87, the russell small caps up 20 , its best month ever can the run continue and moderna says its ready to file for emergency use while novavax announces a second delay in its late trials we have the details. P power lunch starts right now it wouldnt be a record rally if there werent some bumps along the way. Was today just a oneday pause or something more . Lets go to bob pisani for more. Hi, bob. Hello, kelly. It actual its actually not a bad day. We were down 447 points, weve regained almost half of that if you look at whats down today, Energy Stocks, some up 30 for the month. Thats down. Bank stocks, another amazing rally. Look at this, tech is up apples had a monster day, up overall some of the semiconductors also doing well health care is down fractionally, thats a defense of group if you look at whats going on for november and the value cyclical location, this must be an alltime record for Energy Stocks banks up almost 20 , industrials as a cyclical group. So theyre not selling t
Conversation in just a minute. Ill take you to the wall. We are focused today on this big pullback for tech. Nasdaq remains under pressure by more than 1 farmer jim, are we witnessing a socalled transition trade right before our eyes, from growth to value and does it have staying power . I think we are, scott i know its dangerous to say this type its different with regards to the rotation, but lets also realize this rotation was occurring before the announcement of the vaccine. All had you to do was look at the industrials and material to give you that clue now theres a very fundamental reason to support the continuing rotation into the cyclicals, into the industrials, even into the financials, which have been left fordead but are coming back it ju its just as simple as there is a path to normalcy ahead of us heres the one qualification i want to make if youre looking at yesterdays rally and saying, shucks, i missed, it relax unfortunately there is terrible news coming on the virus sco
You know, of three straight weeks in the red this time its not tech thats leading the sell off you have materials, industrials and Energy Taking the market lower at this hour plus, still front and center for both washington and wall street is that tiktok melo drama. Will the chinese give it its stamp of approval. Power lunch starts right now lets go to bob for a look at whats happening and why. Bob. This did not start today. It started earlier in the month. It Gains Momentum in the last four days. Theres some very good reasons why. This didnt come out of nowhere. Lets review why the markets are down concerns in the uk about potential new lockdowns. There are increased trade tensions with china. Concerns have increased. Concerns about over value tech stocks that hasnt gone away. I think were seeing a bit of rising anxiety around the election this is not a mystery about whats going on. What you want to look at as tyler mentioned is whats selling off today. If youll notice cyclical stocks
Hours later. Many to the supermarket. About every 15, 20 minutes somebody from the street comes in the store and tries to do something. Reporter the thefts, the attacks have become so bad the owners are considering closing their family store. It is just not worth it. We pay taxes to the city, the police cant do anything. The laws have changed. Reporter mayor london breed sent Mental Health reform and help for the homeless are her priorities and once theyre achieved they could help beleaguered store owners. I would say to people who have had enough to just hold on. We are working towards trying to resolve the issue. It will take us some time but we ask for patience. Reporter well actually in the short time that weve been here, weve seen four Police Patrols and public works crews cleaning up the streets here. The problem is, as the store owner explained to me, that theyre back on the streets living here in the alleyways and the streets after the police are gone, after the public works cr
Im car nell barnard, the raiders fair well season in oakland begins tonight and theyve got a lot to say. Bicycle theft victims are taking matters into their own hands. Im in San Francisco. Tonight wild fire victims are outraged. Announcer now news to build a better bay area from abc 7. In all honesty its a slap in the face of how small it is. New developments, pg e announced plans to exit bankruptcy with 18 billion set aside for w fir more on this story, kate. Dion, dan, when pg e filed bankruptcy its because they couldnt pay an estimated 30 billion in fire claims. Theyre offering about half of that and fire victims are angry. They offered 16. 9 billion to play wild fire related to claims. The proposal would cap payments to Insurance Companies at 8. 5 building. The remaining would go to wild fire victims. The ceo said we will meet our part to compensate victims. Its a slap in the face for how small it is. Eric smoke to us via skype from oregon. He and his husband lost their home in the