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tv   Power Lunch  CNBC  October 26, 2020 2:00pm-3:00pm EDT

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good afternoon, everyone we start with today's big selloff on wall street there you see it, down 817 points, not far off the session lows when the dow was down almost 900 points as the coronavirus cases hit a record level in the united states and europe meanwhile, stimulus, fiscal stimulus, remains at a standstill in d.c. with eight days now until the leelection we'll have more on all of that
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first let's go right to bob pisani for more on the market selloff today. >> we are off the lows but just barely 3366 was the low today, 3381 right now. let's not quibble about a few points the damage is pretty widespread, but the general theme is cyclical stocks and stocks most associated with reopening stories are having a tough time of it. energy, oil down about 3% at 1%, banks, which had a good time last week not starting off the week well, industrials, another cyclical group and defenses will sectors like utilities and staples all down sap dropped as much as 21% over in europe here they cut their revenue forecast for the full year they expect a fresh wave of lockdowns to hurt demand through the first half of 2021 first off, first half is
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alarming but just the idea that general airically t general ai generically, people are betting it's a broader more than stock specific so we have no stimulus right now of any term, near term, long term, any term we have a reopening story that's going rather story, particularly over in europe and now the sap comments are making people think, oh my heavens, the q4 and q1 and 2 earning situation is in danger the q4 earning had been better they had been down about 13.6% going into the quarter today only down 12.2%. that's an improvement and people were saying that's a pattern we like to see, markets are going to hold up but this, guys, may now be threatened by things like that
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sap announcement back to you. >> absolutely, bob thank you, bob pisani. markets are hitting a roadblock today, in part on concerns about a double-dip recession in the u.s. and globally. >> the recovery is not going to be smooth. it's going to have lots of bumps and there is a material risk in some countries of going back into recession, which, you know, last summer we thought that's it, we've gotten out of recession, we won't go back down again. >> steve liesman is looking at the bumps in the road back for us steve. >> welly, kelly, on the road have some highways repaired and a lot of potholes. take a look at some of our high frequency gauges we have a rebound in in-person schooling.
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that's a good number the high frequency working data that we get that we use to forecast job growth, 0.7%, that's okay. it may be equivalent to the 600,000 or better that we saw in the prior month. and the new covid cases spiking 69,000, that kind of trumps them all in a way let's go to the improvement in the in-person schooling. we're going to start with september. the light areas is virtual schooling, the more purple areas are hybrid and dark areas in person watch the south of texas and the south of florida how that's changed. you can see more in-person schooling, also through mississippi, also through alabama and tennessee when we go to the next map here and i don't know if we can do that perhaps we are, perhaps not. there we go, thank you very. can you see the darkening in those areas. that's more in-person schooling but it's probably capped from here moving on we'll take a look at
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the covid cases. a lot of the country is red, greater than 100,000 cases and a lot of it is orange as well. only a bit of it is yellow it's hard to stay right now what that means for the economy perhaps renewed lockdowns and renewed reluctance on the part of americans to go out and participate in in-person economic activities. what we know about the schooling is that the more of that that happens in person, the more people can go to work. 1.1 million more women are either unemployed or lef the workforce than men in a very unusual turn about for this recession. >> steve, italy said it going to send high school students become to virtual learning. the concern is just as we're making the strides you mentioned, are people going to start backtracking >> so the executives i talked to said once a cool makes that in-person decision, it kind of stays with some movement on the other side but very few now are
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going to go back in the middle of this semester to go back to in-person schooling that are now virtual. so it kind of frozen at that 36% through january and then we'll have to reassess and see if more in-person happens. the way the covid cases are going, you would think perhaps not. >> yeah, i know of at least one college that sent students back as well. thank you, as always, for the update, steve liesman. >> so rising virus case counts have created a fresh set of economic challenges for the u.s. today's broad market selloff, a warning sign for more to come. thank you both for coming. larry, let me start with you perhaps because of the sap
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warning today, perhaps because of what you've seen in the price action of tech, you say big tech's days are numbered, if not over, the party is over. why? >> that's right, tyler this market has a problem. you can see it in today's market action that problem isn't just rising ko covid cases, but it's also stimulus fatigue that's something we're seeing play out tyler, this is a big week for big tech earnings. big tech may be in big trouble not even blow-out earnings and blow-out gdp can say big tech. regulatory scrutiny is just around the corner. i'm in boston, this is elizabeth warren country, she's coming for big tech, bernie sanders, he's coming for big tech, ironically giving wave -- way to the next
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level of innovation. targeted stimulus may mean more innovation but don't count on the old leadership stocks to ride you into the recovery >> larry likes financials. you don't like financials. you like industrials and infrastructure plays, among others i'd like you to go into the financials -- the financials is a big neighborhood you've got banks, you've got the big money management companies and more tell me why you're so in favor of industrials and infrastructure plays ahead of, say, financials and small caps >> well, i think the point just made that we could see some rotation out of large cap tech is one that i'd agree with it's a question a little bit of where is that money going to go? if we have an environment next year where there is more fiscal spending and there is more regulatory scrutiny, we would argue that is going to be more help for the industrials and that the financials we can look
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to europe as play book as to what happens to banks in an environment of bank slower for longer bank valuations are coralrelate. >> let's just spin the clock forward for eight days and for the purposes of argument assume that the election result is not known on november 3rd, not known on november 4th and leads to a period of uncertainty. greg, you go first is this going to be water torture for the markets if it goes on and on and gets litigated? >> absolutely. i think that the worst possible outcome for the markets is uncertainty. from a risk perspective and we've seen this priced in the options market, it's uncertainty that the market is most concerned about. you know, the market has been priced in this elevated period
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of volatility that's gone far beyond the actual event date itself and weakness is a reflection of concerns people have, looking to try and hedge the uncertain outcome, the risk of constitutional crisis we think it only a tail risk but one that is difficult to ignore. >> tyler, i'll take it one step further. >> go ahead. >> if we don't know the winner of the election on the lection every day is going to feel like an eternity and we're going to see a market rotation into the defensive names, the dividend paying stocks described on the cover of "the wall street journal" today that markets have walked away from investors will rotate back into the safety of those names, the predictability of those names, the comfort and the yield. those will be the beneficiaries. however, if you do have a decisive victory and we can move forward, immediately the tables turn toward stimulus, infrastructure, tax policy, some really significant issues, which will also bring a sigh of relief ironically to the market because we can move forward with policy.
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this is a very interesting time. just ahead of halloween, high ironic that it is a witch's brew of volatility, the same spike bringing you a 17% spike in the volatility index today could bring the best investment opportunities in the last six months for investors as we have the highest volatility in the last six months over the few days ahead >> all eyes of relief are welcome. we've really enjoyed your time today. coming up, we'll have more on the sectors. take a look at the travel stocks they, too, are under pressure, if we can show those from delta to jet blue it the cruise lines to expedia as covid cases are on the rise we'll have more on all the big market mover right after this.
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let's pause and take a look at the market, down earlier today more than 3%, now down 2 if at any time2.75%. a lot of real carnage in the market today carnage is probably too strong a word we've gotten a little used to
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these 900-point drops, haven't we there you see the travel stocks all off, 4% for expedia and more for some others. meantime coronavirus cases are spiking across the country and the world, especially in europe. the u.s. setting a new record on friday with more than 80,000 fresh cases. take a look at the states seeing the biggest spiegkes. wisconsin, almost doubled, in vermont 97% increase and 74% in rhode island as the weather gets colder we're not going to meg, we're going to dr. jeremy faust, emergency physician at brigham and women's hospital in boston and instructor at harvard medical school dr. faust, i'm delighted to have you with us today. kelly and i have questions for you. let's talk about this rise in cases. is it a real rise in cases or is
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it, as the president said on "60 minutes" as the president said last night, a rise in testing? >> the thing that gives us those answers is hospitalizations and mortality. we are seeing a spike in hospitalizations and rises in mortality in various places and the country. so it's unfortunate that he's wrong, that this is real and that we're going into november now with pretty much the night sna -- nightmare scenario, which is rising cases and nothing to stem that tied. >> we have those comments from anthony fauci if we're weeks only from a vaccines are then shutting down certain industries could be a stopgap -- i think, i'm sorry, this is your opinion, then we should do shutdowns to bridge to that vaccine but we were just talking about an expert last hour who is not
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so sure. if it's not weeks or if it's months until it's wide lie available, can we really afford shutdowns between now and then >> it's a great question and i think it really depends on how fast things come online. and there's further delays you have a vaccine and you have to have it scaled and rolled out. i take this point very seriously that you can't just wave a magic wand with a vaccine and it all goes away. the one thing that we need to do is be very targeted in what we do we shut down in the spring and did things that necessary and we did things that were not necessary and we didn't know at the time because we were learning about this virus. i don't think it ever made any sense to shut down parks i don't think it makes sense to tell people that there's five people on a track, you have to wear a mask. those things make people let likely to adhere to policy and shrug them off at nonsense
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you need to increase indoor gatherings where there aren't masks. if you can say we're going to try decreasing by this number, and if we don't get to x cases, we'll go further set out a plan and saying this is what we're doing and if you do it and it works, we'll all be better off the worst case scenario is we're in a lockdown. we don't want that but if that's where we're at, at some point you have to think about it >> but, as you said, so let's talk about what your version of a, quote unquote, lockdown would look like if you're saying there are some gatherings that should be discouraged or avoided or whatever, i'm curious what your version of a lockdown would look like and where you think it would be justified the justification in the spring was to preserve the heck and hospital system to make sure it wasn't overrun there's parts of the country that high case count but don't necessarily have a high
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hospitalization or death counts and there are other parts where there are problems with hospital capaci capacity >> correct i think it's a really important point you bring up, to actually point out there is a difference between how the lockdown fwas marketed in march, april and may and what we're thinking about today. back then we knew very little and knew very little by hospital capacity and we succeeded in making sure people didn't die because of lack of a hospital bed or ventilator. now you have that issue in hot spots. you also simultaneously have the possibility which i don't think was seriously on the table in march and april that a vaccine or therapeutics are coming online soon enough that every day that you have a lower spread translates down the road a couple weeks or months to lives. so if we didn't have those things coming, i would say it's unfortunate you have to live with it and try to flatten a curve. when you actually believe
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therapeutic and vaccines will save lives, you stop things. in certain hot zones it makes no sense to me we're prioritizing things the way we are we have schools closing down but bars are open that makes no sense. the reason we're doing that, quite frankly, is politics you don't want your policy to be driven by essentially who has the stronger union you want it to be driven by the safety program 'tarameters. when schools are closed and bars are open, you're doing it wrong. you want to look at the prevalence and what your reproduction is, how contagious things are, what's the mask uptake, all of those things can cause a public health team to prescribe something. i'd like to see a more nuanced approach now that we know more and have more data >> i was with a pulmonologist
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over the weekend who spent 30 years in the icus and was on the front line when is we went through the teeth of this epidemic in new york and i asked him are we getting better at treating this disease and he sort of shook his head and said, well, maybe a little bit but really why, really why mortality has come down is that more young people are getting it and they survive at a much higher rate than old people. i'd like your comment on that. >> well, he's right. the fact that young people order of magnitude is more likely to survive is why you see a high case count but lower mortality we is learned, unfortunately, that young people are dying from this in a serious way. what's really important to recognize is in the spring, people who are 65, 75, 85 saw what happened and their death counts and case counts came down a lot more but over the summer young and slightly middle age americans, their case counts kept rising and rising because we were saying it's okay for you. in comparison it's true.
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but we're seeing now if you left this thing roam free enough, that it rifvals the opiate epidemic in those areas. yes, it's much worse for the old people but it not a nonissue for the young. >> he also points out that the old are people to the extent case counts have come down, they are scared and they are really paying attention to the need to socially distance, wear masks and stay home. dr. jeremy faust, thank you as always good to see you, sir >> thank you >> still ahead, as we move on with "power lunch," the stocks are really off the session the dow on track for its worst day of september 8th it been than june 11th and shares of caterpillar at all time highs as it gets set to
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. welcome back the casino and gaming stocks are under big time pressure today. let's get to contessa brewer for more >> they're really taking it on the chin today, slammed on covid fears, the rising infection rates raise the risk of being closed back down again or just discouraging players from coming back into casinos and gambling if these coronavirus worries really are top of mind for those companies betting on sports cam bling, the threat of disrupting pro sports would be a hit to the bottom line i'm looking at the laggards. looks like mgm and caesars down almost 6%, draftkings down 5% and wynn down 5%
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>> we'll watch them and the rest of the market just a little bit off session lows, contessa let's get to seema mody for "trading nation. after staging a nice rebound over the past month on the promise of an infrastructure bilk passed if joe biden wins the election and an improvement in china data over the past week key earnings reports out two heavy weights, 3m and caterpillar ot tomorrow. let's bring in the team. michael, are you supportive of the thesis if biden wins the white house, he'll prioritize spending and, if so, which company do you think will benefit? >> i think the irony is we're in one of the most contentious elections in u.s. history. if there's one thing that both candidates agree on, it's the infrastructure spend the u.s. is far behind other
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developed countries with this. take penn station for example here in new york it will also help fundamentals in the country to help the markets grow you'll see small and mid-size businesses gain in the construction industry and from a large scale standpoint, we think there's going to be a flight to safety and companies like caterpillar will be beneficiaries of this. they have done a massive and aggressive stock buyback and they're also, you know, you're sitting in a company that the difficult de dividend yields 2.5% in this environment to have a staple like caterpillar with that difficult lend yield and being a beneficiary of economic growth and infrastructure spend, i think they're going to come out on top, especially if both candidates actually do spend on infrastructure >> this of course as the infrastructure bill hasn't been able to pass under president donald trump ari, you are watching the
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transsports as tran transports as an indicator of what to expect what do you have see >> starting for industrials broadly, there have been a big part of this new leadership in the market since the march bear market low, where if you were to screen for stocks that were the poorest performers through the bear market in the march bottom and have subsequently become leadership, you see a lot of industrial stocks on there less so the brand name industrial stocks, more like the mid caps i would steer you to caterpillar over 3m. i think even the dow transports, a lot of similarities to 2003, 2013, 2016 i think it bodes favorably for the market truckers we like old dominion, they report consolidating between its september high and get the break
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out to the up side >> for more "trading nation" follow us on our web site. kelly. >> seema, thank you so much. ahead on "power lunch," we'll continue to monitor the selloff. and big tech faces growing regulatory risks we're back in a couple and now a word from our spons sponsor. one day we'll look back
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well commonwealcome back, ey for the first time in 11 years, detroit public schools are free of state financial overtight in 2009, state appointed
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emergency managers were installed to end budget deficits and improve an education system where students routinely scored at or near the bottom on sa standardized tests in britain, new coronavirus cases are back above 7 thu,000 d cases continue to rise this as western england join the highest level of covid-19 health restrictions >> here at home, the grave of women's suffrage leader susan b. anthony is covered with "i voted" speakers. a plastic cover has been put over the headstone to prevent damage you are up to date that's the enough update this hour ty, back to you. thank you very much, sue and stocks are off the lows of the day but still the dow is down 700 points. the s&p and nasdaq as you see
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there, nasdaq off about 2% or 226 points and the s&p more than 2% the dow is the big laggard, off 2.5% the oil market is closing for the day. let visit with leslie picker at the commodities desk >> all of that risk is also here in the oil markets you can see wti down about 3.3% to 3854. ice brent down 3.2% to 40.44, the bright spot, natural gatts p 1.9% it's the result of spike in coronavirus cases. in libya, the country reopened one of its major oil fields, which could boost production in the region, something opec plus has been trying to constrain so tail winds or both the demand and supply side of the oil
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equation and worth noting that energy companies are facing a selloff from these moves as well with the sector now the biggest laggard today. guys >> leslie, thank you leslie picker we're just about a week away from election day. our own brian sullivan is spending the week on a road trip to the counties that are going to decide the winner of the elections. speaking at energy, brian is in eerie, pennsylvania where that industry is super important. >> reporter: energy is one of the biggest industries to pennsylvania, which may be one of the, if not the, most important states trump in rallies today, three in pennsylvania, trying to kick the door wide open on that comment, hitting biden on energy and the economy. listen, pennsylvania is the number two natural gas producer in the united states it is the third net exporter of
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natural gas. you've got, for example, shell building a $6 billion petro facility outside of pittsburgh we just heard sue did the coronavirus case numbers but survey after survey here shows pennsylvanians care more about the economy than they do, perhaps, about co individuvid. 38 buck and change in oil is not going to cut it. i heard leslie talk about natural gas prices many pennsylvanians will watch that price as muff as they watch the score of an eagles game. certainly it is a major factor there. 38.5 oil is not going to cut it. the market may be predicting a biden win. look at things like the clean energy stocks, the tan etf yes, every stock is pretty much down but that solar stock etf has soared in the last six
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months some in the market saying the biden agenda stocks have outperformed because maybe the market is predicting that. we'll find out in eight days here, seven and a half, even though 25% of pennsylvanians have already cast in a mail-in ballot first time they've ever had that, by the way >> we know energy is a huge factor, the industry and how it faring what about china, which has been the other major issue of president donald trump and one that he and biden often spar over in terms of policies and in terms of the impact that china's ascendence has had on manufacturing in pennsylvania. >> yeah, a lot people will blame cheap imported steel for hurting industries it not just about eerie county the counties around philadelphia are also very important. in fact, trump's in one of them today, a couple of hours ago we spoke with the ceo and owner of american keg. they make kegs in america.
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i said if you could do a message to either trump o are biden or both or congress politically down the middle, what would your message or question be to them and he mentioned china listen >> whoever moves into the presidency going forward needs to keep the foot on the gas pedal as it relates to china china is a real issue for businesses like ours, like our business as well as other ones chinese government subsidizes steel, they subsidize other products and when those products come here to the u.s., that is very difficult for us to stay in business >> romney lost eerie county by 17% to obama in 2012, trump won it by only 2% converting a lot of blue collar union guys over to his parties though the union advocated for a democratic presidency, we'll see
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with consistent job losses if that america first pro-manufacturing message stands biden is trying to hit them on that as well biden was born and raised in pennsylvania it's hard to see a path to the white house without the keystone state coming along for the ride. that's why we're here. >> yup >> where to next, real quickly >> i can't tell you because it's called a tease but i can tell you this much. tomorrow's a driving day wednesday we'll be live in maybe the most important county in the most important state in the country. how's that for a tease >> that is an excellent one. brian, thank you as always brian sullivan tracking some of the most important counties for the election next tuesday. we'll see you to and ty >> thank goodness he likes to drive, i know that we got eight days to go till the election and wealthy investors are betting on biden, it seems
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at least that's according to a tiger 21, a group of investors with a total of $85 billion in investable assets. let's bring in michael, the founder of tiger 21. what are you telling them? >> the markets have been concerned all year long. they've raised cash and lowered exposure to the markets. they're probably taking today in stride but obviously they're looking closely at the markets. >> so they have raised cash to those high levels because i assume they're worried about short-term risk. are they also worried that eventually the air is going to come out of the balloon. the fed has pumped a lot of levitating helium into the
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market >> our members have one foot on the brake increasing cash but looking over the horizon to where the long-term stories have a real runway and looking at artificial intelligence. you were just talking about the climate. it's not just long on all of the solar stocks and etfs like tan and lit, up over 100% this year for tan over 50%, for lit that's a battery etf. they've been short -- a number of members have been short on the fossil fuels so you get a double whammy there. on artificial intelligence, that's got a long runway and you got seven great stocks, three chinese, ali baba, ten cent, here in the united states amazon, alphabet, facebook and microsoft. so our members already this year are up over 10%, even with these
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high cash holdings the nasdaq is up like 30% even after today. er that more interested in total return than just a rate of return >> that stock lit is so, so lit. >> let's go to bitcoin and gold. what are they doing there? >> so, look, bitcoin has had a run. i think this morning it was at 13,000 it must be up three, four times for the year or more historically gold was an instability hedge. i know that our members have increased gold holdings by about 100% this year, but it still small numbers. some of that is because of the rise in price and some is because new allocations. but it's still about a 2% allocation bitcoin a little less than that. but both are refuges for people concerned about all the money
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that's been pumped in the system and whether the dollar will remain as strong as it has michael, thank you so good for being with us. always good to see you we thank you kelly! >> we are continuing to watch a huge selloff on wall street, the dow down more than 750 points, we were down 900 plus at the lows there's only a handful of companies even in the green, mostly utilities you can see the big board -- not the big board, the big big board. there's a lot of red on that screen we'll be back with a full rundown of the day's biggest mover right after this
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welcome back to "power lunch. it is a selloff kind of day on wall street. the dow is down with 793 points. let's look at the stocks and groups making big moves. anything travel related is getting crushed as coronavirus case counts surge here in the united states and around the world. big lose for the cruise lines. american airlines, american,
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united, delta are all sharply lower, 5, 6, 7%. and let's look at hotel chains, marriott, hyatt, hilton. well, you know what's happening there. down 6, 5 and 4% restaurants, nanother vulnerability sector the sitdown sector in particular bloomin, brinker and chile's down by multi-being percentage points zoom video is here, so is etsy, up 211% year to day, kelly and there's zoom up 600% year to day. wow. >> yeah. never a great sign when zoom is the one stock jumping in the stay-at-home trade today >> let's get to the bombed whnd
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where yields had been rising you to today >> it wasn't good when we saw home sales down 3.5% we've given up a handful of basis points in the 10s and 30s, which puts us back to where we were around the 20th of october. open the chart to early march. this is important. you see that high there in march? that was 119 in june it was 90 basis points on the 22nd, this past thursday, it was an 86 basis point close if we close below 80s, technicians will say that's another top and we're moving a bit lower if you want to look at the stock markets, look at the dax, a four-month closing low basically mid june if you look at the s&ps, they're at a three-week low, the 6th october and take it out of the mid june, you can see how much better off we are with respect to how much support is below the
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market kelly, back to you >> thank you, rick rick santelli. big tech selling off along with everything else today ahead of some key earnings reports due out this week. one analyst sees big opportunity in these big mega caps when a t everyone else is warning about the risks. we'll tell you which names and why next on "power lunch." (upbeat music)
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welcome back the big tech names are set to report later this week, with growing uncertainty around the pandemic, around regulation, there is election, what should investors expect from they results? keybank out with a note raising its price target on facebook as well as the others saying the ad market is remaining strong justin patterson joins god to have you. it is interesting to look at the snap chat report which triggered a rouge run-up your take away was to spin that around and say it also shows that for the likes of facebook it should be a really strong
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quarter, right >> exactly one of the key things we have seen really around covid is that advertising is the second derivative to e-commerce growth. after having a low during the q 2 period companies needed new ways to engage with consumers. you have seen the dollars flowing from offline channels to on linible chas, facebook, pinterest, snap, all beneficiaries from that trend. >> what are you expecting from their earnings this week to the extent it tells us anything what does s.a.p.'s huge miss and the retax tell you about what is going on in the world of software today? >> i will take those hand in hand first on expectation this is week i would generally beats across the board to the top line slight upside for facebook, alphabet, twitter, and pinterest. went to s.a.p., i don't cover
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software i would defer the my colleagues on that. >> right. >> but that seems to be more of a software specific issue, more enterprise sales cycles elongating whereas for these companies themselves they are tied to advertising spend. as long as retailers are trying to reach consumers ahead of the holiday season that should be a fairly good backdrop into q 3 and q 4. >> obviously there is big difference between talking about capital investments and equipment over severalier's time and maybe marketing budgets for instance we know that facebook does a huge business with small business that was one of the concerns earlier this year, these would be the players hurt most by the pandemic what do you make of their fate right now and the relative positioning of facebook and google compared with some of the others >> it's a great question and both companies, google, and facebook, have done a lot to
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help small businesses during this time frame. just last week you saw what's app include new functionality to help small businesses around the world go on line, reach consumers through in-chat messaging and shopping so the pace of innovation is alive and well with both companies. that's alleviating some of the concerns that you have seen from small business pressure. more of these companies now have to reach consumers on line and google and facebook are both great ways to do that. >> google and facebook are your top picks along with pinterest where you are overweight justin, thank you for joining us we look forward to hearing what the companies have to say later on. >> thank you. >> justin patterson of keybank tyler? >> thank you kelly coming up, much more on today's selloff. the dow down more than 700 points right now the nasdaq and s&p 500 both down better than 2% as you see there.
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we will be right back and wrap it up and hand it off to the "closing bell. when i was in high school, this was the theater i came to quite often. ♪ the support we've had over the last few months has been amazing. i have a soft spot for local places. it's not just a work environment. everyone here is family. gonna go ahead and support him, get my hair cut, leave a big tip. if we focus on our local communities, we can find a way to get through this together. thank you. ♪ if you are ready to open your heart and your home, check us out. get out and about and support our local community. we thought for sure that we were done. and this town said: not today. ♪
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welcome back, everybody. well, following on the performance over in europe earlier today, american stocks have been riding lower the dow by 2.6%. the nasdaq and s&p by about 2% what's the biggest loser today energy, on two things, one is a possible slowing of the which he if people go back to
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stay-at-home living and don't go out and drive and do as many economic activities. also, of course concern about what a biden presidency might mean, kelly, for the energy sector. >> i think you are right to highlight both of those concerns, ty covid and the approaching election we will keep an eye on the dow, down 752 points. that does it to have "power lunch. thank you everybody for tuning in today "closing bell" begins right now. >>well to the "closing bell," everyone, i'm wilfred frost along with sarah huckabee sanders, stocks are sharply lower on this first trading day of the week. theior anks steadily losing steam. a fractional bounce in the last hour or so the dow though down around 750 points as we head into the final hour of trade. let's lock at what is driving the action concerns about the coronavirus are weighing on sentiment. the u.s. reporting nearly 70,000 daily new cases over the past seven days


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