hi, everybody. welcome to "power lunch. i'm kelly evans. we continue our coverage of this sell-off, the dow dropping about 800 points near the lows of the session, as the average case of covid has jumped about -- take a look at the laggards dow, boeing, disney, and tesla is under pressure we've been those -- but tyler, over to you first. >> thank you very much back in the kitchen today. the dow on track now for the

worst day in a couple weeks. the nasdaq snapping an eight-day winning streak if we close where we are today bob pisani now has more on the markets. bob? >> very tricky moment here, tyler, right near the 200-day moving average technology has the leader what's the problem there's a number of issues the coronavirus story is the most important it's not going well. we have infection just outbreaks, some threats from governor cuomo to close things down, tariff tensions are still out there. that moved the markets prior to the open valuations are still high.

energy stocks up and then down same with the banks here $12 to $16 honeywell, and then all way back down again. see how similar the stocks are, the inverted vs, and now they're breaking down a bit more mcdorchld's 180 to 200 there's that v we have to figure out a way back to you >> there's the dow now, the tristate area closing off borders from visitors out of state. with no plans there to halt reopening. meg tirrell has the latest

details for us meg? >> hi, kelly, this travel advisory goes into effect tonight at midnight. it applies to about nine states right now. new york governor cuomo laying out the criteria later today therefore, states with a rate of ten infections per 100,000 people on a seven-day rolling average or where there's 10% of the pop 4r5i8 north and south carolina, all qualifying for that in terms of enforcement. governor cuomo say every state will be doing it differently in new york the first violation is $2,000, second is $5,000 if harm is caused, he says the fine can be up to $10,000. how they will be policing this, he said maybe in hotels if somebody notices you're from out

of state, they'll notify somebody, or business meetings so kind of relying on the community to police this, though he did say police officers may notice cars with license plates from these states and may take action in that way as well as we are tampa, san antonio, orlando and austin, and the hospitalizations data also not good in many of those states, seeing fast rises and record highs, including in arizona and texas where the trends, guys, are particularly bad tyler and kelly? >> meg, i'm contemplating what all of that surveillance is going to look like at it plays out here i have a related question, sometimes we have seen in other states i can think of an example in texas where authorities would

called and check if the travelers was in the place where they could be. should we expect that kind of monitoring >> yeah, it doesn't sound like right now new york, at least, plans to do that we haven't heard specifically what new jersey and connecticut might do, but it sounded like this was more of a community policing initiative from new york right now one interesting thing they said is the arenas are in the federal domain they're going as far as they can go, but they could do anything in the airports in terms every enforcing any of these state rules. >> fascinating meg tirrell, thanks so much. ty thanks, kelly. it is the surge in the case cass that is weighing on the markets today. for more on what this means,

let's bring in eric marshall at hodges capital management, and jordan posener gentlemen, welcome very much eric, let me begin with you. you say among other things that you're looking for good, safe bargains what does that mean? i can find unique situations, where companies are actually doing relatively well and being overlooked we see a number of those right now in the market. i think small caps really have been out of the limelight. and they were economically sensitive, but we do think there are opportunities where you can find some good relative values.

>> small caps don't always lead in the first one or three months from the bottom, but looking out six months from when the economy bottoms out, small caps typically lead the broader market by 13% or more. so we do think eventually -- if the think the market is going to bottom out at some point in the next six months, this is the time to be looking at small-cap stocks. >> jordan, you also sort of subscribe to the idea you shouldn't chase the momentum plays right here that would lead you to a different sort of category of

stock. what would that look like? >> sure, would love to the market's been up 40% from the lows and even within that, we would use this opportunity not to take money on the sidelines and plow into the things that have already moved dramatically that have the most momentum, but instead focus on companies that have solid balance sheets, have good different yields, and sustainable business execution, because there's going to be volatility, and we're seeing that today so we would use a down day like today to pick your spots to find good opportunities to fill in while maintaining your overall asset allocation so, going back to the idea that stocks -- execution -- at higher dividend yields for that list

for us to talk about today are cvs, u.p.s., at&t and merck. they all pay dividends north of 3%, in some cases much north of 3%, modest valuations, and actually have a pretty good business dynamic, which has been uninterrupted by the covid recession that we are in the middle of. >> eric, let me get some picks from you from the smaller-cap space, and they include callaway golf, and home builders -- and kuehlic and sulfa, which i guess is a semiconnector maker explain the thesis here. >> we want companies with a good secular story. callaway golf, the rounds of golf is up one of the things we're deploying is outdoor plays

this is a summer of outdoor activities because of the virus. we think they stand to do very well over the next several quarters taylor morsing homes trades at less than one times book value i heard you talk about that on the program earlier today, which we would agree with her thesis on that. and then kulicke & soffa, we think they're in a cap ex spending cycle for the semiconductor industry we think that stock could potentially reach $40 in the next two to three years, as they reach their earnings power of about $4 a share >> that would be about a double from here. eric marshall, jordan posnor thank you. until now, the market has happy with the trajectory of the

economy, but a new outbreak calls that into dowubt. steve now has more >> it's an interesting comparison, when you look at the response to the great financial crisis and to what's happening now. so far it has seemed more than adequate if you look at the unemployment rate right now, it looks to have peaked we'll see if that's true just too much after the recession began. last time around, it took 22 months if it continues the way it is looking at the fed response, just four months after the recession began, the fed has pumped -- raised by at least 3 trillion all of this seemed adequate up to today real quickly, look at the financial outlays, 30% up the last two months compared to a

year ago it took them ten months into the recoveries in 2008 to get there. what were the lessons then in take a look real quickly at the stock market which trough -- 17 months later, covid-19 shut down, so far the trough was a drop a month after what were the lessons here it helps to understand the severity of the crisis bipartisan support really essential for aid. now, kelly, the question becomes, is the market satisfied with the plans for the treasury and the fed to spend and the outlook for the economy if we do indeed have another outbreak that's especially true with several key programs expiring, and the $600 unemployed benefit at the end of of july. >> it seems that the answer is that it depends. if this is the start of a deeper

slide, obviously policymakers know what tends to stop them >> you know, i think at some point, kelly, the market is going to start wondering what happens when ppp expires to those people who were brought back, do they go back on the unemployment lines what happened to consumer spending if we don't extend at least some portion, which you talked about yesterday of that $600 unemployment benefit if people don't go back to work we're kind of like in a limbo period, where i think officials have gotten a bit of leeway to not make those decisions i think those decisions may have to be made sooner rather than later. thank you, steve ty all right. kelly, coming up, the reopening rally taking a bit of a breather today, now 713 points, all 11 sectors of the s&p 500 are in the red. energy hand financials are the big dogs of the day, real estate as well.

tesla taking a hit after a new report put the cars' reliability in questionable. we'll tell you what it could mean for the stock -- what it's all right meant after it sgeurd to $1,000 a share. much more "power lunch" coming right up you turn 40 and everything goes. tell me about it. you know, it's made me think, i'm closer to my retirement days than i am my college days. hm. i'm thinking... will i have enough? should i change something? well, you're asking the right questions. i just want to know, am i gonna be okay? i know people who specialize in "am i going to be okay." i like that. you may need glasses though. yeah. guidance to help you stay on track, no matter what comes next. ♪

check out the airlines all of them getting hit as the coronavirus cases rise and the

road to recovery is looking longer and longer. >> the sell-off for the airline stocks was almost to the minute when you saw the news come out of new york city, for the self-quarter teen of 14 days if they true from nine states delta, american, united, they all have hubbs in the new york city area. jetblue has big exposure to the northeast. even the southwest has a lot of exposure to the tristate area. a lot of people will self-quarantine, you know what i'm just not going to make the trip that's why a load of people say that will hurt of demand that also comes out on a day when we have big news of the initial survey of quality from j.d. powers, we won't go over the brands that are listed, but

what is most noteworthy that j.d. power tess about tesla the brand. it says tess that has the worst initial quality in the industry, in terms of problems per 100 vehicles, as j.d. power calculates them. the biggest complaint, the fit and finish of tesla vehicles that raises the big question, as tesla has pushed manufacturing, pushed to build and sell more vehicles, does it take shortcuts? maybe not deliberately, but not as smart and as complete as it should be when it comes to the overall quality of its vehicles. that's what came out from j.d. power today, as you look at shares of tesla. keep in mind ntsa is opening an investigation into the touch screens of model s vehicles sold between 2013 and 2016.

whether or not that results in a recall remains to be seen, but certainly questions being raised about the quality of tesla vehicles today. >> phil, stay with us. talk about how the disappointing results can impact the carmaker. tim, welcome, what do you think is more problematic for tesla? is it j.d. power saying it has the worst initial quality or the potentially problems with the model s touch screens. >> the j.d. power issue is going to be a potentially big one going forward. tesla's brand is build on a virus marketing, on early adopters who are excited for this vehicle as you start to set mohr and more of these cars to everyday folks, if they're a first experience in the first 90 days is, whats 250 problems were is 00 cars, you're one of those people, you probably will not be so excited that could potentially by a problem for tesla, as it trying

to become a mass market maker. >> phil, can you elaborate a bit on these problems. by fit and finish, it seems like you didn't adjust your seat properly and you don't like the paint color. obviously we're talking about something different here what does it mean exactly? >> things like wind noise, gaps, maybe something on the inside is just not right the squeaks and rattles is the way they summarized it to me when i was talking to the folks at j.d. power. are these the types of problems that make someone go back and say i don't want this car at all? it's terrible, it broke down on the side of the road no, but if you're paying 50,000 for a vehicle, you want it to be perfect. every vehicle has problems out there, but the question becomes whether or not these issues are so great and so persistent that it ultimately tarnishes the tesla brand, which, by the way, it has one of the strongest

brands in the auto industry. >> that was the question i was going to ask i remember not that many years ago, i believes it was "consumer reports," a nearly perfect car so i ask two questions, what has happened there since then? is it simply a difference in methodology or ratings, approaches, so forth number two, does this necessarily translate into less robust sales which could affect the stock prime, when often we see brands like land rover, like jeep, that don't score well, but it doesn't seem to hurt their sales very much at very well people want jeeps, and they do seem to like tesla >> you're hitting on two important things, the model s is widely perceived as one of the best cars in generations, and

one of the things that's changed at the time that vehicle came out, people reported problems, but generally speaking, these were handmade vehicles, and as tesla has grown, growing from thousands of vehicles to hundreds of thousands, it just has way more volume it's not accustomed to dealing with those are the problems that "consumer reports" j.d. powers hag highlighted. you've all right kind of achieved in your life cycle, you know how to make a car and the paint is right that's where tesla still struggles, but what tesla has been able to do to get beyond that issue is its brand is just so powerful. those early adopters are in love with it, and they think it's the cool, hot thing. so that's been able to go beyond those issues that they had if it

breaks down or if it's not quite right. the challenge for tesla is that it wants to be a mainstream automaker. it wants to make electric cars ubiquitous everyday buyers may not be so willing to overlook flaws in a vehicle. >> it's also interesting, phil, we had this down grade about tesla this week. they're warning that investors worry about it too much that the price would imply 4 million unit sales by 2030, which is double what they think is feasible. i wonder it tesla double down on a technology company >> they consider themselves a technology company rarely do you see executives talking about their company as traditional automaker and auto executives talk about their companies. they talk about tesla in terms of where the technology is headed, the technology they're putting into the battery development, how long these

batteries can go, you know, where the future is taking the vehicle. whether it's autonomous or other features that's what tesla is trying to push as much as possible then you have adam jonas who says it's a tech company, but it's also an auto maker. >> i'm sure they don't mind being valued as that they have been a leader on that. thank you, guys. tim higgins and our own phil lebeau talking tesla today tyler? all right. folks, amazon is the only s&p 500 stock hitting is new high before selling off with the rest of the shares. the whole market is under pressure the dow is still down about 700 points on the button there paying in the payment stocks after hitting highs yesterday. square and paypal are falling after one top analyst says these names have gone too far too fast we'll have these details and

more, after this short break that's been through multiple market cycles for over 85 years? with capital group, i can. talk to your financial professional or consultant for investment risks and information. ♪ yeah

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welcome back to "power lunch. i'm seema mody paypal and square both getting hit hard today after rallying more than 70% so far this quarter. paybalance getting a downgrade to neutral on valuation concerns we have the team here. mark tepper, i'll start with you. buy, sell or fold? >> i would definitely prefer paypal over square we've been in and out of this thing for a while. right now we're out of it. they're both expensive, i would be waiting to pounce if and when

there's a pullback in paypal the issue i have with square is they have a lot of exposures to small mom-and-pop shops, the once that rely on foot traffic and the ones that have been devastated by this crisis. paypal is more on the e-commerce play, and i do believe the shift to e-commerce will sticky. it won't go away even when you're doing business in person, more and more people are preferring additional. square does have an advantage or paypal's venmo, but i would see it as a catalyst i think paypal would have to drop for the 140 level for us to deliver. >> what are some key levels to watch? >> so let's talk about paypal

versus square for a minute paypal has gotten extended so you go from 80 to over 16 on, you know structurally the stock seasonal that sound. he does start to pull back in the weeks ahead. i would be a buyer right down near 125, 130. square, on the other hand, i actually view as the more attractive of the two. the stock is really just breaking out into new high territory. so trierly it's a big better shaped, and technical not overbought i would be a buyer both on pullbacks, but -- that's one i look at. >> we'll leave it there. for more, "trading nation "has more up side, and follow us we'll get the closing traits on oil, and wee see how that

rippling through the energy stocks plus the main reason for the sell jive, the spiking number of covid cases. we'll be joined by d jeremy faust after this short break stock slices. for as little as $5, now anyone can own companies in the s&p 500, even if their shares cost more. at $5 a slice, you could own ten companies for $50 instead of paying thousands.

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welcome back they settled lawsuits. bayer says it will continue selling roundup products and will not add a cancer warning label to packaging

the justice department is suing regeron. in boston, the city council has banned the use of facial recognition technology oakland and cambridge massachusetts. a study out of m.i.t. found that programs had an error rate up to -- for plaque women. democratic senators counter criticized the measures as being an inadequate response now, despite this minority leader chuck schumer says a police reform bill is still possible before the end of the year, for more on the story, go to cnbc.com. rahel, thank you so much well to tell you about the markets right now.

there you see the s&p 500 off 73 points, about 2 1/3 percent. and the laggard of them all, as we pointed out earlier, on the down days, the russell seems to suffer the most. oil market closing for the day dom chu has the numbers. >> a lot of headlines driving the action the rising coronavirus cases is putting some dampening pressure on the market overall. we have seen a rise in u.s. crude inventories last week we saw a rise by about 1.4 million barrels to another record high, in terms of stockpiles the imf has cut the forecast, they think a decline of 4.9% as for the price action, which has what it's led to check out what's happens for brent crude futures, wti crude,

38 plus, and energy stocks, as represented by xle, off 5% as well and look at these stocks in particular they run the gamut in oil and gas. all of them, those names, some rae laggards in trading in oil and gas today. i'll send these back over to you. an update in california with a record number of cases popping up in that state meg tirrell has the news hi, meg. >> hey, tyler, this record number of new cases following a record reported a couple hours ago from florida california governor newsom saying california haz reported new cases, but they got a record number of new tests. the state's positivity rate is

now 5.1% at the average over the last two weeks if you compare that to florida florida's test-positive rate is 16% now. still, governor institutes many saying there is concern about the rising number of hospitalizations, up 29% over the last two weeks quote -- we cannot continue to do what we have done the last couple weeks, essential begging people to wear masks. >> meg tirrell with the latest stocks are plunging. just a short time ago, new york, new jersey and connecticut saying they're requiring visitors to quarantine for 14 days from entering from specific states doctor, it's good to have you what lessons do you think they have to learn. >> i think the lesson is that

you want to be data driven, not date driven. places opened because of a certain date, and people decided it was time to go, not because safe data showed us it was ready. places have been a better recovery are generally being flexible and saying, let's respond to what happens on the ground, let's not get ahead of ourselves and let's be disciplined. >> at the same time we now know with horrible certainty, just what the economic toll was, and for those areas that want to impose those kinds of areas on pain, are there more tactical measures we can use? there have been so many studies. not that anyone is going to do this, but if you published the names of people who are coronavirus you could help people react and socially contact better the are think things that we can do that are not shutdowns, that

would help control the spread? >> you're correct there's not a huge appetite for shutdowns right now. we have to look to other things. we can't just give up and say we're not going to do anything a lot of the things you mentioned are really, really positive a lot of things we're talking about doing, whether it's masks or reducing the capacity of some public accommodations, i like to say they help a little bit all the time no one thing is the silver bullet masks are great, they're not the only thing quarantine is important. contact tracing, which normally is an essential party of controlling something like this, it doesn't mean we shouldn't do all of this, because it helps a little just because something seven perfect doesn't mean it isn't good. >> dr. faust, let me talk about masks. i think most people in the medical establishment now believe and i think many in the public believe are perhaps the

single-most effective way to retarred the spread of this disease. four months ago, five months in february, when thing was starting, there was a more ambiguous feeling in the medical community about masks. i wonder why that was, and what did we learn at the time they were saying they don't really stop the spread of it, they don't protect you from the inbound viral particles, and was the fact that we didn't go to masking early a reflection of the idea we wanted to save those masks for people who were on the frontlines what was it? what have we learned that tells us now that you ought to wear a mask if you're going out in public >> there's a lot there first of all, i don't necessarily agree or know for a fact that the reason the messaging changed had necessarily to do with the capacity the amount of ppe we had.

that was certainly suggested by dr. fauci yesterday, and i'm sure that's true in some places. science moving with the facts. people say, how come the experts were wrong experts look at data and change their opinions whether the facts and data change. i think we have learned more than what we knew months ago we didn't even know the name of this virus in the january and now we have the genetic sequence we didn't know how it transmits. i personally believe it's a part of an overall strategy, and it could be that it's literally about the virus, stopping it from coming in and out, and it's a lot about messaging, i'm doing something, i'm reminding myself we're not in normal times. no study has effectively teased out how much it matters, but i think what we see is that all these things matter a lot. >> dr. faust, i'm curious what you think about schools and sports there was a recent french study that suggested young children

aren't necessarily spreading covid, though they can get it from their parents there's a lot at stake if schools don't open, and people are spreading the prospects of kids dealing with virtual learning, or some sort of dramatic change on that front. what confident would you feel about having school children together, and what about sports, where obviously you're in closer contact? >> sure, certainly sports will be very difficult. wrestling and football are highly aerosolizing things baseball might be better, it just depends school sports is an essential part of development for our children and what we do today, two months from now, will be things with -- we'll see the effects two months from now the emergency for schools is right this minute. we have to inoinvestigate, plan

and execute. because the threshold for shutting the whole thing down is low. so superintendents at the local level need to be planning for, using unused areas, outdoor spaces, parts of the country, even hotel conference rooms. i want to see innovation so the worst-case scenario does not come true that we essential have a lost year for americans, and effectively that will hurt so many people, but especially the poor. >> let met follow up with one question about professional athletics. i think the naval basketball association said they would do that season in a bubble. right now i've got to think it feels less smart, given the case

growth in florida, even central florida, and now disney employees are saying, hey, wait a minute, we don't want to reopen the resort. what do you think of the advisability of the nba doing this >> everyone wants it to reopen it seemed like a great idea six weeks ago, let's go, go, go, not doing that if you did it too soon, you would be in this moment i kind of feel like we failed the marshmallow experiment that's when you say to a 5-year-old here's a marshmallow, don't eat it, but we have five if you cannot just eat this one to for the next half hour. guess what we ate the marshmallow now people are saying let's open are now saying, i can't do this. my business isn't going to work, because it's too dangerous

we have to think ahead it's not too late to be deliberate and think ahead, but up to now we've been a bit too eager to think about the moment in front of the us and not the weeks and months ahead. >> thank you, dr. faust, for your clear answers we appreciate it today. >> thank you we're watching a big sell-off today on wall street. it's directly traceable to what's happening with the virus, on concerns of the spiking cases. it's now down 713. airlines are getting hit as govern owes are of new york, new jersey and connecticut say visitor from hot spot states will have to quarantine for two weeks. stay where you are, folks. cruise lines are down sharply. much more "power lunch" coming up can i find an investment firm with a truly long-term view that's been through multiple market cycles for over 85 years?

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and to the bond market we go rick santelli tracks the action for us at the cme. hi, rick >> good afternoon we had a five-year note auction today, the biggest one ever the yield, strayed up at 1:00 eastern we made new lows, tens are down three basis points at 68 what's interesting here is, over the last week, it could really trade above 74 basis points, but it hasn't -- closed below 70 pay attention this could have a bit of a breakdown tens minus twos, the year old

curve, we talked about bank stocks getting hit hard today. maybe these the reason why finally the dollar index when there's market turmoil, the dollar index finds some safe harbor trading sometimes back to you, kelly. facebook is down more than 3% as it faces backlash from advertisers. 3.5% also lower, but wlle' have the latest on facebook next on "power lunch." don't go anywhere. did you know occasional bloating, gas, and abdominal discomfort can all be caused by an imbalance of bacteria in your gut? taking align probiotic daily can help. align contains a quality probiotic strain developed by gastroenterologists. it adds more good bacteria to your gut. to naturally help soothe your digestive upsets 24/7. support your digestive health with align. the #1 doctor recommended probiotic.

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welcome back shares of facebook are down 3 1/2% after hitting an all-time high yesterday, the company facing an ad boycott saying facebook isn't doing enough to stop hate speech and racism. julia boorstin in los angeles with the latest. julia. >> reporter: kelly, getting on board to pause facebook ads in july to demand they stop hate for profit, ben & jerry's joining north face, rei, patagonia and upwork as anti-defamation league report 44% of americans say they experience online harassment more than three-quarter say some happens on facebook. ad conguam glat ipg michael roth, we are not calling for a boycott but facebook to address growing advertiser concerns. the chief marketing officer of procter & gamble saying today that that company does not want its ads near racist content.

>> we're working with media providers and platforms to take appropriate systemic action. where we determine our standards are not met, we will take action up to and including stopping spending >> facebook telling us, quote, we deeply respect any brand's decision and work on removing hate speech and providing critical voting information. our sources in the ad industry saying they are pressuring facebook to take down racism even if it doesn't have imminent harm, the rule they are abiding by currently. crossing the wires, apple closing seven stores in texas due to the spike in coronavirus there. this comes last week after they closed 11 stores apple shares are town just under 2% we'll continue to watch that as the whole market, tyler, moves toward session lows.

the dow is down 700 points. >> yes, indeed while that is a big decline today, widespread selloff on wall street as we look at the numbers, only a handful of s&p 500 stocks as you see there probably about 10, 15 of them in all are higher right now it's a good time to talk to the fund manager a rising star by morningstar. he'll join us next we'll watch or listen live on cnbc app wl rhtacweilbeig bk. you can't predict the future. but a resilient business can be ready for it. a digital foundation from vmware helps you redefine what's possible... now. from the hospital shifting to remote patient care in just 48 hours... to the university moving hundreds of apps quickly to the cloud...

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so thank you. (music) anncr: give customers access to precisely what they want, when they need it the most. with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. hi, folks. welcome back to "power lunch." stocks are continuing to sell off with just over an hour left in the trading day the dow is down about 706 points early this week morningstar announced winners of its 2020 awards for investing excellence. today we're joined by the winner of the rising talent award let's welcome in managing director and portfolio manager

mohit, thank you for joining us. glad to have you with us. >> thank you, tyler, i'm delighted to be here. >> yes we'll talk a little about equities your spectator is fixed income area across credit spectrum from high yield up to investment grade. i would guess that your view of what's going to happen in and across the credit spectrum depends in large measure on what you see happening in the american and global economies. so let's start there what do you see in the economy over the next year to two years? >> yeah. thank you. yeah, i think it's important to have a high degree of humility when doing any kind of economic forecasting in the current environment. there are multiple scenarios possible with respect to the outlook for the economy and those scenarios depend upon the path that the covid-19, the path to the vaccine development and fiscal and monetary policy response

in our most likely base case, we will expect gradual recovery to continue, albeit in an uneven fashion. however, it will be several quarters before the growth starts to approach the covid-19 level. it will be crucial to monitor how the pandemic evolves as different regions ease restrictions on the positive side, we have seen unprecedented monetary stimulus this allowed asset prices to recover significantly from the depths of march. from here on, we need to seek continued improvement in the economic fundamentals to support the v-shaped recovery in symptom prices we have seen. a reversal on that front could push the prices lower. >> so let me bear down on a couple of areas. it has to do with whether the economy is coming back as sort of a half a loaf economy i went out today to pick up a graduation present for my son at a nearby retail shop it happened to be an apple

store. apple stock has been doing tremendously well. it was curbside pickup and delivery and that's what was going on in the mall people were not going into the stores and shopping, so i've got to think as we practice social distancing and crowd control and all of the other allied things we are doing to retard the virus, we are also retarding economic growth. right or wrong >> yeah, no, i think it's fair i think, as i was mentioning, it will be a long time before we see growth back to the 2019 levels there will be changes in the economy moving forward you pointed to kind of the curbside pickup. you can kind of think about the same fashion with respect to travel, air travel, or leisure activities so there will be some longer lasting changes with respect to certain areas of the economy. >> mohit, thank you for your time today we're out of time, up against

the 3:00 hour. we appreciate your insights and congratulations on the recognition for morningstar. we're glad you're with us today. appreciate it. >> thank you very much. >> tyler, i hope you didn't spoil the surprise for your son. >> no. he's got it. he got a nice new -- he graduated from eighth grade and got a very nice little computer for it. >> congrats, tyler thanks for watching "power lunch. "closing bell" starts now. >> it certainly does welcome to "closing bell." i'm wilfred frost alongside sara eisen. we have a huge selloff as we enter the final hour of trade. the dow down over 700 points, all of the major averages down around 2.5%. let's take a look at what's driving selling action a surge in coronavirus cases in texas, arizona, particularly also in florida. now some governors are instituting mandatory quarantines for travelers who in from those states. imf cut