The nasdaq up by about 120 yesterday was a down day for the markets. The dow off by about 270 points. But if you want to take a look at november hes historic gain, check this out, the dow actually up by 1. 8 for the month, that is its best month since january of 1987. The s p no slouch either it gained about 11 while the nasdaq was up nearly 12 november by the way was the best month for all of those indexes since april which was a huge month. Also small cap stocks were some big winners. The russell 2000 finished the month up more than 18 , 245ethas right, 18 in one month, the best month since that index was created back in 1984 so here we are heading into december and year to date, the nasdaq is the superstar, up nearly 36 the s p 500 is up by 12 and the russell 2000 up by 9 . The dow up by 3. 9 so fantastic november for all of these indices. Nasdaq leading the way in terms of year to date. Joe. Yep, coincident with the surge. Go figure. The second surge are you sure it is never too early, that is just a blanket statement for Christmas Music . Oh, no, it is not our 4yearold loves christmas carols, so weve been listening to them for probably a month at this point im just glad the rest of you get to feel my pain. Feel your pain. So when you see, i think it is always too early. When it is prior to thanks give, it is like come on anyway, i just heard you say that i woke up sinking the dradle song i woke up singing that this morning. So sesame street is still in your life. Dont be a grinch, it is the holiday spirit wait until it is stuck in your head on a running sound track too. We were listening to a little when we were away for thanksgiving we didnt have sirius xm in the rent a car so anyway, we were playing and it was Christmas Music and i said no, and they said yes, yes and so it was a yes. In washington, a group of senators are looking to break the stimulus stalemate ylan mui is joining us with the latest and maybe her ren daysdin of a christmas carol, i dont know i do love the Christmas Season, and what democrats are doing right now is trying to make the Christmas Season a little bit more merry for unemployed workers there is interest on both sides of the aisle in breaking the logjam on capitol hill surrounding a Coronavirus Relief package. And today more than 30 democrats are getting behind a new push to extend expiring Unemployment Benefits for 12 million workers before they go away at the end of the year. Virginia senator mark warner is leading this effort with a letter to the leadership of both parties that says that letting these payments lapse during the Holiday Season would be cruel and that it would hit the Services Sector and the arts especially hard. The letter says these workers are facing job loss that has nothing to do with their skills, acts or performance. There have been some preliminary conversations in the senate on bipartisan measures that might be able to pass along side the government funding bill next week, so this letter is just one indication that democrats appear to be coalescing around the problem of what they are calling the benefits cliff also today senators ron wyden and shaerrod brown and we also Michael Bennett are unveiling a bill that would extend the provisions and also reinstate the 600 of enhanced Unemployment Benefits that has been more controversial and has been one of the sticking points in the broader negotiations. So this could be a sign that democrats might be willing to accept something smaller than that 2 trillion deal. Back over to you so send me some of your most important points to make with senator warner, okay what do you need to know right now, just having been working on this story for overnight. Probably didnt sleep. But what should we talk about . Well, i think what is really important is, one, the Economic Impact of having these Unemployment Benefits expire two, is this a real deadline weve seen deadlines come and go on capitol hill in the past. We thought that there was a deadline around the expiration of the enhanced Unemployment Benefits, that didnt spur congress to act. What is different this time in order to get them to do it economists are saying that the ending of these benefits would be particularly painful. So is that it, is it the government funding bill that is going on and i also think the other question here, that is this a case of democrats saying were not going to get the heros act, we wont get the bill that they have been trying to hammer through the senate and hammer republicans with for however many months now. Is it time to just settle for one, two, maybe three or four provisions that could provide relief to americans as they wait for the next administration to take office. Is that going to be the strategy now as we come into the final weeks of the year. The election being over and now we can do a smaller deal that doesnt go into the thinking anyway, i think that becky has a question or comment actually, a question. If that is the case, if there are three or four things, four tops, that they might be able to settle on, what are the other issues that have bipartisan support . We hear about so many things from the bill to help the Airline Workers to the ppp money getting passed, the need for money for schools. To make sure that they can stay open or reopen or stuff no testing too. There seems like there is a lot of priorities that could get bipartisan support and that has been part of the challenge of this. The things that im hearing people talk about is reauthorizing ppp, perhaps some money for a Vaccine Distribution because that is now thankfully becoming more of a reality i think that the challenge has been balancing it. You dont want to do politically too many things to help businesses if you dont on the flip side did something to help the workers. And if you cut out the state and local aid and just have a business provision and worker provision, that becomes more of an equivalent trade that could win support on both sides of the aisle. This is all sort of nation speculation, this is clearly still a long shot of getting something done by december 11 when the government runs out of money, but that does provide the vehicle and some momentum for having a few provisions ride on that larger spending bill. All right elon oi elon, thank you. Well be talking to mark warner at 8 00 eastern. And we are learning more about teslas race to join the s p 500. Well bring you some of the details right after the break. But before we do that, check out this mornings biggest movers. This holiday at tmobile, get an iphone 12 with 5g on us on every single plan. Switch now and save 20 on your bill vs. The other guys. Thats right. Iphone 12 on us. Its time to holiday on with t mobile. Welcome back to squawk box. Futures are off and running. Douf futures are indicated up by 363 points why . We have no idea. You could say stimulus hopes, you could say just about anything out there i cant explain why bitcoin is up by almost 500 bucks this morning either anyway, futures are up looking good so far. S p 500 by about 44, nasdaq by 126. In corporate new, zoom shares are pulling back this morning despite better than expect Quarterly Results and guidance, but they point to the rates of revenue xwrooet and concerns that that could moderate zoom stock is up by more than 56 5 so far this year. And check it out, the stock off by about 5. 6 . Well talk to their cfo at 8 40 a. M. And the other thing were watching this morning, of course shares of tesla because the s p says that the stock will be added to the s p 500 all at once it will happen on december 21st and it is notable because the Index Committee has considered whether to add the company in two stages because of teslas massive market cap the company that tesla will be replacing will be named on december 11th. A lot of people will be following that and joining us right now a ddan ives from webbush. You cant fight the index. I dont know if that is the way to think about it. But in terms of where tesla stock is right now, what is fair value . We have a bull case 1,000, base case around 600 i mean, to me it all comes down to the demand story and i think that were seeing an inflexion point. And you are seeing adoption curves increasing and they are doing it profitably. And that is why you are seeing more institutional, not just the ind indexing you player t play the golden age of ev. But for those who have been skeptical of tesla throughout, even a jim cramer would say you cannot measure or judge this company as an automobile maker if you do it in that context, the numbers that are on your screen right now are crazy town, right . And so what is the appropriate context to get your head to these numbers . Yeah, to me it is a disruptive technology. I think that is how you have to value it on the ev side, that continues to be the emotional bull bearish story and we disagree with the multiple because really from a technology perspective, that is where they are heading i think when you look at ev, i think that you are starting to see a rerating across the board. And you see it for names like ge as well. But that is the area when it comes to tesla, you have to view it on a new paradigm in terms of the Growth Opportunity and i think that that is more and more how it gets value Going Forward. Lets pivot to another tech story and we may learn more about it later today, and that is potentially a merger between salesforce and slack and wanted to to get your thoughts on that transaction and what you think it means for salesforce yeah, it is a major game changer, not just in software, but really across technology a deal like this i think is a major shot across the bow to microsoft. You look at cloud software, tlrm many false starts for salesforce and i think that they are building themselves more into an enterprise play. And this is just the start the of massive m and m cycle beinps. And it all speaks to the cloud right now i think this is really just the start of what is going to be that big m and a cycle with benioff kicking it off tonight. So is this an offensive move or defensive move . You look at where slack has been they had not grown the way people had expected. To some extent i think Microsoft Teams had come from behind the way people didnt imagine. And you have salesforce trying to play against microsoft right now. So how offensive, how defensive is it . Yeah, that is an excellent question for slack, it was clear going up against microsoft that that was just a herculean challenge i think it made sense for them to hit the bid year. For i willsalesforce, i think t is in some ways defensive. But offensive in terms of exp d expanding the suite. For salesforce, this is the time to strike. Because if they didnt, they would get further behind microsoft. And so that is why redmond is watching the deal because i think that we could see microsoft doing more m and achla. And google with everything happening there on cloud, i think this is another opportunity potentially for google to go after and i think that this was partially defensive, but also more of an offensive play when you look at where the slack deal fits in terms of the portfolio if you think this makes microsoft inquisitive looking around, who would they buy i think that there is a handful of players out there that they could look at both private and public i think specifically when you look on indesk and other names out there, but for microsoft, they are looking across the board, cybersecurity, on the application front. Because right now on the cloud story, microsofts world and everyone else is paying rent in terms of azure and so they could do it through m a and organically. So i think that salesforce continues to chase microsoft dan, in terms of the strength that microsoft does have, im curious, how strong do you think salesforce and how much of a competitor salesforce combined with slack becomes and throw into the mix by the way, and well be talking to the cfo a little later in the show in the 8 00 hour, zoom you know, you look at Microsoft Teams and they effectively have a product that is doing what slack does plus what zoom is doing. Does somebody ultimately buy zoom, does zoom buy somebody else, what has to happen there i think zoom given the valuation, i think it is more they potentially will be acquirer no one would have expected that Microsoft Teams would have had the success that they had. So i think when you look Going Forward, this is where in terms of where zoom fits more and more competitive against them and you can talk about the other side with the vaccine working from home, but i think that it is a new paradigm. Collaboration software and of course zoom has been the leader there. But when you look, salesforce looks around and slack was what they needed to acquire no one expected microsoft to be as success ffulfu as they have n on teams is salesforce going to have to buy something in the video space or does it become a commoditized product that is what im concerned about longer term, if everybody has a rergs of th version of this product, how much can you really charge for it and there have been worries about that, but ultimately if you look at the platform for teams, and remember most of that is degree for microsoft customers moving to the cloud, but if you look at zoom, i think there is a scale ability that is hard to match. So i think that commoditzation does not happen for the next few years which speaks to the multiple street is paying on the work from home names because it is a scarcity value. And i think slack was only going to go so far as a standalone given more and more as they go into the core backyard of the enterpri enterprise, harder to compete with microsoft and now i think right now you really count on one hand the amount of legit players in the space. Dan ives, hitting august the big headlines between tesla, zoom, sales for force oforce an. We appreciate it thank you i personally find it very offensive the deal using so many stock, very it is offensive coming up, how starbucks is giving back to frontline workers. But first as we head to break, check out the biggest nasdaq movers who invented were car vending machines and buying a car 100 online. Now weve created a brandnew way for you to sell your car. Whether its a year old or a few years old. We wanna buy your car. So go to carvana and enter your license plate answer a few questions. And our techno wizardry calculates your cars value and gives you a real offer in seconds. When youre ready, well come to you, pay you on the spot and pick up your car, thats it. So ditch the old way of selling your car, and say hello to the new way at carvana. It is time for todays executive edge starbucks is giving back to frontline workers for the whole month of december. Customers with jobs that help keep others safe during this pandemic can get a free tall brewed coffee hot or iced. Those eligible for the perk also include doctors, nurses, pair met dicks, pharmacists, dispatchers, firefighters, police officer, dentists, dental hygienists, Mental Health workers, hospital staffers and active duty military members great time for them to be getting this as cases continue to climb and these workers are more put upon to try to keep us all safe yeah, true. And meanwhile, this is known as giving tuesday Many Companies are encouraging people to give today by matching donations on the website double the donation. Com, you can search for companies that match employees contributions. This years c. A. R. E. S. Act included a 300 Tax Deduction for eligible charitable contributions. Comcast is one of those companies. I dont know about today, but they said for this year, they match any employee up to 1,000 to give to the charity of your choice but today is a great day to remember after you spent all weekend shopping, make sure that you give back to those in need when we come back, some key opec meetings this week with more questions than answers about the future of supply the latest on those talks right after this you can see wti unchanged right now. Waiting to 45er whhear what hap with the opec meeting. And lets take a look at yesterdays s p 500 winners and losers theyre first first to respond. First to put others lives before their own. And in an emergency, they need a network that puts them first. That connects them to technology, to each other, and to other agencies. Thats why firstnet was built by at t for First Responders and why were dedicated to keeping their lines of communication open. Firstnet. Because putting them first is our job. Dow looks like it will open up a lot higher this morning, 372. And s p 500 up about 43 points, nasdaq about 120 points higher well explain what is going on, but people feeling good right now. We continue to follow bitcoins big moves hitting another intra day alltime high yesterday. Almost 20,000. It gained 41 in november. Its best month since may 2019. Dont say it is not correlated, joe, dont say it is an uncorrelated as set. It seems to be as corrolatesed as ever. The interesting thing to look at, go back 10, 15 years and look at the low every year i think the low this year is like 4,000. So i think independent it yesterday, strap yourself in i dont know what the low will be for 2021. Definitely seems to be more behind the move this time than two years ago, whenever it was, in terms of more really smart people that seem to think that, you know, something that will be lasting there. Ive looked into it a lot and i have my own concerns ive got things that seem very positive but then there are some other things that some of the biggest worries are like in 2100, there may be a lot of stuff happening that is very bearish for bitcoin. So im trying to factor that into my long this is called long term, right i dont know if you saw the conversation that i had with softbank two weeks ago, he had bought into bitcoin when it was at 20 240ur,000 two or three yeg and ultimately sold he said he lost a lot of money selling, but it was too much for his brain, it was taking up too much mind share to have to watch it every day and see what was going on so he needed to be able to focus on other things. So i dont know how much value you put on that. Read the first 40 pages of a primarier ofy e primer of a book and there is a rationale for like i said for a rationale,