well symbiotic as usual mr. wonderful. >> it's facebook, and i'll tell you why. 60% of the economy, small business in america. i'm looking at ifmy q4 budget they have regional and geo-locked advertising >> josh brown? >> phg >> nice offices as well. thanks, guys the "the exchange" starts now. >> thanks, scott welcome to "the exchange." i'm kelly evans. here's what's ahead. a small step forward in stimulus talks with a new proposed package in meetings today. the market isn't sold yet. we'll get the greatest details the value of nothing the asset investors may be overlooking when buying stocks and it could give a big-time boost to returns the tiffany battle continues, group watch from disney and microsoft thinks you miss your commute.

dom chu is here with the markets. hi, dom. >> that's one heck of a virtual presence device you've got going over there right now, but i am looking at the markets because at the lows of the session we were down about 256 points on the dow industrial average you can see we were positive at one point, but the s&p 500 still eyeing that 3355 area. that's a big movement there in the 50-day nasdaq composite. sigh real outperformer on the day as it's been outperforming to the upside and underperforming to the downside. keep that in mind. two of the sectors that have been the most volatile over the course of the past couple weeks, if you look each day, it tends to show you that financials and energy stocks, those two sectors, have been the most volatile they really do lead on the upside and they're falling a lot today, so in a down market, these two particular sectors have taken it on the chin even more but remember, very much so down moves over the trendwise for the past couple days, so watch the

energies and financials as well. one stock breaking on the upside today, beyond meat alternative meat, faux meat, fake meat, whatever you want to call it, this is up 9% it's joining a distributorship to walmart a 240% move to the upside roughly for beyond meat just since the pandemic lows, so keep an eye on beyond meat shares that's a big upside. >> i chuckle every time i think of the phrase alt meat dom, thank you, sir. shall we quickly move from walmawall street to washington there have been talks but little action ylan mui joins me today. ylan >> reporter: the democrats are planning an alt stimulus

there ever been lots of talks from key negotiators this morning, and so far the signs have been pretty positive. house speaker nancy pelosi spoke with the treasury secretary this morning for about 15 minutes afterward she said she was optimistic and hopeful that a deal could be reached, maybe even this week that sentiment was echoed by white house chief of staff mark meadows who he was on capitol hill this morning. >> the secretary and i have had a couple conversations this morning. we also had a conversation with the president, so hopefully we'll make some progress and find a solution. >> reporter: and ke, kelly, i a hearing privately from republicans that there is basically no chance they can support the democrats' proposal as is, and right now it's still unclear what significant concessions either side will be willing to make. back over to you >> so, ylan, are we just waiting for these talks to peter out and kind of go nowhere i half wonder why we even follow them, you know what i'm saying >> reporter: you know, it's

interesting because just before i got on camera here, i was speaking with a republican source, and i said, i'm surprised that the secretary and the speaker are still talking to each other, and this person said, you're not the only one. so i think that as long as there still is those lines of communication that are open, there is still hope for a deal to be reached, but at the same time, you know, there is very far apart, there is very little time left to cut a deal before the election, so we will see what comes out of this, and democrats are holding their weekly caucus meeting tomorrow, so that could be one of those inflection points. >> it's like they always said with u.s. and russia and the cold war, the soviet union as long as there was a hotline between the two, you hoped things wouldn't get too bad. ylan, we'll leave it there ylan mui with the latest from capitol hill while those stimulus plods along with washington, covid-19

has killed 1 million people. the cases have started to tick back up. what if this trend continues meg tirrell has more on that meg? >> what we might see if this trend continues is tighter restrictions, but probably more localized restrictions, not nationwide lockdowns like we saw in the beginning we're starting to see that across europe and canada remember last week the uk started to tighten restrictions there. montreal just now raising its status to what it calls red alert, not allowing guests to visit at home and closing movie theaters, bars and other businesses we're also seeing across europe these type of restrictions we saw spain the week before, now the netherlands and france tightening restrictions in certain cities the netherlands the three largest cities, and they're saying we're doing our best but the virus is doing better. in the united states we are headed in the wrong direction

and experts like scott gottlieb warn us about what that will mean for the fall. >> heading indoors with kids back in school, kids are back on college campuses, work is trying to restart people have become more complacent and tired of the restrictions, so all those conditions will set up a fall in the winter that will create a lot of risk. you certainly see the rise in infections right now we're taking a lot of infection to probably what is going to be the most dangerous season for this virus >> and, kelly, we're seeing evidence of that right here in the new york city area, mayor bill de blasio saying the positivity rate in new york city ticking up above 3% for the first time in months, the highest rate since june. the positivity rate still at 1.4%, and his threshold for considering closing schools is 3% on the 7-day average. hundreds of thousands of kids going back to school in the city today and indoor dining set to begin tomorrow, but the city is

talking about potential targeted restrictions in certain areas seeing the worst case increases. kelly? >> we saw the market tick down after that news. all right, meg, thanks very much our meg tirrell with the latest for us if the market has priced in this potential surge of cases, could we see a repeat of the panic we saw back in march steve whiting is chief global investment strategist at city wide bank and ceo of genter capital. what do you say to investors who are concerned about how much worse the headlines could get or if we start to have further restrictions on economic activity >> well, look, i think this near-term period where we have not only covid winter but significant policy uncertainty about the united states. when you can't be certain who will be the president of the united states, what party will be in control, then you're going to have some elevated

volatility it's already there in the options market where you can see twice the usual level of implied volatility and actual equity markets only in the past month have sort of caught up with that but that isn't the outlook for the whole year to come and certainly when you think about the alternatives or issues that we will resolve we will certainly resolve the election by the beginning of the year we will, in every likelihood, with six covid vaccines in late stage clinical trials have very likely a medical solution next year, it's going to be a very different economy. then taking your money out of a different portfolio and putting it in rich bond markets with negative yield of cash doesn't seem like a likely thing to do i think it will be very mistimed >> so, dan, let me ask you this, because some of the names, the picks you would recommend are in the financials, in the energy space. in order for investors to feel

comfortable on those, do they basically have to be making a bet that the pandemic in general is going to get better can you name names in those sectors without being exposed to every twist and turn of the macro? >> i think, kelly, agreeing with what steve said, we'll be in for a period in the next 30 days prior to the election of having extreme volatility, and we're still dealing with the covid situation and the recovery and the vaccines and all the things everyone is discussing when you look at these issues, i think there is three reasons to own them number one, frankly right now, it is a good place to hide out these financial issues, the energy issues in particular, they've been beat up pretty bad. when you look at where the pes are, they're trading at reasonable levels right now. energy consumption is starting to recover it's only down 10% from pre-covid, and we're seeing the numbers slowly beginning to recover. if they're in a basic pattern where they are now, and some are paying 4%, some 6% while you

wa wait, it's only taxed at 20%, and i think clearly we're looking into 2021 seeing earnings go up not dramatically, but 5% or 6% if you can wait this out, average out 4, 4.5%, it's a good place to wait this out going to 2021 >> to put it differently, maybe say there is enough margin of safety there because of the low valuations to handle some of the bumps in the road we might hit steve, we'll turn back to you, because real estate is one of the places you're recommending why? >> well, look, this is a very beaten-down part of the economy. it's certainly a beaten-down part of the markets. certainly there will be some distressed areas will we go back to use office space at full occupancy as if nothing happened if there is a covid vaccine? probably not are we going to see shopping centers filled with lots of parents looking for a place to go with their children yes. have we seen any reason why

people who are going to use their home, using their apartment as their office not pay their rent if they have a job? no so i think that there are real distressed values, good dividends to be had. in fact, if we take a look in credit markets, the commercial-backed securities market for one, investment great territory has higher yields than the junk bond market we want to hold on to the things that have held and allowed the economy to adapt that includes technology stocks. many have got a bit too rich to really concentrate and have at the very high level market weightings, but we have to start to add when you think about the economy in the year ahead, you do need to take advantage of these lower prices now, and that's why we have a modest way across the world in retail asset. >> it's a good point

dan, phillips 66, semper energy, jp morgan. are there any others >> there are bottom fishing you can do, additional names, et cetera, on the financials. kelly, loan creation is picking up, the government stimulus is bringing people back to work people are kbegetting re-employ, and these are names that have more or less bottomed out and i'd be willing to buy them on any weakness and be able to capture that dividend which will be very sufficient the bond market is very rich right now. you're getting zero on money market funds you can't just exit the market because you have a certainty you have to pay as a liability these are all just strong names where that flow, i think you're getting in at a good price point with a three-year time arising >> all right gentlemen, thank you both, appreciate it. dan ge genter and steve wieting

talk about these markets the latest confidence reading jumping. what's behind the disconnect we'll explore that plus the clock is ticking for the cruise industry as it awaits a decision on whether or not they can sail. we'll look at what investors can expect and disney says sharing is caring group watch is ahead of us in "rapid fire" ahead stay with us we'll be back on "the exchange." - [narrator] at southern new hampshire university,

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welcome back to "the exchange." consumer confidence rebounding nicely in september after declining the two prior months the conference board seeing confidence at 101.8. that's our highest reading since march. consumers are also more opty mick about t-- optimistic about short-term numbers even as covid picked back up joining me more with the economy, steve odlund is a cnbc contribute tore. steve, good to have you, and i'm going to delve into the details that i think are fascinating there is less confidence amongst younger people right now are you seeing a generational

split here emerge regarding attitudes about what's going on with the economy right now >> well, you do see differences in people who have jobs and they're safe versus those who may be a little bit more skittish, and that tends to be the younger group. you do see some regional differences, too, but this is a big jump in the consumer confidence index it wasn't so much in the present situations, in other words, how people are feeling about today, it was more on how they expect things to happen in the next six months, and they expect business conditions to improve, they expect jobs to improve, and they expect salaries to go up you just have to look at this and say, well, okay, that's because we should probably be in the spring by that time, maybe we'll have a vaccine, people feeling like we could get back to normal, we're starting to edge that way. now, the big question is what does this mean for the holidays? if they're six months out feeling a lot better but not so much today, in between we have this huge holiday season, and

the question is whether they're going to spend this suggests they should open their wallets a bit for the holidays it's not going to be like it was last year, but it's not going to be like it was in the early covid days, either >> steve, what do you make of the fact that we're not picking up on much angst, if you can call it that, over the stimulus bill obviously on the business side, people are looking for the stuff we discussed, liability shield, et cetera from a very top level we know there is concern for the economy broadly from the economists and policy types about this. are you picking up on this concern, though, amongst the consumers themselves, and if not, why do you think that is? >> i think that we're not. and the consumers themselves are looking at what they're experiencing now and what their companies are telling them or what they feel like they're going to experience in six months so right now you're either doing great, which is a good sector of the economy, or not, and you've got assistance they're not depending on the

bill, and i think that's what it tells us they're not expecting big, great things on the stimulus now, from a business standpoint, small businesses are expecting it large businesses that are in trouble like the airlines and so forth are expecting some stimulus help here but i don't think that you're seeing it at the consumer level, because their jobs are more dependent on the here and the now. >> do you think that the order -- we go back through our history and we look at the market sensitivity to all these different kinds of indicators. we say, okay, jobless claims are usually a leading indicator, consumer confidence a coincident indicator. jobs are probably lagging. consumer confidence, do we call that lagging or leading? and if they're the ones confidence is really dete

deteriorating, those could be early trouble signs. >> it's projecting out six months, that's where you see the big change we're about halfway back to where we were at the depth of the early covid days and pre-covid. so, you know, we're about halfway. people are feeling like we've gotten through a lot of it, but a lot of this is just unknown, right? so it's their expectations based on what they're projecting will happen, and there is an election in here, which is not indicated in these numbers at all. i think it's a little bit of an early indicator, which means it's a good sign, which is why i'm feeling better about the holiday season than i did a few months ago but, you know, the big thing is the small businesses i say that because it's a huge amount of employment, as we all know, and they're not being taken care of here a lot of them have been shut down, as we know, and in some areas they're being allowed back, but they're being allowed back in such a restricted way

that they're not back to normal. if they don't get -- if we don't get those ppps back and some of these sectors taken care of, if we don't take care of the airlines, we may not have an airline industry these are really important things i think congress and the administration understand, which i think is why they're moving back towards a bill. but the real wild card, as you said, and krebtcorrectly so, ise small business sector. >> it's fascinating. this is a pandemic this is not like the recent recessions we've been through and i think we have to watch all the data with an eye to that steve, thank you very much for joining us, appreciate it. steve odland with the conference board. our investors not placing enough value on the kinds of assets you can't see bank of america says they're not and they're going to join us to explain why and how they're playing it plus a spicy stock we'll look at one company whose pe, whose price to earnings multiple is outpacing some of

the biggest tech names and has done well since the lows that ahead on "the exchange. stay with us is insanely easy, you take a hearing test on your computer the doctor programs it, it shows up at your house a few days later. you can stream calls or music through it, it's got multiple settings, audio adjustments, so you can raise and lower the levels. but it's a fraction of the cost of the other devices. it's instilled some confidence i didn't have before. try lively risk free for 100 days. visit listenlively.com woi felt completely helpless.hed online. for 100 days. my entire career and business were in jeopardy. i called reputation defender. vo: take control of your online reputation. get your free reputation report card at reputationdefender.com. find out your online reputation today and let the experts help you repair it. woman: they were able to restore my good name. vo: visit reputationdefender.com or call 1-877-866-8555.

welcome back to "the exchange." keeping an eye on the markets, the dow is down 280 points we're still firmly in red across the board from a third to about two-thirds on the dow.

meg tirrell spoke to us about the covid cases at the top of the hour in the meantime, let's check in on the sectors and it's the flip side of what we saw yesterday. today all 11 are in the red, energy, financials and industrials leading the decline. typically your reopening rotation basket, you're not seeing that today. it speaks to the pandemic angst that's out there rh getting another boost out there as they outperform they said this company is benefiting from consumers investing in their homes the shares are up 5% the airlines are moving lower as they wait for any stimulus help from the government with thousands of furloughs and layoffs set to begin this week if that aid doesn't come jeff bloomberg says we're down about 8%, seeing declines acros the board. one stock we don't talk about often -- that's a joke -- c

carvana up six-fold since the march lows i could look out my window and point out the carvana cars people got on the street let's go to sue herera she has our news at this hour. hi, sue. >> here's what's happening this hour, everyone a grand jurist in the breonna taylor case did not look at indicting the two officers who reportedly shot taylor they have agreed to release recordings from the panel's discussion after initially refusing to do so. the international space station is leaking air at above normal levels. but according to nasa, it poses, quote, no immediate danger to the crew, end quote. work continues to locate the source of that leak. a guided missile destroyer ship has been stuck at sea for a record 208 days due to the

covid-19 pandemic. the navy has limited port visits in an effort to reduce sailors' exposure after a major outbreak broke out earlier this year on another ship you are up to date, kell that's the news update back to you. >> thank you very much, sue. now to our mystery stock that we teased earlier it's mccormick the spice shares were lower after seeing a nice beat it's up about 7.0% the consumer staple now has a bigger forward pe than some of the tech giants. so mccormick comes in at 34, alphabet at 38 they're projecting single digit sales growth year over year. they also announced a 2 for 1 stock split, and you thought big tech was spicy speaking of mccormick, the ceo

will join us on ""mad money" ". do workers miss their commute? that's ahead on "rapid fire. but wait, there's more "the exchange" is also a podcast. listen to your favorite parts of the show you might have missed sign up noonw apple podcasts, spotify, stitcher and google podcasts i got help from a pro. my financial professional explained to me all the ways nationwide can help protect financial futures in peytonville. nationwide can help the greens get lifetime income because their son kyle is moving back home and could help set up a financial plan for mrs. garcia. and he explained how nationwide can help mr. paisley retire early and spend more time with his pal, peyton. and their new band. exactly! yeah. don't forget the band. i haven't.

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let's catch you up on a few stories that should be on your radar today. that would befire ." we welcome howard frank, julia boorstin and jon fortt there is a 30% fee taken from each transaction this comes as apple's own 30% cut has come under fire. >> they've been trying -- well, they've been meaning to do this all along, but not trying it it was kind of an honor system

97% of the companies, the apps in the google play store are paying through google's app system, but some notable ones have sort of skirted it, gotten around it, and now google is saying, everybody has to follow the rules. this shows the difference between google and apple apple is like, pay me up front and is going to hit you with a stick if you don't pay google is late to its own party. >> julia >> i think it will be really interesting to see what happens here in terms of google's android platform allowing people to use other app stores. google has been a little more flexible, as john said, but something john and i have talked about a lot on "squawk alley" is these platform wars. right now you have google and apple that are the gatekeepers you have to pay them effectively a tax if you go through them, and google said next year's android release would make it easier to use. other app stores, we have to

make sure watch if they do that or if they'll use apple and double down >> if i were apple, i would be loving it, going, look, we're not the only ones doing it, google is doing, it, too, what's the problem? louis vuitton is trying desperately to get out of its deal to buy tiffany. they laid out three reasons for why they should be able to terminate the agreement. number one, tiffany has suffered a material adverse effect as a result of the pandemic number two, they say they also materially breached the agreement due to financial mismanagement. and three, they say the letter they received from the french management makes it impossible to close the deal. tiffany says it's yet another blatant attempt to evade the contractual obligation to pay the agreed-upon price for tiffany. robert frank, i love this story. this is not just a war against

luxury purveyors of goods. if they can prove that damage hit tiffany, that would make way for other deals, right >> absolutely. what's interesting about this is you have two genteel companies, tiffany basically accusing lvmh of lying, lvmh saying tiffany is mismanaged ultimately this gets renegotiated at a lower price, or there is some kind of break-up where lmvh pays a fee right now they're going to court. the case starts in delaware in early january, and you're right, lvmh says, look, tiffany is a business that has 80% of its stores in malls, so that's not a good place to be and by the way, 90% of its sales last year came from brick and mortar stores. so without lvmh, it's really

hard to see where tiffany goes, at least in the near term. >> i know what jon fortt's take is >> it's like buyers with a luxury purchase. how many companies have experienced this over the years. robert summed it up well, but this deal happened before the pandemic should they be allowed to get out of it? i don't know, should you be allowed to return that bag for a full refund? >> you're saying the judge -- do you guys remember my dad gave me this great book when i was younger, and there was a judge who was like a chinese judge these were fables, but he would make you pay in the form you were injured one guy was accused of stealing a cent of rice and he made the guy pay from one hand to the next it's like saying, okay, lvmh, you can abide by the terms you would sell a handbag for >> dante would appreciate that

as well. it's kind of like they're in this circle of retail hell, having to pay for their previous sins >> i think you've had a couple bad purchases that we need to know about >> i'm not much of a luxury guy, so i'm just a spectator. >> so what would happen if netflix were a social media platform that's what's happening over at disney right now disney plus will now have a group watch option in the u.s. the watch party function will allow up to seven subscribers to watch a show at once with up to 6 different emojis they can also have a playback feature. julia, six different emojis, why not seven? >> six, seven, whatever it is, there is not a better time to launch this sort of feature. for someone like disney plus, i think it's particularly important for disney plus because they're releasing these

movies which are events, which your kid will want to watch and they'll want to watch it with their friends. i have to admit, remember when "trolls 2" came out directly right after covid? i tried to have my friends watch it on facetime, and we had all these different devices set up it didn't really work, but they were excited about the concept of it. this would allow parents to turn these big movie events, for something like "mulan" which they had to pay extra for, as a way of their kids connecting with their friends, so the time sg perfe -- timing is perfect. >> "trolls," i absolutely love it we should expect netflix to move into the space, and frankly, why not do it now and use it as an experiment to try to attract other users? there is nothing like saying, hey, i might as well sign up for this service because five of my

friends are going to watch and i want to join them. >> there would have to be some system where somebody gets upvoted to be the controller of the remote maybe i'm too authoritarian about that, i don't know but i do think it's certainly right in line with the generation, because my kids, whether it's video games or watching something, they want to do it with their friends they get on texting or whatever to talk about what's happening, but the problem is syncing up that main thing they're all participating in video games do it naturally. now here, i think, is movies and tv taking a queue from the video games. >> maybe it will be a little distracting, or maybe for people who might not be watching that closely, like the parents, anyhow, it's maybe just a fun sidebar, but i think we'll see more of it let's talk about amazon's new personal shopping service for men that they're launching it will cost 400 a month where an amazon stylist picks up to eight items to send users.

stitch fix has 8 million users versus the tens of thousands of people using amazon's personal styling service. i still have no recollection this even exists how big do you think these categories will be for amazon, or is it just another thing they're going to try and see what happens >> well, they already do it for women and it's obviously working well they've tested this in canada for men, and look, i think there is an audience out there for people that just don't want to think and don't like to shop and like to have things sent to them they can try them on, send them back for me, the problem is they say there will be a stylist that individually works at amazon and picks your stuff i think it will all be some algorithm. they pick these templates. i went on the site and signed up because they ask you all these questions. there are basically five categories you have to belong to one is business casual, the other is outdoor casual, the

other is workout, and the business casual category, for instance, was all plaid. i don't know who shows up to a business casual meeting in plaid, but unless you fit into one of these templates, and then they have all these things programmed for that sort of ken doll that's the outdoor ken doll, then you don't like any of the stuff. for me it doesn't work >> here's the problem, kelly, i think, with this amazon -- like clothes on amazon are like shopping at sears or jc penney for back to school. as a kid, never wanted to shop there. there are other stores you would rather go. stitch fix is a little bit higher touch they say they have apersonal shopper helping you, but it's that worker at sears or jcpenney like they're taking you to the plaid. robert doesn't want the plaid, right? >> i mean, i'm learning so much. >> kelly, i know that john and

r -- jon and robert are both very fashionable, but i am the pr personal shopper for my husband, and i don't worry about amazon putting me out of business for my husband this is why stitch fix has such an advantage it doesn't have the sense of being part of this behemoth. people love the surprise of opening up their box and seeing what's in there, and amazon wants to give them the choice before they ship them the box. >> true, that's true i think i would be more on the serendipitous part, but i guess at that point you're stuck with it finally, before we go, guys, i just wanted to mention -- do we need a head scratcher story i get it, but -- here's what's going on microsoft is introducing new personal well-being experiences in the first half of next year for people who are working from home the updates include a virtual commute, so they're trying to give you the commute you've been missing. why?

they say well, then you can close out tasks and reflect on the day, enjoy a 10-minute guided meditation process produced by the app headspace. jon, do you think the commuter is an important part of the kind of opening and closure of the workday? >> no, kelly no, i don't. this sounds like a bunch of over achievers on microsoft for the commute. what's next, a virtual traffic jam that people can sit there and bang on the table and pretend they're honking a horn i don't like it. >> robert, all i know is it's character formation for me, the commute every day, and trying not to lose my cool in traffic it shows how far of a journey there is still to go i miss the podcasts, though, i do >> yeah, look, i get the idea of demarcating your day, and in the end you're just working from home, like i am.

they're taking the worst part of the working frump to the office and bringing it home what's next, the virt waual sandwich line, the virtual replace the paper in the copier line it's a bad idea. >> julia, we'll give you a quick last word on this. >> i don't think creating a virtual commute when i have to also be staring at a screen like i do in the rest of my day is going to address the fact the day has just stretched out there was a 48% increase in the volume of chat on teams between 5:00 p.m. and midnight giving me ten minutes when i'm n supposed to be looking at e-mail does not address that fact >> as long as they don't give us virtual kid interruptions when we come back to the office, right? that's how that should work. >> check out the "wall street journal" today they say now some employers are offering zoom breaks once a week because people are getting so zoomed out

guys, thank you all today, robert frank, julia boorstin and jon fortt. coming up, the clock is ticking on a couple covid guidelines and packages. while unemployed americans' extra benefits have expired. llt e going to look at the faouif time runs out on these, right after this.

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but is it reliable? ah huh and secure! you should consider making a big deal about it! bigger? i said bigger! oh, big-bigger deal bigger than what i'm doing? it's not complicated. a 5g network needs a 5g device. now everyone including existing customers can get a free samsung galaxy note20 after trade-in. welcome back both american citizens and american companies are anxiously awaiting more aid and more guidance from the government and while the democrats have proposed a new $2.2 trillion stimulus deal, for many americans it's already too late as extra unemployment benefits have run out cruise lines are hoping they can set sail after tomorrow. seema mody has what that would look like for the industry seema, let's start with you. >> a lot of money and jobs are riding on this decision.

if the restrictions are lifted, they can recoup some of the financial losses they've incurred due to the six-month shutdown however, if health officials extend their ban on cruising until later this year, as some suspect, cruise operators are already burning a lot of cash per month, some as hyatt $650 million for carnival and take aim at the workers who work in the cruise line industry yesterday workers in pothe porti miami went on strike if it is a decision that they go with them, the cruise lines and their loyal customer base want answers, in addition to the testing of passengers and the steps they are looking to keep their ships covid free, what else do they want on board we expect those answers soon

the announcement from the cdc expected in the next couple hours, kelly >> wow seema, thank you very much seema mody let's get to rahel solomon on more americans waiting for any extra benefits rahel? >> while the unemployment rate last month did dip to 4.8%, the lowest level since the pandemic began, tens of millions of people are still out of work, people like colt an harpy of san diego. he worked at a comedy club while live performances were banned in march, he filed for unemployment until he started receiving the stimulus packages. that ended in july when the president announced assistance, harpy was relieved until he realized he was below the minimum to caqualify for lwa

>> that's when the nightmare began again. i have trouble sleeping at night. i don't know day to day how i'm going to buy food and stuff. it gets tough. it's really tough. >> so, kelly, lwa is now long gone the maximum benefit any state could have gotten was six weeks on august 1st. a lot of people will be relying solely on their unemployment benefits just like harpie. >> rahel, thank you for reporting that for us. rahel solomon with the very latest the assets on the s&p 500 are now intangible we're going to look at the big value of nothing and why it's outperforming the actual value index. that's next. and then tomorrow, "delivering alpha" is back for its tenth year

joining us, many big names visit deliveringalpha.com.

it has been a tough time for value investors. in the last three years alone value has given up 20 years worth of gains in fact, the gap between growth and value stocks is only getting wider this year. bank of america says it's time to rethink the meaning of value. arguing that the worth of intangible assets is something investor view as nothing deserves reconsideration it's good to have you back it would seem that people know that data and research is really valuable but you're saying it's still under appreciated. why? >> that's exactly right. i'm glad to be with you. so many investors might not realize a lot of the conventional metrics that we used for decades to find good price opportunities often use calculations that excludes intangible assets like patents, proprietary data and development

in our own people. so many of the market metrics calculate today. those things are incredibly valuab valuable we're on the cusp of the worst decade for value investors in history. worst than the dot com bubble. it's time for a rethink. >> it's important to realize that traditional value investment index and strategies have really big holdings, big overweights in sectors like financials and energy. if you start to include the value of intangible assets then many of those traditionally big overweights and banks and energy

stocks decrease a bit. you find there's better opportunities in some other sectors, health care stocks and consumer staples we find that including those assets when we test this historically, this kind of strategy that takes in account of the out perform of conventional benchmarks by more than 5 percent a j poiage point. >> there are names on here like intel, merck, pfizer and comcast that make sense to me. there are others that are surprising cvs, kroger. tell me why some of these companies deserve a second look? >> some of the names we mentioned, i think it's important to realize even if you think about things like transportation stocks or communications and some industrial terms are able to take advantage of new technologies in their own

businesses things like is up supply chain, artificial intelligence in order to modernize their business and move into the future that's a little bit under appreciated by the market sometimes. the way the companies invest in their people is incredibly value and hasn't been accounted for as well if you include things like brand value, like the value networks and connections, customer loyalty, these things are hard to calculate in terms of true worth. if you think they're worth something, that's worth including in your estimates and really transforms the kinds of returns you get versus a conventional strategy. >> yeah. it's more art than science that's been true of investing anyh anyhow thanks so much for joining us. appreciate it. >> thanks. let's take a look at shares of justice of the peapmorgan beo

the company is set to pay $920 million to resort probes from three federal agencies this penalty is a record for spoofing the practice has opinion a priority after it was banned following the 2008 financial crisis ha does it for the exchange. stick around, it's the home builder etf that's more than doubled since the march lows we'll get a housing health check and the names worth buying

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welcome to power lunch for a tuesday, everybody glad you could be with us. stocks are under pressure after yesterday's big lrally. the dow down by as much as 200 points coronavirus cases are on the rise again wall street waits, waits, waits for more