good afternoon welcome to "power lunch. all three of the majorindexes are higher the s&p and nasdaq below their all time highs that's as jobless claims for last week went back above a million. the gap between wall street and main street is growing while the market hits the all time highs small businesses around the country are suffering. many in jeopardy some have gone out of business we have details on the great divide air bnb filing to go public despite the coronavirus pandemic hitting itsbusiness very hard.

early investor will join us to talk air bnb "power lunch" starts right now the markets are at all time highs. usually means great things on wall street but means much worse on main street these days. we'll get to steve liesman for more on that let's start with bob on the market >> the low print was at the open we're 25 points above that it's the same pattern that we have seen for a while now. that is technology leading and consumer discretionary, amazon mostly, pushing the market to be upside industrials, energy and banks and energy has been on a downtrend for the last six or seven trading sessions and so have bank stocks they had a brief rally about two weeks ago. they have been down on trend for the last six or seven trading days i mentioned the ten new highs but we're at new highs it's because the megacaps continue to move the market

forward. you get the big five moving up that pushes the market up even if the rest of the market is down semikwuk semiconduct iors are down trending we have nvidia just barely up. intel is doing a big buyback anything digital, anything stay at home is doing well. you see zoom there that's a new high for zoom, slack, activision. anything doing with stay at home continues to generally do well back to you. >> let's turn to main street where many small and mid size businesses are likely to never reopen steve looking a t the economic impact that will have. >> wall street is living the

dream of new highs, a nigh matm is developing on main street tens of thousands of small businesses are shutting their doors permanently. the economic effects could be felt for months and years to come the work shift management company found that small businesses, those with fewer than 500 employees are closing their doors at twice the rate of bigger companies 10% have scheduled no shifts compared to 4% of the larger clients. dave gilbertson is vice president says we're going to see a long, slow bleed out of kpae companies going out of business. it will take 18 months for it to play out he lends to small and medium size businesses says flows are

off 70 to 80%. you're not seeing capital coming into the sector. 59% of businesses that shutdown in the pandemic have closed permanently. that percentage is rising. >> so, stooefr, how does this, these facts, how does this ripped through the economy what are the economic imp implications if so many of these small businesses do stay shut. >> i think the biggest impact probably unploim bigger companies may be taking this business away from smaller businesses they'll do the job with fewer employees. that's one aspect of it. these small businesses become the big businesses they are the short term impacts.

a longer term impact that shoes up and potential growth. >> i don't know about your town but i know about mine which is reasonably prosperous town in northern new jersey. as i drove this morning down the main drag in my town, the number of properties that were for rent or shuddered or space available was amazing. it was maize iamazing. a part from the human cost there and the decline that is a result of that, i can easily see landlords getting into really distressed situations and that will work its way into the banking system maybe not the big mabanks as the smaller community banks. >> i think those things are right. you'll have landlords take a

hit. that could show up in the banking system the federal reserve will have to deal with it more broadly, there's a bigger question we'll talk about how many of these businesses should the government save. when we come back to what will be normal, we don't need all of those restaurants. we permanently shift to buying more stuff to amazon more stuff from walmart online there's going to be a reckoning to this that will have implications that may play out of years >> thanks. we'll talk a bit more about this small businesses suffering and probably no more stimulus on the way, at least not before labor day from d.c will there be some kind of reckoning on wall street if the troubles on main street continue

>> jim, you and i go back a long time i'm going read my notes and then i'm going to let you speak i think it's great news because why wall street is doing well is because main street momentum is improving. the stock market, anew bull market, both likely to last for years. the my is going from a depression like collapse to a wartime boom i think company profit results may blow away current wall street expectations. this is an unprecedented bounce in economic activity with all due respect, you got to explain that to me that feels like an awful lot of optimism all in one place. >> it's a lot of different concepts going on there, tyler i would say this, having wall street go onto new highs while main street is still in desperate shape is very common in 1982, the stock market reached the new high

the rally started in august. it reached new high by tend of the year we still had a 10% unemployment rate in the economy. we didn't get the rate back down to 5% until the end of the decade even though stocks kept going higher we reached a new high in 2012, we had an 8% unploim raemployme. the fact that the markets a new high while we still have a very high unemployment rate, while we still have a lot of suffering on main street is fairly common with past crisis businesses go out of business during recessions. that's fairly common think of all the bankruptcies we had back in after the '09 crisis, for example. yet we came back from that i always say that wall street and main street move together just not at the same time. wall street going up, the reason it's going up is because we're

having a pretty good bounce on main street. look at how much unemployment claims come down look at how much the unemployment rates come down look at how much the leading indicators come back retail sales have gone back up to all time highs. housing activity is up a lot we're in the midst of what will be a 20% plus real gdp quarter i don't think it's totally disconnected from main street. it's reflecting that bounce. the fact that stocks are going up, really is the best news for main street because what it's saying is not only is the economy bouncing but it's likely to continue to improve i'd be much more worried about main street if the stock market wasn't going up. >> all right we'll come back to some of this in a moment. i want to bring stephanie into the conversation it seems to me that you have assumed as your base case that biden is going to win this

election am i right on that and, if so, what does that imply about tax policies and that the democrats will control the senate? what does that imply for tax policy and how might that affect the stock market and corporate profits in 2021 and beyond >> thanks for having me. the last time i was on, you and i had a fun conversation about trump being a cooler head with the stimulus efforts that congress couldn't get its act together so trump swooped in and that created a nice bout of political momentum for him there's definitely a scenario where trump can win the election based off of his handling of helping people right now who need help. that actually is areally nice theme to look to there are a lot of people and small businesses who feel like they need help and they are looking to the federal government everything we do at fiscal markets issi looking at politics and policy when i think about the divide

between wall street and main street, i think about what you're talking about how the lag between when the market was up i think about the 2016 election when trump was first elected he was largely elected on a group of people who felt like no one was paying attention to them and the centers of power in this country. i think if biden does win and democrats do win, i think there's going to be a reckoning in the realm of wealth redistribution i don't think democrats will tolerate this divide for any longer i think they feel it's a political mandate of theirs if they do win to do something about this >> to address the wealth disparities, including the potential for what has been talked about the warren and sanders campaign, a wealth tax >> greater incomes taxes of

higher brackets. i think the whole system could get reworked to take from the rich to give to the less >> jim, we'll talk more. i hope you're right. i hope your optimism is born out because that could be good for the country, good for small businesses on main street and good for the investment class as well don't get me wrong there, i'm rooting for america to come back i've got to tell you, i have not seen what i saw today, the morning, in my town. i didn't see it that way in 2008, '09. i started my career curiously, enough, in financial journalism in the summer of 1982, which is when the market took off partly because interest rates had peaked and we're starting to come down. jim, thank you very much

the airline is saying it needs more phil is here with that story >> the number of airlines said we will need more to guarantee the jobs of employees and if we don't, then come october 1st, it will have to be layoffed for a number of the airlines today american airlines out saying it will have to become a smaller airline if there's not a second cares act for them. they will be ending service to 15 cities starting on october 7th. that would cut all commercial airline service to nine of those cities as for a second cares act, they are asking for 25 billion. the airline unions and carriers are backing for all airlines it would make they keep the current routes it will be no service ending and would prevent up to 75,000 airline employees from being laid off come october 1st.

you will have to lock in these jobs through september 30th. those job guaranteed end on october 1st. delta saying it will block the middle seat on all of its flights through january 6th, including the holidays which could get thbusier than they are now. >> i love those middle seats i'm going to miss able to be in one of those phil, thank you. coming up, a reopening reality check. colleging struggling to safely -- i think i took the breath away of phil. to safely return students to

campus while some are throwing in the towel all together. a top doctor will join us to tell what they are getting wrong. amc, the big theater chain reopening today. cinemark following suts tomorrow but will people come back? we have a special report on that

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worry about getting good grades and keeping off the freshman 15 but there year brings a whole new set of challenges. colleges around the country are rethinking their fall semester plans with more and more opting for online only. is there a way for college campuses to keep functioning during the pandemic? it's great to have you here. welcome. >> thank you for having me >> is it possible for colleges to stay open even with an out yn break of covid cases >> well, testing is really the guide for this to happen we learned from unc and notre dame that one of the lessons and take aways ie testing frequently enough to recognize that an outbreak was happening and changed their policies in realtime to adapt.

not flying blind at all. there's a lot to learn from those cases. >> we're still not sure how they will play out. knnotre dame has suspended in-person classes but then what. what about the schools that have football practice that goes on but sticking with online learning seems like there's a double standard >> it does there's a high likelihood that athletes would need to be tested more frequently than an average student living in a resident hall the focus should be on a priority set of schools. the ones that are like to be the most vulnerable to an out break and that's really historically black colleges and universities where students are returning from neighborhoods that have high prevalence of disease there are wealth disparities in the resources the schools have and there are health care disparities. those schools that don't have the endowments to support the type of testing that's going to be required to reopen their

schools safely >> you work with a lot of those hbcus. how are they planning to cope with the outbreaks if they have outbreaks will the students be sent home or are they going to soldier on >> i've been working closely with many of the hbcus and one of the strongest leaders has been delaware state university they have been testing students since july as more and more are returning to campus. they have a very rigorous protocol in place for the frequency they are testing the students a clear action plan for when a student becomes positive without these huge endowments we're really relying upon corporations, high net worth

individuals, donors to be able to support the testing that is needed for these schools to remain safe. >> any lessons for public schools, you know, younger kids across america in. >> it's hard to know what's happening unless you have the data testing teachers who are being most exposed to student and a different mix of people will be the take aways for schools of all ages >> that's incredibly costly. >> thank you for joining us. it's good to have you today. >> thank you for having me still ahead, air bnb filing confidentially to go public. if we're reporting it, how confidential could it be

rick heitzman will be here to talk about the future of the sharing economy. plus, shares of deere near their 52-week high while caterpillar is struggling to keep us. thetraders will tell you which of those they are betting on ahead of their earnings report a deere and a cat walknto ia bar. we'll groive you the punch line after this

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welcome back to "power lunch. industrials pulling through this earning season results from at tcaterpillar sh they are finding ways to cut costs. new data showing that demand for

tractors are starting the rise does that bode well for the agriculture giant deere that reports earning tomorrow morning? let's bring in the trading nation team. i know you have been watching the disconnectbetween caterpillar and deere. which name do you rather own he here >> i prefer john deere it's been laggard this year. i tie that to the fact it's tied to global economic growth. john deere has been really stable in their farming segment. this year we have seen a rise in gardening due to the pandemic that's been likened to the victory garden of world war ii i'm bullish john deere as an options trader i love selling put credit spreads directly before that report to capitalize on that

>> the stock has done well >> it has done well. it's our opinion that deere will continue to out perform. year to date deere is higher by 10%. in late 2018, deere really started to pull away and out perform. that continues to today. overall, we want to continue to stick with leadership. we want to stick with momentum and be involved with charts that are breaking higher. that means we want to set the numbers tomorrow >> it's one of the only industries investing in ai thanks for joining me today. shares of movie theaters chains are higher as amc

reopening 100 of its theaters today. will anybody show up contessa brewer is live in connecticut outside an amc that's been closed for five months >> reporter: you open, kelly, they come. i asked the family that came from brooklyn, driving an hour and a half why would you drive that way for a movie that's been out for years. you know what they told me we haven't been out for years. grab your popcorn and drink for the epic tale of reopening of american movies. stock slices.

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way hospitals report covid-19 data is being reversed the wall street quotes white house coronavirus coordinator as saying responsibility for collecting the information will now be returned to the centers for disease control and preventi prevention there's been reports of problems with the new system that had bypassed the cdc at a joint appearance today the leaders of france and germany are offering medical treatment in their countries to russian opposition leader and demanding more information about what led to his hospitalization in siberia where he is in a coma his supporters think he was poisened the chair of the house republican conferences denouncing the pro-trump qanon movement making the highest ranking gop official to do so. in a statement liz cheney said

it's dangerous lunacy and should have no place in american politics you're up to date. back to you. we have breaking news on fed nominee judy shelton steve is where with the details. what's going on? >> thanks very much. 38 fed alumni have written a letter to senators urging them to reject the nomination of judy shelton to the federal reserve board of governors these 38 alum include economist, bank supervisors, two former bank presidents saying she is incapable of leaving politics at the door she has a decades long record of writings and statements that call into question hr fitness for a spot on the federal reserve board of governors they also say views are so extreme to be an unnecessary distraction from the task at hand the nomination in july got out of committee 13-12 party line

vote since then, two republican senators have said they will vote against the nomination. not enough to put it down but mitch mcconnell has not yet scheduled a vote on the gnat floor. >> steve, how likely does her confirmation look at this point. >> seems like a close call i think they can lose one more vote, maybe two more i don't know it's unclear what anybody has to gain or lose by not approving this i think republicans would incur the wrath of the president if they voted against his nominee i'm not sure that any voters would vote a republican senator because they opposed the shelton nomination i don't know that anybody has anything to lose they would vote their conscious on this but it's a controversial nomination thank you. tyler. all right. amc reopening more than 100 of

its movie theaters today and charging 15 cents a ticket will people turn out is there anyone there? i see you. >> reporter: there were about 40 people who went inside customers show showed up a half an hour ago for the first showing of the live action version of beauty and the beast. i talked to some of the customers. about half say they were drawn to the movies being back in business than by the 15-cent ticket admission or the movie that's showing others say no. 15 cents got them. >> we have been waiting for them to reopen. we love engaging and talking an what we saw has been big downer not to have that >> reporter: inside, new social distancing and safety protocols. amc is limiting capacity to 30%.

in some cases blocking off every other row. the company is working to clean high touch points. they had been updating air filtration you can pre-order your nachos and popcorn. if you buy it, it's credit card only no cash accepted masks on everybody workers and guests alike unless you're eating or drinking, which for me, that's the whole movie. i'm good >> the dynamics of this are strange because i would have thought they are reopening theaters you'd want to get a big movie and it's the return of this big studio production. it's mulan instead they are showing old movies for 15 cents. it seems like an odd signal.

>> i think it's about when the movie studios themselves are releasing the movies as we know, disney is coming out with brand new nooef they are looking forward to promoting that that just about getting people accustomed to getting back in the theater in first place a lot of kids inside one of the parents taked to said the kids are going to go back to school on a modified schedule. they haven't been wears macks all summer this is a good way to get them to practice before they go into another setting where they are around people. >> that's a very good point. i still can't get one on the 2-year-old thank you very much. the mooefr thevie theater stocke popping as some theaters slowly begin to reopen. it's a recovery in the cards or is this just a short term

bounce eric, you have a buy rating on cinemark and imax. why? >> i think they are companies that with strong balance sheets a and have done a good job in weathering the storm minimizing the cash burn in a zero revenue environment. when business resumes over the next couple of weeks, i think on a normalized basis they have very attractive valuation. >> we're a long ways off from normal what happens when there's an outbreak linked to a theater >> we'll have to see -- we'll have to cross that bridge when we get there i do think that movie theaters are taking a lot of safety precautions. they are taking a lot more safety precautions than you see in restaurants right now after every screening, they will be spraying down seats may are minimizing interactions

between staff and consumers. they are taking a lot of good steps to ensure that any transmission of covid-19 is limited. >> eric, one of things that's been the corner stone of the relationship between the studios and theaters has been the window during which theaters had an exclusive right to run particular releases. amc and our parent company nbc universal had a very famous dispute here where abc said they wouldn't ruin universal movies that agreement means that the window is going to be very narrow something like 17 days which guarantees two weekends, basically for some of universal's biggest hits i wonder whether people aren't because they have grown accustomed to streaming aren't going to just say i'll wait for

two weeks to see this movie. i don't need to get out there the first weekend and see it you agree or disagree? >> first of all, i don't see how the economics works for amc. i think 17 days doesn't actually make sense for theaters even though it does represent about 67, 70% of the overall box office window. what is beneficial though is universal is not going to let consumers know if it's going to -- if they will get a particular film into the window until after 14 days. you'll have two full weekends before people even know whether or not it's going to be in that window that is advantageous for the theaters and because people -- there's certainty with which films will go into that window i think that's going to help out the exhibit. >> that's an interesting detail. that's very interesting detail you won't know until 14 days in

whether the window will be 17 days or it could be 35 days or it could go back to what it used to be, 90, 45? >> it's in the high 70s. universal is only 25% of box office revenue in the u.s. if they don't go along with this ideal, it will be very tough for universal to go forward and make that work. >> i know for me, one of my concerns is not so much passing through in closed spaces but having to be there for a long period of time which is what the mooefr the movie theater is i don't know if they have done something like that. yould you feel comfortable

going? >> i have circled the beginning of october and wonder woman 1984 is a movie i want to see with my family what we're seeing is encouraging. china has started to launch new films and there's a local language film called "the 800" that's been out for a few days now. they are starting to see a big spike in attendance and refr kn - revenue. it's still small but it's encouraging signs and i think what will happen is movie going will beget movie going as people see it's safe and see other people returning and there's no spread of covid-19, then i think that will make more people feel comfortable with

going back to the movies >> all right thank you very much for your time today o. coming up, makeup, crafts and a covid-19 vaccine guess which one of those stocks is soaring today after years of speculation, air bnb filing to go public but the pandemic has crushed its business, slashed its overall value. is now the right time for that company to do so air bnb investor will join us to discuss the company and the broader ipo market

it's time for some power movers we're going to start with estee lauder lost more than expected. make up sales down 62% people not going out and putting on the makeup like i do every day. fragrances down. hair care. you don't get this kind of hair. skin care, the biggest was up 1% in light of that estee lauder is taking steps to save cash and it could cut up to 2,000 jobs curevac nearing a deal to sell 25 million doses. the stock went public last week at $44 for share we end with michaels, the crafts store down 1% today why is it a power mover? it's been a power mover for five months look at that gain up 835% off the march low. it did hit a low of a dollar back on march 18th

kelly. >> would oyou know the brand of makeup that you're wearing now >> i think it's mac, which is my son's name >> it's a big honor to mac that you named him after those products >> i named him after some makeup to the bond market now >> even though we had some spats of goo d data points, nonetheless, if you're just to look at treasuries, you'd say that's probably the reason if you look at it one week of treasury, it only moved from 72.5 to a one and a half week low hovering at 64 basis points. it doesn't seem to correlate with some of the major data points there's a constant inflow into some of these markets and it does defy logic. we haven't really bounced that high and held it

int intraday it was soaring early when the euro dropping but it's giving it all back plus more given a month to date and realizing 92.27 is the 28-month low close. open the chart up to april 2018. you can see even though with the euro dropping earlier it came back even though there's some curve covid hot spots in various part of europe in france and germany. tyler, back to you >> i'm going to toss it over to kelly. thank you. before the postmaster general takes center stage at a senate hearing tomorrow we'll tell you everything you need to know about him, his controversial esenstment, his ties to the pridt. it's all next on power lunch ♪ come on in, we're open. ♪

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the postmaster general will be questioned tomorrow at a foc finances and we're looking at his investments and more >> kelly, there is growing pressure on post master general to step down and it's coming from both democrats and government watchdog groups beyond his management of the post office, there are also sounding the alarm about his vast financial holdings. a letter from 90 house democrats warned that his investments represent a tremendous conflict of interest and that they cannot trust him to act in the best interest of usps or the people who rely on it according to dejoy's financial disclo d disclosures, he held stake in

xpo logistics. unclear how much he has die vested he also held shares of ups and amazon and, in fact, just days before joining the postal service, he sold between 250,000 and $500,000 worth of amazon stock and purchased call option that's expire in october dejoy is also major gop donor. he led fund-raising for the 2020 convention over the past four years he has given 1.3 million directly to the rnc. and another $1.2 million to the the trump victory fund i take my obligations seriously. i have done what is necessary to ensure that i am and will remain in compliance with those obligations. guys, the office of government ethics should have received the disclosures by now they do not appear to have been certified just yet back to you. >> all right thank you very much. on going story thank you very much.

>> the pandemic crippled travel and making staying in someone else's home less desirable as well that's bad news for air b & b. yet, the company is pushing ahead with an ipo early air b & b investor is going to join us we'll talk air b & b and more after this

welcome back, everybody. the travel industry is facing a lot of uncertainty right now, air b & b is filing to go public once privately valued at $31 billion at its height, the vacation rental company founded 12 years ago now estimated to be worth $18 billion. a long time investor in air bnb, welcome back good to you have >> thank you, good to be back. >> let's talk about air bnb, is this a good time for that company to go public even though

it's valuation seemingly is now been cut as dramatically as it has been >> well, we can't talk about valuation, as you know we're on file now. but i think the market continues to be strong as we think about the public markets and however you go public, direct listing, a public offering, you know, we believe that's for the long run. and we think that this will be a dip and obviously it's been a tremendous dip in the lodging sector but it's enabled the company to reinvent itself around experiences. and it also is kind of created a new sector for them to go after if you think about people who might be leaving dense areas or cities and finding a in you place to work from home. >> so you're saying that there may be more air bnb's coming on line in the suburbs. do the suburbs have different standards and regulations that might be sort of impeding to air bnb? >> different areas have

different regulations. it's not materially different than cities and air bnb worked with a lot of the major metropolitans around the world to enable people to safely rent homes. i think the pandemic created, you know, another layer of regulatory issues. but the company is working to resolve that in many ways air bnb is much safer than a traditional hotel in terms of guests and common spaces >> i'm curious, rick, about the issue of urgency in this filing. widely reported that a lot of employee stock options expire in the fall creating this rush to go public. maybe not at the best time and also possibly a whole class of people looking to sell their stock as soon as possible. is that something that should make investors think twice about getting involved from the start here >> i don't think so. i think you're looking at the long term opportunity here obviously, employees and early investors are going to be locked

up it won't be immediate urge and rush there will be a lockup and there will be beginning of an orderly transition from early employees and early investors to long term public investors. i think there are ways around dealing with employee options and they don't expire, to make sure the earliest employees often who contributed the most to the company are treated fairly i think you would have been surprised. i saw a tweet the other day. in february, he would have been surprised. he didn't go public. he was going public later in 2010 you know, the world is moving quickly both in had the stock market as well as all the dwrat information around the pandemic. the most important thing is worry about the long term. >> you mentioned the direct

listing of possibility, are those still on the table for air bnb? >> i can't talk about that but i know -- i'm not going to speak directly to air bnb. i know our companies were looking to go public are looking at all those as alternatives companies have stayed private much, much longer than they had historically they're evaluating each of the types of ways to transition to being a public company >> rick, we appreciate it. we have breaking news on uber and lyft stick around we have that report. >> kelly, seeing a headline, uber lyft win delay for converting drivers to employees relevance to that ruling that led lyft to say they were going to suspend operations as of midnight tonight this is coming from bloomberg. with he have calls out to both companies and the courts but this essentially means that

uber and lyft can delay the suspension and continue to treat drivers as independent contractors. i don't know how long. remember, this is going to the ballot it will be up to voters in november we're finding out more but this could be really an 11th hour save for the companies. we may not see them go dark tomorrow as expected >> thank you very much back to one final question you said a moment ago, it caught my here that air bnbs are safer than a hotel on what basis do you say that? >> i look at it from my personal perspective. less crowded separate entrances, you have your own kitchen, your own place to eat your own place to socialize. so it's just a matter of creating safe social distance and controlling the cleanliness of the area in which you

operate. >> small, medium or large you're seeing a transition to more people working from home other maces. >> all right >> obviously, growth in experience >> always good to see you, rick. >> great seeing you. thank you very much. >> thank you >> thank you for watching. see you tomorrow "closing bell" starts right now. >> it certainly does welcome to "closing bell." stocks higher now. gaining through the day. the nasdaq leading the charge. let's have a look at what is driving the action tech names back in the lead with the name like facebook, netflix, microsoft, all up about 2% tesla crossing the $2,000 mark that has been on a strong run of late that's helping offset weak economic data. hurting some of the cyclical stocks on the coronavirus front, we're finally seeing a sustained decline in cases across the country. and j & j announced plan