europe they think they're going to go into norway just for our reference, the main competitor went to norway last week >> my ancestoral home. thank you very much. kelly? >> that explains the mathisen. thank you for watching, everybody. "closing bell" starts right now. >> welcome, everyone, to "closing bell. i'm sara eisen stocks recovering from an earlier plunge in a volatile session. another one here on wall street. investors weigh a number of major wild cards facing this market let's look at what is driving the action right now president trump and joe biden taking center stage tonight nif in the first presidential debate. house speaker nancy pelosi and

stephen mnuchin speaking on the phone today regarding stimulus negotiations with a promise to speak again tomorrow and new york city is back in had the coronavirus spotlight. people refuse to wear a mask >> still to come, coming up on today's show, embattled e.v. maker nick la with new lows. we'll ask the former auto executive what it all means for nikola's pending deal with gm. plus, we'll speak with the newly minted president of shopify about the run that stock has been on. up more than 150%. we'll ask about the recent news of rogue employees stealing some customer data. harl harley finkelstein will be our guest. we have the latest headlines coming out of washington, d.c.

for us start with you, mike >> a little bit of low volume churning going on today. maybe a little apprehensive. kind of holding steady ahead of these couple of known potential catalysts, of course the presidential debate and the jobs number. after 4% two day rally, s&p 500 year to date, train day, we kind of had that half 1% decline late morning, early afternoon and a few times it just sort of bounced off this kind of 3330 area that is an area that was sort of the lower end of the range going into late last week. so essentially it was a prior point on the chart that folks thought maybe is important to hold you are seeing similar setup i will also point out this happened after that june pullback sharp rebound. then some chop going side ways maybe wouldn't be terribly surprising to see something similar unfolding in the next few weeks. of course, we do see a tendency for some back and forth chop take a look at the

semiconductors relative to the s&p 500. philadelphia semiconductor index on a relative basis to the broad market you see it made a brand new high here on a versus the s&p 500 that generally is a positive thing. we havemicron results coming later this afternoon not one of the leaders in the group. but in general, if you have semiconductors outperforming, that is a pretty good kind of ratification of the underpinnings of a rally own a growth and cyclical basis. we'll see if that holds true >> mike, a couple things being cited, cases in new york picking up debate tonight, of course, the jobs number coming later in the week it is some of the factors or just simply do we have a big jump yesterday >> i think it's all ofit >> mike, see you in just a bit

we turn to the latest in it washington house speaker nancy pelosi and stephen mnuchin meeting today for a short hour to talk stimulus with another call scheduled for tomorrow we have the latest on those negotiations what do we know? >> well, sarah, there are positive signals coming from the white house that there is nothing concrete just yet nancy pelosi is optimistic about the potential for a deal maybe even coming together this week. white house chief of staff mark meadows said he spoke with the treasury secretary and with president trump. he, too, is hopeful that progress can be made however, if those talks fall through, i'm told that democrats are willing to vote on their 2 $2.2 trillion proposal and bring it to the floor this week even though they know it wouldn't pass in the senate there are moderate democrats that are pushing nancy pelosi to

continue to search for that illusive bipartisan solution they don't want this to turn into just another messaging bill the dean phillips of munn minute said in a statement, "lives and livelihoods are at stake and the window of opportunity is closing. americans are demanding that their congress find some common ground." democrats are holding their weekly caucus meeting at 9:00 a.m. tomorrow. that will be a chance for the rank and file lawmakers to assess the status of negotiations for themselves. back to you. >> i think what is missing here is really a sense of urgency maybe on both sides. and, yes, the market has taken a step back. it's not a crisis mode like we had last time around and the economic data has been pretty decent. larry kudlow this morning said the v shape recovery is still intact with or without stimulus. i wonder if the jobs report will be a turning point of some sort at least for the republicans because it is a last jobs report before the election. the if it's a weak one, i wonder

if that will boost the need for stimulus >> we have seen so many deadlines, sara, come and go the one coming up now with the airline aid running out on september 30th that's not enough to move congress we saw the end of the unemployment insurance there is plenty of opportunities for congress to say this is the moment that we need to act we have not done it just yet we'll see if their own personal time line of getting back to the campaign trail and talking this through. >> thank you so much for that. we also following a number of stories surrounding the banks today. goldman sachs announcing management shuffling of the decks in the latest move under the ceo. among some of the changes, the firm appointing stephanie cohen to co-run the consumer banking and wealth management division she previously was the chief strategy officer

also seeing tucker york and eric lane and assets of management. we're also watching j.p. morgan. the bank is set to pay record $920 million fine over manipulation of precious metals and treasuries markets to resolve investigations by three federal agencies it revolves around a practice known as spoofing. they flood the market with orders they don't intend to execute. william swinney said in a statement that for nearly a decade a number of j.p. morgan traders and sales personnel openly disregarded u.s. law that served to protect against illegal activity in the marketplace. j.p. morgan president saying in a statement in part, "the conduct of the individuals referenced in today's resolutions is unacceptable and they're no longer with the firm." four former j.p. morgan employees charged last year for participating in a racketeering conspiracy in connection with the scheme have pleaded not guilty the trial for them is due to start in april sara, i would say that first in

terms of the lack of share price reaction starting to leak last week that they were nearing a settlement and the number of near $1 billion was muted. i think the important thing is they settled and hasn't come with any restrictions on the business practice going forward. of that's why you haven't seen a bigger share price reaction for a large fine for this sort of activity they do still have two class action civil suits pending they shouldn't come with restrictions to the business practice and that's, i think, why as big a headline this is and significant fine it is for this past activity, it probably hasn't hit the share price that much >> i feel like we have to tease a little bit on the fines from banks. this is a big and meaningful one. it seems like it's just the cost of doing business right now. this is not nearly as egregious as the wells fargo scam.

maybe that's why it didn't have a bigger reaction. >> i think a bull jillion is a . small part of the business, perhaps. it goes up to 2016 of the actions, the bank says that they massively increased compliance functions since then. but anyway, j.p. morgan down 0.6% or so today but down more than like 35% year to date. >> overall market down abo about .2%. at least the s&p 500 after the break, the big showdown, president trump and joe biden getting ready to square off in just a few hours time we're going to discuss what to watch in the debate and how the election outcome could impact your money stock slices.

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welcome back president trump and joe bud enare set to go head-to-head for their first presidential debate tonight. for more on how the performances could impact the broad market and economy, let's bring in keith williams and partner at aiken gump along with john leber, united states managing director very good afternoon to you both. >> who polls best on that topic more broadly >> it depends on which poll you're looking at and which state. trump generally has the advantage on the economy it dpeets kpooecompetes with a r issues including the coronavirus. biden has a very large lead over president trump. there is a mix of other issues in there

you could it be caused by outside events many could argue the increase in the deficit, the geopolitical tensions caused by some of the economic policies perhaps offset the gains that came even before the coronavirus. >> i think it is legitimate for people to question all aspects of the administration's response on coronavirus but i don't think it's legitimate that blame the president for the current economic situation before the coronavirus came to our shores, our economy was humming along. and the point the president is going to make tonight is that once we get past that, he is much better equipped than joe biden to return us to what i think was a fairly historic period of prosperity >> john, i'm curious what you're hearing from the conversations you're having with investors and clients of the group generally the consensus among investors we talk to, i talk to on and off air is that a blue

sweep, a blue wave, biden president and democrats take the senate would be net negative for the market because of anti-buzz friendly policies, higher wealth taxes, higher capital gains taxes, all of that would hurt the market is that what you're hearing? >> so that's definitely the case that is higher taxes and new regulations, regulations going beyond the level you saw in the obama administration, the health care spending. all that is it bad growth in the long run a lot of our clients are focused on early 2021. they see a much higher chance of a very large fiscal stimulus getting done under joe biden you see the tax increases and so forth clinging. >> it is possible to increase taxes without it hurting the

economy? if so, which taxes should be the focus? >> well, i don't think so. i mean, i agree completely what john just said i don't think there is any question that over the four year horizon president trump is going to be better for economic growth don't underestimate the biden bump if you have that blue wave, there is going to be a lot of stimulus that's likely enacted i think, you know, look, not all taxes are created equal. and i don't want to make a generalization about that. but i think the perception that is going to create -- taxes on business in particular are really going to be the most harmful. i do want to say, i think in some way the worst case scenario for the markets is going to be a scenario where biden wins the presidency the republicans hold the senate. you have the scenario where the executive brafrnl is able to move forward with the bank of regulations but then you have the congress who probably doesn't support much stimulus.

>> actually, i think the gridlock is generally perceived to be quite good for the market if we get it i wanted to, while we have you, get you on the expertise, there is also a feeling that if president trump loses the election, there is a collective sigh of relief around the world and from u.s. corporations when it comes to tough trade policy, tariffs and all sorts of anti-groe anti-growth measures and threats this administration has done do you disagree with that? >> i think on trade policy the truth is that the policy is probably going to shift less than people expect after the election i mean, look, the president has been doing on china is really popular among the electorate it's not going to be easy for joe biden to turn his back o that he may use slightly different tactics. i think the overall policy trajectory is similar. i would say if you're looking over a longer time horizon, you

really do need to deal with the china problem. and so, yeah, some of the uncertainty is bad i think it has led to businesses and clients i work withholding back on investments. but if you don't get the china issue right over a longer time horizon, you know, we're going to have a problem. i just do want to respond to your comment i totally take your point about gridlock i think we are in this unique sen a scenario where markets really want stimulus. having a bud enwhite house and republican congress, we don't get that and then do you have the executive branch continually empowering itself over time no matter who is in power i think you're going to get a ton of regulations in a biden administration it's a little different than usual. >> john, do we think that global trade particularly as it relates to the u.s. makes a big rebound under biden versus trump or not really >> i mean trump is run as a democrat on trade. and so biden's challenge right now is to get to the left wrf

tru of where trump s a lot of the trade restrictions he put in place and the tariffs on china are going to stay in place under president died etrump. this depends on how the chchine respond and what they're willing to give up and get the current tariffs lowered. we don't really see that happening in 2021. >> thank you for joining us. great to see you both. >> thank you. >> thank you. >> we have 41 minutes left in the show we just lower as we stand for each of the major indices by about .1% for the dow and s&p 500 and the nasdaq just fractionally higher now. the up next, home prices jump in july we'll dig into the latest reading on real estate

european market analysis points to an underappreciated long term opportunity for rh, restoration hardware it has been very appreciated, wilfred, on wall street, especially after the last quarter. but clearly, the analyst thinks there is way more to go. >> yeah, indeed. up a nice 5% it does feel weird always calling it rh. we're not meant to say restoration hardware anymore >> they technically changed it >> i know, exactly >> big fat catalog. >> not one i quite understand the name change. it's going well today. the latest read on home prices showed a jump in july. diana olick has the details. >> yeah, after holding steady, price gains tookd o off again i july up from a 4.3% gain in june. that is according to the much washed case-shiller index. the 10 and 20 city composite saw bigger gains in july thanks to

strong demand, tight supply and record low mortgage rates. phoenix, seattle and charlotte reported higher annual gauins in july than june new york, chicago, and san francisco seeing the smallest gains. thcht is a three month running average through june other averages show steeper gains in august. supply continues to shrink and demand holds affordability, of course, is weakening substantially. in a makes it harder for buyers. >> it's interesting. even the latest consumer confidence data also had a few more pockets of positivity to be more expect to tail off which wasn't the case. and the home data continues as well even when you do get the pace of other economic measures plateauing a little bit. >> yeah. demand for housing is uncredible right now. it is really push ford that dire for people to get bigger hoemdz.

not urban flight but upsizing either to the suburbs or larger homes or larger apartments because of the whole stay at home culture that we're at right now. but they apparently are willing to pay anything so far we'll see how so far that goes >> on the urban flight, what are the smartest people you're talking to say about how long that is really going to last how much city like new york, new york city is really going to be hurting from this phenomenon >> you know, the urban flight is contained to new york city and to san francisco those are the cities that are seeing most of it. it depends on how quickly the economies come back. in d.c., philadelphia, smaller cities that have larger homes, suburban style homes in the city, there is no urban flight you're just seeing again that upsizing, that demand for the bigger home, perhaps more on the outskirts of the city. not necessarily the suburbs.

urban flight is really contained to new york city and san francisco. the rest is upsizing really upsizing. >> it's yale good point. they are big cities and a lot of people are leaving still ahead, micron due to report earnings after the close today. it's been lagging this year. but haeb s been on a hot streak we'll preview what to expect from those results in a few moments. stay with us on "closing bell. that's what my dad does.

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welcome back to "closing bell." 32 minutes left of the session all four major indices are n lower. each the nasdaq had had been positive moments ago but we're well off the session lows which for the dow was down 250 points we're currently down 17 points time for our daily coronavirus tracker. global deaths one million. warning sign flashing as the u.s. heads into colder weather hospitalizations are rising in

34 states week over week with the largest increases coming from new hampshire, wisconsin, and south dakota one former u.s. hot spot, new york city, is starting to take action as signs point to a potential second wave. the mayor announcing the city will fun anybody not wearing a mask as the city reported a 3% daily rate of positive test results. the highest it's been since june he previously said they'll close down schools if the positive rates stay above 3% over a seven day rolling average. as we mentioned earlier, when that data came out for new york, we saw that pullback for the markets. >> i think the seven day moving average is key the they're classifying as customere clusters of infection. the clusters can expand. they just started bringing kids back to school today for in person learning so we could see that seven day average go above 30% it's back to virtual learning.

it's an uphill climb this fall time to get an update with sue herrera. >> hello, everybody. just before mr. diblasio's announcements, thousands of new york city elementary school students headed back into the classroom. middle and high schoolers are set to return coming up on thursday and as schools reopen, the american academy of pediatrics said kids of all ages now make up 10% of all cases. that's up from 2% in april in france, more than 8,000 new covid-19 infections reported in the last 24 hours. that is nearly double yesterday's total. cases are down significantly from last tuesday. the french government also announcing plans to ban wild animals and circuses within the next few years in addition, france is moving to prohibit the raising of mink for

their fur. you're up to date. of that's the news update this hour i'll send it back to you. >> sue, thank you for. that we have just under 30 minutes left of the session. here's where we stand. lower by .25%. up next, nikola's fall from grace. the once hot ev stock is down 80% from the high. we'll discuss what it means for investors and the company's pending deal with gm next. first up is this exquisite bowl of french onion dip.

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shares of nikola plunging to day ahead of the expected closure of a deal with gm. phil lebeau has the latest details. >> more questions about not only nikola, the deal with gm and also about the founder trevor milton we ran a piece early this morning which looked into the background of mr. milton following the accusation by two women accusing him of sexual abuse won a case in 1999 and

alleged list kais case in 1999 milton's attorney or representative denies this happened plchlt milton strongly denies the false allegations is the statement we were given. at no point in his life has mr. milton ever engaged in any inappropriate physical contact with anyone. as for general motors, that's the focus for investors right now. remember, it is scheduled to take an 11% stake in nikola in a deal that they were targeting to close by the end of tomorrow that steel is still scheduleddeo close. gm issuing a statement saying our transaction with nikola has not closed we're continuing our discussions with nikola and we'll provide further updates when appropriate or required. by the way, we reached out to nick la, they say they're working with gm on a deal just to be clear guys, that is the target date, september 30th. but it is not a hard and fast deadline in other words, they technically don't have -- they have until

december 3rd to close this deal. but the both sides are talking at this point and i think everyone is wondering does gm alter the terms of the deal in some fashion or does gm walk away completely? still more questions than answers regarding what will happen with that gm-nikola proposed partnership so, phil, it sounds like gm still has the flexibility to walk away if they want >> yes, absolutely one assumes they would do that. >> that they would walk away that remains to be seen. remember, gm is not putting any money up here. the even if they walk away, they don't lose anything. there is going to be a hit to the reputation and questions about not doing enough due diligence about the background of nikola, but if they say, look, get rid of trevor milton he's out of the picture. and we still think there is some value here, does gm come back and say we want 20% stake?

25%? i mean i'm just throwing out hypotheticals here tlst is all kinds of possibilities here >> we'll see what happens. let's bring in jim press, executive adviser at hyundai north america, former president at chrysler. jim, what does gm do here? >> i think they're still in the driver's seat. they have very little down side risk they'll get paid to build vakt riz and get paid to build vehicles they're getting technology they're going to put their batteries to work. and they also get all the credits. 80% of the credits from the sale so the deal is really very favorable for gm it probably had i heard estimates of a couple billion dollars worth of value so it doesn't surprise me that with the chaufrnges and the dow slide on stock from the equity

that they're renegotiating and they should. it doesn't mean that it's not going to happen. unless they find that a fact where they can't get negotiations restarted it. >> you said there is very little down side for gm i get they're not putting up money here and that they would get a stake and access to the manufacturing and everything but what about the reputational harm if nikola continues to spiral and we do see these investigations yield something, i'm not saying that it's a fraud, but it has been accused of one, we continue to see headlines like this, at what point does it have a ripple effect on gm and ability to do due diligence? >> they're going to make money from manufacturing but the fact is, you're right, it's a pr black eye.

remember toyota had to deal with elon musk building teslas. it couldn't sustain. it had some pr fallout but from a standpoint of strategic balance and value to gm, with steve gerskie involved, i'm sure they did diligence. they're very, very careful when they look into the technology. the pr fallout that's real, i don't know how bad kit get until this goes forward. but the deal itself makes enough sense. and perhaps without trevor milton as phil said, it could be a pretty good deal if gm gets a much bigger share of equity and control. of the company and it's good technology fuel cell technology for large trucks to me is the future it's the holy grail. batteries just can't carry a heavy vehicle like that.

so they're trying to get the right deal done. >> more equity, perhaps. it may be equity that is a lot less valuable than it was a couple weeks ago but, jim, pivoting from this whole debacle, is this just a sign that none of the legacy automakers can really challenge the successful stabbnd alone e. makers like tesla and they're just way behind? >> that's the mind of the investors, the mind of the consumers. you know, tesla is a technology company. and when you see their vehicle shot into space on a rocket ship up, it changes the perception of the business and the company gm really has tried to re-create itself with spinoffs all of them are. and the fact of the matter is it's where the board of directors and the individual

entrepreneurs come together. it's really difficult. i think you're right it's very hard for them to re-create themselves they actual sli ly have to plana new gin s new agagenesis and start a new technology company of their own. >> jim press, always good to get your per be inspective thank you for joining us >> thank you >> and quick programming note. don't miss cnbc's tenth delivering alpha conference tomorrow including a discussion i'm going to have with john rodgers and jeff ubben after the break, the news that sent beyond meat shares soaring today. and amazon announce naent could spell trouble for stitch fix those stories and more when we take you unside the "market zone."

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>> just over 15 minutes left in the trading day. we're now in the closing bell market zone. commercial free coverage of the action going into the close. cnbc senior market commentator mike santoli here to break down the crucial moments of the trading day. we have the spokes paul hickey back as well thank you. we'll kick it off with the broader market stocks under pressure today. the dow, s&p 500 and nasdaq lower for the first time in four sessions a positive dau yesterday how does it feel to sflu. >> yeah. it's a little apprehensive we have a 4% rally market got traction. but it brought us up into indecisive range people look at the chart and say between 3200 and 3400 on the s&p 500, it's just kind of a little bit of a neutral zone. so i'm not surprised especially

with things like the debate happening after 4% move after you relieved a little bit of the oversold conditions that you have last week that were just kind of churning here. definitely the flavor today is stay at home type stocks doing better >> do you agree with that characterization that we were oversold last week >> yeah. i mean, i think we were oversold there is apprehension going into the election and things like that i think what you just touched is highlighting this. there is a massive tug of war in the market that we're seeing between growth and value on certain days and small caps and large caps. >> you see the relative performance of the two and what is a little concerning about that is when you go back to the -- they usually occur in it clusters.

>> ghagain in 2008. i think the overall backdrop of the market is, you know, until we see the technicals start to break down and some more con furm maconfir mags of the weakness, we'll be more positive than negative. you can't ignore the things going on in the background >> it doesn't have to do, mike, with the stimulus talks. i'm i'm looking at the ten year yield, it's lower. that signifies the bond market is still not convinced that higher growth is coming. and, of course, it's being suppressed >> the bond market responded to almost anything. it is in the flat line zone quite a while now. you have declines in yields to deeper areas in europe today i don't know that is a nonsignal

or just a, you know, not really telling you very much. i do agree though. the good news is i don't think expectations are high for it now. it's a little bit backing into the logic of saying it's less important day to day right now when you see a good consumer confidence number. and also you see the fact that there is a little bit of a lag effect and that's why we meet with the overall economy and it's not buckling >> is the dollar having a bug effect on border equities or are the moves coincidental there >> i think you look at the last five months we saw gains in stocks the dollar is down all five months dollar is up this month. stocks are down. i think there is definitely a connection there between the way the stock market and the dollar move us s&p 500 large caps are

multinational in nature. so a weaker dollar helps them and helps -- ultimately helps the performance of their sales and earnings i think that is a factor in things here. it's going to have a negative impact. >> beyond meat is one of the big winners on wall street today we have the details as to why. >> that's right. beyond shares are soaring 10% after they announced they're expanding partnership with walmart. they're tripling the distribution of the beyond burger from 800 walmart stores to 2400 stores nationwide. they first announced that partnership during the q-2 earnings call. that's back in august.

>> and kellogg's are also available on the mass retailer's store shelves. by the way, beyond shares is up nearly 120% this year. back to you. >> thank you so much for that. they're getting a second kick despite having already announced part of that development with walmart. where is the valuation of this one. >> the growth is phenomenal. it trau it trades for 20 times sales that trades for ten times sales. 20 times sales is like docusign territory. and, you know, i never had a beyond meat burger i'm a real steak guy i would say 20 times sales is a bit rich for our company

>> it shows you something, mike, about the sentiment that it has a 10.4% pop on news that, i guess, already out there are they just masters of the press release? >> tells you that the sentiment is gullible or seizing on anything that seems like fresh news this is going to become a ubiquitous product press release of my upstart company with a kind of a cult following plus walmart i think, you know, reinforced the idea among some people that this is the way to play this very, very long term societiable trend. there is no other companies you're going to use to own it. i do think it's a little funny and a little bit surprising do you have this kind of move on news that, you know in, theory was out there if you were looking for it >> shares of stitch fix under

pressure amazon will expand the shopping service to men's fashion they will feature adidas, levi's, carhart. customers begin with a style quiz they'll receive monthly outfit choices. amazon charges $5 a month compared to stitch fix's $20 a month. paul, we were excited you were on today to talk about this story. you see amazon come out and threatens other businesses where does stitch fix fit in >> well, so our plan on amazon looks at companies where amazon is stealing share from stitch fix have awe niche service. we always hear death by amazon is a slow bleed. april done slowly sucks up share

from all brick & mortar retail you see the headline stories of amazon specifically targeting the specific company, they did the amazon prime video that was going to hurt netflix. i think it's more of i think stitch fix could probably be more of an amazon survivor than a death by amazon. but as far as the death by amazon index is concerned -- >> paul, are you saying it's a buying opportunity when amazon comes out with something like this and it puts pressure on the stock? >> yeah, reaction in the target company that thaur going after i think, you know, people -- i think stitch fix has a niche brand. i think people will stick with

stitch fix rather than switching to amazon. what the services are for amazon are more bolt on to prime and just to make prime a little bit stickier so this is an added fee for the service but it's still only available to prime customers >> paul, your chart doesn't suggest buying opportunities for these announcements. the growth by amazon index grotesquely lags amazon. >> it is traditional brick-and-mortar brick-and-mort brick-and-mortar retailers so brick-and-mortar retailers like macy's, kohl's, two members of the index that recently fueled for bankruptcy. so these companies that don't have a different product or an online presence have been destroyed by amazon in many cases.

but it's the stitch fix is not a death by amazon. it is an amazon survivor >> you need another undechl. >> josh lipton has a preview for us hey, josh. pt. >> so wilf, it's not a great year for micron investors. it has been a better month that stock is now on track i checked in with raymond james. in part, fwhauz huawei ramped up orders and that helped boost pricing. looking ahead, the street expecting revenue of $5.3 billion he wants more color on the pricing environment in the months ahead he is able to ship components to that chinese tech giant. >> mike, underperformer year to date decent last month or so. is it tough for this one >> i don't know how tough it s it has lagged the sector

it's its own animal. i think the street is net positive on it right now three quarters of the analysts have it as a buy they're up about a little more than 20% from the current levels. so i don't think that necessarily people are leaning too bearish on it. wait to see what they say about the pipeline prusing is transparent out there. there is pricing down the road the it is probably something we're going to key off of. >> and, mike, you were saying the semis as a group are actually bullish in terms of the price action and what it says about the overall economy

>> it's continued to outperform. they've done similarly recently anyway i think it's a decent message if you want to lean back on it. not really, you know, buy some for tomorrow but a general condition that is more helpful than not. >> mike, one thing you point out earlier in the day it just picked up a little bit >> i think it's an outgrowth of some degree of markets in general are clinching up ahead of the election. it's also a little butt of news flow today of more attention on the covid-19 infection rates and more attention on the possibility of having growth

slippage >> mike, what about the internals? just as we start to slip a bit into the close >> yeah, they were actually earlier on, they were outperforming what the indices were doing look at the new york stock exchange volume split right now it had been -- yeah, pretty significantly negative at this point. 3-1 to the negative side i also want to take a look at a couple of subsectors i don't know if this is an election based trade if you look at the tan, the solar energy etf, it's been very strong recently. not just this week this is week to date it will be in a basket of trades if you want to put one of those together the volatility index remains pretty well bid. st as i said, ahead of the elections, it's doing nothing today. it stuck here in that mid to high 20s for a while right now

>> so as we head into the close, we're looking at all the major averages showing some weakness for the s&p 500, this will be the first down day in the last four sessions. where is the weakness coming from today it's coming from a lot of the cyclical groups like energy and financials there are two groups higher. utilities and communication services pt communication services getting helped you about facebook and twitter those are all having some good days but mostly red across the screen as far as what is working in the dow, nike is the best performer. chevron, dow, those are all the worst performers right now the nasdaq is down for first day in the last four it's down almost 6%. we head to the end of september.

for perspective, still up 24% year to date by far the outperformer and then take a look at the russell 2000 index of small caps it's down 10% on the year. there goes the bell. the dow is down 120, is 30 points we lost some steam into the close. maybe nervousness around the debate and rising coronavirus cases in the u.s. and abroad >> welcome back to "closing bell," everyone. i'm wilfred frost along with sara eisen a little bit of slippage into the close. down .5% on the s&p 500 and dow. the dow down 130 points. the low of the session is down 250.

auto prices slipped some 4%. shopify shares are up more than 150% since the beginning of april. the president will join us to discuss that stock surge and the promotion in the company and whether the coronavirus permanently changed how people shop jason trener joins the conversation and mike santoli, of course, with us as always. >> it seems like get my out, again, we were up 4% the course. seeing this occasional and we do have the end of quarter.

and a lot of that activity might have been in the books the last couple of days news today, i would say mixed. i don't think really acting to the consumer confidence numbers. it is much more about a little of positioning as we got traction in the low end of this range. it seems as if a little bit stuck. it seems on a day to day basis it may seem that way meg, this is an antibody study >> it sure s the first data we're seeing over generon's drug trials for covid-19. they are saying that drug appeared to reduce the levels of the virus and improve symptoms faster this is a look at initial

results. they're not hospitalized so not severe disease. and they found that people who had not mounted thur own immune response to the virus were helped more by the drug. the graduatest treatment benefits is those that did not have the best response they were less likely to clear the virus on thur own and greater risk for prolonged symptoms the company trying to figure out for whom the drugs might work best, especially as if they are approved there is limited quantities of them at the beginning. they're also testing this drug in hospitalized patients and prevention pim who live with people being diagnosed with covid-19. st so a lot more for this drug but on the initial results, it does appear to be doing what they hope it is supposed to do and it appears safe and they say thaur going they're going to talk quickly about next steps guys >> i just want to mention, meg, the stock is halted.

that's why we're not seeing much action here after hours. this is the bridge to the vaccine. this is a treatment that worked with ebola and effectively being able to, what, treat very severe patients and possibly prevent elderly or health care workers from getting it >> yeah. you nailed it. this is hope to be a drug that is either the first class of drugs designed specifically to treat the coronavirus. you know, eli lilly has one that had results already and they're talking with regulators. if these could become available based on the early results, they could possibly be had out there sooner than vaccines or available to, you know, potentially different groups of people than vaccine was

initially be available to or just expand the number of omg options we have. we're going to have to see what the regulators say about both these data and eli lilly and they're continuing with their trials to get more information this could guf ive us an arrow against the coronavirus. >> may i just quickly say, sara, as we thank meg for joining us, there are no two better people in the world to be discussing this breaking news than the two of you both completely up to speed. >> meg knows this has been one of the treatments that people were so excited for. and hopeful for. and so i've been following ut very carefully i know jim cramer has also been following it carefully he knows regeneron they spoke to lily this is so important, paul, right, when it comes to -- investors have to pay attention to this stuff very closely as well short of a vaccine and we're not

going to get that in the next few weeks, if we have a treatment like this i mean, added to the remdesivir and the steroid treatments that we're already using that, is another very strong potential tool here to fight this disease and boost consumer confidence and get our economy back >> oh, yeah. st without a doubt the big concern heading into the wipt wunter is we're going to see increase in cases and similar to what we saw in the spring. that's what some people are worried about. we know how to treat this virus a lot better now anything like this regeneron drug are going to make the outcomes that much better for people i think the surprise is to the positive side. the i think we're going to outnumber the surprises to the negative side on this. st. >> jason, do we not see a massive rally in the cyclicals

in it terms of pharmaceutical industry related news until we have a vaccine and you are overall a little bit more fearful >> wilf, this is certainly helpful. the best stimulus we can have is a vaccine or reopening of the economy. much better than fiscal stimulus from the government or monetary stimulus it can help, certainly but getting people back in the service parts of the economy i think it is critical to getting the economy on the right footing and to getting the cyclicals doing quite a bit better the manufacturing side of the economy is doing quite well. you say a look at semiconductor. you are producing more it is greater than the pandemic.

but in order to get services to come back, you obviously have to have much better news on consumer confidence. i have more confidence that it's going to be even and a little bit more sustainable clearly, we're moving that way but we've seen a number of fakes over the last four or five months and i'm still gun-shy >> we have micron numbers crossing the tape. hi, josh >> micron this morning q-4 of $1.08. revenue comes in at $6.06 billion. q-1, they expect 47 cents and revenue of $5.2 billion.

they had strong deramped sales from cloud, pc and gaming con soles. we care about micron because it is the largest u.s. maker of memory chips the chips go into a wide variety of products from servers to smart phones so it will be interesting to see what executives have to say about the forecast, about the end markets that conference calls at 4:30 eastern. back to you. >> josh, thank you for that. mike santoli decent quarter looking back wrdz closed up, of course, during the session by a couple of percent. >> guidance is a little muted. much it's not a real panic, you know, reaction to. that but i think that is what is mostly coloring the after market action it is pretty neutral here you see it rallying right now. 1% >> paul, you've been hitting on the strength and semis trade what do you make of micron and what you're seeing from the group overall?

>> micron is not doing much here it is up a little bit. it is one of the best leading indicate yoz f indicators of the broader market and the relative strength as mike mention ted top of the show, i saw hit a new high relative to the s&p 500. so that's telling you something that there is very strong optimism in the semiconductor sector so i think these are all decent signs for the overall economy, i think. while the u.s. has concerns on the job market due to the weakness in continued weakness in the services sector, other areas of the economy are doing just fine. and the strength we saw in consumer confidence today is typically, those type of big moves are what you see at the end of the session or in the early stages of recovery so i think that's an encouraging signal as well >> jason weak dollar, strong gold today is that only factor that really matters for gold

what dollar is doing >> it's one of the factors it's the single most important one. we also have big structural problems whether it's the amount of debt we have as a country, the trade deficits we have, the fact that it's going to be difficult to -- for us to exit those problems any time soon. i think there's real concern politically, globally about a very strong populous movement. either left or right the dollar is single most important factor burt there are also structural factors there in my opinion. one thing that i found interestingly enough among our clients is that our hedge fund clients own it we may own it personally they may own it in the portfolios a lot of the wealth management

clients are hesitant to put it in the client's portfolio. my own opinion is that it's not a bad place to put somebody. it doesn't have to be a bug position t big position. the range of the possible outcomes and other issues warrants some position there >> real yields also falling has been helping gold the last few days paul hickey and jason, thank you both for joining us. good to talk to you. >> thank you >> shopify is the latest company to experience a data breach after two employees stole customer data. the president discuss what's the breach and -- will discuss the breach and also the state of the business

shopify finishing up 6%. they've been on a terror, rallying more than 170% as e- commerce demand soared amid the pandemic joining us is harley finkelstein who is promoted from coo to president today. >> thank you >> and the co-founder of path water, a merchant that uses shopify's platform we're happy to have you both harley, we talk about shopify all the time it is a moon shot of a stock

prepandemic and during the pandemic as well i'm not sure a lot of people understand why you are now bigger than many retailers in terms of the market value like an ebay that you might compete with explain what it is that has driven so much interest during this pandemic period. >> last time i came on the show, we talked about that retail, what it looked like in 2030 has been pulled back to 2020 what i mean fwha is we have seen acceleration, shift from retail e- commerce being 15% of total retail to being 25%. so that's like ten years worth of acceleration in six months. that's the first thing the second thing is we've also seen a complete shift in consumer preference. consumers are now querconcernedh how they buy but they also care who they buy from they want to buy from brands whose values they admire and care about things like sustainability and this idea of conscious consumerism and coupled with the fact that everything is

digitalized quickly that, is a driving factor for why we have done well and pathwater and companies like that exemplify the future of commerce and retail >> let's talk about pathwater. you could have gone as a third party to amazon or etsy or ebay. why shopify? >> you are know, when we went out to basically form our online strategy, we were looking for that right partner that coul help us scale the business and really empower our message to eliminate single use plastic bottled water all over the world. shopify has been an amazing partner. congratulations on becoming president, harley. it's really nice to be here with everyone today >> harley, clearly the numbers are stellar for you guys on almost all metrics do you think new store creations

might lag as we go into next year even if on stores that you host we start to see more traffic and more sales did you think we've seen a big bring forward in demand in terms of people like him creating business on shopify? >> look, i think applications for the u.s. as an example, we're a global business. u.s. is a big market for us. applications for new u.s. businesses have risen the fastest they have in terms of the growth rates i think brands and entrepreneurs know they have awe great product. they want to have a direct relationship with the end consumer and they can do that all from shopify for $29 the when you add that go beyond just e- commerce, we want to level the playing field, what you end up with a lot more success for independent brands and businesses

i think the future of retall so direct to consumer this is not a fad or trend this is how consumers want to shop this is steady going forward >> not just compare you too much with amazon. the knock and questions about third party sellers, harley, always have to do with the trust factor how doo you deal with to you de that as you look at your customer account >> when a product or brand sells on a marketplace or department store, they're effectively renting customers from the marketplaces which means they don't have control they have no way of ensuring that the longevity of the business will continue when they have a store on shopify, it is theirs. they own it entirely and they decide how to service the customers. i think we're seeing that the direct to consume waerr wasn't n

ten years ago is we had to go to amazon originally to sell something. but because of products like shopify, he can now have the entire stack and own it himself. >> tell us what is unique or new about path water's product >> path water is the first ever purified water that is packaged in a refillable anuluminum container instead of plastic we're the water company changing the space by offering something in a is better for the environment, better for your help nl at a very affordable price. it's in the same way that shopify is empowering entrepreneurs. we're empowering consumers, organizations, governments, to have the opportunity to be more sustainable and to make that transition away from single use plastic as we've seen major organizations all over the u.s. that we've partnered with like orange theory fitness, live nation, and a number of other

organizations that are looking for that sustainable solution. this company is the fastest growing water brand in con seen yens stores. thet have more than 300% since the pandemic started this is what the future of commerce looks like. it is independent brands graent entrepreneurs like shoddy who no longer has to be forced to sell in a marketplace th they can go direct the we stee that in a million stores like shopify. >> i have to ask you. >> if i may jump in in i just want to -- >> go ahead, shoddy. >> our growth on shopify has been unprecedented during the months harley, i didn't share this number but it's about 646% compared to p precovid-19. so this is a place where we're going to be playing over the next couple months and i think shopify is the most

flexible and the premier partner for us to take this brand into the on lun marketplace >> happy customers, harley happy partners there i do have to ask you about this disclosure that you made that two rogue employees stole data from 100 of your merchants what can you tell us about that and whether any customer data including personal information was compromised. >> our merchants and customers are important us to. we learned about the incident. we launched an investigation we determined that it was not the result of technical vulnerables but two rogue employees. the we're working with the police on that now more than 200 merchants is affected that is a small number and no credit card information was released again, every tomb we see something like this we come back stronger and more resilient.

and we care deeply about this stuff. >> harley and shoddy, thank you for joining us >> up next, mike santoli will will look at the surging consumer confidence and whether that can spark a move higher for stocks you can always watch or listen to us live on the go, on the cnbc app

let's go back to mike santoli for a look at how consumers have viewed recent volatility, mike a strong consumer confidence number today there were it seems as if pconsumers thin things are getting better. but maybe not in a most profound way like in prior recessions take a look. this is the difference between within the consumer confidence survey of those saying that pressing conditions relative to how they expect things to go in the future so you see in the cycle, this is actually negative. people say things are great now. i'm they're not going to stay great. how can they get better? people say things are lousy now but we expect them to improve. it's a mean reversal in fact, people at the end of the cycle before the covid-19

crisis said things are fine right now. but they can't get any better. they're going to deteriorate and then within the recession, the thick of it in the spring, people said things are lousy they're better right now not in the kind of profound liftoff that we have seen at the end of other recessions. that's one thing probably something about the brief and strange recession of the recession right now. take a look at the same group says about stockprices this is not a warning sign it's much lower when you have better buying opportunities. it's much more rad fiction of the fact that market has been strong right now so the economy, things are getting better it's a little tentative. and then people figure the stock

market are going to be fine. >> okay. mike, thank you so much for that >> now palantir's direct listing could price at any moment now. we'll discuss the growth prospect after the break and we'll be joined by an early investor don't go anywher e. that's what my dad does. good job, michael! ok, lindsey now tell the class what your mommy does... my mom has super powers. it's like she can see the future. what?! it's like she time travels in a rocket ship. that's cool! and then she comes back saying "try this" or "try that." she helps everyone. she helps them feel less worried. wow! mommy, so what is it that you do? i'm a financial advisor. she is! aig proudly supports all the professionals taking care of our financial futures.

♪ ♪ "hmm's and ahh's" heard in-call.

♪ welcome back time for an update with sue herrera. >> hello, everyone a major hollywood survey showing little faith in the

entertainment industry that sexual harassers will be held to account. the survey by the hollywood kmd polled 10,000 people two-thirds said they did not believe a powerful person would be disciplined for harassing someone with less power. another state readying mail in ballots to be sent out. nebraska election workers packaging up 111,000 ballots that will be mailed to voters who have requested them. >> and in spain, you were looking at that video, a group of whales stranding themselves on a beach nine pilot whales have died so far. local officials and volunteers helped six others get back out to sea efforts are now focused on keeping the whales from returning to the beach you are up to date that is the news update this hour back to you. >> sue, thank you so much. >> new jersey's massive american dream mall is set to reopen later this week. but will consumers show up we'll ask the mall's co-ceo how he is ensuring shopper safety

and how many retail tenants have been lost due to bankruptcies.

palantir is expected to be

valued at near $22 billion in the trading debut tomorrow joining us is palantir investor, founder and ceo of forte capital group. thank you so much for joining us i guess the first question is the valuation. to what extent do you feel like it is only really justified by some other pretty extreme recent ipos or direct listing valuations of comparable software tech companies as opposed to what you might see in the more traditionally established public elitist companies already? >> sure. thank you for having me. >> i think you just look at the numbers. they released the q-3 numbers last week. they also put out their 2020 full year revs and also put out guidance with 2021 so you dive into those numbers, you look at q-3 revenue is up.

they're expecting between 42 and 43% annual growth. and then when you look at their 2021 guidance, there is mid 30% growth, it puts you right in that sweet spot of hyper growth. for a company that is private for over 17 years, they have been experiencing a moment in time right now that is going to translate into valuation so when you simply take the numbers and the way we look at it, 2021 given the growth rate of, you know, 40% year over year and mid 30s next year, we feel that putting an 18 to 20 times multiple on that $1.4 billion that they're forecasting for 2021 with the growth rate that they have right now, we don't feel that's -- that that's, you know, a proposterous evaluation. when you look at companies like

snowflake or look at ground strike, you know, $60 billion company, $30 billion company, they have half the revenue he has and pricing power and growth prospect going forward, we feel they're not competitive. we're pretty confident with the valuation that the mid, you know, 22 to $25 billion range. >> why has it taken so long, roger, for this to become public as you pointed out, it's not a young company. >> sure. >> well, i think it's interesting. one of the most compelling parts about palantir for us is really going through the evolution of the company. when we first invested, it was a consulting services business the way we look at it today is quite different than how we looked at it close to a decade ago. today we look at it as a uniquely positioned sas of business and as a result, you have much more consistent revenue growth and a much higher

growth rate. i think the overall product when you look at their product, the software platform previously there was huge barrier for companies to take this product on just even the tremendous setup costs associated in the implementation costs associated with this platform the new software platform, however, lends itself to a much, much wider addressable market. so we think that the clientelle things will be much more diversified. and we also feel that going forward the total addressable market should expand due to the fact that they lowered the costs associated with the initial setup. >> so there's the case for investing, roger why should public investors not be concerned about the governance structure here?

they have voting control this one is a little unique in that they get even more control as they sell down the shares why should that not be a concern for investors? >> i'll answer that question in two ways founders don't want to lose control of their companies under any circumstance they have a little stranglehold on control of the companies. because of their concern about the direction that they may go in or whatever the case may be i think initially investors will not be too concerned with that i think over the long haul if the company doesn't perform, that will be one of the first things that investors point to i think in this instance, again, no the to speak for the founders of palantir, i think they made it, you know, very, very, very clear that the software is very

powerful they have drawn a definitive line on who they will and who they will not do business with i think going forward, i think that's the concern of the founders relinquishing control of the company and then having this software potentially being sold in markets that they don't prefer for example, they have given up, they publicly stated they will not do business with china china is one of the biggest markets that palantir has. they don't want to fall victim of the capital markets to make a decision that may enhance the bottom line but goes against the integrity of how they see the software being used. >> that's a good explanation roger, thank you for joining us. >> great thanks for having me >> appreciate the perspective. >> appreciate it >> up next on the show, the american dream mega mall

reopening its doors and there is a lot at stake here. you're going to talk to the co-ceo after the break and tomorrow, delivering alpha is back for its tenth year on cnbc stephen mnuchin, stephen schwartzman and many more big names joining us visit deliveringalpha.com to learn more and register. ♪ ♪ ♪

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the mega small about to reopen the stores on thursday. this is what it looks like the three million square foot development first opened its doors in a phased opening back in october of last year. and just days before the opening of the water park and some stores, it shut down due to the pandemic joining us now is don germazian. he is american dream co-ceo. wow, what a crazy adventure you've been on, don. the timing was just all wrong. this is supposed to be the future of the mall what does it feel like that you can finally reopen and what kind of reopening is it given that we're still in the pandemic? >> sure. it's been an incredible ride thank you for having me on the show the we're going to be opening october 1st. we're going to be opening with nine of our attractions. there are about 20 attractions in total in the center

compromise over two million square feet. we're opening with about 100 retail tenants so we're excited we're expecting big crowds even with covid-19. obviously, we partnered with hackensack medical here in new jersey as our partners and we'll be instituting several features in terms of social distancing and various ways where we're going to make sure this is a very, very safe environment for people to feel comfortable coming to. >> i see and hear that you're in the water park so i surm that assume that is tr park is that safe to be inside indoors with water parks >> we're running at 25% capacity we're going to have very, very strict social distancing measures in place as well. so we're going to be able to provide a real safe environment. i think that over the last six, seven months people have been cooped up in their homes in new york, in new jersey. they're looking for a place to

go they're looking for something to do but to do it in a very safe environment. and we think with our theme park, our water park, all of the various attraction that's we got at american dream, we're really going to be able to provide that outlet for people to really go out and start feeling like they can live again so they can go out there again and shop again again, maintaining that very important aspect of safety as well >> sorey don, i think the reopening, you mentioned, with 100 tenants. what is the number of tenants that full capacity or in the ideal moment when you open for first time a year ago? >> yeah, look, if it wasn't for covid-19, we would have opened up probably with a couple hundred by now we'll be on track through the end of this year and next year to get right up to that number the types of tenants that we're opening with and the reason why we strongly believe that customers are going to come out here, we've got the largest zara than any shopping center in the world at american dream. we have a flag shup with h & m,

flag ship with prime we really set out to create a very unique blend of stores. but also making sure that there is opportunities in the market to go to we want to make sure that we're giving you the best chance and the best choice of finding what you want in the biggest stores that you're going to find in the new york or new jersey market. >> do people really want to go to stores right no you one of the tenants is century 21 what other issues have you had with retail? given the challenge that we face and the fact that many of them had to be shut down for so long? >> sure. great question if you're a traditional shopping center, you are having a problem. but for us, i think we're in a different boat i think north america is 20 years behind rest of the world in really incredible state of the art develdevelopments like n

american dream so for us, it was about creating an environment where you are going to be able to drive traffic. that's all that matters at the end of the day our tenants are suffering. our r. traditional molz going to suffer yes. do people want to go back out to regular malls when they're so comfortable with online shopping i don't think so at the end of the day, it comes back to why will we be able to attract people what is going to get people to come out of thifr houseir housed feel comfortable it's about driving traffic through all the different experiences. we have the largest indoor water park in the world. the largest indoor theme park, ice hockey rink. three miniature golf courses, indoor aquarium, indoor lego discovery center the list goes on and on. and our history, i apologize, but with mall of america and other malls, we have an understanding of what those centers do and the kind of volume they drive and they drive traffic to tenants which is the

only thing that matters at the end of the day >> we would love if you would stick around we have some breaking news it will be great to get your reaction to in just a moment the breaking news is on disney julia has it for us. julia? >> wilf, disney announcing they're doing some layoffs permanent elimination of jobs up until now they had only done furloughs. approximately 28,000 domestic employees will be affected about 67% of which are part time now these are employees at the parks experiences and product segment. the chairman of disney parks experiences and products says in light of proet longed impact of covid-19 on our business including limited capacity due to physical distancing requirements and uncertainty regarding the duration of the pandemic and they note here exacerbated in california by the state's unwillingness to lift restriction that's will allow disneyland to reopen, they made the difficult decision to begin the process of reducing the workforce. so 28,000 employees, about two third of which are part time,

will be affected guys, back to you. >> jewel yashgs thank yulia, th. that did you hear that breaking news, don? i know you're not a theme park per se but certainly some of those aspects at american dream. does this kind of headline that you feel like you're reopening at the wrong time? that a key theme park operator in disney is kind of moving in the opposite direction >> no. i don't think so at all. i think this is a perfect time for us to be opening i think, like i said before, with all the social distancing measures that we're putting into place, i think that this opportunity we have right now, look, there is 20 million people that live within 50 miles of this project they're not getting on planes and plig flying to disney they're looking for something to do as long as can you provide a safe alternative this is the pla is that people are going to come and so we normally could operate at 6,000 person capacity inside this water park or a 10,000

person capacity inside my theme park the we're only putting 1,000 people through here. so that is one fifth of what we can normally put through i can guarantee the people wanting to come to american dream, you will feel very safe being inside of my water park or inside of my theme park. we're not going to push through customers just for the feel very safe inside of my water park or my theme park. we aren't going to push through customers just for the sake of pushing through. we don't operate like that we shut down pre-covid before there was any mandate to shut down because we wanted to do the right thing. we're reopening and reopening at a time that makes sense for us but in a very safe and effective manner. >> thank you so much for joining us we appreciate it still ahead, record setting wildfires raging out west. we'll take you there live after this break

record setting wildfires are raging in california >> reporter: it has been scorching hot here so much so that my camera equipment overheated that combined with the high winds is making conditions ripe for fire there have been 19 new fires overnight across the state the blazes in napa and sonoma county are among the worst they have scorched more than 42,000 acres some of the toneye toniest reson

napa are affected. the four seasons resort and residences were supposed to open later this year. the entire town was evacuated last night and several wineries have also been damaged cal fire reports that 2020 has seen significantly more fires than even the five-year average in the state, nearly 4 million acres burned so far this year versus about 780,000 acres up until the last five years. the state's broken almost every record there is to break that's according to cal fire staggering statistics. up next, much more on this eaking news out of disney. the company announcing 28,000 layoffs in its theme park division

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disney announcing it is laying off 28,000 theme park employees. it sounds like a really big number is there anyway you can conte

contextualize how big of a chunk of staff this is >> reporter: it is a big number the company says it is across executive, salaried and hourly roles. to put it into context, disney has approximately 200,000-plus employees. now, at disney world, that includes animal kingdom, magic kingdom, et cetera that is about 77,000 people. disneyland is about 35,000 people while disney world has reopened with limited capacity, disneyland here in california is still shut per the requirements of the california government so it seems like all of these layoffs being at the parks really reflects this limited capacity we're talking about 28,000 employees among the 220,000 roughly of employees at disney i am going to be looking for more specific details about how

many people are currently employed one other thing to note there is that the company had furloughed approximately 100,000 employees, really focused on that parks division back in april this is something that they've been leading up to for a while of course, they hoped the parks would be able to fully reopen by now. >> mike santoli, sometimes stocks get rewarded for major cost cuts like this. it's interesting to see disney's stock runder pressure maybe it's such a wow number that something really is wrong deeper than wall street thought when it comes to the reopening of these theme parks >> sure. it shows the companies have no idea when the parks will reopen. i get why that would be a negative it's also just a psychological thing.

in march when disney did close its theme parks, that was the oh no moment the market had of this is really serious. i don't think this is anywhere near on that scale but it harkens back to that time. >> markets closed down here about .5% today. all eyes will be on the debate i'm mdominick chu in for melissa lee. tonight's trader line-up guy ada adami, tim seymour, dan nathan and karen finerman tonight, we are all over the after hours action on micron the company's earnings call is now underway we're listening in plus, more on today's retail wreck. names like mac