Mega Market Rally Hits Pause, Merk Helping J&J, Zooming Higher, Target’s Record Growth, SPAC-Mentum

Squawk on the Street

Carl Quintanilla, Jim Cramer and David Faber discuss the pause in stocks, after a mega market rally where the S&P 500 notched its best day since June. More developments on vaccine distribution. Reports that President Biden is set to announce the administration-brokered a ‘historic partnership’ between Merck and J&J. Merck will be dedicating two facilities in the U.S. to the vaccine effort, which could potentially double the supply compared with what J&J would be able to achieve on its own. Plus, the “Squawk on the Street” gang discussing the big movers of the morning. Zoom shares surging after the company beat expectations and issued strong guidance. Target reporting results that beat on both the top and bottom lines. Comparable store sales jumped 20%, while digital sales more than doubled. It’s SPAC-mentum. A new note out of Goldman Sachs digs through the eye popping number of SPACs and how much they have raised. Goldman’s David Kostin writing, “if the current pace of issuance persists, 2021 will surpass the 2020 full-year total before the end of March.”