>> t-mobile. one of the largest 5g networks out there and i think they're going to be a big beneficiary of that 5g iphone 12. last, but certainly not least, stephanie link. >> ppg it's down 8% year to date. it's an auto and housing play. they had a great quarter they beat, they raised, they had a cost-cutting role in place that should help margins and free cash flow it's actually quite strong like that name that does it for the "halftime report." "the exchange" begins right now. thank you, dom, and welcome to "the exchange," everyone. il it's another big down day in the markets as investors sell into the weekend. all three indices have lost those gains and then some. the nasdaq down 255, the nasdaq the worst performer. take a look at this intraday start. we got a jump as the jobs showed

a jump ever since then it's been a steep slide into negative territory with a little comeback in the last hour or so the nasdaq, we started out with highs of 733-point gain after yesterday's master selloff you can barely see a blip over there. now the lows here, we're down 580 points we have come off that quite a ways, but the charts have noted the damage, shall we say let's get more on where the weakness is and what's been driving the volatility this week with bob pisani. bob? >> the important thing is, we had this happen yesterday, remember sharps dropped within an hour and a half within the open, then we basically stabilized around 11:00 eastern time and tried rallying the difference between today and yesterday, yesterday we really started falling apart right about now. so keep an eye on that we're off our lows but still a

lot of damage. it's momentum driven again there are pockets of strength in the market, but take a look at the big faang names, of course all of them down 2%. apple off its lows, down 1%. i think you see some nice moves off the lows forapple, but you're still seeing a lot of things respectfully down 5% or 6% for the week. the work from home beneficiaries we keep talking about, these stocks have been frothy in the last six or so sessions. docusign had very good numbers, very good guidance and is off its lows, but just barely. i would say the rebound here not terribly impressive, still telling me this is momentum driven selloff getting rid of some of the froth here there's some of the financials, by the way you see capital one, bank of

america, jp morgan we had the payroll reports today. we're also seeing the opening stocks doing a little bit better a broad swath of reopening stocks, but carnival, for example, las vegas sands, simon property groups, some of the retailers like l brands also on the upside the other group, we associate with value industrials doing better today textron, eaton, lyondell all doing well i know it doesn't look good if you look only at the s&p, but there are pockets. back to you. >> bob, i'm glad you called that out. isn't it some of the reopening sensitive names, the industrials that are outperforming you need three days to make a trend, but we've got two so far. >> this tells me that the -- it's not just let's sell off everything the stuff that's been the most

frothy in the last six or seven days that have literally gone pa parabolic and we're scratching our head saying, what's going on, that's gone down in itself that tells me it's about frot frothiness, it's about people looking at valuations. >> that's a super important distinction, bob thank you very much. bob pisani walking us through the market there stocks were not able to hold their gains after the jobs report which showed the economy adding nearly 1.4 million jobs last month it beat expectations but government hiring did lead the way, thanks to more than 300,000 new census workers the s&p its worst week since june and the nasdaq its worst since march.

quincy crosby and peter boockvar it's great to have you guys here peter and kamall, you have vastly different views on the stock market quincy, i'm going to begin with you and your thoughts on the stock market here, and do you think a healthy rotation is on the way? >> it could be, but it has to be toward developments of a vaccine. if that continues to be positive, which it looks as if we're going to have that, particularly going into october when the federal jobs administration meets already you're hearing perhaps pfizer may be able to go before that committee for emergency approval it's going to underpin the move away from tech as a funding mechanism for the broader market >> if that's the case, quincy,

would you advise people to be the seller of momentum stocks they've had gains in here? >> the market is still technically overbought, and i don't think you'll see buyers come in, at least professional buyers, until there is either a major announcement regarding a vaccine, but also until the market is oversold, and it's not yet oversold if you need the money, you want to use it for something else but you want to use it to allocate towards these other names, yeah, you might take some profit >> peter, some thoughts on the development of the last few days there hasn't been a clear catalyst for this big tech selloff we've seen, but you could say we've gotten a string of very good micro news this week, the jobs report this morning, even jobless claims yesterday. is that in part why you think maybe we're seeing a preference away from the stay-at-home trades and towards the reopening

ones >> it's possible, because we've seen also, coincident with that data, selloff of treasuries the last couple days treasuries have been no safe haven for those that are leaving the stock market we talk about froth and bob pisani talked about it earlier anybody who is a student of the market and has seen multiple cycles, particularly those in the late '90s, this has every single characteristic of froth whether that's railing on stock splits or sentiment gauges that were literally off the charts, it was clear that something needed to unwind now, why it was yesterday, i don't know, but then, on the other hand, why the day before did we have such a rip-roaring rally? >> right >> i think the market is sort of sensing that, yeah, maybe we're going to get a vaccine, we're going to get out of everything that has been so crowded, and i think, again, the interesting aspect of this stock market selloff is that treasuries are no ballast in a portfolio, because they're selling off as

well >> on those controversial words, let me bring in shiek kumar. shiek, i know you think it will post negative. do you still feel that way given what we saw through august >> yeah. i want to point out, though, bonds have not had a selloff the last few days. it was just today, kelly yesterday was a day of rally the treasuries did well. as the federal reserve in the form of the public speech thursday, august 27 spoke in terms of steepening the curve, increasing the inflation rate. t it was lower yesterday than it was before he spoke. so we had a rally except for today. what about today today is a very special day.

i have gone back and checked the post-pandemic dates. there are a few days where all sell off both risk assets, gold, silver, tle a they all sold off without exception. what this tells me, investors are going to cash the assets in light of what quincy said about not finding a vaccine yet, as schools start reopening, and that gives a second wave of the virus, we have elections coming. the election risk is quite significant. the president has indicated he may not accept the election results. he has told voters to vote twice, which is illegal.

we may not have a result through all of november, and that is going to be very negative for the liquidity markets as well. so there are lots of chances for equities and all of those will be helpful for u.s. treasury yields >> it's fascinating, it's a vastly different landscape you're painting verse our other guests peter, i'll give you the final word if you want to respond to that it seems to me you take the other side of what was said. >> we have a few months until the election that i get, and i don't deny what can happenin the equity market but i see where both stocks and bonds can sell off i'm in the camp that we are already seeing the beginning sides of inflation right now it is supply chain disruptions that have been turned upside down due to covid and then when we get that vaccine, which i'm pretty confident on, you're going to see an increase in demand that's

going to meet a very unstable supply thain that's going to lead to higher inflation i will say this. i think long-term bonds around the world are going to be the sale of the century when we start to get good news on these vaccines >> looking for bond yields to go up and inflation to rise for more than a decade now it hasn't happened i don't think there is a risk until probably late in 2021 when there is an economic recovery. over the next year i see this still very much a bond-friendly market >> all right we've got to continue this cnbc pro overtime, something like that. we'll leave it there thanks, quincy, peter and komar.

after holding flat the last couple weeks, the bailout numbers saubert than expected improvement last week. the number of mortgages in active forbearance plans dropped 1 $147,000 fewer plans expired at the end of august so the improvement is somewhat of a surprise active forbearances are down about 1 million since the peak in may so as of this point last month, 3.8 million buyers were still putting off their payments versus 75% of those who have extensions the biggest decline was seen in portfolio loans and fannie and freddie loans with the va. even with unemployment packages

expiring, fewer need help with their mortgages. kelly? coppi ingcoming up, is this of market selloff that requires help from the federal reserve? we'll ask eric rosengren next. why are investors believing in bksan we'll explore much more on today's selloff. don't go anywhere.

welcome back to "the exchange." as you heard, the u.s. economy adding 1.4 million jobs last month, but payrolls are still about 11 million below where we were pre-pandemic. believe it or not, these job gains we've seen so far don't even take us four years back in terms of the labor and recovery market in terms of the fed's new path, i'm joined by fred rosengren and brian sullivan brian? >> let me start with what kelly was talking about, the jobs number coming in better than expectations does this change your outlook on the economy? >> so i think the employment report, as you just highlighted,

was a pretty strong report and a little bit stronger than i was expecting. getting the unemployment rate down to 8.4% from 10.2% is certainly a significant improvement. i would highlight that a lot of the job gains were in retail trade and leisure and hospit hospitality, so i think a lot of this is people that were on temporary layoff that have come back to work i think one of the concerns i still have is how many people are going to be unemployed for an extended period of time, so in any major city, you can tell retail trade, leisure and hospitality are still sectors that have substantial problems if you looked at the duration of unemployment, those unemployed 15 to 26 weeks is currently at 6.5 million people so we have a long way to go before we're fully recovered, but i would say the employment report overall was a very positive one >> i just want to follow up on that, president rosengren.

are we getting there faster than you thought? i know the street had a consensus of sort of ending the year around 9%, even above 9% of the unemployment rate. is it possible we get back to normal faster than you thought >> i think it's still going to take a while there is a lot to happen between now and the end of the year. one of the big question marks is what happens with the pandemic we're getting into the fall, people are going back to school, colleges are back in session we've seen a number of problems in the south and the west. those have subsided somewhat but are still at elevated levels and we're seeing parts of the northern midwest now showing more problems from the pandemic. so i think a lot depends on how the pandemic evolves i certainly hope we get a better situation as we get to the end of the year, but i think it's far from certain at this point >> i want to come back to the economy a little bit later, but i want to shift gears and talk about the main street landing facility that boston runs.

you've gone to a billion loans in a relatively short period of time on the other hand, for the main street atlantic facility, it's much smaller so far than the corporate, the ones made to the big companies. my question is, first of all, do you feel like you're charging too much money for these loans at 3%? is that a reason why the ramp-up has been slow? >> i think the ramp-up has been slow because the facility that you highlighted, the corporate facility, involves purchasing things in the market, which it can do very quickly. actually participating in loans takes a lot longer to do, and as a result it doesn't surprise me there's been a slower uptick as you highlight, we have $1.2 billion in settled loans as of last night, we have 1.7 billion in loans that have either been accepted or are in process i think the ramp-up is going about as i would have expected,

and we are seeing a significant number of banks and a significant number of borrowers that are starting to utilize the facility, and we're also seeing a number of banks that initially only had one or two loans now t and adding loans pretty regularly. how many loans we do, i think, again, depends on the pandemic if the pandemic gets worse, i would expect to do a lot more lending. i would also highlight we hit another milestone today which was the nonprofit part of the main street facility was opened up it's too early to know what kind of uptake we're going to have on that, but as you know, there are a lot of people employed in the nonprofit sector think universities, colleges, hospitals, many other nonprofit organizations. so i think there is an opportunity for that it will probably slowly ramp up again because it takes a little time to negotiate those loans. but i fully expect that over time we'll start seeing a lot of nonprofit loans as well. >> let me come back to the

outlook, president rosengren, and thank you for that whaelts t what's the outlook for gdp we heard this quarter looks like it's on pace to be near a 30% rebound. when do we get back to normal, in your opinion? >> so i'm not sure i would focus on gdp as the normal those numbers have gyrated substantially because of the pandemic and the fact that many businesses had to shut down, either because of state mandates or because the infection rate was so high in their area. i think a better gauge of where we are is actually the unemployment rate. so at 8.4% unemployment, we're still -- that is a very significant recession, and i do think that it is going to take quite a while to bring all those people back, particularly if it takes us a long time not only to get the pandemic resolved but also to get a workable and safe vaccine that's widely distributed. i think it really is going to

take that before we see a completely normalized market, because i don't see retail trade, leisure and hospitality, other areas where there is a lot of interaction with people fully recovering until the pandemic problem is over. >> kelly, i had an interesting observation at the top of this segment here, this idea of does the fed need to do more? i don't mean what's happening with the market now, but two of your colleagues have said the feds pretty soon will put out some quantitative easing program as well as forward guidance. what's your opinion about that does the fed need to do them and are they coming soon >> we're already doing a fair number of purchases and programs like the main street program are also adding to our balance sheet. so we already are doing quite a lot in terms of stimulating the economy. i think we'll have to consider what is appropriate for forward guidance, but i think at this point the markets well understand we're not planning on raising rates any time soon.

when you have a very high unemployment rate and a very low inflation rate, that's not a time where it's appropriate to be raising rates, so i don't think there is any disconnect between where the market sees interest rates going and where we are right now >> i'm sorry, i need to follow up it doesn't sound like you think the fed needs to do anything too quickly here >> i think we'll have to consider what kind of forward guidance is appropriate. i don't think there is a rush to do that, because i think the market already fully understands that it's going to be quite some time before we need to be raising rates. >> president rosengren, thank you so much for joining us here on "the exchange." >> good talking with you, steve. >> steve, good stuff thank you, sir >> kelly, back to you. where else to do the main street facility guy since we have so much coverage on this show >> we really appreciate you bringing that to us, steve got a lot of good stuff out of

him. thank you, sir, steve liesman interviewing the boston fed. on the heels employment report, we have some good news about new hires. fedex said they're going to be hiring 70,000 workers to help with packages. this is a 27% increase over last year's record. shares of fedex have jumped about 46% this year amid the boom in e-commerce plus amazon said they'll hire an additional 10,000 workers. amazon shares have soared 75% this year. add it all up, there are some places looking to hire coming up, are election betting odds impactsing the market jp morgan thinks so. we'll look at the selloff. can't forget to mention apple and tesla.

tesla is down 1% right now, apple down 3%. we're back in two. [ thunder rumbles ] [ engine rumbling ] [ beeping ] [ engine revs ] uh, you know there's a 30-minute limit, right? tell that to the rain. [ beeping ] for those who were born to ride, there's progressive. at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience

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welcome back to "the exchange." the dow was up about 250 points at the highs the averages were briefly positive this morning after that better than expected report on the jobs market last month, but we didn't hold that for long we're down 350 on the dow right now, and that's off the lows the s&p is down 59 the nasdaq is down 330 points. it was down 480 mid-morning at what are so far the lows of the day. so another nearly 3-point drop for the nasdaq and that brings me to the sector board behind me take a picture you haven't seen it look like this for a while t industrials and financials are

the ones going up. at the bottom of the board, technology down 3% today and consumer discretionary, you'll find those names like amazon also shedding 3% today again, a pattern we've seen the past couple sessions maybe the new normal we'll see. let's get to sue herera for a cnbc update. sue? here's what's happening this hour, everyone a u.n. watchdog finds a ran increased uranium. it is still ten times over the amount allowed three people have been arrested in a shooting that killed a police detective last night in cleveland another person was also killed in that incident the 53-year-old had served the force for 25 years the pentagon had ordered its independent newspaper "the stars and stripes" to cease publication. the paper's final issue will be

september 30th despite congressional efforts to continue its funding and lionel messi says he will stay with barcelona after days of speculation he might leave the team messi informed the team last week that he will exercise a clause in his contract to leave unilaterally you are up to date kelly, a messy breakup averted >> i think you did that story just for those headlines >> i did it's big news. >> it's very clever. we appreciate t. we'll sit we'll see you next hour. the markets weathering the financials right now bank of america, jp morgan, citigroup all in the green paypal down 7.5% let's bring in hugh sun and our

very own wilford frost hugh, i'll start with you. paypal just received goldman sachs in the market cap, but we'll see if that's just a high water mark >> obviously there is a lot of red, but it's quite remarkable when you think about it. they started out by creating these little credit card readers for people's phones and they're just about as valuable as goldman sachs. it's been around 151 years also a stellar set of businesses, and i think it's remarkable they've reached that point. >> wilford, let's talk about what we're seeing in the big old banks lately are we to read a lot into this about how they're changing their business models to keep up with technological transformation or is this a case of the darlings got a little too sweet

>> i think it's the latter in terms of what you're seeing today. clearly lacked massively so far this year. we have had relatively recent micro data this week and picked up as a sign of that data which both factors helped those commercially exposed banks, so you're seeing a little bit of a bounce from those lows in terms of that battle between the fintech companies and the big banks, i think there are two differences as to whether the big banks are threatened to say it is by tesla they've had much longer to get their ev equivalent ready for market, and it is at least comparable as opposed to being a decade behind the new challenger then separately there are, what, 60%, 70% of the market in the u.s. is taken up by thousands of smaller banks, so you could also make the argument that the

bigger banks who have got good tech and the fintech guys will both be taking market share of a long tail of other players as opposed to it being a binary bet, paypal versus amazon. >> they're saying there is a windfall that wall street is reaping in fees, but trading was at an eight-year high in the first half of 2020 that includes the pandemic what's going on there? >> an interesting story, clearly the starting point of this, investment banks have done well this year, commercial banks haven't. that's already played out a little bit in the stock market, the nasdaq is up, wells fargo is down q1 and q2, we knew trading revenues were very strong. clearly based on that article, that report is the case, in which case you could say, gosh,

for investment banks this is not just a questionable year, it's, in fact, a great year for their environment, so why aren't the stocks up even more than therrell actithey are relative to the commercial banks. you get the question why are theirs held longer than commercial banks we don't know about q4 and the next year ahead, and that's why you only get short jumps as opposed to lasting changes in the multiples of those investment banks >> interesting hugh, let me turn back to you and ask you if the big banks see the squares and paypals of the world as a friend or as a foe? >> i think they see it as a missed opportunity i've sat down with executives and they look at the likes of p paypal and the likes of square and stripe as well, and they say, we could have done it

i don't know how much that would have changed the overall texture of their results and their valuation, because they have some extra high businesses you look at goldman sachs and within it is a fast-growing bank sachs has complained about the valuation contrary to what start-ups get. the fact is even if you have a fast-growing business within the context of these huge organizations that are really four or five different large, large financial companies, they still don't really get the valuation, that sort of bottom line that individual companies get. but at the same time, they're so mature that it remains to be seen what they can really do >> quick last word, will >> i feel i'm really embodying the traditional banks and hugh is nailing the sexy growth

>> thank you both very much. hugh son and wilford, we'll see you very soon. meg tirrell just talked to the ceo of moderna their shares down about 3% today. tesla and apple down big this week. the oppele who own those companies see the wealth fall with it. we'll look at those numbers after this

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welcome back wall street is sensing yet another shift in the 2020 race this week jp morgan strategists

noted that investors should position themselves for the odds of a trump win to rise today democratic nominee joe biden is delivering remarks on the economy. this morning "mad money" host jim cramer expressing some concerns, saying, people worried about biden's raising corporate taxes? here's eamon javers. >> there were comments that the president suggested that people who die in wars are suckers or losers, biden blasting the president for not caring about that he fiercely denied he ever said such a thing biden also blasting the president for simply not caring enough about unemployed americans. here's what he said. >> a measure of our economic success is the quality of life

of the american people and if your stock soars, families teeter on the brink of hunger and homelessness, and our president calls that success what does that say about what he values when you see the world in such a narrow prism, it's no wonder he doesn't see nearly 30 million americans on unemployment. >> all of that coming against a back dro backdrop of an increasingly tight race the middle of august showing biden holding a slight lead in all the six states in which we're conducting our polling, yet at the same time, we do see an uptick in the president's approval rating. trump approval now 48% also an approval increase in terms of his handling of the virus as well. a quick whiparound here of some of the other national polls and state polls that have come in just in the past 24 hours. in florida, the quinnipiac poll has biden 48, trump 45, so a

narrow lead there for biden in florida. north carolina, monmouth has biden 48, trump 46 but look at this, in pennsylvania, which is one of the toughest battleground states of this election and joe biden's home state, the rasmussen poll as biden at 46% and trump at 46%, and the quinnipiac has biden at 52%, trump at 44% biden still managing a slight lead in these battleground states a long way between now and the election, though, kelly. >> we've for sure heard trump's better election odds linked with napa valley, but in the quinnipiac yesterday, some questions about whether that has reversed the trend and all of a sudden, as soon as we're talking about trump having

momentum, biden looks like he has a decent lead in a very important swing state. >> reporter: yeah, look, it does seem like the race is tightening up you do see that uptick in trump approval biden still has the lead but at the same time, the other question for market participants is what does the market want here is there a preferred outcome here does the market look at this and say, look, biden is coming in. he looks strong to win he might raise taxes on us, he might raise regulations, particularly on environmental issues that's going to be a cost of doing business, therefore, stocks are going to be worth less in the future, or does the market look at this and say, you know what, if biden wins, we're going to have less trade war rhetoric, we're going to have a president that doesn't go after individual companies and call for specific buyouts and we're going to have some calmness and certainty around some of these rule of law issues that came up in the trump presidency.

i have no way of knowing, but there's two ways to look at it >> eamon, thank you very much, sir. emanuel an eamon javers with the latest for us the four richest billionaires in the country took a $24 billion hit as their stocks tanked. robert frank is here with their net worths now robert >> kelly, even more losses for those top four today those top four losing over $35 billion yesterday and today, so they have lost more in a day and a half than the entire net worth of nike, dell or phil knight jeff bezos is still one of the richest people in the world at around $190 billion. elon musk was 19 billion down for the week it looks like he could maybe gain or lose another billion or

two today. we'll see where that stock winds up but what a roller coaster he had this week. on monday efrs worth 115 billion, passing mark zuckerberg to become the third richest person in the world. now musk is down to about fourth place, zuckerberg down 8 billion yesterday. the biggest percentage loser is dan gilbert. that stock was down yesterday and today. he is down about 20% or 9 billion for the week, kelly. crazy numbers on the way up and on the way down. >> it shows just how much of their wealth is tied up in the stock performance. rocket mortgage, you would think, would be one of the best names in this kind of pandemic housing boom we're seeing, but the ipo went off weak, and as you said, they've been struggling >> right, in the earnings yesterday. the reason i think this matters is you got a lot of states

talking about a wealth tax california legislators, new york legislators both proposing a tax on net worth or unrealized capital gains. this reminds us all how volatile a wealth tax might be. a tax on elon musk on monday, that's a very different monday than if we're taxing them today. states and people that are looking at a wealth tax have to keep in mind just how volatile these top fortunes are, especially for a state like california which is so dependent on the tech billionaires >> yeah, absolutely. california, manhattan. they've been through these cycles robert, thank you very much, sir. appreciate it. robert frank still ahead, my next guess sold out of apple and said it's time to buy cyclical as we head to break, here's a look at the dow 30 heat map. new candidate salesforce, that is the big lagger today.

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welcome back day two of the market selloff continues with the dow down 335 points, the s&p down 54. that's a 1.5% decline and the nasdaq down 282, but we're 280 points off the lows for that index. the price of oil as well dropping $2 in the session, going below $40 a barrel, which is a level we haven't seen for some time. as we continue piling up signs for what kind of trade is shaping before our eyes, you can put the drop in crude in there it's a 4% decline. moderna has news that it is slowing down in enrollment in the covid-19 phase 3 trial for more on that, tune in to "the path forward, race and opportunity in america." jon fortt and andrew ross

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your wireless. your rules. only with xfinity mobile. welcome back we have been talking about momentum stocks heading off for few days now apple down in the past two days. tesla is still down 20% off its all time high earlier this week. is it time for investors to pivot out of growth stocks my next guest thinks so.

steve, welcome tell me what you think investors should do here let's start with apple >> i think that if you have to look at what the stock splits did to the market, kelly, once apple announced that and tesla followed, what did the market do it ripped higher you have to think about where the next 30 to 50% of the profits will be coming from it's going to be the cyclicals, the bank, the chemical names names like that. >> say that again about ditching tech >> if you think about where you've had a lot of gains in the overall market and especially in tech when i say ditch, that means take profits you don't have to sell it. apple, tesla, could be a long term holding

>> all right you'd say to sell 20 to 30% of your apple, of your tesla. what about the cyclical plays you would recommend people buying into. tell me about those. >> i'm in a diversified chemical play it's paper products. think about what fedex announced yesterday. 27% increase your over year to supply for their high of demand products what does that mean? that means amazons are going to rally. they will need more boxes. that means that a low under the radar name, wrk should rip higher from here if the let's a call it -- i don't want to call

it a rotation because these rotations last two, three, four days i think people are just looking for bargains this is where the bargains are >> when you say the rotation lasts for a couple of days, you think there's a bigger one going on here? >> i think this time it will be different. think about how the high flying tech names, how they ripped higher they are 75 to 250%. all the names that i just named are at trough valuationvaluatios people are going to say where am i going to make my profits going forward. i've already been there, done that with tech let me try something different if the fed comes back in and starts a bigger stimulus package and the government agrees on something. those names will still rally i mean the cyclical names. people had a mass exodus out of

them already now they're not going to dip back into the same old tech names, is my opinion >> fair enough pairing your apple and tesla, maybe looking at a west rock and a trinsao. thank you very much. >> thank you shares of moderna are lower following news the company is slowing down enrollment in its covid-19 vaccine to ensure diversi diversity. meg joins me with these details. >> one of the key metrics to track in terms of when we will get data but whether a vaccine works is how fast the clinical trials enroll. moderna said it's enrolled more than half of the people in it ts 30,000 participant phase three trial. the ceo telling me they are slowing enrollment slightly in order to ensure they have diverse populations represented in the trial pfizer saying it's enrolled 23,000 we expect an update from moderna after the close.

that puts moderna a little bit behind they want to enroll more folks from the black and african-american community right now they have enrolled about 7% from that community it is among the hardest hit from covid-19 both in terms of the risk of getting the disease and from severe disease if they do get it pfizer enrolled about 8% from the black and african-american community in its trieal they need to do better in terms of reaching out to those communities and they are willing to take a delay of a week or so so not a huge delay in order to make sure that they prove this vaccine works for everybody and particularly those communities that are most at risk for this disease. kelly. >> is there more going on here as we noted moderna shares are down about 20% and they and p i pfizer is there more to this problem

than this effort about diversity? >> i heard some speculation from folks maybe there is something else going on. i haven't heard of anything. i'm reaching out to clinical trial sites and people who are running the trials to try to get a sense of what they are seeing in terms of enrollment pfizer is plowing ahead. one has to wonder how that will affect things down the line if it turns out that they enroll its 30,000 first but has less representation from those population, what will that mean in terms of either trust from the communities, acceptance from regulators, all of these questions. they're not done we'll have to see where the numbers shake out. >> before we go, where are we in terms of time line overall when we speak with pfizer, ceo he was look at october are those hopes founded, do you

think? >> the ceo reiterated that time line yesterday saying they expect know whether this vaccine works by tend of october and they could apply for fda approval or authorization pretty quickly. we heard a lot of skepticism from anthony fauci that october is really soon they are pegging november or december it's not a pronotion moegsal company, usually you wouldn't expect them to make the claims if they were not confident. >> thank you so much we appreciate it that does it for us today. peleton is down again today but getting another price target hike the analyst behind the call joins us live on "power lunch" the market overall, let's check in as we go. down 306 on the dow. i'll join tyler after this brk. ea

good afternoon welcome, everybody to "power lunch. what a day what a two days it has been. tech leading this two-day sell off. the nasdaq now down about 2% after yesterday's 5% plunge. that's the bright side here. the dow giving up an early rally sparked by the jobs report it now negative by about 300 plus points. it's off the lows. it's down 600 points now down about 300 s&p 500 and nasdaq set to snap a five-week winning streak however, even with the