Comes to the coronavirus adding more than 150,000 new cases on thursday alone President Trump is expected to give an update on operation warp speed in just about an hour. We will take it for you live 59 minutes left to go in what has been wilfred a wild week of trading of one that is higher. Higher for the week higher today as well up 1. 3 on the dow coming up on todays show we will speak with chicago mayor lorie light about her lockdown advisory and the potential economic fallout as cases surge in the state of illinois plus it has been a big welcome back for the bank stocks with the kbw bank stocks up 10 the ceo of kbw will join us to discuss whether there is more upside ahead for the sector. First the big stories. Mike santoli is tracking the market meg tirrells that latest on treelts and vaccines as we await an update from the president and Steve Liesman is looking at the impact of the coronavirus surgeon the economy. Mike, the market up 388, and the dow having been up 400. You lock at this chart and you say lets not overthink it the market is pushing up towards its closing high it would be the second straight weekly record high because that other september high was not an a friday these things matter to some people if you bought the opening print monday morning you are down 1. 5 simply because people were so excited about the vaccinest news here we are at the upper rail this trend it looks obviously pretty good if you break above it because you have got this nice long three or four month long base settling in here it remains to be seen whether this reopening trade Leadership Group continues. Look at the one month relative performance of the s p home building, Cloud Software and ipost. They are all struggled coming off strong levels yet the. Is staying positive on a one month basis. Retail embraced this rally look at the fun flows. A surge in inflows to stock funds. B of a has this data 2018 theres a correction there. I dont think you can generalize and say all of a sudden too many people love this market. But it continues to do well. Gekz has an index of the latest favorites. People chase the hottest stocks. It is hard to tell retail they are the dumb money when their stocks are beating the margaret to that degree on a i dont remember to date basis. S p 500 value for the week is up nearly 6 with growth down slightly what stands out to me is that value has outperformed growth so much in a week when the dollar is higher,. 6 on the wee as a whole which dot suggest this is all based ultimately on day one of hopes of a vaccine as oppose to practice that let to value out performance of late like hopes for a stimulus. Thats right. Most of it was in the opening pop on monday morning. It retained most of it it hasnt dissipated thats a important point we dont know if the market is being disciplined and forward thinking, resolutely keeping its eye on the reopening and ignoring the shutdown knows or if this is a rotation into laggards, unowned stuff and some of the factor pingpong we have been playing for a while between momentum and value. Mike, thank you we will see you soon. President trump expected to give an update on operation warp speed in just about an hour from now. We will take you there live as soon as it happens in the meantime lets get to meg tirrell with a look at where things do stand on the treatment and vaccine front. Meg, what you will be listening for from the president we are really at a Pivotal Moment in terms of all of these treatments and vaccines for the coronavirus that we have been talking about since january and february we are finally at the point where we are seeing some of these getting onto the market and seeing some of the phase three results from the vaccine pfizer and by on tech had their 0 efficacy showing on monday with their vaccine next week after they get the safety milestone of two months followup they will file for emergency use authorization if all looks good moderna is right on their heels. We are expecting to is he their data from their phase three trial, their top loin results any day now. Of course Johnson Johnson and astrazeneca also in phase three trials in the u. S. Their data is expected around year enor early 2021 the vaccines are moving really quickly. J j, there are headlines earlier satisfying they were starting a trial of a twodose vaccine here in the United States they are the only one of the front runners thats testing a single dose vaccine. Just one shot. The others all require two shots a few weeks apart. Thats not new news. We knew they were testing a two dose regimen in a trial sponsored by the uk government it is that these trials will also be run in the United States alongside a trial testing a single dose. Thats the news on vaccines on therapeutics, they are moving ahead quickly. Remdesivir already on the market in terms of the antibody therapeutics, this week lily getting emergency use authorization for its of the antibody drug for people just diagnosed with covid19. Regeneron is waiting on fda for a similar indication for its antibody drug. There are other antibody drugs in the pipeline, including one from merck thats one that people are excited about learning more about. It is a pill so that would be very different to take potentially than one of these antibody drugs which require iv infusions so much work going on. We are financially at the stage where we are learning if all of the work is paying off. It cant come fast enough we are also dealing with supply issues as you have been covering as far as the president speaking next hour, is there anything he can say on that front . For instance can they pump more money into operation warp speed to get the monoclonal antibodies out . Is he going to be talking about vaccine rollout . That are some of the biggest questions as we face the next steps. Some of the questions of course are about supplies pfizer has said there will be 50 million doses available of its vaccine by the end of 2020 the question is, how much of that comes to the United States . How much goes to other governments that have made deals with pfizer as well. Secretary of health alexei czar said they made a deal for 20 million month coming starting in november does that mean we get 4 5th of pfizers total supply. Once we get news that they work, we have to though how much there is going to be, and when we dont know what the president is going to say, whether he will break the moderna news for example. Operation warp speed didnt get the government funding for the reference but it did benefit from the frakwork of operation warp speed. If pfizer could have come out with its monday update sooner than we did what do you think pfizers response would be. We add asked the ceo about this on monday he said it wasnt driven by politics it was driven by science they, with the fda decided not take that look so early at 32 days because they wouldnt be able to file with the fda until they had two months safety data anyway, which is next week then cases accrued quickly and we got to 94 it was more cases than we expected to see at this first look it is raising political questions about the timing given pfizer said they expected to have data by the end of october. The director said they are driven by data and thats how they make those culls. Meg thanks. What does the latest wave of coronavirus cases mean for the economic recovery here in the u. S. Steve liesman joins us. As cases surge the u. S. Economy is going to struggle to bridge to a time when a vaccine is finally available the very large rise in covid cases puts a question mark on the ability of the economy to weather this period, the words from a seth. Heres some questions. Businesses that made it this far, could they be pushed over the edge millions will be losing benefits over the next several months and also face evictions. The chase credit card spending tracker declined steadily over the past several days. It is now down almost 7. 5 frommier earlier jp morgan writing today says spending declines have been somewhat larger in states where covid19 is spreading most rapidly, but almost all states have seen some decline jp morgan said the declines as well had been broad based across industries Goldman Sachs though on a note said the pace of recovery will get worse before it gets better but added there will be growth in the spring. It is sticking with its forecast for 5. 3 growth next year . I am interesting in the jp morgan note. I was having a look at that earlier today. I feel like the headline saying down 7. 5 in november perhaps is a bit more scary than if you really break it down yes, we saw from the chart it is heading in the wrong direction that could mean in the months ahead it gets a lot worse. But to have spending lower than the same month a year ago is probably to be expected of maybe not 7. 5 it was on a couple of months, when you look at each of the cards spending data slitly higher year over year. Maybe it is more a plateauing as opposed to down sequential 7. 5 as it were. This is the high freakily data we have been watching you want to be careful about how you look at it the chart is back up the problem for me right there are twofold. One is the stalling. Pace of recovery in general in a normal economy we are higher year over year almost all of the time the other thing is looking at that track down at the end you step back and it is a good comment you make, wilf step back, watch it. If it stays going down thats the time to worry. This is one. First signs that we have seen give their commentary that the covid crisis or the resurgence is showing up this the data . Steve you talk a lot about the covid crisis we also dont another stimulus plan the first one was front loaded it doesnt look like there is political will to get anything done right now what kinds of fiscal drive are we looking at with the economy i think you are right you may describe this period as without a net, sara. As we go forward last time we had a big shutdown and we had a big stimulus the stimulus was so big it created most forecasters underestimated the strength of the recovery i think maybe they are overestimating the are ofry right thousand because peoples savings are going to run oust there is some savings in the economy. Christmas is coming up thats a problem for a lot of American Families trying to get presents under the tree, make ends make, feed themselves without job and maybe with new lockdowns come. For now it doesnt seem like the margaret is too worried about it having another strong week, up another 400 points Steve Liesman, thank you. I cant look at the market sara i have to do the economy the market has been on a mind of its own relative to the economy. It had it right that things were going to get better. I think it may have underestimated the latest downturn or latest upturn in the up next, the stocking up sequel americans are starting to load up on groceries and essential production as covid numbers rise how retail remembers preparing for a surge in demand this week. You are watching closing bell. Dow is up 375 points you can go your own way its time you make the rules. So join the 2 Million People who have switched to xfinity mobile. You can choose from the latest phones or bring your own device and choose the amount of data thats right for you to save even more. And youll get 5g at no extra cost. All on the most reliable network. So choose a data option thats right for you. Get 5g included and save up to 400 dollars a year on the network rated 1 in customer satisfaction. Its your wireless. Your rules. Only with xfinity mobile. 43 minutes left of trade rising covid cases and Restrictions Mean people are stocking up again, although not at the extreme levels we saw last spring. The numbers, though, are rising. Suppliers this time around say they are better prepared General Mills for instance which makes Betty Crocker and cheerios said it added 45 additional manufacturing lines, 25 to 30 incremental capacity in platforms that were tied tyson foods the meat producer spent hundreds of millions on strategic testing and creating a chief medical officer position to prevent short ans that we experienced last time around when surging cases inside meat plants forced them to shut down. Toilet paper charmins Parent Company proctor and gamble says we are not forecasting another shortage supply chains are more normalized than they were and retailers are replenishing inventories. Kimberly clack which makes scott and cottonel says it accelerated production levels and took steps to cut down on product variations to prioritize the key items in demand. Grocery chains like kroger and stop and shop limited the number of key items as well kroger limiting toilet paper, wise, soaps, to two per have it. What is the bottom line here suppliers have had a lot more time to prepare and they have learned important lessons on safety and supply. But there is one big difference between now and that first wave. This is a risk worth watching. Covid hot spots are everywhere General Mills has its two biggest plants in iowa and tennessee states and roy moores wilfred that are already seeing high infection rates thats whats different. So far, General Mills has been able to keep those plants open as with many other Food Producers but they have to make sure that the factories dont become sources of spread themselves in the commune. So they have to invest around a lot of Safety Equipment and letting people take a lot of sick days. It is such a fascinating story, important as well, linked back to our last discussion with steve. I think, a, the level of preparedness from companies. And b, the likely row action from people does mean that the Economic Impact should be quite a lot lower this time. Do you remember the sentiment in march and april . You would be kind of scared just to go out of your apartment and walk around your block i mean, new york was a total ghost town that is just not the case this time around. Right. And people are better prepared to be able to go out and do basic thing without it being a big risk back then we were all franticly washing our hands. Now if you are wear a of course ma you can go to the stores and do basic thing, which i think as worrying as it is that we are going into semilockdowns again and the cases are spiking but i think it is encouraging that there wont be as much of an Economic Impact. We saw suppliers have to play catch up with basic items like food but they have done that and ultimately there was no major food shortage. We were able to get toilet paper and paper towels out you are right, knowing that makes them a lot more confident which is why we are not seeing the extreme kind of levels we saw last time. The other thing i would tell you is people are sick of lockdowns. There was a recent gallup poll a few days ago that showed less than 50 of people would comply with lockdown orders half the population. Which is why we keep saying and hearing from politicians around the world there is not a lot of appetite for that to happen again. After the break we can discuss this theme further particularly as it relates to chicago, with mayor lorie light who has asked residents to cancel thanksgiving as part of new stayathome orders. She will join us after the break to discuss no signs of slowing down with 30 states now hitting record sevenday averages in new cases. Illinois is one of those states, reporting more than 12,000 new cases and 43 deaths yesterday. Current hospitalizations in the state also setting a new record with the sevenday average higher by more than 32 . These latest stats coming as chicago issues a new stayathome advisory effective monday the city is strongly advising its residents to not have guests in their homes unless they are essential workers and avoid travel as well as cancel additional thanksgiving celebrations joining us now to talk about it is chicago mayor, alreadiy lightfoot. Mayor, thank you for joining us. My pleasure here at cnbc, we are trying to gauge and understand that the economic of all of this. Help us understand what an advisory is. Because it doesnt sound like it is the shutdowns or restrictions that we saw last time around that essential low closed businesses. No. I think im mindful of the previous segment i was listening to you we know a heck of a lot more both about the virus, but also about the impacts on our economy than we did back in the spring what we are trying to do is use more of a targeted approach, a surgeons knife more than kind of a blunt ax. So what we are asking our residents to do. We are saying look, heres whats the reality in the last month, since early october we have seen test positivity go up three times we are now at 14. 5 . We have seen cases start to balloon. Three times the number of cases, three times the number of hospitalizations, icu beds the most startling piece of information that motivated us to issue this advisory and the other components is that if we do nothing between now and the end of the year we are likely to lose 1,000 chicagoans to death thats not acceptable. And certainly not acceptable to me or anyone else on our team. So we are saying to folks, look, we know you have got covid fatigue. We know that you are tired of the different restrictions but we must do this for you, for your family, for your loved ones, and for the entire city of chicago. So we are doing this advisory. It is 30 days. In addition the telling people they should stay home except for work or school or going to a medical at the same time something hike that, something essentially essential. Not to let people in your home where we are seeing a lot of our case growth is in these private settings people let their guards down at home they are going to weddings and funerals, and they are also still having parties and thats where we are seeing a lot of the case growth dont get me wrong we are seeing it really across the board everywhere, but a but these private settings is really the toughest thing to regulate. You mentioned you weighed the economic costs here, mayor lightfoot. What will be the impact on the citys restaurants, bars, retailers, movie theaters, everything that was starting to open up again in some limited capacity do they have to shut down now. No, they are not shut down. But for example, our governor issued a new order last week because of the trends in the cas cases and the test positivity. Our Indoor Dining is now stopped of you can still do it outdoors but we are mindful of the fact we are chicago ask the reality is, it gets cold here it