Good tuesday morning. Welcome to squawk alley. Im Carl Quintanilla with jon fortt and Julia Boorstin on this election day markets are continuing the rally we got on monday were close to session highs right now. Dow is up 665. Best day since june 5th for the dow and s p 500. Best breadth since april 8th nasdaq and s p 500 erased their october loss, jon, as were seeing things like yields go higher as well and the dollar weaken which is another sign that some of the imbedding on emerging markets going out of this election. Yeah, carl. Looking at tech overall and particularly big tech, its interesting the gap between microsoft and amazon lagging behind apple, thats narrowing a bit. Remember, you had apple above 2 trillion in market cap and around 1. 5 trillion now thats come down apple is below 2 trillion those two are still around 1. 5 alphabet lagging all of those year to date so what is surging today tesla is up 5. 5 sales force, cisco, micron, dell, if you look at enterprise space, tho
Good Tuesday Morning welcome to squawk alley. Im Carl Quintanilla with jon fortt and we had losses at the open but were close to session lows. Dow is down. 3 . S p 500 below 3400 the name of the game, jon, q3 earnings really no stimulus headlines to speak of were watching covid19 levels mega cap, m a in the chip space. You know what im talking about. Absolutely. We telegraphed it here it s were going to begin with amd and that 35 billion planned acquisition of xilinx. Its the boldest bet in a remarkable run by amds chief executive officer dr. Lisa su taking over almost exactly six years ago in october 2014. Sue has taken shares of amd from 3 to, what, 79 as of this morning. More than 2,000 rise. Todays deal is another challenge to intel its a push for market share in data centers and just the latest move by sue to turn amd from an also ran into a leader. Hopefully you have got to know me a little bit im all about focus and execution. You know, what we set out the plans for amd over the
Theres some interesting things in the Options Market that could keep the market down for a bit of time. I do think people are underestimating, a, youve got a good economy with a tremendous amount of stimulus coming in and i think that will continue to drive the market higher. Plus youve got a dynamic where the fed has made much of the fixed income market on investable with treasury and mortgages where they are today, when you take the earnings yield well into the 4 off next years earnings that is a pretty attractive asset class and i think it will propel the market higher so election uncertainty doesnt matter much in the near term stimulus talks, negotiations may not. How does that factor in . Its a big call that you make. Youre the one that suggests in our notes today that it mossably could happen or at least start before the election. Yeah. I mean, so listen, the election the election does matter i think what people have started to realize, since the last time i was on your show weve
And were awaiting comments on president elect jooe biden. And later, the biontech ceo will be here to discuss their groundbreaking results showing their vaccine with pfizer is more than 90 effective. Thanks, welcome once again to power lunch. I am john fort check out some of the tech heavyweights Apple Holding up after announcing its own line of chips for computers and names like amazon, facebook, microsoft all under pressure at this hour. And on the flip side, take a look at whats leading gains in the dow. Its walgreens up 8 , boeing up 5 for more on the divided market, lets go over to john pisani you hit it right. It is essentially out of growth and the rally in cyclicals value, not always the same thing but cyclicals and values are continuing. John mentioned walgreens theyre going to be an administrator of the covid shot. Walgreens and cvs moving thats a very specific story by bu si but cyclicals Like Aerospace boeing has been a huge mover in the last few days, 3m, oil stock is anot
The fed warnings on risk theres a lot to watch the and an airbnb ipo is now officially in the works. You were just talking about becky about claims and this onagain narrative, the split between Public Companies and smaller businesses. When you keep thinking about what target said, brian with a tour deforce performance, talking about taking 5 billion in share you know he took it from somebody i keep thinking about that, thats the 5 billion that probably would have gotten into Smaller Companies that dont trade or companies that are starting to lay people off or file bankruptcies. The i call to attention estee lauder today you dont expect that perfume or skin care gets hurt. Hopefully lipstick sales are better usually when other things are weaker were not seeing that. Were ripe for stimulus, but nobody is talking. Yeah, jim, thats interesting, estee lauder layoffs, american dropping 15 minutes. But covid cases are lit rally collapsing shouldnt this be going in the other direction . Yes, b