how about president biden face one of the biggest challenges ahead. power lunch starts right now you heard it we have a big hour a wild day of trading to start the week mike santoli has more. mike morgan, a bit of erratic action this morning. we had a bit of a quick sell-off, but right now this is a long-term view, which is relatively elevated. we re above 20 times forward earnings that goes back to about 2000, 2001 one of the way the people rationalize these things one of them is bond yields are very low if you looked at p.e. ratios, compared to treasury yields. goldman sachs says we re not even down to the overvalued levels we saw back in the 90s, so maybe this is okay. it doesn t necessarily mean that long-term returns will be all that great just because compared to bond yields, which is versus low, things will be fine the kinds of companies that are big in the s&p 500 are phenomenally dominant and profitable. so maybe these valuations are more sustainable yeah, m
and how he plans to respond to the ensuing economic crisis. plus the part of our interview with the san francisco mayor. aztec workers leave, don t call it an exodus just yet. he makes the case for staying put. it is not just fake news that is a problem, local fake news. in the void left by dying local news, hyper-partisan sites have been flooding the space. the future of media and a post trump world. we will talk to the ceo of the american journalism project. u.s. stocks slipping from stocks as investors grow a bit anxious the virus will hamper growth and democrats will struggle to get a $2 trillion package through congress. add to those things emily, the consideration of a potential coronavirus strain and the u.k. being linked to a higher mortality rate. it has been an exuberant week. the equity market may be taking its foot off the gas a little. the s&p 500 down 0.3% the nasdaq down 0.3%. up 9% this week. tech has been an outperform are all throughout the inauguration we
manufacturing index hitting its best level since november 2018 but tech stocks as we mentioned lagging. the nasdaq is in the med as apple, amazon, microsoft all trade lower 59 minutes left in the session. back off the lows. coming up on today s show, ever corps founder roger altman on how the outcome of the election could affect your machine. plus mond leez and paypal report earnings after the bell we will bring you all of those nbc first on cnbc with mond leez s ceo as soon as those numbers come out. we start off the month of november with gains after a down ep to october. bob pisani is tracking some of the action. it is turning out to be a fairly simple narrative to understand today that is investors are choosing stimulus over stay-at-home plays. let me show you what i mean. there is a belief there ises going to be very gig stimulus coming somewhere down the road again. that s taken hold here look at the s&p 500, up. wait look at the small caps, up almost twice as m
weekend. our roadmap begins with the record setting week. what are the risks to the rally? plus tesla on a tear, set to open at record high after topping $2,000 for the first time. and democrats demanding answers, the embattled postmaster general testifying this hour amid a political furor surrounding policy changes ahead of the november election guys, it s going to be an interesting morning to sort of take stock of where we ve been over the past couple of days the s&p all time high, apple $2 trillion, scott, tesla 2 k even though b of a this morning says that weekly outflows look like they may be the biggest in about 15 weeks despite some of these new highs. maybe this is the week, carl, where technology said, do you know what, wait a minute, not to fast, growth, not to fast, value. ever been has been coming out of the woodwork trying to make these calls that there is going to be this great rotation, carl, from growth into value stocks and these cyclical and epicente
fed vice chair randy quarles talking about the stress test next week, seeing dividends might be influenced by the pandemic. he thinks most banks will be allowed to retain the dividends, and particularly with wells morgan believe, and stanley, highlighting concerns about financials recently. so the underperformance today caught my attention. caroline: we get even more insight on underperformance, and what led to the selloff at the end. the northwestern wealth chief manage he chief strategy manager is with us. we were lower earlier and then i got a message from a key r on the bloomberg squawked talking about how the vice chair of the federal reserve was saying, there is no limit to fed treasury buying. that seemed to give the stock market a little more support toward the close. is the fed still the be all and end all, is liquidity still the be-all and end-all in this market and can we grind even higher as the covid rate is still causing concern? 26 years of doing this, the fe