>> steve weiss >> cash, but if you feel like you have to do something, buy the qs at the close today but go flat >> cache, okay joey >> whether s&p is up or down 5%, apple will outperform. >> thanks for watching, everybody. "the exchange" begins right now. scott, thanks, and welcome to "the exchange," everybody the september selloff is picking up steam with stocks deep in the red today. after coming off a three-week losing streak already, this is now the dow's biggest drop since june 11. it's down 800 points as i speak, and now investors are on edge a uncertainty of future stimulus grows and the election fast approaches meanwhile, coronavirus cases in the uk do continue to grow with the country reportedly considering another national lockdown it's a broadbased and global selloff. let's get the latest at this

hour with bob pisani bob? >> a spike in cases in europe, some trade tensions with china, some concerns about valuations in tech stocks and a little bit of election jitters. there is a good reason why the market is down today, but if you look at sectors that held up very well, some of the reopening plays a really tough day industrials have had a great run in the last couple months. this is one of the worst days i have seen in a long time for honeywell, 3m, caterpillar they just had really nice runs and this is a pretty big downdraft today, but the same with some of the reopening stocks that are out there. kohl's and the airlines have held up pretty well in the last couple months, starbuck's, even like simon property group has held up well mohawk, another one that's held up this is a good day i've seen for most of these stocks and subsectors in quite a while. again, though, the tech part of reopening, the tech part is holding up well. so you're getting the usual names here, your apples, your

servi servicenows, qualcomm, adobe the tech side, they're generally up, or as you see in the case of apple, it's on either side of positive or negative today that's a very noticeable trend the problem with the s&p right now, we've been on such an uptrend for three months, there is not a lot of technical support. yes, technical support matters, momentum matters the 200-day moving average right now 31.04, and as you see there, we're a long ways from that, about 100 points, but it's notable tech support >> thank you very much, bob pisani as the market stelz off this month, it's also changing shape. value is outperforming growth. growth is off by 10% since the start of the month value is only off about 4% again, a decline, but relatively speaking, a little bit of a better one taking a look at the sectors, this will tell you exactly what's going on. the market darling, tech, is now the worst performer, off about

11% on the month also communications services which clause facebook and tech, s&p barely higher on the month which has been a pretty bleak month. industrials as well going toward the top of the leaderboard we haven't seen that so far this year so here to break down this breakdown in the markets, we welcome chris davis and wasan latiff it's great to have you both here chris, what's your diagnosis of what's going on here >> of course, when we look at any one day, one week, one-month period, you would think we would have learned in the last year there is just tremendous unpredictability we're always trying to pace an explanation afterwards what has fundamentally happened is that the market was in a huge

one-way move despite a lot of uncertainty, sort of climbing the wall of worry, low interest rates. and i think now there is a little bit of taking stock, a little bit of a pause. this is where lower prices really upset people when in fact lower prices increase future return so i think this is part of the normal volatility and fear and uncertainty that's out there and people have to look beyond it. >> chris, it's a great point it reminds us of the ben graham mr. market thing where he comes to your house and offers you a price. a lower price if you want, the stock isn't necessarily a bad thing. let me ask you, though, do some of the prices of big tech, which are down now, make them attractive to you, or would you still call them overvalued >> certainly they had a huge move you know, i think the best of the best, the amazons, the googles and so on, i think, should be just a core part of long-term portfolios but certainly the one-way move that they had created an opportunity to take some profits from this group and really look

at those companies and industries that are durable, they're going to be here five years, 10 years, 20 years from now but had really, really sold off. and that gap creates a real opportunity to sort of buy what people have loved and add to what has really been despised. i think we're coming a little further along in that, so maybe now they've come down and corrected some, but i think the real side to focus on is the buys, because boy, there are some great values in this month. >> wait until people hear that you think wells fargo is one of them you said this is a great time to invest in banks which is a headline in and of itself. hold that thought for a moment wasan, i want to turn to you and ask about the question of markets for a couple months with corporate in the air and adding so much more fuel to the fire when it comes to the election. what are you telling investors >> hi, kelly so, yeah, the market sentiment was pretty weak to begin with

before we came to today and we got a double whammy with increasing cases in europe as well as the situation around the supreme court choice i think all of that just means there are some jitters in the marketplace. i agree with chris that there is a lot of opportunity in the marketplace. up till now, we've seen a lot of strength in the tech names that have grown and seen increased concentration in the marketplace, and we think the activity that we've seen over the past month with the cyclicals, the less concentrated, the more beaten-down names in the market coming back like the industrials, that could be the harbinger of a big rotation that's taking place, and coming out of it with the expectation that eventually we'll come out of this slowdown that we're seeing, and when that occurs, you'll siee those beaten-down cyclical names especially when

there is, and we think there will be, some kind of stimulus package that will focus on things like infrastructure, and that will explain why materials and industrials are performing well >> you're talking about the cyclicals and the rotation here, so to you this is not a moment of panic, this is not kind of -- this is a correction, not an implosion, right >> yaurks i think -- you know, what we saw implosionwise was back in spring, and this is absolutely nothing like it i think if a worry about a reflaring of cases in europe results in a day like this, this is pretty positive, i think, that it's an indication that some of the weaker hands may be shaken out, some of the leverage players may be shaken out, but ultimately i think the stage is being set for a cyclical recovery so for the past several years, we've been talking about tech being the strongest and best place. i would venture that in the next several years we would be talking about the good

old-fashioned industrial materials and cyclicals bein the best place to be >> the value investors don't know whether to pound their heads on the table or take heart. chris, let me turn to you before we go and ask, since i teased it, about why you think right now is a great time to invest in banks. and of all the banks, wells fargo, which can't even grow its assets right now, but also you have capital one, a couple foreign banks on here. quickly make the case for wells fargo if you don't mind. >> they're the only sector in the economy that was explicitly prepared for the environment that we're in. the stress tests, the lessons from the financial crisis had them double their capital ratios, in other words, cut risk in half. more conservative underwriting, huge liquidity so we come into this environment. they are prepared for this environment. they are stressing yet the stocks have been the worst performing group because everybody remembers the financial crisis and thinks that's what we're in for again, despite the fact that now with their structures, the regulatory

framework, they would have sailed through the financial crisis that's what the stress test is so the sector has been one of the worst performing sectors, the valuations are cheap, yet they are prepared for this, they are weathering it, this is a big income statement event love the banks, and within them, wells fargo, i'll just give you one number, kelly. think about this if wells fargo was to trade at book value, liquidating value, that stock price would be 70% higher than it is today. >> wow >> so for people to be doing today what they'll be glad they did two, three, four years from now, but what people are doing today is what they wish they had done a year ago. >> or ten years ago. you can get wells and capital one at another 5% off today. chris daifls and vis and wasif , thank you very much. with the death of ruth bader

ginsburg, to more covid relief to a possible shutdown, kayla tausche is here. kayla? >> they have just made a deal to fund the government until december 11, and that effort, the clock was already ticking there even without the high stakes fight now to replace the late justice ruth bader ginsburg and even without a comprehensive stimulus bill moving forward larry kudlow at the white house this morning said there is time to do everything but the calendar might suggest otherwise. there is just nine days now for both chambers to pass a bill to avoid a government shutdown, and senate majority leader mitch mcconnell just tweeted saying it shamefully leaves out key relief for farmers. there were going to be just 12 working days for the senate between now and the election, which is 43 days away, with several senators needing to head back to their home states to campaign but mcconnell is going to expedite the process to the supreme court. that process has taken

historically an average of 70 days a comprehensive stimulus package is all but impossible now. there are some stand-alone efforts, kelly, to resurrect the ppp program for small businesses and to prevent layoffs for the airline industry, which could start on october 1st the question is whether this bitter partisanship can be overcome to move either of these forward and how quickly they can do that. kelly? >> joining us with more on what comes out of washington. stephanie moore is a manager of fiscal markets stephanie, it's good to have you here i want to know what you think the scotus implication is. you expect the death of ruth bader ginsburg to go down as the most impactful incident in the 2020 cycle, which is saying something given this election cycle. you think this is the most impactful event in the first half of the 20th century, so explain the ramifications we should possibly be watching for

here >> there is the near term, the midterm and the long term. the near term is what's blown up the stimulus talks as kayla was just talking about the midterm is what it's done for the election, and the long term is what happens if democrats win. they are now threatening to do some really big things to structurally change the face of u.s. government as we know it. they're talking about adding more seats to the supreme court, they're talking about removing the filibuster in the senate so that bills can pass with just a simple majority at 51 senators these would be huge changes. they're talking about adding d.c. where i am to a statehood, puerto rico to statehood these would help democrats get more votes, have more representation in congress so basically what democrats are saying is, republicans, if you move forward with this, which republicans are clearly doing to fill the seat as quickly as possible, democrats are not going to hesitate to do some big things to strike back if they win. >> it's fascinating, stephanie,

because that's the scenario if they win if they don't, if the republican wins or there is not enough control to make those moves right away and you have this supreme court that now has an added conservative, i see people who are painting all kinds of deregulatory scenarios that may come to pass across a host of industries in the meantime, right? >> absolutely. not to even mention that the next very, very, very important supreme court case could be deciding who is in the white house. so right now the republicans have an advantage the number of justices that they have nominated to the number of conservative justices now definitely outweigh the number of liberal justices, so if it comes down to picking trump versus biden, trump now has the edge what mcconnell needs to do and what biden needs to do and what trump needs to do, the majority mitch mcconnell and two contestants, is really stoke enthusiasm to get people to turn out to vote. one of the best ways to do that

from the republicans' perspective is to leave this almost but not completely figured out, so i would not expect a final senate floor vote ahead of the election. the best thing for biden to do ahead of this is to tell people that this is so unfair, this is this huge crisis and he's really resonating with democratic voters i think all in, anger and fear tend to motivate voters better than anything else, so i do think democrats have a bit more of an edge than republicans do >> kayla, nine times out of ten, if the republicans outweigh the democrats in the senate, there's been republicans approved over democrats. my question, kayla, is kind of what stephanie alluded to which she says she expects this to be l almost but not completely figured out. what are you hearing about how

quickly this nomination and confirmation procedure will really move along? >> well, they're going to try to do it as quickly as possible in the senate, but in the house side, speaker nancy pelosi has said they're going to use every tool in their toolbox to try to stall this so that they can't do it before the election but i think stephanie made an interesting point about the composition of both congress and the white house, because there had been an expectation that this election would be a wave in either direction, that if president trump wins, there would be a halo effect on congress and that the senate would maintain its republican majority, where if biden wins, there could be a blue wave in the senate and some of the seats could flip there, too. but now with all eyes on many of these senators who made some comments in 2016, and in some cases have gone against that this year or are undecided at this moment, there are a lot of people looking at these senators, and now there are some political strategists at uva suggesting that support is eroding for the likes of lindsey graham in south carolina

there could now be a scenario, kelly, where the president, who has been preparing for this, he beefed up his supreme court short list just a week ago, even if he wins the election, there could be some disdain for the senators in the way that they vote that there could be a split in power if there is a democratic majority. that's something people are just starting to talk about, and that sort of standoff is not something the markets usually like it usually means legislative stalemate for several years. >> it's explosive. i think you're both absolutely right. very, very long-term implications kayla tausce, stephanie moore, thank you for bringing us up to date at this hour. the u.s. and china battling for control. what does this deal actually resolve and does it affect tech giants visit ago broad when you think about homeowne homeowners, you think zoom,

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with the carrier rated #1 in customer satisfaction. call, click, or visit your local xfinity store today. welcome back you can still download tiktok in the u.s. after a last-minute deal for control of the app has appeared to shape up but will the chinese ascent to

it they tell julia boorstin they expect the president to sign off it they previously said the government would not accept the deal in its current form then there's the question of potential retaliation by china toward u.s. companies. our eunice yoon is live for us eunice >> beijing could reject this tiktok deal or it's just trying to gain leverage in the negotiations "the global times" tweeted out tonight that, based on what i know, beijing won't approve the current agreement because the agreement would endanger china's national security interests and dignity. he went on to pen a broader explanation of this in "the global times," saying, for example, the board would include a national security director approved by the u.s. or that oracle could see the source code of tiktok and therefore see the

source code of the chinese equivalent do yen. this has taken a turn in social media that booytedance and beijg got a good deal here bytedance was to own 80% of tiktok however, now there's been much more confusion about the ownership structure, and of course we heard president trump saying that he wants the ownership to be american and not chinese. now, just to make matters even more tense, the chinese governmentreleased over the weekend new rules for its unreliable entity list this is the list that it put in place in retaliation to huawei, the chinese telecom's giant,

getting blacklisted by the u.s no names were really on that list and that's what everyone was watching for in terms of targeted firms, the government said those firms would be those that violate normal market practices or that discriminate against chinese firms. so, kelly, when i talk to american business people here, they're saying that pretty much any american company could fit that description >> if they needed to absolutely eunice, thank you so much for that update. we greatly appreciate it eunice yoon in beijing tonight the key question remains here, did the administration ultimately approve what it wanted with tiktok, which was ownership with this deal debain goche at the harvard medical school and also a policy supervisor at facebook

derek, i'll start with you, because you really hammered the point that the intent of this deal in the first place was to protect american data. is that happening here >> i think it's happening. as your guys just discussed, there is a lot of confusion. the society side of the "global times" is basically just a tabloid. the president is trying to make a deal that his own treasury department didn't set up, but this started with an appropriate correct u.s. investigation into how tiktok was behaving with regard to american consumer data recommendations were made by the government body that's in charge of that, which is the committee on foreign investment in the united states. those recommendations should have served to protect american consumer data. i believe they did, and i believe they're carrying through in this deal if we have a deal the hard part is we get this talk about 25,000 jobs, which has nothing to do with consumer privacy, $5 billion education fund which has nothing to do with it, the chinese posturing on their side.

but i think if the deal does go through, we will get protection for american consumers >> interesting depian, what are your thoughts about that the same editor of the "times" yesterday tweeted that it could actually be a template for what's happening with companies operating globally, that they'll have to operate by global rules and in this case kind of bow to arbitrary forces this seems like it could ultimately do a lot of harm to a lot of big american companies. >> yeah, you know, i think derek is absolutely right, that while this deal, if it goes through, might protect the privacy and, therefore, let's say, the national security should china choose to at some point use information against the united states, this deal as structured should protect against that, presumably but, you know, i think that the chinese government and this

official has a real point here that if this deal goes through, and it leaves all parties, entities happy on the american side, then it could serve as a template not just for chinese companies in the future, but for american companies dealing in china or for other companies around the world, and that will only encourage this broader idea of a splinternet where we have different regulatory circumstances leading to different economic circumstances in china versus the u.s. >> so, derek, what is that ultimately going to mean for u.s. companies i want to go back to your sort of comfort level with this deal protecting american data, because it doesn't even seem clear as to whether oracle is going to vet the data, although maybe you think there would be kind of assurances that come in another form i just don't see how it would even help protect the very thing

it was set out to protect. >> well, it should do that, and if oracle has custody of the data and is the entity in charge of controlling the servers, we heard about all these people being hired, they should be responsible to an american company or american seat on the board. walmart having a seat on the board of tiktok global, if the director were to resign due to data practices, that would be a sign that they weren't being followed and that bytedance would face more sanctions. there are mechanisms in place to protect more data if they aren't given away as part of the bargaining process with regard to american companies, that bargaining process is the concern the chinese have been doing this to american companies in private for decades. they come in and say we have these laws we could apply to you or you could cooperate, for example, on tech transfer. now the u.s. is making that legitimate to do it in public, that it isn't just data protection, it's also jobs and money, and that means data

protection, as you're implying, becomes secondary. it also means that american firms can be shaken down for jobs and money. >> i imagine all the major ones are watching closely and trying to figure out the next steps thank you both i appreciate it. we're going to break down the numbers that have lost their mojo nikola is tanking as the chairman steps down. we'll see what it could mean for general motors investment. we're seeing a bounce in chip names advanced micro, lam research and app materials all higher now we'll keep an eye on it after this

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it's down 2.5%, the s&p down 42 to 35. the nasdaq is only down 1%, and as i mentioned a moment ago, those semiconductor names like a & d. here's what's going on with the sectors behind me. all of them are in the red right now. the worst performers are materials and industrials, the two sectors we just called out for having the best september materials was the only sector positive for the month we'll see if that's still the case let's get some checks. the restaurant stocks are selling off because of this wave of covid and talking about another national lockdown.

you have dine brands down a%, cheesecake factory down 5%, darden restaurants down 2% royal caribbean, down 6%, american airlines 6%, delta airlines down 8% it definitely has a bit of the old school covid concern to it, even though a lot of what's going on today comes down to political concern in washington. let's get to sue herera for our cnbc update. sue? >> good morning, everybody we continue with some of the covid news that kelly talked about, the cdc now saying it mistakenly published draft changes to its coronavirus transmission guidance on friday. that guidance said covid-19 was primarily spread through small

aerosol droplets which linger in the air longer than previously expected and travel well beyond 6 feet the agency has since removed that update. it says it's working on new guidance that will be posted once that process is complete. the u.k. is raising that virus alert level, which means covid-19 is in general circulation and transmission is high britain's top medical advisers warning the public that more sacrifice will be needed to manage a second wave of that virus which could cause a surge in october cases to nearly 50,000 a day meanwhile british media reporting that pubs will soon be forced to close at 10:00 p.m. local time while restaurants may be ordered to close down completely as part of new mitigation measures expected to be announced by prime minister boris johnson tomorrow you are up to date, kell a lot going on with the covid-19 in europe today, so we're following it for you >> appreciate it, sue. thank you very much. our sue herera one area of the market

getting hit especially hard today is health care aside from the overall selloff, they are worried about health care being held by a new supreme court. it's down about 30% from its 52-week high aca health care down about 17%, and centene down 25% from its yearly high. keep an eye on the whole basket. coming up, investors are gaming out the market sectors for the upcoming election. could they be overplaying it plus materials in the past few weeks far outpacing tech and big stocks making gains. remember, you can always watch or listen to us on the cnbc app. we're back in a couple

welcome back to "the exchange." dow is on track for its worst day in three months and starting its fourth straight week in the red right now. we have team coverage monitoring these markets. dom chu is watching materials, seema mody tracking the ipos that hit the market last week and phil lebeau has the latest on the drama with nikola let's start with materials, dom. >> materials are important, because right now as things currently stand, they are the only sector in the s&p 500 that is actually positive over the course of the last month

as you can see here, these are three etfs that attract the materials sector, the ipf sector more broadly and the energy sector the energy sector down 12%, the worst performing sector in that span and that gap you can see between the best and worst performing pretty wide here almost at the widest point over the course of the last month stocks to focus on let's accentuate the positive. check out these names. we're talking first of all about westrock, international paper and passion for america. they were all focused on paper probably the stock you want to focus on the most, the one that's had all the momentum to the upside here for the long term, sherwin-williams it's down 2% today but that

right there is a record high and it's just 5 or 6% off right now. sherwin-williams played on the home improvement that was happening. sherwin-williams the third biggest stock in the s&p 500 materials sector back over to you >> dom, here's what's a little odd about that right now you have some of the stay-at-home names, the likes of zoom and peloton outperforming, but you had sherwin-williams down to 2% it's a little tough to tell what the overriding force is on the downside here. >> some of these names have been outperformers as of late some of these work-from-home trend names. you mentioned them catching a little bit of a bid today and semiconductors as well some of the value names, the ones that have been doing well as sherwin-williams has been, might be one of those ones to say we have raised money to put in the shopping list that i have in technology, maybe some of these names are the ones i want

to put profits in to roll back into those computer and technology names sherwin-williams one to watch. what's curious about energy and materials both, they also happen to be, maybe not inconsequentially, the two smallest sectors in the s&p 500. together they make up less than 5% of the overall lows >> that's shocking meantime, just 45 days stand between now and the election mark santoli here. how can you even try to figure out anything that's going to happen this year, let alone the market's reaction to it? >> it hardly seems worth the bother if you look at history in terms of -- first of all, we understand why everyone is fixated on it. it's the next identifiable catalyst on the calendar is election day the issue is there are too many other factors at work to decide whether it will be a good or bad thing for market and what parts

of the market. there has never, if ever, a bull market that has started with an election it tends to be a short-term dynamic in terms of creating some stress and sentiment issues beforehand or getting people overexcited beforehand but after the fact you give some back you talk about the reagan bull market of the '80s, it didn't start until two years after he was elected. the clinton boom in the '90s, it was on the upswing when he got there and it was the back half that got you all the gains and then in 2016, if you were right that president trump was going to be elected, it existed but you've probably had two major performing sectors since that point, so it's very difficult to try to tease away the impact of the election the final point i would make is right now there is so much attention on the potential for volatility there is a lot of hedging going on, the price of all these hedges have gone up. it makes you wonder if we're frontloading some anxiety and there will be tension relief no matter what happens. >> it's almost like if you said

trump is being re-elected and electronic stocks go to the moon was it carl icon who claimed he bought the lows? >> he was one of them, i believe. >> just a tiny segment, but how many of them are looking and thinking maybe 2020 will offer me a similar opportunity >> just the sense that the obvious initial move on reflex may not be the right one there might be a lesson to be taken from that. >> right, but also the fact that the election, as you said, will probably create some huge market moves, but literally as we're talking about it as opposed to the next three, six, nine, 12 or whatever months. >> absolutely. mar michael, thank you the likes of snowflake, jfrog and amwunity.

>> jfrog popped to just around 221 a share. analysts contend it's the most expensive name in all of technology, snowflake, indicating that it will trade next year at the highest sales, even more than zoom. sumo logic, lemonade are down 6 or 7%. the selloff comes as many high-profile companies are set to sell off in the coming week said to be london's biggest ipo in seven years, and reports indicate that alibaba is lookin to top its financial offering which would top the ipo over the last year, so it has certainly

taken a global theme the last couple weeks, kelly. >> as we saw last week, the ipo was doing poorly the dow is down three weeks in a row right now, but here comes snowflake off to the races will all the ipos be assured of similar performance, and if so, we should take that as a cautionary sign, or not? ultimately do these market forces mean a kind of discipline >> it certainly rejuvenated ith ipo market, and even when we saw these big tech companies like facebook and amazon roll over, these ipos performed pretty well in comparison to the broader market so does that continue, and we know some of these companies tend to reference market conditions as one reason to push out their data as to when they go public, so if this volatility persists, does that change the ipo count? i think that will be something to watch >> i bet it will change as soon as the first one goes off

poorly finally let's turn now to nikola the stock down 18% today on news that its founder trevor milt on is stepping down as ceo. he accused the company of an ocean of lies. phil, what is the latest today? >> the latest is those analysts who looked at nikola and covered nikola are saying, wait, this is not a complete loss with this company. nonetheless it is a major setback given the fact that trevor milton says he feels like it's better for him to step aside from the company in announcing his resignation from the company, he said the focus should be on the company and its world-changing mission and not me i intend to defend myself against false allegations leveled against me by outside

detractors behi hindenburg said this is a fraud, what's leveled by nikola they have no property or evidence to fall back on we think the company's key asset was the founder's ability to raise money through hype and outright lies. yes, they believe there was outright lies by nikola. general motors is standing by its agreement with nikola. remember, it's taken an 11% stake in nikola. it will also be building the electric pickup truck and it will be having high sales that nikola is currently developing in europe. there you see gm down nearly 2 bucks today. >> reports of his arrest had to be denied. that's the level we're getting to with trevor milton. what gets me is where do the nal analogies with tesla stop? the guy has just left the building, and i guess the question for stock and investors

now is how important is his presence to that story >> he certainly was the oxygen that made the stock move and put a lot of the excitement behind it steve gersky who put the deal together with the ipo, he's going to be working now with the ceo of the company, and i think the people will look at this and say, okay, does he dial things back and focus mainly on the hydrogen fuels semi? what are the next steps? they need to say, look, we're going to deliver on some of the promises that are out there. >> phil, thank you very much phil lebeau. he'll have a big day tomorrow, battery day at tesla we're seeing the markets sell off with the dow down 700 points, but at the lows we're down about 940 the dow is the one down nearly 3% take a look at this stock, though, which has more than doubled over the past six months my next guest says it's one of

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welcome back tough day for stocks with the dow, the nasdaq and the s&p all in the red the likes of zoom, fastly, docusign and slack i'm joined by jared holtz. he is the strategist at jeffries this does ring a little true tell me why medical device makers could benefit by people realizing, hey, maybe they could go in for that procedure and not have to miss work and it looks a little more attractive now >> thank you, kelly, for having me i really appreciate it i'm looking at this from the standpoint of can patients better recover now that we're working from home a lot more, and even if it's not ultimately

that prolonged or consistent, i think we'll find a population that is able to work remotely far more often than we were pre-pandemic from a standpoint of recovering from some of these surgical procedures or other, you know, medical procedures that we tal we're in a much better position now and the medical device companies are in a much better position from their end user can hang out at home for a while longer >> it's fascinating. we know how important that recovery is. it's the difference between you springing back and benefitting from the procedure versus not. a lot of the names come up many of them have rallied nicely off the lows the interesting thing you pointed out is how quickly these procedures seem to snap back after covid. you think people would be putting off going back to the hospital and doing anything like this instead the demand suggests this could have some life to it how much more room do you think the stocks have to run >> absolutely.

i've been very, very surprised at a couple of things. the first is the psychology of patients willing to go back into a provider during a pandemic i think that's happened way more quickly than i thought it and many others probably did some of it comes down to provider and hospital readiness. how quickly could large hospital chains switch the infrastructure and allow for more typical day-to-day medical procedures rather than caring only for these covid patients that were infiltrating a system so significantly in the march and april time frame i think some of the demand is obviously been deferred. those cases that were going to happen in january, february and march. first quarter of the year. those were pushed into the spring and summer. now that we're getting much more use to working from home and employers and employees are feeling more comfortable with it, i think that will spur another leg of growth that just has not been contemplated.

>> we're talk about the likes of striem striker and zimmer we're talking about abbott play in cardiology and sos mcosmetic surge surgery. what about people that say i'm not going into the office as much, maybe that's not as important. >> i can see it both ways. fromperspective, we know the country is obsessed with looking good. now know one has to know what you're up to from a surgical stand point. you could have something done that would typically will maybe more taboo now you're just stuck at home. you're doing these things for yourself without the entire work force knowing that you had something done i think some of these treatments might be flying under the radar and i would continue to think

this is an evolving landscape over the next few quarters >> it's fascinating. on down day like this maybe a good republicentry point. thanks so much we appreciate it >> thanks. coming up, the ka scaseino s are selling down with wynn down. we'll look at this group and what it's telling us, next delivering alpha is back for its 10th year. go to devengphcotoliriala.m learn more and register. pl give you my world ♪

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welcome back take a look at the casino stocks lower today. c contessa has more on this. >> it gets three quarters of its revenue from mccow and the casinos are really feeling the heat ratcheting tensions with china and tit for tat retaliation jeopardized its business prospects. business is still depressed. jeffreys out with note estimating that gross gaming revenue is off 89% month to date it's not getting a v shaped recovery right now melco is under the host pressure. it's down 10% as we speak. then wynn down 7.5%.

here you have mgm resorts down 4.5% there are renewed worries about how widespread and persistent the coronavirus infections are you can see draft kings is off 7.25 all three of those stocks are positive month to date in a big way. the only name that i follow is scientific games corporation it's up 2.25 it's an equipment and tech provider it's hanging on there. it got an upgrade from jeffreys to buy with a $50 price target

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and your investment in the grayscale funds. go digital. go grayscale. good 56r7b we decided to take class out on this beautiful first day of fall we're covering another big sell off on wall street the dow is down about 750 points over fears possibly of a second wave of a coronavirus and a senate showdown to fill the late justice ruth bader ginsburg seat that puts anymore economic stimulus on the back burner ahead of the electn.