President trump who has been flooding facebook and twitter with unfounded messages that the election was stolen. The new administration expected not to play so nice with big tech. Expect more public engagement, public oversight, and regulation. Those stories in a moment. First, u. S. Stocks paring gains. Markets widely mixed at the end of the day on a bit of an ugly close despite intraday record highs. For more on the markets, lets hasto Abigail Doolittle who been watching the ups and downs. Abigail, what are we seeing here . Abigail if you had a dollar for every time i said this, you would have a nice pile of money. It was another wild day. Stocks surging out of the open. The dow up nearly 6 . Russell 2000 hitting its first record high, more than 6 . At the close, we had stocks pullback to some degree. The dow closing up. Where we had losses, the nasdaq 100 down 2. 2 . The faang complex, those make a cap stocks, down 3. 2 . The reopening trade clearly doing very well with pfizer which itself was up about 8 on that vaccine. Certainly a light at the end of a tunnel. The question is, how long is the tunnel . Speaking of wavering, after the bell, beyond meat stock plunging 30 in afterhours. It is so interesting, once again, the virus all year creating swings in all sorts of stocks. The plunging after hours having to do with a big miss in numbers. They are no longer seeing stockpiling of the beyond meat product. It is really discontinued tale of the haves and have nots. They have nots of the year doing extremely well until that close. Emily with such big divides and volatility, was that worrisome . Abigail we will see more volatility. Volatility breeds volatility. Speaking of breakdown, you and i over the last month or so has been talking about amazon. This stock has been trading poorly. Over the last month or so, down about 9 . Love the move back low the moving average. Earlier today, microsoft and apple higher. By the end of the day, they were also lower. That is why there was this ugly close with those stocks down more than 2 . Some of the other stayathome darlings. Zoom and peloton down sharply more. Amazon and Tech Companies, 25 of the s p 500. Mega cap stocks, it really creates these huge gyrations. The story continues to be the same. Emily wild swings. Abigail doolittle, thank you for covering it all. Finally, after a year of the world being aware of covid19, some good news coming out of pfizer. The company saying that the vaccine it is developing appears to prevent more than 90 of infections. Dr. Fauci with the National Institute of allergy and Infectious Diseases is calling an extraordinary. President elect joe biden expressing optimism. Mr. Biden i will spare no effort to turn this effort around and get a vaccine manufactured industry beaded as quickly as possible to is manufactured and distributed as quickly as possible. It is early and that we dont know how many people will end up in protected with this vaccine. A vaccine that appears to be safe. We have Record Numbers of total infections. Even if there are fewer people per 100 people that are sick, who are dying in the end, you could wind up with more desperate that is the tragic situation that we should all be fighting to avoid. Emily i want to bring in bloombergs Health Care Reporter michelle cortez. Put this into perspective for us. How good is this given the circumstances . Michelle it is unquestionable that this early result from pfizer and biontech is better than anyone could have imagined. It has been less than a year since we even knew that this virus existed. The idea that a vaccine would be available to prevent more than 90 of infections is mindboggling. Work and talking about the potential for a vaccine, they were saying they were hoping for 60 to 70 effectiveness. They would have approved something at 50 . Looking at more than 90 is amazing. That being said, it is early days. We know about 94 infections, less than 100 out of 43,000 people. To say that it is early is perhaps an understatement. Emily talk to us about the outstanding issues. What more hurdles to these vaccines need to clear . Michelle the more urgent hurdle is the idea of safety. We dont have any details from the companies yet. They say they will be putting out some early data in about 10 days from now. Some issues, other types of pain at the injection site, that sort of thing. The thing that people are worried about is longterm efficacy and safety. For that, we simply have to follow people for an extended period of time. In terms of the vaccine itself, some concerns are, will it work really well for people such as elderly people and others with health conditions. And will we be able to get it out to people who need it . It is a twoshock vaccine. That is 25 Million People for the entire world. So there are struggles ahead. Emily the longterm consequences, we will not know those anytime soon. Does that mean that those 25 Million People can get that vaccine in the next six months and be confident that it is safe . Michelle there is evidence that those 25 Million People could get it and unlikely to have an immediate effect. It will be not unusual to see a small number of people who have a Health Complication perhaps related to the vaccine. It presents so much death and damage. It is the longterm risk, whether something happens months or years down the road. We will not have great insight on that once the vaccine becomes available. We will not know that for months and years. The people who get it first will have to be taking a little bit of a risk. Every day, we take risks going out there, potentially being exposed to coronavirus. Its that riskbenefit ration everyone will have to do. Emily absolutely fascinating, and you wonder if this is the beginning of the end of the pandemic, or no . Michelle cortez, thank you for joining us. Coming up, we will head to the city of seattle where mayor jenny durkin will share her view on the city which amazon calls home. This is bloomberg. Emily president elect joe biden laid out his plan to fight the pandemic in remarks on monday as President Trump refuses to concede. There are now, on average, more than 110,000 new cases per day in the United States and hospitalizations are surging. The city of seattle has grappled with the pandemic since also day one. Promising news on the vaccine front is a welcome sign of hope. Joining us for more on that and what a biden presidency will mean Going Forward, seattle mayor jenny durkan joins us now. Obviously, history has been made over the last couple of days. I would love to hear your Immediate Reaction to president elect biden, Vice President elect Kamala Harris winning the white house. Mayor durkan i am ecstatic that we will have President Biden and Vice President harris. He will make immediate changes for every city in america and i have been waiting my whole life to see a woman elected to the one of the highest offices in america. That was a huge historic win for women across america. I am looking forward to it as a mayor and as a woman in america. Emily i know you have broken many glass ceilings. What is the significance of Kamala Harris being the first woman in the white house . Mayor durkan if you think about america and the population, over half of americans are women. Here we are, this many hundreds of years into our country and no woman has served as president or Vice President. We are in the midst of a racial reckoning in america to make sure that it can be a promise for all americans, to have a woman of color break that. Break that barrier is even more important. Emily our country, as you mentioned, has been facing social crisis, obviously an economic crisis, and an Ongoing Health crisis. What is your take on this vaccine news and what is seattles plan to inoculate citizens if this vaccine is the one . Mayor durkan i am optimistic about this vaccine. Today, the Vice President and president elect joe bidens announcement on covid19 shows the difference a president can make. If we had this approach at the beginning of the year, we would be in a different place as a country. I can tell you that as the mayor in a city in the region where this virus first came. We as a city had to go try to buy ppe for health care providers. We did not have enough testing capability so we got testing kits from korea because we could not get them nationally. They will work very hard to get this virus under control, and make sure that when a vaccination comes, we can distribute it to all americans. Emily meantime, there are a lot of questions about what the next 70 days look like until Inauguration Day given that President Trump is still refusing to concede. That makes it tough on Small Businesses that are continuing to suffer. We just heard from Mitch Mcconnell that any stimulus package that is passed might be smaller than expected. Amazon offices are closed in downtown seattle. I know that small and Medium Business owners are hurting there. What do you plan to do . Mayor durkan just today, we put out a new economic support package for our Small Businesses. Again, it shows the importance of federal leadership. Microsoft, amazon, starbucks of expedia. You name those businesses that are headquartered here. It made a big difference in fighting the virus. We saw immediately that there was an impact on Small Businesses and workers. We need washington, d. C. To act quickly to support Small Businesses. If we can do the two things together to get the virus under control and have the Small Business supports that we need, we can do this as a country and come back stronger than ever. There is only so much cities can do by themselves. Emily how concerned are you about the next 70 days in particular . Of power is whencult alone, let alone the Person Holding that power refuses to give it up. Does that uncertainty concerning u. S. The leader of a major city in this country . Mayor durkan i think the uncertainty is bad for all of america. It concerns me because the president does wield a lot of power and that transition of government is who america is, having a peaceful transition after having a vote. At the same time, i have a lot of confidence in the resilience of american democracy. President elect biden is going to continue moving forward and putting together a transition team, a plan for america, a new cabinet. I have confidence that in january we will have a new president. But it is time for leaders to work for the best of america and all of america, and that is for President Trump to graciously admit that he lost the office and do all that he can to make it easier for the president to come in and keep moving forward for all of america. Emily mayor of seattle jenny durkan, really interesting to have your perspective. Think you for taking the time on a very busy day. Coming up, president elect biden has his sights set on ambitious climate policy, hoping to accelerate the nations shift to clean energy from power plants to electric cars. I will speak with the founder and chair of the electric car startup. This is bloomberg. Emily president elect joe biden is pushing for the most progressive climate policy, vowing to immediately rejoin the Paris Agreement and set a 2050 target. A biden win is considered a key catalyst for the energy sector. Joining to discuss, henrik fisker, founder and chair of the electric car startup fisker. I wonder how a joe biden presidency could catalyze the industry Going Forward . Henrik it is great to be on the show. Although the connection is a little bad, i can barely hear. We are very excited to ring the bell today on the new york stock exchange. A billion dollars, really helps us achieve our goal of bringing out the fisker all electric vehicle in the end of 2022. It is good to see that there will be a Clear StrategyGoing Forward in the u. S. In terms of getting more electric vehicles to market, more green energy. I think it will be better for the world. We are here to try and create the worlds most sustainable vehicles and technology here in the u. S. We have been underway now a while. We are very excited about everything going on. Emily fisker got its first rating from wall street today. Cowan rating it a buy and expecting shares to double. How do you expect to deliver on that when obviously there are already established carmakers out there and you need customers on board . Henrik we have a very disruptive Business Plan. We have partnered up with the thirdlargest automotive supplier. Our Business Model is more like applefoxconn. Number two, we are also doing platform sharing. Sharing the platform with driving down costs. We are planning to hit our milestones and bring out the vehicle as planned in 2022. Emily you are putting a lot of emphasis on that lower price point, 37,000. There are a lot of people out there excited to be able to get an all electric suv at that price. But your model is not coming out until 2023 or later. Are you concerned that tesla and even chinese Car Manufacturers will have beaten you to the punch by then . Henrik i remember when tesla came out, he a lot of people said next year they will die out because the big Car Companies are coming out. I think what has been clear is that the electric vehicle is changing. Some will make great electric vehicles and some will not. They have had years to do it and there are still not a lot of electric vehicles from traditional oems out there. Only 2 million vehicles sold globally each year are electric. The Market Opportunity is huge. Our Business Plan is so different. I do not see a lot of competition from suvs that are pure electric, that will start at 37,500. I am not worried. Over 9000 paid reservations, despite being two years away. I think we already have a big following and a lot of customers are looking forward to our vehicle. Emily all right. Fisker chair and ceo henrik fisker, thank you for stopping by. Coming up, tech ceos are reacting to bidens president ial victory. We will look at who is saying what and how big tech will look Going Forward and how biden will look on it. This is bloomberg. Emily this is bloomberg technology. Im emily chang. Tech leaders across the country are reacting to joe bidens president ial victory. Bill gates tweeting i look forward to working with the new administration and leaders on both sides in congress on getting the pandemic under control. Engaging partners around the world on poverty, Climate Change and issues of inequality, and opportunity at home. Sheryl sandberg posting the votes are in. After a few long days, we now know joe biden will be our next president. For the first time in 231 years, our next Vice President will be a black and south asianamerican woman who is the daughter of immigrants. Amazon Ceo Jeff Bezos saying unity, empathy and decency are not characteristics of a bygone era. Congratulations, Vice President elect Kamala Harris and president elect joe biden. By voting in Record Numbers, the American People proved again that our democracy is strong. Additionally, the ceo of ibm sent a letter to president elect joe biden, stating you have spoken of the need to ensure that technology plays a responsible role in our society. We agree. Ibm believes a precisioned regulation approach by government can help create ethical guardrails for the use of new Technology Without hindering the pace of technological innovation. With us for more on the technology, ahead of the Biden Administration, dario gil. Thank you for joining us. Arven points out that ibm has supported many president s in times of crisis and profound change. Were facing both right now. What do you think should be on the top of joe bidens list of priorities . Dario first of all, thank you, emily, for having me on the show. Indeed, throughout our history, over a century, in times of great change and crisis, ibm has always been involved. On the creation of the Social Security administration and apollo programs. Now we confront the problem of Public Health and the pandemic, but also the challenge of Climate Change and other existential challenges. The unique opportunity we have is to come together as a nation and use science as a mechanism to address these present problems. The good news is because we are witnessing a revolution in the world of computing, we will be able to supercharge the scientific discovery process and tackle the challenges. Emily now when arvan calls for precision regulation, what does that mean . We know there are a lot of scrutiny, big scrutiny facing Tech Companies. What is ibms position on that . Dario what he means is commensurate with the power of the science and Technology Ad