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 contrast for us and our viewers,

we often talk about volume as a validator. with that big rally we're seeing back up. >> yeah, volume has been much heavier on the down side, on thursday, friday and saturday -- excuse me -- thursday, friday and tuesday, we saw much heavier volume than on days when the market was going up in the prior days, like monday, tuesday, wednesday last week. this happens when you get the blow off the tops, and then the skeptics say i'm not buying more into this,le vote tends to get a lot lighter. then with when you start seeing the momentum, you have heavy volume, they want to take profits really fast ahead of the next guy, so today the volume is a bit lighter than on the three days where the sell-off was really intense >> all right bob, thank you very much bob pisani let's talk about big tech

leading the market higher, can you trust this bounce? mark lehman is the ceo of j & p securities mike at jones is chairman of caravelle concepts michael, i begin with you. what do you make of the warnings from druggkenmiller and others. >> i would not say it gets rid of the fear to the down side we've had people fearing this rally since march, obviously, many of on your show, but valuationses are at limits we haven't seen in a long, long time i'm fearful. if the market doesn't expand, doesn't widen out, keeping it in very, very few names is problematic for the fall i said back around memorial day we'll see a bunch of new names go public and we'll see if confirmation can expand. all those names did very, very

well we'll have a similar calendar after labor day. let's see how the absorption of the fast-growing names if we see some kind of confirmation they're being bought, it would make me feel better >> you made an interesting point that a sell-off could hasten action out of congress that you think is warranted, but it all kind of of it is circular logic. do we need the action and over and over we go >> well, i think understanding why a continued sell-off could be good for the market, you've got to go back to say, what do we think has driven this market higher we think it's been monetary accommodation from the fed they've been extraordinary in their liquidity provisions with trillions injected we think the pullback was simply a result of no covid-19 stimulus package, no more deficits for the fed to have to finance

that allowed them to hit the pause button on the money-printing machine we think that caused the pullback we think that ends when the money-printing machine kicks back in gear that probably requires more stimulus that requires the president to probably armtwist some republican senators. the more the mark drops, the more likely it is that president trump worries about the impact on a declining economy on his reelection, and he arm twists. >> let's say that scenario did play out that we see the central bank step in, fiscal policies enacted, what goes on the shopping list? if you're playing the bounce up, what goes on the list, if it pulls back more, this is what i'm buying >> well, i think that the president being down in the polls, there will definitely be action in congress, if that's

the case going into october, i think you're correct we've been very hot awkward is a great name for us. it will benefit from people hiring independent contractors around the globe to solve their problems they had an ipo a coupleiers, the stock has a new ceo, and i think watch that stock if stay from home continuing to be a theme. we like evercore i think that's a great play for the rebound in m & a and big tickets we'll see. >> you also like -- >> i like domo. tell me about that and where you think there's attractive opportunities in techland? >> well, domo is a name that a lot of investors know. it's been around a long time they've had a couple stumbles,

but for ceos working from home, it's a name that allows them to see everything going on in their complex with one screen shot with their devices that's an extraordinarily important thing for them after covid hit, they resurrected their business in a terrific way the backlog will grown, and though that sounds very expensive, it trades for five times revenue. that is inexpensive relative to the peer group it gets to a multiple exposure with stocks going up a lot. >> michael turning to you about where we are in the political cycle and the stimulus that may or may not be on the way, where would you be in advising people with their money >> so, first of all, i would probably be keeping some dry powder until we see the fed reengage remember, this could be a messy election it could go several weeks of contested ballot counts and

mail-in ballots that are still being counted. you don't want to have that kind of political uncertainty unless the fed is given active support to the markets that would be our first thing. let's make sure the fed is engaged so we have their support in the case of any political uncertainty. once the fed is engaged, i think our experience from the last tech bubble is after you scare people in the reel hay flyers, they come back to tech, but tum bake in a safer way. i also think housing still has a long way to run. you compare valuations now than at the last housing bubble, we've got a lot of up side in the housing names, because i think we're in the early innings that the fed policy could stimulate, and i also think there's a source of funds that

people should be looking at in their high-yield portfolio high-yield defaults could be two times the current yield. that is a great place to go for that money. >> there's so much in there i could pickett out. michael, let me ask you about what you just said about the housing bubble ivity talking about prices in my hometown, it's a college town, and i thought they would be hard hit. it's the opposite. the home prices are much higher than i would have expected if that's true there, i wonder where else it's true if you're saying it's going to keep going, i hope we're not getting into housing bubble 2.0 territory here >> well, recognize the housing bubble of 2005 and '06 was built on funny mortgages, interest-only, flex play and the like this housing bubble is being built on, first and foremost, the lowest mortgage rates we have ever seen in human history.

second, a big demographic way of folks like millennial that are ready to go out there and buy their first home or even upgrade to their second home you have good demographic support this time. so far underwriting has been fairly conservative. you haven't seen the gains in the middle 2000s now, an important thing happened last week. affordability got back to average, which means the big home prices have offset the decline in interest rates. from here on, we're requires more sacrifice to pay that higher price i think it will happen because of the powerful demographics and fed stimulus, but watch for interest-only mortgages to reappear that would be the signal we're getting near the top. >> i love that give us the r50d ma'am thank you both, guys appreciate it very much today. speaking of technologies, shares of slack are plunging today after the company reported weaker than expected quarterly

results. it's not trading at the lowest level since april. deer de deidra bosa joins us now 16% is a huge drop they were disappointed. the digital is supposed to make the number pop. they said churn and overgentleman softs in impacted results, but perhaps most worrying, is the battle again microsoft teams may have hit a snag, the company saying it

would not see a win rate, and that's one of the most fundamental returns, that teams poses a material threat. dom, back to you. >> it's very megacap versus kinda big cap. i want to turn to the private markets, palantir is the next big unicorn gearing up to go public with the investor day today. are you hearing any buzz about palantir and what's being talked about there? >> dom, all the buzz this is one of the most anticipated ipos of the year, but the company doing a direct listing, so bypassing that road show livestreaming for anyone to see. earlier this morning, and they did give us a day. we know it will go public. it will list shares on september 23rd that's just two weeks from now, but importantly, between now and then, the company will need to convince potential investors that it's not just a data analytics company and fairly

secretive at that, but also a software company some critics have called it a glorified consulting business. we were just talking about slack, but some of the other software names, they have run up huge this year palantir will likely want to jump on that in the -- $20 billion in the last funding round in the private markets, there are reports that it is being valued far less than that, between $10 and $12 billion. >> thank you deirdre, for that vaccine stocks mostly higher with the keep exception of astrazeneca. it paused the vaccine trials with new reports that a ceo held a private call with investors to reassure them. and the new ceo as the company tries miguel martin will be here for his very first intervw. repor nc rht after this

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the story was broke last night that astrazeneca paused the clinical trials due to an unexplained illness in one of the participants astrazeneca called the move a routine action, and staten news now reporting that the company held a call through jpmorgan, a move intended to reassure

investors and reverse the damage to to the stock price. adam feuerstein and meg tirrell are here this is such a promising, promising track for a vaccine. >> well, dom, thanks so much, ad adam, great to have you with us. the story this afternoon answered a lot of questions that many of us have been answering your companies, and helen last night. specifically what the condition appears to be. you reported appears similar to a condition called transverse myelitis, a spinal cord problem. you report that the participant did receive the vaccine, not the placebo, and there had been a previous halt in one of the trials due to an event that turned out to be a diagnosis of multiple sclerosis, deemed unrelated to the vaccine we should note this new issue has still not been tied directly to the vaccine, but adam, i want

to ask about your source of the information. you actually got this from a different sort tell us about how you heard about this information. >> yeah, meg, like you, you know, we've been in contact with astrazeneca trying to get information, and they provided statements last night. i think they provided a written statement from the ceo this morning as well, which didn't really disclose very much specific information, well, it turns out that astrazeneca's ceo had a conference call, a private conference call with investors, in which, you know, really for the first time he disclosed a lot of details, as you mentioned, you know t. coming into this interview about what was going on with that patient, and what her status is that's information that has not -- even up to now has not been pushiblicly disclosed by t

company. >> right i understand this call may have been part of a series that jpmorgan had with ceos and may have been a prescheduled call, but when you hear details on a global story, a release to a private set of investors, what is your takeaway from that in terms of how the company has decided to communicate they details. >> from what i understand, this was a call that was scheduled in advance, that they were having with jpmorgan investors, but again at the same time he could have canceled the call it wasn't a call that he had to have, and like you said, there was so much interest and attention being focused on this new development and this potential safety problem you know, it does -- to me it raises some questions about astrazeneca's commitment to transparency when it comes to development of their covid-19

vaccine. you know, where the ceo would go on a private call to investors and give them information, but yet the company seems to be unwilling at this point to offer that information to the broader population i would note particularly information to other participants in their covid-19 vaccine clinical trials. if you think about it, there are a lot of people who are, you know, putting themselves at some risk by volunteer to participate in these clinical trials, and those people certainly deserve as much information as anyone. >> adam, to follow up on that point, do you feel as though -- there is a number of names outside of astrazeneca that are involved in this race for a vaccine. do you believe the playbook or the communication strategy will be altered for some of these other ompanies, given what we have seen with this particular

trial be paused? >> i think we all know how closely watched these trials are. we all know about the political pressure to get the vaccine as soon as possible, and i think transparency is something that will help instill some confidence in the development of these vaccines in their efficacy and their safety you know, an important point needs to be made, you know, in some ways what happened with this patient and the fact that the clinical trials are being paused is a good thing it tells you as the clinical trials are set up to identify any potential risk or safety issues that might pop up the fact it's happens in some ways is good you would rather have it happen in a clinical trial and then you found ute there was a problem. so in that way, the process is working, you know. i just think there should be as much transparency as possible. >> yeah, adam, it's meg again.

just to jump off the point you just made, i have heard the point be made by folks like peter bach, who is a major cry irk of the practices many times, as well as folks in the investor community, this wasn't necessarily material news or necessarily even as big of a deal as has been made out of this, because we just don't know if this is a serious safety event related to the vaccine so it's look at through that lens, the ceo's decision to answer questions about it on an investor call are not necessarily concerning what do you think about that >> i think we all realize that vaccines have side effects all of these vaccines do have some level of side effect. i think what is different in this instance is the side effect was serious enough that, you know, independent data monitors took a look and recommended to

astrazeneca that they suspend enrollment and suspend the clinical trial so i think it takes it into a realm of materiality, and it takes it into a realm where as much information as possible as quickly as possible should be disclosed and maybe not first to a group of private investors. >> we have reached out to astrazeneca, and asked for the ceo to join us we haven't heard back. i also reached out to jpmorgan to ask for a transcript of call which was not open to call, and he said it's not immediately available. adam, thanks again meg, we very much appreciate it and astrazeneca down today -- a lot of vaccine makers are rallying after that report could a different cut be on

the table? peloton is up double digits this week as wall street gets even more bullish on the stock. should you cseha the gains traders weigh in, after this quick break. it's easy to get lost in the economic uncertainty. the volatility. the ambiguity. the moment calls for more. and northern trust delivers more. with specialized expertise. proven strategies rooted in data and analytics... and insights borne from over 130 years of successfully navigating economic turbulence. giving you clarity. inspiring confidence. and helping you uncover new paths forward. northern trust. wealth management. for skin as alive as you are...

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one question is which trends will last into the fall and wind price targets are being boosted for peloton, even as gyms reopen, demand for their products will remain strong. it call 11 price bumps, as

shares have rallied more than 200% this years. let's discuss this name. our "trading nation" team. danielle, i'll start with you can peloton continue t absoluten number one peloton is the leader in the space one of the main issues that people have with peloton is the price point. well, you can pay per month. they also have lower-priced products and we have continued evidence that people are continuing to cancel their gym memberships. for me i'm incorrectly bullish it has the potentially to continue trading higher, and especially going into the earnings report. i'm looking for an overnight gap up tonight if we get a new all-time high tomorrow we should see some short coverings, and it's still a good trade >> yeah.

they report tomorrow night from peloton houses does the chart look to you? >> that's right, seema, you hit it on the head, very well bullish, relative strength no view on how it would trade into earnings tomorrow, but we like how it's acting, on that sell-off, what is -- notable -- they averaged, then quickly reversed higher. there was a lot of interest to buy that stock on the pullback i think for us it comes down to simple tread following as long as the stotts is above the recent low -- our expectation is the trend is higher, and new highs are expected >> there you go. the trend can be your friend thank you both for joining us today. for more trading nation head

to our website, and follow us on twitter. energy sector getting hammered this year and pot stocks are also getting crushed. we'll talk to the brand-new ceo for his plans. plus ahead of nfl kickoff tomorrow, gambling stocks you are bucking the recent trends. all of this ahead on "power lunch. stay with us >> announcer: now the latest from tradingnation cnbc.com when the world gets complicated,

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. president trump acknowledging that he downplayed the severity of the pandemic, despite an adviser telling him

in january that the coronavirus would be, quote, the biggest national security challenge of his presidency, end quote. this is one of the revelations recorded by journalist bob woodward, recordings obtained by cnn. kayleigh mcenanny explained why. >> we could not have mass runs on grocery stores. the markets also, the economy was in play here, we didn't want there to be a huge crash and panic. he expressed calmness from this podium, but he's always taken it seriously. in new york, federal charges have now been filed against robert haden, a former gynecologist accused of sexually abusing more than two dozen patients, including children and the wife of president ee ee eerd

andrew yang. we're pretty close to session highs. the nasdaq is leading the way. apple, amazon, microsoft, salesforce, those are your outperformers. that's the only dow stock hitting a new high it's a high that goes back about two years all the way to 2018, as i do my best dom chu here >> that looks like a pretty darned good trendline there. oil markets are closing for the day. let's look at where things stand. you have u.s. benchmark up about 3.5%, just about $38.12 the last trade. up 2.5%, $40.80. now it remains a worry about demand as an upward trajectory in certain places around the

world, puts economic slowdown fears back into play we saw saudi arabia cut its official selling price for its grade of oil you couple that with a rebound in oil production, not just here in the u.s., but in other oil-produces countries as well those worries have been pressures biggoid and datz and while oil prices, companies are higher than the pandemic lows many visitors are craving dividend income, but can those dividends be maintained? that's a key question, but then

cross heave reference -- by about 65% so far this year on the refining sign, you have an 8% year for valero, baker hues on the with a 5% yield. what makes is so interest is exxon nobel is xauld what is known as a different aristocrat. for more on the safest -- let's bring in sam marg lynn

i bring up the different, because it's the price and joy for many, can exxon maintain that different? paid to noor-term movements in oil. after announcing spending cuts and more expense cuts. but you'll probably see doubt expressed in exat any time stock, but we think it is, but you know, we can't convince everyone >> sam, i'm curious there's been

a long trail even from the -- the trend we have seen is operators are typically able to sell assets to local companies, so, for example, they -- more evenen company, so normal companies at the nation of produces are incentivize the differently, so there's typically an appear tide at any given production country to take over assets. price and valuation come into play, too, but that's the party we have seen from where that protection is located. >> where exactly, then in your cover universe, which dividends

appear the safest? you mentioned exxon mobil. is chevron safe? which are the relative safe? >> they appear to be the safest dividend but just by the numbers, chevron is safer what differentiates chevron is it has the least amount of debt. so worst-case scenario, they have the capability -- until the market clears up and cover their expenses that way. they could do that for three years before they appear that's how little they have and that gives them the runway of dividend safety. having said that, though, if the hurdle is dollar 45 to $55, we do think we'll be that then.

the suppliers are closest to the customer if demand is the issue, that probably will impact refining most sharply integrated, the major oil, also have is exposure to verticals that are actually working in the ped chem space, and other plastic products so by and large, it feels like the integrateds have a clean exposure to more sustainable different. >> sam morgue lyarg olin, thanky

much. >> thank you very much let's get a check on the bond market right now. rick san teleirtracking that, some talk of about that in the last hour. >> if you look at an intra-day chart, you can see we sold off pushing rates up, but they've been stubborn. remember, as we look at a two-day chart, yesterday's high yield -- let's see if there's enough momentum by the up side in stock to push, more selling into the treasury complex, and it's already gotten much more volati volatile and the close around 50 basis points right to the left of that, you see how little volatility is in the marketplace, and how much bigger it has been lately. that is something to pay attention to it certainly seems as though we're looking to potentially sell into a breakout here. anything above 75 basis points

is something to pay attention to finally the dollar index yesterday it traded near a one-month high, well off its highs. i want to pay close attention to which side of the close line we settled at with regard to the dollar index kelly, back to you if it doesn't rally here, it's not going to be pretty. >> rick, thank you very much still ahead on "power lunch," it's today's power movers pot stocks, we're talking about those going up in smoke and a jackpot for casinos. stay with us

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welcome back to "power lunch. it's time for our favorite segment, today's power movers, first up, gorvo, raising second quarter guidance saying there's higher than expected demand for its products it's about a 9% rally today. the rest of the names in the space also trading higher. stitch fix soaring, it's unrecognized opportunity, that's nearly an 8% jump today. tiffany shares are lower by 10% after french luck yurty giant pulled out of the deal to acquire of jewelry retiler the deal was supposed to be done at around 135, and lvm hismclvmd

possibly tariffs a newly minted ceo, but the road ahead is uncertain, with sales declined, delayed profits and massive charges to overhaul its business we will sit down with the new ceo, after this break.

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pot stocks are losing green, not just this week, but the

empire year so far, with heavyweights down around 70% or so aditi roy is here to explain why these names are under pressure aditi? >> hi, dom the pandemic has maded retail headwinds even tougher take a look at the chart there canopy growth stock down, cronos shares down more than 30% year to date. with some of the challenges the companies are facing even before the pandemic, the opening of retail stores in canada, that was going slowly, especially in ontario, that's the country's most popular province. with covid shutting down even more stores, inventories have become bloated

miguel martin heartas been annoe as the new ceo miguel martin is the company's new ceo. let's get more into the weeds of the industry and the impact from the upcoming election. we're pleased to welcome mickgul martin the shares are way down, there were high hopes for -- there was a transformation plan laid out back in february investors want to know what your plans are for this company, and should they get their hopes up >> i think investors should be optimistic my background is altria, and -- companies i've been involved in two large-scale startups i see commonalty in those business

businesses i'm pretty confident we did reference stores opening up in ontario. we are seeing opening up in other markets -- so it's my belief belief with standardize and sort of traditional cpg infrastructure being brought to this product category and these consumers, you're going to see upside. >> how much damage, though, was done by the high stock prices that we saw the last few years, sort of euphoric hopes for this whole industry and the fact investors are saddled with the other side of that story can the election be a catalyst this year, you think, or has the reality simply set in? in some ways this is another consumer package goods company and you kind of value it accordingly. >> first and foremost our business is grounded in canada you look at the margins, they are very healthy

clearly expectations about a global presentation of products grown in canada around the world maybe were misplaced but at the end of the day, this is a business that can be profitable in canada a lot of indications for mature markets, california, colorado, margin accretive, brought into canada as it pertains to the election, we'll have to's what that looks like but the core market, and i know based on what people were expecting might be different, but when you see margins of this nature, see this type of growth, and you see other countries coming online, it can be a very profitable piece of business it doesn't have to look different than some might have imagined, look more like regulated cbd product, it does if you successfully replicate that in canada and other key markets like germany, when the u.s. and other markets come online that require compliance, require scientific resources and consumer insights, companies

like aurora will be successful. >> miguel, aurora betting on the u.s. cbd with the acquisition of the company. however, projections for that industry have been cut in half last year. given that, how are you reframing the u.s. opportunity >> the u.s. is an interesting market most people that put out these incredible opportunities of profitability never really understand it. so much of that business is sold online and sold out of syndicated services. it's a company that operates in stores even by the most conservative estimates, $3 or $4 billion a year of revenue, pretty significant margins, it's a strong category. aurora aligned with aspects of fda and science-based strategy and we're bullish with those com print attributes for companies

we look forward to the approach with the fda we believe that once they bring that, you will see the category significantly better those brands science-based in brick and mortar retail stores with alignment will be an advantage. that's consistent whether on thc with aurora or cbd. >> when you look at u.s. and canadian market what is your projection or base case for cannabis in the next five or ten years. >> dom, i think it's hard to say. i think best indication might be states like colorado or california where you have that situation. clearly there's a aspect to that in other parts of the world. the growth, you look and it's very healthy we haven't seen margin degradation. it's hard to give you a five-year number i can tell you for those companies that can handle the

basics and innovate, they clearly should be profitable whether from free flow flash standpoint. >> miguel, aditi roy, the house is getting ready to vote on a historic bill to legalize marijuana. what's your prediction for marijuana legalization in the u.s. after the november election under each outcome >> predicting politics in the united states is such a challenge. it's not just what's going to happen with the presidential campaign but what's happening at the state level. we've seen a lot of progress at the state level. clearly the interest both on the economic side as well as the social issue side, thc is more permissive companies like aurora having background in compliance and science-based can have an advantage. we're bullish on the opportunities. i don't want to predict exactly what one side of the election means. whether state level, federal

level, or other regulatory authorities, we're reall finding an acceptance of these products when done right and similar to other products i've had a background with, particularly tobacco those companies that have that type of compliance and societal alignment around their products will win we'll have to see what it looks like for companies like aurora, quite bullish on opportunities. >> miguel martin, ceo, appreciate your thoughts aditi, thank you as well. >> thank you very much. it's not just football fans eagerly awaiting the nfl kickoff on thursday, casino and online gambling stocks could stand to make money from sports betting boone. those details when we return watch or listen live on the go t cc p. 'll be back after this from fidelity.ing stoe now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity.

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draft king are higher ahead of long awaited nfl kickoff, up 8%. are they in for a big payday contessa brewer is here with more contessa. >> resort catskill is the closest state to new york city permitted to reopen just in time for kickoff of the nfl season. typically football fuels the most betting of my sport but the fans just really aren't feeling it this season the american gaming association just released a survey showing only 12% of casual nfl fans are enthusiastic about this season but 54% of sports betters are amped up and investors are, too. you saw what draftkings is doing today. up 8%. it's bucked the past week's dplin the market penn launching its app in pennsylvania, up almost 4% today. caesars made gains amid broader declines following a deal with william hill flat on the day

over the last week really outperforming. fun duel ceo says there's more room to run here. >> we think you'll see 100% growth over the balance of the year you look at our business across everything, we were up 50% in the first half even with no sports. >> the american gaming association reports gaming revenue for the first seven months of 2020 is up 19% over the previous year. kelly, dom, the reason that's remarkable, there were no sports for pretty much the second quarter and still look at those numbers. >> contessa, we've got to go the fact people have to go to their car to drink beer is an odd twist on the casino experience. >> they can't do it on the casino floor so they do out and do it in the casino parking lot. >> the tailgate finds a new home contessa, appreciate it. dom, i'd love your thoughts. >> i'm curious, because as many of our viewers know i do tend to

gravitate towards casino gaming here and there and folks have seen me at those casinos before. i wonder, kelly, i don't know if it's the same experience i don't know if i would go if i couldn't do all those fun things. >> what if you could tail bait in the parking lot >> a different aura. the meadowlands, who knows. >> thanks very much. thank you for watching "power lunch. "closing bell" starts now. thank you kelly and dom. welcome, everyone to "closing bell," i'm sara eisen with wilfred frost. stocks bouncing back big after three days of frenzied selling dow down, nasdaq up. let's look what's driving the action tech stocks and momentum plays are recovering some of their losses apple up 5%, tesla up 8, after its worst day of selling ever. but we are seeing one late stage drug trial of a vaccine candidate being pu