the dow catching up to the nasdaq and to the broader market guys, thank you both mike santoli, dominic chu and with the dow hitting 30,000 you might be wondering if it's time to take risk off the table my next guest says okay sure but if you're looking for safety you might find it in the grove stocks i'm joined by rebecca patterson director-of-investment at bridgewater associates rebecca, great to see you. we can start there or your gut check on 30,000 following the chat we just had what are you thinking in. >> with 30,000 i feel like i should have worn green rather than red, but i think we set this up so technology is a safety stock i think we probably need to explain what the heck we're talking about, and i think the big picture thing here, what's really important is to understand what this policy mix that dominic chu just talked about, incredible fiscal policy, real coordinated with monetary policy, what that means, because this is something new, and as we see this rotation trade continue it affects how that rotation trade will work versus the past so it's important for investors to und

welcome back i'm dominic chu. sullivan is live on the ground in grand rapids, michigan for the final stop of his very bringing battleground road trip. more from brian in a moment. but here is how stock futures are looking as we are halfway through the 5:00 a.m. eastern time hour. the dow jones implied higher by 440 points roughly, nasdaq, 102, believe it or not that is lagging. and dow jones big moves back to back days possibly coming. the dow is coming off a more than 420 gain to kick off the month after its worst week since march and the s&p also higher by more than a percent yesterday as well also watching the interest rate picture for signs of stability we're seeing a slight tick higher in yields ten year 8le 7 bas l87 basis po. two year 16 basis points now to the story of the day, it is the 2020 election president trump, joe biden both will be back out on the campaign trail today making that final push to shore up support as americans head to the polls. eamon javers has the latest on where the race stands thi

. >> cnbc's dominic chu joins me. dom, talk about that, what we see going forward but start with politics of it, which is that there are few things that the president liked to brag about more than where the stock market has gone during his time in office. but yesterday wasn't really about him. was it? >> he made it -- i mean, president trump has made it no secret since beginening of his administration the stock market is his barometer, his gauge of his presidency. analysts and traders we talked to here have pinned the recent rally on is this notion that the dow jones industrial average has been an under performer in the markets over it's course of 2020 and playing catch-up. three main buckets of catalysts that were driving the near-term move in that stock market to these record high levels. one of them is this notion that a covid vaccine is off on the horizon, not so far away. bringing positivity. the second one is this idea right now that we could see at least the biden transition being more smooth than some anticipa

the oil market closing for the day and dominic chu is at the commodity desk. >> u.s. west text enter media or wti futures, $45.52 brent, $45.55. all gains have been powered by rising optimism over a covid vaccine. today we're getting inventory data, helping to push those prices higher. u.s. energy department reporting 750,000 barrel drop in inventory. we also got the baker hughes weekly oil and gas rig counts. they normally come out on friday and for the holiday we got them today. u.s. active oil rigs increased by 10 to 320 we'll see you on friday without baker hughes oil and rig counts. happy thanksgiving back over to you >> i was going to say, you're not going to see us on friday. enjoy that early close >>> u.s. covid-19 cases continue to rise ahead of the thanksgiving holiday let's take a look at some of these stats we have now. the national seven hoof day average of daily new cases stands at 174,225. total cases cumulatively, above 2 million. covid lines before the holiday growing longer wait times exceeding six hours for testing yesterday. the cdc reportedly fina

joining us now, dominic chu. are we in for another big day? >> it could be another big day.t and see mentality. the reason why is exactly what you pointed out. it was such a massive move to the upside yesterday that it caught a lot of traders off guard. this notion we could get a vaccine that has a 90% efficacy rate so early on did take a lot of folks by storm. and for that reason, the massive moves higher are now being tempered just a little bit here because there's an expectation that things are going to be a little bumpier along the way. we don't know all the full facts about the vaccine yet but there is this notion currently playing out that if we were to get one, the companies that would benefit the most are the ones beaten down the worst. we're look at mall operators, people like airlines and cruise lines, restaurant and bar operators. those type of things. meerg meanwhile, the zoom communications, peloton, we're watching all of those. >> dominic, chu, thank you. >>> and growing fallout following president trump's firing of defense secretary mark esper. the president m

energy, the whole sector surging, oil up 3%, stocks are up 6% more in a minute stay with us >>> i'm dominic chure is your cnbc update at this hour philadelphia is banning all indoor gatherings, public and private, to slow the spread of covid-19 and gyms and museums must close. following the city's announcement, the philadelphia eagles of the nfl said no fans will be allowed at home games. texas a&m's football team will not play due to the oncoming quarantine of some of the program. they could see their game against ole miss rescheduled for december 19th. >>> new york city's tourism industry could take four years or more to fully recover from the pandemic the city's tourism board says international travelers will be the slowest to return. and playing video games, yes, can be good for your mental health researchers at oxford looked at two games and found a small but significant benefit. that is your cnbc news update for this hour. tyler, i would say the games are animal crossing and plants versus zombies i don't play either of them. >> i don't know that my son plays either of them, but if it gene

natalie azar is talking about the promising vaccine news, and dominic chu is covering the market reaction. mike, you have exclusive reporting on how team biden is getting ready to hit the ground running. the co-vid advisory board, and your reporting on how they're getting ready to fill the federal vacancies coming open. >> that's right. joe biden celebrating saturday night. today standing up his transition team. his team has been working quietly for months to get ready for this moment. ted kaufman and others working, starting in the summer to start building out the team. i spoke with both of them about what they've been doing behind the scenes to get ready. here's a few things they told me. they already have 4300 individuals identified to start filling some of the positions to be filled. they've also preemptively cleared through security measures some of the individual who is will go into the federal agencies to take stock of what needs to be done starting january 20th. don't expect to see cabinet nominations soon. their priority is filling out the west wing jobs, also getting names put f

i'm dominic chu. one bright spot is the housing market you have restoration hardware, williams sonoma, they're jumping and then you have trex, which makes decking and railing-type products for homes and two retail stocks hitting new highs, will brands a the a 52-week high, target at an all-time high yet again today after its big blowout earnings report yesterday. and, kelly, you mentioned the electric vehicle trades tesla a the -- at a new high is up 20% in just this past week kelly. >> all right, dom. the dow sliding today and heading now for a down week. let's go to bob pisani for the action >> the markets are still having a hard time to figure out on what to focus. do you focus on the spring reopening in 2021 and second quarter or on the covid winter right now? today a little more focus on the covid winter the good news is tech which has been a little wobbly this week is holding on. it's not let's ignore tech on a day we're worried about covid. facebook is kind of flat but most of these stocks have

. ♪ >>> welcome back to the show i'm dominic chu in for brian l sulliv sullivan you can see the dow jonesed higher by roughly 360 points the s&p higher by 42 and the nasdaq implied higher by 128 points by the way, this does represent right near the highs of the overnight session for that future's market. the major averages all coming off their worst weeks since late march. the dow falling more than 1800 points roughly 6.5% downside the index is now more than 10% below its record high. but it was not all red arrows. we have been keeping a very close eye on the small cap sector in industry groups even though they fell 1.5% for the russell 2,000 on friday. that index did end the month hire by 2% for the sixth positive month out of the last seven. we're also watching the early trade in europe as the uk over the weekend announced a second national lockdown in the face of rising covid cases prime minister boris johnson says the new restrictions will go into place on thursday and last until december. non-essential businesses are to close and people must stay home unless they have a specific reas

exchange" right here on cnbc ♪ i got you babe, i got you babe ♪ >>> welcome back to the show i'm dominic chur brian sullivan here are the way stock futures are looking. you can see the dow is implied lower very modestly by just about 42 points, s&p by about 3. and the nasdaq outperforming with a modest 5% implied open. the dow is on pace for its third positive week in a row, but ever so slightly. the rest of the averages are nearly flat on the week as well. you can see here, very, very small movesoff the course of one week for the main three indices in the united states now let's take a look at the health care sector it has been an underperformer so far this year. two of the etfs that track it, up about 7%. and the s&p 500 up about 11% so far in 2020. if you take a look now elsewhere, look at what is happening right now dynamically with the health care sectors market cap, its $4.2 trillion total right now. it added a modest $325 billion in market cap so far in 2020 if you break it down and look at some of the biggest components of it and contributors to that $325 billion move higher, it is d

here to break down the headlines are deidre bosa and dominic chu and seema mody we love when rapid fireike a sense of normalcy. alibaba, a mixed celebration today with sales doubled to $56 billion, a bigger tally than black friday here, but new chinese regulatory concerns have hammered baba and other tech giants this week taking out more than a quarter trillion dollars a of market value. der dhra, i don't see what investors are so concerned about. looking through the stories, i see a lot of talk about algorithms, and i don't know that that's kind of it what am i missing? >> do you mean evidence of sort of monopolistic power, that sort of what you think is maybe they might have a hard time pinning down i don't know, kelly. the numbers over there are just so much larger than anything we're used to here we talk about wechat, alibaba and metuan, jd.com and in the case of we chat a billion users. the chinese government may have to prove, they may just do what they want, are monopolies but it could hurt you look at alibaba and kencent, two major ambitions in cloud and they are going faster th

first cnbc's dominic chu is following this remarkable run. what's behind this >> there are too many variables to count, but there are three main buckets driving the market action take a look at this because take a look at the transition of power. president-elect joe biden now has a little bit more clarity, and the markets like clarity if we have a smooth transition, that helps the market the ouout. a vaccine, we could get the economy back to normal, and the recovery road map, shep, the whole idea if we can get past covid, we can get the economy firing on all cylinders, that means more jobs, more money for americans, and a better economy overall, and that's the reason w why it's so important. >> this rally has been so broad and a lot of well known stocks have soared. >> apple up 105% from the march lows it matters because apple is arguably the most important stock in the overall stock market, the biggest member of the s&p 500, the biggest member of the nasdaq, and as a dow component, and you probably own that stock even if you don't think you

dominic chu, julia boorstin, an deirdre bowsen >>> and why investors can breathe easy and the names toyitus st wh we're back after a quick break >>> welcome back to "the exchange." it's no secret that home prices are on the rise as the pandemic drives massive demand. third quarter single home prices were up 12% from a year earlier, and most interesting, they're up in all of the 181 markets tracked by the national association of realtors. first time we've seen that in decades. but any next guest says investoinvestor s don't need to worry about a housing bubble for now, let's bring in steven kim, the senior managing director and head of housing research at evercopperrp. isi. do you see signs of frost out there? >> i certainly see signs that housing prices are rising very rapidly and i know that's caused a lot of concern for some of the bears out there who are thinking this has gone too far, too fast, but no, i actually don't think so i think, quite the contrary. we're in the early stages of a monumental rise in home prices and we think it's going to be tremendous for the builders, partic

time for land fire and here to break down the headlines are dominic chu, kate rooney and robert frankme, everybody first up it's slack. "the wall street journal" reporting that seasforce is going to buy the messaging service. salesforce is down 4%, i believe it's potentially an all-stock deal and any deal would represent salesforce down member, its largest acquisition ever putting slack's valuation somewhere north of its current market cap of 17 billion, dorge and this is interesting because if you back up the issue is that slack has kind of missed the beat here on this pandemic year. you know, they are not zoom. they don't have the videoer is have been so hot and now they have microsoft teams to contend with, and they are a minnow and it's a whale there's a lot at stake here >> reporter: there's a lot at stake and the reason why slack shares have perform the way that they have since the highs that they saw back in june, the pandemic highs from some of the work-from-home stocks. that has been in a downtrend ever since the june highs and the reason why is like you said. maybe they are

i'm dominic chu, every sector is in positive territory. materials launching a fresh high today.producer linda raising full year guidance citing higher volumes and pricing. seeing out performance in mining names. mining in gold and the boost with silver and gold prices today. we round out top performers. air products and chemicals keep an eye on all of those materials. more "sqwawk on the street" coming after this break. keep it right here hey, dad! hey, son! no dad, it's a video call. you got to move the phone in front of you like... like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most plus $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today. 100% online car buying. carvana's had a lot of firsts. don't get mad. get e*trade car vending machines. and now, putting you in control of your financing. at carvana, get personalized

i am and dominic chu stocks are extending yelled's gains with the dow at a record high and s&p 500 aths right now. the technology sector is lagging a bit but every sector is in green, positive territory and energy you can see here by far the best performing sector again today. now up more than 10% in just the last two days on track for its best month ever. now the move higher comes as crude prices reach highest levels since august, helping to boost many of the large and badly battered oil companies like apache, like occidental petroleum, marathon oil. we'll watch that rally in energy and oil price, still very much a laggard on the year, town 35% as a sector david, back over to you guys at "squawk on the street. >> thank you, dom. >> sure. >>> after the break, the challenge of the vaccine distribution pipeline. our seema modi is live out in the cold and has the details before we talk about tax-smart investing, what's new? -audrey's expecting... -twins! ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan. tget an iphone 12 with 5g on

i'm dominic chu.the s&p weighed down by the two biggest sectors out there, technology and communications services among them but one of the relative bright spots is the industrial sector, 1% gain so far, and within that group, we see that many of it's row space and defense related stocks are extending their gains from yesterday. you got names like halmet, formerly known rconic and boeing up 20% both stocks price target boosted at jpmorgan chase. aerospace names in general down for the year as the industry grapples with the pandemic's impact on demand but keep an eye on those defense and aerospace stocks i will send it back over to you, david faber, here on "squawk on the street." >>> as we head to break, look at shares of air lease, the stock is lower today it's down more than 25% year to date, and consumers continue to avoid travel during the pandemic the ceo will join us after the break to discuss the quarter and his outlook for the sector stay with us at fidelity, you get personalized wealth planni

dominic chu. 1976, dom, bay city rollers, "i write the songs," barry manilow. >> "i write the songs thatrite any songs here, brian, to your point, it's a massive run. it has been for the dow. record breaking. the reason why is it's been playing catchup for the better part of this year and it still has to play catchup even with the record-breaking run that we've seen we're going to put some charts up to put it all in context for you. with that staggering run to 30,000, the dow is up a staggering, well, 5% this year take a look at salesforce, apple, microsoft those three stocks have the biggest percentage gains on a year-to-date basis the reason why i bring it up is because look at the nature of technology as it plays out for some of the best performers so far on the dow on a year-to-date basis. i'm going to put an asterisk here by salesforce that didn't come into the dow until august 31st. it replaced exxon mobil. a lot are big. salesforce is, by the way, one of the big movers here since it became part of the dow take a look at this other chart. this is one that's interesting as well. acc

that is why those shares up about 14% pre-market >> thank you, dominic chu. ♪ ♪ you can go your own way ♪ go your own way your wireless. your rules. only xfinity mobile lets you choose shared data, unlimited or a mix of each. and switch anytime so you only pay for the data you need. switch and save hundreds on your wireless bill. plus, get $300 off when you buy the samsung galaxy note20 ultra 5g. learn more at your local xfinity store today. >>> welcome back. we've been hearing from two ceos, both spoke with jon fortt. the next topic we're exploring, education as artificial intelligence booms and threatens middle class jobs, they say america needs to step up its game and change its thinking >> from an education standpoint, when you are a developing technologies, in some cases that makes some skills less relevant and other skills more important. there is a responsibility for technology companies like intel to play an active role in ensuring that the skills of the future and the workforce of the future are being addressed in the early stages of education. >> i

. >>> welcome back to "squawk box," i'm dominic chu, a big jobs day today, how have markets got to where over the course of the past month, we have seen a general positivity in the markets capped off by election week the s&p doubling that performance, and the nasdaq tripling that. the nasdaq really the stand out as it has been for a while if you take a look at the s&p 500 over the course of the past month, we have seen these moves higher, and then we're kind of at these levels that we have topped out in the past we're watching to see if there's a break out that could happen with the markets here given an election outcome the jobs number will be a big one for that as well sector wise, these have been the ones that have led it. technology, health care and communications services. tech and kom services, these are the big ones because they have been the trend much of the big megacap technology and communications stocks have been the ones that have gone really to the momentum of the upside and downside epn e tt wparticular ones. ke aeyonhaase head to the big jobs number "squawk box" will be b

. >>> you got to love the election music, welcome back to "squawk box," i'm dominic chu, the second busiestnings season. we've go got a consumer tilt, starting with shares of capri holdings, up 12% on around 38,000 shares of premarket volume this is the company formerly known as michael kors. revenue is also better than estimates. capri was helped along by stronger demand from chinese markets, better online sales, and better cost management those shares surging right now in the opposite direction, shares of hanesbrands tanking by 15%. this is the underwear and athletic apparel maker, reported better than expected profits and revenues thanks in part to better sales at its champion active wear unit, and better online sales but forecast did fall below analyst estimates, and we're going to end on shares of canada goose, higher by 1%, around 10,000 shares of premarket volume this is the maker of upsale jackets, it reported a surprise profit on better than expected sales, and like capri holdings earlier on, renewed strength in chinese demand, that helped offset weakness in canada goose epolesale