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,