The year dow is set for a record close, approaching 30,000 with 59 minutes left of trade. Up 1 2 on the dow sara 29,830 currently. Coming up todays show, we are waiting president elect biden to make some comments on the economy. His economic plan that should come any minute. We will take you there live. In the meantime, a rare interview with operation warp speeds dr. Slaoui he will weigh in on the moderna news and what the rollout will look like. Plus the positive vaccine theus with mark moabious his eye on emerging markets. And mike wilson saying next year will be all about earnings we will discuss with Morgan Stanleys chief u. S. Equity specialist mike santoli joins us. Meg tirrell has the latest on covid19 news. Eamon javers will go over president elect biden speech on the economy when we get there. Lets start with mike santoli. We below on the s p 500 where we were this morning, by about a third of a percent below last monday mornings high about a third of a percent but looking at the chart, it is trying to break out in a decisive way from this long term range. Cyclical stocks are working. Market has a urgency to try to price in that kind of back to normal moment. The question is whether we have already pulled forward some of the benefits we already have the vaccine catalyst of course in the rear view keep an eye on how the market responds to that good news look at the global market. I think it is important the point out. This has been a global rally basically the entire world equity markets, the all country world index. It was capped for quite a while. It is a decisive breakout there. The nikkei in japan is one of the strongest uptrends in the world right now. On the subject of some of the back to normal type trades, the reopening plays look at three of them bookings holdings, uber and brick international, the dining chain. Each of these is above its precovid high. Uber is up year to date, if you look at some of the others they are all here, higher than they were right there before it all hit. The question is for some of the big cap names that are plays on a return to normal, exactly how much juice is left in them airlines are still beaten up, hotels, cruise line as lot of retailers as well. It is worth asking the question whether the market has kind of gotten there already at least in large part. Thanks for that all eyes on that rotation. More discussion throughout the show first lets get to meg tirrell on the factor driving the rotation, good news on the vaccine front. The bar was set high for moderna coming into this week and this met and exceeded it 4. 5 efficacy in their phase three trial. That follows pfizers 90 efficacy reported last week. Really bolstering hopes for how powerful the vaccines could be they also said it prevented severe disease in the trial. And moderna will seek the fdas emergency use authorization in the coming weeks of course the next question turns to supply. We are hearing from the hhs, secretary alexei czar that between moderna and pfizer they except to have enough doses for 20 Million People in the United States by the end of the year. By the end of january, secretary azar says all seniors and First Responders should be able to get a vaccine. Then starting april, may, june, july according to dr. Fauci, thats when the general population should be able to get access to these action eens assuming also more of the vaccines are successful. This is a huge moment for moderna as a company as well it is only a tenyearold company. You can see what the stock has done since they started work on this vaccine we talked with the ceo of moderna this morning about those ten years of work and really what this means for them heres what he said. We have worked really hard because this is not another like success. We have been at this for ten years now, a lot of investments and focusing on the science. What we realized over the years is we are able to make a pure mrna and make a lot of copies of the antigen of the virus in the human body then we can get a very strong response like we are seeing today. That paying off in these strong results today for their first vaccine thats likely to get to the market. As dr. Fauci says, the cavalry is coming, but it also comes at a timewhen we have never seen more cases in this pandemic in this country. Nonetheless, such great news, meg, as you have been discussing all through the day. We discussed last week when we got that 90 plus effectiveness rate out of pfizer what that would mean for the other Companies Developing vaccines. Outside of pfizer, moderna so much built into the stock prices for the other developers, from astrazeneca to j j does this now mean that everybody has to get over 90 or else all countries will just want to buy moderna and pfizer and ignore rest . Certainly if there is a lot of variability in the efficacy rate in these trials you could see greater demand for the ones that appear to work better but the fda set a bar of 50 efficacy in order to consider approving these or giving them emergency use authorization. That is still the bar that the vaccines need to hit because there wont be enough going into next year, any vaccine that hits that bar and is safe will probably be encouraged for people to take to try to make a dent in this pandemic Going Forward if we have to take these vaccines every year it can be reexamined based on supply which ones should be taken certainly to in the the little bar at 50 , there is a bar now set in the minds of everybody that 90 efficacy is achievable. Astrazeneca and jo j, they are u next. Strikingly good news. What do we know about the federal governments plan to roll out these vaccines, how they will be administered and distributed. And how fast how are they going to get them to nursing homes, for instance . Well, i believe the centers for medicare and Medicaid Services struck a partnership with cvs to work with nursing homes. So there are plans along those lines. Now what happens from here is that these companies have to go through the fda approval process. We are going to see outside advisers meet to discuss the vaccines once they get the green light, a group of advisers to the cdc will meet and prioritize which vaccine should be given to whom, and who first. Thats the process of getting through sort the regulation here and then the states have their own Vaccine Distribution plans so they are saying they dont have enough funding in some cases to make sure this works well so this will be the next thing we start to look at, how will this work, getting this out to the people who need it it is going to be very complicated and really a feat we havent seep on this scale before like so much else in this pandemic. Absolutely. Meg, thank you we will see if president elect biden says anything about that on his speech on the economy this hour. We will turn now to the Federal Reserve. New news on Judy Sheltons road to confirmation. Lamar alexander of tennessee is voting against her nomination. Staying in a statement, i oppose the nomination of judy shelton because i am not convinced she supports the independence of the Federal Reserve board as much as i believe the board of governors should the story was first reported by the woechlt, which also notes that senators romney and collins have also previously said they would vote no on shelton the Senate Majority leader mitch said last week he would advance shelt tons nomination to the board in july. They grilled her on her independence, her support previously of the gold standard. This is going to be a tight vote for her. It has been put back on the agenda we will see if she is able to squeeze by it has been controversial from the start. It is going to be close now that it is coming well after the election i guess gives more grounds for people to slip against what they are being told to do and perhaps vote against confirming we will see what happens there for judy shelton 51 minutes left in the session higher by 4 on the dow. Less than that on the s p. Awaiting remarks by president elect biden on the economy. We will take you there as soon as that starts. Stocks rallying on the back of vaccine news. We will talk to mark moabious to see whether or not he thinks the vaccine news will help the maet rks. You are watching closing b on cnbc. Keeping your oysters business growing has you swamped. You need to hire. I need indeed indeed you do. The moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventyfivedollar credit when you post your first job at indeed. Com promo 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. Weve got just over 45 minutes left of trade. Theres a live shot of wilmington, delaware we are waiting for president elect biden to take the stage. Hes there to talk about the economy and turning the economy around, getting through the covid crisis he convened a meeting earlier today with top ceos like fwrks ms mary barra and top Union Leaders like the head of the uaw who will join us later in the show to talk about that meeting of we will take to you president elect biden as soon as he takes the podium. In the meantime, it is rally mode another positive vaccine report today, this time from moderna. The dow up 350 points. The s p up 3 4 of 1 as we head into the close for what it means on global markets, particularly the emerging markets lets bring in mark moabious. Always good to have you on the show emerging markets love the news it is fun for them to see the stocks rally the dollar weaken, all of that stuff. In terms of the impact of a vaccine hitting is it as positive as it is for the u. S. , which is lickly to be prioritized by a moderna or a pfizer it is tremendous news and it is a psychological impact is really what we are talking about. Its amazing how these countries are reacting to the news and i think its going to last for quite some time. Because as new vaccines come out the news will get better and better you must also remember that china is pretty much out of the crisis they pretty much solved their covid problem. A lot of the other Asian Countries have done so as well this vaccine is just one additional plus point. So given that positive view on the broad picture of emerging markets, which ones look best to you right now . How are you playing that right now, china, india, taiwan, south korea, those are the top ones and then further along, vietnam and philippines. All of these are Asian Countries, obviously the Asian Countries are really benefiting and this new trade agreement that they have signed is also positive news for they countries. Finally, they got together and signed this agreement. Unfortunately, india is not included but maybe later on india could come into that agreement given that that trading agreement has been signed, how poorly does it now reflect on the fact that the tpp was not signed and for all of the sort of fights over the last four years, has china come out looking pretty strong and pretty happy with thing oh, definitely. I mean, its a real loss for the u. S. And i think the u. S. Has really got on the ball and has got to get on the ball and join this agreement in some way. Otherwise, the influence of the u. S. Will decline in the pacific. We have got watch this very, very carefully. Mark, on the flip side, clearly chinese assets have done well this year, the chinese economy relative to the rest of the world looking really strong. There have been nervous moments, the ali pay behind the scenes leading to that being pulled if you are investing in china what risk is there that the state decides the seizure assets at some point or i78 pose wild card valuations or restrictions that impact the value. What is your take on that . Is china a risky place to invest not any more than europe or the u. S. In yrp they cracked down on companies for tax evasion. The bills have been huge and so i think the chinese are careful in the way they handle Something Like this. You have to remember, they have been very, very liberal with these Tech Companies the Tech Companies in china get away with a lot more than they would in the u. S i think this move by the government to crack down on this ipo by ant is not a big deal, really i think at the end of the day it will probably work out well for the market in general to see more regulation. Mark mobius sorry we have to cut you short a little bit today we have president elect biden taking the stage thank you for joining us, though with some of your recommendat n recommendatio recommendations. Lets listen to the president elect biden. Met with a group of americas top Business Leaders and labor leaders. I must tell you, it reinforced what i thought from the beginning. They are ready to come together. The unity was astounding i want to go back and talk about the people who actually participated in that i want to list all the people just so you know who we spoke with number one, there was mary barra, ceo of General Motors brian cornell, ceo of target mr. In additionel, ceo of microsoft. Rory gamble, president of the uaw. Mary kay henry, president of the mark marrone. Lee saunders and sonja single, president of gap. Richard trump ka president of the flcio. It was really encouraging, quite frankly, to get people business and labor together, agreeing on the way forward, which i am convinced the American People will be ready to do when they hear what we have in mine. I am very pleased ill it all came together around the same table to vance areas of Common Ground we agreed we are going to continue these conversations they represent very different perspectives but i am convinced that we can all come together around the same table to advance areas of Common Ground, which are really i wish you could have all heard the conversation. It was really encouraging. And thats what we were ready to discuss today. We all agreed that we want to get the economy back on track. We need our workers to be back on the job by getting the virus under control. We are going into a very dark winter things are going to get much tougher before they get easier that requires spare nothing effort to fight covid so we can open our businesses safely, resume our lives and put this pandemic behind us it is going to be difficult, but it can be done and they all agreed, that means rallying the country behind a National Strategy with Robust Public Health measures like mandatory masking widely available testing with rapid results, scaled up products of treatments and therapeutics. And safe, and equitable distribution of the vaccine. It is great news that moderna and pfizer have each come up with vaccines that are in excess of 90 effectiveness getting a vaccine and a vaccination, though r two Different Things everyone on our call today, in our zoom today, agreed that the sooner that we have access to the administrations Distribution Plan the sooner this transition would smoothly move forward as we battle covid we also have to make sure the businesses and workers have the tools, the resources the National Guidance and health and Safety Standards to operate safely. And we can do that we can bring democrats and republicans together work with business and labor to deliver those necessary resources. And for millions of americans who have lost hours and wages or have lost their jobs, we all agreed on our call that we can deliver immediate relief, it need be done quickly Affordable Health care for millions of people who have lost it or are in danger of losing it child care, sick leave, family leave, so workers dont have to choose between work and family Corporate America agreed on this today the folks on the call. We need support to support Small Businesses entrepreneurs that are the backbone of our communities but are teetering on the edge and we all agreed on the urgent need for funding for states and localities to keep front line and essential workers on the job vital Public Services, running Law Enforcement offices, educators, First Responders. Like we did in the recovery act of 2009, saving literally millions of jobs but there is a reason why the federal government is able to run a deficit. Because the states must, must balance their budgets. And they are in real trouble you are going to see hundreds of thousands of police officers, firefighters, First Responders, Mental Health clinics you are going see them going out of business right now, congress should come together and pass a covid relief package like the h. E. R. O. E. S. Act that the house passed six months ago once we shut down the virus and deliver Economic Relief to workers and businesses, then we can start to build back better than before. We talked about how we have an opportunity to come out of this stronger, more resilient than we were when we went in i wish you could have heard Corporate Leaders and the major labor leaders singing the same hymn nall here throughout the campaign i laid out my build back better plan we laid out our plan that an independent analysis put out by moodys a well respected wall street firm projected it would create 18. 6 million jobs we can also we talked about t