take action. not another ten-point plan we have the opportunity to have 500 companies who have taken this pledge a year from now, and it's not solving the big problem, but it is taking an important step in the right direction. >> we will talk to you again soon that's brad gerstner today in what is a comeback on wall street with the fastest recov y recovery "the exchange" starts right now. today we're taking the elevator back up we're going to look at some of the big names that are skeptical of this rally and tell you what they're worried about. the last decade has basically been a lost one for a lot of these names does that make now the best time to load up on value stocks we'll debate that. and new stock exchanges. a badly tarnished deal and restaurants are returning. all of that ahead this hour, but

we begin with this turnaround wednesday. dom chu here with the numbers for us dom? >> is this for real? that's the big question. a one-day trend doesn't make it, but there are solid gains across the board for many of the assets that got hit the hardest in the downturn of technology it's been a long time since i led with the nasdaq, but you have to look there 3% gains for the nasdaq. as many people just today have stepped up to buy some of those mega cap tech names. s&p back above 3500, nasdaq composite, up 346 points big gains there. focal points for traders have been semiconductors, software and cloud sectors. these three particular sectors

were down 11%, down 13% and down 15% from the peak to trough on this last mini move. we'll see if they stick around for that trend and apple, amazon, microsoft and alphab alphabet you can see all green here, big gains for amazon and microsoft with these moves, the market cap losses for these four stocks over the course of four days is roughly down $640 billion, even with the moves today, so keeping on those big tech names, they do drive the market, kell back over to you >> we'll have more on tesla's losses, dom. thank you. some of wall street's biggest investors not encouraged they warned earlier of skeptical enthusiasm earlier on "squawk box. have a listen. >> after a big party, there is a hangover, and right now we're in

an absolute raging mania i just want to remind people that there is no valuation support because we dropped 10% that hasn't mattered because we're so far outside of the valuation realm with the fed doing what they're doing, that doesn't matter but i would say that the next three to five years are going to be very, very challenging. >> also yesterday double m capital ceodruckenmiller said we're in the nosebleed category and this is not a big market terry spath at sierra mutual funds and jason terra is ceo of regional partners. terr jason, i'll start with you

>> notwithstanding the fact that they're both clients, but i think -- >> you're not allowed to disagree with them, yeah >> i feel by the same token that their comments on the market, i think, are accurate. i think that there is a lot of risk here. i have to say i wouldn't short this market under any circumstances, but i also think that one has to recognize the fact that m2 growth is up 23%. at the same time nominal gdp growth is negative so all the inflation is coming in financial assets, and that means that this is a little bit of a highwire act, particularly as it relates to some of the tech names so it doesn't mean they can't continue to go up, they may very well do that, but in a highwire act, any gust of wind could lead to some bad outcomes so i would be somewhat more

cautious here about this even despite the pullback we see. >> jerry and terra, you're a little more constructive let's get rick santelli in here quickly to see how demand went for that rick >> it wasn't pretty. d for dog is the grady gave it and you'll see why in a moment the yield, 7.4 the high yield was 7.0 until the results came out right there it gets a bad mark for pricing. 2.30 versus 14.6 on direct the problem here is all the metrics i just gave you is the worst since june and june was not a very good option the dealer takes 31%

a reopening 10-year note doesn't find lots of demand mainly because there is a lot of whispering that we might be over our skis in terms of overbuck conditions in some of the markets. >> a lot of talk about inflation, too, druckenmiller saying it could be over 10%. terra, let me ask you how you would be recommending the position here, especially if tech is over its skis. what do you think about valuations here? >> well, i'll disagree with jeff and stan druckenmiller at the risk of everything that comes with that. they're very colorful but they've been wrong jeff said in 2017, sell everything and run he said 2019 would be the year no one made any money, and you could buy bitcoin, you could buy gold, stocks, bonds, you made money. i do think it's important to pay attention to risk, no doubt about it the stocks that dominic was

pointing out earlier, the big four, you could add in a couple more, those have been pulling up the market for sure. there are a couple other areas that may be a little less exciting to look at that can make a lot of sense in this market for risk, because you can't guess what will happen with return, but you can actually diversify your risk >> terra, you sound a little bit like jim cramer who says be careful, these are people who can cost you a lot of money if you stay out of this rally we absolutely have seen that in the past and have probably seen that a little this year as well. kind of the way you're recommending position stocks over u.s. stocks and so forth, do you think there are still solid gains to be had in the stock market, or do you think people have to look kind of elsewhere for that >> i think that there's opportunity to make money in the stock market, certainly in the u.s. but there's also more value to be found elsewhere, and we're going to manage for risk we hate losing money, we hate a

month like september, so we want to step out of the way and not lose a lot of money so it can make sense to make sure you have enough international stocks right now, that you have emerging market bonds. a weak dollar right right now is benefiting a lot of those, but that's another area where you can make some decent returns without this kind of risk you can see over the past couple, three days that we've had. >> jason, what side of the argument do you come down? >> i'll never be one of the luminaries you described earlier, and i am a client of jason, so i'm going to have to take the other side of all three. >> whoo. >> i apologize, but running money today, we have a lot of choices. the biggest issue is do we believe there is a structurally low rate of inflation and interest rates that will support valuations the whole argument about valuations is devoid of the reference to the fact that interest rates are somewhere

around 1%. you can put a much higher multiple on an earnings stream that you get to look out ten years with when you have that low of an interest rate. so you can buy these names that somebody calls a nosebleed he's putting a reference to the times when interest rates were 4, 5, 6% that's just not the case today and we own much cheaper stocks than people realize, and i think that's what's been going on. you can't say a correction like this is the answer, it's really just a pause in what is a shift in these dollars of capital away from fixed income into more visible earnings streams, and lots of names fall into that category >> before we get into those names, though, jerry, what gives you confidence that they will stay at 1%? even if people agree with you in the here and now, they say absolutely, 1%, and some higher stocks will get it but we have them from a number

of different sources, so tell me why you think interest rates aren't going to to go up considerably for a period of time >> two things, let's use the power of the rise of inflation we're talking about inflation going back to and exceeding 2% that's going to drive all these names that have yet to bounce. the entire cyclical sector of the market is still down for the year if you put money in those names, you'll benefit from that, quote, inflation trade. but are we really going to see inflation at 3, 4, 5% again? i'm hard pressed to see that, and if that's the case, these big, consistent, durable growers are still going to be outstanding valuations even at 2% interest rates. >> those names, just so our viewers are aware, include home depot nvidia, mastercard and microchip. jason, let me turn back to you apparently we can get two different opinions

>> it's designed to do that. >> i understand. they take the raw information and filter it through their own, i guess, paradigm. but let me ask you where you are on the inflation debate, because it would seem that so much of what we're talking about here comes down to where that's going and where rates are going. >> in the short term i would agree with jerry big time inflation are our rents and wages. right now obviously both are impaired, it's going to be very difficult to get any sort of big wage gains with an unemployment rate at 8%, and obviously in terms of rents, homeowners' equivalent rent, that's also going to be under pressure as well in the short term i would agree. there is not a lot to push inflation higher in the long term, we are doing things from the fiscal

perspective and the monetary perspective that we've never done before. it's difficult for any of us to know what the ultimate impact of that will be so for the next two or three years, i'm not particularly worried, but i think it's also -- it bears repeating that these are -- again, we're conducting a pretty big experiment in the policy mix here that few have ever seen >> we have to go, but terry, when do you get worried about inflation? >> i think it's an interesting point, because the textbook case for all the monetary policy and all the money that's been going into the economy here in the u.s. as well as globally, textbook that means inflation. to jerry and jason's point, we can't make the case for it very easily right now, but i think a risk to that argument is come 2021, say, for example, if we're all ready to go out and we can go to restaurants and we can travel, i think there is a ton of pent-up demand for that, and i don't think that is getting

priced in or expected for 2021, and that would push inflation up so i do think that's the risk to inflation -- the inflation case going forward. >> all right thank you all, appreciate it jerry cassilini, terri spath and jason trennert another turbulent day for the airline specter. a dire outlook for american, which is down 5% right now we will break it all down. wells fargo has three new ways to play the deurbanization of america some of the names might surprise you. come back for "the exchange. we're back in two.

welcome back the rally today keeps going. we're at session highs right now. the dow was up 633 points, that's 33%, and it is actually the underperformer it is powered by the tech names apple, microsoft, salesforce and that's why the nasdaq is up 350 points, helping to induce some of its sharp losses over the last three sessions chl

the s&p, up 270 points jobs remain their top concern. confidence fell about seven points from july to august on the other hand, ceos are seeing their confidence continue to recover with a one-point rise back to positive territory last month. so why the confidence gap? steve oddland is here to talk about the whys and wheres. steve, it's good to have you should we be happy consumerism is on the mend or concerned that is slowing >> these are two of the confidence board indicators, the ceo confidence and the consumer confidence when it runs in one direction, you usually see these indices moving in one direction. during the covid crisis, ceo confidence went up and consumer

confidence went down now it's the reverse where ceo confidence is coming back and consumer confidence is going and the reason is the time frame. consumers are all about the here and now. they're about your jobs, it's about how they're feeling about their paycheck and what's coming in, and you have to remember, consumers have just lost those government resources and they're worried about whether a second wave is coming, and they're worried about whether furloughs will turn into layoffs you see that, of course, in the travel industry. >> yeah. >> ceos, on the other hand, are longer term because they're thinking about the long-term business cycle, capital investment cycle, and they're starting to see, okay, this is stabilizing, for the most part we can start to see some room in 2021 for this to stabilize, a vaccine and so forth that's why you see a difference in the numbers today >> fair enough so let me, again, kind of go back to what investors should be watching in the stock market, because consumer confidence is pretty well correlated with that could we see a nice healthy

rebound in september because the covid numbers have been coming down despite some of the college outbreaks? there are kind of some trends in the right direction. we heard fedex is hiring, kind of emblematic of the holiday season should we expect that to be on the mend, or should we expect that ceo confidence follows suit and ittumbles down >> i'm a little worried about the consumer confidence. it depends on the bill if you could reinstate these unemployment benefits, it doesn't have to be $6 a week but if you can reinstate something here and make them confident, we're good for the holidays if not, the holidays are at risk here you've got amazon, fedex, ups, it is usual players starting to step up for a holiday season, but that holiday season would be much reduced ceo confidence is mostly going to affect next year and capital investments and where that's going. that's not a short-term 2020 situation, we've got to watch

the consumer confidence. that's why this bill running through congress is so important. >> it's also really important to have those liability shields for companies so they can rehire where are the jobs and where are they not going to be for some time, do you think >> well, i think -- look, you can have some permanence here. people are continuing to work remotely i think you'll see office leases roll off you won't need as much office space, rents will get hit. office jobs will continue to be cut back you don't need to go to the office if no one is in the office retail sales are moving more and more towards online. it's not that people will never go back to brick and mortar stores, but you'll not need as many people. hotel jobs, the whole travel industry, it's going to come back but it's going to take

several years, so that's a median term problem. now you have higher education. okay, everybody is online today so you don't need all these professors you've got the tenured professors who are safe, the instructors, the newly minted phds you got some worry there finally construction jobs. residential is continuing to move up as people move from dense areas to suburban areas again, houses, but i think you'll have an issue with commercial construction, particularly malls, shopping centers and office buildings for some time. >> so final question let me circle back because you mentioned a few times the next covid release bill which could be pretty important. you think it's also important that there's funding for schools in there because the child care is becoming such an oppressive one for corporate america. >> it's really hard for people to come back off remote work if the kids are at home and if there is no early child daycare, all of those components. if there's nothing there to take care of the kids, you have to

have the parents staying home. if you have the parents staying home, you can't get the productivity so we need some funding here, we need the education obviously the government is focusing on rapid vaccine. we need treatment. strep throat is not cured but we do have a treatment for it that everyone is confident you can go to the office. limits of liability are important here, but to the extent of employment compensation, and also the ppp small businesses were really helped by that ppp i know that there is fraud in some of those loans and there's duplication. we have to make sure that doesn't happen again, but the same situation that required small businesses to get those loans originally still holds today, and we need to reinvigorate that program. >> speaking of keeping people in the office, i just did a covid test, steve, for the first time. let me tell you something, you probably got one, it is not pleasant >> no, they scratch the back of your brain, and then you say, why do they need both nostrils >> right

>> it's an unpleasant situation, kelly. we need an easy swab thing that's going to be in the rapid tests they're doing, but even with the rapid tests, okay, so now you have it and you still have the liability issues. if i've still got covid out there, i'm a health care organization, i've got hipaa problems all of these things are in place. i'm glad you're negative, kelly. >> oh, my gosh -- i'm going every week every week such a baby. steve, thanks very much. it's been a pleasure thank you, sir steve odlund from the conference board. stocks just had one of their worst quarters in history as e others crushed it. lbh seems to be llfaing apart and the federal government seems to be the reason why we're back in two.

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welcome back to "the exchange." markets here continue to push to new session highs. take a look behind me at the action across the major averages we have the dow 645 points right now, that's 2.3% big tech is absolutely leading the way. the s&p is up 2.6% the nasdaq is up 339 points, so we're definitely unwinding some of the damage done in the last three sectors, although there is still a way to go beyond that mark yesterday everything was red today every single sector is positive it's not just the tech story, though that sector is up 4%. materials coming in with a 3% gain, discretionary, health care energy remains the underperformer, but at least today it's to the upside, 1.3%, financials up 1.4% that auction went off with a d grading which rick santelli gave it let's look at the big momentum

names seeing a bit of a comeback here apple, amazon, tesla, microsoft, nvidia tesla is up 7% of course yesterday it had one of its worst days in years apple, amazon and microsoft up 7% gains as well the shares of slack are slightly lower after beating on the bottom line. a lot of people see slack as missing a missed opportunity with covid the way people are turning to more video options that aren't as strong. they got new coverage with a buy rating at deutsche bank which is calling the service one of the best in terms of lockdowns stitch fix about a 7% gain today. another day and another new street high price target for peloton. cowen and goldman both raising

their price target on a named $110 peloton is back below $90 but up about 4% right now the demand into this launch of new products is a catalyst for these price categories let's get to sue herera for our update sue? here's what's happening this hour residents in the bay area west woke up to dim lighting this morning as fires continue to push dense smoke southward scientists say climate change has contributed to the intensity of the fires at least one fire in southern california was caused by pyrotechnic devices. the u.s. is blocking visas for certain grad students and researchers to prevent them from allegedly stealing research. that's from the department of homeland security. acting dea chad wolfsaid it

would be used for espionage by china. notre dame cathedral has opened up its script as pafrt o learning more about its history. this comes a year and a half after the cathedral went up in flames and sustained extensive roof damage. a baby gorilla was born in audubon zoon in new orleans. baby and mama look like they're doing just fine. aw that's the news update, kelly. i'll send it back to you >> it's just like home >> i know, right in exa exactly. >> sue, thank you very much. a bright spot for restaurants. new data suggesting people are dining out more and more, but not every company is reaping the benefits we'll look at the winners and losers if you're an investor in

airline stocks, you learn to take the good with the bad these days american says they need help these days the whole sector is trading off. we'll have full details after this and it's made for her she's serving now we made it for all branches and all ranks whether they served one tour or made a career of it. we also made usaa for military spouses and their kids usaa is easy to work with and can save you money on auto, home and renters insurance. become a member today. get an insurance quote at usaa.com/quote usaa. what you're made of we're made for to deliver your packages. and the peace of mind of knowing that important things like your prescriptions, and ballots, are on their way. every day, all across america, we'll keep delivering for you.

markets are rebounding today after that sharp three-day selloff with the nasdaq now leading the way higher we have team coverage from the stories around the market as stocks look to bounce back here. bob pisani is watching for a launch of three new stocks exchanges for us kate rogers tracking the newest numbers in the restaurant space and phil lebeau is all over the moves in airline stocks. bob, let's start with you and we have new stock exchanges

launching this month, right? >> kelly, you might think, who needs another stock exchange we have 13 stock exchanges in the united states, but they keep finding new niches there is one today that's very interesting, but let me tell you what's going on. today they're launching one called the long-term stock exchange that is literally launching today. there is another one launching in a couple weeks, the members exchange this is backed by very powerful players on wall street goldman sachs, they say the nasdaq are charging fees that are too high and a smaller one, the miax pearl exchange, they're going to launch an equities exchange. this is a very unusual niche to fill here. they're launching today. they're looking for companies with interest in sustainability, inclusion, diversity, treating employees fairly this is all about social government stuff we've been talking about. 80% of the board is limited.

they're very big is inclusiveness. they're looking for private companies looking to go public, but then they're also going after publicly traded companies. you might think why would procter & gamble, a big company like that, want to do an exchange like this the sgg issues are really becoming very big and companies want to pledge a higher level of involvement than the existing exchanges. we'll see, kelly, but these types of issues are catching on. you actually have an exchange around the idea now. >> we used to talk about stocks going public, but now we have exchanges launching. how do you think this will affect the average investor? we've talked a lot about market structure. it doesn't sound like this will interfere with that, but it does, i would imagine, fragment things, and kind of related to that, how is it likely to affect the ipo process, if at all >> yeah, they're not going to go after -- they, the long-term stock exchange, are going to try to target companies that want to

go public that are willing to take a pledge to say, we'll have a higher level of involvement in these esg type issues than the other exchanges. i think the other exchanges would say, fine, if our companies want to pledge a higher level of involvement in inclusiveness and diversity, for example, we're not going to get in the way, and that would be the argument moving across in theory, it's not a bad idea it's 60% higher trading volume we've had this year than prior years because of all this confusion around covid and the up and down in the stock markets. the question is whether this would prompt people to switch trading or something somewhere else the other one, the members exchan exchange, their argument is we can charge lower fees out there than the exchanges are trying and come in to trade with us we'll see if that argument really holds water it's very fragmented 13 exchanges right now, guys now we're going to have 16 >> it's fascinating. that's a good point about higher trading volumes, too

bob pisani, we appreciate it see you soon a deal today is falling apart. louis vuitton backing out of its deal to buy tiffany. this would have been the largest luxury deal ever let's bring in robert frank with the details. robert, what's going on? >> kelly, lvmh have been looking for a way to go through with this deal with tiffany for months they said they received a letter on september 1st from the french foreign ministry saying it should hold off on this deal until january, blaming the threats of u.s. tariffs on french goods from the trump administration now, since that date is past the deadline in the original deal contract, lvmh saying it is, quote, no longer able to complete the transaction now, tiffany responding instantly with a lawsuit in delaware saying, lvmh is trying to back out of its contractual

obligations and that lvmh has unclean hands. those are fighting words where does this all leave the crown jewel of u.s. luxury brands the pandemic has absolutely crushed the jewelry business it is the worst performing sector in all of global luxuries since it's so depend on brick and mortar stores and people just aren't wearing as much jewelry as they used to. tiffany sales falling 45% in the second quarter, lvmh saying tiffany has been a loss company for the first six months, and it's, quote, not happy with the way it has been managed for the past few months. tiffany saying the fundamental strength of our business is clear, and that fourth quarter earnings will be up over 2019. so will lmvh come back to the table at a lower price will a private equity come who knows maybe they'll come back to an original public company, but what is clear is that this deal at $135 a share

doesn't look like it's going to happen for now guys, back to you. >> robert, it's a little hard to sympathize with lmvh here. whether or not it was the french government's fault, they clearly think they overpaid for this and are looking for a way out. if tiffany is really a valuable asset, then somebody else should be able to come in at a better price, right >> that's going to be the question that this delaware court case will hinge on, is what is this lettdoes this lett french government say exactly, does it demand they stop the deal lvmh is saying, look, we can't do it, and tiffany saying just because they want you to extend the deadline doesn't mean it's a done deal. so whether they fight it out or settle on a lower price, that's going to be the question >> robert frank, thank you very much robert frank for us. restaurant sales are bouncing back in the past month as traffic improves and spending

has increased. a number of restaurants remain completely closed and likely will never reopen. kate rogers has all the latest for us kate >> hey, kelly. well, restaurants are still struggling in a big way but new data from black box intelligence does find a silver lining, that performance in august was the best it's been since february before covid really took hold of the industry sales for august were still down 12.3% year on year, so companies, of course, have a long way to go black box says 10% of restaurants remain closed which now may represent permanent closures at this point as this number has been constant for st seven weeks now. major chains showed that consumers are leaning in to limited service concepts right now. drive-thrus are also seeing continued strength even as restaurants around country have reopened drive-thrus went up 13% in july,

including carryout and delivery. but some positive news that could mark a turning point attitudes toward on-premise dining are now shifting. our recent poll found that 51% of respondents found nationwide they consider dining in this stage of the outbreak to be safe that is around the lows in july of 30% back to you. >> big news here in the state of new york, kate governor cuomo just announced they will allow indoor dining at 25% capacity starting end of the month. >> yes, kelly, that will be in new york city, 25% capacity. this should impact about 10,000 restaurants around the city. you have to wear masks, there will be temperature checks, tables will be about six feet apart. no bar service you can't sit at the bar you can, of course, order a drink, but they don't want people close to one another in that type of capacity. one person of your party has to leave information for contact tracing, and he also says he wants to get new yorkers in on

keeping everyone safe, potentially reporting restaurants that may not be living up to all these restrictions and rules so it is safe for everyone to get out there. you have to imagine restaurant owners in new york city are really breathing a sigh of relief that they can start to get back to somewhat of normal operations >> absolutely. kate, we appreciate it thank you very much. kate rogers with all the latest there. let's turn to airlines which are under pressure after american said they may need to borrow more money from the federal government its shares are down 5% united announced a surprising bet as they try to expand as profitably as possible phil lebeau has those details for us phil >> kelly, we're getting a snapshot of just how challenging the third quarter will be for the airlines let's start with american airlines the cfo gave a presentation, and in that presentation he said, look, we may have to ask the treasury department for another loan, even borrowing more money from the federal government, and at the same time as it's trying to control its talks, it is

going to be talking to boeing and is in talks with boeing to defer delivery of 18 737 maxes we also heard from delta, and delta saying, look, there is no meaningful recovery in demand right now, and the airline at this point, its daily cash burn, about $27 million a day. also today we heard about cash burn from united airlines. this was in an 8k the company released this morning. they said its daily cash burn is about $25 million a day. it's also lowering its guidance for q3 passenger revenue, going down from 83% for the quarter to down 85% you mentioned how one airline, and that's united, looking to see some chutes of green, if you will, where they can grow the business they're planning on doing that with international routes. they're announcing international routes at the same time that the company's pilot union says it has come to an agreement with the company that could potentially avert pilots being furloughed at the end of this

month. about 2,850 scheduled to be let go if they can reach a final agreement, they will stay on the payroll. as we mentioned, those international routes, you're looking at africa and india, kelly. that's where united believes there may be pockets of growth there, adding routes there in december to the end of the year. >> let me ask you why the whole sector is trading down because it would seem they're the weakest player, so perhaps their problems are more pronounced than others would be but again, everyone pretty much seems a bit unsettled by this request. >> because it is a snapshot of just how weak the market is right now. they're not seeing the demand that many people were hoping for, and we all know that the third quarter is slower than the summertime so you knew that the demand was going to plateau for a while, but this presentation from american at the cowen conference, it immediately spoke directly to the challenges that american is facing

you're right, american is in a different position than some of its competitors. it has $45 billion in debt. the fact that it's potentially going back to the government for even more money to borrow, that has investors saying, okay, where is the bottom? we think it's going in the next 12 to 18 months, but are we sure >> that's the question phil, always appreciate it still ahead, hastings reveal why netflix is currently in china, and the reason for that may surprise you a lot of help wanted at amazon a look at jobs and what else the company is offering to lure workers. the dow continues its climb higher, sitting at session highs of nearly 700 points right now led by microsoft, apple, teillar, salesforce and dow chemical we're back in two.

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shares of tesla are participating in today's rally, jumping about 6%, but the stock is still down about 30% so far this month they have lost more than $150 billion in value that means tesla has shed more in market cap than gm, ford, and honda/fiat/chrysler have tesla is still around $120 billion. it's more than the former automakers i mentioned plus toyota, plus lyft, plus uber let's turn to netflix. its shares moving higher i'm sorry, netflix is down about 1% right now the stock is down about 9% for the week ceo reed hastings was on cnbc promoting his new book, and he also talked about china being

shut out >> we got turned down by the federal government a few years ago, and we have not been spending time with china for the last couple years. there is so much for us in asia, the rest of asia, india in particular, korea, japan, indonesia and also europe and latin america, so we're very focused on that. it's a pity from a long-term perspective of the u.s. and chinese disengagement, but there's nothing we can do about that, and instead we're focusing on entertaining everybody else >> and that strategy seems to be working. net flick shares up more than 50% this year. that company's market cap now sits around $220 billion elsewhere amazon announcing the details around its first ever virtual career day. it is looking to fill 33,000 corporate and tech positions and is offering 20,000 free career coaching sessions as part of that program so, again, looking to fill 33,000 positions

the online event will take place next wednesday, september 16th and comes after the company just announced last week it would hire another 10,000 workers in bellevue, washington amazon's shares up about 10% and up 8% after last week's all-time high coming up, it's been worse than the dot-com era for value investors. does that mean value is dead no, but you need to know where to look for bargains more on that next.

ft. underperforming the

growth etf, that's a 30-point spread in fact it hand been valued -- the last ten years has been worst for value investors, in facts worse than the great depression, and names have lost 20 years worth of gains. jared is with us, and you've dug into this, and what do you come away thinking? >> [ inaudible ] -- between value and growth the conditions since march -- -- report stimulus -- and are typically -- instead we've seen

underperformance, and this cap is really the since it was 19 -- >> jared, i'll keep it simple, so you can hopefully answer is and our audience can make it out. what would your advice be to investors now in terms of positioning and value versus growth >> yeah, i mean, the bottom line here we have to think about different ways to invest -- traditional -- they haven't worked for economic reasons -- they won't change soon -- so it's a number of different ways investors can it look for value -- filter out -- >> yeah -- jared, i'm going to jump out of this, because we're only have an issue that everyone watching would be familiar with,

and that's sound problems soon thank you very much, sir, as we'll leave that trillion dollar question outstanding. meantime, as more americans appear to be leaving bib cities for the suburbs, wells fargo conducted a survey of 1,000 consumers and haz recommendation on stocks to buy they plan to increase with home improvement being the biggest beneficiary -- home depot, lowe's and tractor supply are their plays in this area they also found that 38% are buying new or used cars due to covid. that's a plus for dealers and parts retailers. that sectors, so, again, some deurbanization plays for you as we go, take a quick look at what's going on in the market. we're near session highs we continue to move higher as we try to rebound after the sharp losses how high will it go? that does it for us here

don't go anywhere, pot stocks are getting crushed day, including aurora, can a new ceo turn things around i will join tyler mathisen on the other side of this quick break. when the world gets complicated, a lot goes through your mind. how long will this last? am i prepared for this? are we prepared for this? with fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations,

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welcome to "power lunch. i'm in for tyler today the nasdaq is climbing out of correction territory, but still 8% off the record highs we made just a week ago

privately reassured investors this morning we've got those details coming up. later on, energy stocks slightly higher today, but still down 10% in the past month. just how risky is the group's high-paying dividend stocks? we'll explain. "power lunch" starts right now >> thank you, dom. stocks are higher today for the first time in four

i've been highlighting this for a while, $500 six days ago goes to $580, then back to $500, all in seven days. the market is having a problem figuring out what the right earnings multiples are they're like earnings rocket i have thinks kinds of companies -- look here, this is for their fiscal year, and then 2021, this is the year they're in now, they're going up to $9, now we're going to $11 a year for now. what is the right multiple the market has a hard time figuring it out. zoom is the same way nobody knows what the right multiple is. i think the important thing is, overall technology is doing amazingly well look at this

for the third quarter, compared to the third quarter of last year, it's flat, basically technology, for all of the disaster in the economy, technology is by even with last year that's remarkable. consumer discretionary, financials down 26%, compared to last year. energy is going negative, for heaven's sayike all right. we don't know the right valuation for zoom or nvidia, but sure as heck know the numbers they're putting up are better than anything else remotely in the stock market right now. if you don't understand anything else, that you should understand that helps to explain why we get thinks stocks bouncing >> can you tell you, for