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
You have that poll in the wall stre street journal and maybe the stock market considering maybe we wont have a contested lebs if the polling tells you anything accurate about where this race truly is what do you think investors should be taking from this move . I think thats correct. I think the two primary drivers for the higher market today are certainly the fiscal spending and what it equates to in the near term and the dynamic in the market for a trade and investors to extap larapolate is a rise i yields were finally seeing a welcome rise in yields and that is certainly on the belief of both of those actions i mentioned previously you have that to consider and how you want to trade that it has a direct impact perhaps on growth versus value, the polling on the upcoming election and were thinking about the president s health and what all of this means for the Campaign Going forward. So youve got a number of things in there. Lets start with yields. Rates being 0. 74 as a new high or r
Federal government should be very important. Well keep an eye on that for you coming up here. Also weve got a day of heavy hitters here. Silver lakes Glenn Hutchins. Hes launching his own center on fiscal policy and monetary policy. Hr to get into with the legendary private investor in the news today as well. Royal bank of canada ceo gordon nixon will join us. His form reported earnings. Other big news, a long time chief executive stepping down next year. Hes talking to us first to tell us why. A number of canadian bankers are stepping down. Ceos of some of the big banks. Well find out why. Also a story weve been covering here on closing bell all week. Fast food workers striking today nationwide over low wages. Yesterday you talked to the official from white castle who told us that raising the minimum wage to 15 would be catastrophic, leading to mass closings, workers who walked off their paying jobs today, their low paying jobs, are coming off the picket line to talk to us here on clo
But first downtown to the nyse where my partner tyler is. Ty . The market has kind of blunted some of those early losses today, and the dow industrials, nevertheless, remain down, about 83 points or about half a percentage point. The s p 500 is off about seven. The nasdaq down six and change. The russell 2000 coming off of a record high. Down about. 75 . Bob pisani, thanks very much for the pizza for lunch. It was really, really good. Taking care of it. Serving power lunch here. In the gym later on today. Whats going on . The important thing here is were running out of a little steam. I dont think people are particularly worried about it. Take a look at the dow industrials. Japan had some problem, down in japan, and the we only had issues in china so you could see about 10 30 we dropped the markets. The imf came out with a report critical of the Federal Reserve saying if they are not careful we could have a spike in Interest Rates if they dont communicate clearly enough what they are g