welcome to "power lunch. glad you could join us on this lovely tuesday in the fall stocks are higher now. both election worries, coronavirus fears hang over wall street and the investment community. cruise lines are pushing forward with new restrictions to t get back in the water before the end of the career. we'll talk to ceos of royal caribbean and norwegian. as the uk deals now with an influx of coronavirus cases, worries of a second wave here in the u.s. are growing

billionaire tilman will tell us how he is preparing. what he's telling his teams for what could be a cold winter for the economy. "power lunch" starts right now day after the huge sell off, stocks have turned higher this afternoon as they try to avoid a fifth straight day of losses the s&p and nasdaq are at session highs right now. let's go to bob for more on these markets. bob. >> chop it around a little bit i listened to the powell-mnuchin testimony. i didn't see any narrative around fiscal or monetary policy stay at home stocks are back there's this narrative if we get more break outs in the u.s. like we got if europe, they will be ben faeficiarie beneficiaries. all these stay at home names are doing well amazon is having great day

not so the banks second day in a row they are getting clobbered. some of the banks are down 7, 8, 9% in two days this is another serious down trend in the banks the big thing i'm worried about is valuations. we can't figure out what tech stocks are worth look at apple. it opened yesterday at 103 it opened today at 113 apple. this is the biggest stock in the united states moved 11, 12% in a 24 hour period yes, i know there were china worries yesterday but 103 to 113 in the open, that's an enormous move they are having real trouble figuring out what the right valuations are out there even for the biggest stock. we had our 10% correction. i think a lot of people would be satisfied with that. it's been a rough month. not just for energy but look at the banks. technology even down 8%. industrials. some of the reopenings stories like industrials and materials are doing a little bit better

but remember something, tech drives the rally what tech falling apart a bit and banks falling apart it's hard to argument the markets should move forward. we need one or two stocks, the sectors to move forward. the fed did stay low through 2023 that's good news that narrative will only take you so far i think a lot of people would be very happy status quo kind of moving sideways into the election at this point back to you. >> bob, thank you very much. the fed chair jay powell and treasury carry testifying before congress about the government's effort to support the economy during the pandemic. steve is here with the highlights for us. >> with hundreds of billions of dollars unallocated jay powell and treasury secretary were forced to defend how they are managing pandemic relief programs the fed $600 billion main street lending facility emerges a major point of contention.

it's only two billion dollars in loans so far either approved or in the pipeline asked by legislatures if they would lower the minimum $250,000 loan to 100,000 to help out more small businesses, mnuchin and powell disagreed >> i would be fine with lowering that to 100,000. >> there's very little demand in the facility below a million tlars. there isn't much interest at all below a million dollars. this would have to be a different kind of facility it wouldn't look like main street >> on the economy, both officials noted strong improvement from the worst to the pandemic shutdown and said it was considerable work to be done an another relief bill is needed >> the president and i remain committed to providing support to american workers and business we continue to work with congress on a bipartisan basis to pass a phase four relief program. i believe a targeted package is

still needed and the administration is ready the reach a bipartisan agreement >> powell added fed officials and wall street forecasters baked into a new stimulus bill suggesting lower growth is possible if a bill is not p passed kelly. >> i want to ask you about the headlines from the fed's charlie evans a short while ago. it was spoke briefly about that with daive a few minutes ago the fed has not really clarified to market participants with this new average inflation frame work means. it adds to this hawkish till that is coming out of their statement last week. >> e gi got to admit i'm not su what charlie is talking about right there. the average fed forecaster has

forecast no rate hikes for three years. this is really a theoretical discussion around the possibilities that the fed may raise rates before it hits 2% if it seems itself aiming toward 2% inflation. i think you hit the nail on the head there, kelly. this is a premature discussion without a lot of bearing in the present and i think it's not really the con centuse really the con centusesus of the board but it does point out the fed needs to provide more guidance and maybe more concrete language about what this new average inflation target means so there's no misunderstanding in the market. >> we'll see if they attempt to do that soon markets are attempting to bounce back.

is it safe to buy stocks now should you wait or hold your course is this a time to be putting fresh money at work or is it a time if you have a comfortable portfolio balance to sit tight and let the volatility play out? >> thank you for having me i think it's wise for many investors, those conservatively biassed to sit tight here. we are still overweight equities but we did put a bit of those proceeds into cash we're comfortable to sit tight and ride out this volatility heading into the election. >> how about you ann what do you say there? >> i see our portfolio managers doing is making very selective decisions so they know because

they do fundamental bottom up research what these companies worth really is. there are a few select opportunities they want to take advantage of for the most part you'll see not a lot of activity throughout this volatility. >> rebeck bcrebecca, how much du believe in the economic recov y recovery >> i think it's real it's the liest it ehighest it'sc they have been keeping data. i know some folks departments like the numbers last week they are still trending above the five-year average. if you look at what folks are spending on, not only are folks buying homes be buying cars and the things to furnish those homes. we're encouraged, the richmond fed numbers today, the manufacturing side of things was better than expected the economy is trying to recover

and limp along but many folks are still waiting on some hope with stimulus. >> ann, lets me turn to you. we had an interesting conversation at the end of last ye week with the author of a new book whose name is out of my head and i apologize for that. i see you're the head of active equity i vesting at wells. this author, after many years of verj makes the case that active ince investing in large stocks doesn't beat indexing in any kind of time period or market. i wonder what your take is or response would be if that person who you don't have the opportunity to know right now, his name is what again larry swedrow was his name thank you control room what you would say to that what is the role of the active manager in most individuals

portfolios versus passive indexing strategies. >> thanks for that question. the role is to provide alpha we have seen a shift over the years toward passive i vesting they could do it at a cheaper price. as the years have gone on and money flow has shifted more toward passive, i think there's a greater opportunity for active managers to deliver that because they know fundamentals of the company they are investing in and can take advantage of these volatile times and really do a good job we're seeing our managers do that within the small cap space and within the emerging market space. we're having one of our best years with our active managers that we have seen over the last 15 years i'll tell you in the large cap space where it has been more challenging, i think we're going

to see some very unique opportunities. 30% of that index is compromised of five names. s&p is 22% when there's not much of crowd in a few select names it leaves a lot of other spaces for investors to go. we don't want to be all with the crowd. i think there's more risk there. we try to diversify and diversify that risk. >> thank you very much there's the case for active management rebecca thank you as well. kelly. republican senators are meeting this afternoon we're learning more about their plans for the newly vacant seat on the supreme seat. we have the latest at this hour.

>> reporter: mitch mcconnell appears to have the votes he needs to move forward with president trump's nominee to the supreme court whoever that may be trump tweeted he will make his announcement on saturday and this morning gop senator mitt romney said that person deserves to be considered >> i recognize that we may have a court which has more of a conservative bents than it's had over the last few decades but my liberal friends have over many decades gotten used to the idea of having a liberal court. that's not written in the stars. >> reporter: that leaves only two republican senators who believe the senate should hold off. it would have taken four to block a presidential nomination. some republican senators who are facing tough re-election campaigns are embracing this fight. georgia senator david perdue is opposing a constitutional

amendment to prevent democrats from packing the court senator loeffler said she was one of the first to come out and support the decision they are betting the supreme court fight will galvanize their base and give them a boost >> there's also a lot of debate whether there should be a nominee and confirmation hearing before the election. it's interesting to watch those candidates who are in more closely contested states. we had grassley, guard ner and mitt romney saying they will advance it what do the polls say? >> reporter: we talked to likely voters at the national level along with change research and what we saw was that a clear majority, 57% said that president trump and the senate should not move forward. when you drill down to some of our key battleground states, the numbers are a little bit lower 52% of likely voters think that president trump should not fill

the seat if he loses the election 43% believe he should. it's clear this issue is top of mind 57% of likely battleground voters say the supreme court is very important po their decision what's interesting about that number too is that this issue ranks highly among more democrats than it does republicans. again, that conventional wisdom that a supreme court vacancy creates more energy on the right than the left, that may not hold true this time around. >> let me change the conversation with some facts as i understand them. there's been 29 times when there's been a vacancy on the supreme court during an election year 19 of those times both the senate and the white house which were controlled by the same party and on 17 of those occasions, if i'm recalling the numbers correctly, that nominee was confirmed during the election year. on ten occasions, the white house and the senate were held

by different parties and only once, only once was the nominee confirmed before the election. on two other occasions the nominee was confirmed after the election but before the new congress took over that means that on seven of those ten occasions where the white house and congress were held by others, the nominee didn't move forward or did not succeed. those are the facts. it seems to be -- today's debate seemed to be balled up into whether it's appropriate to c consult and have these things and generally it looks like we had consultation before and during the election year >> reporter: well, history may be long but voter memory adviser to be short. i think what a lot of people are focused on is what happened in 2016 public opinion here, according to our polling has been very clear and i think that it's also important to remember the --

this strategy from the republicans in those purple states turning purple states could end up backfiring. i think that is the concern. there is historical precedent to consider but there's political ramify kags that come from the decisions the senators are making today and many of them are walking a very fine line the argument that you just laid out is a complicated and nuanced one to make with voters with just a few weeks left. >> you have given the best line och the day, history may be long but voters memories are short. i think that's really a critical point to remember on this one and many other things as well. thanks for that. appreciate it. still ahead, microsoft down more than 10% from its high at the beginning of the month but the company is making a major push to dominate the cloud we will explain exact lip how they are doing it. even as fears of a sec wave loom over the u.s., cruise lines are trying to get back into the water by the end of 2020 we'll talk to the c earthquaeo f

the biggest cruise lines about their pitch to get americans back on ships. power lunch will be flexion. 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. good morning, mr. sun. good morning, blair. [ chuckles ] whoo. i'm gonna grow big and strong. yes, you are. i'm gonna get this place all clean. i'll give you a hand. and i'm gonna put lisa on crutches! wait, what? said she's gonna need crutches. she fell pretty hard. you might want to clean that up, girl. excuse us.

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. welcome back software stocks valuations have been up in the clouds this year. a look at cloud darling docusign is up this year. similar story for twilio, up

140% this year down 17% from its high what about the work from home stocks slack not quite as big a gain and down 20% so far in september. all those stocks are facing an increase for microsofts introducing new services at a virtual conference josh is here with the e details. >> microsoft hosting a big aim it's calling azure communication sfr services these are new tools allowing developers to add calling and texting features to their apps like voice and video calls, chat and text messages. it's really a sign of how the cloud is maturing here with giants like mikmike -- microsof.

he says this news highlights how big and attractive this market really is and there doesn't have to be one winner he argues it can maintain a significant important player that's not all mic microsoft features for teams too like custom lawsuits and break out rooms. microsoft had 75 million daily active users >> all right josh, thank you very much. ty kelly, still ahead, businesses are struggling to get back normal. they are now facing fears of a second wave of coronavirus virus. we'll hear from two cruise line ceos about how they are navigating the choppy waters billionaire tilman says business is picking up but he's already preparing his employees for a potential second wave. he will join us later this hour as more "powerun" llon nextros ,

plap

. concerns about a second wave of coronavirus in europe and the united states weighing on shares of cruise lines. all three of publicly traded big cruise lines are down about 10% in just the past week. this comes as ta are working on plans to start sailing again we will talk to the ceos of norwegian and royal caribbean. first, he's bring in seema >> let's say the cruise experience is about to change in a big way from daily temperature checks, physical distancing on board, testing, fewer stops and excursions as more changes may be in store as the cdc is

deciding whether these protocols are enough to left the cdc's no sail order joining me to discuss is royal caribbean ceo. it's good to have you on >> thank you for having me >> you've put forth along side norwegian ceo, 74 recommendations to the cdc are you confidence this is enough to get the approval so you can get your ships back sailing? >> i think we look forward to working with the cdc the list of things that would deal with the pandemic the adopted as we intend to do would make it safe to restart

sailing on a growing basis >> you're saying every passenger needs to get us a test who is providing the test and when will the test be administered a will the of your passengers fly in before they take one of your ships out to sea. >> that's right. first, let me say that i think this is an unusual panel lots of industries, lots of companies have put together panels of experts. this panel of expert was unique in two ways. firstly, because of the caliber of person and level of experience and their level of sophistication secondly and probably most importantly for this topic, they did it in a transparent way. three months or four months ago we announced the panel we talked about who was on it and how it would operate we talked about how it would meet then we invited observers to come to it even the cdc sent two observers.

a key part of it is to create a bubble where we test every single person going on board the guest and db crew and protect with coronavirus is very low. we have processing on board. it's still protections so it doesn't spread >> it's not often we get two competitor, sort of the pepsi and coke of the cruise line industries together. with that said, why leave carnival ceo out when you're all trying to solve the main issue

which is getting your ships back to sea >> we did not leave anyone out we invited our competitors to be on the panel we do compete. i like to be the coke. i like rum and coke. richard can be pepsi >> in your dreams, frank >> we don't compete on safety and health issues. richard and i were of kindred spirits. we saw eye to eye. our panel have worked tremendously together. we have proud of what we have been able to achieve here. this is a breakthrough no other industry has gone to the lengths that we have gone. money was no objects

we had a hands off approach to the panel. we had the blue ribbon of all where we feel very confident that as we implement these recommendations in our own operational protocols. we're going to do that religiously and flawlessly we have great deal of confidence that we can operate safely in the cruise industry. >> i'm wondering what the bookings look like for 2021. will you be able to run your ships at full capacity or are you going to have to go at some percentage of full capacity and what's the experience on board going to be like particularly the dining

experience are you going to have buffets or not? >> given the circumstances we're seeing where the industry has been shutdown for six months, most travel agents are not working, our marketing machine has been literally turned off, the level of advanced bookings is truly remarkable and shows the resiliency of this industry. >> put some numbers on remarkable put some numbers on it >> we're behind last year. not as far as behind as you would think. pricing has held up well no one is discounting the product, rightfully so we're hopeful that 2021 can be an okay year it won't be a record year by an means but won't be the disaster

2020 has been. >> talking about bookings and pick up on the idea of whether you will be running at full capacity and what the cruise experience will be like. >> bookings have been much better than i think anybody expected, particularly as we get into the year and people feel more confident we'll be able to work and putting the coronavirus more and more into the rear view mirror the panel did recommend we operate at less than full capacity at the beginning. i think our approach and the panel's strong encouragement is we start slow. we start with just starting out with a few ships and start building up, start with reduced capacity so that social distancing becomes easier and only gradually as we learn and as we prove the effectiveness of

these protocols we grow it you're already seeing these protocols working in europe. there's sailings been going on since july in germany, in greece. our panel studied those things the key thing to remember is how much more we know about the disease and how much better our technology is for dealing with it >> thank you very much frank and richard, thank you very much. kelly. >> thank you for having us it's time for our weekly special. tilman tuesday the ceo will weigh in on shutdown fears we're getting a thumbs up right now. we will check in wh lmittian right after this machin

. welcome back, everybody. here is what's happening at this hour five more states have been added to the coronavirus quarantine list of connecticut, new jersey and new york the newest additions including arizona, nevada and rhode island no states were removed

a total of 35 hot spots are on the list the university of california wrongly admitted 64 wealthy students over the past six years as favors to well connected donor, families and friends. that's according to state issued audit of the school's enrollment practices. a state auditor says 400 more admissions were quote really questionable the nfl reportedly issuing fines totaling more than $1 million after three head coaches failed to wear face masks during the games over the weekend according to espn, the seattle sea hawk, denver bronco, san francisco 49ers and head coaches have been penalized. on a positive note, no players were shown to have the coronavirus in the nfl's latest round of tests i guess that's a positive because it's a negative. they were negative >> exactly thanks very much the uk is issuing new lockdown orders including a

10:00 p.m. curfew for bars and restaurants. it could last up to six months as covid cases surge in europe here in the u.s. total deaths now top 200,000 with cases climbing across the country, arizona 7-day average has doubled. could the u.s. face similar shutdowns once again here for our weekly pulse check is tilman. good to see you again. >> how are you today >> we're hanging in there. we're all wondering what's around the corner. is this going to keep streding around t -- spreading around the country? how are you preparing? >> i talked about a few weeks ago and the last few weeks is what's going to happen after labor day and the leisure

business gone. business is good for the open restaurants. if we could stay on track and know this european come back doesn't happen, wii well on our way. let's talk about what larry kudlow talked about earlier. this is where we were in june. we know how bad we were here we were totally shut down. we're on our way here. that's all properties. you have your open properties are doing much better but remember so many of them are 25%, 50%, 75%. even with that statistic, i think we can hit this 30% here then in june, i think we can get here it doesn't come back then i think in june of '22, everything is fine again if we shutdown like europe again, we're going to need heavy stimulus right now i know this, again, people aren't going to like it

but the businesses that are successful are going to survive. don't you dare hit us with this pandemic again >> that's where my question is leading. plenty of public officials say we're not going to do the full shut down. here in new jersey, we have just gone to 25% dining does that get dialed back. people who are a little scared might say i'm out. i'm not going to do anything that i don't have to do. it's too risky >> a lot of people in my

industry are not going to like hearing this but to prevent a shut down, shutdown where we're back to delivery and have to furlough so many people again, keep me at 50% in a liberal state and keep me at 75% in a conservative state they just barred more states that you can't come to new york. there's 35 states that can't come to new york something else that will hurt me financially and it's going to hurt a lot of other people but at 11:00, no more food and beverage unless you're fast food, driver through or driver ri that's where even watching my own restaurants, it's when people start coming together you've had a few drinks, having a good time and that distancing isn't distancing anymore that's the first thing we have

to watch all winter. that's where you have problems what's happening right now you still feeling pretty good about things >> i feel good when you see what's happening in europe, it's really scary. what makes us special. why is this going to happen in europe and it isn't going to happen here? that's what we thought about this virus is it always happens over there but it's never as big as we think it's going to be over here in the usa we got whacked this time if it happens in europe, it's going to happen here we're looking at people that we were still going to bring back

and be in lot more careful and doing everything, everybody needs to do their part every business needs to do their part they have got to socially distance and keep their customers apart and got to protect their employees and make sure they don't get sick when they come to work, they're not sick we cannot take another shutdown. it's all of us, all the vijs out there. no more food and business after 11:00. >> i think most people would agree that going to a shut down even if the scientists say that's way to do it would be something we probably all collectively would regard as a last resort. one is what government will permit the other is what customers and consumers are willing to do.

last night i was watching the nfl game and they were taking aerials of las vegas and the strip and there were people there. it's surprised me. how is vegas going and talk to me about the idea of even if the governors of all these states say go to 50% or go to 75%, are you going to hit that because people are hesitant? >> you're hitting 50%. you're sometimes hitting 75% we don't need to worry about 100% because people are still some what scared it's a totally different mood than a few weeks ago texas is still on the bar list of you can't come to new york and these other states but it's a pretty normal place here in texas. our hospitals aren't full. our icus aren't full i don't know anybody getting it anymore. people are having a good time

and enjoying their lives we just have to wear our masks and be careful that's the biggest thing >> we got to lever it there. thanks good to see you. >> thank you guys. shares of tesla down nearly 5% even though today is battery day. every one who is really excited -- every one was really excited until elon musk tweeted to curve the enthusiasm. we'll tell you what to expect from battery day power movers include fake sausages fake sausages. ayitvio meand degas. st wh us

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welcome back time now for power movers. beyond meat heading higher it's adding a thousands new stores to its distribution list including kroger and walmart locations. fake sausages. carvana soaring today. the company expecting to set several records in the third quarter. people are more willing to shop online for because of the pandemic game stop rising as well on pace now for its highest close in nearly a year and a half. rc ventures raising its stake in the company to just under 10%. kelly. we have a news alert on political ad spending. let's get to julia >> nbc universal tells me that political advertising year to date has surpassed political advertising in all of 2016 in 2016 nbc universal brought in

$55 million from political ads but as of now still six weeks ahead of the election, nbc universal has surpassed that number really, kelly and tyler speaks to the fact that this is a very heated cycle and a lot of money is being spent on those political ads. back over to you >> hanks michael jordan becomes the first black owner in nascar in 50 years we'll tell you who he signed up as his first driver and the day after a huge sell off stocks were moving higher dow is up 82 we're back in a couple

[horns honking] ms. robinson: we're ready! ms. zamora: ¡estamos listos! ms. duncan: we're ready! ms. williams: we have missed you so much. ms. zamora: we're with you every step of the way. narrator: making our school buildings safer. ms. williams: no one wants to be back in the classroom more than teachers. mr. hardesty: but we all have to be safe. ms. robinson: we take great pride in making sure all of our students achieve. ms. duncan: remember to wear your mask.

ms. robinson: wash your hands. ms. zamora: and stay safe. narrator: because the california teachers association knows quality public schools make a better california for all of us. welcome back michael jordan is the only black principal owner of an nba team and now he is adding a nascar team to the portfolio. we have more for us. >> that's right. michael jordan becoming the first black primary owner of a nascar team in 50 years. his driver, bubba wallace is currently the only black driver in the sport's top series. he was the driver that helped push nascar to remove confederate flags from the sport and at the center of a controversy around a noose found in his garage. jordan is a north carolina native, he owns the shar lots and seen in the garage at nascar races for many years jordan has been more outwardly public in recent weeks much that's a big shift from the notoriously private profile since he retired as a player earlier this year he pledged

$100 million over ten years over racism his step into nascar is another step in that he took an equity stake in draftkings for becoming a special adviser to the firm and cred credited as being the key bridge helping to get the league restarted again after protests >> eric, it's an interesting point. what accounts for the fact that michael jordan is taking such a higher profile than what we were used to in his retirement? >> that's a good question. i don't know it's a good question he's notoriously private i don't know all the sudden why 2020 was the year that we're seeing jordan break out and become so public again i mean, jordan, they said no interviews they said in a press release late last night, it's not like we can have him on to as the questions. we're not coming on tv to talk about it >> right i wonder if it does speak to this sort of social justice, racial justice being a big priority for him a lot of it does seem to revolve

around that. >> a lot of it does resolve of around that but the draftkings die is a capitalism business deal around sports betting so that is still very different. >> that's true eric, thanks very much appreciate it. >> thank you very much elon musk normally known for hyping tesla poured cold water on battery day even before it started. that's next.

♪ for skin as alive as you are... don't settle for silver ♪ gold bond champion your skin welcome back, everybody. shares of tesla falling 5% ahead of the battery day it is expected to announce details about a new tup of battery cell it has developed. the ceo ee lon mus lon musk dowi and said it may not come until 2022 here to weigh in on that is tim higgins, he is auto and tech reporter with "the wall street journal. welcome back, tim.

what does this mean for the stock of tesla and for its sort of competitive positioning in the future >> well, you know, expectations might have been going to the moon or to mars in recent weeks. the this could just be him trying to set some more realistic expectations i'm expecting an event more like a chemistry class rather than something sexy like the roadster doing donuts in front of hollywood crowd excited over the next new product and that could be the rub for retail investors we're going to be talking about battery chemistry, potentially battery costs, these things are important for tesla and they are important for the automotive industry but, you know, not as cool as the sportscar. >> as i understand it here, what is being discussed is a sort of next generation battery that presumably has greater life, more power, whatever the psychics of it are and what musk has done is said, wait a minute, hold your horses we may not get this thing into

production or full production until 2022 what this will new battery do when it does come fully online and will it extend tesla's lead in this area >> yeah, the expectations and really what people are looking for is he able to reduce costs further in those battery cells that's been the name of the game for tesla from the get go. you remember the company was founded on the idea that it could bring electric cars to the market because it was going to use essentially laptop batteries off the shelf and over time they've improved the batteries beyond just that they made form changes but the expectation for today is we're going to see a bigger cell, potentially the easier to make, potentially have more energy in it and that could be very key to the idea of bringing down battery costs in the future. >> tesla doesn't just make its own batteries, does it i mean, in other words, ut goes to other suppliers for batteries as well. >> right you hit on a good point there. that is part of the key thing.

they were going to buy batteries from panasonic and that's what they've actually ended up doing. they buy from panasonic, lg, chinese company as well. and what we're expecting today is to hear potentially that tesla is going to start making its own cells. that's really what he is trying to warning about last night is he still going to be buying cells from the suppliers but the problem is that the demand for cells in the globe for other automakers and for tesla is so large he says he can't get the cells he needs for that future growth he anticipated. you have to remember, every automaker in the world is now essentially trying to catch up with tesla in the world of electric cars in part because they had success but in part because of regulatory issues around the world and so they are trying to gobble up the cells as fast as possible and a key thing for tesla in the past has been trying to own that supply chain elon musk wanted to do in house cell making in the past. it could be that he is ready for that the. >> give us a quick thought on the departure of trevor milton

from the nikola, what it means for that company and then for tesla. >> i'll start with the tesla thing. short term, it helps tesla trevor was very good at selling the company's stock. it's not quite clear if the kusht chairman will be as successful as hitting retail investors as excited in the long term, he is an operational guy. he comes from the world of gm. he is long steeped in automotive he knows how to run things that could be a benefit for nikola >> i remember that name, griskie. i said where do i know that name it's from gm great to you have with us as always we appreciate it >> thank you >> kelly, looks like the market is taking a little bit of a day to digest. and recoup rate aft and recuperate

>> we talked to paul hickey. he said watch the 50-day moving average. at last check, april sl right around $110. there, right around that level, ty so breaks below this, you're going to get more trader talk about the down trend and for the broader market. >> all right will thank you very much that will pretty much do it for "power lunch." >> "closing bell" starts right now. don't go anywhere. >> welcome and good afternoon, everyone, to "closing bell." i'm wilfred frost along with sara eisen we shrugged off the open it's been a pumpy sessiobumpy s, stocks are in the green. jerome powell saying that their committed to helping the economy as long as it takes. but also saying it's likely more fiscal support will be needed. coronavirus concerns continue to weigh on investor sentiment. the united states has surpassed 200,000 deaths