Rotation this hour plus, there is still one over big overhang for stocks and that is covid cases spiking, cities shutting down. Well talk to one of los angeles biggers playest playert retail, dining on power lunch right now. Thank you, tyler. The markets are off to the races with the dow topping 30,000. This time its not big tech leading the way. Dom chu is looking at the rotation pro tellipelling us hi. Lets talk about the gold star right here. 30,117 is the intra day record so far that was the high of the day at the pandemic lows, intra day we were talking about 18,214 weve gone up roughly 65 since the pandemic lows we saw back in march. Something to keep an eye on when we talk about the dow industrials and. Talk about whats happening between growth and value take a look in just the last monthtodate period we have now seen a real outperformance in some of those value stocks just in the month of november. Well see if that trend continues with that orange line picking up steam with the
Employees. Weve got those details. But first we start with some breaking news. The electoral vote count stands right now at 227 for mr. Biden and 213 for mr. Trump. And we still have eight uncalled races. In wisconsin, which is still too close to call, biden holds a narrow lead of just 20,000 votes. Well within the margin of error there. Well within the drift that lets the president call for a recount. The Campaign Says they will immediately do so, request a recount. Another place biden holds a narrow lead, thats michigan thats where we find Brian Sullivan in grand rapids any update on this very close race reporter yes, and no how do you like that im like an economist on the air. Im going to give it to you both ways heres where we stand right now. Heres the reason i answered that way number one, heres the count 94 of michigan has come in. Its that last 6 that is the issue. Now, youve got joe biden who is up by about 45,000 votes right now. To your point, there are far more outstanding
Surging as the u. S. Rounds the corner on a vaccine. But how exactly will a vaccine work well speak to stanford medical dean, dr. Lloyd minor. Power lunch starts right now thank you, ty. Welcome to power lunch, everybody. Im kelly evans. Tech is the best performing sector today, up 2. 5 as it regains some ground it lost over the past several sessions. Take a look at big cap tech name apple, microsoft, amazon and facebook all higher today. You can see amazon and microsoft up about 3 . Flipside of the coin, Energy Stocks are lower the Energy Sector etf, exl up 14 . Taking a breather today. And despite all the volatility, the s p is up a whopping 9 to kick off november. Wow. Dom chu has more. We have talked about this rotation, whether its a great rotation, whether its a microrotation into some value type sectors like energy, industrials. We have some massive moves on some of the most beaten up stocks in the s p. This righthand side, this move higher than been led by many of those deeply
Treasury market. European stocks are down by 1 . U. S. Stocks are up i. 2 . I also want to bear in mind what is happening with the chinese currency. This is important. 6. 6 four, below key levels. The dollar continues to weekend. The dollar is important, the euro is important, but the chinese currency is potentially very important. Jump inaly reporting a new daily virus cases to over 15,000. The other part of the story, we are talking about trade talks, the u. K. And the eu are ready to sit down immediately with the goal of finding a deal by midnovember after positive contacts between the two sides. Our bloomberg is european politics reporter. Ian, a great way to talk about itting the deal, getting done, was that Boris Johnson was getting his way and getting it done. Ian in the past five minutes, the chief negotiators have gotten off the phone after about an hour long discussion. We have not heard officially what they have agreed to do, but as you were saying, we have reported in the l
3 10 of 1 . The dollar is on offer and the pound is overtaking the 130 level. We will try and see whether or not we are getting developments in the brexit story. Some suggest from the bbc that a deal has been done on the internal market bill that will tradingmps and crude higher as well. We saw Inventory Data a little bit early on. The fed is the main event. Alix but also, a vaccine. The official says that all americans may get a Covid Vaccine by april. The s p so far has no reaction and we are already off the lows of the session by. 3 . All americans may get a vaccine by april, unbelievable, if we can get it done and distributed. The fed has to take that into account as well. Joining us is randall kroszner. Always good to talk to you. I am trying to understand how the fed looks like a headline looks at a headline like vaccines and some Economic Data that is not terrible. Service sectors were not bad. We did not have a catastrophe because of no extra fiscal stimulus. How does it deal w