♪ ♪ [ engines revving ] ♪ ♪ it's amazing to see them in the wild like th-- shhh. for those who were born to ride, there's progressive. welcome to "power lunch. i'm melissa lee. we start off, where else

microsoft both helps to lead higher the vaccine for 1.5 billion, a top analyst will tell us what it could mean for that stock. "power lunch" starts right now bob pit sannist is watching them tlim toward new reports they're trannen bond yeels, a very, very heavy week of auctions bob, let's start with you. we're not doing it in the way we thought, we've been having this rotation go on, not really

happen today it's largely tech. remember on you banks, energy, stocks, industrials have been leading recently health carele lagged a bit russell 2000 is not doing much here, either qualcomm and broadcom with new highs. apple is not far from a new high it's not just tech, there are some consumer names consistently holding up kimberly-clark, for example, colgate, target, lowe's, but don't kid yourself this is still tech driven. all of the big regional banks are down 2%, 3% or 4%.

we did it yesterday we are not far from that, folks the intraday high, just 3393 >> we'll see what the final hour does to the market today rick is tracking the action for us rick >> yes, bill, as you look as an intraday chart inflates was pretty hot, and we made our yield highs right on the data at 8:30 eastern it has slipped ever since. those that stepped up for the record size 38 billion action, they're looking pretty good, at least at the moment.

that could have been the as they hovered around 44 basis points the difference between our yields and their yields is starting to grow a bit remember, it's supposed to go up, but that isn't necessarily the case sometimes trading logistics and position trump what's going on with fundamental economics maybe look for more slippage in some of those gold and silver charts melissa lee, back to you. >> thank you, rick santelli. will you keep buying tech or will there be a reckoning? lori and kirk, thank you for being here good to see you both kirk, i'll start with you. in the past couple days, we had a taste of what a rotation could feel like, look like, do you not

buy the notion we're due for this sort of rotation out of the higher-flying stocks, into the more cyclical stocks >> it's hard to argue that the megacap stocks are not overvalue ed but it's interesting a number of clients are asking you to continue to own growth but in terms of individual investors, like the qqq, which are up 20% off the table, and cut back a bit, i think that makes some sense. >> what is the biggest risk, kirk, in the eyes of the institutional investors? better vaccine news, i would presume, would really put some fuel under the fire of the rotation that could happen. >> well, no question about it. i think the biggest risk is what i call a moderna winner, meaning we've been through the virus in good weather where you can dine

outside, exercise outside. my big concern institutional investors as well is in the fall and the winter hopefully there's a vaccine that's widely distributed and works, but that's the big risk to the market. >> lori, you're a bit more cautious you see risks around the election you know, just to touch on what kirk had said, technology, why do you think that technology is overvalued at this point when interest rates are so low? >> look, we see it on the p.e. multiples. or institutions when we back up and look at the broader mark, we see massive concerns for the market as a whole.

we are start -- basically we are ripe for news, and it's one of those possibilities. we are frankly worried that the expectations are way too high. the valuation is at the core of it. >> a biden win in and of itself is that a risk total market? i think it's more of the blue -- if you look at analysts they're expecting the senate to flip if you look at the state-by-state data or betting market data, we're starting to see the battleground states really go infavor of both biden, and then you're starting

to see some concerns about the senate flipping and the mainstream political commentary that's out there we don't think investors are prepared, but there sure are a lot of concerns about what biden wants to do and some things that could rattle investors if the senate flip, those things could become a reality >> kirk, how do you view it? >> the thing that i'm curious about, will a biden administration be more favorable in terms of china and world trade and less tariffs, which i think could be good for the economy, so i think it's mixed i think the key is the senate. the senate is going to control, you know, taxes, tax policy, and a lot of those things, so i think it will be interesting to

watch. >> all right thank you very much for your thoughts speaking of the election, wall street executives, a handful, at least, have been cheering joe biden's pick of m kamala harris. brian, good to see you >> good to see you >> you canvassed a handful of wall street executives after he announced kamala harris as his running mate what did you find? >> we found out they were very happy to see her get the nod we know people at -- global, an advisory form. as soon as she was announced, they sent out a memo to their clients that there really should not be any wore going forward about joe biden or his potential administration going too far to the left that sentiment was resonating from the people we spoke to who

work at hedge funds, private equity firms, lawyers who are on the corporate side, and some bankers, who also see this pick as something that were basically proves that biden will not shift too far to the left in what they see as progressive policies, and she's going to be key to raise ago lot of money for joe biden as we get to the final stretch with just under 90 days. >> we talked about this last hour let's face it if biden wins, he's going to inherit a huge budget deficit, much larger debt because of the money that's being spent on covid one way that you fix that is by raising taxes. even biden has been talking about that at some point you know, he may be a centrist, a moderate and stay there with kamala harris, but he'll have to do something fiscally, and wall street can't be happy about that

i don't think they're thrilled that taxes will go up. you know, i think even those who would consider themselves, i think this also come down to right now at the immediate time, they just don't really want to see trump in the white house anymore. they have done well with their business model, you know, again people in the financial sector, as you know, have done well with donald trump they don't see this in the wake of covid that trump really is the right leader to bring there

is talk on wall street about this idea that their taxes in all like ly to see donald trump no longer be president >> as melissa just said, the trade maybe be a wild card, that might be more favorable to some companies here in the united states elizabeth warren is not vp, but there's a lot of talk that she could be chosen as treasury secretary. could chef some sort of role in the white house how about markets respond to that is another big question mark as we move toward november. >> 83 days until november 3rd.

a lot of time left brian schwartz, thanks see you later. coming up, the race for coronavirus veeck vaccine is on as the u.s. has now spent $9 billion on potential treatments and research a top analyst will tell us which company he thinking will come out on top some of the caribbean islands are in dire financial straits, but 14 have now opened their doors to the u.s the prime minister of st. lucia will be here to explain how he is jgluging the travel rink and reward much more "power lunch" after this break i am totally blind. and non-24 can make me show up too early... or too late. or make me feel like i'm not really "there." talk to your doctor, and call 844-234-2424.

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you may have heard the government has reached a deal with moderna to buy 100 million doses of the vaccine whenever it's developed that stock popped on the news initially, but then lost most of those gains. meg has more >> that agreement, about 1.5 billion, that implies a so this whole story is about expectations if compare that price per dose, it's pretty well in line.

, but, of course, hasn't taken any new develop. moderna has gotten an almost additional $1 billion beyond this contract. importantly last week they set sort of expectations of the price of this vaccine, saying it would instrument small volume deals. of course, $15 is a lot less than that. and putting out a note today, saying there's negative implications here. we should note, though, that moderna stock is up year to date so it's already had a huge run on these prospects the mel?

>> and they were expecting -- so a dispoint on the price per dose a raid for covid has a lot of competition. from an investor's standpoint, which is the best chance for succeed? with us is michael yee always great to speak with you which candidates look most promising? >> well, we're putting our bets behind moderna as one in the near term, we're telling people october or november, you will hear about it being positive we do think the pfizer at the data will be positive as early as september we could see that announcement if that happens all i think all these stocks pop to be clear, the novavax data had strong data, potentially best in class, a few months delayed. >> was there disappointment

whether it comes to the pricing or the implied pricing of the moderna pricing? >> i think we look at it in two ways one is that whether it's $15 a dose or if you include all of the funding that's been going on the last few months, they got a billion just before this it's $25 a dose, so it depends on how you calculate that out. i think all of that is generally in line with where people are thinking whether it's a couple dollars or not. i think in the bigger picture, there is important point, one, of course there's a lot of other countries still out there for all these companies to go after. moderna did have $400 million in orders from other countries already in july. importantly we should ask ourselves, will we have this disease with us each year, and do people want a vaccine each year and have protection if that's the case, is this more than just a one-time stockpile

order. >> so it sounds like you have questions as to how long this idea of a vaccine will keep contributing to moderna or any of the these companies' bottom lines. are we even clear at $let's just say even on small batches, is moderna actually going to make money? if you just look at what they're being paid for per dose on the vaccine side >> yeah. i think that in the idea of are they going to make a lot of money, the cost of goods for the actual vial, the glass, the actual product, is fairly small. there is modest profit here, and that's both with what pfizer has said, right there at $20 a dose. they say they are making some profit, and moderna as well make some profit. i think the bigger picture beyond the profits and the $30 billion market cap, is really

about whether both for pfizer and beyondtech and moderna, are there other vaccines, other programs, other pipelines beyond it that we'll hear about if 100 million people took your drug -- >> uh-oh. >> i think we're having -- >> and i had a burning question. are we going to get him back there are so many companies that are developing vaccines right now. let's siem all of them come to market how do we side which vaccine -- how is that competition going to work >> how it's going to be distributed, i think, is a big question obviously there won't be enough vaccine produced to inoculate the entire population. but from an investor standpoint

will this be money made year after year >> and very key is the international play as well our thank to michael yee of. the gold run taking a breather a top technician seems something in the charts that spells even more pain ahead. plus uber says the ridesharing giant may have to temporarily shut down business in california as it fights that state's bolauilar wst. we've got those details and much more "power lunch" after this quick break.

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welcome back to "power lunch. pretty touch week for the precious metals, as they reverse course gold slightly recovering while silver dips after 10% decline yet. what exactly is going on in this space? does it present an opportunity matt malley and michael will be talking fundamentals it's your "trading nation" team today. maybe more pain ahead, matt? >> i think so. i've been very bullish on gold all year, but last week, we just saw some signals that tells you even though it's long-term fundamental picture looks intact, times you see a reversal you look at silver, it got to the most extreme level since

2011 the rsi chart on gold got to the most extreme level and it measures bullishness among futures traders, and it got to 93% bulls last week so we just have these extremes that everything is on one side of the boat and have nowhere to go butt lower. it takes more than just a few days to work off i think you'll get a 50% retracement, and silver i don't think will retrace quite as much, but i think it pulse back 24 before you still back up. i like it longer term, but there's some short-term movement to work off. >> michael >> fundamentally, i think it's going to take a pause for a few different reasons. i understand it's become the best performing sectors this we're, but a lot of that was forced by the macro environment.

not only is it a regular, but the inflation adjusted place is off the charts as well we would look on other alternatives, who will limit the volatility and not correlated to the rest of the markets, but if you must own something in the strategy, so you feel like you don't miss out, the gold miners is probably the best way to play this space for the near future they're mining, doing other -- diversified in the spate i just think the actual gold and silver has just run up too far too fast for no real fundamental reason >> very good good to see you both thank you for joining us today for more "trading nation" head to our website our follow us on twitter. ahead on "power lunch,"

caribbean nations opening their doors to american tourists despite the risk of spreading covid. why? because not doing so could crush their economies. we will explain. plus a movie night rewind. the last blockbuster in the entire world could be available for you to rent for a sleepover. we'll have the details and lyft reports after the bell what new regulations mean for the stock. all of this when "power lunch" returns. stock slices. for as little as $5, now anyone can own companies in the s&p 500,

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it's your wireless. your rules. only with xfinity mobile. call, click or visit a store today. the budget deficit of the federal government falling in july, but adding $63 billion about half of what it was last july and below most estimates.

saving from tax date from april to july, however the deficit is at a record $2.8 trillion, expected to approach $4 trillion by the end of the fiscal year in september. the big 12 conference will play sports. it's been announced with each school playing, and an open date for a tenth game against an opponent outside the conference. the first game will be played on september 26th in florida, a man has arrested for living in a stadium luxury suite for nearly two weeks. he's also accused of helping himself to food and merchandise. he was caught after a cleaning crew found blanket, a raider and shaving cream in one of the suites i haven't heard much about whether he with netflix or other streaming. >> i wonder if he called for

room service or something. >> how did they get that food is my question? >> why would you shave does anybody have that question? why shave in you're hiding out in the stadium in that's the outstanding question i'm disappointed you didn't point it out. >> some people have standards, you know. >> apparently. >> you're squatting in the stadium, you're going to shave, look good. >> maybe taking selfies or doing zoom calls either way, he was definitely socially distancing. >> and he looked great in the perp photo thank you, leslie. >> thank you. to the markets we've a pretty good day up and down, but back up again. the s&p just points away from all-time highs the nasdaq is up more than 2%, so technology is back with us in the mix today. meantime, the oil market closing near it's highest level since march. to dominic chu.

>> i'm trying to remember if i shaved this morning. yeah, i did. well, closing out today with the session highs, the u.s. benchmark, or wti prices right now. $42.71 2% gains there world brent crude futures, $45.47 the last trade there. a bigger driving force has to do with the supply side of things that's after the u.s. energy department data released earlier this morning showed weekly inventories for oil, gas loon and distillate each felt the report also showed that u.s. oil production levels fell to so.7 million barrels a day it was 11 million last week. in addition, global cartel said demand will fall this year by more than previously forecast, so melissa a confluence of factors driving that upside move. >> thanks, dom

many of us stay-cationing this summer, but the door has cracked open to some locations seema mody has a special guest appeared more on where americans can actually go these days. >> americans longing for travel are faced with limited options check out this map the yellow countries are where american tourists are allowed in right now countries like turkey, tanzania, and the caribbean, that got hit pardon by the pandemic in an effort to revive economies, 22 islands are now allowing american visitors in, excluding st. lucia. joining us now the prime minister of st. lucia, the honorable alan chastaney why are you allowing americans in, when most countries around the world are stint banning u.s. citizens given the number we are seeing in this country. >> first of all, the caribbean

has done exceptionally we. st. lucia, we've had 25 cases. we have 100% recovery, an r-rate between 1 and 2 with the cases we've had. we've been open to americans the last month the property cal we have put in, which is primarily pretesting, also by creating a phase one which allows the tourist to come in to stay at the property where we have the staff who are tested, staff keep their uniformeds on property they shower on property. also where people wear face masks in public. this so far has worked 100%. we've had absolutely no cases of anyone coming in we do believe we have found the right balance between opening up the doors and at the same time protecting the safety of the guests who come in, as well as our nationals in the country. >> one they go through the testing and submit the right

paperwork, what do i expect on the ground am i confined to my hotel? >> when you arrive, you will be -- your temperature will be tested, some quick interviews. we quickly get you off to your hotel. when you're at the hotel, you can certainly enjoy the facilities at the hotel. there are some tours we allow to take place that's phase one we are hoping that by september 1st we would have completed face one, and so far it's looking good we'll continue to open up the number of tours that a person is allowed to go on. >> prior to becoming prime minister you were an executive there. you are currently in conversation with a number of airlines how are you working with those airlines to ensure they are taking testing very seriously, as they transport a number of americans to your island >> as you said, i happened to be here when we had 9/11. i would like all of us to think, after 9/11, if in fact the tsa

had not adopted its new protocols, would people have gone back to traveling as quickly as they had. i think the answer is no clearly the idea of being pretested before you travel is a formula that, who. we certainly are challenging the airlines industry. we've had discussions with them to help advocate, to make pretesting or testing more widely available before you fly down it certainly solves a lot of problems for everyone if we can achieve that >> how would you rate america and president trump's response so far to covid in managing this crisis here? >> well, look, each country is different. st. lucia we were very lucky to pulleting the protocols in place for the hotels, the protocols that put us in place to allow only 25 cases. no deaths on the island so far, is we're a smaller place and we were able to control the situation. america is a huge country with a lot of difficulties. even when you have states that

are problematic, how do you stop americans from traveling even within america so each country has its own difficulties i never judge a person until i walk in their shoes. >> mr. prime minister, i'm curious. for st. lucia, tourism is 65% of your gdp i'm curious how bad the hit was when the pandemic began, and how you feel your economy is doing right now. >> so the hit was severe our government revenues went down by over 50% we had huge unemployment, just exactly what took place in the united states of america we had to introduce a social stabilization program, which was income support, and certainly making sure that people were generally safe we're now going into phase four of our program, where we're now stimulating the economy by getting a lot of construction going, to be able to substitute for some of the jobs we've seen a huge resurgence in the back of the office operations, so we've added 1300

new jobs since we have done that certainly you have to replacing $600 million of what we call free capital, tax money, now having to borrow money to replace that, is going to put a significant amount of stress on our make rho indicators. >> it's certainly understandable why you're willing to take the risks. mr. prime minister, change you for joining us today, sir. we appreciate it. >> thanks for the opportunity. >> seema, thanks for bringing this into us today coming up on power movers, dining out doubt and what analyst are are saying about a bye tech standout, and the hot rental that everyone is talking aout. $4 night, and it comes with a vcr.

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time for today's power movers we told you about the government agreeing to buy 100 million doses of a vaccine from moderna, and the impact on other companies, whoing on the vaccine who are working on a rapid test. they're all down sharply the company behind chili's is higher today, even though they expect another loss the guidance not as bad as expected that's up 13% we end with berkeley lights. they went public j.c. last month. today several ammists initiating coverage morgan stanley a bit more cautious

now to melissa's favorite story of the day it is the ultimate movie night the last blockbuster in the withhold wide world, which we know is in bend, oregon, is partnering with air ben bernanke to have a '90s no st -- airbnb e a '90s sleepover however, melissa, it is only limited to three nights, and you have to be a resident of the area and the must rewind before checkout time. this sounds more like an '80s. >> it looks a little '80s-ish, but with the beanbag chair, i don't know if you caught that, bill but they're really limiting it. >> friends and foam provision there as well. if you know somebody in bend --

and i happen to know somebody. >> do you really you should try for it, bill. >> you wonder what they'll watch. you can't lose for the last few months, most of us have been using low-tech solutions to keep our homes clean, now companies are scrambling to come up with high-tech solutions. the latest in clean home technology is next on "power lunch. feeling stressed? try new nature's bounty stress comfort. three unique gummies for your unique needs. find peace. boost mood. sleep well. stress comfort comes naturally, only from nature's bounty

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diana olick reports. vital vio combats mold and mildew it's used in many products and the antimicrobial ventilation systems. while the lighting doesn't kill coronavirus specifically, better air circulation and filtration can inhibit contagion. it's seen a jump in online sales, and is now stocked at home depot vital vio is working with apartment landlords, installing overhead lighting like in this fitness center and pet spa it also started working with a public homebuilder >> the customers that we're

seeing come our way are looking at not only providing generally speaking cleaner, safer public environments and residential environments they also want to communicate that to their constituents, that they have made investments around ways they can provide cleaner spaces. >> reporter: a recent survey found that half the respondent door handles are mostly sold in europe and asia, but products are now available on amazon an lowe's web sites as people get more used to seeing this kind of technology in their offices and in hotels, they're probably going to want to see more of it in their own homes. just a few weeks ago one of the nation's largest home builders announced a new wellness line of home products, including the vicinity lease system with

l.e.d. lights as well as touchless face either. >> how much more expensive are these products, diana? one of those antimicrobial door handles? >> reporter: the builders say they're not any more standard in homes at mi and taylor morrison. if you were to buy them, go into a home depot, they are really not that expensive we're talking between $30 and $100. >> i didn't catch the whole thing you said are they already being used in things like gymnasiums and hotels and places -- public gathering places as well >> yeah. that's where they really started was in commercial real estate, hotels, gyms, colleges where they have their sports equipment and things like that now for the first time they are really moving into residential homes. where there wasn't much demand before the pandemic, now there definitely is. that's what's so interesting they are taking them from

commercial real estate and marketing them in homes. builders were so fast to jump on these. within weeks they were putting them in new helms. >> 20 years ago smart home technology, now it's clean home technology that we're after. diana olick, great stuff thank you. california posing a major threat to uber and lyft. could they really leave that state? we'll have that story next don't forget you can always watch or listen to us live on the go othcn an e bcpp we're back after this.

a legal battle is heating up in california. that state won a preliminary injunction earlier this week requiring uber and lyft to reclassify their drivers as employees rather than independent contractors. uber's ceo told msnbc what that could mean for his company. >> we are going to go back to

the court and appeal the ruling and hope that the court reconsiders. it's up to the court to reconsider or not. if a court doesn't reconsider, then in california it's hard to believe that we'll be able to switch our model to fulltime employment so i think uber will shut down for a while. >> more on the gig economy war and what investors should expect from lyft's report after the bell bring in a vp of research. thanks for joining us today. >> thanks for having me. >> do you think they will really shut down, uber, california? >> well, the piece of that clip that you didn't continue to show, understandably, was kind of darryl pointing out the plant didn't shut down permanently in

california they could shut down temporarily. think about what they have to do if the state is telling them they can't operate unless all their drivers are classified as employees, that's a big logistical hurdle and challenge doing that you can't really do that overnight. you could see a world where they do stop temporarily. maybe it makes sense for them to wait until the vote in november where -- proposition 22 where they take it to the electorate and see what the people have to say about it there's probably a little bit of posturing in there but i think you could see a world where it does stop temporarily in california for a little bit. >> do you think it's inevitable that both companies and lyft will have to classify these drivers as employees >> i don't think it's inevitable again, i think these companies are making a valid point and argument they aren't sitting there telling you drivers have the rights they need and there aren't things that need to be

fixed and addressed in this situation. there certainly are. they have pointed to that. we're kind of stuck in the antiquated employment model where you've got a binary system as dara called it where you've got rights for fulltime workers and very little to nothing for contractual workers. we're in a new world where there are a lot of people that are kind of in this gig economy somewhere in between, certainly deserve some rights but also want flexibility it's hard to be a fulltime employee and get that flexibility to turn on and off as you want, work for multiple companies, work an hour or two one week and work 40 hours the next week. those are things that you can do in the gig economy when you become a fulltime employee, you can't really afford that flexibility. >> but if all these drivers had to be classified as fulltime employees, ygal, the business

model simply doesn't work. if for some reason uber loses that appeal, it doesn't make sense to operate in a place like california, does it? >> it doesn't work, make sense to operate is probably a little bit too strong. >> it would be very difficult. they would continue to lose more money. >> it makes it more difficult. they are going to have to raise their prices they are going to pass on that added expense to consumer, so it's going to cost people more to ride. dara talked about maybe only operating in major cities, not operating in the suburbs it would look drastically different or some different and would be more expensive. >> by the way, what are you expecting from lyft in terms of earnings how bad will it be, do you think? >> well, you know, bad i guess is relative. expectations -- >> it can't be great, i wouldn't think? >> it's not going to be great. the numbers are going to be down quite meaningful year over year.

just kind of look at what uber reported last week, their ride share unit was down 70% in 2q, that's a really huge drop. i think for lyft you'll probably see something similar to that. there was a little bit of a spike mid quarter where, you know, things in certain states like new york starting to get better and weren't getting so bad, other states like texas and florida and california trends were kind of moving up. then you had this big reversal you know, you're likely going to see a big impact probably to the tune of down 60%. >> y gal arounan appreciate it. >> thanks for having me. >> a few points from all-time high watching this very carefully the numbers to write down. 3386 the previous all-time closing high

3393.52, as a matter of fact, is the intraday high. >> if you want to be that specific, correct. we're about 10 points away from an all-time high of course, big cap tech certainly recooping the losses that we saw yesterday that started taking place at this very moment in time. the last hour of trade was very precarious for the market. let's see if that holds true tore today we're watching tesla, what a monster run based on the news it's splitting its stock we saw that run happen for apple as well. the notion that the doors open to retail investors to people who don't want to spend $1500 on a share of tesla they would rather spend $300 and five shares. >> the intriguing sidebar, does elon musk want tesla in the dpou. >> that could be it. first of all, would they be included in the s&p 500. a lot of buzz about that specifically for retail investors for whom

everything electric was so hot you look at shares of neo-single digits to low digits, nikola, $47 a share and take a look at tesla, you have to wonder will this have an impact in terms of trade of the importance of the retail investor cannot be underestimated in this market. >> robinhood investors are rejoicing everywhere. >> god to be with you, bill. nice to watch "power." "closing bell" now. >> i'm wilfred frost from sara eisen. we're close to making history right now. s&p 500 is points away from all-time closing high. let's look at what's driving action tech bouncing following yesterday's ugly close apple, microsoft, netflix, facebook, amazon not far behind. treasury yields lower after moving the opposite way yesterday and seeing a strong ten-year auction today banks under pressure because of that no movement on stimulus bill speaker pelosi sayin