The s p up 11 the dow up nearly 13 on pace for its best month since january of 1987. The nasdaq up about 12 . Check out the small caps because the russell 2,000 is up almost 21 in november alone. Thats the stock world but, melissa, our other favorite topic, bitcoin thats been moving a lot, too. Maybe joes favorite topic, at least bitcoin after recently hitting 16,000 were seeing it recoop some of those losses in recent days its up by almost 2 today, above 18,000, 18,540 guggenheim is reserving right for 5. 3 billion Macro Opportunities Fund to invest up to 10 in the Gray Scale Bitcoin Trust which is only invested in bitcoin and of course this follows many large investors including stanley drunken miller voiced support for this krip cro currency, joe. Yes, it has been getting traction interesting recent trading and good to see you, melissa and andrew its tough to come back from vacation, but having you here, melissa, i dont know, it just makes me feel very, very comfortable, happy my heart is warm. Truly warm, joe. What about me you too you too. But im used to you. Chopped liver over here yeah. Im used to you. Its good to see you, too. Im just trying to welcome someone who doesnt have to get up at this god awful hour. Guest in our house. Yes. Guest in our house melissa, im not following it that closely, i did see a kid up pushing towards the old highs and then it was like, something happened do you know there was some news out about that but it then it drop 3d or 4,000 over night but now its come back how similar the march was to record highs is similar to a few thanksgivings ago, joe, we saw that initial record high when that was the talk around the thanksgiving day remember that . It was thanksgiving dinner. Yep. When grandmothers were asking their grandsons and granddaughters about bitcoin when all of a sudden everybody was opening up an account on coin base and it was early similar to what we saw this time not a surprise we saw a little pullback but with these large Institutional Investors coming in, these are the new whales the thing about the larger Institutional Investors, they have large positions and large wall mets and they dont sell those positions. Theyre holding on the big stakes in bitcoin and not moving its different in terms of the pace of trading in that momentum there. It looks like its theres a little more staying power here hey, melissa, the reason it had dropped, joe, while you were out was this tweet these tweets from brian arm strong effectively saying theres a rumor that the Treasury Department is going to start regulating what are called private wallets. Right. And theres going to be a know your customer effectively regulation such that the coin base is the world and the big institutions are not going to be transabout with private wallet i would think that would make people trust bitcoin more and give it more support, but at least in the immediate aftermath of that and clearly the position that Brian Armstrong is taking thats not a good thing for bitcoin. To counter that, we know that gary is added to the Biden Administration gary against ler is a friend of bitcoin world. He taught courses on bitcoin at m. I. T. It will be interesting to see how this regulation shakes out in the end but the operative word is regulation and nobody knows it the advocates say, yeah, you can try but it is built to try to avoid regulation i dont know anything can be regulated. I dont know how it plays out. You look into more deeply, melissa and andrew, and its were at how many mined out of the 21 million, were at 90 but the last one doesnt get mined until i hope im around to see it 2140 or something and you know, the way that its written, the code, the way that it was set up, means that there can only be 21 million unless code is changed at some point or if its something was modified so, its concrete and cast in stone but its not concrete and cast in stone. So, it is the new frontier you hear advocates come on, paul tuder jones, the first inning or something of being in apple. He said, you know, they get very hyperbolic and excite d at 19,000 i dont know where they were at 19. I dont know very speculative and you better strap yourself in i would think if you decide to look at it at these levels, wont you think, melissa and andrew not a forecaster. Even if it can be changed, the point about supply, its more fixed than monetary supply these days that is for sure. Right thats always the backdrop is what the rest of the world then the pandemic on top of Everything Else with stimulus. Really is only 21 million, some crazy math and the winklevoss do some crazy math and hopefully we can ask them. Now to u. S. China tensions reuters reporting that the Trump Administration is getting ready to add chinas chip maker smic and its National Offshore oil and gas producer cnooc to a blacklist Chinese Military companies. Eunice yoon joins us live in beijing. Is it me or you, youve been around i guess its been me that hasnt seen you good morning thats right. Youre on vacation so you mentioned cnooc it said it still has not received official notice from the u. S. But the stock price plummeted in hong kong any way. Thats because cnooc has a lot of u. S. Exposure, u. S. Investors, uses american technology, partners with Global Players like exxonmobil and the belief here is that cnooc is on this list because it has been doing controversial drilling in the south china sea. So smic, the largest chip maker in china also potentially on this list but that had been flagged earlier in the year. So the company had reiterated that it does not have any ties with the Chinese Military. The Chinese Foreign ministry, though, did respond and said that the u. S. Should not create barriers or obstacles for future cooperation between washington and beijing, though theres a belief there that, here that thats exactly what the Trump Administration is trying to do in order to try to solidify whats been a very hard line stance against china so that president elect biden will have a tougher time trying to unwind it if he chooses to do so. Good ole cnooc. We talked about it quite a bit for around years and years and years. Trying to remember the exact context, but obviously one of the giant companies in china i dont know how to in a transition period this will play out longterm, eunice. Yeah. Its not just cnooc of that issue. Thats a question a lot of people are asking, joe president elect biden could in theory come in and just decide that hes going to get rid of all these executive orders or going to change everything so, whats been discussed here is whether or not the chinese have certain level of tolerance for these all the attacks from the Trump Administration and people are saying, oh, well the chinese shouldnt actually is a couple to this and over react and in that way playing right into the Trump Administrations hands. At least thats the belief here. Hey, i should also mention to joe, weve been talking about cnooc since they tried to buy unical back in 2005 back when i was just a little merger reporter i remember that deal very well they had to pull back because of the United States government. Right. But i was going to go back to beijing here for a second to try to understand if biden i mean, how hard will how hard, eunice, do you believe it will be for biden to undo this . Do you think he will want to undo this . Right thats a very good question. There is a question as to whether or not he would want to undo it because the belief here is that among in the conversations that i had with Business People or with people in the government and then if you look at whats being said in the state press. The belief here is that Biden Administration is going to also be tough on china. The style might be different people believe the tone is going to be softer but that at the end of the day, so much has changed in the past four years and so it would be really, really difficult for a Biden Administration to not take a tougher stance than say an Obama Administration and so there is a question as to whether or not Biden Administration would want to change the policies that trump has put into place and theres a real question as to whether or not he president elect biden could actually use the Trump Administrations hard line stance as leverage over the chinese to say, well, im not going to do that im going to have these tariffs and so im going to it will change my strategy or potentially make it tougher for me all right, eunice as usual, were going to need your expertise with all things china. Thank you. And it was me. Right. You were here. I was out. Im trying to assimilate a lot of things as you come back you know what its like. Its difficult. Coming up, two high profile private Companies Getting ready to go public details on this weeks road show by doordash that clogs up my wendys experience now only like 15 or 20 of those people waiting to get things when i get there that i have to take an extra hour and airbnb thats next as we head to break, check out this mornings biggest s p movers stay tuned youre watching squawk box on cnbc this holiday at tmobile, its not about how far apart we are, its about how close we can be. So were bringing out our best deal on the new iphone 12 with 5g, on every plan. Right now, get the iphone 12 on us on every single plan. Switch now and save 20 on your bill versus the other guys. Thats the best value in wireless. Thats right. The iphone 12 on us. On americas largest 5g network. And save 20 per month. Its time to holiday on. Its time for tmobile. [whats this . ] oh, are we kicking karly out . We live with at t. It was a lapse in judgment. At t, we called this house meeting because you advertise gigspeed internet, but we cant sign up for that here. Yeah, but im just like warming up to those speeds. Youve lived here two years. The personal attacks arent helping, karly. Dont you have like a hot pilates class to get to or something . [ muffled scream ] stop living with at t. Xfinity can deliver gig to the most homes. Welcome back to squawk box this morning two high profile ipos to talk about this week that are on our watch. Doordash expected to begin its road show today with reports saying it will target a valuation of 25 billion to 28 billion. Meantime, were hearing that airbnb set to launch its road show tomorrow with valuation expected around 30 billion to 33 billion. So we will see whether december is the month for ipos and all of these theyre not really stay at home, doordash is stay at home stock i dont know what we think of airbnb these days, melissa. Seems like doordash is a better time to go to public. You couldnt ask for a better time in context of the world to go public right now during a pandemic ive been told that i shouldnt complain instead of me going to wendys cant beat them, join them i get these fries for my sinuses get them from doordash i like them where they make them and i get home within five minute and theyre still hot or else theyre not quite as good so i dont know. Have you tried to go in . Theres a board. To a wendys . I go to a kiosk i dont know where theres a wendys. Okay. Any way. Thats scary any way, i go and theres a board. It shows where i am after i go to the kiosk now im usually like the third page and every single one of them says mobile order mobile order theyre all doordash up there. And i watch these shopping cart bags filled up with stuff while im waiting for my piddlely little fries. Do you use your real name. It says joseph depending on the credit card you put in the kiosk. The name on the credit card. You would know these things. Youre like george h. W. Bush they scan that and the price comes up this is unbelievable can i pay with cash . Melissa, where have you been not to wendys apparently i dont know why im getting flak for not going to wendys. Its not a sign of the modern world. Melissa slis living in the future. She is. You get your shoes in the mail. Everything in the mail. Lets talk stocks here having potentially historic november, the dow up nearly 13 so far joining us now liz young director of market strategy. Great to have you with us. Records for the nasdaq for the s p 500 in the last session, the dow on pace for its best month since 1987 the russell on pace for its best month since its inception in 1984 have we pulled a lot forward i think we have pulled a lot forward. I was hoping we could keep talking about french fries i think we have pulled a lot forward. And theres a little bit of a risk through the end of the year that we have some of that steam come off it could come off in some of the Economic Data and come off in the market, but i think this is something that investors can and should look through. If we have a little bit of a wobble, well call it 3 to 7 . Anything that could happen before the end of the year i would see that as a buying opportunity. And you really have to look out three to six months and think to yourself, are thing going to be better than they are today and i think the answer to that is yes. They are going to be better i sure hope they will be better. But at the same time, liz, we had, what, 93 of the s p 500 report earnings so far a lot of them have exceeded expectations what are we Many Companies still are not forecasting for next year. So how do we look at earnings in terms of 3 to 6 months from now things will be better. But what is the Market Pricing in terms of profits and do we have that visibility right so i dont think we have that visibility yet and a lot of the Earnings Data thats come in in the second half of this year certainly has been positive from a surprise perspective. But the bar was low. Once we get into 2021, the expectations are going to go up. I would expect that more Companies Start to give guidance as they should particularly in the Second Quarter i think timing is the key factor here the Fourth Quarter getting through the end of the Fourth Quarter probably going to be a little bumpy Fourth Quarter we probably have lingering effects not only here but especially in europe from shutdowns, from increases in cases and just winter in general. Once we get into the Second Quarter of next year, i would expect more clarity from companies. I would expect more focus on fundamentals from stocks particularly in the u. S. And i would expect a Pretty Healthy recovery both in the market and in the economy starting abroad. So theres a lot to look forward to. A lot of market signals out there, liz that are surprising and maybe some might argue frothy you take a look at the spac binge out there and ev companies, you take a look at the vix trading above 20 since february you take a look at airbnb and door dash, these ipos getting up size what does that say if anything about the market you could throw in bitcoin if you want to. What does this say about the markets and the appetite for risk at this point yeah. To our earlier part of the conversation, some of that Risk Appetite has been pulled forward and i think some of the wind probably coming out of the sails. There are a number of things on the technical side that are at extremes from an optimism standpoint, even if you just look at bulls versus bear. A lot of people out that are bulls right now. Usually when that happens a couple tend to be wrong. Some of those measurements whether its optimism around certain types of vehicles or just optimism in indexes and broadly i think some of that is going to have to slow down but i dont see this as something even if we have a tiny slow down in the market not something thats going to send momentum completely in the opposite direction or be an issue for investors thats going to stick around for months at a time. In which sectors is the optimism too high . Is it the sectors that we saw the biggest bounces in this month, like banks and energy, or where is that optimism yeah. Lets talk about energy just for a second we talk about it so much, its 2. 2 of the s p 500. And thats not to say it doesnt matter thats not to say it doesnt affect sentiment both from a consumer and a business standpoint theres been a huge rally in energy for the last few weeks. But it was off such a lower base and if you invested from energy at the start of this year, youre still down 30 . If you have a big rally off a low base, it will look more dramatic, much like a lot of the economic numbers that we saw in the second and Third Quarter you bounce off a really low base, it looks dramatic on the way up i think thats whats happening in energy. And a lot of those stocks you have to remember theyre still fossil fuel companies. I dont think thats where the future is. That may be the near term and the medium term even just from an optimism standpoint with demand coming back but for the long term, the puck is still going to that renewable side as an investor with a longterm perspective, you want to be in the Energy Market you have to think about renewables. Liz, well leave it there good to see you. Thank you. Thank you liz young, bny mellon. Details on what is being called the biggest deal of the year we have the details when we come right back vating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. 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