ramping up a quarter of a million isn't shabby when you are talking about homes going onto the market but do they go to homeowners or investors. >> given that inventories are so thin diana, thank you heading towards "power lunch." looking a the major indices. with that, that does it for "the exchange." "power lunch" starts right now john, thank you very much. and welcome, everybody, to "power lunch." i'm tyler mathisen joined today by courtney reagan here's what's ahead. the rally resumes. the dow and the s&p now at session highs as investors embrace the volatility but is it too risky to buy some of the hardest hit stocks since that post thanksgiving slump less than a week ago and opec drama the cartel decides to keep adding more barrels to the market each with oil prices down

20% over the past month z. they do it to gain favor with president biden? we'll explore that one. and a retail reit ready to rally. morgan stanley says buy the dip in shares of the largest shopping mall owner in the country. we will talk to the analyst behind that report about potential returns and risks. courtney >> thank you, tyler. well, the market rally is gaining steam this afternoon the dow jones industrial is higher by about 2%, 700 points right now. the nasdaq higher by just under 1% 1 2 points, and the s&p 500 is up by 1.7% boeing is the best performing dow stack after china's aviation regulator took another step toward clearing the 737 max for commercial service apple is the worst dow performer on a report that the company is experiencing slowing iphone demand ahead of the holiday season and kroger raised its full year

guidance, and is up. nat gas is now down about 24% so far this week. we will talk about energy later in the show. airline and casino stocks are leading the gains today, but those are some of the stocks that have been hardest hit since that thanksgiving volatility began. norwegian cruise line, down 21%. etsy -- hardly an airline or a casino down 18%. las vegas sands down 15% pbh down 16%, airlines pulling back are the beaten stocks worth buying doug butler, portfolio manager with rockland trust comes in is there where i go shopping now among these candidates or do you wait for something more to happen for the broader market to keep going down and buy, basically, a correction dip? >> sure, i think, you know, you could get yourself into the casino stocks now.

we like those better than the cruise ships and the airlines. but among -- >> why is that, doug >> we think -- i think that the cruise ship and the airline industry has a much greater volatility there so the cruise ships really, this variant -- any variant news you get in the next three to six months is going to torpedo them. they might rally back if, you know, again, if this variant seems like it is going to be pervasive, but not as deadly they will rally back, but they are just waiting for the other shoe to drop and there is likely going to be more shoes that drop in this time frame the casinos i feel are how much more positioned to grow without -- you know, without any new variant issues popping up but -- >> what about -- one of the ones on your list is -- well a couple

are fleet corps, one of the 20 or so worst performers since thanksgiving also american express. american express would be a play on the resumption, i suppose, of travel, and especially business travel >> certainly yeah i think we are going to see -- i think the resumption of business travel is very likely to happen. and i think that's another reason to be leery of the cruise ships and the airlines a lot of the airline growth and the cruise ship growth is built on the consumer demonstrated coming back. consumers are a little scared. businesses are getting back to work it's going to require a very, very, you know, devastating outbreak for us to go back to shutting down completely so on that side we like -- fleet corps really helps people manage their fleet expenses they were down so much because of the notion of business travel

falling as well as reduced travel in general, even automotive travel. then american express as well. we still like. the consumer is strong, upper enconsumer is going to remain strong and business spending is going to continue to grow. you for example it's off a very low base we are booking things out for our people i think that the idea of business travel fading completely is not going to happen >> doug, what about protection when it comes to some of these names? what if there is further to fall because we still know so very little about this variant and the possible fallout >> i think in terms of -- they definitely have more room to fall the market has done so well and sold off a bit we are not saying pour into equities right now we are more -- again, the market sold off, what, 7%, 8%, maybe, from the highs and rallied back today

i think we generally don't buy dips we buy when it is down more than 10%, again, because you don't want to -- you are not telling on other side of it, when it is only up 5% i feel like the ample -- i feel like the market still has ample room to drop it may not be covid, it may be china, inflation, the fed. >> there is more going on than just the variant doug butler thank you for joining us. oil prices getting a jolt today, opec and its allies deciding to keep ramping up production by 400,000 barrels a day in january this despite the recent plummet in prices and the risk posed by the latest covid variant on demand brian sullivan has more on the decision and its impact. explain this one to us what's the reasoning >> yeah, a lot of drama into this meeting by the way which was sort of under the radar at first. because -- then oil prices fell. then it was like will the

saudies -- sorry will opec plus, saudis, plus russia and the rest of opec, will they continue to add 400,000 barrels a day every day until they get back to precovid levels prices have fallen so much there was chatter they would take some time the pause inner the agreement they have a three month period where they can sit back and say we are not going to add the new barrels but they did it even in the face of lower oil prices it was a quick meeting they didn't have a press conference they decided in january they will continue to add 400,000 more barrels per day there is a caveat. opec -- every member nation has to add their quota already some nations to be said not to be able to add their quota because they cannot produce that much oil because

they idled facilities. so the market may not get all 400,000 barrels per day but maybe as a sign of good will they did it. oil prices are not spikes, they are also not falling even with adding new barrels to the cycle. opec is going to go ahead and add more barrels, and maybe of a little bit of a political gift in here. remember, there is nothing more geopolitical than oil and gas. i think there was definitely a political element to this, not just supply and demand. >> that's exactly what i was going to say supply and demand are the fundamental decisions we know decisions can be made. we know that's not everything. president biden just tapped the strategic petroleum reserve. you didn't think we were innage emergency situation that merited that what are some of the political reasons opec may have done this. >> does it have anything to do with our actions here in the united states? >> it has to do with the idea of

good will politically. you heard jen psaki noting that, coming out and thanking the saudis, uae. >> thatting opec, the saudis, and uae for doing this listen, the president has been trying the drive down the price of gasoline. the release of those emergency reserves -- actually the price of oil rose on that because in the grand scheme it is not that much oil but the white house was trying to show to opec it is not just the u.s it is other nations woochl we have our group, too i think if opec paused it would have been a harsher political message as well. in congress for years now there has been a nopec bill that would outlaw cartels like opec at least as congress considers them to be. opec is wary of that as well they don't want to have any congressional action against them as well i think there are extremely high level conversations going on with the

suedy, mohammed bin salman, the crown prince as well and the king and the political ruling class of saudi arabia, they have not yet gotten a call that we know of from president biden i think good will wants to be done russian supporting this move politically, russia is debt pratt to get germany to approve its in order stream two pipeline germany asked congress not to sanction it. russia and germany are kinds of aligned on this. some huge macro things going on under the radar here with opec geopolitically we should see relief at the pump gas and oil and natural gas prices have come down. you talked about business travel next week on monday and tuesday i am going to be at the world petroleum conference in texas. first time in america in 40 years. 61 countries coming. we have a great lineup of ceos i can say we are doing our part to resuscitate business travel

demand because i ain't driving. i just want to throw that out there. >> we will check in with you next week, brian thanks very much. coming up, folks, the ceo of one of the biggest regional banks in the west is with us to talk about the impact the fed's pivot, interest rates, and how a faster taper may impact his business plus, is the ride share recovery on track? uber rebounding today after a tough month. our trading nation team will take their positions as we head to a break, look at some of the stocks hitting 52-week highs in today's session, including nvr, synopsis, and sherwin williams roll out the rollers

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"power lunch." i'm dominic chu. first we want to call your attention right now to broader markets because we are just hitting around session highs right now the dow industrials up roughly 678 points again, just a hair below, as you can see there, the highest levels of the session. yes, the gains are accelerating right now after yesterday's steep selloff. every sector in the s&p 500 is positive today the financials are among the leaders within that particular group. regional banks like fifth third, people's united, cincinnati financial and the insurance and

that side of things also doing pretty well. among the best watchers along with the wall street giants like morgan stanley and big names like wells fargo as well the move comes despite the so-called flattening of the yield curve when the difference between long and short-term rates starts to narrow the spread hit the lowest level since early january this morning. keep an eye on the yields. as daum just mentioned regional bank stocks are resepecting today but still under pressure this week after fed chair powell surprised the market with plans to speed up the taper time line. that plan would open up the door to interest rate hikes earlier than expected. that would be a move that could boost banks. here with more on the fed's pivot is brent beardall. we always enjoy checking in with you a couple of times a year let's turn to what the fed chair said earlier this week

it does suggest higher rates sooner is that good for your business >> there is no question that is good for our business. that's good for banks. if you look at the fdic data two thirds of bank revenue comes from the spread between what they make on assets and pay for liabilities. we are all asset sensitive in today's day and age. rising rates will increase the majority of our revenue. that's a huge positive tail winds for us >> i guess it all depends on -- a lot of it depends on what loan demand looks like and whether higher rates depresses loan demand your loan demand lately has been very high, particularly so for commercial loans, am i correct >> you are absolutely correct. if you compare what has happened in the banking world since 2019, december of 2019, before the pandemic hit, loans for the banking sector are flat. it is unbelievable, the same

amount of loans outstanding, roughly $10.9 trillion that was in 2019 is the same today. the industry has been tlat but our bank has grown our loans outstanding by 16%. >> what was the effect the ppp loan program to your business, more than just that program itself, i understand. >> very much so. the ppp was a generational opportunity for banks. it was really an opportunity to step in and show our humanity. too often, we get painted as evil bankers and banking is good, banking is a noble profession and the ppp was on opportunity for us to step in and help businesses when they most needed it for us, we did about $1.1 billion of ppp loans, about 10,000 loans, 50% of those were to non-clients of the bank, really an unbelievable opportunity for us to be helpful. >> if you have got loan growth and you have got business is

good for the bank that would suggest that the economies in the eight or nine states that you serve are doing pretty well. give us a snapshot of the economy in your part of the world? >> we are in the eight western states, basically all of the west coast except for california from washington down to texas. and the economies are boom, simply put it's going gang busters. we have got the confluence of an unbelievably talented labor pool with technology. and then you put the capital that's coming into the markets we are in. we are really fun to see look at washington folks while seattle has of the challenges, bell view washington is going gang busters. you have amazon hiring there, facebook hiring there. all of the large tech is coming there. of course it's just in the backyard of microsoft. so the biggest challenge we are seeing ourselves, and also our clients, is finding the right talent to hire and that's really the obstacle holding back most companies is

getting the right people in the right seats. >> let's talk a little -- i'm curious, why not california? maybe we have asked you this before because of the level of competition? because of the regulatory issues you would face there why stay out of that big market? >> nothing against california. i am from california myself. but if you look at the history of banks, a lot of banks that have failed over the years have -- some of the problems stemmed from california. and there are some very conservative borrowers in california and also some fearless borrowers in california the option arm, if you remember, what led to the great financial crisis, was born in california so it typically just doesn't fit very well with our conservative dna. one thing about us, we are eight consecutive years of net recoveries think about that we have been operating for 105 years, in the last five years we haven't had net charge-offs. >> i was going to ask you as our final question, you alluded to

it there with your conservative nature but what is the credit worthiness of borrowers right now. i understand you have a big commercial business, whether it is commercial or whether it is an individual what does the credit worthiness look like right now for you? >> you know, for the clients that we bank, it is unbelievably strong it is stronger than it has ever been if you look at kay schiller what happens in terms of home values, since the pandemic started home values nationwide are up 28% n our eight states, up 335%. the homeowners have more equity, the businesses are flush with cash, you can see that in bank deposits so the credit quality is great but its dichotomy of people that are credit worthy versus so many that are struggling to make entz meet the people that are within the banking industry unbelievably strong we need as a banking industry to expand and be able the reach out to the people that aren't part of the banking industry. that's our challenge. >> brent, great to see you

say hello to our friend and former cnbc anchor grad goode. >> will do >> brent beardall, wafd, thank you. miami attracting new nft exhibits and flocks of new crypto buyers. kate rooney is live in miami beach with more. >> hey court, that's right, we are outside art bass ill miami right outside the conventioner see traffic building up here, that's usually due to bigtime art collectors, but this year there are more crypto investors in town. we will tell you why after the break. "power lunch" will be right back as an independent financial advisor, i stand by these promises: i promise to be a careful steward

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...so i can be ready for anything... tomorrow. find out what's strong with you with fitbit sense and daily readiness. welcome back i'm rahel solomon. here's your cnbc news update at this hour. president biden says he is not planning shutdowns to fight possible new cases in wave this is winter. he said he is pushing to expand vaccinations and booster shots with family vaccination clinics, paid time off for fed ram workers to get their boosters and access to at-home covid tests. >> we knew there would be cases of this -- of omicron here in

the united states, and it's here but we have the best tools, the best vaccines in the world, the best medicine and the best scientists in the world. we are going to fight this vint with science and speed, not chaos and confusion. >> israel, meantime, cancelling plans to use phone tracking software to trace possible cases of the omicron variant the tracking program generated widespread opposition including from government ombudsman who said it was ineffective. to new york, the united nations headquarters was shut for hours today after a man was seen pacing outside the building with what appeared to be a long gun. police say the suspect is now in custody and pose nod threat to the public you are now up to date. >> thank you very much. the stock market rally accelerating the dow now at session highs there you see it at a leittle less than 700 points up, 2% up breaking above 700 points earlier.

the s&p 500 up one and two thirds percent the nasdaq is up .8% what a five days of trading we have had here. stocks are rallying, bitcoin prices are relatively flat, and in miami crypto is taking the spotlight. kate rooney is live in miami beach exploring what is for sale and whether the nft hype is here to stay. i am interested. >> that's right. this miami art basel event hasn't happened in two years a lot happened in the meantime including nfts and digital argument going gang busters. nfts are bringing in $2 billion per month at this point. the event went from having essentially no nfts presence a couple years ago to at least four exhibits this year. gallery owners tell us it is in

part to collectors embracing all things that are digital. there is a new crypto crowd, too, in touchblt there is also nearly 200 blockchain events going on nearby. >> there is two big nft fares going on right now basel, the central end as well there is a ton of even happening as well there are definitely acrobat whales as they call them and crypto natives coming through the fares. they were a bit holed up yesterday as the main events for those fairs were yesterday but they are starting to come through today. >> a lot of action is ten miles from here. it is taking 45 minutes to an hour to get there. that side of town is more about digital art, cryptocurrency, blockchain, a lot more about kroip and less so about art. also a lot of big name investors

in town. >> fascinating stuff, kate. >> i think i saw a kardashian there. >> must be hot. >> must be hot. we are tracking the markets. kroger, carnival, delta, and wynn the biggest gainers in the s&p. carnival and wynn haven't been doing well lately. delta as well. today, higher by big numbers ahead on "power lunch," clean tech getting messy those stocks are under pressure this year. according to new reports, the space could be getting overcrowded. plus, is this retail reit ready to rally how many rs can you goet in a row? lots morgan stanley bullish on simon property saying buy the recent dip. but are malls at risk with the rise of omicron? >> i think it's omicron, from my sorority days. >> covid has become a sorority

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90 minutes left in the trading day. we want to get you caught up on the markets. stocks at session highs, the dow now up more than 700, we will hit bonds, the clean tech trade

and a retale reit that may be ready to pop bob pisani first with bonds. >> we are sitting at the highs for the day. dow jones industrials up more than.00 points getting nice moves up in industrials and other value plays. i think what's going on today is the market is choosing to look on the sunny side. they are choosing to believe that while omicron might be more transmissible than other variants it does produce perhaps milder cases we don't know for sure but there are reports about this so the market is choosing to look on the sunny side of the reports. in terms of that, travel stocks. big move up. airlines have been crushed recently and they are having a great day. delta up 9%. united is up all the hotels are up. the cruise lines are up almost 10%. you see, looking on the sunny side of thing. elsewhere, rotation today. we had this long dry spell of value stocks, what are value stocks companies look boeing, industrial names like honeywell,

banks hike fifth third or jp morgan some of the consumer names, like wallet business me also value stocks they are doing well. they have had a tough time over the last weeks under the omicron variant. growth or technology stocks have had a great year and semis have had a fabulous year. you see them sort of underperforming. somewhatics inned. applied materials and micron and other equipment manufacturers are weak today good little rotation going on. that's my point. chinese stocks moved down in the middle of the day. i reported at 1:00 p.m. eastern time the s.e.c. is getting tougher on chinese companies that list in the united states they want access to the audit reports. chinese regulators are not giving it to them. under a new law these chinese companies that list in the united states could be delisted if they don't cooperate with u.s. reg will iters. chinese stocks to the downside courtney, back to you. >> looking at the sunny side. now to the bonds market where the ten-year yield is

moving higher. rick santelli is tracking the action there for us. hi, rick. >> hi, court me. both you and bob are right we have gone from scrumibled eggs to sunny side up when it comes to the effects in the marketplace of the only convariant the 26th, the friday after thanksgiving, the half day, the shortened session is when all this started to happen let's start our charts there because something is interesting going on here. will be at the two-year note it is basically arrived back to the levels it was prevariant as you move down the curve, look at a five year, then a ten-year, then look at a 30-year and the right side keeps going lower and lower and lower. and that is something we need to contend with maybe the most magical chart of them all is the fed fund futures contract for december of next year because i like to keep it simple remember, at 100, it's like a t bill that's a zero fed funds rate at 99, that's 100 basis points,

or 1%. what's going on is we are pricing in a third tightening again. basically, we have gotten right back in december fed funds almost to where it was prevariant all of this is very important because it comes at a time when even though interest rates are up today they are not up evenly. it is those distortions that are difficult to explain to-year note yields are basically at their post covid highs. 30-year bonds are well away from them what does that tell us many are scratching their heads saying weak economy ahead. i am not sure i buy it. >> we always turn to you for the explanation whether it is fuzzier not. we don't always know. clean tech stocks are under pressure this year is it because the trade is crowded? pippa stevens has those numbers for news clean tech has been a losing trade with year with the invesco clean energy fund down more than 20% and overcrowding could be one reason why. a huge influx of money going

into clean tech and a host of new companies means there are now a lot more options for investors to spread their dollars between. there are now 200 companies across the clean tech ecosystem encompassing an all-time high market tap of $2.5 trillion. this is everything from solar, wind, evs, the group goes on and on the group raised a record $45 billion of equity in debt bringing the last two year total to $79 billion that's more than the entire amount raised two en2010 and 2019 one of six of the companies have been public for less than a year and more than a third less than two years. there are fundamental drivers for the underperformance, including supply chain issues, earnings misses and policy uncertainty, but crowding is certainly a factor here, courtney it is kind of like being a victim of your own success. >> very popular. the numbers are staggering. now to a retail reit morgan

stanley says is ready to rally hard hit simon property group could move 20% according to the analyst behind the report. why is simon property group attractive to you here when retail sold off sharp had he on fears about this variant and what it may mean for the jen public's concern about being out in public. >> thanks for having me. three points, we are not mall bulls but we are simon property group bulls. why? this is a company that lost 20% of its total noi in 2020 versus 2019 that's $1 billion. we believe they can begin to grow begun on a derated race they have beaten three consecutive quarters in a row something they haven't done. at the same time we think the dividend is going to increase. right now they are paying 6.60

they paid 8.30 prior to covid in 2019 yet they are producing the same free cash flow as today when we look at the pullback we have over the past couple of weeks we see a company that you can buy similar to where it was trading prior to 2q '21 which was a really strong quarter for them and they are trading below their intrinsic value which is why we have been overweight the better part of the past year this is a mall reit that you can bank on, it will be winner from continued rationalization in the real estate sector we think they will continue to beat and raise and continue the raise the difficult deputy therefore the stock is at a cheap entry point. >> is simon property group also attractive to you because it is often haled as the best operator of the bunch even though a little over half of its properties are mall based. if you are going to pick a mall, this is the one you want >> that's a great question

as we think about this, let me be clear, about 55% of simon property group's total noi comes from malls the other 45 comes from outlet centers. we think they are a strong operator, we think they have strong negotiating power with tenants both because they are going to be a survivor on the other side of this rationalization. and they acquisition of talman gives them a strong portfolio. you have have a lot of scale to operate in this environment. we think simon has those benefits. >> when you talk about the rationalization of the mall it has been happening, the composition of the malls, the businesses in the malls are kanging. does that matter to you as an investor or as long as someone is paying it doesn't matter if it is a gym, a grocery store or if it is

a gap? >> i think it actually does matter let me unpack this a little bit. we are a belief that e-commerce isn't killing retail real estate, we think retail real estate is killing retail real estate let me explain the u.s. population has grown 60%, and retail real estate has increased 300% we think 35% of the malls need to rationalized in the coming years. as we think about that, that means that the higher quality malls will be winners. but you can't just put any tenant in there. you need to maintain the fabric and the integrity of the high gault mall otherwise it can be sort of a slippery slope and a downward spiral, if you will. yeah, maybe it staves off the rationalization for a period of time, but still do need a high-quality tenant pool that speaks to a consumer that is willing to spend at that property look, can't just put any tenant in there you need to preserve the

integrity of the retail real estate property. >> very quickly, what is their vacancy rate across their properties number one and number two, what is their ability to raise rent? because i would think they may not have pricing power. >> their vacancy rate has fall benn 500 basis points compared the precovid that's one of the reasons they have lost as much as they did. what simon property did is renegotiated some leases to provide percentage rents when tenants needed it most what does that mean? if a tenant was paying $65 a square foot prior to covid they maybe lowered to $50 a square foot in returns for having a percentage of sales that have rebounded in 2021. >> ahh. >> right now, tenants are -- these leases are now converting to base represent deals in the low $60 per square foot range.

see. >> i don't want the say we are back to where we were precovid we are modelling a permanent impairment in simon property group but it is trading well below where it was prior to covid and is beginning to grow again. that's where we are bull. >> thank you for that thorough discussion of simon property. still ahead, ready to pickup ubs bullish on uber and lyft they say delivery is strong, and ride share is recovering should you buy in? our trading nation team will discuss that next. as we head to a break, here's a look at some other share economy stocks are faring in this market

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welcome back to "power lunch. i'm seema mody uber shares jumping more than 6% after ubs named the stock its top pick in the ride sharing and food delivery space, and the company will benefit from a demand recovery and underappreciated margin

potential. also giving lyft a buy rating. should investors take a ride matt and quinn join us matt, i get that analysts are on the stock, a number of drivers that could help the company. why is it down so much this year the competition? the labor shortage what is it a combination, i'm sorry, of all of those issues. but one of the things that -- if we have to decide between the two, they chose uber, and it is interesting. peter lynch was -- he was one of the most legendary investors of all time he used to say use your everyday experiences to be part of your investment decision-making process. one of the things i found recently in the last few weeks is talking to people who drive for both lyft and uber, to the person, they have all said lyft has been better for their customers, it has been better to their drivers. i would be leaning towards those. but looking a the charts of the stock i still -- my father is

from missouri, the show me state. i need it to show me it needs to woups back more than it has to date it has been making a series of lower highs and lower lows since february has to break that trend. for uber it has to hit 45 by the end of the month to show it changed its trend. i am still oye on the sidelines for this one. >> quint, you are a shareholder and rode the stock despite recent weakness. what do you do with it here? >> it is nice to have some solid institutional support and. i like the report they put out they said they drove for both companies to further their due dillgenesis. we agree with the analyst here, we think that uber in particular has this two-prong approach where they are going to benefit. margins are going to increase as

ultimately the ride sharing movement comes back on line. but the other side is for those people that are not comfortable and maybe we have struggles ahead with variants, they have a huge delivery segment that's doing well i think at this stage if you are waiting to get back in or riding them down you wait for a pullback and add on a pullback i like both names. >> for more information, head to our website. after the break, who on this rally and a look at the cloud space. we are back in two and now, the latest from tra tradingnation.cnbc.com and a word from our sponsor.

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big week for amazon's most profitable unit. amazon web services. as businesses turn to the cloud to weather uncertainty we have a player in this key sector the new ceo of amazon web services jon? >> adam is the new ceo of amazon's cloud business but not new to aws he was there for 11 years before ceo of tableau software why now he is back and sure he is going to have to grapple with microsoft to maintain the title. >> it was my sophomore year in high school and i was up against a wrestler i thought was pretty good and had him on the back and just looking down and all of a sudden i realized i can pin this guy. i need to lock my arm deeper and push down and really through

this moment where i realized i can just do this and if i do what i have been trained to do i'm about to win the match and happened right then and then i knew the training and things learning for a year and a half at that point are sinking in and the coaching and the teammates you work and the preparation you have done come together and you can see the future, the potential, where you could take this. >> executing on the training and the vision works on the mat and often in business, too adam this week announced new custom chips of general cloud and artificial intelligence and announced a new push to private 5g for customers i asked how will it not be a lumbering giant? >> i think that a lot of big companies once you start putting in layers and reports you start

managing math. as opposed to managing product and managing customers one of the things i'm focused on is working with the team again, they do a great job but i'm paranoid about this and cannot lose the edge you focus on building product or managing customers if you are a senior leader and doing one or both you will be the insurgent and won't get complacent and the customers have too much they need for us to be allowed to be complacent. >> markets higher today in part because of snowflake which compete and collaborate with amazon they're up like 15%. amazon is about flat. >> he's got serious competition in microsoft and google of course why good to have you back. >> good to be here. >> thank you. david versus goliath is the market rotation coming?

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with fitbit charge 5 and daily readiness. groelt versus value, mega caps versus small. are there signs of a rally dom chu is here to tell us. >> rotation is a big word and talk about it with massive gyrations but the journey starts with a single step and want to show you the dynamic to point out a couple times here over

several weeks with regard to the changing dynamic between mega cap technology as reted by the nasdaq 100 etf and the small cap etf that tracks the russell thousand you can see of course over the last year the orange line of small caps takes the proxy of the reopening trade and the white line is underperforming for a year mega cap tech trade. on or about the last few months back to the late summer we saw the convergence of the two lines and they take into account with the omicron variant in the last week and then fed policy concerns you can see that's what maybe drove the underperformance if you look at the reasons it's playing out in certain parts of the market over the course of the last call it a one month the etf is up.

that represents that value cyclical trade we have talked so much about the interests part will be to see whether or not we do see a carry through of this trade where technology maybe continues to outperform and then those small caps continue to underperform and might say something about where investors and traders think the future is given interest rate uncertainty or maybe more certainty. >> look at financials today leading the s&p sector groups. fifth third up almost 6% here. >> the dynamic maybe lend itself to the banks outperforming we have been talking so much about the leisure stocks those are the ones that are the epicenter. you look at norwegian cruise lines and united airlines. everything else like that and really epitomize the story of what's happening

check this out norwegian cruise lines down. simon property physical retail malls down % a dynamic to watch. >> dom, thank you very much. great to be with you. >> thank you i'll be back. >> fantastic thank you for watching "power lunch." >> "closing bell" starts right now. hello and welcome to "closing bell. i'm sara eisen here at the new york stock exchange. another wild session here on wall street. this time the gains are holding at least so far. the dow leading up 2% heading into the final hour of trading. >> good afternoon. i'm wilfred frost. some of the hardest hit reopening plays bouncing today casinos, online travel names boeing is giving a boost to the dow after a step to clear the 737 max to return to the skies apple underperforming. more on that i