Power lunch begins right now. Im melissa lee. Donald trump expected to meet with former cia director general David Petraeus later today and expected to meet with mitt romney and senator bob corker tomorrow. The Supreme Court refusing to hear alan stanfords appeal to overturn his 110year prison sentence and the wall street rally is on pause. All three major averages in the red off record highs set on monday. More on the market in just one second. First, we have breaking news. Lets get to sue herrera for the latest. News conference ongoing right now at Ohio State University following an incident that occurred earlier this morning when the campus basically put in place a shelter in place order. Youre taking a look at the live shot by our nbc affiliate. Thats one of the doctors talking about the people who have been injured. This mornings attack initially was thought to be an active shooter. Thats what was tweeted out. However, as new developments come in, apparently it was a planned attack where two men in a car deliberately plowed into a group of students, a very big crowd apparently. One of them was a somali refugee thought to be an Ohio State University student. He reportedly was shot. The second suspect fled to a garage and was arrested. Also they used a butchers knife to cut people which accounts for Officials Saying a short time ago that the injuries were caused by a car and by a knife. Now we have confirmation of the way those injuries were inflicted by Ohio State University officials and Law Enforcement officials. Ten people were transported to local hospitals. Most of them are stable. Were still getting an update on that. One of them is apparently still in Critical Condition. Most of those injuries are reportedly at last hearing were nonlife threatening except for that person who is in Critical Condition. So it was a planned attack. Two men in a car deliberately plowed into a crowd of students. One man got out of the car and started to use a knife to inflict more injuries. The other fled to a parking garage and was arrested by police. So were going to listen into the news conference. That is the president of the university speaking right now. Well get back to you when we have more information on this situation. All right, sue. Sue herrera, thank you very much. Lets get back to the market where stocks are retreating just a little bit from those recent highs even as investor bullishness is going strong. So can what everyone is calling the trump rally continue . Bob pisani is following the action at the new york stock exchange. Were pulling back a little and we should. Remind everyone of the enormous gains weve had since the election. Were up 13 with the russell 2,000. Up 3. 8 with the s p 500. Theres the russell on the white line here. Big gains here. The Retail Investors turned very bullish. Thats got me a little concerned here. Aaei, a weekly survey, 50 bullish. Is that a lot . Thats highest in nearly two years. Remember, these are contrarian indicators. Bullish indicators associated with shortterm market tops. Professionals are getting more bullish. Merrill lynch did a survey. 35 expect the economy to improve over the next year and cash levels dropping 6 in october. Now its dropped to 5 . Biggest drop since august of 2009. Theres a lot of potential issues. The Dollar Strength could be a major problem particularly for china, particularly for emerging markets. We could get more aggressive rate hikes than anticipated by the fed. We could catch a trade war. Remember, the markets rallying on stimulus, tax cuts, reduced regulations, those are off many, many months and maybe 2018 events. A lot can happen between now and then. Markets already looking more cautious. Look at the kbe. Bank stocks moved up in first two weeks after the election and the kbe has been moving sideways since then. No big rallies in the last week. Same with the bond yields. The big rise occurred in the two weeks after the election. Last week yields really flattened out around the 2. 3 . Markets already starting to slow down a little bit. Maybe given the big moves weve had, thats a good thing right now. Back to you. All right. Thank you very much, bob. Here is your stock stat of the day despite todays minor losses. The dow is still on pace for 1,000point gain for the month of november. There are only 30 days in november. Did you know that . 30 days is all there are. Many of those gains are coming postelection as you probably know so will the trump rally continue or have we moved too far too fast . Joining us is scott rend with wells fargo and Craig Columbus with tower square investment management. Craig, let me begin with you. I note that you have 20 in cash. Why . Have you been raising cash lately or what . Some of these trump changes are overextended. Were trading 17 times forward s p earnings. How much more multiple expansion can you expect next year particularly since the equity market has not yet had its price adjustment to this notion of normalization of rates, which was the very scenario that candidate trump warned about. So more fed rate hikes and bond market disciplining the notion of inflation are things that can temper stimulus so were ahead of ourselves here. How about, you scot . Tyler, i think i would be hesitant to attribute this rally all to donald trump. I mean, based on our year end target range that we set earlier in the year, were in that range now and i think we would make the argument that whether Hillary Clinton or donald trump would have won, the market would be right where it is maybe not right now but certainly by the end of the year. I think whats likely to happen here and once again this is unchanged from our outlook prior to the election is that the s p 500 in 2017 probably makes its highs around 2300 or a touch more around the middle of the year but certainly you would argue that things like financials that benefited greatly because less regulation, steeper yield curve, those sorts of things. Some of the aspects of this rally you could attribute to donald trump, but i think the underlying fundamentals have gotten us to this point and thats what the market is trading on because as bob pisani pointed out, a lot of these trump proposals, thats a 2018 or beyond story. We cast you as a bull, scott. But you have the same target for 2017. Thats as much as 4 to the upside for next year. What in your view is the greatest risk to the markets . Is it a quickly rising dollar . Is it an Interest Rate scenario that gets a little too hot too fast . I think that whats going to happen in the second half of 2017 is the market will see more wage pressure than weve seen later and the market is going to start to worry that the Federal Reserve is potentially behind the curve here and that were going to see more inflation in 2018 causing the fed to have to catch up so to speak. Thats the concern in 2017 for the market and once again, i think we have a good six months, seven months here ahead of us but net net in 2017 versus 2016, you pointed it out. Were not looking for anything other than really a flat market. 2,300 is 100 points up on the s p from here. Craig, i want to come back to that question of cash at 20 . Tell me whether youve been raising it. Im not sure whether you answered that directly. And what would cause you to put some of that cash to work and where would you expect to put it to work . We have been raising some additional cash. That would be the notion of patience, right . I think its all about entry and risk and reward from these levels. One of the points about global populism that is rarely made is that its about Better Outcomes not just for capital but also for labor, right . That was the point about the wage pressure which was just made. If you asked me where would i put new capital . I do like japan. Notion of stronger dollar and weaker yen can go forward and japan would be a big beneficiary of that relative to europe that would have lots of headline risk associated with it. Have to leave it there. Appreciate it. See you soon. Thanks, ty. Lets turn to cuba. Thousands of mourners paying their final respects to castro. Our Michelle Carusocabrera is live in havana. Michelle . Reporter although he hasnt really ruled the country for ten years, Fidel Castros presence loomed large over it and it was thought maybe once he was gone, his brother raul might be willing to do Economic Reforms besides the tiny ones done over the last couple years trying to provide more Economic Freedom here. It comes at a time of great uncertainty in the relationship between the United States and cuba. Trump wants to see a tougher deal with cuba than the one president obama struck here. What would that mean for u. S. Corporate interests . Not necessarily that much. Not that much has been done. You can count roughly 32 u. S. Corporations who are doing some kind of business with cuba or trying to do business with cuba. Roughly half of those are related to hospitality. Direct Airline Flights ones to havana starting this week. One cruise line. One Hotel Management contract that weve seen. Its still very limited relative to the size and possibilities that could have been done here. There are three small banks that have issued mastercard credit cards that will work here. If you have a mastercard, it doesnt work here. It has to be from either nat bank, a bank in puerto rico or a bank in florida, banco popular. One of the loose ngs when it comes to loosening orders was to make it easier for Companies Like google and cisco to sell equipment here. The cuban government hasnt necessarily wanted to buy that equipment. My reporting indicates that google offered to give the cubans almost free access to the internet to build a big network for them so there could be more Internet Access here. But the cuban government was worried that equipment would be used for spying so the only thing thats happened is a small free location for students to go and use free highspeed internet but not in a central part of havana. Its on the outskirts. And we tried it last week. They are now making espresso pods from coffee here. Its small. If president elect donald trump were to undo some of these things, there is a lot of effort made here but certainly not a lot of money that has been made here yet. And the issue is what happens now in terms of whether or not the cubans are going to be more willing to do things like Foreign Direct Investment and Equity Ownership and things that a communist government that believes the government should control everything isnt really in their nature. Thats a thing that happens to change here even if the embargo goes away. Back to you. All right. Michelle, thank you. Michelle carusocabrera, well check in with you later in the show reporting live from havana, cuba. Italian banks are showing sharp declines today amidst uncertainty concerning this sundays referendum which would raise concerns over recapitalization of the Banking System as a whole there. Bonds they are hold wing whethe they can recapitalize. Many banks are down as much as 80 this year weighing heavily on the european banking index. Tyler looked at the shares very much to the downside in trading today. Look at the price of banca popolare. How is this year stacking up and how can you profit from it . Lets get to Courtney Reagan live at one of amazons Fulfillment Centers. Reporter online sales on thanksgiving broke records. Black friday sales broke records. Consumers are not done yet. I have cybermonday details coming up live from amazon when power lunch returns. So that i can take my Trading Platform wherever i go. You know that thinkorswim seamlessly syncs across all your devices, right . Oh, so my custom studies will go with me . Anywhere you want to go the markets hot sync your platform on any device with thinkorswim. Only at Td Ameritrade ive got 9 days left before retirement. Weve been planning for this for a long time and well keep evolving things. So dont worry. Knowing you is how edward jones makes sense of investing. 122 million americans are expected to shop online today and one of those places will be amazon. We go to Courtney Reagan live at amazon in new jersey. 154 million americans shopped either in store, online or both. Thats 3 million more than what we saw in 2015. A good lead in into cybermonday and they believe today will be an historic day. Its young. Amazon says that black friday this year did top black friday in 2015 in terms of items ordered. They arent saying how cybermonday sales and traffic are trending so far. It does have its own pretty high bar to eat. Orders were up 40 from the prior year and prime day in july still stands as amazons best day ever. Now the Natural Retail Federation expects that 36 of americans will shop today. Up slightly from last year. Even though black friday online sales blew past the bullish expectations increasing 22 , adobe says that cybermonday sales are on track to hit record 3. 4 billion today logging 540 million by just 10 00 a. M. Now fanatics. Com which offers all of the official sports leagues and more than 200 top collegiate ecommerce sites says sales are up 20 over last years cybermonday and if this trend continues, it will be a record day for fanatics. When it comes to website performance, so far so good for major retailers. We havent heard about any outages but the day is still very young. Back to you, tyler. Let me ask you a couple questions. Maybe you can answer, maybe you cant. What seems to be flying by you on the con vaveyer belts the mo . One item you see a lot of or whats the strangest item that youve seen . This Fulfillment Center is more than 1 million square feet. There are 13 miles of conveyer belts. Ive seen a lot of variety in the products. Ive seen everything from books about the trump presidency, that book was written fast, to just basic sports balls and i saw dolls. Not any one specific retail doll and those amazon products. The amazon fire and echo. They are pushing those hard and offer good deals on those devices especially during these big event shopping days. Thanks very much. Courtney reagan in new jersey. Its been a big month for retail with s p retail up nearly 11 since the election. Childrens place, office depot, cheekos and staples leading the way and which retail stock should be on your naughty or nice list . Oliver, ill start with you. There was interesting stat that caught my attention and thats over onethird of shoppers bought 100 of items on sale. I thought they marked stuff down because you might full a full price item into your shopping cart as well. Promotions are a huge part of what shoppers care about. We see that with the rise of tjx and ross. When you think of black friday and cybermonday, promotions are important. A permanent part of what americans want. The key factor here is retailers planning for promotions and, b, really coming up with innovative ways to promote that dont damage the brand in the longterm. We expect this to continue to happen. Unfortunately weather has not been 100 cooperative so were seeing a lot of deeper promotions in the apparel universe. You really have to promote to get traffic. For instance, i was in the mall on black friday myself doing my own channel check so to speak. A store like gap for instance, 50 off all merchandise in store. Everything in the store was 50 off. Are margins that good that these retailers can say 50 or 30 off across the board and still do okay for this Holiday Shopping season . As we look across the universe, that 50 off is high. I would say above 40 is a big deal. I would also say when a store is offering the entire assortment at a percentage off, thats worrisome too. If you think about gap specifically, theyve been in the middle of a fashion change at gap, old navy and banana republic. As we look at apparel and think about fashion content there, its been tough. We like american eagle. I bought denim there this weekend. The jogger denim, functional denim, its all about leggings still and at leisure. That product is working. Theres very selective things working in the marketplace right now. Im all about the leggings. I want to get your thought on that if you would. Specifically about walmart. Walmart, yeah. They had a very good run this weekend. Target had a decent run. Walmart is doing a lot of business online. Pushing amazon and when they were talking about the markdowns in your question, hes exactly right. If you can sell everything 30 off you make full gross margin. Average 30, youre thrilled. If youre at 40 off, its not great but its acceptable. Its beyond that where it all goes to heck in a hand basket. When you look at Something Like walmart pushing the envelope trying to win online. Theyre trying to be competitive with amazon. I cant believe courtney went to the dark side and is over at amazons distribution center. Thats the people that is changing the world of retailing. This used to be the smallest retail day of the Holiday Shopping season before we had the internet. Nobody went shopping on the monday after black friday. Now its one of the biggest shopping days of the season and so is thanksgiving. What does that tell you . Thats all internet sales. All of the growth this year came on the internet. The internet is about 15 of the business. It was up 20 over this Holiday Weekend. Thats 3 growth and thats all we got. Retail the rest was flat. Thats going to be probably the good news because i suspect traffic this weekend, which was pretty flat in brick and mortgagoe mortar wont be down. It was down double digits already in november until we got to this point. And its probably going to be down mid to hi