flights? the president was asked about this earlier this week and said that had not yet been recommended to him you are his chief medical adviser. do you think that's something that the country should adopt. >> i wouldn't say that should be a requirement. i have been saying all along we have 60 million people in this country who are eligible to be vaccinated who are not let's get them vaccinated. let's get the people who are vaccinated boosted, let's get the children vaccinated. that's where we want to go in terms of a requirement. >> this is one of the ways that -- the osha mandate had held up in court this would be a way -- >> that's a possibility. but for the people listening to this, we have got to talk about why it is important get vaccinated i think what's happening now is another example of why it is important for people to get vaccinated who have not been vaccinated also boosting. boosting is very important

the data we get on boosting, if you look at the level of a neutralizing antibody peak following the second dose of a two-dose mrna, it is at this level. if you you look at the peak following the third shot boost, it goes way up here. people ask why is that important? because our experience with varpts such as the delta variant is that even though the vaccine isn't specifically targeted to the della variant, when you have a higher level of antibody response you get a spillover of protect protection against a virus that even it wasn't specifically developed for that that kind of increase that you get with a boost would be helpful at least in preventing severe disease of a varn like omicron. >> a lot of americans are shopping for the best sort of booster, whatever they can get given the fact that

manufacturers and scientists are racing to learn more about this variant and modify a vaccine that would combat it, first, for those who already received their boost how long would it be before they could have a new modified booster that could target this? is there any reason those individuals should wait given the white house hags said it will be a couple of months perhaps before we will have a modified vaccine that's more targeted >> good question we get asked it a lot. right now i would not be waiting. people say if we are going to have a booster specific vaccine, should we wait if you are more than six months of the double mrna or two months of the johnons & johnson, get boosted now. we may not need a variant-specific boost we are preparing for the possibility that we need a variant-specific boost that's what the companies are doing. we have been -- the administration has been contactn contact with the pharmaceutical companies to go ahead and take

the steps in case we need it but the mistake people would make is to salem wait and see if we get one if you are eligible for boosting, get boosted right now. >> thank you dr. fauci, a follow-up to tyler's question. there is screening in place for international travel but we have seen how quickly variants can spread once they reach our shores does the science not suggest there should be a minimum testing requirement for air travel if not, why not? >> these are things we always talk about and consider. right now i am not so sure we need testing for air travel in this country i always get back to the fact is that people have you wind up getting vaccinated and boosted if they are eligible for a boost. i keep coming back to that because that's really the solution to this problem >> two quick ones. moderna executive has said in the past couple of days that this variant appears threatening and may demand new vaccines. what do you make of those remarks that seem a lot more

alarmist than the administration, you, or other vaccine makers. >> well i think -- i know we don't have enough information right now. as you know, and we have said this, that the profile -- the molecular profile the kinds of mutations that you see would suggest, a, that it might be more transmissible, and that it might elude some of the protection of vaccines but we don't know that now we don't know what the constellation of mutations are actually going to be we have to be prepared that there is going to be a diminution in protection, which is the reason why i keep getting back over and over again and say why, et cetera so important to get boosted. i think any declaration of what will or will not happen with this variant, it is too early to say. i think we need to be careful because i know you are going to be reading a lot of tweets and a lot of comments about this we are really very early in the

process. >> say it proves more transmissible but less virulent than delta, would there be any public detriment to furthering its spread by lifting travel restrictions so could outcompete the delta variant? >> you are talking about something dangerous. let a lot of people get infected in order to protect them infectious disease people would not say that's a good idea. >> lot of americans are wondering if it is safe to go to a cocktail party -- it is the holiday party -- without a mask with a glass of eggnog in their hands. what is your advice? >> what i follow myself and what i tell people to do is get vaccinated -- i am going to get to your question i am not eluding it. get vaccinated, number one if you are eligible for a boost, get boosted. in a situation with the holiday season, indoor-typesetings with family that you know is

vaccinated, people that you know, you can feel safe not wearing a mask, having din, having a reception but when you are in a public congregate setting in which you do not know the status of the vaccination of the people involved, it is very prudent to wear a mask. that's what i do >> and spike the eggnog? >> obviously, unless you have a special kind of mask that i don't know about sure, when you are eating and ink doctoring keep the mask on to the extent possible keep it on when you are in an indoor congregate setting >> as you advise the president about the possibility for new testing requirements for people coming into this country, does that include everybody >> the answer is yes because you know that the new -- the new regulation, if you want to call it that, is that anybody and everybody who is coming into the country needs to get a test within 24 hours of getting on the plane to come here. >> what about people who don't

take a plane and just these border crossers coming in in huge numbers. >> that's a different issue. for example, when you talk -- we have title 42 with regard to protection at border, there are protections a the border that you don't have the capable as you know of somebody getting on a plane, getting checked, looking a of the a passport. we don't have that there but we can get some degree of miti mitigation. >> is there something to do to test these people somewhere else >> there is testing at the border under certain circumstances, as you know >> michael. >> doctor, two questions first, for folks in california -- i know this is only one case. what is your message to them should they be particularly concerned? secondly with our emphasis on boosters why not make a determination that it is in the interest of public health for the definition of fully vaccinated to include that additional dose. for the people in california, we have been in contact with the public health officials in california i'm not sure exactly what they are going to say i am pretty sure they are going to say just do all of the

mitigation, all of the things that we have been talking about up to now. for those who have not been doing that, start doing that for those who have been, continue doing that. >> in terms of the making a determination that fully vaccinated -- >> again, this is the official determination of what something is for a variety of reasons. for example, employment, and getting vaccinated what is the definition that will stay that way. for optimal protection, i am talking about your personal evident to be optimally protected. that's why i say we should all get boosters. >> what about in terms of the mandate. you have of a vaccine mandate. at what point does the booster become part of the mandate >> i can't answer that right now. but i know that for the time being, the official definition of fully vaccinated is two >> do you see that changing? we keep having these variants, we are concerned about them. >> it could change it could change, yes.

>> do you recommend it change. >> i don't know. let's see what rolls out if i say it is going the change it is going to get spread out that that's it we don't know right now that it should change. but it might. >> back to the quarantine about international visitors, do you think they should have to quarantine for seven days regardless of vaccination status >> you know, there were certain requirements for people -- you are talking about foreign visitors >> yes. >> obviously, if they are -- they have to get tested within 24 hours when they come back if they are to the vaccinated, they are recommended for quarantine and recommended to get a test within three days. >> if they are vaccinated in i'm sorry, if they are vaccinated. >> we are going to get confused here are you talking about united states stips or anybody that comes into the country >> anybody from anywhere >> i am not sure what that's going to be. we will have to check with the cdc. >> dr. fauci there are reports that in a new book president trump's chief of staff mark

meadows says the former president tested positive for covid three days before the debate with biden. were you aware of that positive test do you believe he put then candidate biden at risk on that date >> i certainly wasn't aware of his test positivity or negativity. >> do you think he put president biden -- >> i am not going to say specifically who put who at risk but i would say not only for that individual but for everybody if you test positive you should be quarantining yourself. >> can i follow up with that drch's trump dr. sean conley was aware of that, as was mark mea meadows. yet he continued to go out in public is that something you would have recommended if he had test positive. >> welcome to "power lunch." breaking news this our

the omicron variant has been identified now in the united states stocks lost steam, come back a little bit yo-yoing going on. the dow was up 500 point then it went to the flat line. it was up 34 points. up about 100 just seconds ago. meg tirrell has been following the latest comments, including the press conference that continues with dr. anthony fauci. meg, wrap it all up for us. >> tyler, so the cdc and of course dr. fauci confirming this first case of omicron. it was confirmed in san francisco, california, in a. treer who returned from south africa november 22nd that person tested positive on november 29th, we just heard from dr. fauci the person was fully vaccinated. dr. fauci said he does not believe the person was boosted, has mild symptoms that are resolving. also, the person's contacts have all been contacted and found negative so right now this is not a surprise to a lot of people that

we have found the first case of omicron in the united states more are expected to be found. questions still to be answered of course, is this more transmissible, is this more severe, does it evade the protections of vaccines more than other variants? all of those things still question marks, it will likely be a few weeks before we found out. dr. fauci asked if it is less severe, perhaps more contagious would it be good for a lot of folks to get and it help us reach herd immunity. that's a narrative i have that circulated over the last couple of days. dr. fauci warning that's a grave pop sigs especially as we do not know the reach of this variant. >> certainly not a surprise as we have heard from your own reporting and medical experts in recent days about the fact that was largely inevitable that we were going to see this variant come here to the u.s though the market is really guy jesting this right now the nasdaq has turned lower.

the dow is hugging the flat line crude is turning lower, yields ticking lower as well. where did we go from here? i ask that because i know there were a lot of questions reporters were just fielding to dr. fauci. he did not answer or change the stance around booster shots for example, and what vaccination status actually means this this country. is the expectation that we are going to start to see some new policy rolled out particularly where vax nations are concerned, in light of this >> certainly there were questions whether the definition of fully vaccinated should change to include a booster dose right now, that is not something the cdc has said they are dolg right now fully vaccinated means two doses of pfizer or moderna and one of johnson & johnson however they are recommending all adults who are six months out from those shots to get a booster. that was guidance that was updated because of worries about omicron. they are broader concerns this will lead to more restrictions

and a slowdown to folks getting back to work and getting back out into the real world to the extent they haven't yet and that it will cause reversion to previous behaviors it is interesting to hear from douch because doesn't thisphelic loo day gentleman have you to march of 20 to as dr. fauci is talking about the emergence of the variant in the united states we are in such a different position we have vaccines that are expected to hold up to some degree, we don't know to what degree we have therapies in the form of monoclonal antibody and more in the in the forms of anti-viral drugs. >> and it comes in the holiday season, right in the middle of the holidays, a key travel time for many americans as well meg tirrell thank you for bringing us the latest we will go to bob pisani for a look at the markets and reaction we are seeing not only in equities, but as i mentioned before, bonds and commodities

and some of the other key say sets that we watch so closely. >> morgan, what is interesting is the market has been sideways the last 20 minutes or so since dr. fauci has spoken i think because nobody is surprised there are cases here in the united states. what happened throughout the day is continued weakness overall. this is prior to dr. fauci speaking in the cyclical sectors. we see, again, companies like boeing, big industries like honeywell or companies exposed to the travel sector like walt disney for example, also on the weak side. well, consumer oriented names like johnson & johnson for example, a little more stable. my opinion just watching this from afar is the most important thing that happened today was not dr. fauci speaking but it was powell and yellen. because what the market really wanted today was not fauci it was hearing powell say, well, let me clarify what i said yesterday, and trying to walk back some of thinks comments yesterday. that's what i think the market

was hoping for if you will notice, guys, the top of the market was as powell was testifying earlier today and everyone at least people i was talking to said he's not walking back anything. he's sticking by his guns to what he said yesterday he's not clarifying or you know trying to walk back anything and the market just kind of rolled over after everybody realized that fact we are now -- the problem with the market now is there is too much noise to get it to advance. too much noise on omicron, too much nies from the fed and we are going to have to wait a while for this to resolve. until then it is going to be rocky. >> it feels leak the market is extremely headline vulnerable right now? exactly. look today, tyler. look at the volume and look at simple things like the spy. top volume going into them -- powell talking and when everyone realized he's not walking back anything, it just started slowing rolling over

that was the big story today in my opinion. >> bob pisani. what's the play for investors like you should you buy the dip if so, where should you go shopping jeff mills, welcome, good to have you with us. >> good to be with you, tyler. >> if i am of a mind to go shopping for equities right now, should i -- should my buy list be those 120 or so s&p 500 stocks that are off 20% from their highs? is that where the bargains are >> i do think there are opportunities there. thinking about the broad market we haven't seen a rally yet that's rally all that convincing even on monday when the market was up over a percent you still had more stocks that were down than up. starting to transpire that way again today. there are opportunities, some relate by the recent covid news,

some secular trends and others a combination. a stock like live nation is down 12% obviously recently for kind of obvious reasons i think it is a good buy the dip story there i also think there is a secular trend that we are seeing continuing into 2022, which is this transition from goods spending to services spending. services spend has been below trend i think that normalizes and a stock like live nation will benefit you talk about supply not being able to meet demand. this is not one of them. you have twice as many major artists touring in 2022 than tour in a typical year the forecast for revenue growth for live nation is solid even compared to 2019, so previd. it's really one of the only companies in the world that has significant artist share in promotion, ticketing, go down the list

i think that's a name that has sustainable advantages right. >> there is also is supply chain consideration. >> they don't have sclan issues. morgan and i are going to go on tour next year, right? isn't that the truth morgan and i are going to go on tour jeff, let me -- you just said look to the services, which haven't participated but one of your picks is amazon, which is a goods company >> it is a goods company it's also one of the sleeping giants in its e-commerce a. major trend there and a stock that really hasn't gone anywhere for a long time. down 6% from its highs a darling that hasn't moved much, i think because of the recent investment cycle. it has been investing in its physical infrastructure. investors are waiting to see the payoff of that but this sets them up very well for the holiday season obviously the most popular online shopping site and they have the rnl laest e-commerce logistics network in the company.

i actually think the supply chain crunch could set them up better than other companies. >> it hasn't been much of a participant this year in the rising economies jeff mills thank you. we have breaking news. it is on gm. cfo paul jacobson making comments just now to credit suisse fire side chat. phil lebeau has the story. >> paul jacobson in that fireside chat has raised general motors' full-year earnings guidance previously 11.5 to $13.5 billion. now he says it will be in the range of $14 billion above the top end of what was previously expected. what changed the chip outlook it hasn't been as bad as initially feared just a month or two ago from general motors' perspective. in addition, the outlook is starting to improve in terms of supply put those together and now you

have gm motors raising full year guidance to $14 billion. again, the previous guidance was 11.5 to $13.5 billion. guys, back to you. >> shares of gm up almost 3% right now on this news. coming up, we have more on the market's pullback due to the omicron variant here in the u.s. d will check more on equities ancommodities. the dow is basically flat right now. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values.

i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

california has seen their first case of the covid omicron variant. you can see a move toward session lows in key assets oil prices, wti crude negative by .5%, $65.86 they were positive at one point. we are also seeing yields hovering at the flat line off their highs of the session today. also look at key travel and leisure related stocks they were also losing steam going into some of the headlines. but they are exacerbated norwegian down 5.5%.

delta down 6%. expedia down 3%. and the 2:% looses for las vegas sands. if you are wondering why the markets are not selling off more broadly. look at these three stocks they are clinging onto gains apple, microsoft, alphabet, all three posting gains of north of 1% again off their session highs. still the three biggest stocks in the s&p green on the day. >> of course they have outsized impact on the major averages key point there daum chu. the supply chain is another headache for the market but according to cowen there are stocks well positioned to weather the squeeze. jayson slidell jones us now. it is great to see you certainly, we have been getting signs if recent days, recent weeks, high frequency data that maybe perhaps some of the congestion at the west coast ports and where all this

transportation bottleneck issues are concerned -- that it is starting to ease somewhat. is that what you are finding >> yeah. you know, we have seen that seasonality is being our friend right now. things typically start to slow down once we get beyond black friday i think the ports are having a chance the clear themselves up we are down to about 46 ships sitting to the coast of the port of l.a. and long beach chs that's down from a high of 77. remember, that's about same level we were back in february if you compare it to a year ago it was basically zero a year ago. i think that number is going to get lower in december but watch for it to pop back up in january. we don't expect things to get materially better from here until late next year. >> it has been a focus on the hill where the fed chair has been talking about supply chain issues and how it is impacting inflation even as he takes a more hawkish tone around inflation and how monetary

policy will pivot to accommodate that we just had the first case of omicron here in the u.s. does it have the potential to make the congestion situation worse again? >> you know, in terms of labor, i think it does. because we have had a labor shortage in the trucking market for quite some time now. if you look on the warehousing side, labor shortage there as well it's even crept over into someplaces that traditionally haven't seen trouble hiring workers such as the railroad force. i i think that could provide sort of another hurdle that we have to eclipse. >> there are obviously lots of reasons why this happened, the supply chain, but i thought the american supply chain and distribution system was the gold standard it was just indocument toible and better than any other country. what happened? what's the fix >> i would own my own island if

i knew the complete long-term fix. we have one of the best railroad systems in the world you are correct in that. a great trucking force out there. our ports are maybe a little bit behind other countries they have better technology and better flexibility than we do right now. we are taking steps to clear that up. again, we don't see things materially improving for a while. we have a major labor contract coming do you at the ports in the middle of next year. we'll see what happens with that as well. >> quickly, three names investors should consider buying right now given the conversation we are having. very quickly. >> hubg. i see them having the ability to price well above the rail cost congestion as inflation eases costs coming down dske. it is a combination of way to

play on the trucking market and the infrastructure package and lastly, union pacific, unp, they serve the west coast. they have been tying these guys up i think they will be better on the back half of next year. >> jason sidel thank you for joining us. as stocks lose steam on the first omicron case in the u.s. the dow now up 79 points, close to 80. mi rg f y watchinitorou congight back.

hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this. your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, like asap! so basically i can pick the right plan for each employee. yeah i should've just led with that. with at&t business. you can pick the best plan for each employee and get the best deals on every smart phone.

what's strong with me? i know when i'm ready to run. you can pick the best plan for each employee what's strong with me? i can find strength in a rest day. what's strong with me? there are some nights i sleep so well... i'm ready for anything. find out what's strong with you with daily readiness on fitbit.

welcome back i'm rahel solomon. here is your cnbc news update at this hour. in the last few minutes a michigan prosecutor announcing she will file four murder charges against the 15-year-old suspect in yesterday's school shooting she plans to also charge him with country count of terrorism causing death. police considering charges against his parents saying the father bought the pistol use just four days before the shooting. president trump caught covid days before his debate with candidate biden.

the "new york times" confirming an account from an upcoming back by mark meadows trump's chief of staff. trump called the time line fake news. in south africa, where the omicron variant was first identified a music festival was canceled after 36 people tested positive not clear whether omicron is involved. dow giving up its 35 point game after the cdc confirmed the first omicron case in the u.s. it is a yo-yo session. hang on folks, the next hour and a half to be interesting the s&p is positive by two thirds of a percent. that is the biggest gainer in a percentage terms an awful lot of the stocks in the s&p 500 are 10 to 20% off their recent highs the nasdaq up morgan by about a

fifth of a percent. >> ahead on "power lunch," energy's evolution exxonmobil forecasting it will double earnings by 2027, while reducing emissions what does the future of the industry actually look like? we will discuss th nt.atex ♪♪ ♪♪

small businesses like yours make gift-giving possible.

now, comcast business has an exclusive gift for you. introducing the gift of savings sale. for a limited time, ask how to get a great deal for your business. and get up to a $500 prepaid card with select bundles when you switch to the network that can deliver gig speeds to the most businesses. or get started with internet and voice for $64.99 per month with a 2-year price guarantee. give your business the gift of savings today. comcast business. powering possibilities.

welcome back to "power lunch. we are about 85 minutes left in trading day. we want to get you caught up on all of the market action there has been a lot of it today. for stocks, bonds, and commodities plus the energy evolution, what it means for oil and oil and gas stocks let's begin with bob pisani on the markets. midday slide now a little bit of a comeback >> very modest we are about where we were 50 minutes when dr. fauci said the first cases of omicron had surfaced in california the margaret wasn't surprised about that the most important was about the federal reserve, jay powell. the markets were hoping against hope that perhaps mr. powell would backtrack or reclarify or say you misunderstood what i said yesterday but he did not he stuck to his guns truth throughout his whole testimony if you look at what matter, big

movers like boeing, dow, generally weak honeywell has just gone positive they were weak throughout the day. thchb you saw tech stocks. this is the key story here when everybody began to realize powell was not walking back anything, he was sticking exactly to the script we heard yesterday as we got towards the end of his testimony the market started gently rolling over. and a lot of the tech names, apple is still up but way off the highs. that's when the market started to gently roll over here i think the big news today is powell not walking back his testimony and the mark hoping he might do that and that's when the disappointment kicked in, a little bit around noon when everybody realized that was not going to happen. you are fighting omicron and the federal reserve. chopi auto the next few weeks are probably going to be chpy as well. >> bob, thank you, as my partner

in crime would say, robert pi sanny, thank you rick santelli is in chicago. what is the reaction you are seeing there >> you know, it seems this one has has had a very big effect on mark if you look at twos intraday it made its low yield high price right as dr. fauci took the microphone tens did the same thing. i am not sure i would agree with rob robert that it is a two-front war. right now covid has the mark's attention almost totally there was a beige book today but remember the data collected was prior to november 19th so traders avoided paying too much attention to of the if you look at what's going on with the yield curves, they continue to remain flattish even though right now we are closed to unchanged in all ma terts high under yield on twos, lower

if yelledon teps and 30s as you look at if i haves to 30s, six to one, flattest it has been in months nobody is talking about high yield. a lot of the deals have been killed due to the variant. here's a chart showing how flat 30s to fives are. fives are the most aggressive part of the curve right now. that's where true financing take claes. with regard to the dollar index, very strange on friday it dropped when all the omicron news came out. it has been steady eddie since even though it made its high trade today on omicron news it hasn't moved up in it is hovering near unchanged. oil is closing for day as well it is under pressure as the variant spreads. pippa stevens is at the commodities desk and brings us more. >> oil just now dipping into the red after the cdc confirmed the first omicron case in the u.s. wti at $65.99.

brent cued down .1% at $9.19, falling below that key of $70 level. earlier today opec members led boy saudi arabia met to discuss output for january in what's a pivotal meeting as this new variant emerging opec officials saying they need to remain quote highly vigilant in assessing impacts tomorrow they will be joined by russia to decide whether to stick to the plan of increasing output by 00 barrels per day in january. goldman saying move leer is kbpt asked that the market has i don't have shot the likely impact morgan arc lot of thing to watch here back to you. >> all right we any that you will keep an eye on it for us pippa stevens, thank. as crude does rebound towed, exxonmobil's darren woods spoke with derek faber on what the

energy transition might look like for the biggest oil company in the country. >> we have the optionality and the flexibility to shift from the traditional investments and where we are leveraging that's skills to the alternative investments. we can pace that as the world transitions and as we work with governments f. that accelerates faster we can shift those resources faster if it slows down, we can keep those resources -- >> joining me now for more on what's next for exxon and the energy sector overall, sam margolin you have an outperform on he cannon and a $7 price target the fact exxon's darns woods said they are looking to double earnings and cash flow over the next six years while bringing down emissions -- your takeaway? >> if you want to connect the dots between those two things you have to level set and say the world wants to get to zero

emission bias 2050 before that happens we have to hit peak emissions above 2030. we haven't even peaked yet so the initial phase this emissions reduction globally is achoeved by kind of rolling over from a peak andet iffing more efficient. the combination of becoming more efficient, migrating the portfolio to a lower emissions kind of backdrop is good for margins because, again, you are sort of leaning into the most efficient asets so the first phase of reducing emission is margin positive. those two things happen together because of thatefficiency effect a lot of the thing that he is talking about that drive earnings higher have been in place for a while. today's announce member was a reiteration or update, progress report of those developing assets in general i would say it makes sense given how it all comes together. >> i know we have started to see similar missions cutting news out of other oil majors, particularly out of europe how does this compare to that?

do you expect we will continue to see this trend? what does it mean for the stocks >> exxon is talking about 25 to 30 -- or 20 to 30% ghg emissions reductions by 2030 that's pretty much in line with the peer group i think it's aligned with sort of where paris wants everybody to be, too the harder part to forecast is the path to zero from a 2% recollection in 20 auto 30 to 100% by 2050. that relies more on projection in the first phase, exxon is with peer group. that's where everybody should get to over the next ten years. >> had he we are talking about the reduction, we are talking about reducing exxon's own carbon foot print or emissions footprint, right we are talking company by company there, correct >> yeah, you are talking about scope one versus scope three scope three, which is not addressed here is what exxon's customers emit

so the total life cycle emissions. >> very quick question and quick answer, which is better to invest in? gas or oil >> i think global gas has better fundamentals i didn't like oil's set up before omicron i think a lot of the fears are confirmed on supply side i think the outlook for international oil price is much firmer >> sam margolin thank you for joining us. >> thank you >> thank you sam. up next we will show you what's getting hit the hard nest the volatility this afternoon as the dow goes up and down and up and down we'll be right back.

♪ music ♪ ♪ dream, dream when you're feeling blue ♪ ♪ dream, dream that's the thing to do ♪ ♪ music ♪ when you see value in all directions, you add value in all directions. accenture. let there be change. there's lots of people who are confused about which medicare plan is right for them. hey, that's me. i barely know where to start. well, start here with me, karen. i'm a licensed humana sales agent. well, it's nice to meet you karen. i'm john smith.

hi john. at humana we know you're unique so you have different needs from other john smiths. yeah, i've always thought so. and together we can find a plan that's right for you. great! i go to the doctor a couple of times a year and i have some prescriptions. but i'm never fully sure what's covered and what's not. with humana's all-in-one medicare advantage plans you get coverage for hospital stays, doctor visits and part d prescription drug benefits. all for an affordable and sometimes no monthly plan premium. do you have any more information? sure, i'll get a decision guide in the mail to you today. they're free. finally, someone who understands the real me. call or go online now to get your free decision guide. call a licensed humana sales agent today. humana, a more human way to healthcare.

welcome back, everybody, to "power lunch." stocks turned around, up 73 points on the dow. big names early, turning around on powell's comments, and the first case of omicron variant in the united states. we hadered from dr. fauci on that right now the dow, s&p 500 and nasdaq are holding onto

relatively modest gains. best performer among the trio, the s&p, up about half a%. small caps lower today, the russell 2000 is done stocks dragging, amc, krispy kreme and lordstown motors. ahead, explaining why ay in r could become a major plerthe nft face our trading nation team will discuss when "power lunch" returns.

on "closing bell," first quarterly report exclusive insights and reaction from the

welcome back to "power lunch. i'm seema mody scooping up over a million shares of twitter after the company announced parag agrawal would take jack dorsey's role as ceo. >> we like under his leadership what we're doing from a monetization point of view we also like twitter's positioning as a verification platform because we think that's going to become huge with nfts. the verification is what's going

to make nfts valuable, the scarcity factor. so we're pretty excited about what's going to happen at twitter. and if you've looked at the results recently, they have started accelerate user growth and advertising growth >> so how should you trade the stock? let's bring in mark newton and michael bappis michael, i'll start with you do you agree or disagree with cathie wood? >> yeah, seema, thank you for having us. look, i think it's become the first choice human instinct of way of connecting with people. i mean, whether it's for business or for friends or dating or anything social, e-payments, e-commerce, we all turn to social media and are so dependent on it. i just think this sector continues to grow. innovation is off the charts in this sector. the competition is really

heating up and because advertising dollars will add to revenue streams, these companies can continue to make money while innovating and becoming something in the future so i just think, look, the whole technology space, which social media is a huge part of, is going to continue to grow, it's going to continue to be in our world. and we as human beings are more dependent on it than we ever have been. >> mark, the innovation may be m there, but twitter shares are down about 20% in 2021 >> technically we're starting to see signs that this could be bottoming out over the next couple weeks i like it from a risk-reward perspective. it's dropped almost 50% now from the mid-february peaks and often times tshly that's a very important sign if you see an absolute 50% retracement, you're also getting oversold i can make a case also based on just the former trend.

finally, if you just measure the length of the waves from february as well as july, it hits right near $42. so, i think the risk-reward for me is increasingly getting very, very good to consider taking a stab i think the stock bottoms out in the next couple weeks. it should start a slow rise up to the mid-50s >> thank you both. for more "trading nation" you can head to our nation, follow us on twitter. and for more cathie wood go to cnbc/pro up next, the omicron variant fuels more volatility. we'll make sense of what happens to the market over the past hour as we now have a mixed picture for the major averages after what was a strong start to the trading session earlier today. stay with us and now the latest from

tradingnation.cnbc.com and a word from our sponsor. one mistake that many traders make is trying to pick the perfect entry price for a stock they'd like to own here's something to consider why not just buy part of the position you'd like to have? that way, if the stock goes down, you'll have an opportunity to add additional shares at a lower price and improve your overall cost fixes i'm ray ndfrederick, and schwab is the better place for traders.

don't like surprises? [ watch vibrates ] proactive notifications from fidelity keep you tuned in all day long. so when something happens that could affect your portfolio, you can act quickly. that's decision tech, only from fidelity. we have about a minute and a half left of the show.

this morning's big gains have faded. let's get to dom chu now for what is actually moving and why. >> so, this whole idea that the market is in realtime trying to assess the real threat that omicron has is really the reason why you're not seeing as much of a pronounced selloff certain parts are doing pretty poorly but if you take a look at the overall s&p 500 on an intraday basis, we were kind of moving lower even before those headlines came out then we kind of hit those session lows we're drifting right around there now. but we're still in positive territory up by one-third of 1%. what might be a little bit more disconcerting is a sector look at what you see so far we did this through the lens of sector etfs. the worst performing one is communications services media names no surprise there, some of those guys are hitting some 52-week lows the utilities still the best

performing sector in the s&p maybe not the kind of action you'd like to see on a bounce-back rally from those lows that we saw yesterday, right? >> it does speak to safety and the fact that there is a lot of uncertainty. >> even with a rally people are still going towards utilities. >> today the best offense is a good defense nice being with you, morgan. and thank you all for watching "power lunch." "closing bell" right now good afternoon welcome to "closing bell," everyone i'm wilfred frost in the new york stock exchange. it's the first day of december, and stocks are picking up where they left off in november with volatility, the major averages giving up big gains as we head into the final hour of trade >> welcome, everyone, i'm sara eisen. let's look at what is driving the action right now officials saying they have identified the first u.s. case of omicron variant in california that news sending stocks lower fed chair jay powell speaking on capitol hill reiterating again that a faster taper is a