go. >> josh then joe. >> jpmorgan. >> joe >> tcbi, energy bank. >> all right there we go. i wanted to finish this soy could show you the market. dow right now is good for 1,350 points first new high for the dow jones industrial average since february on a big day on wall street does it for us "the exchange" hats story and picks it up right now. >> thank you so much, scott, and hi everyone on this huge day for investors and for the country. positive vaccine news from phizer is sending stocks soaring, the dow and s&p and russell 2000 all hitting record highs. for the dow like scott just said this is the first time we're at new highs since february remember, at the march lows the dow was just over 18,200 had we ear at 29,600, almost 700 this afternoon those are some monster gains now, all this is also sending yields jumping today the ten-year nearly breaching above 1% but that's helping stocks, especially the

financials we'll talk about all of it, and i'll be joined by special guest stanley drukckenmiller with his takeaways and joining us now is meg tirrell and the latest on the details of the pfizer vaccine. >> reporter: getting the news from pfizer showing their advantages own showed more than 90% efficacy in the phase three trial against covid-19 the way they get to that 90% number is they got 94 cases of covid-19 in this trial and a huge number of them were in the vaccine group and a smaller number were in the -- sorry, i've got that backwards, a huge number were in the placebo group and a smaller number in the vaccine group showing that the vaccine is protective. the company also saying no serious safety concerns were observed here, and they plan to potentially seek approval after they get two months of safety follow-up from half of the people in the trial getting it their second shot, and next pect to get to that milestone in the

third week of november so essentially looking at next week, and this is such a big deal, kelly, because before this moment we had seen no data from the efficacy studies showing the vaccines were protective all we've seen is antibody data showing they did have and i mun response but this shows they are actually protective so kind of a light at end of the tunnel we talked to the pfizer ceo albert b 0 rla and here's what he had to say. >> a great day for science and a great day for humanity when you realize your vaccine has a 90% effectiveness. that's overwhelming. you understand that the hopes of billions of people and millions and businesses and hundreds of governments that were felt on our shoulders, now we can credit and i think we did see light at end of the tunnel. >> questions do remain i was speaking to dr. hike

osterhome from the university of minnesota that was just named to president-elect biden's task force and he wants to see a breakdown of efficacy by age does it work in the elderly as well as it is go in young people, does it prevent severe disease, hospitalizations and death and how long does this protection last, and that won't be something that we can tell until you follow people for a longer period of time in the trial, and, of course the dee question is going to be how many people will take this vaccine? we've, of course, hearing people being nervous about the name operation warp speed and how fast these processes were going and we ask theed ceo of pfizer about that this morning and his message to people about taking the vaccine. here's what he said about that. >> the decision to vaccinate is not affecting only yourself. it's affecting the health of others and likely the most vulnerable of others, so because if you decide not to vaccinate, you will become the weak link but will allow the virus to

replicate and produce the effects of so many people unemployed, 1,000 deaths in the u.s. only and even more in the world, much more in the world so it's an important decision i want everyone to be open-minded. from our perspective we'll do everything that we can to convince them 170 years of legacy is something that we count at pfizer and to plan to respect. >> reporter: kelly, the other huge question, of course, will be supply. pfizer saying it will have 50 million doses available in 2020, up to 1.3 million next year but this is a two-dose vaccine 50 million dose globally could help 25 million people, so there's going to be more demand than there is supply for this at the beginning so all eyes will be on the other companies also working on vaccines, and we're expecting data from moderna within a couple of weeks kelly? >> while efficacy is the most important thing right now pfizer

itself has said in the past there's three ways to need to eval a vaccine on its efficacy, scored very, very high and on its safety in terms of side effects and on a manufacturing steadiness, all of them that the 1.6 million vaccines are allowed and on the safety issue just because we've seen different trials halted throughout the summer, did he take at all about that, side effects did he speak to that issue here, and do we expect that to be a head wind as they move towards putting this thing into full circulation? >> yeah. so, we did ask about side effects and also about toll rabbit, so they didn't see any serious side effects that would have caused any stopping of the trial the way we saw with the aft zeneca vaccine, for example, they stopped and investigated is and the j&j vaccine was paused as they looked into a safety

issue. nothing like that was reported here in the pfizer trial but there will be questions of tolerablity and after you get the second shot, people experience headaches, chills, aches and pains, things that you do counter with other vaccines beyou may not feel great after you get the second shot. our colleagues chrissy farr and berkeley lovelays jr. have written about the people in the trials and their experiences it will be interesting to hear more about the toll rabbit but no site of concerns that are would make this vaccine began through fda. >> great day for phase ter and for the market as a well let's get to stocks which are soaring especially the travel stocks. names like karn are up 30%

airlines flying, energy, you name it. meanwhile, the stay-at-home name, the high flyers like zoom this year, they are upped some serious pressure down in the range of 15 about. seema mody has all the latest market moves for us. seema? >> big market movements let's start large and look at the dow which is currently on pace for its first intraday record since february, and now with within about 300 points of breaking above 30,000 stocks, keep in mind, rallied about 7% last week, so a really strong performance over the last couple of days it is worth noting we being head had had by the hospital and hospitality newspapers, all the places that got hit by covid are rebounding by as much as 14%, to 15%, carnival on track for its best day ever since it went brick in 1987 up 37% many have often said a vaccine

is a passport to travel and question is when do we return from pre-covid levels as we await more news from the hospitality names. ride shares -- uber shares are now up about 40% since election date last week there's question as to whether a vaccine will result in life returning to normal. kelly, back to you. >> all right seema, thank you very much the markets are were lacking positive pre-market the dow was up 4 up point and now we're off to the race at 13.55. we're at record highs. joining me is the cio of

equities and nancy tingler and peter boockvar with blakely advisory group and a cnbc contributor. i think you're saying just a little too much enthusiasm playing out. this is fabulous news yet not entirely known we've got a lot of rick which had did i. most has been glowing into bond etfs which catalyzed numbers and fundamentals have been great pmis are great, historic cash flows, low energy costs and low interest rate and these are all -- and no inflation, by the way. these are all very positive

things so i think it's -- it's a frenzy that's based on all good news, and that, you know, is likely to normalize in the coming weeks. >> yeah, and, stove, there's two kind of flies in the ointment that i think about one is you're a big believer that we needed another stimulus package and perhaps this news mean we get a smaller one or there's less urgency to it if that's a problem for the market and for the economy. the other one that i wonder about is if there's a sense that the vaccine is right around the corner, you know code of is really bad right now and would that make officials more likely to do shutdowns, lockdowns, whatever you want to call it because they know, hey, this is kind of the last hurrah and we don't have to live with this forever, and could that actually hurt the economy in the near term? >> those are two possibilities,

kelly. we just wanted to have asian people feel safe that would be the speak -- we need some kind of bill, you know, to bile out the nokes that are still suffering, but in terms of touch stimulus aren't necessary. we've got a lot of momentum. we're looking no a situation where sooner rather than later we'll have covid behind us is the there going to be another lockdown near term you tell me. i think that that would certainly hurt if they try that, but it's going to be very, very hard to get americans to stay indoors again. it was clearly overkill the last time there's going to be specific activities that are going to perhaps be locked down

we've been going through that now, you know, bars, restaurants are tough, but i think had the broader economy unlikely is to see a broad lockdown i just don't see it happening. >> and i see here the top picks would include names like j.p. morgan, exxon, alaska airlines so those are some specific places that people can look today. peter, i want to turn to you and kind of keep it top level here for a second and talk about bond yields i mean, we see that ten yield it almost cracked 1% today. you know, and look at the way the financials are responding. they are absolutely loving it so this is the implication of this move higher in bond nails we whether going to see this if kind of response and i nye -- we see it on oil.

we also have to talk about the fed if we're going to talk about markets because what is is the fed going to do now? how are they going to stopped in they are printing 120 billion a month because of covid if all of a sudden this goes away next year mostly, well, then, the fed will have to start re-reversing these moy inflation which i expect continues to head higher. >> i agree, by the way and if you could shu shejump all of the big names and pick up the value. >> no one is pricing in higher

inplaying. i'm saying we don't have much now, but i do say that's a great risk in the coming year. we've been adding to selective names so we've already been thing out of forecast and the gookle and microsoft and apple and we've been putting money in semi and some of the software companies that we think will continue to drive productivity going forward and things like forward now and we added to square when it sole off pretty dramatically we like the tech play but we like it in different underlying industries, and then in terms of industrials we were already overweight going in so we've add to names around the edges like honeywell and international tools. >> yeah, it's amazing to see that sector up 4%, and it barely even makes the leadership board today. thanks so much for all joining me thanks for sharing their views on this market on a very, very big news day don't go anywhere. still ahead we have billionaire

investor stan druckenmiller with a big warning for a key part of market why and what it means in today's numbers coming up? and what does today's announce meant by pfizer mean for the other vaccine trials charles schwab reporting problems with clients accessing their site other sites experimenting problems as schwab surged. we're back in a couple here on "the exchange. alread we made usaa insurance for members like martin. an air force veteran made of doing what's right, not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage. that's how you do it right.

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shares of pfizer are soaring after the company said its covid vaccine is 90% effective we've up 12% for pfe right now and key questions remain how effective will it be in older patients and how long does covid resistance last and will people take it? joining me now is dr. vincent chen from bernstein. great to have you back last time you spoke you spoke you said pfizer's science was a bad sooipz we were approaching the end of october which we were thinking there was a problem. the delay was pfizer waiting to

analyze the data very excited about the news today. >> yeah, and there were pushback from the analyst research and community didn't want them to go too quickly and taken their time and the news is great. very gratifying for all of us to hear that. let me ask you about some of the remaining questions. first and foremost what about its efficacy on older people any insight you can offer on what we're kind of likely to hear and when we might likely be to hear it >> well, i think that's still a bit of an open questions and i'm cautiously optimistic. we need to wait to see when we get the final results and we have more insight then into what the efficacy looks like in the older populations and that's certainly a critical question when you think about how quickly we can go back to some degree of normalcy is. i would emphasize though that the 90% efficacy that we've seen is a very impressive result, very much the upper end of what most folks were thinking, 70%, to 80 so 90% is quite high

80% efficacy is in poet preventing severe and non-symptomatic covid. severe disease, that which puts patients in the hospital, that which lead to mortality, that's probably what we're most concerned about, and vaccines usually, maybe always, are more effective in preventing severe disease than they are in preventing less severe disease so i would expect efficacy in preventing severe diseases higher than 80% which bodes quite well. >> yeah. absolutely, and it was interesting to hear the ceo himself this morning saying he didn't think they would be 90% effective, that he was kind of positively surprised at that what about how long the vaccine will last, dr. chen? mean, is it -- it would seem to be a big difference if this has to be annually administered versus kind of a one and down or every five or ten years kind of thing. i mean, what do we know and how much does it change the excitement that the market and investors might have depending on the answer?

>> it would be a little bit of time before we get a complete answer on that i would say i'm generally optimistic though h.i don't know whether it will get to lifetime community for one course of the covid-19 vaccine but even -- i would expect it would likely last at least a year or two and even if that was the profile, i think that would be certainly something that gets us a very long ways towards getting back to some degree of normsy i think that would be very much an acceptable profile. i don't think it matters too much whether it's every year or every two years or every lifetime sort of thing. >> what about people taking it you? know it probably will hinge on, and meg addressed this last segment, but, you know, if there's mild side effects that's one thing, you know, but in this age of social media, especially, if people start seeing or hearing all sorts of things about what happens after you take it that are, you know, that -- that give us some caution after they have already been concerned about whether this can be trusted, you

know, how can pfizer reassure us that all of this is safe >> well, so there is some degree of with a they call reactive genicity, fever or forearm, and from what we've heard so far there were no severe adverse events noted in the trial fuss far. the other thing i would point out is success of pfizer's vaccine bodes well for the success of other vaccines and they may have somewhat similar reactive profiles and we'll have to wait and see what their profiles look like. >> could be multiple horses in the race and maybe ones better suited for different types of people a lot still to be determined but it's great to hear that you think this is pretty reunqualified good news. dr. vincent chen, thanks for being with with us. >> thanks for having me. and tune in tonight with "the news" with shepard smith,

plus how the vaccine will get distributed. that's all tonight at 7:00 p.m. eastern time. coming up, billionaire investor stan druckenmiller joins us with the election behind us and progress on a covid-19 vaccine, where should investors be looking to put their money to work we'll get his plays? plus the at-home stocks are getting hit hard today is the selloff in these market darlings overdone? o"t ehacongat question mi upn hexcnge.

welcome back but let's get a check on markets with stocks soaring on pfizer's vaccine news record highs for the dow which is up 13 there 036, up more nap 1,600 points at the highs and we're only a couple hundred points of crossing 30,000 for the first time 4.2% gain for the do you and by part outperformer. the s&p 3% and nasdaq up 1% so you can get a big rotation playing out in the market and in fact financials are absolutely surging. they are one of the less loved sectors playing some catchup today. dom chu has more on that for us. >> the economic positivity story this, idea that if we do get a vaccine that has a 90% effective rate that you could actually get people going back to work, opening up the economy on so many different fronts, that's going to be key, and that's the reason why you are seeing 3% gains for the s&p which is off the best levels of the session as you pointed out, energy,

financial and real estate. the real outperformers so far today. many of the retail mall operators getting a huge bid in today's trade and the lag yards, consumer staples and discretionary, the ones that are kind of holding down things if you can even say that. they are still positive. take a look at some of these if you look at bank stocks the financial sector etf is up roughly 10% right now in that trade. the s&p 500 bank etf ticker kbe up 16% and 17% to 18% gains for the regional gains those are more sensitive after traditional lending activities watching interest rates a key part that have story and then, of course, with the economic recovery you have to talk about what's happening with oil prices yes, they have been grotesquely depressed over the last couple of months and with any kind of positivity with regard to the economic narrative you'll see the big move higher. the spdr is up 16% and look at refiners like valero energy,

diamond frontier and even crude oil prices up 9% so kelly financials and energy certainly very key to what's happening with today's real. i'll send things back over to you. >> it's wild to see entire sectors of 16% like the regional banks and energy dom, thanks very much. let's flip over to sue herera with our cnbc news update. >> hello, everybody. here's what's happening at this hour defense second mark esper has been, quote, terminated. president trump made the announcement in a tweet about 30 minutes ago saying counterterrorism head christopher miller will take on esper's duties nbc news reported last week esper was working with congress to remove the names of confederate leaders from military bases and expected to be out after the election. president-elect joe biden is urging all americans to wear a mask as u.s. covid cases surge to almost 10 million no matter which candidate they vote for

>> so, please, i implore you, wear a mask. do it for yourself, do it for your neighbor. the a mask is not a political statement. but it is a good way to start pulling the country together >> notre dame university is requiring all students to be tested for covid because of that thousands of them stormed the field to celebrate a double overtime football victory on saturday and the school says it's very disappointed about what it calls widespread disregard of health protocols at parties after the upset win. >> you are up to date, kelh.that's the news update. back to you. >> that's what half the country looked like over the weekend. >> i know. >> over the weekend. >> people were out and about. >> yeah. test everybody sue, thank you very much sue herera with our latest news there. >> billionaire investor stan druckenmiller joins us he's got a warning about one

area of the market that could have a huge ripple effect and bill miller is a bitcoin believer why it's up 36% in a month he has a different perspective than the one heard on friday we'll be back with that interview. don't go anywhere. turn on my tv and boom, it's got all my favorite shows right there. i wish my trading platform worked like that. well have you tried thinkorswim? this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for your... uh, true crime shows? british baking competitions. hm. didn't peg you for a crumpet guy. focus on what matters to you with thinkorswim. ♪

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welcome back stocks continue to real on positive news from pfizer's phase three vaccine try. even the dollar andecks is moving higher after seeing its worst week since march my next guest says the greenback could be in for some trouble for more i'm joined by stanley druckenmiller. mr. druc mill her, great to have you here do you want to start with some kind of knee-jerk reaction that we've gotten to the vaccine news today? do you think this kind of market response is warranted? >> my first response is it's just a fantastic day for mankind. extremely optimistic our analysts have combed the data and we think probably within six to eight months we could be out of this mess so i'm very excited about it, and -- and just extremely happy for all of us. the second thing i would say is

the market reaction is i think very rational, very consistent obviously you've hit a bunch of equities that have benefited greatly from the work from home. a lot of money has rotated into them and they are overvalued based on historical measures but they have great business prospects going forward. i would argue even in a close vaccine world but then you've got another whole sector of the market that have struggled mightily obviously because of covid, so they are selling undervalue relative say a three to five-year outlook so the rotation we're seeing today is entirely rational. >> and will continue are you -- we saw jpmorgan come out and say they think the s&p is going to be at 4,000 by early next year. >> i think that's the market

overall is more complicated. i certainly wouldn't want to be met short at the market but i think much more importantly is the rotational aspects that this will lead to, and i do think that they will continue, but i would want to say though a lot of these companies, particularly in digital transformation, even most vaccines i expect that to continue for actually years, so while they may came down in price during the rotation, there's not like a fundamental problem looking out whereas some other ones who would have been beneficiaries of the vaccine, say a clorox or a lowe's, that's a whole different thing where they borrowed all sort of demand from their future. i don't know about you, kell, but there's clorox wipes all over my home had my guess is i don't need to buy any clorox post-vaccine for three or four years.

same thing with maybe some of the home improvement it's nuanced but there are a lot of companies that are direct beneficiaries and i think that many it would be hard to go. how it comes out, one of the reasons that the market is -- many faang names were ben fishies from during work from home and while the majority of stocks may have been going down the market overall is actually rocketing. >> tell me why, with all of this that kind of we're talking about and it like you said it's a great day for humankind for the u.s., you know, however you kind of put, it tell me why your enthusiasm doesn't extend to the u.s. dollar. what is the concern that you have about this potentially being a moment where we could see some pretty significant downward pressure on the dollar,

and i think given, you know, your track record in the currency markets that this is something all investors need to pay attention to. >> i wouldn't call it a concern. i'm not looking for it to crash or anything. they tend to move in a lot of three to five-year trends. and i can see trends that are reversing that so i'm not talking about that i'm just talking about a steady decline. the next three or four years we sort of want to turn off your screen my thesis, a lot of it goes back to the aftermath of covid. so it's been a very strange period for all of us, but it's also been the most unique strangest economic period i've ever lived through but also ever analyzed and as you know, kelly, we have

11 million people in september less employed than we had pre-covid but during that period we had the largest rise in personal income in america while 11 more million people one employed than we've had since 2000 kind of an astounding juxtaposition but the reason is pretty clear that the cares act, just had a massive stimulus program that was basically transfer payments to the consumer from the government one way i would put it into perspective, if you look at increase in the u.s. deficit over the six week period, during the six-week period the deficit increased more than the last five recessions humanly -- cumulativity combined, so if you take the '73 recession and the one in the early 80s and the

early 2000s and the great recession and cumulatively combine the deficit, we exceeded that in six weeks and the fed mirrors extreme six measures i've never seen n.six-week period, again, looking back last spring, the fed bought more treasuries than they bought during the entire ten-year bernanke/yellen period of q kee, and it's pretty amazing because not only was it greater than the whole nine-year period combined, they are still buying 120 million a month and the most bernanke ever bought in the heyday of his question period was 70%. they bought 57% of all the treasuries since then it i think what start all of of this is last march i saw something i had never seen before in our business the bhond market went down 18

points while we were in a risk-off meltdown last zo or 20 years treasuries have been the go-to assets for foreigners to hedge their global portfolios, and whenever risk went down you had a flight to quality into treasuries. the exact happened last march. the announcement of the cares act when the pinball machine went on tilt and they were net sellers of $1trillion over the 48 hours had the fed came in is to stop the bleeding and announced they would buy treasuries for weeks until the markets stabilized which they did, and that effort was still, but i think looking back when hire said they were the go-to assets

foreigners bought 600 billion in the u.s. assets and been net sellers every day. it's been made up forks the fed buying the foreign selling, but instead of going forward having the fed buying alongside foreigners, now we have them sell to the fed. in other words, the fed has been montiegs the debt, and it's this great increase in supply that i see looking forward over the next five years or so that all this money has come into the dollars and equities over the last ten years and over so trillion slowly seeking out. >> that's fascinating because what you're saying in a nutshell is not running big deficits, not just that the money is having to buy a lot of treasuries and in a way that foreigners aren't interested and i'll let others think for the geopolitical implications can of that, but, you know, i'm curious if the scenario you're describing pans

out over the next three to five years in, some ways a weak dollar is very good for u.s. equities and kind of going back to your optimism or bullishness earlier, does that mean buy u.s. equities or gold is that kind of the rationale behind by bitcoin? what about copper and some of the copper names there mean, what would be in the kind of dollar decline basket >> when you look at the extraordinary measures taken by the fact and the fact that they are monetizing the debt i think it's a high probability that we get inflation the next five or six years, starting maybe in a year or two, particularly with the vaccine now. the economy could run very hot and taught all the stuck list is in the pipeline and at the same time you have challenge supply chains between the united states and china, and if that were to be happening, were to happen, again, the rotation i talked about earlier, there are companies that benefit greatly

from inflation and then that ignore a bond market decline and then there are companies where the stocks would not benefit so much, specifically growth stocks, with regard to gold and bitcoin, you've kind of overstated in your introduction my enthusiasm for becoin i doll own some of it and do own a lot more gold. gold is a 5,000-year brand as a go-to asset in terms of inflation, and i just described why you could have inflation way beyond the market's expectations having said that, i'm a bit of a dinosaur, but i have warmed up to the fact that bitcoin could be an asset class that has a lot of attraction as volume to millenials and the new west money and as you know they have got a lot of it. it's been around for 13 years and with each passion day it picks up more -- more of its

stabilization to the brand so i own many, many more times gold than i own bitcoin, but frankly if the gold bet works the bitcoin bet will work better because it's thin and has more liquid and has more beta to it in terms of copper -- >> yeah. >> go ahead. >> sure. i was going to say understood, and i certainly don't want to overstate it, but also like you said you have a different rationale. when bull was talking about becoin, he's been bushel on it for many, many years on a supply/demand kind of thing but for yours this is a simple mathematical calculus ifwe're talking about a weak dollar and on copper and some of the other metals and even other stocks, i mean, is this a rationale to hold those names and which ones would you hold >> well, i don't like to talk about specific names but certainly the material stocks --

well, i will name one or two but like rio tinto, bhp, freeport-mcmoran and those kind of names would probably be more attractive in the near term than the stocks that have been outperforming as this rotation continues. the travel stocks, i have some lying around because we have kind of a barbell strategy here, but that's more just so we catch up with the vaccine. i can see these having a fundamental run for quite some time >> let me ask with my final question then for your close thoughts on the election i mean, i would have thought before the vaccine news land that had this would be, you know horse, the substance of our discussion today what's the most important takeaway in your mind as it relates to all of the scenarios you've just outlined i mean, is it -- is it basically a non-event in some ways that kind of supports these other

meli melinga trends >> i don't think it's a non-event at all it was obviously a tough day for president trump, but i think it was also a great day for the republican party gaining seats in the house was unimaginable going into the election, holding the senate hat 50-50 and possibly taking control of the senate was also not what was forecast and if you look down ballot there was a total rejection of the hard left agenda which is one thing the stock market could have been worried about. if there was another loser that day comparable to president trump, today it clearly was nancy pelosi i think mitt romney said on "meet the press" it was a great day for conservative principles. would i sort of echo that. i thought it was a very, very

good day for the republicans it was a great day for joe biden, of course, and i thought it was a great day for healing for our country. that combined with the vaccine, there's been a lot of -- a lot of news we can all be excited about. >> and i think we'll leave it there with the positive vibes. stanley druckenmiller. >> there's a lot to be positive about. >> there is. i mean, you know, throw in the nice weather on the east coast, i think people -- >> we've been in this mess for eight months or so, and you can clearly see the light at the end of the tunnel. i do agree with your previous guest. you don't want to be the last person to get covid before a vaccine so just hanging in there with all the safety measures the next four or five months because this is going to go away and you want to be healthy when it does. >> amen, and i was going to say add to that positive cocktail your steelers eked it out.

it was close but they eked it out. appreciate it. >> thanks, kelly we'll see it. >> stan druckenmiller, founder of the duquesne family office. still ahead, the dow hitting a record high today. american express and chevron are the leaders. meanwhile home depot which you just heard stan's thoughts on some of the housing names. home depot moving ahead and is that a preview for the housing sector is we'll dig into all of those numbers next

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1% today should you buy some of those stay-at-home names as they take a breather that's next with steve grasso. stay with us

welcome back positive vaccine news. take a look at names like tegoc down, zoom video down 14, peloton and amazon some of these names are destined for a bounce from here this is a tactical or kind of a longer-term pickup opportunity here >> this is a definitely a tactical pickup of a couple of names that have been beaten down, kelly. so if you look at zoom, zoom's up a 536% year to date whenever you get a selloff like this, kelly, it's worth the opportunity to take a look peloton up 274% year to date the problem with these stocks, kelly, is once we start to get back to work, then you're going to have those value plays take over the performance world so if that happens, these are

due for a lot more pain, but getting back to your initial question, when you see a stock sell off 20% and it's worth noting that all of these names are off their lows of the day. so you could have already made, if you bought on the lows, if you were lucky enough to, you could have already made 10% just bottom picking i don't think longer story to your investment strategy should be buying your names just now. >> so, steve, it's interesting i don't know if you caught what sam druken mill are ju yen mien said he said those new names aren't going anywhere but if you're clorox or lowe's, whose business hasn't changed but pulled forward potentially years of demand, that could be a different story. would you separate the names the same way >> i think he's -- i have the world of respect for him and i

think he's dead on when i look at this group, i'm long on a name like chewy. what's going to substantively change people bought a lot more bets during covid they're mott goinot going to ru their house if they're getting deliveries from chewy. and ruoku, digitalization is on. and when you get to names like zoom, it up in such a dramatic fashion, if we even get incremental backing off in a more normalized environment for the business world and people start to jump on planes again, you're going to have a tough time defending the valuations on a lot of these names and i think zoom and peloton fit into that bucket >> last one, steve ten seconds, do you buy or sell

peloton? >> yes so right now i believe that you can get a bounce it jumped above its 50-day moving average, right around 106 and change ultimately i'd be a seller of peloton and even roku, i think you can get a chance to buy this around $200, which is its $50 day moving average >> there's roku at 234 that does it for "the exchange" today. but still around for "power lunch. i'll see you can tyler mathisen right after this plans available to anyone with medicare. many plans provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you're covered for hospital stays and doctor office visits, but you have to meet a deductible for

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an historic day and rally on wall street. welcome, everyone, to power lunch. along with kelly evans, i'mmath. the dow up nearly 1,300 points, almost 5%, having its best day since way back in april. small caps, the russell 2000 at a record high, up 6% and it's the nasdaq that's kind of