Highs. Coming up a busy news day, and a series of big interviews as well. The ceo of gap, jonah snngal, her first interview since taking the job in march talking about the post covid lavin escape and the partnership with kanye west. Plus we have patrick frisk with his partnership with steph curry. We will discuss the fierce competent anything footwear. And salesforces deal to buy slack is expected to be announced today after the bell we should get those details. And sales details also out after the close. Looking forward to that. Slack up a little bit today. Lets get to the Market Action mike santoli is tracking it. As stocks moving higher but off the highs of the session. For three weeks they have been mostly sideways around the recent highs right now we are a little less than 1 above the intraday high from november 9th. Est that was the day the election was called. Then you had the vaccine from pfizer that was right in here intraday high. At a record. 67 above the march 23rd low right now at todays levels from the intraday low up by two thirds in value the s p 500. How did we get here . Look at the performance recently of the most shorted stocks in the market this is Goldman Sachss index the basket of the most shorted stocks it rolls depending on what is the most shorted ferocious move to the upside we have cleaned out a lot of the shorts we have had record inflows into stocks we have pivoted from people being very cautious to being aggressive and wanting to make sure they latch on to the market before we get what is expected to be an acceleration of the economy into next year the head wi then i wanted to take a look too at other dynamics here this is sml it is a small etf thats the s p 500 stocks but weighted in inverse order. The Smallest Companies are weighted the highest look at the huge acceleration higher we saw there in november. The laggers, the small stuff, the mega caps have been resting. The big nasdaq names have done really nothing for three months, sidew sideways, below their september highs and now they are starting to perk up thats whats going on today apple up 3 . Facebook up 3 seems as if just when people want to get more exposure to the markets they are seeing the disciplined way to do it is buy the old winners. Thats often what happens in december the year to date winners not the most recent best performers are the ones who take the fore we will see if this continues for stocks right now it looks update. Everything of course is up today as you said mike interestingly the factors today, starting the month and the end of the month yesterday perhaps a factor but the move in the yield suggests economy and stimulus hopes. No doubt. Especially this the morning, the pop higher in treasury yields. Credit stretched a lot good Economic News being digested by the markets and yes, the hopes for added stimulus is without a doubt almostgraphy on the overall story when people were already thinking things look relatively positive despite the difficulties we are looking at right here now. Got it. Mike thank you. We will see new just a few minutes. Fed chair jay powell and treasury secretary Steven Mnuchin spent the morning on capitol hill we also heard from bidens nominee for treasury secretary, janet yellen this afternoon. Steve liesman what did we learn overall. Count with me the president elect biden, his chosen treasury secretary, the current treasury secretary and the fed chair, four big titans agreeing on one thing today the need for congress to bring aid to the economy here is janet yellen so many people struggling to put food on the table and pay bills and rent its an american tragedy and its essential that we move with urgency the team introduced today signalled they will focus on minorities, women, and those hit hardest by the pandemic. Earlier in the day Steven Mnuchin called on congress to use unused funds given back by the fed chairs act. There are Small Businesses at risk of being out of business during this winter custom could be a tough few months. At the same time we are getting the news about the vaccines when are more effective and they have come sooner. There really is in the medium term upside risk here. Mnuchin took tough questions about his controversial decisions to end five fed emergency lending programs he insisted he was following the letter of the law and said he was looking forward to reviewing 908 billion Bipartisan Senate aid proposal they agree on it but cant agree on it i guess. I wanted to focus on the data manufacturing, disappointment. The jobs numbers ahead of fridays jobs report not looking too holiday. How is the economy shaping up now that we have a new surge in the virus . There is definitely a slowing in the pace of recovery. The fed chair jay powell said that i reported yesterday as you know sara that some of the High Frequency data that i follow is suggesting the possibility of a negative number on friday. I say possibility and not probability. I guess advisedly because the economists who follow this they are not changing their forecast in a way that they are saying we expect a negative number but two indicators the home base data and the ukg data which used to be known as krone owes have trended down this morning the ism manufacturing data also showed a negative number for manufacturing employment there is reason to be concerned this number may not fulfill the potential of the consensus which is north of i think it is 450,000 is the wall street consensus. And by the way, thats down from about 640,000. It is a risk to the market coming on friday. Steve thanks for that though manufacturing is still above 57 today pretty strong, all things considered. After the break, under armour launching a new brand around super star steph curry. Ceo patrick risk will join to us talk strategy, competition and much more. Thats coming up next. You are watching closing bell on cnbc. I felt like. I was just fighting an uphill battle in my career. So when i heard about the applied Digital Skills courses, im thinking i can become more marketable. You dont need to be a computer expert to be great at this. These are skills lots of people can learn. I feel hopeful about the future now. See yourself. Welcome back to the mirror. And know youre not alone because this. Come on jessie one more. Is the reflection of an Unstoppable Community in the mirror. 49 minutes left of trade under armour and steph curry launching the curry brand. In addition to being a footwear and apparel line, curry brand is also working to provide opportunities for youth sports in underresourced opportunities. This launch comes seven years after under armour first signed curry in 2013. The stock is down 20 since that time patrick frisk joins us, the ceo of under armour. Welcome back great the see you. Great to be here. Across categories, across sneakers, apparel, it sounds a lot like the jordan brand. Is that the model here no, i think what we have tried to do here and i think what steph and under armour are really excited about is the fact that we are creating a brand for good here. And i think the big difference is its not just about product its also about giving back. Giving the costumer a chance to participate and for stefen to do something he wanted to do for a long time, impact youth and participation in sport which is also what under armour is trying to do. This is really about both brands combining their values and doing some good at the same time sure, but you are also trying to grow under armour and look for new opportunities, patrick i guess my question is, why didnt you do this a few years ago when curry was winning championships and mvp titles you have had the relationship so long why now . It is a combination of both under armour maturing as a brand together with stefen stefen wanted to do this we started talking about it two years ago or a little bit more than that. It has been pa maturing. I think this year especially there has been more time for stefen to dedicate more time to this effort. As we have been working on it, it matured and we felt that now was the perfect time, right before the season starts this year you know, this is something we are building on for the future there is a being commitment here from under armour and from curry to really impact youth sports. We are looking to impact about 100,000 kids until 2025. And you know, if you want to do that, you have got get going we believe that by starting in 2021 and putting a Great Program together thats not just about product, its also about places and about people, its about training coaches, its about getting spaces for kids, and its about putting programs together that can actually educate both the coaches and the kids so it goes beyond. This goes beyond just product and business. What patrick qualifies a sportsman or sportswoman from being someone who you wanted to be associated with as a brand by a typical sponsorship toing with someone that you want part of the bran themself . Is it quality on their field of play how many sports people around the world could reach that level. I think there are very few that have the kind of appeal that stefen has. Again, like sara said, wilfred, we have been with stefen curry for a very long time what we have found during that time is that our values align so very well. If you want to go out there and do something today you have got do something thats beyond just the shirts and shoes business. We feel that, as i side, by combining the purpose with the product, you know, impacting kids you know, one of the big problems that we see today is the fact that so few kids have access to sports there is only about a 22 participation in low income families today in sports this whole covid pandemic has certainly made that even more difficult. We are trying to team up here with stefen and do our part and change the game for good. What about under armour itself, patrick . And the time right now you and i talked about the transformation you are trying to execute here, prioritizing profit, ride sizing the business a lot of the recent announcements focused on retrenching out of the ucla deal or my fitness pal. Whats your capacity to build and grow and up vest a brand like this . And how large can it be . Well, we think, first of all, it is a long term endeavor we are trying to make sure that everything we do Going Forward is going to be long term and the fact that we have been restructuring ourselves, we have been doing that to be able to be aggressive where we feel it is important. And we have been really really happy with our act to do so. What you see now is our go to market starting to really work well the next step as we said in our next Earnings Call is execute on our go to market the final step here in 2020 is actually releasing this brand and on the back of that, on december 11 let the first product fly which is going to be the curry 8. We are excited how we are thinking about the bran, where we are at right now and what is ahead for us in 2021 when we start to really compete again as a brand. What will be the measure of success that you will mark yourself against for the curry brand . Is it 1 billion in sales. 100 million of sales . And by why first of all we are happy with the curry business right now and the work we have done with stefen over the past seven years. There is also a business there what we got excited about last year is when we started to release some of the curry golf product that worked well for us both last year and this year as well we see the opportunity across categories and across product lines. As we have said it is not just about footwear it is about apparel, footwear, and access reese and in this case, also changing the game for good. Making an impact from a purpose perspective. I lining our values and going to market together. Ultimately, this will be a brand that grows in revenue. And it will also be a brand that grows in terms of impact, in terms of what we can do for the kids out there a lot of people want to know, patrick, why you didnt go with a project rock brand because the rock has been such a Successful Partnership for you guys right now. Rock is doing great i think we have learned a lot with the work we have done with the rock and we love that business. We love him and his team i think we are going to be able to apply some of the learnings here but, again, you know, this is an opportunity where you know stefen himself feels really strongly about the brand and also about the product you know, stefen is tremendously involved here in terms of the creation of the product which we have felt has been really exciting for under armour as a brand. Just the opportunity to create great product, stellar product with a great purpose, and driving that for the betterment of, you know, the sports industry, if you like, by engaging kids, i think that is something thats uniquely something that stefen can help us with. Well, he certainly has global appeal i saw it firsthand a few years ago when i went with him to asia, to taiwan and hong kong. Patrick, thank you for joining us to talk about the plans we appreciate night thank you very much. Pat rish rick frisk of under armour. Getting stimulus headlines koomg across the wires ylan mui has a summary of them for us. Democratic leaders nancy pelosi and Chuck Schumer sent a letter to Senate Majority leader mitch in hopes of starting talks around more covid relief mcconnell said he is trying to figure out exactly what the president would sign because he says they are out of time for messaging documents. Mcconnell said that any package could potentially move with the government funding bill that needs to be passed next week guys. Another update there. Thank you very much ylan mui we will see what comes of it 42 minutes left of trade here. We higher across the board check out the dow, s p, and nasdaq we are looking at record high force the s p and the nasdaq, which is up 1. 2 the dow is up almost 200 points. Off the session highs but starting december on a strong note. Business travel is down, 85 to 90 because of the pandemic now airlines are trying to convince companies it is safe for executives to fly again. We will tell you how they are doing that when closing bell comes right back youre all, youre all i need youre all, youre all i need as long as i got you then baby you know that youve got me, oh yea. Welcome back the uk reporting they and the eu have entered the tunnel stage of negotiations, ie that no disagreements remain and a deal could be announced this week though the report also said that things could still fall apart. Either way, markets celebrating the news earlier today when that crossed. Sterling up. 7 . It was up over 1 at one point ask. The ftse 100 up 179 at the close. Rare that both rally together. Ftse 200, the smaller cap in the uk up 2. 6 up 8 now for barclays all of this sara playing into the weak dollar overall. The euro up a full as well today. The broader dxy down at 91. 3 declining significantly as yields also here in the u. S. Have risen, playing into this weak dollar risk on sentiment today. Which has been a helpful green light for the stock market the dollar is coming off of its worst november in months, a more than 2 decline across broader currency rveg currency baskets potentially bitcoin has gone up so much. But it is interesting that tunnel is so bullish i guess that means they are close to a deal, taking a head wind off the table for the global market. If you look at the betting markets the last couple of weeks they have been expecting a deal to come whether this week or next week pretty confidently the interesting point from here is how much is already priced in today suggests it is not all already priced in excite despite the betting market confidence in recent weeks we will see from here if something gets confirmed in the next week if we get a further jump it is interesting to see a big jump in sterling and the ftse 100 on the same day suggesting there is more room for more positivity to come rarely do those have positive correlation. They normally have negative correlation. An interesting tweet today, very positive with the caveat at the end things could still break down the market sill celebrates it. Business travel continued to plng amid the pandemic some airlines are trying to equips Corporate America it is safe to fly again. Phil lebeau with the details. Reporter sara this is about airlines giving what we call covid19 safety tours sngsly taking the managers of the Corporate Travel from their corporate customers their lints and taking them to the airplane. We were in boston logan yesterday as they were taking through one client delta taking one clipt on board showing how they are wiping town planes, disinfecting planes, social distancing, everything that makes travel safe of they have done about 850 types of these coors for corporate customers and yet when you look at Corporate Travel it is going nowhere. It is down 85 steady increase is expected post vaccine. A full recovery however, not for another two to four years. Lets throw the Airline Stocks back up. People will say they are moving higher today is that good news for the airlines all of the airlines have been moving higher and then they sell off. Yes, they have moved higher over the last several months but guys they are nowhere close to where they were nine months ago before the pandemic and again most dont expect a full recovery in Corporate Travel for another two to four years. It is going to take some time and those are the most lucrative customers. Gap saming a big comeback this year. It is one of the best performing consumer stocks in 2020. Coming up the ceo on the dramatic turn around and how sales are shaping up for the Holiday Season as we head to break a check on bonds. Yields up just a bit 2. 9 on the tenyear. 9 back in a couple of minutes. Flexshares may look like other etfs. But inside. Theres advanced research, modeling and refinement. Constructing funds that dont simply follow an index. But explore new terrain. Helping you fill portfolio gaps. Connect to client goals. And strengthen confidence in you. Flexshares. Powered by over a century of investment expertise. Before investing consider the Funds Investment objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. Welcome back dow is up a little over 200 points little over 30 minutes of trade. Time now for our daily coronavirus tracker. The number of people hospitalized due to