good afternoon every one second day in a row with the nasdaq leading the way the dow and s&p are less from 5% record highs as we are less than 24 hours from another fed decision happening right now, apple's virtual product event.

it just announced two new watches, two new ipads and a work out service we got all those details for you and later, we've got two big ceo interviews billionaire tilman joins us on state of business and whole foods ceo will discuss how covid has changed the consumer and the grocery business he says forever. "power lunch" starts right now yes, it does thank you. as we mentioned, we're one day from the fed decision. another big event looming, 49 days from now is the presidential election. what do our fed survey respondents think of the candidate's policies steve is here with those details. steve. >> thanks very much. some very surprising results from this survey as to the attitudes towards candidates really split along a will the of interesting different lines here we asked who has the best policies for the nation, the

stock market and the economy here are the ruesults 60% of our 37 respondents said joe buyiden has the best policy maybe you can find that the reasons for those differences in some of the individual issues. vice president joe biden is rated higher on the issue of trade, job, handling the recovery from the covid-19 shutdown president trump is rated as having better policies for taxes and for bid regulations. all of those are the most helpful for the stock market president trump's rating has sunk to the lohse elowest level he's minus 17. that's the lowest level we have

seen for the first three years we have been polling president trump on his approval rating, he has substantially above water. more like that 29% you see on the left side of your screen since the covid 1 c9 crisis hit he's been well below and at the lowest level in this survey. one other fact we have, one other data point is 86% say that a contested election is a risk to the stock market right now. >> steve, can i ask you a question there i'm having trouble squaring two numbers i saw. one was the net economic approval for trump which was minus 17 and yet in the other part of the survey you said trump has a 50 to 47 edge over biden on best policies for the economy. i don't get it what's the difference? >> i can't square it these are differences that are

just when they are put side by side, who has the best policy for the economy. biden has a slight -- president trump has a slight edge. i think if i had to guess, this net economic approval rating is tied closely to his handling of their views of his handing of the covid-19 crisis. you don't see the numbers there. he has a 72% disapproval rating on handling the covid-19 crisis. that's my best guess in terms o of why the net approval is so negative on the economy but overall i think this group is free market group. less inclined toward some of the policies of vice president joe biden and the democratic party i think that's why he enjoys a slight edge. >> remind me who these people are that we surveyed >> 37, this time around fund managers, strategists and economists >> thanks. our next guest says buckle up for more volatility as we head toward the november election what would a trump or biden win

mean for the market. i was with my wife's parents, my mother-in-law a couple of weeks ago and she said i'm really, really worried about my money if joe biden wins am i going to lose all my money. i said you're not going to lose all your money greg branch, what would you have told her >> right i think you're right the survey came out as we would anticipate the biden team stated their intent to raise the corporate tax rate they already stated their intent to reconsider taxization on earnings that are repay tri ure-

repatriated from foreign entities there's no question that in a biden victory, there would be a short term reconciliation of the market to reflect the outlook of lower profitability for the company. >> has the market already december counted that or in part in greg? >> some would say it has i would say the choppiness is evidence it hasn't yet i would say that the bloated valuations in some sectors is evidence that it hasn't yet. the market will really be able to concentrate with certainty on a decreased profit outlook across the board due to higher corporate tax rates.

>> tell me whether you agree with what greg just said which is basically that a biden presidency with higher taxes will mean lower net profits for corporations and that all of the things being equal would be lower, slightly or more majorly returns for stocks >> potentially but necessarily first and foremost you're right. the volatility will increase in fact, years when we had the presidential election, s&p returns about 400 basis points less than nonpresidential years and the average is about 6%. just exactly where we're sitting today. ultimately, i think it comes down stocks. the good news is perhaps bad for

this year is majority of the stocks underperform the market to date. average stock is down 3% year to date relative to s&p 6% return i think there are a lot of dispersions and opportunities for people to capitalize on. last point on margin, i would say a lot of companies went through recession like costs pivoting, rebooting that i think will certainly help them come back with this operational they didn't have before when revenue growth comes back. they might be taxed at higher rates but margins might do a little better. >> let me turn to where steve left us. the possibility of a contested election, a close election because of the mail in ballots or irregularities of one sort of another becomes contested and throws the country into a period of suspended animation or at

worst, some kind of constitutional crisis. how damaging would this be for equities >> any uncertainty is very damaging we have in the business of predicting the future and if you can't put in what your input is as it relates fopolicies, i thi it's an anchor on the stock market and the multiple. that being said, the one thing we have going for us and i think the odds in our favor is the vaccine. i think it's the ultimate factor people need to watch you have over 38 different vaccines and human trials right now. you've never had more people, more money, more urgency, more intellectual power focused on one goal i think the odds are with us i think it will definitely be a turning point for the market >> let us hope and pray you are right.

thank you. kelly. the apple event just wrapped up a few moments ago let's go to josh lipton for the highlights >> that about as much as you could possibly fit into about 60 minutes. let's see if i can get to it on the services side apple announcing apple one this is bundle of services, cloud storage, music, apple tv plus apple arcade, their gaming service, apple news, apple fitness plus i'll get to that in a sec in one bundle the coast herean individual plan, 14.95 per month. the family plan 19.95 per month available this fall. 30 days for free also can apple up sell its fans maybe you only use cloud storage. can apple hook you into the more pricey bundle instead? new services apple fitness plus that's for the watch it's to get you fit.

you can choose a work out from this catalog of videos and you get a summary of your metric, calorie, aver rage heart rate many of the work outs will require no equipment peleton did move lower the price, 9.99 a month. that will be available by tend of the year. new hardware we did get new watches including the series 6 that's new case, new bands, new watch faces. on the inside, interesting a new health sensor which will let users measure their blood oxygen levels right from their wrist. that's a key vital sign. that's also another watch. called the watch se. also going to watch the new at 279. >> josh, thank you very much

coming up, financials the worst performing sector and that is thanks, if you can call it thanks, in part to city group falling as reports say regulators are targeting the big bank over risk management. the whole food ceo says many people are done, done, done with grocery stores he joins us right after the break to discuss how his 500 store chain has adapted post-man demonstratic much more power lunch from the grocery store after this

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welcome back many businesses are adapting to a new normal the last few months might have changed consumer behavior for good in an interview with the wall street, whole foods ceo says many people are done with grocery stores joining us with more on the impact from covid, john mackey is the ceo of whole foods. he's out today with a new book it's a pleasure to have you here welcome. >> thanks the pst go it's good to be here i want to begin with your thoughts about the grocery store. >> that headline wasn't anything that i said. all i said was that many people

have begun to -- more people are shopping online than they were pre-covid. that's a fact. as covid disappears as a vak vaccination comes along, more people will return to their old patterns probably will not go back to where we were before there will be more people shopping online than pre-covid it will be backed pretty much the way it was a year or two from now >> that's not like you're saying this is the end of the grocery store. some people got turned onto internet shopping and they may stick with that. >> exactly right >> is that no? >> that's correexactly correct. the headline is not something i said >> let me ask you about something i experienced first

hand, since amazon has taken over whole foods, it's probably the only place i've experienced sticker shock. i said i can't believe how inexpensive this has gotten and i can't believe i'm saying that. i grew up thinking it was whole paycheck could you talk about whether that's sustainable especially with all the grocery price inflation we're see of late and what amazon has done to contribute to that, if anything? >> one of the reasons whole foods wanted to be, to merge with amazon was because amazon thinks long term amazon takes a long term perspective and that has allowed us to cut prices we made three significant price reductions since the merger. we have a fourth we're beginning now. we're going to continue to lower our prices cut our costs, lower prices. get more business, lower prices.

i think we're in a circle now. amazon is enabling us to do that we love that about amazon. >> could you elaborate on that when you talk about cutting costs. in other parts of the food industry and namely i've seen this with fast food lately, there's a lot of price inflation. when i asked people about it, they say it's minimum wage and supply chain pressures they face because of coronavirus you name it. what is it that you're able to do to cut costs on tgrocery side are these other costs and is it sustainable because of some of the shortages we have seen this year >> the way you cut costs is you have to work on every detail of your business. you have to look at where you're spending your money. what amazon's brought new critical tools to whole foods to help us think it through, to cut down our shrink, cut down our spoilage, cut down our theft that's occurring they are helping us to rethink the way we organize our stores

to a certain extent. we're just bringing a more critical eye to our costs at whole foods. we also did raise our bolabor, r wages. we went to a $15 minimum wage starting place that's forcing us to be more productive the net result is we are looking our costs. we're lowing our nga cost. we're marrying our technology close to amazon so we don't have to devote as much resource to technology because amazon is doing so much in the area for us >> john, tyler mathison. good to see you again. i have to say you guys have number one p, the best bananas in the world and the best house brand orange juice i've ever

tasted we had on earlier this week, yesterday, arthur blank of home depot, the founder of it we were talking about the 50th anniversary of milton friedman's famous sessay that said the sole business of business is profit he said it's people, purpose and profit if you don't work on your peopl and purpose, you won't have the profit i'd like you to get into that argument that friedman made 50 years ago. what did you think >> i did debate milton in the magazine 15 years ago. it's an unnecessary powe lar lay it's and it's profits and people and purpose. they are all connected together. this idea they are opposite or polarity there is unnecessary. in fact, all are important

profits are important. it's not a zero sum or something some you're care more about people and make less money or you'll be purpose driven and you'll be less profitable. ar thundershower arthur is right. we have to run our business that we're fulfilling our higher purpose. we're creating more value for customers and making more money. these things are not incontradiction with each other. they all work together i think milton believe that. he was worried about socialism and worried that profits would be taken away. i never argue for that they are important we need to make money. business needs the make money. that's how we make progress in the world. profits get reinvested for customers. >> i have one final question if i could ask you again about the experience in whole foods. what happens if the buffets don't come back.

you really have been a magnet for people who want the salad bar. they want the hot bar, the o live bar what's that experience going to look like in the future? i do i this they will come back. i it might not come back next week obviously, the alternative is more service that's more expensive alternative. ultimately, we'll do whatever it takes to satisfy our customers and create the value >> as you hinted, some stuff still up your sleeve we look forward to hear what's coming up. thank you so much for joining us today the congrats on the book >> thank you r have -- very

much ty still ahead, take a look at nikola sinking again today as the sec looks into allegations from the short seller firm the stock down more than 30% in a week 21 ipos have doubled since they began trading this year which ones are the traders buying they'll tell you after this quick break. the lexus es. every curve, every innovation, every feeling. a product of mastery. lease the 2020 es 350 for $359 a month for 36 months. experience amazing at your lexus dealer. but inside every etf... there are untold hours of careful construction... infinite "what ifs?" and contingency plans. creating funds that help target gaps in client portfolios. tap untapped potential. and strengthen confidence in you. flexshares.

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welcome back snow flake pricing its ipo this evening in what's expected to be the highest valuation ever for a software company and it's not the only popular ipo this year

recent from big commerce and berkeley lights surging higher since their debut. to discuss the red hot ipo market your trading nation team today. gina, walk us through what you've seen so far this year what we expect to see for the rest of the year and why don't you linger a bit on snow flake >> if you look at what happened, the ipo market ground to a halt in april it's driving valuations sky high as you said, we are probably going to see some of the largest ipo valuations in history. snow is an interesting one

if you look abroad, you look at ant financial which is backed by ali pay that had $17 trillion worth of transactions last year just in china compared to 8.8 trillion for visa, this is will a massive ipo in hong kong they have a lot behind them. the valuations aren't going to be great for every one >> i know you don't participate in ipos at your company but you must have a perspective here >> suddenly exciting it's important to look at the ipos to get a gauge on its sentiment in the market and the

new work at home, stay at home environment. i heard gina's caution on planitir they have a focus on public right now but making a big push into prooif pch watch out for them peter teal is behind them. the other one is unity software. they are not a video game studio they are a platform for developers to create and distribute content they claim that their engine was represented in 500 of the top thousands games in apple and grade school goog google's play store. possibly good for the company.

they pull back to support and try to poke through 100. i'd say wait for them to come out and trade them it's not like the 2,000 days they went within the first week of trading >> i hope some of those peleton instructor got stock if they did, they're doing great. thank you. for more head to our website or follow us on twitter @trading nation it's time for our weekly special. tilman tuesday the landry's chairman and ceo says business is slowly getting better we have details and what it could mean after this. machin

. welcome back here is your cnbc news update. hurricane sally inching towards the gulf coast as residents continue their preparations for the coming storm sally is moving at just two miles per hour with landfall expected this evening or early tomorrow sustained winds have dipped to 80 miles an hour in gaza, palestinian protesters are denouncing the deals. they call the deal a treasonous abandonment of the palestinian cause. spain has become first european nation to confirm more than 600,000 covid 19 cases. over in madrid health workers protested for better working conditions and more support from regional health authorities. you are up to date that's the news update this hour back to you.

thank you very much. the ratings for the first week of the nfl season are out. julia has the numbers. hi, julia. >> the ratings are out and the numbers are down according to nielsen. the average viewership was down across fox, nbc. those are the preliminary ratings available. it appears they are down about 26% in the major markets fox has double header on sunday was up 8%. the best week one in four years. if you look at some of the other games on sunday, cbs down at 12% on sunday. nbc between the game on thursday and the game on sunday combined down 12% as well it seems that some of this was due to the protests. we hope to get more details. there was a lot of pent up interest in live sports but now those numbers just not quite living up to it. >> as we talk with arthur blank

yesterday, there's quite a few people in the country who are really, really offended by the protests and say i'm not going to watch the nfl we shall see as the season proceeds thanks we're about to get to tilman for his view of the economy. before that we want the go to kate rogers. she has data on how slow the industry recovery as been. >> the industry continues to be really hard hit by the pandemic with no end in sight the national restaurant association projects the sales loss of $165 billion for march through july with 8 million workers either furloughed or laid off at the height of the crisis 100,000 locations are not open for business in any capacity it remains to be seen how many of those closures actually become permanent.

>> we're blessed to have seats outside. winter is quickly approach those seats have been a lifeline because people prefer outside dining right now if we can't find way to use that space in winter, i'm very worried. >> no time line on if and when that will come to fruition the national restaurant association says the average restaurant has about 16 days of working capital on hand. back over the you. >> thank you very much let's talk more about the state of the restaurant business in the u.s time for our weekly pulse check on the economy and business. tilman joinings us

you're generally hardened by what you have been seeing. you have another hurricane coming to the gulf coast >> you know, business is picking up tyler, all over the country finally, we're going to get new york at the end of this month that we're all looking so forward to but, we could have just like your last report, this could be a very rocky winner. what i'm excited about is if we can get through the winter and start seeing everything improving, companies including restaurants and hospitality and casinos, we have all learned to operation differently. i'm trying to be positive and we'll getthrough this flu season and everything will be okay and we have some time of a vaccine or we're going to continue to know how to treat this disease better. we're definitely treating people

better 22 could be a spectacular year i've never been one the always look out 15 months but that's what we have to do today if we can get companies back, i think these companies will have 10% better profits than they were going to have before this pandemic even started. we have all learned to operation so much more efficiently >> you have bp saying -- >> the hurricane -- >> you've been saying 2022 for a long time, let the record show fin herb your thought on the hurricane. >> on the hurricane, it's kind of funny we just opened up lake charles partially in the last couple of days we're definitely struggling with everything else. out west the fires are so sad. people are losing their lives and so many restaurants now that we were seating out door ons the

west coast, you can't sit out doors now because of the air quality. >> it's a biblical years >> waiting for the locusts >> i want to begin by showing a couple of snapshots at high noon in rockerfeller center that's 50th street, tilman at noon you see onelone pedestrian there. here is the next one one person there at lunch tiech -- lunchtime. the mayor has opened up restaurants to 25% i think the problem will be a d dert of people to serve. >> that's all of our concerns. if all these restaurants open

up, the 25%, i hope we can do 25%. we'll just see how this plays out. it's a huge concern, tyler >> is just absolutely floored to walk through one of the busiest parts of midtown last week and see virtually nobody

you've also said so long to your coach. where does the franchise stand will you, for example, hire becky hammond who could be the first female head coach in the nba, assistant at san antonio under papovich for some time where do you think it begins and where it might end >> it begins and end with the general manager. you can talk to me about business all day long. i personally wouldn't know what coach to hire. that's why you have a basketball operations team that's made of half a dozen people that use all kind of analytics and experience they'll make a recommendation to me as they do about everything and i'm the sign off guy that's it.

you better know what you know and you better know what you don't know i surely know what i don't know when it comes to basketball. >> daryl morie is your gm. he made ran into trouble this time last year about comments with china is his job safe? >> his job is safe i'm sure he will pick the right head coach >> sum up the season for us. it was a season like none other in professional sports i think the nba did an amazing job so far in the bubble i think the television production has been remarkable i think fans really enjoyed the games which were terrific.

>> the graphics were great the nba did an unbelievable job. there's been some magnificent series with the boston series in toronto and denver and the clippers we won the first game against l.a. we thought it was going be a magnificent series there's a reason lebron james had been to finals nine years in row. you have to give the lakers, they made the adjustments and played unbelievable. the l.a. lakers have lebron james. >> that's hard to contend with as always, great to see you. >> thanks.

we have a news alert on jpmorg jpmorgan >> some reports crossing earlier suggesting they had to send home at least one trader after testing positive on covid. coming shortly after reports they are starting to encourage senior traders to come back into the office the bank wouldn't confirm or deny that to me or the precise number of potential positive cases but said quote the bank's managing individual cases across the firm over the course of the last few months and following appropriate protocols when they occur. no clear con ffirmations there the bank stock is down 2.4% today. that in response to the cfo's presentation of the barclay's presentation

>> it's interesting to watch jpmorgan shares sitting at $100 perfectly. just a side note going back to what's happening with covid cases, basically as the people they recall showed up to work, they discovered that they had covid in some cases >> we don't know those details they wouldn't confirm. the statement i read out is all i got from them. it's in the cross hairs type moment given that the president tweeted on the topic, on the news ten days ago. when we learned that they would be encouraging people to come back to work, clearly, we're all back at work if a company is taking the right protocols and not forcing anyone back, it's not that surprising that cases will pop up we don't know the number we don't know any of the other details at this point. clearly, attracting attention because the president had commended the idea of people returning to this particular company. >> as you mentioned, trading

down because of some comments. we'll see you in a moment. thank you. coming up, wlooeblg at a couple of stocks caught in the middle of controversy. we'll kmcheck in on bond market with 23 hours and 15 minutes to go until the fed decision tomorrow stay witus h 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, with access to tax-smart investment strategies designed to help you keep more of what you've earned so you'll know you're doing what you can for your family and your future. that's the clarity you get with fidelity wealth management.

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welcome back to the bond market we go rick is tracking the action for us >> maybe a june 1st chart is the best chart for ten-year note 67 basis points. it's unchanged on the day. we're never far from 70 basis points which are the point of this chart

if you look at the highs of 90 basis points, the all time low closed in august at 50 70 jumps right out at you. it's the midpoint and seem to be drawing the market activity. maybe it's all about china why china in they have year over year number up half one percent. first positive year over year read all year. nearly 17 month high in the chinese currency versus the green back even the euro that's been firm of late. add the euro in there. you can see it's giving up some ground as well finally, we are as, kelly pointed out, about 24 hours away from the big fed decision. anything dramatic change my personal opinion is no. i'm sure we will learn muchmor about policy and inflation even though at the moment, it doesn't seem to be a big issue tyler, back to you >> rick, thank you very much apple launching a new ipad

and watch versions but nothing about a new iphone that could come next month which new products will impact at nstock the most th'sext on "power lunch. stay restless with the icon that does the same. the rx, crafted by lexus. lease the 2020 rx 350 for $409 a month for 36 months. experience amazing at your lexus dealer. experience amazing our retirement plan with voya gives us confidence... ...so we can spend a bit today, knowing we're prepared for tomorrow. wow, do you think you overdid it maybe? overdid what? well planned, well invested, well protected. voya. be confident to and through retirement.

ms. williams: we've been working hard... ms. robinson: ...to make learning fun again. ms. duncan: and making sure our students can succeed. ms. zamora: we're with you every step of the way. ms. robinson: i know it's a challenging time. ms. zamora: no one wants to be back in the classroom more than teachers. ms. williams: we have missed you so much. mr. hardesty: but we all have to be safe. ms. robinson: because we're all in this together. narrator: making our school buildings safer. ms. robinson: working together, we can make it a great year. narrator: because the california teachers association knows quality public schools make a better california for all of us. welcome back apple announced a variety of new products at its event last hour including a services bundle called apple one a streaming fitness service included with that some u pads and the apple watch series six the stock is up close to 120% from the march lows. the our next guest has a buy rating on april well a $120

price target he is senior research analyst with d.a. davidson what is the most important of the announcement for shareholders today >> when you think about the upcoming announcement for a 5-g smart phone, today's set of announcements is the advertiser before the entree. i would argue the apple one service so collectively putting the services together in a bundle may have been most significant. at the same time, it's hard to discard the importance of the tab thro tablet today there is a million learning remotely really good time to refresh the tablet lineup for apple. >> that's a good point the ipad, i think, eighth generation will get a little overshadowed by the other announcements here are the ipad or watch big revenue generators it would seem like investors are more interested in pricing apple one as a service to infinity as opposed to, okay, they're going

to sell, you know, ipads and watches at a price point significantly lower than the iphone >> great question. in a normal year, i would say anything on the ipad is less important and services in this case are very important arguably behind the big pe multiple expansion on the stock again, because of the covid-19 with a billion consumers learning remotely, refresh tablet lineup, recognizing it's not a huge percentage of sales i think is more important it would be in different year >> is this apple's best niche though, tom? so many of those buying lap tops are doing cheaper p.c.s. they're going chrome books this ipad while i think a luittl cheaper is about $600. are they really in the sweet spot >> entry level ipad can be i think at the $299 level price point. so while the ipad air is a much

more expensive device a top equivalent, the entry point is $299 which makes them competitive. >> the fact they didn't laufrnl the iphone 12 today, how important is that launch and the timing of the launch to validate the runup in apple shares? >> the fact that the shares were able to hit a $2 trillion market cap without the sale of a single ipho iphone 5-g is remarkable they tuipped their hand suggesting there would be a new smart phone two weeks timing later than last year's release i still expect the 5-g and be a big driver of the stock. >> what would it take for you to see more upside from the shares? >> i think at this point in

time, great point. we need to see the 5-g multiyear cycle we're look foing for and multiple years of unit growth for smart phones for apple >> tom, thank you. really appreciate your time today. tyler, over to you >> all right we'll reveal this mystery stock. it's name you know what you might not know, what they didn't know is what part of the company is driving the 150% gain this year we'll show you, tell you, the whole thing. that's what my dad does.

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square will launch two new payroll products that will draw users to the banking praoduct, the cash app >> square is letting businesses pay part of the wages before the normal two week pay period they can use money in the square balance instead of using an outside bank the key here, both of the

products encourage people to deposit paychecks into square's digital banking option cash app. cash app is square's crown this year as the pandemic weighs on the better known business brick & mortar payment they let you send money to friends, deposit and spend through a debit card customer funds were up 86 ner% n that quarter they now have about 30 million users. investors are valuing cash app alone at $40 billion that's more than capital one is worth. and well over half of square's total market cap cash app is really a footnote until the pandemic square only started disclosing the sfwats a year ago. flash forward, now it's counting for most of the optimism around square stock which is up about 150% this year and about 7% today. >> thank you very much

tie sler tyler is a big user of the cash app. >> i send a lot of money to people, my son mostly. >> i was going to say. unless you're talking about your son. you're going to raise yebrows. you venmo him? >> i do. yeah >> tyler, thank you. >> and venmo and venmo. >> exactly we're using it in my family back and forth. someone does a grocery run thank y thank you for watching "closing bell" starts now. >> thank you welcome everyone to "closing bell." day two. hook at what is driving the action stop me if you heard this one before he hlost some ground the federal reserve kicks off the two day policy meeting today. decision out tomorrow. and financials, the only