before we talk about tax-s-audrey's expecting... new? -twins! ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan. good afternoon, everyone along with kelly evans, i'm tyler malts tyler mathisen this is "power lunch." another vaccine candidate shows show

you can see the dow is reacting. the nasdaq has turned positive by.1% or 12 points and we are entering, of course, the most crucial month for the retailers. many stores still shut down but the stocks are rallying, especially department stores, as you see right there. look at the macy's, and nordstrom's. once again, "power lunch" starts right now. thank you, tyler i'm kelly evans. we begin with the markets this hour the dow was up 11% in november that would be a good year. it would certainly make it the best month for the index since 1987 up 25 today. dom chu has more on the action >> it's a catch-up trade for the dow. it has been for the better part

of 2020 lagging behind certainly the nasdaq composite and in some cases the s&p 500 as well. remember, the green lighne, the nasdaq far outperforming other indices. now the dow trying to play a little bit of catch up here. a good month for the dow shaping up we'll see if it holds as we head towards december another big thing to watch is what's happening with the russell 2000 those small cap stocks the index. this is the etf that tracks it both made record highs today it gets a gold star there. small caps again playing catch up with the broader market, especially with the s&p and nasdaq look at some of these specific stocks we're watching today, specifically kellogg it's off 1.5%. the worst performer in the consumer staple sector, but it's carrying through to colgate, palmolive, clorox. some of these stocks like clorox

that make these consumer staples may not have that much of a role if we do get a vaccine going forward. however, watch these other names, the stay-at-home stocks, zoom video off 3%, docusign off 1.5%, and we're seeing a big return, 1.06 to peloton. >> that is simply because i just got off my peloton about an hour and a half ago i'm boosting the stock right there. >> the vaccine news boosting the market, the astrazeneca vaccine boosting >> these data are slightly less straight forward than the data we've gotten on the previous two mondays from moderna and pfizer,

which showed 90 to 95% efficacy it included results on two different dosing regimenregimen where they gave a half dose and followed up with a full dose when they gave two full dose, they only saw 62% efficacy they are sorting through all of the details on that now. the public health world is looking forward to seeing more data and all of the numbers. they saw no hospitalizations during the trial, suggesting the vaccine may prevent against severe disease it has a differentiating factor in that it can be stored at regular refrigerated temperatures for up to six months, which will make distribution to rural areas around the world a lot easier. how does this stack up towards progress of getting to the market in the u.s. along with moderna and pfizer because these studies were from outside the u.s. and people are parsing through what the data mean, it's unclear what the path

forward of the fda is going to be they're going to talk to regulators this week that's compared with moderna and pfizer, which are working their way through the regulatory process. pfizer has a femeeting on deceme 10, we could hear after that and moderna is likely to seek emergency authorization for use very soon. regeneron got emergency use authorization for its covid a antibody cocktail. hhs is outlining claims for based b distribution and saying 30,000 doses are ready to ship tomorrow and on the other end of the drug

spectrum, merck is acquiring a company for $425 million, they had strikingly positive results on a drug for patients hospitalized for covid-19 who were so sick they required oxygen this was shown to have cut the need for a ventilator to dying by 50% quite a lot of news but it's all positive back over to you >> let me go back if i might very briefly to that astrazeneca drug trial where it appeared a half dose followed by a full dose was more effective than two full doses taken one after another. what would explain that? >> that is what everyone is asking today there are multiple hypothesis. one is when you show the immune system that smaller dose, it

primes it optimally for the second dose to be most effective. another hypothesis i've heard is they've been changing their manufacturing processes for these different doses and may have used one for one of them and one for another and one might just work better so all of these things are going to get worked out and hopefully elucidated and we will have to see how the fda looks at these issues and whether they will be open to potentially clearing something like this for market, you know, and see when we get the answers to these questions >> yeah. and the beauty of it, as you pointed out, is this one particularly does no have to have that super frigid temperature for storage and transportation that's good especially in developing nations where the equipment may not be as prevalent. meg tirrell, thank you very much kelly. >> how excited should we be about this latest data joining me is dr. carlos del

rio, associate dean at emriory school of medicine and dr. jeremy faust at brigham and women's and instructor at harvard medical school dr. del rio, i'll start with you. in some ways i thought it was interesting the regeneron news about these treatments and how much useful that can be in preventing the spread of covid, especially in you're in contact with someone who has covid, if you're waiting for the vaccine to come out, even three, four weeks between doses is too long for you to wait, the ceo this morning of suggesting regeneron could play an important role in the spread of covid here what do you think? >> i think that's right. i think that potentially we can use this monoclonal antibodies, as a way to give you a

post-exposure professional lau n is i think the issue will be scaling up and having enough supply i'm not sure this is going to make a significant impact in the pandemic we have too many cases with 200,000 new infections hpe day, we are not producing enough antibodies to even treat a third of those people. >> dr. faust, on that note, there's a lot of questions about who gets which vaccine and who gets them when what do up know about the roll out? >> i itthink it's an incredibly important moment to say this is why we do the trial. if they had not done the trial,

we wouldn't know the difference between the 62% and the 90%. think of the number of lives saved by not rushing i want to underscore that point. there is a diversification happening here we have multiple products coming out. what i'd like to see happen is the match between the strengths of one product and the regional needs of a population. for example, as i think that meg said, you have a vaccine that might be less effective today and it's great if you can have it tomorrow. if you have a 95% vaccine, it's not useful if you can't get it until next year. i any we want to look at a match in terms of efficacy and what it offers one vaccine could have 95% effectiveness but we learn it has a shorter protection window. we'll see. i think in the next few months

we'll learn a lot about this and then the key will be can we coordinate this or will rollout be chaotic we need the bright people in the room to make these calls >> same question to you, dr. del rio. my understanding is it's up to the state and local governments and i guess somebody said the federal government to actually distribute these vaccines. i believes that was the point of operation warped speed who is making the decisions about what goes where and when >> at the end of the day, the fda and cdc advise riory commit will make recommendations. if you think about influenza we have several different vaccines and products with varying degrees of efficacies. it's going to be who can supply enough for that specific marker. and you may have a very different vaccine you use in one setting. if you're in a hospital where can you have a minus 80 restrij

ra -- refrigeratorefrigerator, thr vaccine may be fine. if you're going to move it to arizona where refrigeration is a problem, maybe the astrazeneca vaccine will be better at the other end of the spectrum, we have to remember this is not just a vaccine for the u.s. we really have to immunize the world. the same thing is going to happen in countries countries are going to decide this vaccine is better for us versus that vaccine and that's probably going to be okay remember as long as the vaccine has about over a 60% efficacy, it has enough protection that we'll all be very happy. that's what the fda says any results we've seen so far is pretty good. >> dr. faust, i'll leave it with you with the last question as people are kind of weighing at this point what month the u.s. might become protected through herd immunity, vaccinations and so forth, in your mind are we looking at

early spring, mid spring, late spring, summer, what are you thinking at this point based on what we know >> i'm going to punt because i never imagined we'd have three products in three weeks with these kind of data and i don't know how rollout is going to go. because they're coming and maybe in those windows, we have to acknowledge there is possibly a saving grace coming here and it not just flattening the curve now, it's saving lives most patients i diagnose they don't know how they got it that's what the data show. this is a very idiosyncratic virus and we need to pretend it's everywhere because actually it is. we can't just say it's just a matter of time before i get it and we'll see how it goes. now we know that sometime in 2021 there's going to be a vaccine that's likely safe and effective in your arm and let's all get there together because honestly, i think we can get there and we need to realize that it's not where you think it is so let's be really vigilant as we enter the holiday season

>> i hear you. it feels more achievable if we're talking february or march versus may, june, july, what have you, although we know the weather of course play as factor as well. guys, thanks i'm punt and kick it back to tyler. dr. carlos del rio and jeremy faust. thanks for your time today ty >> fascinating stuff there now that we know all about the vaccines or as much as we can for this afternoon, we'll look at how it's affecting the economy and stocks as you see right there, it is another vaccine monday the dow up 230 points. that suggests that the market thinks a recovery is coming soon look at the shares of nordstrom. up nearly 100% since november 1. are stocks, especially retail stocks, getting a tt alilehead of themselves? that and more coming up on "power lunch."

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welcome back winter is coming and most of wall street is expecting a grim and negative first quarter but things could turn greener in the spring steve liesman has a look ahead steve? >> with two weeks of positive vaccine news, wall street economists predict a tough, challenging winter but a strong

rebound in the spring. here's our latest cnbc rapid update the economy has hung in there this quarter a robust 4.5% growth is still on tap, which i'm surprised at, by the way, though there are major risks due to the lockdowns and strength of the consumer for the holidays we did get good news from the national retail federation the worst economic effect from the virus is expected in the first quarter. the average there is 2.7%. inside that, jpmorgan see as negative 1% contraction. we had that for you on friday. and bark clleys over the weeken put us good egg on the first quarter. that's where the rebound comes, the economic effects seen kicking in with above trend growth predicted employers could wait until it's distributed widely before hiring or they could begin to invest and hire in anticipation of a return to normal

that's morgan stanley's outlook. our first look at 2021 shows growth well above the potential at 4.2%. so stocks put on blinders to the near term challenges, looking down the road to the recovery, as long as some change in good news is coming, six months on the horizon, they seem okay. tyler, or kelly, as long as the fed stays easy, they'll be okay with that. >> steve, on a totally different but not unrelated note, i did think it was really interesting what happened with prices in the flash ism surveys this morning and "the wall street journal" has an outlook column about price pressures and that sort of thing. as much as we've been focused on anemic growth, on the need for the fed to do more to support the economy and so forth, how are pricing pressures, if at all, kind of going to change the

conversation here as we move through this next six to nine months >> you know, i was tempted to include some of that discussion, kelly. i didn't know you were going to ask me about it, in my report. but i decided to wait and i think that might be instructive in my answer here. there are people who want to jump the gun a little built aitd say the economy will come back, the fed will come back but i think we're still a ways from that remember, covid is a supply problem and it's a demand problem. factories shut down, supply chains got disrupted and then of course you had demand drop in certain places. that's going to come back. but at the same time, you're going to have supply come back so i'm a little tempted before getting too concerned about the inflation things to get a feel for how supply and demand come back and house of representatives they meet. we're still going to have a global economy when we come

back, a global supply chain and that's still going to be the issue whereas deflation remains i think the predominant problem. in the meantime there could be pricing pressure as we get back up to speed. >> i totally take your point it's going to be interesting to see how it complicates the narrative when people feel like they're trapped between two sort of odd -- two very different messages, if you will. thank you, steve we appreciate it steve liesman. ty >> let's continue the conversation today of course stocks are pushing higher on that positive vaccine news and maybe peaking ahead just a bit the dow up 11% so far this november as kelly pointed out, that's a good year. nasdaq up 9% that's pretty good are higher highs ahead or has the market already pressed in the good news?

welcome to both of you kirk, let me begin you like the market here, especially small cap stocks which have been doing pretty well and cyclicals, like energy, ban banks, industrials do you think that's a trendtha continues and plays out into next year? >> clearly small caps were down 40% and now they are up something like 6 or 7% the gaps between small cap and large cap was extremely wide and now it's only something like 500 points to me and i've been watching this for a while i think the small caps and mid caps are a much better measure of the general economy. the market clearly is pricing in a very robust recovery don't forget a hundred years ago was the flu pandemic of 1918 to 1920, followed by the roaring 20s. i think everyone is expecting once we're through this period, we're going to get a robust

recovery >> that's an interesting sort of allegory back to the 1920s, which didn't end all that well but there were some good years there between the end of the flu pandemic and 1929 and '30, '31 quincy, where do you stand on which sectors are the market, whether it's the cyclicals or the semis or the banks or the energy, where would you be putting incremental money now as we go into what is historically a pretty good two-month period for equities >> you know, i like the industrials. i think that the u.s. dollar while it ticked up today still could pull back a bit. it's good for the s&p 500. it's good for emerging markets, good for industrials as the global economy pulls out of this covid way and begins to synchronize global healing before the latest surge. so i like the industrials. i also like consumer

discretionary. again, before i came on, i looked at disney you know, at some point you are going to see plans for disney to open i happen to like technology. with the midcaps doing well, we paused for technology, too can they co-ek xist i think they can co-exist. >> small and mid caps -- the institutional money manager, not the traders, but institutional money managers see an economy on solid footing and we're getting there little by little even with a pause, i think we are getting to the other side of the pandemic and the market sees it

>> let's hope you are right, quincy you have an interesting phrasing, kirk time for the s&p 494, time for the 494 to catch up and the apples and teslas and amazon maybe to take a little bit of a back seat. does that suggest you think they're in for a rough time for just the other stocks, the 494 going to have a better time going forward than those six will >> i think the 494 are going to have a better time the technology stocks have had a phenomenal run i think the key is also the direction of interest rates to get to steve liesman's point early on i think as long as interest rates stay normal and the feds stay involved in terms of keeping interest rates low, i think the technology stocks will continue to do well. look, for the market to continue to perform like it has, the 494

stocks out of the faangs and tesla have got to catch up and they are, in fact, doing that. >> kirk, thank you very much have a great holiday week and weekend. same to you, quincy. kel kelly. >> u.s. stocks are up today. emerging market are outperforming since the march lows and 'tis the season for retail we'll explore that after the break. sta wi stay with us this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology

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welcome back to power lunch. i'm seema mody emerging markets are higher today and even outperforming the s&p 500 since the march low for whether this run can continue, let's bring in the trading nation team. michael, you're not actually a fan of investing in emerging markets but you are recommending clients to get exposure to china, growth oriented names can you expand on that thought >> yeah, i would not jump into emerging markets broadly at this point in time. i still think the world economy

is still pretty fragile, very economically sensitive in a lot of these places like brazil, russia, india. they're very exposed to economics going up or down but i would endorse going into china right now. i feel they're going to have some really strong momentum in gdp growth, will be positive this year and positive next year i put a small allocation there but interestingly enough, we have a technical portfolio that looks at all these global subsectors around the globe and it's pointing to the u.s. being ranked higher than the european market and emerging market and points to the high beta sector of the u.s. markets. when we look at all these global subsectors, we prefer the u.s. and the high beta sector of the u.s. >> as to the catalyst, matt, is it biden or is it the weaker dollar that we're seeing right now? >> it really could be the weaker dollar the one thing about the dollar

here is the dxy dollar index even though it was selling off for quite a while, it stabilized the last four month and it bounced off the 92 level four or five different times today it got right down to that level and bounced relatively strongly we do have to see a break below that level there is a strong inverse correlation between the dollar and emerging markets that's also the bottom line of a desending triangle pattern that's going to help the small outperformers the emerging markets have seen become much bigger we could easily test the 2018 highs and even the 2007 all-time hyp highs if that dollar does break down >> interesting perspective for more trading nation, head to our web site and follow us on twitter. >> thank you seema ahead the national retail

federation expecting a boost from online sales. plus purifying planes. how are airlines handling health risks? and details emerging around president joe biden's cabinet picks. how does wall street feel about the incoming administration? how this when "power lunch" returns. now the latest from trading nation.cnbc.com and a word from our sponsor. volatility spikes are notoriously difficult to forecast when they do occur, they tend to be relatively short lived. consider positioning your mertfolio for when volatility cos back down. i'm jove aanna payne and schwabs the better place for traders

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welcome back, everybody. i'm sue herera the number of confirmed coronavirus cases in the u.s. could nearly double by inauguration day a new forecast from washington university in st. louis says cases could hit 20 million by the end of january if the nation

continues at current levels of social distancing. in north dakota, the air force is deploying nurses to north dakota to help that state's covid-19 fight a recent study found north dakota had the world's highest covid-19 mortality rate. in new york, more than 600 bodies remain in freezer trucks set up as temporary morgues during the city's coronavirus surge this spring. many of those bodies people whose families cannot afford a proper burial. and the baltimore ravens say multiple people in their organization have tested positive for covid-19. they're set to play the steelers on thanksgiving night. that's the news update this hour kind of a grim one, kel. back to you. >> i know, very much so. but that's the news, sue we appreciate it >> you got it. >> let's get a check on the markets where the tone is more positive you can see the dow up more than

260 points right now, about 70 points off the session lows, nearly 1% gain outperformers as well, bow are is higher, nasdaq up 13, nasdaq just squeaking into positive territory there. the oil market is closing up for the day and energy is by far the best sector in the market. let's go to dom chu in you commodity market >> world benchmark brent crude, 46 hadn't 46.09. it's all around the possibility of a covid vaccine it's not just the oil prices you've got energy-related stocks they've seen a surge into today's trading. the s&p is the best performing sector, up around 5% right now every company in the group is up on the day gains are being led by

occidental petroleum, diamondback energy a, and the spider oil and gas production there, the ticker xop at the highest levels since mid august. back over to you. >> wow look at those energy names that is really something, dom. thank you very much. >> all right despite the pandemic hitting retail, the nrf, retail fed aratioar federation expect as big surge, topping last year's numbers. more in a minute as you look as those names on your screen first bertha coombs as details from the nrf >> the nrf is forecasting spending of $450 billion and sales growth of 3.6 to 5.2% this holiday season some of those sales have already been pushed forward with four

out of ten consumers saying they started holiday shopping early as retailers have spread out black friday deals in response to the pandemic. seasonal hiring has also been pulled forward, retailers expecting to add between 475 and 575,000 jobs this season the retail group expects a strong finish to the holidays, driven by less spending on travel, record savings after this year's stimulus and optimism over vaccine developments at the high end of the estimates, that would represent the strongest year-over-year growth since the big tax cut in 2017, in strong contrast to the declines we saw during the 2008 great recession. and macy's pushing for an efficiency easy

play this time around. >> it's going to be a tough battle for them i think, bertha, thank you. our next guest is feeling upbeat about the holidays and consumer overall. this as some department stores see big gains over the past month, 30% for kohl's to 65% fo nordstrom's. what explains these gains? >> look, i think a couple things investors starting to look forward to 2021. we'll be in an environment where you're going to be out again, you're probably not going to be wearing the same sweats you've been wearing for the past six to nine months so there's a lot of excitement we've been in this ten-wreyear cycle of giving experience versus things. you're not giving holiday, you're not giving supporting ticket, not going to a concert or taking a big trip so we think this is going to be a holiday of things, which is big change from the past.

>> my parents always u.s. p uset each other tirkts ckets to a shr a concert. the fact they can't do it this year, they'll do it next year. >> certainly many of the challenges with the shift to e-come have been accelerated by covid. we think there will be pent-up demand next year for apparel as it relates to longer term, it's hard to say we have been in this experience environment and it wouldn't be unforeseen to be in a things cycle for a period of time. >> let me ask you about specific names people are interested in specifically nordstrom and peloton. you can take nordstrom first it's had such a big increase over the past month. is that a ceiling or floor >> we think it's a floor

the high-end consumer has been fairly insulated, joan enjoy th stock market and nordstrom is seeing rationalization on key competitors and we think in order stram has pretty high berth as far as the consumer and peloton, we think there's still such an online going focus on health and wellness we think people aren't going to go back to gyms right away so we think that business is very well positioned >> what stocks, ed, would you be more cautious on >> look, i think we're more cautious on some of logical beneficiaries of covid that may not have some of the same tale winds into next year wayfair has been a big winner this year. they've done very well with this nesting trend. that's going to be some pretty tough headwinds for them into next year. i'd also say we look at something like a cure it retail, which is a video broadcast, tv

shopping that may be more difficult as the consumer gets out. >> video broadcasting, are you talking about hsn, qvc, that kind of thing? >> that's right, qvc, hsn. they've had great momentum during covid but there have been longer term secular head winds for the business that may make next year more comfortable >> i've been tempted over those frying pans that they say nothing sticks to them and you can put them in the dishwasher but never pulled the trigger >> they catch my attention, too, kelly. i've been tempted several times. airlines, how are they prepared amid holiday travel? phil lebeau is at o'hare >> it's the busiest travel week

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let's move on to some power movers of the week, the first ones of this week, smile direct club has announced a partnership with met life. under the agreement, met life will cover smile direct's services for its 20 million dental insurance customers moving to roku, needham saying itly benefit from cord cutting and increasing number of devices at home. and boeing continuing to soar up 45% this month as the 737 max was approved for the skies in the u.s. and it is up 4% today on the likelihood that european approval is imminent as well kelly. >> yeah, continues to climb, tyler. thank you. more than a million people flew yesterday in the u.s more are expected to follow this holiday week can airlines stay on schedule but still effectively sanitize planes we'll have that. plus president-elect's cabinet

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welcome back tsa reporting it screened more than 1 million passengers on sunday, the highest number since march. how are airlines ensuring that everything stays covid-free. phil lebeau explores our new future amid this pandemic. >> reporter: nine months ago, when passenger were boarding planes, the main concern was getting on board quickly today it is not speed but cleanliness on the minds of travelers. that includes face masks and spreading out once on board. passengers are trying to make sure they are safe or at least

feel safe. keeping planes as clean as possible has become a selling point for airlines, that includes spraying disinfectants after every delta flight united is handing out wipes to passengers when they board so they can wipe down their seats and tray trabls. >> the reality is being on an airplane is one of the safest places you can if you decide to leave your house, the airplane itself is one of the safest places you are going to be. >> reporter: for the aircraft manufacturers there has been a concerted push to ensure their planes are safe from airbus saying how often the air is filtered on board, to the uv wand meanwhile, airports are also reemergencying how they operate in the age of covid-19 for example, the tsa is transitioning to id scanners so

passengers can move through security quicker with fewer touch points the new reality for the aviation industry, more disinfectants, and a push to prove the airline business can be safe and eventually profitable once again. while there are still many people who are not comfortable flying during this pandemic, there are more people flying in fact, this will be the busiest week since the pandemic began. the big challenge, wednesday, and then next sunday after thanksgiving that's when you will see more than a million people flying both of those days guys, back to you. >> phil lebeau in o'hare today thank you so much. 59h 58 days until president-elect biden's inauguration who will be the people filling his cabinet? we will share the latest next. don't forget y c aouanlways watch or listen tois live on the go on the cnbc app we'll be right back.

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president-elect biden has made known his choices for some key national security posts. wall street still waiting to see who will lead the all important treasury department. that announcement is expected today. kayla tausche in d.c. now with more hi >> hi, tyler president-elect biden had previously said that treasury pick could be announced either before or after thanksgiving but the favorites according to people close to the biden team are as follows janet yellen the former chair of the federal reserve.

brainard or roger ferguson source suggest these names are in the mix for many different economic jobs including national economic council director and fed chair should jay powell step down those names are in the mix for one of many different jobs under the biden administration it is expected the economic policy internationally will also be originating from the state department and the national security council some of the more traditional channels. that's why the foreign policy picks today are each more important. tony blinken the former number two at state is now going to be picked to lead the agency. it is a long-time aid to both vice president and candidate biden. blinken as well as former state secretary john kerry who are going to be named climate envoy are expected to rejoin multilateral alliances that president trump withdrew from

extremely quickly. jake sullivan, he helped author the built back better economic plan he has been named national security adviser we are expecting these picks to appear alongside the president-elect sometime soon. >> i think i read last week that roger ferguson who was one of the three you mentioned for possibly treasury had just retired from tiaa crest, just stepped down as chairman there, would which would mean his dance card is open he also worked at the fed, didn't he, before. >> he did, tyler he is one name that as recently as friday a president close to president-elect biden suggested that he could be in the mix for the head of the national economic council, which under president trump is currently being helmed by former cnbc host larry kudlow president-elect biden has said that his pick for treasury is certain, that that has been selected but of course we await that official announcement. and it has been pretty tightly

kept within the biden camp so far. >> all right boy, that's a lovely back group you have got, i would like to be down there. >> a little windy today. >> little windy in suburban d.c. thanks a lot kelly? >> people would pay for that kind of wind tunnel, ty. just saying. anyway let's do a check on the markets really quickly even though overall we are looking at about a 200 point gain for the dow there are big individual movers. especially the department store space. we hit on that earlier this hour look at tesla. it is up another 7 pz. it is up 20 to 25% again this just the past week it got a bull price of $1,000. presplit that's a $5,000 price target, ty this is a company that added $100 billion in market cap the past year alone. i don't know where we go from here it can't keep growing like this. >> the dow up 11% in november.

it almost defies believing, after all we've been through and are still going through with respect to the election. and the rise in the covid counts, obviously, upsetting that is the three very good pieces of news. >> right. >> about a vaccine for covid but to be up 11% in just -- and we are not even done with the months it is just astounding. >> i know. and retail stocks, too we will hand it off to "closing bell" now to pick things up. thanks, everybody for patching "power lunch." we will see you tomorrow. >> welcome to "closing bell. i'm with will along with leslie picket another vaccine announcement three weeks in a row and the stocks are rallying on it astrazeneca announcing its vaccine candidate is effective that news helping to lift travel and recovery stocks and cyclicals driving the market higher today the rotation