. welcome to "power lunch. right now, i'm standing closer to kelly evans than i have in six months we are still socially distanced, follow me mr. camera >> can't even joke about it. right about there. >> let's get back to the purpose of this broadcast. that's to tell you what stocks are doing. they are lower across the board. the dow industrials down 220 points nasdaq down by one and two-thirds percent 184 points and the s&p sfliting the difference there off 41.

this follows the fed chair powell's comments on an uncertain economic recovery. airline stocks are lore wer as e group pushes for more money. time we got the details on that. later moderna laying out its time line for vaccine as president trump and the cdc contradict each other about when one will be fully available to americans. maybe we're splitting hairs a little bit maybe not. we'll separate fact from fiction. kelly, bye >> it feels strange to be this close to someone other than any husband. let's take a look at the big board behind me. what's leading the way industrials and materials. the only two sec sotors in the frie green. that's the trend we have been seeing this week it's the opposite story for tech down today down about 8% in september after

an epic run for this group. let's get over to bob. >> hello most of the big megacap tech stock amazon, facebook, apple are down we're getting one of these periodic boost from the cyclical slash value, slash reopening look at these material names and industrial names dow inc. general electric had positive comment. caterpillar is up 9% 3m is up 6%. some of the retarilers are doin well this is one of these periodic runs under armour, vf corporation are all rallying president this is a little better than most of these rallies in the cyclicals that we have seen in the last few months as for snowflake, i want to point out we're near the lows. 226 or so. remember, opened at 245

yesterday after pricing at 120 now you might think good heav s heavens, almost nobody would double in a single day 11 ipos had doubling in their price this year. the average in 2020 has been 36%. that's a lot bigger than normal. all have had niece pops for the overall month but if you take a look at the ipo return so far big returns, important thing is they had a nice big pops on the first day, look at this. the average return after the first day is down 1% the the 11 companies that had 100% or more pops for the year for first day of trading, after that, they

averaged down. this goes to the point here which is most of the big money on these big ipo pops is made on first day by the institutional investors who bought in on the night before who got the allocation after that, average retail invest investor, it's harder the make money on the big pops. you see that today with snow flake. >> that's exactly right. the institutions get in at the list price or the sort of discounted price and then it goes up. they're out. you, the individual investors, if you're lucky, you get in at the higher price it may go up a bit but comes down over time, right bob? >> exactly that's part of the things people need to be aware of. it's great company but our interests, yours and mine, viewers and the aver raj age investors, it's hard to make

money over time. >> other guy get the wholesale you get the retail bond market now. santelli tracking the action >> a two-day chart pretty much says it all. 24 hours ago, we were not far from this spot right after the initial announce ment by the federal ae serreserve. any type of a close above 75 basis points would obviously break us out of this range or below. 50 basis points which is the all time low yield close there doesn't seem to be a sense of urgency in the market after listening to fed yesterday it makes sense. look at the july 1st, there's no nervousness in the high etf yield market or in the treasury complex. lookt t look at the dollar index for two weeks. it's a sideways accounting there. you can see from the end of july that at the end of august we made our 27th month low and we're hoverering at the bottom in a tight range

back to you. the nasdaq is down about 10% from its record high and blackrock russ koesterich is dumpg it you're cutting back on some of the titans in tech that you have owned like the microsofts, amazon, apples, alphabets and moving that money where in technology >> we are trimming we're going be parts of the market that are levered. parts that have not rallied as much we're doing that because we're constructive on the overall

outlet it's not a v shape recovery but you have a very resilient corporate sector you have the household sector that's in much better shape than 20 years ago we're thinking about companies that are geared to that steady improvement of the economy we saw the transports make a new high yesterday the rails looking interesting to us capital equipment. parts of tech. some of the more cyclical parts that we're thinking about. >> we see red numbers on the screen today today is one day i guess my question is, though i feel that maybe people have been insufficiently skeptical about the market in recent months. it's increasingly difficult to bet against a federal reserve that says we're keeping interest rates low for the next three years. if you're an asset holder, we have your back

>> i agree with that whether you're an individual or institution, you have money to work you need to generate a certain rate of return at this point, you're probably not going to get the type of returns you had the last six months or ten years. if you're sitting out a zero rate environment in cash for two, three four years, it's hard the meet your obligations. that's one of the ways this is different than the late '90s people keep comparing it to the tech bubble. you'll remember back many 2000, you could get a 6.5% return in the money market today you're lucky the find that in merging markets this is a different environment to think about asset lallocation >> what does it do for you why do you own it? >> gold is an interesting asset class. the short answer is we think we're in an environment in which real interest rate, rates after inflation will remain flin nega.

the fed will lean into easing. inflation is not high but it's positive in an environment in which real rates are negative, gold tends to do well because the opportunity coast of holding it is nothing historically that's the type of time you want to hold gold we think it still does well even though it climbs quite a bit year to date >> let's talk about news today and that's blackrock the idea that blackrock's leadership does not feel that maybe people will be coming back to the office, maybe ever. what do you think about that i assume you're working from your home. >> most of us have been working from our home for the last six months i'll leave that to larry and the executive committee. we're not dissimilar from a lot of other companies things have worked surprisingly well technology works people have been able to collaborate. we found when people were physically separated, we had

some great performance it's been a fantastic year for the fund it's gratifying the see people get things done despite limitations. >> always good to see you. thanks very much >> thanks. >> kelly. airline executives are making their pitch to the white house today. they said they need more money or they will have to layoff workers. >> they either get more money and they are asking for 25 billion dollar or two weeks from today will be reporting about thousands of airline workers who will be furloughed the airline ceo, five of them, went and met with the white house chief of staff they were at the white house today. they came out and talked trorters they are looking for payroll aid that would guarantee job for workers that would be furloughed it would guarantee their pay through the end of march they would start two weeks from today. october 1st. 30,000 employees would be furloughed that's just taking into account

you ni united and american. we haven't heard from a number of other airlines. all of this because airline vs to become smaller. they don't have the business sfort as many employees as they have on the payroll. here is the ceo of american. >> there's enormous bipartisan support for the extension of the payroll support program that would keep the people in play. the only problem we have is we don't have a vehicle for getting it done. we need to have a covid relief package that includes that >> the white house said the president may consider a smaller package that would have aid for the airlines, not sure if that is anything the democrats can work with at this point. the airline index, despite it's up over the last month we're still seeing an industry where airline levels are down 65 to 75% delta airlines up sized its capital raised this is the one they announced earlier this week that was tied

into the sky miles frequent flyers program it was supposed to be 6.5 approximate. now they added on term loan facility that will bring it up to 9 billion dollar we said it a million times they need to liquidity in order to ride out the next 18 to 24 months >> what's striking to me is how small the companies are. delta is about a $22 billion american is an $11 billion this is their market cap american is a $7 billion company. jet blue is a 3.5 billion dollar company. these are tiny, tiny market caps especially in this day and age the number of people they employ is still important to the company is mega. i guess i wonder if they have shrivelled to a size that the

entire business model needs to be thrown out the window or maybe would be a good time for the taxpayer to take a bigger stake and hope they will return to something like a normal, feasible size. i don't know >> the problem is how much debt they is racked up. you've look at 6 billion in new debt this year that's a staggering sum. some of these airlines, they are well over $30 billion in debt. do they see some sustainable growth nobody is expecting a snack back but sustainable growth over the next year and a half, two years. that's the big unknown >> yeah. the fact that they raised $67 billion in debt this year which is more than the combined market

caps tell yous about this. would we be better saying write off the debt this is going to take years to clean up that's what it seems like. >> thank you so much coming up, moderna laying out time line for when it could roll out its vaccine to most americans as the president continues to push a november goal we have those details plus papa john's hot stock cooling off this month with the rest of the market the ceo will be here to talk about its hiring spree and how he's driving the pizza company through the pandemic that looks good. more "power lunch" afterhi ts. the game doesn't end after a spectacular touchdown grab

because there's always another team looking to punch one in. with nfl redzone from nfl network on xfinity, you get every touchdown from every game on sunday afternoons. all season long. watch every breakout star, every heart pounding running attack and every big-time defensive stop. sunday's were made for football on xfinity. that's simple, easy, awesome. add the more sports and entertainment package for nfl redzone. click, call or visit a store today to learn more.

when will there be a vaccine to prevent the spread of coronavirus? it depends on who you ask. meg is looking at what the government says versus ceos of companies working on development. >> it depends on who you ask from the robert. listen to dr. robert redfeed and then the president >> i think we have to assume that if we had a vaccine released today that it's going

to take us probably in the order of nine months, six to nine months to get the american public vaccinated. >> i think he made a mistake when he said that. it's incorrect information i called him he didn't tell me that i think he got the message maybe confused maybe it was stated incorrectly. we're ready to go immediately as the vaccine is announced it could be announced in october. >> now, we should note they appear to be talking about two different things public health experts almost uniformly agree with dr. redfield it will take time to vaccinate most american who is want to be vaccinated if the president is talking about when it will initially be available, it could be fairly soon we talked with moderna ceo this morning on how their trial enrollment is going and when they might see results here is what he said

>> a base plan is october. i think it's unlikely but it's possible even infection rates in the country would slow down in next weeks, it would be pushed out december >> moderna expecting results in november pfizer saying late october for their data these are the projections that the vaccine makers have put out in terms of how much supply they expect to have this year and 2021.

it's going to take time for the majority of americans to get access to this >> stay right there. the ceos and the white house not on the same page let's separate fact from fiction here it's good to have you back seems like stating the obvious that the vaccine will only be available to those who need it most urgently. how slow or quickly do we expect that roll out to be? >> i think you heard and there were several important things that was said today. number one, you have the enrollment you have to realize a lot of the vaccines you need two doses. while we're already enrolled close to 30,000, we're nowhere close to getting two doses from 30,000 people. you have to get two doses.

as the ceo of moderna says you start decreasing the transmission rate than the date of the analysis is pushed back from october to november to maybe december really too many moving parts here let's suppose everything went well and you had results in late october, early november that allow you to say this vaccine seems to be working. then you have the issue of supply and deployment. this is a vaccine that will need refrigeration and two doses. you have to get to millions of people dr. redfield is right. we may have it for a few people in november but getting it to be great majority of american, if we're very good, it will be second or third quarter of 202 is and that's why the vaccine is not a switch >> it's not a switch but having it deployed is probably helpful.

>> it has been associated with some vaccines. when we had the 2009 h1n1 vacci vaccine, there were rare cases you really have the post-marketing vigilance of the vaccine. the reality is that the fact that the astrazeneca study was

stopped is showing clinical trials work. trials are about safety and efficacy when there's a safety signal, investigators slow down and look at the data and see if it's prudent to proceed or not. >> seeing all of the pressure being put directly on fda commissioner by the president, he tweeted directly at him at the end of august, then also seeing that the fda commissioner had to walk back comments about the benefits of con valescent plasma, are you confident in the fda standing the up against any political pressure to approve a vaccine before the career scientists at the fda are convinced it's safe and works for the american people? >> i am confident the fda has very good career sign tipcientit are there to do the right thing. the company issued statement all the companies together issued a statement saying we're

not going to go forward until we have completed the da tta and hv good data. my only hope is dr. hawn and the political appointees and the fda stand up and say no. we cannot have political pressure lead the fda and make the decision it has to be scientists this lead the decision. the person public's health depends on the fda doing their job. >> i want to follow on what meg just asked you and what you just answered there i don't mine to pean to put wor your mouth but it sounds you are saying that politics either are or could impinge on science. am i understanding you correctly? >> politics have already inpinge of science we have the approval of convalesco convalescecon v convalescent plasma before the republican convention.

>> what is the probability that we have not just one vaccine but several from several companies >> there's a good possibility and as dr. fauci said we need many shots but we need many of those shots to be goals. we'll need more than one vaccine to vaccinate millions of people around the world >> thank you as always meg, thank you as well we appreciate it still ahead, the materials sector hitting an all time high. the only sector at a record. we'll tell you how the traders feel about the two names they are buying to catch the rally. apple unveiling a slew of new product this is week we'll get a first look and a tech probe break down of the ipad and watch later this hour

more "power lunch" is ahead.

welcome back sell off in technology sector has coincided with outperformance in materials and industrial stocks. materials hitting a second high. technology has fallen 8% tech on average has higher growth rates and better cash levels i'm wonder whoing why you think

investors are gravitating towards materials names. in it's a bit of rotation out of the growth style that has out performed over the past decade but even more so over the past eight months at some point valuation does matter if the global economy starts turning the dial into improvement and as we gather through and get closer the vaccine of covid-19, the cyclical portion of the economy is going to start to improve off of a low base. >> you have your eye on international paper. one of the lesser known beneficiaries or this e-commerce trade. >> 70% of their sales come from packaging. everybody youi ining exercise a their package deliver to them is positive the stock really looks good.

it's broken bovr the trend line going back to early 2018 i do have to say like the entire group, the xlb materials etf,s r bought it had such a meaningful break out. it should be mild and people should take advantage of that and buy on any kind of weakness. maybe not chase it by it should be a good one. three different levels that should bode well for the rest of the year >> thank you back the you thank you very much. ahead, imagine taking over a company after a very public and very messy divorce from the found and trying to led it the papa john's ceo will join us

next we have new apple watch. we'll show you what it can do and discuss if that's enough to drive sales. the the tiktok to oracle deal done or will the push squash it even though he pushed for it stock slices. for as little as $5, now anyone can own companies in the s&p 500, even if their shares cost more.

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click, call or visit a store today to learn more. welcome back, everybody. here is your cnbc news update. the u.s. is imposing sanctions on an iranian company it says is a front for that country's intelligence country

walmart is raising wages for about 165,000 hourly workers at its u.s. stores as it transition to a team based up rating model for its big super centers. after a positive covid test for one football player at the university of north carolina at charlotte put the other players into quarantine. that school's game this weekend has been cancelled the u.s. golf open is teeing off after its postponed from june due to pandemic. tiger woods, there you see him is playing for his fourth u.s. open title you are up to date back to you. >> thank you very much i thought earlier today i heard he was one over and the leaders were at four under he is still in contention. let's look at the markets.

they are under par, i guess you could say. maybe they are over par. 273 points lower are the industrials. the s&p down by about a percent and a half nasdaq down by 2%. >> that's right. oil prices fin pi ishishing hig the thinkrd straight day. one supporter price is over the past two days has been a surprise draw down in inventory and the impact of hurricane sally on production facilities in the gulf. earlier today an opec panel stressed the importance of compliance with the group's production cuts and warned that members should be ready to take further measures when necessary given an increase in covid cases in some countries around the globe. back to you. 2020 has been a tough year for ceos even more so for the restaurant

industry br several ceos have taken over what a year to take over that stock is down 7% since he took over. chris kemp sdrrksczinski in nov. he is focusing on growing the u.s. business. papa john's ceo came on board last august replacing stooee ii

ricky. lynch debuted new menu items business has boomed during covid with 30,000 workers added and stores continuing to post double digit gains. the pizza wars are on. that stock is up about 90% since he took on the job joining us is papa john's ceo. rob, thanks for being here >> great to be with you. >> the company had an exciting announcement today opening a global headquarters in atlanta talk to us about that decision how it fits into the company's growth man and how many jobs will be created there. >> we are a global company we have 2100 restaurants outside the u.s. that will be our source for fastest growth in our net new restaurant numbers we want to build a site and have a presence in a city where that would give us access to those markets. we are building out new came blbl

capabilities our technology platforms through our e-commerce platform, loyalty platform, our one to one markets. we need even greater numbers of talented people to fill our capabilities with us >> the company signed a major franchisee deal. what parts of the country will you be targeting for your next wave of growth >> we're targeting everywhere in the united states. we're working with our current franchisees to get them excited. they are in the best financial

shape they have been in years and they're excited about investing in a future of this brand. we're working with new perspective franchisees who want to come in and diversify with with a pizza concept we're the best option right now. >> how sticky are they right now? how will you continue to engage them moving forward? >> we have added almost six million new customers this year. that's a huge number for us. a lot of those customers have come in through our digital channels we are an e-commerce business. we take about 75% of our orders digitally. they are coming in through the dij tgital channels it allows us to leverage that data to create one to one marking platforms that we

believer will maintain the stickiness of those customers. we have to take care of those customers. our franchisees have done great job. all of our customer service scores have gone up as we hired over 30,000 people to try to take better care of our customers. it's been fantastic and we think those customers are stick around even after the pandemic recedes. >> you mentioned the 30,000 hires. it's a tough environment bauds so many fast food companies are really staffing up how hard or easy was it to find the 30,000 workers and how many more do you plan on bringing on in the future, rob >> we are continuing to hire we will hire as many applicants as we can get into our restaurants. we're hopeful to continue to support the communities as they have been hit by the pandemic and unemployment rates have gone up

we'll continue to hire throughout the pandemic. as our business continues to grow we'll continue to have needs. >> thank you so much for joining us today >> thank you very much for having me. all right. thank you both very much love to have some pizza right now. apple unveils some new versions of the apple watch will knowing your blood ygoxen level really drives sales? -art technology makes it brilliant. the visionary lexus nx. lease the 2020 nx 300 for $339 a month for 36 months. experience amazing at your lexus dealer. ♪ ♪ ♪

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ford shares are higher

the company saying it broke ground on a new vfactory in michigan we end with herman hiller. he's the office furniture guy. great stuff. results for the recent quarter hurt as offices remain shut. company don't need the office furniture so much anymore. the stock is soaring today as the company lays out plans to focus on the home office and why not. shopping malls were in trouble even before march but if you thought covid-19 wads going to kill them we'll tell you why shoppers are coming back. kim kardashian froze her instagram account for a day. creating some bad press for facebook facebook may have to deal with some people who have even more power and influence than mrs.

west the federal government we'll talk tech regulation s us . ...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.

many people were saying the mall was dead way before covid-19 hit keeping people locked in their homes and ordering online. the mall is starting to pick back up again. >> 80% of consumers surveyed by retail research firm say they are still avoiding public places but they are feeling better about going back to shopping in person

7 out of 10 voters tell us they feel like it's safe to shop in stores now they show 1100 cars in march now 1500 cars in early september. foot traffic has seen a big recovery over the summer traditional malls are still down take a look at the outlets big driver but the right inventory at the right price is key. as we head to the holidays, he says every day is cyber monday

>> they are stepping up the game thanks very much waiting for approval from the president. will talk with ro khanna about how this deal went down when the world gets complicated,

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it's made for him a veteran who honorably served and it's made for her she's serving now we also made usaa for military spouses and their kids become a member. get an insurance quote today. apple this week unveiling new versions of the watch and i he pad tom hazelton shows us what is new here >> kelly, how you doing? yes, the apple watch series six here which was just announced on tuesday. it starts shipping tomorrow. this is a new high end apple watch. you can buy it it comes in this cool new blue color. a couple new features. brighter display blood oxygen tracking. you can monitor the level of

oxygen in your blood:this is not for fitness. i also have the new ipad which starts at $329 st really similar to apple's other ipads. they launch in previous years. it has new processors. and i think most compelling is the price point. apple said fiscal third quarterer that ipad sales were up double digits so good time to launch these new products and what we're talking about the apple watch, too, i want to say that apple has a new apple watch se which starts at $279 versus $399 for this. and then the apple watch series 3 which starts at $199 there is a big family across all price points which i think will serve it very well >> yes that may be the case, todd dazzle us a little can you show us how the blood ox oxygen works give me something. >> okay. you put it on your wrist you scroll -- i'll put it next

to the other one you extoll throu scroll through the apps and you tap blood oxygen and then i hit start >> move it towards your face a little >> it's difficult to show you over -- in these times and basically, it gives you a readout. it just has this fancy animation. it gives you awe reading it's sum lar imilar when you ge finger blood oxygen monitor. this is not medical grade. what they're saying is good for hiking and things like that and doing free research projects to see how well the apple does in those before they can make any claims this is a medical device. you shouldn't buy it for that. >> do you like the new watch faces? i'm a little stuck on this i wish i had more options. i like when it shows me a message preview and a call enda. a lot of the watch faces show the numbers. i need more options.

>> so that's where the biggest things that came out in the watch yesterday. it's on the watches. it will grow to all of the available watches now. so if you have an older model, apple is adding watch face that's anybody can share, create their own, share them and developers can make one. there is one for surfing, for example. then there is this fun one i have a little emoji of me and six others so you can see all the information. so the surfing one shows high tide and low tide. and there are various ones for calendars and fitness and workouts so there is a lot more >> you almost put your whole pass word in there todd, thank you so much. we always appreciate kind of getting your review of the products >> i can't wait to see new person so i can show you >> hopefully soon. if you want more details and kind of todd's take way on all of these new products go, to cnbc.com to find that. >> all right kelly, thank you very much the tiktok saga could be coming to an end soon.

president trump expected to rule on the deal within the next 24 to 36 hours. oracle will own a 20% stake in the social media platform and walmart will be jumping on the deal despite originally partnering with microsoft to take over tiktok's u.s. operations there are a lot of nits to pick here for more on how this will effect big tech, let's bring in ro khanna he represents california's 17th district located in the heart of silicon valley welcome. good to have you back with us. i want to begin with the latest as you know it about the fires in california. what do you see outside your wund yoez? and how is it -- is the fight progressing? >> the situation in my district has improved it has really been a us are few weeks. a couple weeks ago, the temperature was 105 degrees. people couldn't breathe the air. it's affecting everyone's quality of life.

even if their property or lives haven't been damaged by the fires. and it just shows two things one, we have to take climate change seriously the fires are much worse than before and second, we need to have prescribed burns and better technology to anticipate these fires. >> let's move on then to tiktok and the possible deal there. what are you hearing the president seems adamant that ideally he would like at least the u.s. operations of tiktok to be 100% american owned and if not that certainly more than 50% american owned do you buy into that line of reasoning? >> i do think tiktok is a concern. i guess my question on the deal is that going to solve the issue? i mean if they can post 20% in the data is still being possibly going into china, that is a concern.

and the second concern is we don't have a data privacy law in this country so even if you have a u.s. fire against, i guess it's better that they have people's data than china does. but there is still the issue of privacy. >> what -- there have been -- there's been the phrase trusted technology partner thrown around here i'm not sure what that means or whether it means that oracle would then have all the access that it needs to the source code that operates or causes tiktok to be the phenomenon it is and then could determine whether the data were being siphoned back to beijing in some way. >> i think you hit the nail on the head about a trusted tech partner. i'm not sure people have trust in tech at large so if oracle has access to all this data and we're just relying on them, to make sure it's not getting into the wrong hands, that's not good enough i think that's why we need a privacy law saying these companies should be allowed to

track your data or collect your data without your consent. i think 20% ownership is not going to prevent it from from getting into china's hands i think the president is concerned about where this data is going it's not clear this is a good enough deal that is going to address those concerns the. >> let's talk very quickly about facebook and the possible anti-suit that the ftc may bring against them where do you stand on that and whether facebook should be investigated >> i'm on the record saying it is a bad idea to allow them to acquire instagram and what'sapp in the first place facebook made investments that made instagram and whatsapp a success. the they could been competitors and we swront a monopoly of the social media space can you retro actively go and say after they approve something

that you're going to dismantle it i think that's a high bar for them to be able to prove i think it's a fair to look into it but the problem is the first authorization that shouldn't have happened. >> congressman, khanna, great to see you. thank you. we appreciate it >> thank you >> you bet. >> tyler, you're off to get pizza and an apple >> that's right. >> "closing bell" starts right now. >> see you tomorrow. thank you, kelly and tyler welcome everyone to "closing bell." i'm sara eisen stoctio stocks sharply lower. it is off the worst levels of the day. look at what is driving the action is steep selloff in technology that's dragged the nasdaq back into correction territory. 10% off the highs. facebook, apple, amazon. leading the declines coronavirus cases trending higher around the world. the seven day average of new cases rising here in the u.s. while europe and india face alarming surges as well. and th