The session. High intraday high russell 2000 continues its high but it, too, has faded during the session. The russell flat, the other indices negative coming up in todays show, well ask allianz chief economic adviser Mohamed El Erian about todays highs plus, the president of shopify about the companys new partnership with alipay mike santoli, tracking the market action. Meg tirrell has more news on pfi zechlt rs vaccine data and phil lebeau, covering the boeing 747 max. Mike, start us off here. Weve been dealing with a couple of issues, the market being a little stretched on the upside after that strong rally month to date. Over bullish sentiment has had a hard time getting traction, but no damage done at this point on the year to date chart were slightly above that september high by half a percent nothing damaging really happening here i wanted to zoom into the last ten days of trading or basically really more like eight days of trading, back to last monday, week ago monday. Pfizer news, plus the election was called and you have this big burst of excitement. People thought uncertainties had passed that was up around 36, 40. You can see we existed below that for a while this monday you had this pop with the Moderna Vaccine news. Again, i dont think anyone has happened in the overall trend. Perhaps it tells you that bitters are a little more hesita hesitant, up at these levels and maybe a little entrenchment happening. Or maybe just go sideways for some animal spirits to resat little bit here is something about the rhythm of the markets so far this year. This goes back 20 years. The number of 1 daily moves up or down over the prior 12 months you can see its on the rise whats interesting, its been on the rise as the stock mark, in general, has been rising this year of course, that was the big drop back in the spring this peaks when the market has been going down and starts to bottom basically its another way that this cycle has been jumpy on the way up as well, because youre trying to handicap a wide range of outcomes with this pandemic and the shock to the downside was so sharp and the revival s was. If you continue this uptrend and start this to go down and have volatility ease. Usually its quieter on the way up, thats true. Yep. Mike, does todays action also tell us positive news on the vaccine is largely priced in the market in terms of headline impact, i do, sara the market will be looking at how fast it gets to market, how fast the economy can get back to Something Like normal. Yes, in terms of the development side, youre seeing diminishing returns both when pfizer announced, modernas news and pfizers enhanced results today did not necessarily give an extra boost to stocks. We only have one sector high now as we speak. Dow is down 122 points thanks, mike more encouraging news on the vaccine front as mike referred to pfizer says data shows it more effective than it originally thought. Hey, meg. Hey, wilf final results of efficacy of the phase three trial that it reported today of course, this is an update from last monday when it said its vaccine was more than 90 effective in preventing cases of covid19 with all the cases in, they say 95 efficacy and as effective for those who are older, age 65. They said it looked well tolerated. No serious safety concerns they passed the twomonth safety time needed and they plan to seek that fda authorization or at least file that application within days. What happens from there . The fda will schedule an advisory meeting of outside advisers to discuss vaccines ive heard from two sources theyre planning to ask those advisers to meet december 8 through 10 and they could discuss both pfizer and modernas vaccines. They plan to file within the next few weeks that, of course, is a key step ahead of authorization once the fda gives the green light, Cdcs Advisory Committee will meet to make prioritization and allocation recommendations and then this kicks in a huge government effort to start distributing these vaccines. We heard from operation warp speed today they want to start distributing these within 24 hours of the fda giving the green light. Weve seen with these Advisory Committee meetings scheduled december 8th through 10th and you have a whole network of government partners working together to get these vaccines out to states and cities from an industry side, mckesson as a distributor, working with operation warp speed pfizer is working with fedex and u. P. S. Walgreens and cvs involved here, getting vaccines to nursing homes. It will be a huge effort well start to see play out in December Sara i was reading that the minor side effect was fatigue. Could these results have been any better at all . I mean, they are pretty good, wilf whats great also is we saw ten cases of severe disease in the pfizer trial and nine of those were among people in the placebo group. It protects against cases of covid19 but severe disease. We dont know if it protects against infection completely and how long these results last. I will say about the side effect profile, it is grade three fatigue and headaches, which means it could affect your ability to go about your daily activities so, there is some thought from experts that we need to look closely at these vaccines and the impact theyll have the day after you get your shot. Can you go to work and things like that . Meg tirrell, thank you. I guess it could be better if it didnt have to keep at almost negative 100 degrees fahrenheit, which makes it tricky. Big news today, faa clearing boeing 737 max to fly again after the plane was grounded for more than a year and a half. Phil lebeau talked with the faa administrator today about that decision. By the rumor cell a fact. If you looked at the rumors that the faa was going to be ungrounding the 737 max, you would expect shares of boeing to move higher, which they did, up 20 the last five days tachlt, once the approval went through, a bit of a pop at the opening but since then the stock has pulled back, along with the rest of the market. The changes in the approval for the max to get back into service. Updated Flight Control software, keeping it from pitching forward in certain situations when it takes off, which contributed to the two crashes that happened in 2018 and 2019. Also new pilot procedures so the pilots are not confused about how to respond in certain situations still, some of the families of the 346 people who were killed still believe the max is unsafe. They cut corners in the original design and theyre cutting corners on the fixes its not a safe plane. They refuse to do fiks that were pointed out, and passengers should simply avoid it and try to find another plane. The families, the victims in these crashes have been foremost in my thoughts and foremost in the thoughts and prayers of everyone at the faa for the last 20 months, as we have gone through this effort. I can tell you that i am 100 confident in the actions that we have taken. Steve dickson says that the families, he will be talking with them this afternoon to go over some of the changes in the 737 max. What happens with the planes that are already part of airline fleets and have been grounded for the past 20 months, when will they go back into service lets take a look at a couple of airlines that do have the max. American airlines. Its first max flight scheduled from new york to miami december 29th and southwest, which is the Largest Airline or has the largest fleet of maxes of any of the airlines, 34 maxes that have been parked. Theyre going to take a little bit longer and get it back into service in the Second Quarter. In the first couple of months of the next year, guys, airlines around the world will start to feather the max back into service. Clearly the faas authorization is the beginning of other regulators around the world, theyre expected to follow suit and also approve the max to go back into the air. Phil lebeau, thanks for that. Boeing down 2 , after having at the start of the session, a high weighing in from stimulus, the economy and future travel from jamie dimon those comments after the break youre watching closing bell on cnbc. Turn on my tv and boom, its got all my favorite shows right there. I wish my Trading Platform worked like that. Well have you tried thinkorswim . This is totally customizable, so you focus only on what you want. Okay, its got screeners and watchlists. And you can even see how your predictions might affect the value of the stocks youre interested in. Now this is what im talking about. Yeah, itll free up more time for your. Uh, true crime shows . British baking competitions. Hm. Didnt peg you for a crumpet guy. Focus on what matters to you with thinkorswim. 5g is going to change everything about the way businesses run. And most important is the ability to transform the smallest of businesses right in our neighborhoods. We created the 5g Business Impact challenge to give them the tools for them to come back stronger. The things that folks are doing today to survive during the pandemic will help them become more resilient into the future and Technology Like 5g is whats really going to enable that. Mits time you make the rules. And Technology Like 5g 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. Jamie dimon joined Andrew Sorkin today overall he was not deeply concerned about the Economic Outlook but stressed the need for more stimulus, even though weve had good vaccine news recently. I agree that im not worried. Im just saying focus on the job at hand. Weve got to get the vaccine out. Weve got to get right now, weve got to get people safer. Youre seeing a sky rocketing of covid in just about every part of not just america but the world. Weve got to get through it. Its a mistake to take our eye off that ball. And we need some of that fiscal stimulus this is childish behavior on the part of our lawmakers. Lets just get through it. He was asked about bill gates prediction that Business Travel will fall by 50 per in the medium to long term. Nothing like personal relationships, seeing people and sharing ideas. 30 is probably a good number of less seats youre going to need in office buildings, because people will be rotating, working from home, fulltime, parttime. Okay, thats fine. Thats an adjustment its not devastating to the world. I think Business Travel will be less kron that its 50 what will happen, it will drop, and it will start to grow again, and then people make adjustments. Take someone like me i have to go and see my clients and leadership all around the world. Im going to travel just as much. I dont think thats specifically a boost for jetblue. Im not sure mr. Dimon travels commercial up over 20 during the month of november and, sara, even though yields have pulled back the last two, three, four sessions, banks have held pretty steady. The month of november has been very strong indeed. Also, still not a fan of bitcoin. Even though were seeing new highs lately. Yeah. Still not going there. Hes sort of it was quite funny moment with Andrew Andrew asking him if he had changed his mind, having been negative before. He indicates he never changed his mind, was never negative, just saying jp morgan doesnt use bitcoin. Does he believe bitcoin will be the future or something they invest heavily and he wouldnt go that far, which he says has always sort of been his position andrew also asked him about whether he ever thought about being treasury secretary he said ive never coveted the job. Im very happy doing what im doing. Based on all my reporting the last couple of years, i think thats fairly accurate i think he was probably offered the job by donald trump and turned it down, which tallies with the idea that he hasnt outright coveted it, which is his word he used today said hes always happy to work with whatever administration and echoed that phrase weve heard often hes a patriot first and ceo of jp morgan second. Calling members of Congress Acting like children or calling it childish behavior, i think people who are suffering and in these programs that are running out at end of the year, like student forbearance and mortgage forgiveness, that rings true when both sides want stimulus and cant agree on a price tag or a number. His point on that was split the difference if the two sides are apart on the headline number for stimulus, literally split the difference and lets get this done you can understand that sentiment. I think everyone can same time, easier said than done, of course, as there are more nuances to this i guess the tone, i think, of what he was saying is perhaps theres hope now that the election has passed that that pragmatism is possible he also had pretty good words for secretary mnuchin, saying he had done a good job on that part and handled a lot of moving parts. After the break, pfizers vaccine news giving some hope of light at the end of the tunnel when could you expect a vaccine shot well discuss the rollout challenges with dr. Margaret hamburg, next. In some ways, things are kind of the same. In other ways, well. Any questions . The good news is. Weve learned, we can do this. Turns out when were hitting our goals, nobody cares if were wearing pants. We just need the right tools. So our team, stays a team. So no matter what comes next we can work better do better this is going to work. Welcome back time for our daily coronavirus tracker. New york city mayor bill deblasion announcing this afternoon that Public Schools will be closed tomorrow. Positivity rates have surpassedd 3 in the sevenday average. North dakota is number one on the list, reporting an average of 18. 2 deaths per million each day. The Czech Republic is ranked number two, followed by south dakota sa sara pfize r b ionntech announcing today their covid19 vaccine is 95 effective the Companies Plan to submit an fda application for emergency use will come in days. Moderna also saying its vaccine was found to be 94 effective. Former fda commissioner, dr. Margaret hamburg dr. Hamburg, thank you for joining us. Thank you. Now that we have this good news on the data that the vaccines are effective, how big of a challenge is it to produce and distribute this to billions of people around the world well, it is good news, first of all the bad news is that its going to take time to get this vaccine out. The companies with support from the u. S. Government have been already manufacturing the vaccine, not knowing whether, in fact, it would make it over the finish line to authorization and eventually approval. So there is vaccine that will be ready to go out once there is an authorization for broader use, but it will be limited i think its estimated between the two companies theres maybe 70 million doses, and, of course, this vaccine requires two doses in order to be effective, to reach that 95 or so percent level of efficacy so it means, you know, that there will be a significant of number of vaccines, 35 million but given the rising numbers and the magnitude and urgency of this covid crisis not enough the first vaccine, obviously, will be targeted to priority groups but we have to make sure that we have a clear Distribution System that is based on sound, Public Health and that its equitable. Dr. Hamburg, clearly this data is very attractive, very positive and were all welcoming it that said if we werent in the midst of a pandemic, would there be further tests or longer analysis of the data you would want to see to be absolutely sure of its safety this has been a Remarkable Development process and much accelerated. You know, a year ago, we didnt even know that this Novel Coronavirus existed. And within a year, were about to see a vaccine not only go through stages of study in humans, but actually, most likely, be authorized first on an emergency use basis, of course, for broader use. But there have been rigger oous standards applied to the process. Corner have not been cut and with regard to the Companies Work with independent oversight there have been scientists and experts as far as the daily safety monitoring board that monitors the studies and assesses the data. And then before an authorization of either of these vaccines will occur, there will be a vaccine Advisory Board committee to the fda that takes place and, again, a group of distinguished, experienced scientific experts and vaccinologists, who will be working with the industry scientists in a Public Meeting to look at the data, to analyze it, to discuss it and, you know, i think that should also help reassure people if they make a strong recommendation for this authorization to go forward. But it has been an unbelievably accelerated process. The other thing thats important to mention quickly is that there will be ongoing oversight as well one of the essential things we always do with vaccines, because you learn so much more when you go from studies, even studies that have tens of thousands of people in them, like these studies have, when you go from that more limited controlled study environment to broader use, you learn more about emerging safety concerns and you also learn more about efficacy which subpopulations does it work best on how is it working in the real world . And importantly for covid vaccines, how durable is the protection over time i think its also important that the public can learn the data youre talking about. Its been hard to find data in a centralized way for people to know what to do and for businesses to know how to open its a conversation weve had on cnbc over the last few months. What would be your message to the authorities at the cdc, fda and the next administration when it comes to the rollout, so that people will trust this vaccine, which has been another issue trust is a huge issue we can have the worlds most safe and effective vac