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 sitting out the party, up less

than 1% as many of the cloud and so-called stay-at-home stocks get hit. it was the announcement that pfizer's covid vaccine is more than 90% efficient that's what really set the market on fire we got more on that in a minute. meantime, let's send it over to kelly. >> thank you, sir. it is a huge day for the markets and a potentially historic one in a fight against the chris christie we have full team coverage for you. bob pisani looking for the market reaction. meg tirelli and bob pisani, let's start with you >> historic move for the s&p 500 and big volume we're going to do twice normal volume on the markets. we haven't seen that recently,

big volume on big up days. that's a change on market sentiment. you mentioned small caps obviously vaccine, better reopening story. that would help small caps, look at this up almost 7% more than twice the performance of the s&p 500 mega cap out of big cap, mega cap tech stocks and into small cap but also a little bit on the weak side as we've been noting all throughout the day flattish is what i would call them that's given with the s&p 500 up i like watching the industrial stocks these stocks have had big runs already, a lot of discussion about how much more they may have to go but look at those moves to the up side there's comerica as well the work from home generally not

performing very well at all today, perhaps not a surprise given huge run-ups how much more is there in the value place? honeywell was 160 last week. it's opened over $200 today. that's 25 times earnings there's going to be a debate about what the right multiple is other sectors of that value cyclical play like the industrials have had big moves already and i think there's going to be a big debate in the next couple of days about how much investors are going to want to pay, if any more than they're already paying for these stocks. guys, back to you. >> interesting point we'll discuss it a little bit more with one of our quests, bob pisani of course stocks are soaring --

the pfizer ceo calls it a game changer let's get more from meg tirrell. >> this is the first time we've seen one of those covid-19 vaccines actually protects against the disease. now we're seeing this vaccine is more than 90% effective in preventing symptomatic covid-19 cases. they saw that from this massive clinical trial in which they at this point have seen 94 confirmed cases of the disease the way you generate that 94 efficacy number, you see more cases in people on the placebo they saw no serious safety

concerns in the trial. they plan to seek fda emergency use authorization after they get two months of safety follow-up, which should be by the third week of november that's next week we could be seeing pfizer after that seeking the fda's clearance to bring this to market. now, several questions do remain about this vaccine i talked with dr. michael oesterholm and he says we need to see more data to get a sense of how well this vaccine works questions include does this protect against severe disease, what are the breakdowns by age other people want to know does this protect against infection completely we don't know the answers yet. we don't know how long this vaccine will last. we don't know how many people will want to take the vaccine. we heard about people being worried that the process is going too fast no corners are being cut here.

they are only shortening the process where it can be shortened safely the other big issue is supply. only 50 million doses by the end of 2020 this is a two-shot vaccine and that's global supply, not just in the u.s. 1.3 billion doses in 2021. we talked with the ceo on the challenges of ramping up supply. here's what he said. >> given how effective this vaccination is and we are aware that the demand will be much higher than anything we can produce, we are also looking right now to see if there are other ways thinking out of the box that increase even further the manufacturing capacity now just speaking about 1,000 people dying in the u.s. every day. there's no time to be lost here. >> so, guys, a lot of challenges ahead but really hopeful morning this morning seeing that 90% number back over to you

>> meg, a couple of questions quickly. what does this do to the other companies that are exploring a vaccine, the modernas, the glaxo smith klein and others exploring sm wi exploring? will they continue to push. >> absolutely. we'll need all hands on deck one company cannot serve the entire world in terms of getting the vaccine out there. moderna is expected to have their data in november there's some special lags thulat they could see equally strong efficacy data. johnson & johnson, astrazeneca, those data are expected by the end of the year. novavax will have theirs after that the fda's bar was 50% efficacy

to consider approving a vaccine, there might be varying levels of efficacy on the market and they might work differently for different groups of people as well all of these vaccines that work and are safe will be needed. >> fascinating questions i think i said glaxo smith klein, i was wrong, you were right, it was astrazeneca. are these other vaccines one-shot deals or two-shot deals like the pfizer? and would that be an advantage to those latecomers, i'm calling them that, but the ones that are still in research in phase three. >> you are right, too, tyler gsa is working on a vaccine. some of the vaccines that are coming along behind r2 shots like moderna, and then overseas is testing a two-dose regimen but some of the later on

vaccines are looking at just one shot like merck they specifically chose technologies where they could just give one shot because it would be easier to roll out around the world and very close to full protection with one shot that, will take you a lot farther in terms of your supply as well. >> with all the work you've done on this, meg, i think you should be right up there in line for one of these vaccines. so keep it up. keep up the good work. we appreciate it >> thanks, ty. >> dow pushing up against 30,000, folks. and just to give some context to that, in march the dow hit a low of 18,000 so in just over six months, a little more than that, a 12,000 point move. for more, let's bring in tobias levkovich. let's talk about what really changed this morning and that was the hopeful news on a vaccine. what does that mean to the

global economy what does that mean for u.s. stocks >> it's clearly very significant seeing the reactions in the market today the timing for when this might go to the global economy might be next year but markets do tend to work in advance it's changing not just the view for the markets but also changing where you want to be in the markets. you guys have been talking about this all day as the work-from-home beneficiaries are suffering at the same time and many are starting to see significant recovery it's not just about market levels it's also what's happening underneath that surface where you're seeing some stocks up 20%, some stocks down 20%. >> there so walk us through that very point, tobias, some of the

deeper cyclicals are coming up a long ways. walk us through that maze where you have some stocks reacting very positively today, some doing very well not so well. what's the future hold for those groups >> there are three buckets of value. there's the financials, which are certainly reacting strongly to the bond yields moving higher you have a second bucket, which is more the industrial cyclicals, which are already starting to get a bid because things like the ism are improving, maybe infrastructure dollars and now this reopening of the economy, all helping them and then the third bucket is what i called the covid impair groups, travel, leisure, hospitalities, those industries that have been just hammered and any kind of solution to the pandemic really revives them

let's step back for the valuation. the valuation criteria that we look at and which have been the most predictive of stock performance, there's still up side to the stop performance >> talk to us about technology and how you segregate that by category and which ones, they've had a very nice year so far, which area, which categories are poised to rise and which may take a breather? >> so we think software services are the most extended at this point. they were in many respects the beneficiaries of all of us working from home and use different technologies to do our

jobs semi semis are a little bit better. then the third is hardware, which we like as well, we did put a downgrade watch on that two weeks ago, maybe three weeks ago because they have run so far and the valuations are starting to get pretty extended there are areas of technology more interesting than others but in a rising bond yield environment, the evaluation criteria starts becoming problematic. since early september stocks are starting to lose their opportunity. look at the nasdaq or the i.t. sector relative to things like small caps small caps is another area poised to do well. >> tobias, always great to see

you. we thank you k kelly. >> thank you pfizer and biontech rising today. moderna shares are up 8.5% is this the game changer we've been looking for let's bring in health care and biotech analyst. michael, how significant is pfizer's breakthrough? >> well, great to be here with you guys i mean, i think the most important point today is, you know, mrna technology fo bio and moderna. i think it is game changer both from the fact that we obviously have a really effective vaccine

but also the fact i do suspect these platforms are going to have other vaccines and therapies coming off of them in the future >> what does it say -- i don't know -- obviously moderna is taking its entire science on this approach. that's why its ticker is mrna. was it the first time pfizer was trying it? how much is at stake for the medical community if this works in terms of the covid vaccine? >> yeah, that's a great question i think that the debate if you go back over the last year or two has been on the novel and innovative science that has been looked at here but has not been fully proven out like i think you sort of eluded to. pfizer i think put a stake in the ground as a huge sign of val days, which is part of why people are excited about this and proving out today with the data moderna did have partnerships with merck and with others and continues along that path.

moderna didn't need capital. i think they will show that in the next few weeks when their data comes about so bottom line is i feel very excited about the platform and these technologies >> but if pfizer can use this approach successfully, perhaps other big biotech companies will do the same thing, why would you need moderna >> well, i think some of the things that meg said i think are absolutely true and i would echo that number one is it makes sense to have similar but yet differentiated approaches, moderna's platform could show differentiated dwrat in elderly data and there are differences in all the way the drug is handled. it doesn't require negative degrees celsius, just in case something happened with one of them that there are other ones that would be able to supply the world. it does make sense that we would

want multiple ones available and just as a a platform technology, the companies are definitely going off in different directions looking at different vaccines in different areas as well. >> we're obviously seeing a big response roos the sector is there anywhere that still has value, a name like biontech and anywhere wore you think this move is overdone >> huge relief that these work and i won't dwell on the fact. it certainly imcreases the probability of success of others working. you look at some of the smaller companies working on oror inhaled versions, merck working on a single-dose administration. in a situation that you have a 90% effective vaccine, i would believe those others will be massively differentiated the fact that you have an option to have different approaches with different degrees of

efficacy but work in administration, whether that's oral or intra national is great. i think it's great we'll have more than just one and those will play out over the future. i would just say, look, you know, it's hard to call in some these other small cap biotechs that have had huge moves on this but i would digest the fact that first we need to see some of these play out over the next few mont months >> fair enough michael, thanks for joining us today. it's a big day we appreciate it. >> tyler >> kelly, coming up, we will have more on the markets at record highs energy leading the way today, up 15% as crude soars financials the other big leader today, that sector up almost 10%. plus the airline stocks all with double-digit moves just how fast will a vaccine get people back flying again icose details right after this quk break. more "pourer lunch" coming right

at you

welcome back to "power lunch. the airline industry breathing a major sigh of relief today united, america and delta up let's bring in phil lebeau for more on these moves. >> they're all up high because

of the expectation because perhaps we'll see the day when people are getting in the air, traveling as they were before the pandemic look at the passenger level yesterday. still down 59% last week it was down anywhere between 62 and 66% so we're a long ways from the airlines seeing normal passenger traffic. however, there are some encouraging elements in terms of people starting to travel a little bit more. united out today saying it will add 1,400 flights for the thanksgiving travel period its december domestic scheduled down 48%, international schedule down 57% however, and i hate to be going back and forth here, there's still a lot of pressure on the airlines look at q1 that is the lowest period of the year for the airlines and their car burn will continue into 2021 these airlines have borrowed

more than $38 billion this year. that load is going to be and for some time when you look at southwest, keep in mind the airlines are still trying to cut costs as much as possible southwest and its pilot union continue to negotiate possible pay cuts nonetheless, kelly, this is welcomed news. people are saying maybe we can see the day when the airlines will see an appreciable improvement in the number of people flying. >> phil, i'll pick it up from there. thank you. still ahead, small caps with the biggest gains on vaccine hopes, up 6%, hitting a record high the group has been outperforming over the past three months are there more gains ahead in this sector? plus, stay-at-home stocks. those are the big losers today look at zoom, peloton, etsy, do docusign they all benefited from the pandemic and today are getting hit.

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welcome back to "power lunch. i'm seema mody small caps joining in on the rally in a big way the russell 2000 hitting a record for the first time in

more that be two years let's bring in the trading nation team. we're seeing a meaningful rotation from growth to value. that's helping financials, energy, health care. michael, can it last >> yeah, i think it can last the high-flying tech names are moving away from people's portfolios and we're moving into value names and, wow, can you imagine value does matter now. it's going to begin with the small cap sector and move to midcap you have a lot of companies trading at single-digit pes, yielding 2 to 4% and 5% dividends and you get a quality company with quality earnings and a strong dividend yield, you'll see the rotation i think in not only growth to value and then go in small to mid or large cap all happening a the one time you're seeing it today with great news there is a possibility for a vaccine and that will drive the health care

industry as well >> is now the time to buy these names? >> well, yeah, there's throw want to go over. this is a sign of broadening participation, should not be overstated how bullish it is for the market i think it argues for a continued recovery point two, we see small caps that have been in decline since 2013 i think this is how we count it the longest stretch of small cap underperformance since the seven-year period 1983 to 1990, seven years. i think it's reasonable for small cap to play catch up how do i want to play it small cap growth it was first to break higher we still see more up side. >> got it. thank you. for more "trading nation" head to our web site and follow us on twitter. tyler and kelly, back to you >> thank you, seema. stocks are soaring today the dow and s&p, barely

positive it could go negative it's only up two points while the dow was surging 1,300. we're requesting to get closing trades on oil, which is up 8.5%, back above $40 a barrel and we'll look at just faust the economy overall can be expected to rebound now that's coming up on "power lunch. and now the latest from trading nation and a word from our sponsor.

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well come bacome back, every the u.s. now has confirmed more nan 10 million case of covid-19.

roughly one-fifth of the world wide total new daily u.s. cases have jumped more than 60% over the last two weeks, and average daily cases are rising in 48 states. republican senator susan collins is congratulating joe biden on his apparent victory collins wishes biden every success but collins also says president donald trump should be allowed to challenge election results in battleground states canadian prime minister justin trudeau says he looks forward to working closely with president-elect joe biden. trudeau says they spoke about a variety of topics including climate change, covid-19 and racism >> and they are rearing penguin

chicks after their population has shrunk to just 13,000 pairs. >> the nasdaq just went negative while the do you w is still up points dom chu has more >> reporter: let's talk about certain theses playing out within the markets, reversals of key trends over the course of the last several months. take a look, first of all, at car buying whether used or new, those stocks have been robust. carmax up 5%, carvana, that new alternative, deliver to your home-type situation, down 6% we have seen carvana outperform

carmax so a reversal there the eating stocks, brinker, the parent company of chile's is up 14%, grubhub down 10%, food delivery over the course of the last year, brinker has been certainly an underperformer under grub hub. another key one is what's happening within retail. sl green owns malls up 37. amazon shop from home down 4%. oil. nobody's traveling but what if people do start traveling with the vaccine, oil prices up huge and energy refiners are up 31% stay at home, sign your legal documents on e-sign. look at that trend over the last year, kelly. some key reversals i'll send things back over to you. >> thank you, sir. dom chu. what does this vaccine mean for

the economy in the long term steve is look. it's possible for things to get worse before they fet better distribution remains many months away, at least widespread distribution and a raging virus could mean in the interim more government lockdowns or voluntary decisions by consumers to avoid economic activity as they've been doing we've recovered 9 million of the 19 million jobs lost since february some could come back sooner how with a vaccine but some businesses may not make it to a vaccinated world, woor hopefullyfully we're all headed. here are some workers that will benefit more from high-contact jobs the virus could lift optimism

for events and valve for next summer "we will immediately begin to see the positive effects on employment, gdp and earnings, even before the vaccine is available to the public. the vaccine news and recent election could make congress more likely to bring a phase four relief bill, even though it's needed. >> now the economy may not get back to normal any time soon, a point that steve was making there. kimberly, welcome. good to have you with us you heard steve say in the shorter term while the stock market may discount a happy outcome, there probably are

several months at least of rising cases nationally before this comes online. so the economy may not snap back as fast as the market seems to be telling us today. >> absolutely. and thanks for having me one thing to keep in mind is there's a lot of unserbity about how long will it and all the industries you just described are going to be hurting. that's an important thing to remember >> as meg tirrell pointed out, we do not know how long this vaccine confers immunity upon you. so what does the snap back ultimately look like we come back a long way already. when do we get those jobs back, the 10 million that are still out there unfilled from the job

loss earlier this year >> i think what happens over the next six months is really dependent on how well the government responds to this situation of uncertainty best case scenario, we get everyone vaccinated by the end of summer. that still leaves a lot of time for us to have a situation, there are a lot people unemployed and a lot of state governments hurting and they're cutting back on the number of teachers and firefighters and public employees can you get in a recessionary spiral so far we've avoided it because of a really big stimulus package but we're going to need more of that in. >> so taking off from that point, kimberly, is there a

chance that congress will pass a package that large or has that just sort of been cut down because, number one, the republicans seem like they will control the senate and, two, we now have a vaccine, which may take some of the urgency wind out of the sails >> the vaccine does help with expectations bus people might have a better expectation toward six unbut i think it's unquestionable the best time for stimulus would have been two months ago we're kind inform a situation where we really need to continue to prop up the economy in the meantime to avoid these negative outcomes i'm hopeful that the republicans in the senate will see that, you know, this isn't really a partisan issue there a lot of people who are struggling in the united states, particularly the most vulnerable populations that are more exposed to this virus. so protecting americans from a

deep recession should be a nonpartisan issue. i'm hopeful we can do and would really require only two or three of them to a degree. >> thank you very much today >> kelly >> tyler, with the market at all-time highs, the housing stocks are having a plit reaction to this vaccine news. let go. >> this was a turn around for a lot of big names first to the home builders stocks up double digits year to day. they are and this improves lowe's, home depot and lennar

and home depot and mortgage rates after hitting a record low last week, they have made a u-turn again this is good for apartment reits. apartments not only benefit when the cost of housing goes up, but there is a feeling that people will get back to work, back to downtown and potentially turn urban flight around as well. kelly? >> we'll see if what's happening with home depot is a sign of what's to come there as well >> the whole group of financials is up almost 10%, jpmorgan up 14%, goldman and citi seeing huge moves as well and american express and mastercard are nicely higher amex is the best stock in the dow. paypal and square getting sold

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creating a vaccine that works is only one step in a verically katvery

ical complicated process and now once it's mass produced, the millions of doses need to be shipped. here is the reusable shipping box that pfizer has developed inside the container are multiple thermal layers, including dry ice and a time and temperature indicator the vaccine has to be stored at an extremely low temperature or it could go bad. if unopened, these boxes can maintain a 94 minus degree temperature for days we're joined with more on this process. once, lori ann, once manufactured, it is boxed. by whom is pfizer's vaccine going to be delivered? >> pfizer is going to be using its own logistics system it has a very long track record, as you know, in distributing its

own vaccines, especially those that are in the ultra cold temperatures that you just discussed. i spoke with major general christopher sharps they will be using fedex and ups. >> so they are experienced at carrying these boxes in very low temperatures packed in dry ice does pfizer make its own dry ice? >> good news is pfizer is making its own dry ice. >> how quickly can we expect this vaccine to be in mass distribution we heard earlier maybe 50 million doses, one shot and two shots, really 25 million vaccinations maybe by the end of the year but how soon before we can.

>> from what operation warped speed told me, they are standing by their original account that hopefully by june that any american who would like to have a vaccine should have access to it so that's the date that they are sticking to. >> do the other vaccines have to be stored at these extremely low temperatures or at something a little more moderate >> no, the other vaccines that are currently in develop are at a temperature where they could be stored at a longer period of time like your flu shot. so feis spfizer is the only one needs to be transported under these extreme cold temperatures. >> and finally and quickly, are there enough freezers through the supply chain to keep these things at the temperatures they need to be >> according to the math, it really depends on the states and

the way that they're going to be distributing the vaccine they have x amount of days to do it and operation warp speed based on the ability of the state, they will then in turn send a specific amount of doses, if you will. so no freezers could be used >> all right i haven't seen you in a while. looking great. fantastic. good to see you. >> good to is he ysee you. >> we're are continuing to watch a big rally on wall street today. the dow was up almost 1,300 points and the nasdaq was negative yields are moving sharply higher today. we'll have a whole lot more on the impact of that across the market coming up next on "power lunch. we love the new apartment.

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markets are jumping after

pfizer and by ontech say their covid vaccine is more than 90% effective. the yield on the ten-year is also soaring as interest closest to 1%. will yields keep rising and should you keep buying stocks? two guests join us can you -- does this make your change your mind about as we would call it bullishness on bonds the fact that yields are going back down? is this a game changer now with the vaccine? >> i don't think it is a game changer. i think there are three major own and entz to bond, what happens to inflation expectation, if economic growth expectations changed and then extrain jous factors such as the coronavirus or the discovery of a volcanoesine. that is active and the other two elements have not changed. so i think the bonds selling today is overdone.

>> all right chad, let's talk about equities for a moment if sri is -- let's go through the scenarios. on the one hand financials are benefiting from the jump in yields today and the huge rotation into the value parts of the market do you stick with that or if sri is right and yields aren't going up that much and the whole thing is a head fake and it is going back to the prevailing trend >> it depends on your time horizon. we think in the second half of 2021 you are going to see a jump in economic activity not only here in the united states but across the globe we are now favoring value stocks overgrowth stocks. we would be leaning towards that we would be looking on the sector side towards industrials, consumers -- skrumer discretionary as well as health care disney, general dynamics or united health care, merck, or pfizer overall we are overweight equity

exposure at this point we have been since march we believe global growth expectations once again in 2021 will be far above what consensus is. >> sri, i know we always start with you with bond yields, but i am curious if you are bullish on equities here, and more bullish on the u.s. economy certainly than you would have been a few months ago now with everything we now know? >> clearly, it is good -- the decision is continue asking the discovery of the vaccine i think doesn't mean that you immediately have a v-shaped recovery tyler prince earlier in your program, kelly, had the discussion that the vaccine discovery does not mean immediately that everything is okay you are going to wait another six to eight months before it's at least that long before it is commercially available and then after, for it to have an impact on the economy so the next six months you are dealing with a high level of unemployment you are dealing with the

problems with the economy. and they are not going to go away and one point i want to make is that the global demand for treasuries is continuing while the chinese holdings of u.s. tress res have fallen year to date since the pandemic again, they have come into u.s. treasuries and are holding on to it that's going to remain a support to the bond market very much so despite the fact that the economy will remain weak for some time. >> hmm, so you differ with san francisco ung druken miller who last hour told us that's maybe a key part of the weakness we could see for the there are a. thank you both sri and chad with their thoughts on the market today. >> looking at some of the big winners in today's rally cruiseline stocks of course are soaring. they have been waiting for this day since march. similar story for airlines

united, american, and delta. their all higher and the sit down restaurant inock like cheese cake factory, brker and darden, they are higher as well "power lunch" we'll be right back a live bookkeeper is helping customize quickbooks for me. okay, you're all set up. thanks!

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kelly, the market is positive giddy, as you would exhibit to be on news that pfizer and its partner may have a very successful vaccine. the stay-at-home stocks are suffering. here's my hunch. this may be a good time to buy

them because some of those stocks, whether it is zoom, whether it is docu-sign, they are going to be around in the post-covid world, and i think in a big way. >> you are still going to use your peloton bike? >> you bet i am. not going to a gym any time soon. >> i wanted to ask you all day tyler, thank you we'll see you tomorrow and thanks, everybody, for watching "power lunch. "closing bell" starts right now. >> i believe this is likely the most significant medical advance in the last 100 years, right if you count the impact this will have in the health of the public health, global economy, et cetera, et cetera so i'm happy that we have the whole pfizer machine, and of course biotech, our partners, machines behind this and we will be able to support it, i hope >> those words from pfizer's ceo earlier today on cnbc, driving a