. interesting to note here, though, qualcomm actually told microsoft and google don't say anything publicly yet, wait for us to tell you to go forward and say something publicly why are they doing that? well, they don't want to close the door all together on a broadcom deal if, in fact, broadcom comes out and really boosts its offer. >> yep well, too late alex, thanks >> thank you. >> cnbc.com's alex sherman with that breaking news the dow is up 97 points we're coming down with the "closing countdown" in a moment. after the bell, bitcoin futures are going to launch this weekend. many on wall street now warning of a bubble in bitcoin >> really? >> yeah. i could barely spit it out coming up, we're going to talk about what other digital currencies could be next eprit here you're watching cnbc, we're first in business worldwide. i think we should do that meeting tomorrow. well wait. what did you think about her? it's definitely a new idea, but there's no business track record. well, have you seen her work? no. is it good? good? at cognizant, we're helping today's leading banks make better lending decisions with new sources of data- so, multiply that by her followers, speaking engagements, work experience... credit history. that more accurately assess a business' chances of success. this is a good investment. she's a good investment. get ready, because we're helping leading companies see it- and see it through-with digital. show of hands. let's get started. who wants customizable options chains? ones that make it fast and easy to analyze and take action? how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online. about three minutes left in the trading session here, looks like we're going to come out on the highs of the day or just about there on the dow on ending what has been a pretty volatile week but all in all, pretty positive week for the markets we started the week with a lot of volatility on the passage of the senate's tax bill, now the negotiations seem to be progressing with the house so that seems to be okay there will be no government shutdown at least for the next two weeks. so they can relax and exhale about that next week is the fed meeting we think we got that figured out. there's going to be a quarter-point hike by the fed next week. all these things, we think we have figured out so we're going out positive with a gain of about 99 points. big gainer for the week, sage therapeutics we've been talking about that for the past couple of days now with the really positive results so far on that depression drug up another 7% today. but for the week, 76% gain for sage therapeutics. mattel, one of the big decliners down about 13% for the week. the two-year note, the yield keeps going up here. as we get ready for that fed meeting next week, and we're going out with the yield around 1.79%. wti oil now that opec thinks they're going to keep the production cuts in place until the end of next year, volatility continues because of the inventory numbers and the amount that the u.s. producers are still bringing out, but we're at 5,738 on wti rick santelli keeps pointing out, bob pisani, the dollar index, he's watching that like a hawk this week, a stairstep rise. we're almost to 94 which is the number he's watching as an inflection point for the dollar index. >> the dollar has been weaker recently so we're going out, looks like a new high for the s&p, 2,647 was the old high another historic high. a lot of things have gone right this week. we got better than expected japan gdp data, goty great chine data china numbers, china economy holding in there progress on the brexit talks. >> right. >> we had decent numbers today on the jobs numbers. and fair wage growth numbers overall. the bottom line is our story, you and i keep talking about, the slow expansion of the global economy. that story very much intact today. we saw global markets up around the world on this kind of economic news. so here we are again of course, next week we'll find out what the federal reserve is going to be doing. >> as if we didn't know. >> as if it we didn't know but the markets, look, the market wants two rate hikes next year and heaven knows if they can handle four. i think it's a very legitimate question if anything can stop the market, it's a sudden aggressive fed that's the one thing people really fear. >> going out with plus signs across the board for the major averages to finish up this week a lot to get to, to talk about for next week. what about those bitcoin futures that start trading sunday night? we'll talk about that coming up here welcome to the "closing bell," i'm michelle caruso-cabrera in for kelly evans. bill is coming back to the desk. here's how we're finishing the day on wall street dow jones industrial average, s&p and nasdaq all in positive territory along with the russell 2000 dow at 24,329. s&p 500 at 2,651, that's a new all-time closing high. the last one was 2,647 the nasdaq also in positive territory. 6,840. the russell 2000 at 1,521. bitcoin coming back down to earth today trading at now, we got a -- we're showing the u.s. dollar bit stamp already. it was at 19,000 yesterday coming up, one of the first strategists on the street to take note of the cryptocurrency, we mean, like, four years ago is going to join us to discuss the launch of the cboe's bitcoin futures that start this sunday night. discuss whether or not bitcoin is a buy or a bubble joining us today, cnbc senior markets commentator mike santoli. and also cnbc contributor evan newmark. hi, guys showed the folks who the biggest winners for the week were. boeing had a stellar year, also having a strong week biggest loser was intel. boeing higher by another 5% this week intel lower by a little more than 2%. as for the s&p 500, devita led the week remember, they're getting taken over mattel trailed behind. behind 10%, 11%, davita. what do you make of the market moves this week, mr. santelli? >> the year's trends kind of reasserted themselves over the course of the week that one monday stomachen, we thought it was going to be of a consequence. open en the opened up with a sugar h on monday. now it inched its way back it seems as if just the seasonal strength maybe is going to don'n monday is going to be -- overall, as you guys were talking about, bill, the general backdrop remains undisturbed in terms of the fundamentals and also just the resilience of the tape >> we think we got everything figured at right now, haven't -- taxes making progress -- >> all good which usually means it's going to end up bad i would say the only thing that does concern me is something we talked about for weeks now, santoli wrote a very good piece, i would advise those of you to go to the cnbc website to read it. >> wow, you want something. >> well, it's the flat yield curve and mike told me, again, if you read it, not to worry about that so you shouldn't worry about -- >> not yet. >> not yet so that's the only thing that can -- i consider a cause for concern is the fact that if everything is going so well in the world, like it appears to be, then the yield curve should be steeper than it is but it's not. but mike's told me not to worry about it i'm not going to worry anymore. >> there's demand for long-term debt, right? this is what we hear, pension funds all over the world want to match their liabilities. they're willing to suck up those awful, awful yields. it doesn't convince me they can ever pay their premiums or retirement promises they plamade but they buy the stuff. >> yields are awful overseas >> right >> exactly. >> i understand the arguments and, again, i read mike's piece very carefully. >> how much of a gap is there supposed to be between our government and a german government, it's already twofold percentage points. >> i understand. just as an individual investor if you say to me, evan, you can have a two year piece of paper or two to three years where you're getting almost 2% or go out 30 years and get 2.6% or 2.7% to me i go why would i want to go out that long >> what are people afraid of is what i always ask, right why wouldn't you buy the stock that -- the underlying asset can appreciate more, especially if the yield -- >> i think that's the whole point, you mentioned the pension funds, the insurance companies who essentially there's a scarcity of, quote, safe yield in the world and price incentive buyers and the argument is, therefore, there's a little bit li less information content in the 10 year, 30 year bond yield than there might otherwise be because you have this steady bid. >> to that point, the jobs numbers today, the fact that wage growth has basically been muted for several years now, i think if you think there's going to be a resurgence in inflation, it ain't coming from wages or doesn't appear that way. >> once again, newmark jumps the gun because -- >> sorry about that. >> -- i was suppose td to mentin the november jobs data, unemployment, 4.1%, nonfarm payrolls showed a gain of 228,000 for the month. wage growth was less than expected or hoped for, i guess we can say and that's the last jobs report for the year and before next week's fed meeting as well and there's no reason to believe that it's going to derail the expected rate increase next year. >> no, stays on autopilot, you don't have to kind of grab the control the? you' if you're the fed at this point. in terms of what people thought might be possible with another 200,000-plus jobs. but 2.5% wage growth, average hourly earnings year over year, it's not great but it's not nothing. it's slightly ahead, believe it or not, of measured consumer inflation. therefore, you know, slightly, you know, ahead of the cost -- >> i think we're wringing our hands over nothing on that you know, can you imagine a decade ago even 20 years ago a fed worrying about low inflation? they want higher inflation >> i think there's some element to that, but if you look at -- i don't want to be jumping ahead -- >> no, no, you're fine whatever you want to say here. >> if you rook at tlook at tax underlying idea behind tax reform is supposed to be job and wage growth. job growth doesn't seem to be a problem. it's totally unclear how you ge wage growth with the underlying tax package. so it's a conundrum i don't think is going to be solved by the tax reform >> the argument is that unemployment is so low, if you give this big boost to the bottom line, if some of it it's going to buybacks, some of it is going to investment, you're also going to compete for workers >> that's been the same argument for the last two years, we've seen no real wage growth. >> but -- >> we have all these people coming back into the labor market because the participation rate has been so low. >> the longer and hotter you run the economy, the more effect is likely to have an wages ultimately it's not like it's never going to kick in just a matter of whether that's the appropriate thing for this point in the cycle >> all right microsoft, the big tech standout, evercore isi out with a note saying the tech giant could reach a $1 trillion market cap by 2020 or sooner. citing the growth of microsoft's office business. the analysts raising their price target to $106 a share from $93. microsoft's current market cap is $650 billion. only trading at 84 bucks we all debate who, what company is going to be the first trillion dollar market cap. >> that one or amazon, right or apple. >> or both. >> or alphabet, for that matter. >> right. >> it's funny, it's tough to see a world where microsoft goes up more than 50% in 3 years and those other companies are left behind entirely. so if you really cared about the race to $1 trillion, you might think that one of the other ones might have a better regular like alba fbet, frankly, if not apple it's a fun little gamg game. >> the problem i have with the the analyst note analysts come up with the $1 trillion number like analysts come up with these bitcoin numbers because they grab the viewers' you we're talking about $1 trillion for microsoft. he threw is out there. i don't think he probably believes -- >> i'm sure he did very deep analysis, spreadsheet. >> it's not a heroic rate of annual return. it's nice but it's not -- >> it's a red herring, the $1 trillion number. >> i do think there's -- >> maybe a number. >> it's right. >> on the other hand -- >> it's a much higher number than where it is now, right? >> you have this company that defines mature tech, right >> yes. >> it's been public for over 30 years. it was started 40 years ago. >> we watched it be -- >> could still be the first -- that's interesting on that level. >> that would be poetic justice if it becomes the first one, right? meantime, honeywell announced an $8 billion share buyback. this adds to the growing list of other companies that have been announcing buybacks this week "b" of "a," home depot, united health care, anthem and msg. but new data says buybacks are down 10% compared to last year, so are we imagining this just seems like they're all rushirush ing before the end of the year or before tax reform passes or something. we're getting another -- a spate of buybacks. >> part of it is seasonal. part of it is this is what big companies do now there's always an allocation to buybacks i would seize on home depot right there. home depot in the last 12 years has bought back, shrunk the number of shares by a billion. okay it's now -- so essentially they really bought in, like, 40% of the company. others have just skibd kind of g to keep up with the issuance of stock -- i think it's just the way mature companies deal with their capital structure right now. and so i don't know that it's a matter of a rush before tax reform but if you actually think you're going to have money coming back unencumbered from overseas, sure, that goes into the pot. >> what is going to get a company to create jobs or build a factory or, you know, do something with the money other than buyback what's going to change >> i think you raise an important point that i'm sure we'll talk about later on tax reform it's the incentive for most ceos right now is going to be to raise their eps by buying back shares it's not clear unless there's underlying demand growth, underlying wage growth, there's underlying good business conditions that you're going to get what you want from the tax reform >> now -- >> no, no -- >> which comes first if you build it, will they come? >> access to capital has not been a problem for america's large corporations over the last five years it just hasn't been. >> right. >> it's -- the tax reform is solving something that has not been a problem for large u.s. companies. just hasn't been. >> the expensing could help, but, you know. >> all right key member of trump's -- president trump's national security team is leaving eamon javers is at the white house. he's got the latest details. eamon? >> reporter: yeah, it's deputy national security adviser dina powell who's going to be stepping out of the administration come january, say white house officials. they say this was a long-planned maneuver they say she will be here until about the one-year mark. here's the statement from sarah sanders. the white house press secretary just out within the hour saying, "dina powell has been a key trusted adviser in this administration she's always planned to serve one year before returning home to new york where she will continue to support the president's agenda and work on middle east policy she will serve in the administration until early next year." we talked to an administration official here a little while ago who said not to expect dina powell to be replaced sort of on a one-for-one basis. her position was for her unique skill set, they say, particul particularly her relationship with the trump family. we might not get a person put in exactly that slot. another person told medina powell did, in fact, support the president's decision on jerusalem yesterday, pushing back on speculation around town maybe she disagreed with the president on jerusalem and the announcement came today she was leaving. they say she, in fact, supported the president and the two things are entirely unkeblgconnected. back over to you. >> okay. thanks, eamon. >> reporter: yep. >> thanks, eamon one-year mark, you often see a lot of turnover. is there something bigger here >> it's proebl to otential to be expected this is an administration full of people that are wealthy, have other job prospects, not career politicians. >> once tax reform goes, i have no particular insight, there will be other people who will leave, gary cohn. >> that was their mission going in to achieve that. >> well, you know, i think for a lot of people, especially who are not of a political bent, they go into it, see how it is a year from now, do you really, you know -- you can put on your -- there for a little over a year, you can move on. nobody wants to hang around for the midterm elections if there's nothing special. >> the whole story about sticking around for a year so you can claimant the t the tax >> that's not true. a news alert on apple. josh lipton has the details. josh >> michelle, news on apple's johnny ive, company's chief design officer, jony ive responsible for all design in apple, hardware, user interface. he's going to be taking back day-to-day management of that design team. you recall he stepped back from that kind of day-to-day role in 2015 in part so that he could focus his time and effort on apple's new corporate campus, apple port now apple's telling cnbc in a statement "with the completion of apple park, apple's design leaders and teams are again reporting directly to jony ive who remains focused purely on design." this news means that as well apple's two vps of design, who had been reporting to ceo tim cook, they'll now report directly to sir jony ive guys, back to you. >> lefs busines he was busy wore buildings. he couldn't focus on products -- >> it's a big office building. >> it's a campus. >> i get that, but, i mean, you never want to hear that your customer-facing guy is working on the internal building. >> that's why my battery's doing so poorly. no, no, that's not design. >> revolution now, not evolution from apple maybe we're just overthinking it. >> maybe as you know, bitcoin has been on fire he said stating the obvious. the cryptocurrency up nearly 2,000% this year when we come back, the first wall street analyst to cover bitcoin tells us why the futures launch this weekend could actually draw more hackers to digital wallets. plus, congress is trying to work on a tax reform compromise, send a bill to president trump's desk coming up, we're going to hear from the ceo of one energy company who's been a big republican donor but is less than happy with the gop's current legislative plans. [ click ] [ keyboard clacking ] [ clacking continues ] good questions lead to good answers. our advisors can help you find both. talk to one today and see why we're bullish on the future. yours. talwifiso if you can'tsee why welive without it...t it.re. why aren't you using this guy? it makes your wifi awesomely fast. no... still nope. now we're talking! it gets you wifi here, here, and here. it even lets you take a time out. no! no! yes! yes, indeed. amazing speed, coverage and control. all with an xfi gateway. find your awesome, and change the way you wifi. bitcoin has had quite the week up almost 40% the huge run coming ahead of the futures launch this sunday in chicago. and as investors continue to pile in, the skeptics do remain. jac jamie dimon has not changed h his view on the cryptocurrency during an exclusive today, he told our wilfred frost, "look, everyone has a personal opinion about bitcoin" said jamie dimon "and i remain highly skeptical of it. as i said previously, i'm open minded to uses of cryptocurrencies if properly controlled and regulated." remember back on september 12th, when bitcoin was below 4,200, jamie dimon called it a fraud. a month later on october 13th, the price around 1,5,600, he reiterated -- >> if you're stupid enough to buy, you'll pay the price one day. governments, this is not a technological statement, governments are going to crush it one day >> good to have you here. >> thank you >> the big event this weekend, futures, starting to trade on sunday, we talk the about whether that adds legitimacy, is it going to increase volatility in bitcoin, reduce it, what are your thoughts about this moment? is it important? >> it is really important. >> why >> it's important because obviously it does add legitimacy having a big exchange recognize it as an asset to trade. that's great on the downside, there's never been an easy way to short bitcoin. so most of the hacks that you've seen over the years, wallets, exchanges, whatever, have been to push bitcoin's price down temp raoraril temporarily, buy some of them profit on the rebound. you have a sustainable way to short it my worry is over the next week or two, we're going to see a lot more attention from hackers on all these wallets and exchanges. the bitcoin ecosystem. that will put some worry into holders of the asset. >> they're going to try to hack these places because they want to drive the price down, they want to drive uncertainty into the quality of the underlying asset. >> that's right. >> because they're going to be playing within the futures market and trying to make money there? >> yep that is the danger of attaching a very established asset type like futures to the wild west which is the bit coin ecosystem. that i think is what a lot of market observers, particularly in the futures market, are really worried about and rightly so. >> nick, i wonder what you think about the kind of multiple nature of bitcoin, right as a sort of transactional currency, potentially, but also as an -- at these prices, it's mostly an asset, in fact, you're hearing people don't want to actually spend it because it's too valuable to hold and the wait times for settlements and the cost of a transaction are up so does that undermine it and does it get undermined by if we hear that the north korean regime is profiting from it? i mean, i'm trying to wonder how the story might get some holes in it. >> yeah, look, to me, the central comp to bitcoin is $100 bills. there's $1.1 trillion worth of $100 bills in the world. there's only about $250 billion of bitcoin they serve a lot of the same function as you said, a store of value, and ways for people who don't live in developed economies to put money aside that their bank, their government, their regime, can't touch. just like $100 bills and based on that comp, bitcoin probably has a long way to go because it leaves a very wide gap. >> nick, it's evan let me ask about this notion of the crypto in the cryptocurrency if you take out money laundering, tax evasion, if you take out the crypto, from the currency, does the currency have any value? >> it does because the crypto part of it is what keeps it secure let's go back to the $100 bill example. how many forged counterfeit $100 bills are there? probably as many as legitimate ones there's never been a counterfeited bitcoin and probably never will be because of that crypto feature you talked about. >> jamie dimon says governments will eventually crush bitcoin. would that -- are they going to try and regulate it at some point? should they, and if they did, what would lap >> there already is regulation, for example, in the states if you'd like to buy bitcoin in the states, you have to go through a wallet which is in most states is a money agent by regulation so, for example, coinbase here in new york is allowed to operate because it's registered as vr as a regulated entity. the funny thing about bitcoin, it's truly global. you'd have to have one coordinated regulatory body for the entire world -- >> if that happened, what would happen >> then you probably don't have much of an asset left because that regulation would push down the price because it would lose some of its allure. >> my understanding is there's going to be thousands of scric t cryptocurren cryptocurrencies if you're going to ease transactions with your customers, you're going to have your own blockchain technology there there are going are going of blockchains, isn't that dilutive to the underlying value of bitcoin, isn't this the first iteration -- i mean, there's no control on the supply. why should i buy that one when there's going to be so many more >> yes, it's a fascinating question it comes back down to how much does first mover advantage give a technology depends on a bunch of fundamental factors. it's clear in the case of bitcoin so far, it has given it a really significant first mover advantage. both in terms of adoption and obviously in terms of the price increase over time, no doubt you'll see other similar assets also rise in value >> see, i think it would be just the opposite because technology leapfrogs, right the first technology is not the best technology. you're always waiting for the next best thing. >> but there is also the network effect in terms of first mover technologies so the network effect can help you bridge some of that, but you're absolutely right. >> like facebook. >> exactly you get the next level of growth and next level of technology and the next cryptocurrency might be the one that really wins. >> wait, myspace >> is it myspace or facebook that is a great question. >> nick of data tech research, thank you. >> thank you. >> appreciate it very much. coming up next, we're going to head live to california for the latest on the fires dech sta devastating southern california and potential economic impact they're having. jack in the box on the verge of selling qdoba mexican change to apollo. we'll have details and look at what apollo might have in store for the chipotle rival when we come back. what are the ingredients of a life well lived? is it the places you go? the things you own? or the people that fill it with meaning? for 150 years, generations of families have chosen pacific life for retirement and life insurance solutions. protecting what's most important to you. that's the power of pacific. ask a financial advisor about pacific life. their leadership is instinctive. they're experts in things you haven't heard of - researchers of technologies that one day, you will. some call them the best of the best. some call them veterans. we call them our team. ronoh really?g's going on at schwab. thank you clients? well jd power did just rank them highest in investor satisfaction with full service brokerage firms... again. and online equity trades are only $4.95... i mean you can't have low cost and be full service. it's impossible. it's like having your cake and eating it too. ask your broker if they offer award-winning full service and low costs. how am i going to explain this? if you don't like their answer, ask again at schwab. schwab, a modern approach to wealth management. firefighters continue to battle those blazes near los angeles which are causing enormous damage throughout southern california. aditi roy following the fires still as she joins us from ventura with the latest. adi aditi? >> reporter: hi there, bill. we have spent the entire day here since early in the morning in this ventura county neighborhood that was so impacted by it one of the things that really strikes us is how there are homes like this one that are virtually untouched by the fire, and yet right next door to it, look at this one, just turned to rubble you can't even make out the fact there's a home right next door to here. that's what we're seeing it's really struck by that this as heading into the weekend the fires are still raging on. six of them total throughout the state right now. 28,000 homes will affected are threatened right now 500 structures destroyed and 190,000 people are evacuated we want to give you some perspective of what this neighborhood looks like. in a big picture level so we took a drive around and captured what we saw again, we noticed entire blocks of homes that were burned down, then there will be one standing. the flames were really surgical as they tore through we also noticed great data that's coming out that's showing the real economic impact to some of these neighborhoods that are affected by the wildfire zillow just came out with some new data that shows this according to zillow, nearly $10.5 billion worth of residential real estate and more than 14,000 homes are in the evacuation zone of the thomas fire and in los angeles county, the skirball fire threatened megamansions nearly $6.5 billion worth of homes are in that evacuation zone and that's where an estate belonging to rupert murdoch also is and learned "wine stick tape magazine reporting, the winery had damage to one of the buildings there. the wine maker is quoted as saying his best guess is the current release, reds, all of them are completely destroyed. bill and michelle, back to you obviously first-world problems there when you think about the destruction here in these communities. >> right wow. pricey land, too, for a viney d vineyard aditi, thank you. >> reporter: exactly. >> see you later. time for a cnbc news update with sue herera. >> bill, thanks so much. here's what's happening at this hour, everyone representative trent franks announce he will resign from congress today instead of the january 31st date he had previously set it follows the announcement of a probe into accusation of sexual harassment his wife was admitted to a hospital today in washington, d.c., due to an ongoing ailment. michigan's governor rick snyder says the state will hold a special election on november 6th of 2018 to replace representative john conyers who resigned last week amid accusations of sexual misconduct snyder said the primary will be in april. new details emerging regarding that deadly high school shooting in new mexico. the gunman has been identified as 21-year-old william atchison who disguised himself as a student to get into the school 18-year-old francisco fernandez and 17-year-old casey jordan marquez, who you see there, were both killed eed by him before turned the gun on himself and killed himself. heavy snowfall in atlanta. 2 inches in that city with 4 inches further north georgia power reporting nearly 30,000 customers are without electricity. delta chancing 125 flights through its hub in the city's airport. cities just not equipped for know. >> no, they are not. i was out there four, five years ago for snowmageddon. >> do they have deicing equipment? >> they do not. >> it's a mess. >> i don't know if they bought some in the meantime. >> actually, i talked to somebody from that area, they still have not because they don't get it every year. it's a big investment. there you go. >> all right >> just a couple days a year. >> thank you >> yeah. they're not ready like we would be anyway. >> stay home. we have another news alert, this one is on apple josh lipton has the details. josh >> more news for you, michelle, on apple so it looks like the company could be close to acquiring shazam, the app that lets you identify songs by listening to an audio clip. this is according to a new report here from tech crunch which says at least one source is pegging the sales price here at around $400 million shazam raised, itself, more than $143 million from a range of investors including cliner perkins and sony apple declined to comment on this report to cnbc. s shazam did not respond to requests for comments. apple put a lot of time, money and effort into its music efforts. apple music now has some 30 million subscribers as it looks to compete with spotify in this space. guys, back to you. >> all right, thanks very much, josh. >> i will never forget it, we were at universal studios in los angeles, we were walking along and i hear this song over a p.a. i turned to my son,t this was in 2010 i remember when this was even. i said what song is that he took out his iphone and holds it up then he says it's such and such i -- >> magic. >> how did you do that you know, that's -- >> and apparently, you couldn't train siri to do this. right? they had to buy the company. >> they had to buy the company. >> carlos slim was a big investor in shazam, $20 million he put in back there 2013. >> wow. >> depends the price he put it in at. you don't know what price they raised it at. >> right. a news alert this time on pepsi. meg tirrell with details. >> hey, bill, pepsico is ploomog its stock exchange listing from the nasdaq to -- going to take effect after the market closes december 19th. it will maintain its ticker pep. they say they plan to do this because they think the move is going to provide them with greater cost effectiveness and access to knanasdaq's tools and services to connect with investors more the pepsi is moving to the nasd nasdaq back over to you. >> that's going to be a blow to the nyse. >> raises eyebrows here. >> one of the bigger ones that would have made that move. >> that's interesting. >> a discrepancy in listing fee. >> cheaper to list at the nasdaq >> pepsi's side, you wouldn't think that would move the needle much. >> we'll see let's take a look how we finished the day on wall street if you're just joining us. plus signs across the board. dow up 117 that was the high for the session. s&p up 14 1/2. that's a new all-time high nasdaq up 27 the russell up a fraction on the day. up next, the "rapid recap. let's get to some of the other big stories today in the "rapid recap. >> the uk has reached a first-stage agreement with the eu on the crucial issues of divorce payments, citizens rights and the irish border. >> november nonfarm payrolls increased by 228,000 jobs. the unemployment rate is 4.1%. >> people are starting to pull the trigger because they see a much lower tax burden on all manner of business, large, small, repatriation coming home, expensing. in other words, i think we are on the cusp of an investment boom. >> we're still not growing wages in this country. we do believe the tax reform will help us drive real wage growth in the united states, which is something really important to the administration. >> it's been a volatile week for bitcoin as the cboe prepares to unveil the first ever futures market for the cryptocurrency. >> i think the short selling is going to just annihilate people when you can start trading it. annihilate. >> the president a few moments ago tweeting about wells fargo, writing, "fines and penalties against wells fargo bank for their bad acts against customers and others will not be dropped as has incorrectly been reported but will be pursued and if anything substantially increased. >> oh, yeah, i'm sure they love seeing that tweet. >> yep. jack in the box shares are higher on news it is close to selling its qdoba unit less lie picker confirmed those details and joins us with the latest. >> hey, michelle, that's right, jack in the box announced in may it was exploring strategic options for its qdoba unit and appears that exploration is almost over. we learned apollo is near a deal to acquire qdoba and could be announced as soon as today we independently confirmed the details after the "new york post" reported them earlier. the prospect of a qdoba sale brought several new hedge funds into the stock earlier in the quarter with jana partners, starboard capital, eminence capital, maverick capital, all taking stakes, new stakes in jack in the box during the third quarter. we learned that through the 13-f filings. food in general has been an area that's been ripe for private equity recently. roark capital, owner of arby's, inked a deal to buy buffalo wild wings last week. a few months ago oak hill agreed to buy checkers. danny myer formed a new private equity fund called enlightened hospitality investments to invest in restaurants particularly in the fast food world. buyout funds have had a harder time deploying capital in recent years as equity valuations continue to rise higher, but they do continue to bring in the money. apollo announced this summer it raised almost $25 billion for a new global buyout fund the biggest ever so we have not heard back from those guys in terms of a comment, jack in the box yet, but, you know, hopefully we'll get some more details about this deal in the next few days or so. if it's actually happening. >> j.a.b. holdings has been on the buying binge buying panera, got pete's and -- >> they do have pete's. >> pete's. >> kuerig. >> other companies. >> bought other actual store -- >> what's going on >> i think when itle comes to the restaurant side of things, look, it's real estate involved, if you're a private equity firm, there are a lot of financial levers as you mentioned, big deals. these are all kind of in the mid-sized area. >> exactly. >> also buying divisions of bigger companies often a ripe hunting ground. >> exactly, when you look at the size of the actual buyout funds being raised, the deal we're talking about with qdoba would be about $300 million. not going to move a needle on a $25 million buyout fund. it's really hard for these traditional buyout funds that like to buy at more disstressed values to actually find opportunities in the market right now. and so they're tending to gear toward middle-sized opportunities at, you know, because there isn't anything really bigger to buy. >> they got to look elsewhere. >> exactly >> thank you, leslie. >> thank you. moving on, he's been a very big republican donor in the past, but our next guest is cutting off the party and promising to help vote out the establishment unless congress is able to get a deal on tax reform heiljo uestop prioriti wl ins when we come back f we could keep more of what we earn? trillions of dollars going back to taxpayers. who could possibly be against that? well, the national debt is $20 trillion. as we keep adding to it, guess who pays the bill? him. and her. and her. congress, we should grow the economy. not the debt. ♪ it's time for your business of the week. for amber blonigan, the super exotic and ultimate in luxury are what fuel her passion. find out how she jumped from the world of finance to start her company, gi automotive, that now services some of l.a.'s hottest cars for more, watch "your business" weekend mornings at 7:30 on msnbc. another day of work. why do you do it? it's not just a pay check, you actually like what you do. even love it. and today, you can do things you never could before. ♪ ♪ you're developing ai applications on the cloud. finding insights hidden in decades of medical documents. and securing millions of iot sensors. so get back to it. and do the best work of your life. ♪ ♪ we are the driven... and do the best work of your life. the dedicated... the overachievers. we know our best investment is in ourselves. we don't take no for an answer. we fight for what we want. even for the things that were once a given. going to college... buying a home... and not being in debt for it for the rest of our lives. but we're only as strong as our community. who inspires and pushes us to go further than we could ever go alone. sofi. get there sooner. we have a news alert on macy's meg tirrell has the details. >> chairman terry lungren is set to retire from the board of directors at the end of the january. the board appointed ceo jeff genet as next chairman effective january 31st completing a planned transition announced in june 2016 terry lungren is retiring at the end of january from macy's, guys back over to you, bill. >>. we'll take a break, come back, the ceo of one of the largest oil field services companies and big republican donor, by the way, explains why he's upset with the gop's elective agenda, when we come back [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock. the market.redict but through good times and bad... ...at t. rowe price... ...we've helped our investors stay confident for over 75 years. call us or your advisor. t. rowe price. invest with confidence. the house and the senate are in conference trying to work out the differences between their tax reform bills and the work will likely keep them busy this weekend. ylan mui is in the nation's capital with the latest. ylan >> reporter: bill, republicans are working with a slim margin and shaky support from two key senators, marco rubio, he's still pushing for the bigger child tax credit and tweeted toe that if it shrinks in the final bill, or if the corporate rate goes up and the credit isn't expanded, there's going to be some big problems. the other question mark here, susan collins. she's telling a local news station that she would flip her vote if proposals for deductions for medical expenses or property taxes go away. it's also uncertain whether two health care bills that were crucial to winning her support will actually pass before the end of the year. meanwhile, republicans are under new pressure to keep the corporate rate at 20%. more than two dozen conservatives called it, quote, the primary reason for their enthusiastic support and a business coalition urged lawmakers to hold steadfast. today on cnbc, white house economic adviser gary cohn was asked directly if president trump is willing to go up to 22% and he knowleddodged the questi. >> this is going to be a big weekend for the conference committee. they're spending the weekend working on taxes and i think we'll see enormous amount of progress over the weekend. >> reporter: that is very different from just two months ago when he said there was no room to negotiate on that number so, guys, the tax bill's conference committee will meet on wednesday and hopefully get more answers by then back over to you. >> we'll be watching for that. thank you, ylan. as congress pushes to pass tax legislation, some gop supporters say they have reached the breaking point with the party's actions. joining us with more is dan eberhart, ceo of canary a big gop donor who disagrees with the republicans' plans. thanksing thanksing thanking f >> is thank you for having me. >> you stopped fund-raising and donating to the gop because you're upset with them what is your beef? >> just to be clear, i'm mahapp with the rnc, happy with speaker ryan in the house. i'm frustrated with the senate my beef is it's time to do something, it's time to accomplish something let's get tax reform done. i think the time is now. >> give us a for instance. i mean, what -- does the corporate rate need to be at 20%, period? or -- >> yeah, no, i think it needs to be -- >> is that an example -- >> yeah, i think it needs to be at 20% i think that we need to use the majority which we haven't really done very much at all this year. i think we need to use the majority to pass pro-growth, you know, economic measures so we can move the country forward and people can get higher incomes and businesses can invest and we can have something to run on >> a lot of people are concerned about what this will do to the deficit. are you concerned about that >> i mean, i think that's something you ought to take into consideration. i think the primary motive here and primary driving force should be what's going to create more economic growth? and i think that's cutting the corporate tax rate and i think that's lowering thetax rate fo middle income americans. >> on that point, mr. eberhart, explain to me how this impacts middle class americans specifically let's assume, just take the tax bill in and of itself, let's go -- let's assume it doesn't create this 4% or 5% economic growth in gdp terms that president trump thinks let's assume that it bumps up growth a little bit. how does this create prosperity for middle-class americans >> well, two ways. number one, i think you're going to have lower rates and you're going to have less deductions and increase in the standard deduction so it's going to be simpler and lower and that's going to be easier and more money in people's pocket the other way is, you know, with companies like mine, if we can expense with the 100% expensing provision in the new tax bill, we're going to spend more money which means we're going to need to hire people and increase our labor force which is also going to indirectly put more money in people's pockets >> we're kind of there, aren't we we're on the verge of tax reform how big a threat is this really? >> yeah, well, i just -- i think it's -- i think we're -- i think we are there i think we're on the cusp of an investment boom as larry kudlow has said i think if we don't do it, i think this tax cut is priced into the market and if we don't do it, i think the markets fall and i think it leads to lower investment, lower capital investment in fiscal 2018. >> go ahead. >> i was going to say the source of your frustration seemingly the senate clearly, they are with one ear, at least, listening to various constituencies, concerns about perhaps the implications or maybe the unpopularity of the bill do you think that those political concerns are going to be overcome? do you think they're legitimate in the first place >> well, i mean, i do think they're legitimate tax reform affects everybody it impacts more people than anything congress has done in the past five or ten years i think that this is important but i also think it's important to show the american people that the republicans are going to use the majority to pass, you know, pro-growth, pro-economic growth measures and i think that we need to do that to show, you know, why we should be able to stay in the majority moving forward. >> you know, one of the preseps of the whole deal is by putting more money in the pockets of the corporations is they'll create more jobs but they've got a lot of cash on the balance sheets as it is and what you're thing doing is buy bbacks. increasing dividends, not increasing jobs. what is it about the tax reform bill that will get them to create jobs or build more factories? >> again, i think it all works together i think if they repatriate, if they could repatriate the foreign earnings, that's going to be an incentive for the very large multinationals that are based in the u.s. to spend money here as opposed to building that factory overseas i also think that, you know, the companies running a more optimized balance sheet where they give money back to shareholders via buybacks or other measures is going to lead to money being returned to investors who are then going to invest in other things in addition, i think the expensing provision and the increase in the deductibility of the passthroughs is going to lead to small businesses and medium-sized businesses investing sized businesses investing in plant and equipment and buildings. >> you mentioned you're unhappy with the senate. how unhappy? are you like steve bannon, do you hate mitch mcconnell >> i don't know that i would go so far as to say i hate mitch mcconnell at all i think what he did with gorsuch was brilliant, that was a high stakes game he won i'm ready for another win. i think the time is now. i think we need to get tax reform done and then focus on an omnibus bill or a cr so we can keep the government funded and then push all these other measures like daca and the defense hawks wanting more money and the house freedom caucus warranting lower spending to push that stuff into 2018. >> got it. thank you, dan, thanks for joining us ceo of canary, an oil field services company new data suggests virtual reality would be a booming business in a few years. when we come back, we'll look at where the bsjo are in that field now and who is hiring. keyboard clacking ] [ mouse clicks, keyboard clacking ] [ mouse clicking ] [ keyboard clacking ] [ mouse clicking ] [ keyboard clacking ] ♪ good questions lead to good answers. our advisors can help you find both. talk to one today and see why we're bullish on the future. yours. revenues for the augmented and virtual reality market are forecasted to hit $215 billion by 2021. coming up, what colleges are doing hp toelstudents prepare to meet this demand in this booming business ♪ (music plays throughout) ♪ ♪ ♪ ♪ ♪ ♪ traders -- they're always looking for advantages. the smart ones look to fidelity to find them. we give you research and data-visualization tools to help identify potential opportunities. so, you can do it this way... or get everything you need to help capture investment ideas and make smarter trading decisions with fidelity for just $4.95 per online u.s. equity trade. fidelity. open an account today. ♪ worldwide revenues in the augmented and virtual reality market expected to hit $215 billion by 2021. kate rogers joins us with a look at what kind of job market that's creating and who's hiring >> reporter: hi, michelle, that's right the u.s. is on track to spend $3 billion on vr and ar technology this year alone. now workers are needed to fill the roles for companies that are creating and using this technology after working in broadcasting and architecture, tina chang was ready for a change she's training at lehman college in new york for a new career in augmented reality. >> the opportunities are huge. it takes a lot of creativity and understanding of how you can take this new technology so that it can benefit existing industries >> reporter: this is the program's inaugural year, with 20 students training for 11 months coursework includes coding, animation, 3d graphics and web design her classmates currently work on creating tutorials in virtual reality. >> skills i like applying are my research skills, timing, dealing with sound, imagery, writing the script, and also trying to make all the elements work together so that we have concise and fun applications >> reporter: prior experience in computer science or coding isn't necessary to succeed >> there's a tremendous opportunity for people who are entrepreneurial. the most important thing is passion and creativity, because you can learn these skills >> reporter: starting salaries range from between 60 to $80,000 a year depending on your role and location and lehman college is actually working with the city of new york and mayor de blasio to open up a second training facility at the brooklyn navy yard so even more students can have access to these opportunities in the future >> kate, that's not a real aquarium behind you, right >> do you have flipper there behind you >> reporter: this is not real. isn't that cool? this is all simulated and the students in this class can code this model to do different things it's really neat >> super cool, love it >> we're not actually at the new york stock exchange. [ laughter ] >> thanks, cakate you can get one of those for your living room, guys >> have you tried the virtual reality? if you have a little vertigo like i do, it's not good it's like sitting too close to a movie theater, film, it makes you crazy in the head. but i'm sure it will be great going forward. >> what are you guys looking for? >> the bitcoin futures >> i didn't mean the debut of "the crown" season 2 >> that's important that >> aside from that, an interesting laboratory of trading sentiment, fcc votes on net neutrality we may get merger deals announced. and "star wars" at the end of the week >> tax reform too. >> i think the tax reform is going to be interesting, largely because i think so much of it is priced in. i think it goes ahead but if anything goes wrong, you could have a shaky end of year i doubt it >> i don't think anything going on wrong means it will never happen i think you can kind of push it forward. >> you won't please everybody, somebody will be ticked off. >> definitely not residents of new york, connecticut, new jersey >> california. >> california. >> we're already bracing for the worst any. >> "star wars" on friday night, that's exciting. >> that will be exciting >> thank you,guys, have a lovely weekend >> happy friday, pleasure to be here, thanks for having me >> kelly's back on monday, as a matter of fact that's it for "closing bell. thanks for joining us. "fast money" begins right now. have a good weekend. "fast money" starts right now. live from the nasdaq market site overlooking new york city's times square i'm melissa lee. tonight honoron "fast," the bule getting more bullish john stoltus will be here to tell us how high he thinks stocks are going plus wall street braces for the launch of bitcoin futures over the weekend we'll tell you everything you need to get ready. biotech having its best day since august a major event this weekend could send the group even hier

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