Authorizati authorization as soon as today and well have analysis of the upcoming Holiday Season. And later on, a 170 mile trip for one lonely owl that you could call a miracle on 49th street you are watching worldwiworldwe exchange right here on cnbc fly free free bird, yeah happy friday, im democrat ni dominic chew u in for Brian Sullivan as you can see, the dow jones currently implied lower by 77 points fr so slight outperformance from the nasdaq here, implied open by six points to the up side. The major averages all snapping two day losing streaks yesterday. The dow on pace for its third positive week in a row, but just barely rest nearly flat on the week take a look around the world, a mixed session overnight any asia as you see, the nikkei down when 0. 5 and similar gains in the chinese markets. Meanwhile trading just Getting Started in europe with about half percent gains for the major forces there, including the german dax, ftse 100 and cac again, green across the screen in europe. Back home, alarming new figures when it comes to the coronavirus. But hope is on the horizon Frank Holland is here with this mornings top headlines. Good friday morning, frank good morning to you and you are right, the u. S. Set a few record, covid19 hospitalizations are up nearly 50 in the last two weeks as the u. S. Once again set a new single date case record yesterday and also reporting 2,000 deaths yesterday alone. It is forcing california to impose a statewide curfew between 10 k p. 00 p. M. To a 5 0 p. M. This as the Task Force Says that the u. S. Is prepared and pfizer is expected to file an application to the fda for emergency use authorization for its vaccine as soon as today with moderna soon to follow. Still, Infectious Disease expert dr. Fauci is telling americans remain cautious. Ive used that metaphor that the calvary is on the way. If you are fighting a battle and the calvary is on the way, you dont stop shooting, you keep going until the calvary gets here and then you might even want to continue fighting. And this morning shares of noiser and moderna are up, moderna up about 3 . Frank, thank you very much. Yesterday we went back toward the Big Technology and communication names. Joining me now is head Market Strategy of bmi and also income strategist at invesco. Thank you very much for joining us daniel, ill start with you. Is there anything that stands out about the current Market Action over the last couple of days that tells you that maybe there is a direction either way up or down Going Forward thanks for having me. The key thing is differentiation. Our expectation is that we continue to see this view of rebalancing or reallocating from the rest of the world. Asia is outperforming because clearly the situation 124r when it comes to the virus is very different. The same story going on with europe weve got a very different set of odysseys than those in the u. S. We saw a lot of uncertainty from secretary mnuchin on the support coming through the fed rob, weve been talking so much about this notion that markets continue to march towards and around record highs. For the fixed income markets, we havent seen very much stress. Is it fair to city that the credit markets and the treasury markets are not as worried about what is going to happen in the future, what do yields tell you right now . Well, thanks for having me. I think it is clear that what the markets are saying is that in the medium term growth is quite solid and we can expect that to be short term, we have a couple policy issues. First of all, Monetary Policy is in what we might cause a positive pothole in that were not getting any additional Monetary Policy. And fiscal policy is were in a bit of a battle about how much fiscal well get so short term, well get more volatility, but in the medium term, i think the Growth Outlook and the policy outlook is pretty supportive and i think that i would agree that it is time to start looking outside outsi outside of u. S. Toward emerging markets. And we just showed a graphic, the ten year treasury note yield is currently around 84 basis points that doesnt scream at all to me like it is a growth kind of trajectory, a growth kind of profile for Interest Rates can you explain to us the disconnect there what exactly gets yields moving higher indicating some kind of degree of anticipated growth in the future i think that this is very important. The fed has essentially determined that they will control the short end of the yield curve here and make sure that there is very little volatility and weve seen them be able to that tell not be able to control necessarily the long end of the yield curve including out to 3 years, so what we would expect is for them to be able to keep the short end of the curve very low and indeed keep real rates negative where they are now, yom government bonds but the long end, we would expect to steepen. So rather than just looking at level of five year fins where the fed can really trade, i would look at the steepness between t10s and 30s. And i think that is telling us that the market is buying into the idea that growth is here, that growth will continue even if we have near term head winds. Daniel, we interviewed tom lee yesterday and he was talking about he raised the target of the s p to 3800 and basically saying large mega cap will market perform the rest of the year, but it will be some of the deep value oriented sectors, the ones that have been beaten up that will lead the way higher. Do we think that it is those beaten up type stocks in energy, in travel and leisure that kind of lead the way higher into year end and into 2021 . Yeah, id like to tie a little bit in to the treasury story because that is really important. As we head into the recovery, there are so many different bottom x across the economy. You have entire sectors that are impaired and start recovering, but as it starts to catch up, reeses wi prices will start to rise. So they will emerge where they were unexpected before and this ties in nicely with the whole u. S. Treasury story and the steepening in the kifsh because well see the back end rising as those expectations increase and also with that some of the retracing of the Pricing Power from those companies particularly sectors that have been taking a hit over the past year so this is really going to be very interesting heading in to next year. I would expect the curve to steepen quite a bit particularly from the second quarter. Daniel, one last word to each of you guys, what is your favorite part of themarket right now, daniel. I think the emerging market story will continue to outperform this is an area where valuations are very attractive across currencies, across growth as well so i would expect emerging markets to continue to outperform and rob, your favorite part of the market. Yeah, daniel and i agree. Flows have been weak coming out of the covid crisis and now rates are so low, credit spreads are quite tight in the u. S. And developed markets, we thinks if time for emerging markets to have a bit of a run. All right, thank you both very much. Appreciate it. To Washington News now, President Trump and president elect joe biden will both hold key meetings today alice barr is joining us with what we should be watching good morning, alice. Reporter good morning. President elect biden will be meeting with congressional democratic leader while President Trump has invited the republican legislative leaders from michigan to the white house as he is focused on trying to overturn Election Results. President elect biden and President Trump both Holding Meetings today with very Different Missions the president elect hosting congressional Democratic Leaders nancy pelosi and Chuck Schumer to talk covid relief with cases hitting another record high and hospitals reaching capacity. The White House Coronavirus task force yesterday holding it first Briefing Since july. Meanwhile the president has invited michigans republican legislative leaders to the white house as his campaign tries to overturn Election Results in that state where biden leads by more than 150,000 votes. Biden warning of a dangerous message to the American People i think they are witnessing incredibly irresponsibility, damaging messages sent to the world about how democracy functions. Reporter Rudy Giuliani continuing to push an unproven conspiracy of voter fraud. They made significant mistakes like all crooks do and we caught them reporter giuliani radio fusing to give reporters evidence to back up his claims that have been falling flat in the courts the campaign withdrawing a lawsuit in michigan just yesterday. Republican senators now weighing in ben sasse saying wild press conferences erode public trust adding we are a nation of laws, not tweets senator mitt romney accusing the president of resorting to overt pressure on state and local officials to subvert the will of the people the biden and trump teams do appear to agree on one thing, the president elect telling a Bipartisan Group of governors yesterday that he does not support a National Shutdown because each region is different. And Vice President mike pence delivered the same message in that Covid Task Force briefing yesterday. Back to you. Alice, thank you very much. When we come back, why experts are saying that cost of the pandemic on americas youth could linger well into their du adult years. And new tensions between the fedded a t a fed and the treasury, but Steve Liesman says there may be hope yet for some kind of a deal. And later on, why one top ranked retail analyst is changing his tune on target. 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Welcome back as scores of students head back home and back online, experts say the cost of the Pandemic School closures could linger well into their adult years. And we know there is a direct line between how much kids learn and how much they earn once they become adults. And with schools shutting back down, it is clear that education is becoming disrupted which in turn will dampen their future earnings a model that was spearheaded by an economist found that as of last week, students progress in math had declined by 3. 3 . And high income students are actually doing better than they were before the pandemic, but low income students had dropped off by more than 10 they aare calling this the covid slide and experts say it will be really hard for those kids to catch back up. A study by mckenzie found the average k through 12 student will lose between 60,000 and 80,000 in lifetime earnings due to the pandemic. And when you multiply that by millions of kids across the country, you are looking at an annual hit to gdp of up to 271 billion by the year 2040 when a lot of those kids would then be in the workforce now, those numbers are bad, but that is not even the worst Case Scenario the forecast assumed that kids would largely be back in the classroom by january and we know that that probably wont happen. But the bottom line here is that the danger for the economy is that if everybody else gets their act together and we dont, the u. S. Workforce could lose its Competitive Edge for decades to come. Huge story, ylan. And im curious about it, you are a parent, the k shaped recovery is not just about the economy but about education as well how exactly can parents, yourself included, try to narrow that gap to try to get their kids to be competitive again even with the virus pandemic restrictions well, this is the interesting thing, that as i mentioned, you are seeing some high income kids do better than they were and that is largely because they have so many supports. They are able to get online, they are having that one one on one interaction with their teacher and maybe getting extra support from parents or actualitutors in order for some of the other students to make up the gap, experts say they will need high density tutoring, really intensive work to try to catch them up and that will require planning, that will require money from the federal government in order for that to happen on a wide and large scale. So the challenges that if can happen, but it takes a really strong concerted effort to make sure that it does. Well see if lawmakers start to Pay Attention of that education gap forming. Ylan mui, thank you very much. Still on deck, another stayathome stock winner in the premarket, and it is not named zoom that mystery chart, look at that huge move, the name to watch coming up. Todays big number 50. 6 million that is how many people are expected to travel for thanks giv giveing this year according to aaa, down nearly 10 from last year nc20liggest one year decne sie 08 shares of fire eye higher. Fire eye plans to use the money to fund its purchase of respond software and expand its Cloud Platform and manage services portfolio, though share up 14 premarket and then you have got ross stores posting better than expected quarterly revenues, shares are higher to the tune of 4 and William Sonoma looks to be a winner today as well the Home Furnishings retailer beating the street on the top and bottom lines, Digital Sales soared 49 over the same time last year. Those shares up 7 in the premarket coming up, Steve Mnuchin announcing that he is cutting the feds lending power so what does this mean for the Central Banks emergency programs Steve Liesman will join us to explain. Futures under pressure and gilead under fire this time with the w. H. O. Over its remdesivir therapy and were getting ready for the holidays with a look at a unique 2020 travel season it is friday, november 20, 2020 and you are watching Worldwide Exchange right here on cnbc i got you babe, i got you babe welcome back to the show im dominic chu in for Brian Sullivan here are the way stock futures are looking. You can see the dow is implied lower very modestly by just about 42 points, s p by about 3. And the nasdaq outperforming with a modest 5 implied open. The dow is on pace for its third positive week in a row, but ever so slightly. The rest of the averages are nearly flat on the week as well. You can see here, very, very small movesoff the course of one week for the main three indices in the United States now lets take a look at the Health Care Sector it has been an underperformer so far this year. Two of the etfs that track it, up about 7 . And the s p 500 up about 11 so far in 2020. If you take a look now elsewhere, look at what is happening right now dynamically with the Health Care Sectors market cap, its 4. 2 trillion total right now. It added a modest 325 billion in market cap so far in 2020 if you break it down and look at some of the biggest components of it and contributors to that 325 billion move higher, it is danaher, Thermo Fisher scientific and abbott labs and you can see those percentage moves outperforming the market, but in many cases not as good as some of the other parts of the market overall those returns percentagewise translate into this in terms of market cap gains for even of those three comes. Take a look at what is happening with danaher it has gained about 50 billion so far it is currently 50 billion for they are know fish he, and abbott labs, 45 billion in market cap gains overall which means that these three companies have accounted for nearly half of the entire market cap gains in the entire sector so far this year from the markets to the pandemic, u. S. Covid19 hospitalizations are up nearly 50 in the last two weeks as the u. S. Once again set a new singl day case record of 185,527 cases yesterday. Worldwide another 601,000 new cases and 10,000 new deaths. But the push for a vaccine is getting stronger than ever not just here, but oversea as well Frank Holland is back with that and more good morning again. Youre right, the European Union could pay more than 10 million for hundreds of millions of t s doses of vaccines. Eu has agreed to pay 18. 34 per dose for pfizers dh edits cane and it would compensate countries if they divert doses to the u. S eli news has received fda approval for emergency use of the remdesivir to treat covid19 patients the ceo will join squawk box at 8 00 a. M. And meantime the World Health Organization is advising doctors against prescribing remdesivir to covid19 patients the fd after the approved the antiviral to treat the disease, but a w. H. O. Panel argued that the drug has no meaningful effect on survival or the need for ventilation. And in washington, today President Trump plans to announce plans to lower u. S. Drug prices, this follows executive orders he signed earlier this year. Back over to you frank, thank you very much. To a developing story were watching this morning as the Treasury Department says that it will not extend several emergency lending facilities set up by the Federal Reserve in response to the pandemic past their decemberexpiration date the move is prompting a rare rebuke from the central bank which continues to warn of a strained and vulnerable u. S. Economy. Steve liesman joining us with the latest on this big bout. It is like a heavyweight bout. The treasury secretary against Federal Reserve chair. How will this play out what is interesting is that they work closely together for much of this crisis, and now the fed and the treasury publicly, and ive never seen this before, parting ways yesterday with a surprise decision by Steve Mnuchin not to extend several of the feds emergency lending programs so as a result, programs that backed up the muni and Corporate Bond market and also loans to medium sized businesses, they used funds from the c. A. R. E. S. Ability and they will now expire at the end of december and in practice, they will probably close done before that since the fed needs time to wind them down. Mnuchin in a letter to powell said i am requesting that the Federal Reserve return the unused funds to the treasury so the 429 billion that the fed now has to give back would have backed up more than 4 trillion of loans into the economy. The fed in a rare public rebuke of the treasury responded, quote, the Federal Reserve would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their Important Role as a backstop for our still strained and vulnerable economy several economists and business Groups Joined the fed in criticizing the decision u. S. Chamber of commerce said that it prematurely and unnecessarily ties the hands of the Incoming Administration. Oxford economics saying in the absence of fiscal aid, the decision could unsettle exacerb stress the programs were credited with providing a backstop to the private sector and calming Financial Markets that were roiled by the pandemic sources tell cnbc that the fed will still have the ability to loan out some 750 billion, but any new lending after december 31 requires approval from the treasury secretary, that could be either from this administration or the next one mnuchin left in place several fed programs that did not use c. A. R. E. S act funds. And so either the Current Administration or the incoming one. Tell us more about the possibility that this move may have been meant to stifle the Incoming Administration for president elect joe biden and should markets be worried about it so almost certainly this makes it harder and provides less optionality, if you will, or flexibility to the Incoming Administration because there isnt this big pot of money at the fed. This money goes back into the general fund and congress now has to decide what to do with it there could have been for example a few treasury seblgcond and t secretary and the fed could have agreed to make the terms easier and loaned out more money. So they will have less flexibility, but there is still some flexibility they could come in there like if there was a problem in the market, the fed and the treasury secretary could get together and decide to restart these programs that is not what the fed wanted to to. The fed wanted these programs in place to provide a calm backstop as we get through the difficulty that could be funding toward the end of the year which happens many years now and also the idea that they didnt want to have to have a financial crisis to precipitate restarting these programs they wanted the programs in place. All right a big deal for sure, something that well continue to watch Steve Liesman, thank you very much im sure well be hearing from you throughout the day with regard to this with less than a week to go until the start of the Holiday Shopping an travel season, were taking a closer look and seeing how the sectors faired since the pandemic began and what investors can hope for in the next six weeks as we approach year end ceo at r 5 capital and point person for all things retail, and also brian kelly from the point sky, a travel guru scott, lets start with you and retail earning season of haves and have nots. Almost like santa claus with coal and presents. What has stood out to you so far . I think the big stand out has to be target that company not only is benefiting from the pandemic, but certainly all the things that Brian Cornell and his team have done over the last couple years, they are all just coming together and it was a standout to me. The other big standout i think well see it right through the holiday is writtinners and lose. I was down in atlanta going l u through store after store, and one thing that is evident, were going into lockdown mode, whether the government will do it or not, were seeing cleaned out shelves just like we did and i think that that will have a big impact i think well see ecommerce will fly. Does this mean that we could see a little bit more of an issue with regard to certain types of retailers that have not adopted or kind of progressed on the digital ecommerce front as others, target and walmart among those who have done well investors have said with their ecommerce initiatives. Yeah, and well mention best buy too on that. Yeah, i think that well see it. At r 5, we monitor the consumer very closely, we have something called the pleasure index. And it actually Shows Consumers are dying to get out of their home, dieing to get to that mall the challenge is we have something called the r 5 comfort index. And that is telling us that thou they are really concerned. So i think the winners will really win here, guys like target, walmart, to a lesser degree because of their customer base, best buy fits in there, but even a home depot or lowes that have really worked on their ecommerce and people are nesting and so i think that you will see those win as well. With regard to the consume are behavior, we take a look at your coverage universe, you cover a lot of these consumer based companies. You have not exactly been as bullish as plane other analysts on wall street about them. Can you take us through what youre seeing, why you are so perhaps more cautiously optimistic about the future of the u. S. Consumer as opposed to some of your peers out there who have very aggressive targets for some of these companies . That is afternois an excelle question as we look back on the year, one of the things that we underestimated a little bit is how long the pandemic was going to go on and how the spending would keep going over from services and i think for fundamental analysts, what were looking for is companyspecific drivers. And it has been so macro and so you look at a target, which we just upgraded, we had a lot of companyspecific issues that they are working on that should drive sales the biggest challenge as we get to next year is how do you comp the comp that is what everyone is wondering. You have 30 day comps at like a lowes. How do you do that next year when maybe some of the services are opening up so that has made us a little bit more cautious, but also very focused on companies that can maybe kompg tcomp the comp, thae Company Specific initiatives that can drive maybe a little bit better sales next year as they go over just some tremendous numbers from 2020 and the government stimulus checks that we had earlier this spring into the summer played a large part in that consumer focused picture right now. How important is a new round of government stimulus, fiscal action by congress and the Incoming Administration or the current one for that consumer picture going into 2021 . I know there are Certain Companies who would really like to happen like a walmart they are pretty direct in saying that wed like to see it there is a huge challenge here with the stimulus checks, with the 600 extra unemployment, well go over that and this offsets because people have been saving like crazy, you know, employment picture has been way better than expected but it is a challenge. And i think getting another stimulus bill would certainly help but the other thing that you have to be a little bit cautious about and the fed has been dying for it is some inflation, that inflation doesnt run away from us a little bit. Some of these sectors, you go to try to buy an appliance right now, it is not easy. So we have some sectors running really hot especially the housing sector so i think stimulus would help kind of come over that big stimulus of last year. But i think that it will be a little more measured in my opinion. All right stimulus a key part of that equation scott, thank you very much and to the travel industry now where airlines say bookings continue to drop ahead of the thanksgiving holiday week. This after the cdc officially urged americans not to travel for the holidays amid rising cases of covid19. Joining us now with how this Holiday Season will look different from year past is brian kelly, you know him as the points guy, brian, thank you very much for joining us this morning. We know that it will be different. How different . It will be a lot different. It is the perfect storm of sorts for the airlines because they all pretty much waived change fees in order to shore up Consumer Confidence and with something as drastic as the cdc guidance that just came out, really hitting people, and i think causing people to take that second look at should i really be traveling. It is my civic duty not to weve even seen delta now is extending their middle seat blocking all the way through marnlg march, which is another signal ta that that Consumer Confidence is isnt there. And so how exactly does it play out are there opportunities, are there places we should stay away from with regard to the entire travel industry . How exactly are you advising some your customers and people who kind of flock to you, what do you tell them about whether they should travel or not . No one can tell you whether you should travel. Talk to your doctor. Anytime you leave your home, you are taking a risk, right that being said, air travel is still very safe especially if you wear a mask, Certain Airlines have done a lot better than others i think in terms of explaining their safety. But there is amazing deems for people who are traveling due bye dubai is a hot spot in a good way. South africa and rwanda opened up and it is an opportunity for travelers to get incredible experiences in crowded places. But it is a personal decision. Do a risk analysis for you but yeah, it is a tough outlook for hotels and airlines especially there is just so much uncertainty. So we know that it is in play right now. Let pit your kind of crystal ball into effect here. As you look out into the travel season beyond that current Holiday Shopping and travel season, what exactly will be the key themes to watch here i wonder whether or not there are certain things like boeings 737 max returning to service, whether there are things like a Covid Vaccine that either change or hold guy tmodify the outlooke next year. I dont really think the 737 max it is a great time for it to be coming back in service that is a perception around safety and the last thing the Aviation Industry needs to do right now is explain to people outside of the pandemic why it is safe to travel but do i believe that lean is safe the biggest thing is a vaccine and when will it get distributed. You know, the airlines have pretty much done all that they can do to say book with us, and if you need to con sancel, we w charge you but i do know that the bubble is building in talking to consumers where people really want to get out to the mall, there will be a period of revenge travel. Think of how many missed honeymoons and family trips. There will be a boom, but i dont think that it will happen until we see the vaccine being distributed. Lets talk about the spring kind of Spring Loaded effect for travel in your opinion, what part of the travel and leisure hospit Hospitality Industry will see the biggest bounce back, is it airlines, hotels, the cruise lines . What is it well, surprisingly the hotel stocks are not down nearly as much as airline and the cruise stocks have been we actually september our cruise reporter james sloan on the First Caribbean cruise, infortunately there was an outbreak on that ship. And so the cruise industry especially has huge hurdles to jump in getting that Consumer Confidence back. I see the biggest up side in the leisure carriers, spirit airlines, southwest, that have Less International exposure, because we see demand for domestic travel, south carolina, florida, arizona is skyrocketing so those would be my bets right now. All right brian kelly, thank you very much coming up, a new ranking of the rattiest, yes, rattiest cities in the u. S. Critters number one may surprise you. But first as we head out to break, some of your other top stories. Online dating platform filed to go public. It says revenue jumped 91 to 242 million their platform has millions of games that can be played across apple and google devices and on consoles and amazon has laid off dozens of staff at its prime air drone project. The company has been working on a plan to deliver goods by using unmanned drones. The company cites reorganizing as the main factor for the layoffs. And united and American Airlines announcing that they will be scrapping change fees for international flights. It is latest move in a bid to revive bookings and travel demand as the Companies Currently have the option available on just domestic flights. Irks an owl in a christmas tree, a record breaking batman comic, and ranking cities by rodents. That is Frank Holland here with more on todays trending stories. Frank, i cant wait to hear this why did you associate me with the rodent story last . Like Row Department and Frank Holland is here. Well get to that in a second. The rockefeller tree brought a friend, a tiny owl was found on the tree after a trip of 170 miles. That owl now named rockefeller will not be returned but will instead be released on the grounds of wildlife centerup state. And i was a big comic collector as a kid and a batman comic has sold for record 1. 5 million a comic from 1939 featuring the first appearance of batman became the first expensive comic ever sold by heritage auctions breaking the previous record of 1. 07 million. Super man sold for over 3 million, i think that weve all seen the iconic image of super man holding up a car and the list of rattiest cities that dom wants to associate me with, chicago ranks first. L. A. Was next, new york was third. And then washington, d. C. , and then San Francisco which i believe the what i area is your hometown, dom. What is not on here, my city, philadelphia, often called filthaddelphia. It might be because philadelphia is not as big it is the fourth biggest city this america metropolitan area is a different thing. Im very defensive about fichl as you know. I know that you are and we know because we watched your election coverage in parts of pennsylvania during the last few weeks as well. Frank holland, thank you very much appreciate it. Coming up, investors have been on an emotional roller coaster ride, from the promise of Covid Vaccines to the threat of widespread shutdowns and lack of stimulus payments, linsey bell will join us with her advice and you can always watch or listen to us live on the cnbc app as we check out, yes, times square new york city, the third rattiest city in america ourselves. Lets get checked for those around us. Lets get checked for a full range of conditions. Introducing letsgetchecked a Health Testing you do at home. Lets get round the clock support from a team of nurses. Lets get fast, accurate results. Know your health. Know yourself. Order now at letsgetchecked dot com people greeting one another the same. The usual. The what you dont even have to say because they already know it. Your goto Small Businesses are relying on you to come back and shop small again. And again. And again. We know them. We love them. So lets go shop small. With american express. That right there is a live shot of washington, d. C. And the Capitol Building where just yesterday we got news that Federal Reserve chair jay poum a powell and treasury secretary Steven Mnuchin are apparently at odds with each other over backstop lending and dowi ismplied by just about ten points and one point gain implied in the open with 20 points for the nasdaq all three major indices are within 4 of their recent highs, record ones at those levels. Joining me now is linsey bell, a cnbc contributor lets talk about whether or not these markets are worrying at all or do we think that they are constructive enough into 2021 to keep investing yeah, the last two weeks in general really have been choppy as far as Market Action goes you know, weve had two mondays in a row with really great news on the vaccines front where the market has popped and then the rest of the week was pretty choppy based on the different news that we guilty. Yesterday the news on the stimulus from the fed between the fed and the treasury was kind of like the air is out of the tire last night. But the market is taking that and the increase in coronavirus cases in stride this morning dic given the action were seeing now. So it can be a bit of a confusing market but if you look under the surface at the action that well see, were seeing the small caps anned in caps are doing really well, nasdaq is doing well, and equal weight s p 500 is doing well and the sectors that are leading are the more value oriented and cyclical sectors. So you have energy, financials and materials leading. So that tells me investors are looking forward to next year so investors are optimistic, we know some of the reasons why. Much of america is not as optimistic, they are worried about covid19, they are worried about the economy, their stimulus checks. This is very much the k shaped recovery stockholders are doing well because the markets are higher main street america not so much without stimulus from the government how exactly does that play out in industries throughout america right now, are we still going to see pressure on hospitality and leisure Going Forward meanwhile mega cap tech continues to outperform yeah, i mean i definitely think that is likely to be the case that the sectors that have struggled the most throughout the pandemic will continue to do that, at least in the near term. And those folks that work in those industries will continue to bear the brunt of this downturn that weve seen unfortunately, which is why a stimulus bill out of congress is more important now than ever and you know, we may not get this year, but hopefully we get it by the beginning of next year because these people do need help, it is going to be imperative to make sure that Consumer Confidence stays strong, that retail sales continue to rise we do feel good about the consumer going into the Holiday Shopping season, but they dont have as much gunpowder left as they did maybe a month or so ago go so we want to see the government step into take some action to ensure that the economy doesnt fall off of a cliff because the consumer is 70 of the economy so we have some even yesmental certainty brought to not just our american political system, but the markets as well with regard to the election outcome. The Incoming Administration. Should investors be worried at all about whether the gyrations coming out of washington, d. C. , lack of stimulus and what is going to happen with the new Biden Administration you know, i think that the biggest of all things you just listed really is stimulus. And stimulus has been driving the markets the last several months and it ebb and flows with the rhetoric that you are hearing on wall street and i think that it is really important that we get a stimulus bill passed sooner rather than later. And i think that it will continue to be the key driver of markets until we know where were going because were clearly not out of the woods when it comes to the pandemic here even though vaccines are on the table and are on the way, Economic Activity remains at risk in the near term. All right how worried should investors be about taxes and future implications in the coming years . It is definitely going to be something that is on the watch list in the coming years, especially with a Biden Administration so i think in a investors should keep an eye on it. I dont think that it will be the first thing that Biden Administration is going to do, but something that should be top of mind. All right l ichl linsey bell, appreciate it that does it for us here we have futures right now pointing to a very modest move at the opening bell, squawk box is coming une ap xtnd they pick up all of that market coverage that calms you helps you fall a sleep faster and stay a sleep longer. Great sleep comes naturally with sleep 3 only from natures bounty but you can work out anything gwowith comcast business. W. Get fast, reliable, and secure internet on the nations largest gig speed network. Flexible tools like wifi you control. Voice solutions that connect you from anywhere. And expert advice here, here, or even here. Be fast. Be flexible. Bounce forward with comcast business. Get started with a powerful internet and voice solution for just 64. 90 a month. Plus, for a limited time, ask how to get a 500 prepaid card when you upgrade. Switch today. Good morning stock futures are relatively calm after modest gains yesterday. The dow now back on track for its best month since 1987. But we have a flurry of covid news from a Record Number of daily cases to a disagreement over a key treatment, to states adding new restrictions. And the first Coronavirus Task force Briefing Since july. Plus, high profile disagreement between the Treasury Department and the fed, emergency lending programs thousand in jen now in. Steve liesman will tell us what it means for your money and the any. It is friday, november 20, 2020, and squawk box begins right now. Together we stand, divided we fall, come on, lets get on the ball and Work Together, come on, come on, lets Work Together good morning, everybody. Welcome to squawk box. It is friday, and were here for it im becky quick along with Andrew Ross Sorkin and will ford frost. Yesterday was a modest advance for the dow. S p indicated done by about 2 points and nasdaq was up close to 1 , and indicated up another 18 points this morning. But obviously there are things that are happening in washington and on t