Recordbreaking rally after we head into a long weekend while it has been a number to remember, the best month in 33 years, the recent leaders and laggards have been turned upside down chevron leading the way and apple up only 7 power lunch starts right now hi, everybody, im kelly evans. Stocks are pulling back after this huge november rally lets go to dominic chu. A huge november rally thats put the dow at least in some catchup territory as you can see in the 2020 over the last year plus, weve seen the dow industrials just up 6. 5 in that span the s p, meanwhile, is up 16 , nasdaq up 40 . That catchup play in play right now. Watching whats happening with the rotation element weve been talking so much about, as tyler mentioned, look at the way energy has played out just over the course of the last month 38 monthtodate gains for the energy etf financials up 19 . Industrials up 17 the value and economically sensitive sectors are the ones leading the way higher in the month of november. As
Good thursday morning. Welcome to squawk alley. Im jon fortt with carl quintanilla. It is cloud week on squawk alley. If you were betting against snowflake, wur oyoure out in t cold this morning. That stock up is 12 same for Cloud Security and authentication specialist okta were going to talk to the ceo to see if this thing may stabilize from here or go higher splunk, that is the sound of a cloud stock dropping 22 after missing Sales Guidance for the third quarterer in quarter in a row. All this happening as amazons cloud conference is in full swing. Salesforce announced the second Biggest Software acquisition ever and we started the week on squawk alley talking to ibm president Jim Whitehurst who came to big blue in what and is still thelargest Software Acquisition ever redhat driven by a hybrid cloud. Julia, investors are betting on further growth from already heady levels we can certainly see that in what is happening with snowflake this morning it is reapproaching the highs that so
Soaring today. Meg tirrell with details. The bar was very high for moderna after pfizers efficacy last week. Mad earn moderna met the 94 percent efficacy and will seek the fda emergency authorization in the coming weeks. We just talked to the doctor who has been leading the vaccine and Drug Development as part of operation warp speed about the significance of this moment, really seeing two vaccines in a row at this high level of efficacy heres what he said. Its an extraordinary outcome, frankly, to have two different vaccines tested in different conditions by two Different Companies developed independently yield very similar outcomes this gives a huge confidence into the data obtained and really suggests that the 90 percent and more efficacy is true and real. But of course, melissa, as were getting this extremely good news it comes at a time in the pandemic when weve never been seeing more daily cases, were seeing 140,000 a day on average right now. And were seeing more and more people
Obtain. What you might see is a bit more bitesized approach to aspects of the trading agreements. To get a greater engagement in a more constructive engagement. You talked about the covid recession. We have had a second wave of covid coming across europe in the last couple months. Indicators of the economy show that is causing a double dip in many economies in terms of activity. Youhelpful you are are that we could have a fast recovery this time around and see that vshaped recovery people have talked about . I think the vaccine is going to be a very important story for the 2021. From the irish perspective we moved early on in the early the second wave, the Second Lowest interest in europe now. We are doing very well in terms of the downward trajectory of caseys. Of cases in hospital and icu. Somewhere at the end of this month we move out of what we call level 5. Our schools of state construction has stayed open. Our domestic economy. Our investment side is doing very well. Science and
How retailers are shifting Sales Strategies online this Holiday Season then, questions over astrazenecas vaccine trial, what the ceo is saying this morning. And finally what a salesforce acquisition of slack means at this hour. Right back at you in terms of this market action, we have seen it a lot, mike in terms of the dows performance this month there has been some rotation lets start there. Somebody this morning saying aerospace is up 40 . Which frankly i did not necessarily know it has been that strong in that short amount of time does it continue in this rotation or do we have to watch this in last day, day and a half of trading there has been a stutter step in that rotation. We had a couple of these since march. One of them peaked in june now it has been very, very aggressive aerospace is part of the industrials group. Industrials fully kind of got back to precovid levels and the valuations of industrial stocks are well above where they were based on expected earnings eight month